DigitalBridge (DBRG) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 06, 2018
Class of Stock [Line Items]
Entity Registrant Name	Colony Capital, Inc.
Trading Symbol	CLNY
Entity Central Index Key	1,679,688
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
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		489,758,352
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		708,168

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 480,230	$ 921,822
Restricted cash	398,981	471,078
Real estate, net	14,254,108	14,464,258
Loans receivable, net ($0 and $45,423 at fair value, respectively)	1,791,889	3,223,762
Investments in unconsolidated ventures ($217,098 and $363,901 at fair value, respectively)	2,491,342	1,655,239
Securities, at fair value	144,421	383,942
Goodwill	1,534,561	1,534,561
Deferred leasing costs and intangible assets, net	610,853	852,872
Assets held for sale ($52,123 and $49,498 at fair value, respectively)	637,802	781,630
Other assets ($25,206 and $10,150 at fair value, respectively)	431,222	444,968
Due from affiliates	44,308	51,518
Total assets	22,819,717	24,785,650
Liabilities
Debt, net ($0 and $44,542 at fair value, respectively)	9,994,115	10,827,810
Accrued and other liabilities ($110,513 and $212,267 at fair value, respectively)	679,658	898,161
Intangible liabilities, net	173,702	191,109
Liabilities related to assets held for sale	256,477	273,298
Due to affiliates ($0 and $20,650 at fair value, respectively)	9,383	23,534
Dividends and distributions payable	86,656	188,202
Preferred stock redemptions payable	200,000	0
Total liabilities	11,399,991	12,402,114
Commitments and contingencies (Note 23)
Redeemable noncontrolling interests	33,523	34,144
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,436,605 and $1,636,605 liquidation preference, respectively; 250,000 shares authorized; 57,464 and 65,464 shares issued and outstanding, respectively	1,407,495	1,606,966
Additional paid-in capital	7,616,918	7,913,622
Distributions in excess of earnings	(1,443,717)	(1,165,412)
Accumulated other comprehensive income	23,930	47,316
Total stockholders’ equity	7,609,531	8,407,925
Noncontrolling interests in investment entities	3,393,981	3,539,072
Noncontrolling interests in Operating Company	382,691	402,395
Total equity	11,386,203	12,349,392
Total liabilities, redeemable noncontrolling interests and equity	22,819,717	24,785,650
Class A, 949,000 shares authorized; 489,764 and 542,599 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,898	5,426
Class B, 1,000 shares authorized; 708 and 736 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (VI

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Cash	$ 480,230	$ 921,822
Loans receivable, net	1,791,889	3,223,762
Securities	144,421	383,942
Real estate, net	14,254,108	14,464,258
Other assets	431,222	444,968
Total assets	22,819,717	24,785,650
Debt, net	9,994,115	10,827,810
Other liabilities	679,658	898,161
Total liabilities	11,399,991	12,402,114
Securitization Vehicles | Variable Interest Entity, Primary Beneficiary
Cash	7,506	10,969
Restricted cash	0	40,084
Loans receivable, net	0	546,306
Securities	36,649	250,526
Real estate, net	0	8,073
Other assets	768	13,671
Total assets	44,923	869,629
Debt, net	0	348,250
Other liabilities	152	31,299
Total liabilities	$ 152	$ 379,549

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Loans receivable at fair value	$ 0	$ 45,423
Investments in unconsolidated ventures, fair value	217,098	363,901
Other assets, fair value	25,206	10,150
Due to affiliates, fair value	0	20,650
Assets held for sale fair value	52,123	49,498
Debt at fair value	0	44,542
Accrued and other liabilities, at fair value	$ 110,513	$ 212,267
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,436,605	$ 1,636,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	57,464,000	65,464,000
Preferred stock, shares outstanding (in shares)	57,464,000	65,464,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	489,764,000	542,599,000
Common stock, shares outstanding (in shares)	489,764,000	542,599,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	708,000	736,000
Common stock, shares outstanding (in shares)	708,000	736,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income
Interest income	$ 44,183	$ 111,263	$ 108,037	$ 226,807
Total revenues	689,599	679,372	1,356,263	1,286,537
Expenses
Property operating expense	320,674	253,717	626,444	470,066
Interest expense	153,309	140,260	302,198	266,538
Investment, servicing and commission expense	25,951	13,740	44,604	25,547
Transaction costs	2,641	2,440	3,357	89,780
Depreciation and amortization	137,896	153,111	282,601	290,531
Provision for loan loss	13,933	1,067	19,308	7,791
Impairment loss	69,834	12,761	223,232	21,280
Compensation expense	55,159	80,759	104,643	172,577
Administrative expenses	25,790	30,145	50,653	56,059
Total expenses	805,187	688,000	1,657,040	1,400,169
Gain on sale of real estate	42,702	15,190	61,146	24,160
Other gain (loss), net	28,798	(23,850)	104,054	1,531
Earnings from investments in unconsolidated ventures	1,875	122,394	34,140	236,386
Income (loss) before income taxes	(42,213)	105,106	(101,437)	148,445
Income tax benefit (expense)	584	86	33,392	(3,623)
Income (loss) from continuing operations	(41,629)	105,192	(68,045)	144,822
Income (loss) from discontinued operations	(219)	0	(102)	12,560
Net income (loss)	(41,848)	105,192	(68,147)	157,382
Redeemable noncontrolling interests
Redeemable noncontrolling interests	1,873	720	1,177	1,337
Investment entities	27,420	23,800	47,522	50,859
Operating Company	(5,728)	2,330	(10,106)	1,247
Net income (loss) attributable to Colony Capital, Inc.	(65,413)	78,342	(106,740)	103,939
Preferred stock redemption (Note 16)	(3,995)	5,448	(3,995)	5,448
Preferred stock dividends	31,388	34,339	62,775	65,152
Net income (loss) attributable to common stockholders	$ (92,806)	$ 38,555	$ (165,520)	$ 33,339
Basic earnings (loss) per share
Income (loss) from continuing operations per basic common share (in dollars per share)	$ (0.19)	$ 0.07	$ (0.33)	$ 0.03
Net income (loss) per basic common share (in dollars per share)	(0.19)	0.07	(0.33)	0.05
Diluted earnings (loss) per share
Income (loss) from continuing operations per diluted common share (in dollars per share)	(0.19)	0.07	(0.33)	0.03
Net income (loss) per diluted common share (in dollars per share)	$ (0.19)	$ 0.07	$ (0.33)	$ 0.05
Weighted average number of shares
Basic (in shares)	488,676	544,023	509,562	525,318
Diluted (in shares)	488,676	544,023	509,562	525,318
Dividends declared per common share (Note 16)	$ 0.11	$ 0.27	$ 0.22	$ 0.54
Property operating income
Income
Revenue from contract with customer	$ 590,638	$ 500,531	$ 1,145,368	$ 927,385
Fee income ($39,634, $44,900, $76,406 and $90,688 from affiliates, respectively)
Income
Revenue from contract with customer	39,924	54,319	76,766	107,569
Other income ($10,094, $6,973, $16,887 and $13,676 from affiliates, respectively)
Income
Revenue from contract with customer	$ 14,854	$ 13,259	$ 26,092	$ 24,776

CONSOLIDATED STATEMENTS OF OPE6

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fee income
Revenue from contract with customer	$ 39,924	$ 54,319	$ 76,766	$ 107,569
Fee income | Affiliated Entity
Revenue from contract with customer	39,634	44,900	76,406	90,688
Other income
Revenue from contract with customer	14,854	13,259	26,092	24,776
Other income | Affiliated Entity
Revenue from contract with customer	$ 10,094	$ 6,973	$ 16,887	$ 13,676

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income (loss)	$ (41,848)	$ 105,192	$ (68,147)	$ 157,382
Other comprehensive income (loss):
Other comprehensive income from investments in unconsolidated ventures, net	999	511	2,098	605
Net change in fair value of available-for-sale debt securities	1,632	8,652	(19,086)	3,658
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	(103,050)	107,000	(26,649)	135,073
Change in fair value of net investment hedges	37,937	(37,905)	13,559	(45,094)
Net foreign currency translation adjustments	(65,113)	69,095	(13,090)	89,979
Other comprehensive income (loss)	(62,482)	78,258	(30,078)	94,242
Comprehensive income (loss)	(104,330)	183,450	(98,225)	251,624
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(90,648)	108,999	(129,798)	138,405
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	1,873	720	1,177	1,337
Comprehensive income attributable to noncontrolling interests	(8,269)	69,553	41,940	108,541
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (7,286)	$ 4,178	$ (11,544)	$ 3,341

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Colony NorthStar	Preferred Stock	Common Class A	Total Stockholders’ Equity	Total Stockholders’ EquityColony NorthStar	Total Stockholders’ EquityPreferred Stock	Total Stockholders’ EquityCommon Class A	Preferred Stock	Preferred StockColony NorthStar	Common Stock	Common StockCommon Class A	Additional Paid-in Capital	Additional Paid-in CapitalCommon Class A	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
Beginning balance at Dec. 31, 2016	$ 5,616,927				$ 2,773,799				$ 607,200		$ 1,672		$ 2,443,100		$ (246,064)	$ (32,109)	$ 2,453,938	$ 389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	50,859																50,859
Operating Company	1,247																	1,247
Net income (loss)	156,045				103,939										103,939
Other comprehensive income (loss)	94,242				34,466											34,466	57,682	2,094
Merger consideration (Note 3)	6,720,454				6,720,454				1,010,320		3,891		5,706,243
Preferred stock dividends	(75,147)	$ (12,869)			(75,147)	$ (12,869)				$ (12,869)					(75,147)
Fair value of noncontrolling interests assumed in Merger	514,615																506,453	8,162
Issuance of Cumulative Redeemable Perpetual Preferred Stock		345,000				345,000				345,000
Offering costs		(11,540)				(11,540)				(11,540)
Redemption of preferred stock		$ (313,667)				$ (313,667)				(313,667)
Common stock repurchases	(167,985)				(167,985)						(129)		(167,856)
Equity-based compensation	70,575				46,535						75		46,460					24,040
Redemption of OP Units for cash and class A common stock				$ (5,085)				$ 18,810				$ 14		$ 18,796					$ (23,895)
Shares canceled for tax withholdings on vested stock awards	(5,405)				(5,405)						(4)		(5,401)
Settlement of call spread option	6,900				6,900								6,900
Costs of noncontrolling equity	(9,209)				(9,209)								(9,209)
Contributions from noncontrolling interests	913,308																913,308
Distributions to noncontrolling interests	(375,231)																(357,281)	(17,950)
Common stock dividends declared	(288,282)				(288,282)										(288,282)
Reallocation of equity (Notes 2 and 17)	0				(75,634)								(80,161)			4,527	18,877	56,757
Ending balance at Jun. 30, 2017	13,173,646				9,090,165				1,624,444		5,519		7,958,872		(505,554)	6,884	3,643,836	439,645
Beginning balance at Dec. 31, 2017	12,349,392				8,407,925				1,606,966		5,433		7,913,622		(1,165,412)	47,316	3,539,072	402,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncements (Note 2)	(1,220)				(1,220)										(1,018)	(202)
Investment entities	47,522																47,522
Operating Company	(10,106)																	(10,106)
Net income (loss)	(69,324)				(106,740)										(106,740)
Other comprehensive income (loss)	(30,078)				(23,058)											(23,058)	(5,582)	(1,438)
Preferred stock dividends	(60,743)				(60,743)										(60,743)
Redemption of preferred stock			$ (200,000)				$ (200,000)			$ (199,471)			(529)
Common stock repurchases	(319,029)				(319,029)						(548)		(318,481)
Equity-based compensation	21,363				19,949						34		19,915					1,414
Redemption of OP Units for cash and class A common stock	(2,096)				18,899							$ 15	(21,100)	$ 18,884					$ (20,995)
Shares canceled for tax withholdings on vested stock awards	(32,050)				(32,050)						(29)		(32,021)
Reclassification of contingent consideration out of liability at end of measurement period	12,539				12,539								12,539
Deconsolidation of investment entities (Note 4)	(330,980)																(330,980)
Contributions from noncontrolling interests	384,957																384,957
Distributions to noncontrolling interests	(226,724)																(219,829)	(6,895)
Common stock dividends declared	(109,804)				(109,804)										(109,804)
Reallocation of equity (Notes 2 and 17)	0				2,863								2,989			(126)	(21,179)	18,316
Ending balance at Jun. 30, 2018	$ 11,386,203				$ 7,609,531				$ 1,407,495		$ 4,905		$ 7,616,918		$ (1,443,717)	$ 23,930	$ 3,393,981	$ 382,691

CONSOLIDATED STATEMENTS OF EQU9

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.11	$ 0.27	$ 0.24	$ 0.27	$ 0.22	$ 0.54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (68,147)	$ 157,382
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(14,347)	(32,252)
Paid-in-kind interest added to loan principal, net of interest received	(16,615)	(16,304)
Straight-line rents	(14,754)	(16,119)
Amortization of above- and below-market lease values, net	(1,503)	(5,597)
Amortization of deferred financing costs and debt discount and premium	48,093	41,602
Earnings from investments in unconsolidated ventures	(34,140)	(236,386)
Distributions of income from equity method investments	34,924	33,971
Provision for loan loss	19,308	7,791
Allowance for doubtful accounts	22,104	6,790
Impairment of real estate and intangibles	223,232	21,280
Depreciation and amortization	282,601	290,531
Equity-based compensation	21,566	70,098
Change in fair value of contingent consideration—Internalization	(1,730)	(8,250)
Gain on sales of real estate, net	(61,146)	(22,052)
Deferred income tax benefit	(45,181)	(5,540)
Other (gain) loss, net	(102,324)	6,719
Increase in other assets and due from affiliates	(52,562)	(33,405)
Decrease in accrued and other liabilities and due to affiliates	(28,918)	(78,963)
Other adjustments, net	919	254
Net cash provided by operating activities	211,380	181,550
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(189,198)	(211,671)
Return of capital from investments in unconsolidated ventures	230,128	101,087
Acquisition of loans receivable and securities	(82,477)	(549,659)
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities (Note 3)	0	132,377
Net disbursements on originated loans	(88,543)	(172,017)
Repayments of loans receivable	57,434	217,302
Proceeds from sales of loans receivable and securities	125,733	139,624
Cash receipts in excess of accretion on purchased credit-impaired loans	44,155	100,382
Acquisition of and additions to real estate, related intangibles and leasing commissions	(542,572)	(791,779)
Proceeds from sales of real estate, net of debt assumed by buyers	428,562	973,603
Proceeds from paydown and maturity of securities	27,038	62,171
Cash and restricted cash contributed to Colony Credit (Note 4)	(141,153)	0
Proceeds from sale of investments in unconsolidated ventures (Notes 7 and 22)	89,115	500,504
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 15)	142,270	0
Acquisition of CPI, net of cash and restricted cash acquired (Note 3)	0	(23,111)
Investment deposits	(14,224)	(47,130)
Increase in escrow deposits	0	10,517
Net payments on settlement of derivative instruments	(19,852)	(6,315)
Other investing activities, net	(3,059)	(1,463)
Net cash provided by investing activities	63,357	434,422
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	0	333,460
Dividends paid to preferred stockholders	(64,208)	(70,920)
Dividends paid to common stockholders	(202,552)	(184,874)
Repurchase of common stock	(319,029)	(167,985)
Borrowings from corporate credit facility	504,000	659,000
Repayment of borrowings from corporate credit facility	(554,000)	(1,010,600)
Borrowings from secured debt	432,408	2,654,459
Repayments of secured debt	(699,178)	(2,565,537)
Change in escrow deposits related to financing arrangements	0	6,827
Settlement of call spread option	0	6,900
Costs associated with contributions from noncontrolling interests	0	(6,765)
Payment of deferred financing costs	(8,176)	(54,564)
Contributions from noncontrolling interests	405,381	901,808
Distributions to and redemptions of noncontrolling interests	(242,627)	(375,940)
Redemption of preferred stock	0	(313,667)
Shares canceled for tax withholdings on vested stock awards	(32,050)	(5,405)
Redemption of OP Units for cash	(2,096)	(5,085)
Payment of cash collateral on derivative	0	(2,010)
Repurchase of exchangeable senior notes	0	(11,955)
Other financing activities, net	(350)	(171)
Net cash used in financing activities	(782,477)	(213,024)
Effect of exchange rates on cash, cash equivalents and restricted cash	(4,920)	8,203
Net increase (decrease) in cash, cash equivalents and restricted cash	(512,660)	411,151
Cash, cash equivalents and restricted cash, beginning of period	1,393,920	497,886
Cash, cash equivalents and restricted cash, end of period	881,260	909,037
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	921,822	376,005
Cash and cash equivalents	480,230	599,920
Restricted cash	471,078	111,959
Restricted cash	$ 398,981	300,680
Restricted cash included in assets held for sale		9,922
Restricted cash included in assets held for sale		$ 8,437

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Capital, Inc. (the "Company") is a leading global investment management firm with approximately $43 billion of assets under management. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, traded and non-traded real estate investment trusts ("REITs") and registered investment companies. The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe Corp. (NYSE: NRE) which are externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company was organized in May 2016 as a Maryland corporation, and intends to elect to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017 . Effective June 25, 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol on the NYSE from "CLNS" to "CLNY." The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”) . At June 30, 2018 , the Company owned approximately 94.2% of the OP , as its sole managing member. The remaining 5.8% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Merger among Colony, NSAM and NRF was completed in an all-stock exchange on January 10, 2017. The Merger was accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, the year-to-date results of operations of the Company as set forth herein may not be comparable as the first ten days of 2017 reflect only the pre-Merger activity of Colony. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2 . Colony Credit On August 25, 2017, as amended and restated on November 20, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar I”) and NorthStar Real Estate Income II, Inc. (“NorthStar II”), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company, and certain other subsidiaries of the foregoing. Pursuant to the combination agreement, certain subsidiaries of the Company agreed to contribute the CLNY Contributed Portfolio (as defined in Note 4 ), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), to Colony Credit Real Estate, Inc. (formerly Colony NorthStar Credit Real Estate, Inc.) ("Colony Credit") and its operating company, and NorthStar I and NorthStar II agreed to merge in all-stock mergers with and into Colony Credit (collectively, the “Combination”). On January 18, 2018, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018. On June 25, 2018, Colony Credit changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. See additional information in Note 4 . Retail Distribution Business On April 30, 2018, the Company completed the combination of NorthStar Securities, LLC ("NorthStar Securities"), the Company's captive broker-dealer platform acquired through the Merger that raises capital in the retail market, with S2K Financial Holdings, LLC ("S2K") to form Colony S2K Holdings, LLC ("Colony S2K"). Colony S2K will distribute both the current and future investment products sponsored by the Company and S2K as well as third party sponsored products. S2K is the holding company of S2K Financial, LLC, a registered broker-dealer wholesale distributor of investment vehicles, and S2K Servicing LLC, a provider of administrative services to institutional investment managers.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated 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, 2018 , 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, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company is adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. 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 if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could 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 this analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's 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 the related party 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 related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve 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 Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. 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. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. 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 interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in (i) a consolidated open-end fund sponsored by the Company beginning in August 2017, and (ii) an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"), beginning January 11, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. 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 using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("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 as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, fair value option or net asset value ("NAV") practical expedient, if elected, or for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-pro rata earnings allocation formula or a preferred return to certain investors. This includes carried interests earned by the Company, which are incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of investment vehicles sponsored by the Company as general partner and investment manager; and of which a portion of the carried interest, generally at 40% consistent with market terms, is allocated to senior management, investment professionals and certain other employees through their participation in the Company-sponsored investment vehicles. The Company's share of both proportionate and disproportionate allocation of returns from its interests in investment vehicles, which are accounted for under the equity method, may reflect fair value changes in the underlying investments if the investment vehicles qualify for investment company accounting. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits or those related to capital transactions, such as a financing transactions or sales, are reported as investing activities in the statement of cash flows. Fair value changes for equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes on other investments under the fair value option or NAV practical expedient, as well as adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Impairment —Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is determined to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment has occurred. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are impaired are written down to their estimated fair value, recorded in earnings from investments in unconsolidated ventures for equity method investments and in impairment loss for investments under the measurement alternative. Property Operating Income Property operating income includes the following. Rental Income —Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company-owned tenant improvements, the amount funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements —In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities are recorded when services are rendered based on the terms of their respective lease agreements. Hotel Operating Income —Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. Fee Income Fee income consists of the following: Base Management Fees —The Company earns base management fees for the administration of its managed private funds, and for the management of its traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. The underlying service of managing the investments of the private funds consist of a series of distinct services satisfied over time, in which asset management fees are recognized ratably over the life of each investment as the service is provided. Acquisition and Disposition Fees —The Company earns fees related to acquisition and disposition of investments by certain managed non-traded REITs, which are recognized upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are recognized when fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Any contractual incentive fees received prior to that date are recorded as deferred income. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method, and addressed in the Company's accounting policy for investments in unconsolidated ventures. A portion of the incentive fees earned by the Company (generally 40% ) is allocated to senior management, investment professionals and certain other employees of the Company through their participation in the Company-sponsored investment vehicles. Selling Commission and Dealer Manager Fees —These fees are earned by the Company for selling equity in the non-traded REITs and investment companies, and are recognized on trade date. Accounting Standards Adopted in 2018 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 a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. The Company determined that there is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the three and six months ended June 30, 2018 was an increase to asset management fees of $0.2 million and $0.4 million , respectively. Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of certain return hurdles. Incentive fees that take the form of a contractual arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are within the scope of the new revenue standard. The Company currently recognizes contractual incentive fees when it is fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, contractual incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s existing policy. There was no cumulative impact as of January 1, 2018. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests. Derecognition and Partial Sales of Nonfinancial Assets —In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets , which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income — Gains and Losses from Derecognition of Nonfinancial Assets , and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers . Derecognition of a business is governed by ASC 810, Consolidation , while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing . The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions , and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment — Real Estate Sales . The Company adopted this standard on January 1, 2018, concurrent with the adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the six months ended June 30, 2018 or for the year ended December 31, 2017 . 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, financial liabilities under the fair value option, as well as for 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, unless these equity securities qualify for the NAV practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own 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. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Merger with NSAM and NRF The Company was created through the Merger of NSAM, Colony and NRF in an all-stock exchange on the Closing Date. The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into the Company in order to redomesticate NSAM as a Maryland corporation, followed by a series of internal reorganization transactions with subsidiaries of NRF resulting in NRF becoming a subsidiary of the Company, and the merger of Colony into the Company, with the Company surviving as the combined entity. Upon the closing of the Merger, NSAM outstanding common stock was converted into the Company's common stock, and the outstanding common stock and preferred stock of NRF and Colony were converted into the right to receive shares of common stock and preferred stock of the Company at pre-determined exchange ratios. The specific exchanges of common stock and preferred stock as a result of the Merger were as follows: • Each share of NSAM common stock and performance common stock issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into one share of the Company's class A common stock and performance common stock, respectively; • Each share of class A and class B common stock of Colony issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive 1.4663 shares of the Company's class A and class B common stock for each share of Colony's class A and class B common stock; • Each share of common stock of NRF issued and outstanding prior to the effective time of the Merger was canceled and converted into the right to receive 1.0996 shares of the Company's class A common stock for each share of NRF common stock; • Each share of each series of the preferred stock of Colony and of NRF issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of a corresponding series of the Company's preferred stock with substantially identical preferences, conversion and other rights, voting powers, restrictions, limitations as to dividend, qualification and terms and conditions of redemption; and • Concurrently, the OP issued OP Units to equal the number of OP membership units outstanding on the day prior to the closing of the Merger multiplied by the exchange ratio of 1.4663 . Upon consummation of the Merger, the former stockholders of Colony, NSAM and NRF owned, or had the right to own, approximately 33.25% , 32.85% and 33.90% , respectively, of the Company, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger. The Merger was accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters and Colony as the accounting acquirer for purposes of the financial information set forth herein. See Note 2 for further discussion on the accounting treatment of the Merger. Merger Consideration As the Merger was accounted for as a reverse acquisition, the fair value of the consideration transferred in common stock was measured based upon the number of shares of common stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger, multiplied by the closing price of Colony class A common stock of $21.52 on the Closing Date. As a result, the implied shares of Colony common stock issued in consideration was computed as the number of outstanding shares of NSAM and NRF common stock prior to the Closing Date divided by the exchange ratios of 1.4663 and 1.3335 , respectively. Substantially all NSAM and NRF equity awards outstanding on the Closing Date vested upon consummation of the Merger. As the Company issued its common stock upon consummation of the Merger and settlement of these equity awards relate to pre-Merger services, these equity awards were included in the outstanding shares of NSAM and NRF common stock used to determine the merger consideration. NSAM and NRF equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger were assumed by the Company through the conversion of such equity awards into comparable equity awards of the Company with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services was deemed part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of the Company in the post-Merger period. The Company's preferred stock issued as merger consideration upon the closing of the Merger to the holders of NRF preferred stock was on a one -for-one basis. The Company assumed certain liabilities of NSAM and NRF which arose as a result of the Merger and were settled shortly after the Closing Date. These amounts included approximately $226.1 million which was paid to former NSAM stockholders, representing a one-time special dividend, and approximately $78.9 million in payroll taxes representing shares that were canceled and remitted to taxing authorities on behalf of employees whose equity-based compensation was accelerated and fully vested on the Closing Date. Cash and restricted cash assumed of $437.4 million is presented net of these payments as an investing cash inflow in the consolidated statement of cash flows. Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of the Company's preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of the Company's common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of the Company's common stock. (iii) Fair value of the Company's preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of the Company's preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date. The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 1,440,229 The Merger effectively resulted in the settlement of the pre-merger management agreement between NSAM and NRF. The terms of the management agreement were determined to be off-market when compared to the terms of similar management agreements of other externally managed mortgage and equity REITs. The off-market component was valued at $1.5 billion based on a discounted cash flow analysis using a discount rate of 10% , and recorded as an intangible asset attributed to NSAM and a corresponding intangible liability attributed to NRF, in each case as of the Closing Date. Upon settlement of the management agreement, the intangible asset and the corresponding intangible liability were eliminated. No net gain or loss was recognized by the Company from the settlement. Certain deferred tax liabilities were recognized in connection with the Merger, related primarily to NSAM's investment management contract intangible assets and basis differences in NRF's real estate assets in the United Kingdom arising from recording those assets at fair value on the Closing Date. Fair value of other assets acquired, liabilities assumed and noncontrolling interests were measured as follows: Real Estate and Related Intangibles —Fair value is based on the income approach which includes a direct capitalization method, applying overall capitalization rates ranging between 4.4% and 12.5% . For real estate held for sale, fair value was determined based on contracted sale price or a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, below-market ground lease obligations and in-place lease value. Useful lives of the intangibles acquired range from 6 to 90 years for ground lease obligations and 1 to 17 years for all other real estate related intangibles. Loans Receivable —Fair value is determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans receivable considered to be impaired, their carrying value approximated fair value. Investments in Unconsolidated Ventures —Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees, and for certain investments in funds, a proportionate share of its most recent net asset value. Securities —Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities. Fair value of NorthStar Realty Europe Corp ("NRE") common stock is based on the closing stock price on the Closing Date. Investment Management Related Intangible Assets —These consist primarily of management contracts, customer relationships, trade names and the broker-dealer license, including those related to an 84% interest acquired by NSAM in January 2016 in Townsend, which provides real estate investment management and advisory services. The fair value of management contracts represents the discounted excess earnings attributable to the future management fee income from in-place management contracts, with discount rates ranging between 8% and 10% . The management contracts have useful lives ranging from 2 years to 18 years. The fair value of customer relationships represents the potential fee income from repeat customers through future sponsored investment vehicles, with the useful lives of such vehicles ranging from 20 to 30 years. The trade names of NSAM and Townsend were valued as the discounted savings of royalty fees by applying a royalty rate of 1.5% and 2% , respectively, against expected fee income, and have useful lives of 20 years and 30 years, respectively. The fair value of NSAM's broker-dealer license represents the estimated cost of obtaining a license. On December 29, 2017, the Company sold its 84% interest in Townsend. Debt —Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of mortgage and other notes payable was estimated by reviewing rates currently available with similar terms and remaining maturities. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Noncontrolling Interests —Fair value of noncontrolling interests in investment entities was estimated as their share of fair values of the net assets of the underlying investment entities, including any incentive distributions. The fair value of noncontrolling interests in Operating Company was determined based upon the closing price of Colony class A common stock multiplied by the number of OP Units assumed in the Merger, after applying the exchange ratio. Restructuring of Real Estate Loans into Equity Ownership In the normal course of business, the Company may foreclose on the underlying asset in settlement of its loan receivable or otherwise undertake various restructuring measures in connection with its investments. CPI Group On January 25, 2017, the Company and its joint venture partners, through a consolidated investment venture of the Company, acquired a controlling equity interest in a defaulted borrower, a real estate investment group in Europe ("CPI") in connection with a restructuring of the CPI group. Certain entities within the CPI group were in receivership proceedings at the time of the restructuring. The Company acquired CPI's real estate portfolio, consisting of hotels, offices and mixed-use properties, and assumed the underlying mortgage debt, some of which were in payment default, including maturity default. Certain CPI employees responsible for asset and property management became employees of the Company. As a result of the acquisition, the Company's outstanding loans receivable to CPI were deemed to be effectively settled at their carrying value and formed part of the consideration transferred. The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 40,285 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181 Fair value of assets acquired and liabilities assumed were measured as follows: Real Estate and Related Intangibles —Fair value of real estate was based upon a direct capitalization analysis or a discounted cash flow analysis with weighted average capitalization rate of 6.6% . For real estate held for sale, fair value was determined based upon a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building and tenant and site improvements and identified intangibles, such as above- and below-market leases and in-place lease values. Debt —Fair value of debt is estimated by discounting expected future cash outlays at interest rates currently available for instruments with similar terms and remaining maturities, applying discount rates ranging between 1.25% and 3.6% , with such debt fair values not exceeding the fair value of their underlying collateral, or estimated based upon expected payoff amounts. THL Hotel Portfolio In May 2013, the Company and certain investment vehicles managed by the Company participated in the refinancing of a limited service hospitality portfolio, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio"), through the origination of a junior and senior mezzanine loan. On July 1, 2017, the Company and certain investment vehicles managed by the Company took control of the THL Hotel Portfolio of 148 limited service hotels through a consensual foreclosure following a maturity default by the borrower on the Company's outstanding junior mezzanine loan. Through the consensual foreclosure, the Company assumed the borrower's in-place hotel management contracts with third party operators, which were determined to be at market, the borrower's in-place franchise obligations, primarily with Marriott, as well as the borrower's outstanding senior mortgage debt and senior mezzanine debt. The consideration for the consensual foreclosure consisted of the following: • Carrying value of the Company’s junior mezzanine loan to the borrower which is considered to be effectively settled upon the consensual foreclosure; • Cash to pay down principal and accrued interest on the borrower’s senior mortgage and senior mezzanine debt to achieve a compliant debt yield, and payment of an extension fee to exercise an extension option on the senior mortgage debt; and • In consideration of the former preferred equity holder of the borrower providing certain releases, waivers and covenants to and in favor of the Company and certain investment vehicles managed by the Company in executing the consensual foreclosure, the former preferred equity holder is entitled to an amount up to $13.0 million based on the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company (and certain investment vehicles managed by the Company). The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were 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. During the six months ended June 30, 2018 , adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) As Reported at March 31, 2018 Measurement Period Adjustments Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 $ — $ 310,932 Cash 43,643 — 43,643 Contingent consideration (Note 14) 6,771 — 6,771 Total consideration $ 361,346 $ — $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 $ — $ 16,188 Real estate 1,193,075 (8,628 ) 1,184,447 Real estate held for sale 68,625 1,051 69,676 Intangible and other assets 37,975 7,215 45,190 Debt (907,867 ) — (907,867 ) Intangible and other liabilities (46,650 ) 362 (46,288 ) Fair value of net assets acquired $ 361,346 $ — $ 361,346 Fair value of assets acquired and liabilities assumed were estimated as follows: Real Estate and Related Intangibles —Fair value of real estate was based on a combination of the cost, income and market approaches which applies capitalization rates between 7.0% and 12.0% (weighted average rate of 8.9% ) as well as discount rates between 8.0% and 13.5% (weighted average rate of 10.4% ), and also considers future capital expenditure needs of the hotels. For real estate held for sale, fair value was determined based on a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building, site improvements and furniture, fixtures and equipment as well as identified intangibles for above-market and below-market ground lease obligations. Debt —The assumed senior mortgage and senior mezzanine debt had carrying values that approximated fair values based on current market rates and recent rates on the Company's refinancing of its other hotel portfolios.

Colony Credit

Colony Credit	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Colony Credit	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock will automatically convert into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. Subject to certain limited exceptions, the Company has agreed not to make any transfers of the CLNC OP Units to non-affiliates until the one -year anniversary of the closing of the Combination, unless such transfer is approved by a majority of Colony Credit’s board of directors, including a majority of its independent directors. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust, which was subsequently distributed pro rata to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 14 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the Board of Directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the Board of Directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2018 December 31, 2017 Assets Restricted cash $ 2,049 $ 1,020 Real estate, net 583,921 720,686 Goodwill (1) — 20,000 Intangible assets, net 29,866 37,337 Other assets 21,966 2,587 Total assets held for sale $ 637,802 $ 781,630 Liabilities Secured debt, net (2) $ 195,579 $ 196,905 Lease intangibles and other liabilities, net 60,898 76,393 Total liabilities related to assets held for sale $ 256,477 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Assets held for sale at June 30, 2018 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 18 . Discontinued Operations Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations. Discontinued operations consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio. Net income generated from operations of these held for sale asset groups is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Revenues Property operating income $ 470 $ — $ 1,186 $ 33,857 Other income — — — 2,257 Expenses Property operating expenses (571 ) — (1,159 ) (12,395 ) Interest expense — — — (9,028 ) Loss on sale of real estate assets — — — (2,108 ) Other expenses (118 ) — (129 ) (23 ) Net income from discontinued operations (219 ) — (102 ) 12,560 Income tax expense — — — — Net income from discontinued operations after tax (219 ) — (102 ) 12,560 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities 98 — 45 — Noncontrolling interests in Operating Company 7 — 4 — Net income from discontinued operations attributable to Colony Capital, Inc. $ (114 ) $ — $ (53 ) $ 12,560

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate	Real Estate As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $219.7 million of primarily net lease properties. The Company's real estate, including foreclosed properties, was as follows: (In thousands) June 30, 2018 December 31, 2017 Land $ 2,330,510 $ 2,011,794 Buildings and improvements 12,062,762 12,403,794 Tenant improvements 150,264 134,709 Furniture, fixtures and equipment 383,603 383,855 Construction in progress 118,430 108,403 15,045,569 15,042,555 Less: Accumulated depreciation (791,461 ) (578,297 ) Real estate assets, net $ 14,254,108 $ 14,464,258 Real Estate Sales Results from sales of real estate were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Proceeds from sales of real estate $ 316,000 $ 69,762 $ 428,562 $ 973,603 Gain on sale of real estate 42,702 15,190 61,146 24,160 Real estate sold or classified as held for sale during the three and six months ended June 30, 2018 and 2017 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio in 2017 that was acquired through the Merger and certain properties in the THL Hotel Portfolio which qualified as held for sale upon acquisition in July 2017, as discussed in Note 18 . Real estate held for sale is presented in Note 10 . Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Six Months Ended June 30, 2018 Asset Acquisitions (2) Various Industrial—Various in U.S. (3) 25 $ 434,649 $ 97,534 $ 317,110 $ 23,700 $ (3,695 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (4) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 27 to 38 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 3 to 10 years for lease intangibles. (3) Includes acquisition of $11.0 million of land for co-development with operating partners. (4) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment. Depreciation and Impairment Depreciation expense on real estate was $113.6 million and $108.9 million for the three months ended June 30, 2018 and 2017 , respectively, and $232.0 million and $206.6 million for the six months ended June 30, 2018 and 2017 , respectively. Refer to Note 14 for discussion of impairment on real estate. Property Operating Income The components of property operating income were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Rental income $ 153,303 $ 167,370 $ 315,917 $ 318,613 Tenant reimbursements 36,250 34,244 75,172 65,769 Resident fee income (1) 69,203 74,838 138,420 140,532 Hotel operating income 331,882 224,079 615,859 402,471 $ 590,638 $ 500,531 $ 1,145,368 $ 927,385 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses. Commitments and Contractual Obligations Purchase Commitments— At June 30, 2018 , the Company had funded deposits of $2.0 million with remaining unfunded purchase commitment of $105.2 million for the acquisition of land and six buildings in the industrial segment. Guarantee Agreements— In connection with the THL Hotel Portfolio, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2018 and 2037 . In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $100 million . The Company had similar provisions related to its core hotel portfolio in the hospitality segment, but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors. Ground Lease Obligation— In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $1.8 million and $1.3 million for the three months ended June 30, 2018 and 2017 , respectively, and $3.8 million and $2.1 million for the six months ended June 30, 2018 and 2017 , respectively.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Loans Receivable	Loans Receivable As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $1.29 billion of loans receivable. The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: June 30, 2018 December 31, 2017 ($ 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 Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 608,803 $ 620,388 9.7 % 3.1 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 343,808 339,684 12.1 % 1.9 459,433 456,463 12.2 % 2.3 Corporate loans 111,625 110,453 8.8 % 7.8 46,840 46,592 9.9 % 10.0 1,064,236 1,070,525 1,622,869 1,622,171 Variable rate Mortgage loans 195,851 206,285 4.3 % 0.7 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans — — — % N/A 34,391 34,279 9.8 % 1.3 195,851 206,285 910,308 919,681 1,260,087 1,276,810 2,533,177 2,541,852 PCI Loans Mortgage loans 1,614,950 566,704 1,865,423 682,125 Securitized loans — — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,622,375 570,375 1,896,146 689,196 Allowance for loan losses (55,296 ) (52,709 ) 2,882,462 1,791,889 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,882,462 $ 1,791,889 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. Nonaccrual and Past Due Loans Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value. (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 and Nonaccrual Total Non-PCI Loans June 30, 2018 $ 1,064,362 $ — $ — $ 212,448 $ 1,276,810 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852 Troubled Debt Restructuring During the six months ended June 30, 2018 and 2017, there were no loans modified as TDRs, in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At June 30, 2018 and December 31, 2017 , carrying value of existing TDR loans before allowance for loan losses was $37.8 million and $66.4 million , respectively. These TDR loans were not in default post-modification. As of June 30, 2018 , the Company has no additional commitments to lend to borrowers with TDR loans. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total June 30, 2018 $ 283,959 $ 84,869 $ 208,267 $ 293,136 $ 5,497 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. There was no cash basis interest income recognized on non-PCI impaired loans in all periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Average carrying value before allowance for loan losses $ 226,532 $ 106,243 $ 279,986 $ 111,742 Total interest income recognized during the period impaired 1,279 1,041 1,308 1,807 Purchased Credit-Impaired Loans 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. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. There were no PCI loans acquired in the six months ended June 30, 2018 . In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745 Changes in accretable yield of PCI loans were as follows: Six Months Ended June 30, (In thousands) 2018 2017 Beginning accretable yield $ 42,435 $ 52,572 Additions — 23,594 Dispositions (4,001 ) — Changes in accretable yield 3,109 11,074 Accretion recognized in earnings (19,216 ) (31,823 ) Deconsolidation (991 ) — Effect of changes in foreign exchange rates (138 ) 1,495 Ending accretable yield $ 21,198 $ 56,912 The Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $182.5 million at June 30, 2018 and $196.5 million at December 31, 2017 , as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. 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, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. 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, liquidation value of collateral properties, 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. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date and is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected or an observable market price for the loan. For PCI loans, provision for loan losses is recorded if it is assessed that decreases in cash flows expected to be collected would result in a decrease in the estimated fair value of the loan below its amortized cost. The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: June 30, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 5,497 $ 84,869 $ 7,424 $ 138,136 PCI loans 49,799 144,641 45,285 169,789 $ 55,296 $ 229,510 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Six Months Ended June 30, (In thousands) 2018 2017 Allowance for loan losses at January 1 $ 52,709 $ 67,980 Contribution to Colony Credit (Note 4) (518 ) — Deconsolidation (5,983 ) — Provision for loan losses, net 19,308 7,791 Charge-off (10,220 ) (5,287 ) Allowance for loan losses at June 30 $ 55,296 $ 70,484 Provision for loan losses by loan type is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Non-PCI loans $ 5,072 $ 451 $ 7,737 $ 2,925 PCI loans (1) 8,861 616 11,571 4,866 Total provision for loan losses, net $ 13,933 $ 1,067 $ 19,308 $ 7,791 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $0.4 million and $0.5 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.5 million and $1.5 million for the six months ended June 30, 2018 and 2017 , respectively. Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving 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. At June 30, 2018 , total unfunded lending commitments was $264.0 million , of which the Company's share was $94.3 million , net of amounts attributable to noncontrolling interests.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments In Unconsolidated Ventures As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included interests in third party private funds and acquisition, development and construction ("ADC") loans with a combined carrying value of approximately $208.7 million . In consideration for its contribution, the Company received equity interest in Colony Credit, accounted for under the equity method. The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows: (In thousands) June 30, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,206,778 $ 1,297,180 Private funds 172,296 229,874 2,379,074 1,527,054 Other equity investments Investment ventures 89,129 89,261 Private funds and retail companies 23,139 38,924 112,268 128,185 $ 2,491,342 $ 1,655,239 Equity Method Investments The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected fair value option to account for its interests in certain investment ventures as well as limited partnership interests in third party private funds acquired through the Merger (see Note 14 ). The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of either the Company or 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. The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at June 30, 2018 (1) Carrying Value at Investments Description June 30, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,146,355 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.0% 75,044 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 99,235 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 364,645 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 183,848 331,268 Private funds General partner and/or limited partner interests in private funds Various 29,552 25,101 Other investment ventures Interests in 20 investments, each with no more than $65 million carrying value at June 30, 2018 Various 263,297 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private funds Various 217,098 363,901 $ 2,379,074 $ 1,527,054 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments. Sale of Investments —In 2017, the Company had an investment in the single family residential business through its equity method investee, Starwood Waypoint Homes (fka Colony Starwood Homes). The Company monetized its investment through a sale of all of its shares in Starwood Waypoint Homes in March and June 2017 for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures. Impairment —In the second quarter of 2018, the Company assessed that certain equity method investments were other-than-temporarily impaired and recorded aggregate impairment of $16.5 million in earnings from investments in unconsolidated ventures. In making this assessment, the Company considered, among others, offer prices on the Company's investment, expected payoffs from sales of the underlying business of the investments and estimated enterprise value of the investment. As discussed in Note 4 , the Company had measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. At June 30, 2018 , Colony Credit’s class A common stock traded at $20.73 per share and the carrying value of the Company's investment in Colony Credit was $23.90 per share. As of June 30, 2018 , the Company has assessed that its investment in Colony Credit was not other-than-temporarily impaired as the Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term. If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. In 2017, a residential land development project, which is an ADC loan accounted for as an equity method investment, was assessed to be other-than-temporarily impaired. A $2.1 million impairment was recorded, estimated based on a projection of future cash flows that contemplated an as-is sale of the land to a developer. Other Equity Investments Investments that do not qualify for equity method accounting consist of the following: Investment Ventures —This represents common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which is carried at cost, adjusted for any impairment and observable price changes, where applicable. Retail Companies —The Company has immaterial interests in its sponsored non-traded REITs, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") for which the Company applies the NAV practical expedient (see Note 14 ). Private Funds —This represents a limited partnership interest in a third party private fund sponsored by an equity method investee for which the Company elected the NAV practical expedient (see Note 14 ). Investment Commitments Investment Ventures— Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At June 30, 2018 , the Company’s share of these commitments was $51.3 million . Private Funds— At June 30, 2018 , the Company had unfunded commitments of $339.8 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments.

Securities

Securities	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Securities	Securities The following table summarizes the Company's investment in debt securities classified as available-for-sale ("AFS") as well as equity and debt securities held by consolidated funds that are accounted for at fair value through earnings. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value June 30, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 81,803 $ 1,953 $ (5,750 ) $ 78,006 CMBS and other securities (1) 30,079 233 (546 ) 29,766 111,882 2,186 (6,296 ) 107,772 Equity securities of consolidated fund 36,649 $ 144,421 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 38,928 3,739 (186 ) 42,481 333,080 16,510 (1,248 ) 348,342 Equity securities of consolidated fund 35,600 $ 383,942 __________ (1) CMBS held by a sponsored investment company consolidated by the Company through its seed capital totaled $29.6 million at June 30, 2018 and $25.1 million at December 31, 2017 . Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. N-Star CDOs and N-Star CDO Bonds —The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored collateralized debt obligations ("CDOs"), collateralized primarily by commercial real estate ("CRE") debt and CRE securities, of which two of the sponsored CRE securities CDOs were consolidated. Additionally, NRF had acquired the equity interests of CRE debt focused CDOs sponsored by third parties. These CDOs are collectively referred to as the N-Star CDOs. At June 30, 2018 , the Company no longer has any consolidated CDOs as the remaining assets of one CDO was liquidated, and the Company sold all of its interest in another CDO which resulted in the deconsolidation of that CDO. A gain of $10.9 million was recorded upon deconsolidation, included in other gain on the consolidated statement of operations. At the time of issuance of the sponsored CDOs, NRF retained investment-grade subordinate bonds. NRF also retained equity interests in the form of preferred shares in all of its sponsored CDOs. Additionally, NRF repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained investment-grade subordinate bonds are collectively referred to as N-Star CDO bonds. All of the legacy NRF sponsored CDOs are past their reinvestment period and are amortizing over time as the underlying assets pay down or are sold. CMBS and Other Securities —These securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions. At June 30, 2018 , contractual maturities of CRE securities ranged from one month to 42 years , with a weighted average expected maturity of 24.6 years . Equity Securities of Consolidated Fund —These are publicly traded equity securities held by an open-end fund consolidated in the third quarter of 2017. These equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Disposition of Securities Realized gains (losses) from sale of securities are recorded in other gain (loss), as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 15,012 $ 24,788 $ 78,197 $ 24,788 Gross realized gain 2,921 567 11,304 567 Gross realized (loss) (592 ) — (592 ) — Equity securities of consolidated fund: Realized gain (loss), net (534 ) — (35 ) — Impairment of AFS Debt Securities The following table presents AFS debt securities in a gross unrealized loss position: June 30, 2018 December 31, 2017 Less Than 12 Months More Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ — $ — $ — $ — $ 2,229 $ (530 ) Other securities — — — — 8,218 (313 ) N-Star CDO bonds 75,606 (5,256 ) 2,400 (494 ) 13,392 (219 ) CMBS and other securities 20,990 (191 ) 8,776 (355 ) 12,956 (186 ) $ 96,596 $ (5,447 ) $ 11,176 $ (849 ) $ 36,795 $ (1,248 ) At December 31, 2017 , there were no AFS debt securities in a gross unrealized loss position for more than 12 months. Any unrealized loss on securities acquired through the Merger were reset on the Closing Date. The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other than temporary impairment ("OTTI") exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. In assessing OTTI and estimating future expected cash flows, factors considered include, but are 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. The Company recorded $1.3 million and $7.2 million of OTTI loss in other gain (loss) for the three and six months ended June 30, 2018 , respectively, and $0.7 million for the three and six months ended June 30, 2017 . This was due to an adverse change in expected cash flows on N-Star CDOs and CMBS held by consolidated N-Star CDOs, some of which are PCI debt securities. The Company believed that it was not likely that it would recover the amortized cost on these securities prior to selling them. At June 30, 2018 , the Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired. At December 31, 2017 , there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not been other than temporarily impaired. Purchased Credit-Impaired Debt Securities Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) June 30, 2018 December 31, 2017 Outstanding principal $ 236,230 $ 411,174 Amortized cost 3,712 26,761 Carrying value 3,113 31,789 PCI debt securities are recorded at their initial investment 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 at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Information about these PCI debt securities upon acquisition, including the effect of measurement period adjustments recorded during the year ended December 31, 2017 , is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The table below presents changes in accretable yield related to these PCI debt securities. The changes for the six months ended June 30, 2017 include the effects of measurement period adjustments subsequently recorded during the year ended December 31, 2017 . Six Months Ended June 30, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (6,979 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) — Net reclassifications to nonaccretable difference (1) (23,889 ) (8,185 ) Ending accretable yield $ 151 $ 55,119 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following tables present changes in the carrying value of goodwill and the goodwill balance by reportable segment. Six Months Ended June 30, (In thousands) 2018 2017 Beginning balance $ 1,534,561 $ 680,127 Business combinations (1) — 1,378,061 Transfer to held for sale (2) — (249,795 ) Ending balance (3) $ 1,534,561 $ 1,808,393 __________ (1) Amount does not reflect the effects of subsequent measurement period adjustments that were made within a one year period following consummation of the Merger. (2) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, transferred to held for sale as of June 30, 2017 and subsequently sold on December 29, 2017. (3) Total goodwill amount is not deductible for income tax purposes. (In thousands) June 30, 2018 December 31, 2017 Balance by reportable segment: Industrial $ 20,000 $ 20,000 Investment management 1,514,561 1,514,561 $ 1,534,561 $ 1,534,561 Impairment Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. As a result of the Company's annual impairment test in 2017 , the Company recognized an impairment to the investment management goodwill of $316.0 million . No goodwill impairment was recognized during the six months ended June 30, 2018 and 2017 . Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows. June 30, 2018 December 31, 2017 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 269,811 $ (119,363 ) $ 150,448 $ 243,037 $ (98,021 ) $ 145,016 Above-market lease values 148,393 (41,679 ) 106,714 166,571 (34,968 ) 131,603 Below-market ground lease obligations 34,885 (533 ) 34,352 29,625 (316 ) 29,309 Deferred leasing costs 111,505 (45,513 ) 65,992 121,765 (38,389 ) 83,376 Lease incentives 14,578 (832 ) 13,746 14,565 (298 ) 14,267 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 201,698 (80,206 ) 121,492 342,127 (70,394 ) 271,733 Customer relationships 59,400 (12,724 ) 46,676 59,400 (10,421 ) 48,979 Other (3) 58,920 (2,987 ) 55,933 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 914,690 $ (303,837 ) $ 610,853 $ 1,110,851 $ (257,979 ) $ 852,872 Intangible Liabilities Below-market lease values $ 207,087 $ (48,241 ) $ 158,846 $ 214,833 $ (36,426 ) $ 178,407 Above-market ground lease obligations 15,988 (1,132 ) 14,856 13,417 (715 ) 12,702 Total intangible liabilities $ 223,075 $ (49,373 ) $ 173,702 $ 228,250 $ (37,141 ) $ 191,109 __________ (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. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years. Impairment Investment Management Contracts —Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar I and NorthStar II were terminated. Consequently, the carrying value of management contract intangible assets that were recognized for NorthStar I and NorthStar II at the time of the Merger, which aggregated to approximately $139.0 million , was written off. Additionally, the remaining balance of the NorthStar/RXR NY Metro management contract intangible of $1.4 million was written off in the first quarter of 2018 in consideration of the termination of its offering period effective March 31, 2018. In 2017, the investment management contracts of non-traded REITs acquired through the Merger were impaired in the fourth quarter, with $55.3 million related to NorthStar Healthcare following an amendment to its advisory agreement and $3.7 million related to NorthStar/RXR NY Metro based on revised capital raising projections. Fair value of management contract intangibles were estimated based on an analysis of discounted excess earnings attributable to future fee income from each management contract, utilizing a discount rate of 9% . Trade Name —In June 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and the remaining value of the NorthStar trade name of $59.5 million was written off. Amortization of Intangible Assets and Liabilities 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, (In thousands) 2018 2017 2018 2017 Above-market lease values $ (16,039 ) $ (6,301 ) $ (21,222 ) $ (11,815 ) Below-market lease values 15,617 9,755 22,725 17,195 Lease incentives (272 ) — (534 ) — Net increase (decrease) to rental income $ (694 ) $ 3,454 $ 969 $ 5,380 Above-market ground lease obligations $ (247 ) $ (178 ) $ (467 ) $ (364 ) Below-market ground lease obligations 188 342 369 595 Net increase (decrease) to ground rent expense $ (59 ) $ 164 $ (98 ) $ 231 In-place lease values $ 11,682 $ 21,744 $ 24,087 $ 43,116 Deferred leasing costs 4,324 4,577 8,495 8,823 Trade name 802 937 1,606 1,793 Investment management contracts 4,125 10,996 9,811 19,214 Customer relationships 1,151 3,191 2,303 6,131 Other 619 854 1,134 1,692 Amortization expense $ 22,703 $ 42,299 $ 47,436 $ 80,769 The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale: Year Ending December 31, (In thousands) Remaining 2018 2019 2020 2021 2022 2023 and Thereafter Total Above-market lease values $ (7,609 ) $ (15,137 ) $ (14,326 ) $ (10,667 ) $ (9,308 ) $ (49,667 ) $ (106,714 ) Below-market lease values 13,244 24,672 22,530 20,239 18,756 59,405 158,846 Lease incentives (531 ) (1,061 ) (1,066 ) (1,128 ) (1,127 ) (8,833 ) (13,746 ) Increase to rental income $ 5,104 $ 8,474 $ 7,138 $ 8,444 $ 8,321 $ 905 $ 38,386 Above-market ground lease obligations $ (450 ) $ (867 ) $ (867 ) $ (867 ) $ (867 ) $ (10,938 ) $ (14,856 ) Below-market ground lease obligations 450 787 787 787 787 30,754 34,352 Increase (decrease) to rent expense $ — $ (80 ) $ (80 ) $ (80 ) $ (80 ) $ 19,816 $ 19,496 In-place lease values $ 20,584 $ 31,770 $ 25,117 $ 18,631 $ 14,837 $ 39,509 $ 150,448 Deferred leasing costs 8,389 14,532 11,933 9,034 6,962 15,142 65,992 Investment management contracts 7,693 14,516 13,849 13,340 12,719 59,375 121,492 Customer relationships 2,303 4,607 4,607 4,607 4,607 25,945 46,676 Other 1,014 2,027 2,027 2,027 2,027 14,084 23,206 Amortization expense $ 39,983 $ 67,452 $ 57,533 $ 47,639 $ 41,152 $ 154,055 $ 407,814

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Assets and Related Liabilities Held For Sale	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock will automatically convert into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. Subject to certain limited exceptions, the Company has agreed not to make any transfers of the CLNC OP Units to non-affiliates until the one -year anniversary of the closing of the Combination, unless such transfer is approved by a majority of Colony Credit’s board of directors, including a majority of its independent directors. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust, which was subsequently distributed pro rata to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 14 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the Board of Directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the Board of Directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2018 December 31, 2017 Assets Restricted cash $ 2,049 $ 1,020 Real estate, net 583,921 720,686 Goodwill (1) — 20,000 Intangible assets, net 29,866 37,337 Other assets 21,966 2,587 Total assets held for sale $ 637,802 $ 781,630 Liabilities Secured debt, net (2) $ 195,579 $ 196,905 Lease intangibles and other liabilities, net 60,898 76,393 Total liabilities related to assets held for sale $ 256,477 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Assets held for sale at June 30, 2018 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 18 . Discontinued Operations Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations. Discontinued operations consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio. Net income generated from operations of these held for sale asset groups is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Revenues Property operating income $ 470 $ — $ 1,186 $ 33,857 Other income — — — 2,257 Expenses Property operating expenses (571 ) — (1,159 ) (12,395 ) Interest expense — — — (9,028 ) Loss on sale of real estate assets — — — (2,108 ) Other expenses (118 ) — (129 ) (23 ) Net income from discontinued operations (219 ) — (102 ) 12,560 Income tax expense — — — — Net income from discontinued operations after tax (219 ) — (102 ) 12,560 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities 98 — 45 — Noncontrolling interests in Operating Company 7 — 4 — Net income from discontinued operations attributable to Colony Capital, Inc. $ (114 ) $ — $ (53 ) $ 12,560

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Restricted Cash, Other Assets and Other Liabilities	Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: (In thousands) June 30, 2018 December 31, 2017 Capital expenditures reserves (1) $ 227,959 $ 249,612 Real estate escrow reserves (2) 44,089 42,420 Borrower escrow deposits 14,220 41,545 Working capital and other reserves (3) 22,598 23,043 Tenant lock boxes (4) 15,738 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 74,377 84,316 Total restricted cash $ 398,981 $ 471,078 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated N-Star CDOs. Other Assets The following table summarizes the Company's other assets: (In thousands) June 30, 2018 December 31, 2017 Interest receivable $ 12,172 $ 21,529 Straight-line rents 57,270 45,598 Hotel-related reserves (1) 31,455 29,208 Investment deposits and pending deal costs 5,379 1,706 Deferred financing costs, net (2) 9,838 10,068 Contingent consideration escrow account (3) 6,381 15,730 Derivative assets (Note 13) 25,206 10,152 Prepaid taxes and deferred tax assets, net 69,205 79,063 Receivables from resolution of investments (4) 5,549 15,215 Contributions receivable (5) — 25,501 Accounts receivable (6) 85,952 87,744 Prepaid expenses 32,107 29,526 Other assets 39,985 20,296 Fixed assets, net 50,723 53,632 Total other assets $ 431,222 $ 444,968 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018 , the contingent consideration escrow account reflects the final amount of dividends on class A common stock and OP units payable to the executives, with the remaining escrow balance released back to the Company. (4) Represents primarily proceeds from loan payoffs held in escrow. (5) Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at period end. (6) Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of approximately $15.3 million and $5.6 million at June 30, 2018 and December 31, 2017 , respectively. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2018 December 31, 2017 Tenant security deposits $ 29,587 $ 27,560 Borrower escrow deposits 16,260 46,231 Deferred income (1) 46,384 42,457 Interest payable 39,042 42,462 Derivative liabilities (Note 13) 102,392 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,121 7,419 Current and deferred income tax liability 121,650 166,276 Accrued compensation 44,578 77,483 Accrued real estate and other taxes 81,945 77,060 Other accrued expenses 89,972 107,508 Accounts payable and other liabilities 99,727 98,857 Total accrued and other liabilities $ 679,658 $ 898,161 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.4 million at June 30, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the six months ended June 30, 2018 , approximately $0.4 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included $379.9 million of debt. The Company's debt consists of the following components: (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable (3) Junior Subordinated Notes Total Debt June 30, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 9,321,362 $ — $ 280,117 $ 10,217,584 Premium (discount), net — 2,916 (60,677 ) — (82,028 ) (139,789 ) Deferred financing costs — (7,791 ) (75,889 ) — — (83,680 ) $ — $ 611,230 $ 9,184,796 $ — $ 198,089 $ 9,994,115 December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 Premium (discount), net — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (8,905 ) (91,360 ) (203 ) — (100,468 ) 50,000 610,331 9,622,175 303,709 197,053 10,783,268 Debt at fair value (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 __________ (1) Deferred financing costs related to the corporate credit facility is recorded in other assets. (2) Debt with carrying value of $134.2 million at June 30, 2018 and $202.8 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10 ). (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At June 30, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost: Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity June 30, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.5 $ — N/A 2.5 Convertible and exchangeable senior notes 616,105 4.27 % 3.5 — N/A N/A 616,105 4.27 % 3.5 Junior subordinated debt — N/A N/A 280,117 5.20 % 17.9 280,117 5.20 % 17.9 Secured debt (1) 38,213 5.02 % 7.4 — N/A N/A 38,213 5.02 % 7.4 654,318 280,117 934,435 Non-recourse Secured debt (2) Healthcare (3) 2,168,914 4.65 % 2.5 1,088,723 6.29 % 1.6 3,257,637 5.20 % 2.2 Industrial 1,073,830 3.83 % 11.1 — N/A N/A 1,073,830 3.83 % 11.1 Hospitality (4) 10,790 12.89 % 0.1 2,599,432 5.20 % 0.7 2,610,222 5.23 % 0.7 Other Real Estate Equity 226,245 3.97 % 4.1 1,579,212 4.40 % 1.8 1,805,457 4.35 % 2.1 Real Estate Debt — N/A N/A 536,003 4.34 % 2.5 536,003 4.34 % 2.5 3,479,779 5,803,370 9,283,149 Total debt $ 4,134,097 $ 6,083,487 $ 10,217,584 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 2.0 3,288,256 5.03 % 2.6 Industrial 1,014,229 3.50 % 11.4 — N/A N/A 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 0.6 2,599,681 4.67 % 1.1 2,608,719 4.69 % 1.1 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 2.3 2,215,998 4.03 % 2.8 Real Estate Debt — N/A N/A 625,748 4.05 % 2.6 625,748 4.05 % 2.6 3,597,124 6,547,057 10,144,181 Total debt $ 4,252,448 $ 6,877,174 $ 11,129,622 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $485.7 million at June 30, 2018 and $384.5 million at December 31, 2017 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders to restructure or otherwise refinance the debt. (3) $1.85 billion of debt principal in the healthcare segment consists of a floating rate component of $100.5 million and a fixed rate component of $1.75 billion . The floating rate component is scheduled to mature in December 2018, with a 12-month extension option available at the Company’s election subject to certain conditions, which the Company currently believes could be satisfied by making a prepayment of a portion of its outstanding principal balance. The Company currently expects to either exercise the extension option by funding any required prepayment or repay the floating rate component in full; however, there can be no assurances that the Company will do so. To the extent the Company does not exercise the extension option or repay the floating rate component, the maturity date of the fixed rate component, which is scheduled to mature in December 2019, would be accelerated. The Company is currently evaluating its options in connection with the scheduled maturity on the fixed rate component. (4) In July 2018, the Company refinanced $512.0 million of debt principal in the hospitality segment, extending their maturities to 2020, while the remaining debt in the hospitality segment with maturities in 2018 have met their terms for extension of maturity as of June 30, 2018 . Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “JPM Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $1.0 billion , with an option to increase up to $1.5 billion , subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. 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). At June 30, 2018 , the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment. Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("LIBOR") plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.35% at June 30, 2018 ), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee 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, liquidity levels and financial ratios, as defined in the JPM Credit Agreement. At June 30, 2018 , 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. 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. Convertible and Exchangeable Senior Notes Convertible senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal June 30, 2018 December 31, 2017 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates 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. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. In June 2017 and July 2017, the Company repurchased all $13.0 million of the outstanding principal of the 7.25% exchangeable notes for $13.4 million in aggregate, equal to the sum of outstanding principal and accrued interest, upon exercise of the repurchase option by note holders. In August 2017 and November 2017, the Company exchanged a combined $2.8 million of the outstanding principal of the 5.375% exchangeable notes into 232,669 shares of the Company's class A common stock. The excess of fair value of the class A common stock issued over carrying value of the corresponding notes on the exchange date resulted in an immaterial charge to earnings. Secured and Unsecured Debt These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable. Securitization Bonds Payable Securitization bonds payable represent debt issued by securitization vehicles consolidated by the Company (Note 15 ). This includes CMBS debt as well as collateralized loan obligation debt, which were bonds issued by the consolidated N-Star CDO I and CDO IX that were assumed by the Company at fair value upon the Merger. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans or securities must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the notes. Junior Subordinated Debt The junior subordinated debt was assumed by the Company through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NRF Realty Trust Financial LLC I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes"). The Company may redeem the Junior Notes at par, in whole or in part, for cash, after five years. To the extent the Company redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Company has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trust will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly. Interest Incurred Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction, was as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Interest expensed $ 153,309 $ 140,260 $ 302,198 $ 266,538 Interest capitalized 1,435 — 1,864 — Total interest incurred $ 154,744 $ 140,260 $ 304,062 $ 266,538

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives 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”). Fair value of derivative assets and derivative liabilities were as follows: June 30, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 22,848 $ 1,661 $ 24,509 $ 8,009 $ 975 $ 8,984 Interest rate contracts — 697 697 — 1,168 1,168 Included in other assets $ 22,848 $ 2,358 $ 25,206 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ (18,806 ) $ (4,142 ) $ (22,948 ) $ (39,101 ) $ (5,307 ) $ (44,408 ) Interest rate contracts — (79,444 ) (79,444 ) — (160,440 ) (160,440 ) Included in accrued and other liabilities $ (18,806 ) $ (83,586 ) $ (102,392 ) $ (39,101 ) $ (165,747 ) $ (204,848 ) Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $0.8 million and $1.9 million of cash collateral on deposit at June 30, 2018 and December 31, 2017 , respectively, included in other assets. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 117,321 € 42 Min $1.06/ Max $1.53 December 2018 to January 2021 GBP FX Collar £ 41,304 £ 2,386 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 318,655 € 10,374 Min $1.10 / Max $1.38 July 2018 to May 2023 GBP FX Forward £ 93,955 £ 55,875 Min $1.23 / Max $1.36 December 2018 to December 2020 NOK FX Forward NOK 785,666 NOK 137,334 0.13 August 2018 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €507.3 million , £242.0 million and NOK761.7 million , or a total of $1,005.7 million at June 30, 2018 , and €499.2 million , £250.6 million and NOK771.2 million , or a total of $1,139.0 million at December 31, 2017 . The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain 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 ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to earnings, recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ (247 ) $ — $ 2,336 $ 1,312 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 is transferred into earnings, recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 4,120 $ (1,551 ) $ 1,239 $ (2,098 ) Interest Rate Contracts The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations. At June 30, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Non-Designated Index Expiration Interest rate swaps $ 2,000,000 3-Month LIBOR 3.39% December 2029 Interest rate caps $ 4,643,828 1-Month LIBOR 2.46% - 5.70% August 2018 to November 2019 Interest rate caps $ 220,222 3-Month LIBOR 2.24% - 3.50% August 2018 to March 2019 Interest rate caps € 554,507 3-Month EURIBOR 0.75% - 1.50% October 2018 to September 2022 Interest rate caps £ 422,029 3-Month GBP LIBOR 2.0% - 2.5% November 2018 to February 2020 Deliverable swap futures $ 17,000 (1) (1) September 2018 __________ (1) A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. Amounts recorded in other gain (loss) were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Unrealized gain (loss): Non-designated interest rate contracts $ 24,720 $ (29,315 ) 81,377 (6,723 ) Offsetting Assets and Liabilities 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 following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) June 30, 2018 Derivative Assets Foreign exchange contracts $ 24,509 $ (8,480 ) $ — $ 16,029 Interest rate contracts 697 — — 697 $ 25,206 $ (8,480 ) $ — $ 16,726 Derivative Liabilities Foreign exchange contracts $ (22,948 ) $ 8,480 $ — $ (14,468 ) Interest rate contracts (79,444 ) — 837 (78,607 ) $ (102,392 ) $ 8,480 $ 837 $ (93,075 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient, categorized into the following three tier hierarchy: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2018 Assets Investments in unconsolidated ventures $ — $ 132,527 $ 84,571 $ 217,098 Debt securities available for sale N-Star CDO bonds — — 78,006 78,006 CMBS and other securities — 29,567 199 29,766 Equity securities of consolidated fund 36,649 — — 36,649 Other assets—derivative assets — 25,206 — 25,206 Liabilities Other liabilities — derivative liabilities — 102,392 — 102,392 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,121 8,121 December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Investments in unconsolidated ventures — — 363,901 363,901 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — 25,099 17,382 42,481 Equity securities of consolidated fund 35,600 — — 35,600 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650 Investments in Unconsolidated Ventures Equity investments carried at fair value on a recurring basis consist of investments in certain unconsolidated ventures for which fair value option was elected, including investments in private funds acquired in connection with the Merger. Fair values are determined using discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, transaction price for recently acquired investments, or pending sales price on an investment, as applicable. In valuing the Company's investment in third party private funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private funds using NAV of the underlying funds. Fair value of equity investments are classified as Level 3 of the fair value hierarchy, except for investments valued based on pending sales price which are classified as Level 2 of the fair value hierarchy. Changes in fair value are recorded in earnings from investments in unconsolidated ventures. Securities N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. CMBS and other securities—Fair value is determined based on broker quotes, third party pricing services or an internal price, all of which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Equity securities of consolidated fund—Fair value of equity securities held by a consolidated open-end fund is based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Due To Affiliates — Contingent Consideration for Internalization In connection with the Company's acquisition of the investment management business and operations of its former manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable in a combination of up to approximately 1.29 million shares of class A common stock, 115,226 shares of class B common stock and 4.40 million OP units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. At December 31, 2017 , the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss) in the consolidated statement of operations. 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, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares. As of June 30, 2018 , the end of the final measurement period for the contingent consideration, and in accordance with the terms of the contribution agreement for the 2015 Colony Internalization, it was determined that one of the prescribed performance targets was met, specifically the real estate capital raising target. As a result, the contingent consideration is expected to be paid to certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP units. As the contingency was resolved on June 30, 2018 and the number of shares and units to be issued was no longer variable, the payable of $12.5 million , valued based on the closing price of the Company's class A common stock on June 29, 2018, the last business day of the quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million (Note 3 ). Fair value of the contingent consideration is measured using discounted cash flows based on the probability of the former preferred equity holder receiving such payment. Securitized Loans and Securitized Bonds Payable The Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3. Management determined that the quotes were representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Level 3 Recurring Fair Value Measurements The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) June 30, 2018 Level 3 Assets Investment in unconsolidated ventures—third party private funds $ 10,217 Recent transaction price (2) Not applicable Not applicable Not applicable Investment in unconsolidated ventures—other 26,667 Discounted cash flows Discount rate 15.8% Decrease Investment in unconsolidated ventures—other 47,687 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 78,006 Discounted cash flows Discount rate 12.0% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,121 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Investments in unconsolidated ventures—private funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Investments in unconsolidated ventures—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Investments in unconsolidated ventures—other 132,719 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (3) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value 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 measures. (2) Valued based upon transaction prices of investments recently acquired or indicative prices of investments sold by the Company. (3) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 405,626 427,560 — — — Purchases, contributions or accretion — 27,017 30,069 — — — Paydowns or distributions — (79,226 ) (62,342 ) — — — Realized losses in earnings — — (2,110 ) — — — Unrealized gains: In earnings — 11,633 — — 8,250 — In other comprehensive income — — 2,924 — — — Fair value at June 30, 2017 $ — $ 365,050 $ 396,101 $ — $ (33,000 ) $ — Unrealized gains (losses) on ending balance: In earnings $ — $ 11,633 $ — $ — $ 8,250 $ — In other comprehensive income (loss) $ — $ — $ 2,924 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns, distributions or sales (638 ) (182,063 ) (108,924 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive income (loss) — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ — Transfers of Level 3 Assets and Liabilities Transfers of assets and liabilities into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. During the six months ended June 30, 2018 , assets and liabilities transferred out of level 3 represent investments in third party private funds that were valued based on their contracted sales price, and dividends earned on the final number of shares of class A common stock and OP units determined at the end of the measurement period of the contingent consideration associated with the Internalization, respectively. Investments Carried at Fair Value Using Net Asset Value Investments in non-traded REITs and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018. June 30, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 11,612 $ 14,493 Non-traded REITs—real estate 11,527 — The Company's limited partnership interest in a third party sponsored closed-end private fund is not subject to redemption, with distributions to be received through liquidation of underlying investments of the fund. The fund has an expected life of eight years at its inception in 2017, which may be extended in one year increments up to two years at the discretion of its general partner, an equity method investee of the Company. No secondary market currently exists for shares of the non-traded REITs. The Company-sponsored non-traded REITs have each adopted share repurchase programs, which provide for limited share repurchases and such programs may be amended, suspended or terminated at any time at the discretion of their respective Boards of Directors. Subject to then-existing market conditions, the board of directors of each non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage, but with no definitive date by which it must do so. In addition, the Company has agreed that its right to have its shares redeemed for certain non-traded REITs is subordinated to third party stockholders for so long as its advisory agreements are in effect. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. June 30, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 3,808 $ 48,315 $ 52,123 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 166,130 166,130 — 224,935 224,935 Intangible assets—investment management contracts — — — — 51,100 51,100 Investments in unconsolidated ventures — 12,015 12,015 — 11,871 11,871 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Impairment loss Real estate held for sale $ 6,546 $ 8,178 $ 15,310 $ 11,530 Real estate held for investment 2,975 4,583 7,181 9,750 Intangible assets—investment management contracts — — 140,429 — Intangible assets—trade name 59,464 — 59,464 — Earnings from investments in unconsolidated ventures 16,467 — 16,467 2,144 Real Estate Held For Sale —The write down to fair value less cost to sell was estimated based on contracted sales prices, classified as Level 2 of the fair value hierarchy, or based on broker price opinions, discounted cash flows or income capitalization approach, classified as Level 3 of the fair value hierarchy, net of selling costs between 2% to 8% of the respective fair values. Real Estate Held For Investment —Impaired real estate held for investment consisted primarily of properties in the Company's European portfolio, resulting from a combination of a reduction in the estimated holding period of these properties, tenant vacancy as well as exposure to the retail and leisure markets in the United Kingdom. Fair value of the impaired properties were determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price based on broker price opinions, and applying terminal capitalization rates ranging from 5.5% to 13.3% , with longer term cash flow projections discounted at 10% . Additionally, impairment was recorded on certain properties in our healthcare segment and THL portfolio that were damaged by hurricanes or fire based on estimates from insurance appraisers. As of December 31, 2017 , impaired real estate also included certain RIDEA properties that were converted into net lease properties in the healthcare segment. Impairment is discussed in Note 6 for loans receivable, Note 7 for investments in unconsolidated ventures and Note 9 for goodwill and other intangible assets. Fair Value Information on Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2018 Assets Loans at amortized cost $ — $ — $ 1,792,043 $ 1,792,043 $ 1,791,889 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 572,125 13,095 — 585,220 611,230 Secured and unsecured debt 9,145,809 9,145,809 9,184,796 Junior subordinated debt — — 206,415 206,415 198,089 December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 9,703,680 9,703,680 9,622,175 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans, including such loans held by securitization trusts consolidated by the Company. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or 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 carried at amortized cost are presented net of allowance for loan losses, where applicable. Debt —Fair value of the credit facility approximated carrying value as its prevailing interest rate and applicable terms were renegotiated within the last 12 months . Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Other —The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, 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 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 represent substantially all of the total consolidated assets and liabilities of the Company. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were 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 the obligations of the securitization vehicles. The obligations of the securitization vehicles do not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations —Prior to June 30, 2018 , the Company consolidated securitization trusts for which it had a retained interest and for which it acts as special servicer or collateral manager or otherwise, its interest in the trust may become the controlling class or directing holder. As special servicer, the Company has the power to direct activities during the loan workout process on defaulted and delinquent loans. As collateral manager of certain N-Star CDOs, the Company has the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, has the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As directing holder or controlling class representative, the Company had the right to appoint or remove the third party special servicer. As a result, the Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and were accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. As of June 30, 2018 , the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to Colony Credit upon closing of the Combination and sold its interests in two consolidated securitization trusts to third parties in the second quarter of 2018, resulting in a deconsolidation of these securitization trusts. The Company has retained its role as special servicer or as collateral manager in these securitization trusts. However, the Company may be removed as special servicer by the controlling class interest holders and may be removed as collateral manager through a right of removal provided to the buyer. Additionally, as of June 30, 2018 , the underlying assets of the Company's remaining consolidated securitization trust has been liquidated. The Company’s exposure to the obligations of its previously consolidated securitization vehicles was generally limited to its investment in these entities, which was $490.1 million at December 31, 2017 . The Company was not obligated to provide any financial support to these securitization vehicles, although it could, in its sole discretion, provide support such as protective and other advances as it deemed appropriate. The Company did not provide any such financial support to these securitization vehicles in 2018 prior to their deconsolidation or in 2017. Unconsolidated Securitizations —The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO equity and CDO bonds, which aggregate to $81.8 million at June 30, 2018 and $102.2 million at December 31, 2017 . Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private 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. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its 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. Consolidated Company-Sponsored Private Fund —The Company currently consolidates a sponsored private fund where it has more than insignificant equity interest in the fund as general partner during the early stages of the fund while additional third party capital is being raised. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $10.7 million and $10.2 million at June 30, 2018 and December 31, 2017 , respectively. The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. Unconsolidated Company-Sponsored Private Funds —The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $11.7 million at June 30, 2018 and $6.9 million at December 31, 2017 , included within investments in unconsolidated ventures on the consolidated balance sheets. Trusts The Company, through the Merger, acquired the Trusts, wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 12 ). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at June 30, 2018 and at December 31, 2017 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (1) 39,466 392,120 — Issuance of preferred stock 13,800 — — Redemption of preferred stock (12,547 ) — — Shares canceled (2) — (2,984 ) — Shares issued upon redemption of OP units — 1,386 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (12,934 ) — Equity-based compensation, net of forfeitures — 7,550 — Shares canceled for tax withholding on vested stock awards — (416 ) — Shares outstanding at June 30, 2017 65,749 551,190 742 Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units — 1,488 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (54,813 ) — Equity-based compensation, net of forfeitures — 3,412 — Shares canceled for tax withholding on vested stock awards — (2,950 ) — Shares outstanding at June 30, 2018 57,464 489,764 708 __________ (1) Shares were legally issued by the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger (Note 3 ). (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at June 30, 2018 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 57,464 575 1,436,605 Series D 8.5 % June 2014 (1) 8,000 80 200,000 Redemption pending 65,464 $ 655 $ 1,636,605 __________ (1) Represents initial issuance date pre-Merger by NRF or Colony, as applicable. All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on each series of preferred stock of the Company are payable quarterly in arrears, in the case of the Series B and E preferred stock, in February, May, August and November, and in the case of Series G, H, I and J preferred stock, in January, April, July and October. Each series of preferred stock is redeemable on or after the earliest redemption date for that series 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). 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 single 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 of each such series of preferred stock voting separately as a class for each series of preferred stock. Issuance and Redemption of Preferred Stock The Company issued 13.8 million shares of Series I preferred stock in June 2017 and 12.6 million shares of Series J preferred stock in September 2017 with dividend rates of 7.15% and 7.125% per annum, respectively. Proceeds received for Series I and Series J preferred stock totaled $637.9 million , net of underwriting discounts and offering costs payable by the Company. The Company applied the proceeds from the offerings, combined with available cash, to redeem all of the outstanding shares of Series A, Series F and Series C preferred stock and a portion of the outstanding shares of Series B preferred stock for $644.9 million in aggregate. In May 2018, the Company issued a notice of redemption for all outstanding Series D preferred stock, with the redemption made in July 2018. At June 30, 2018 , settlement of the redemption was pending and presented as preferred stock redemption payable on the consolidated balance sheet. All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. Common Stock Except with respect to voting rights, class A common stock 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 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 (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. 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 connection with the consummation of the Merger, on January 20, 2017, the Company paid a dividend of $0.04444 per share of each Colony and NRF common stock to stockholders of record on January 9, 2017, representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 on a pre-exchange basis (or $0.03 after giving effect to the Colony exchange ratio of 1.4663 ). Additionally, the Company declared a dividend of $0.24 per share for the period from January 11, 2017 through March 31, 2017. Accordingly, dividends declared for the first quarter of 2017 per common share is equivalent to $0.27 per share after giving effect to the exchange ratio. On January 27, 2017, the Company paid a one-time special dividend of $1.16 per share of common stock to former NSAM stockholders of record on January 3, 2017. Common Stock Repurchases On May 23, 2018, the Company announced that its board of directors authorized a common stock repurchase program pursuant to which the Company may repurchase up to $300 million of its outstanding shares of class A common stock over a one -year period, either in the open market or through privately negotiated transactions. The newly announced program is in addition to the $300 million share repurchase program the Company announced in February 2018, which program was completed in May 2018. During the six months ended June 30, 2018 , the Company repurchased 54,813,323 shares of its class A common stock, at an aggregate cost of approximately $318.5 million (excluding commissions), or a weighted-average price of $5.81 per share. In 2017, the Company had a similar stock repurchase program in which the Company repurchased the full authorized amount of $300.0 million (excluding commissions) of its outstanding class A common stock, equivalent to a total of 23,371,071 shares, at a weighted-average price of $12.84 per share. This included 2,150,120 shares of class A common stock repurchased for $29.8 million concurrent with the termination of the Call Spread, as discussed below. 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 the acquisition of the Company's 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. There were no shares of class A common stock acquired under the DRIP Plan in the six months ended June 30, 2018 or the year ended December 31, 2017 in the form of new issuances. Call Spread Subsequent to the Merger, the Company guaranteed NSAM's obligation to a third party counterparty under a call option previously sold by NSAM, specifically a call spread transaction (the “Call Spread”) in which NSAM had previously purchased and sold a call option on its common stock. In March 2017, the Company terminated the Call Spread and received $21.9 million in settlement, including the release of $15.0 million of cash pledged as collateral. The net settlement was accounted for as a capital transaction. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 562 3,022 41 77,109 (42,373 ) 38,361 Amounts reclassified from AOCI 20 (106 ) — 934 (216 ) 632 AOCI at June 30, 2017 $ 667 $ 2,804 $ — $ 1,617 $ 1,796 $ 6,884 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications 1,968 (15,807 ) — (21,612 ) 13,107 (22,344 ) Amounts reclassified from AOCI — (4,806 ) — 4,158 (2,788 ) (3,436 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at June 30, 2018 $ 7,382 $ (3,599 ) $ — $ 28,477 $ (8,330 ) $ 23,930 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2016 $ (527 ) $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 60,925 (5,784 ) 56,122 Amounts reclassified from AOCI (454 ) 994 1,020 1,560 AOCI at June 30, 2017 $ — $ 4,706 $ 7,034 $ 11,740 AOCI at December 31, 2017 $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (12,639 ) 3,292 (9,347 ) Amounts reclassified from AOCI — 4,409 (644 ) 3,765 AOCI at June 30, 2018 $ — $ 30,718 $ 5,775 $ 36,493 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 Component of AOCI reclassified into earnings 2018 2017 2018 2017 Realized gain (loss) on marketable securities $ 2,194 $ 106 $ 10,100 $ 106 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (1,188 ) — (5,294 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 5 (934 ) (4,158 ) (934 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 2,082 — 584 (744 ) Other gain (loss), net Realized gain (loss) on net investment hedges (232 ) 960 2,204 960 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (23 ) — (20 ) Earnings from investments in unconsolidated ventures

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company beginning in August 2017, and in Townsend for the period from January 10, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. In connection with the Townsend sale, $20.0 million of the consideration received was allocated to certain members of Townsend management and the noncontrolling interests in Townsend was fully redeemed. The following table presents a summary of changes in redeemable noncontrolling interests: Six Months Ended June 30, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Contributions 305 — Distributions and redemptions (2,103 ) (709 ) Net income 1,177 1,337 Currency translation adjustment and other — 33 Ending balance $ 33,523 $ 79,504 Noncontrolling Interests in Investment Entities These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture parties. In January 2017, the Company sold an 18.7% noncontrolling interest in its healthcare real estate portfolio through a newly formed joint venture pursuant to a purchase and sale agreement executed in November 2016 based upon terms negotiated prior to the Merger. The net excess of the carrying value of the noncontrolling interest sold over the consideration received resulted in a $41.2 million decrease to additional paid-in capital, including $9.2 million of cost of new capital. For the six months ended June 30, 2018 , contributions from new limited partners reduced the Company's ownership interest in its industrial joint venture. The new limited partners were admitted at net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of contributions. The difference between contributions received and the noncontrolling interests' share of the joint venture resulted in an increase to additional paid-in capital of $21.1 million . Noncontrolling Interests in Operating Company Certain employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP 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 as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. 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. For the six months ended June 30, 2018 , the Company redeemed 1,855,562 OP Units, of which 1,488,469 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one -for-one basis, and 367,093 OP Units were redeemed in exchange for cash of $2.1 million . For the year ended December 31, 2017 , the Company redeemed 2,076,214 OP Units through the issuance of 1,684,170 shares of class A common stock (adjusted for the Merger exchange ratio) on a one -for-one basis and cash settlement of approximately $5.1 million to satisfy tax obligations of the OP unitholders.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock will automatically convert into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. Subject to certain limited exceptions, the Company has agreed not to make any transfers of the CLNC OP Units to non-affiliates until the one -year anniversary of the closing of the Combination, unless such transfer is approved by a majority of Colony Credit’s board of directors, including a majority of its independent directors. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust, which was subsequently distributed pro rata to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 14 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the Board of Directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the Board of Directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2018 December 31, 2017 Assets Restricted cash $ 2,049 $ 1,020 Real estate, net 583,921 720,686 Goodwill (1) — 20,000 Intangible assets, net 29,866 37,337 Other assets 21,966 2,587 Total assets held for sale $ 637,802 $ 781,630 Liabilities Secured debt, net (2) $ 195,579 $ 196,905 Lease intangibles and other liabilities, net 60,898 76,393 Total liabilities related to assets held for sale $ 256,477 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Assets held for sale at June 30, 2018 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 18 . Discontinued Operations Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations. Discontinued operations consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio. Net income generated from operations of these held for sale asset groups is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Revenues Property operating income $ 470 $ — $ 1,186 $ 33,857 Other income — — — 2,257 Expenses Property operating expenses (571 ) — (1,159 ) (12,395 ) Interest expense — — — (9,028 ) Loss on sale of real estate assets — — — (2,108 ) Other expenses (118 ) — (129 ) (23 ) Net income from discontinued operations (219 ) — (102 ) 12,560 Income tax expense — — — — Net income from discontinued operations after tax (219 ) — (102 ) 12,560 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities 98 — 45 — Noncontrolling interests in Operating Company 7 — 4 — Net income from discontinued operations attributable to Colony Capital, Inc. $ (114 ) $ — $ (53 ) $ 12,560

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2018
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) 2018 2017 2018 2017 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (41,629 ) $ 105,192 $ (68,045 ) $ 144,822 Income (loss) from discontinued operations (219 ) — (102 ) 12,560 Net income (loss) (41,848 ) 105,192 (68,147 ) 157,382 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests (1,873 ) (720 ) (1,177 ) (1,337 ) Investment entities (27,420 ) (23,800 ) (47,522 ) (50,859 ) Operating Company 5,728 (2,330 ) 10,106 (1,247 ) Net income (loss) attributable to Colony Capital, Inc. (65,413 ) 78,342 (106,740 ) 103,939 Preferred stock redemption 3,995 (5,448 ) 3,995 (5,448 ) Preferred dividends (31,388 ) (34,339 ) (62,775 ) (65,152 ) Net income (loss) attributable to common stockholders (92,806 ) 38,555 (165,520 ) 33,339 Net income allocated to participating securities (643 ) (2,546 ) (1,272 ) (4,784 ) Net income (loss) allocated to common stockholders—basic (93,449 ) 36,009 (166,792 ) 28,555 Interest expense attributable to convertible notes (1) — — — — Net income (loss) allocated to common stockholders—diluted $ (93,449 ) $ 36,009 $ (166,792 ) $ 28,555 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 488,676 544,023 509,562 525,318 Weighted average effect of dilutive shares (1)(3)(4) — — — — Weighted average number of common shares outstanding—diluted 488,676 544,023 509,562 525,318 Basic earnings (loss) per share Income (loss) from continuing operations $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.03 Income from discontinued operations — — — 0.02 Net income (loss) attributable to common stockholders per basic common share $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.05 Diluted earnings (loss) per share Income (loss) from continuing operations $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.03 Income from discontinued operations — — — 0.02 Net income (loss) attributable to common stockholders per diluted common share $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.05 __________ (1) For the three months ended June 30, 2018 and 2017 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million and $7.4 million of interest expense, respectively, and 38,112,100 and 38,839,200 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. For the six months ended June 30, 2018 and 2017 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.3 million and $14.6 million of interest expense, respectively, and 38,112,100 and 38,778,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares for the three months ended March 31, 2017 reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excluded the weighted average unvested non-participating restricted shares of 605,800 and 634,200 for the three and six months ended June 30, 2018 , respectively, and 598,500 and 300,900 for the three and six months ended June 30, 2017 , respectively, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 2,137,500 and 1,074,700 for the three and six months ended June 30, 2018, respectively, as the inclusion of these shares would be antidilutive. (4) 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, 2018 and 2017 , there were 30,426,900 and 32,580,900 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.

Fee Income

Fee Income	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Fee Income	Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs and investment companies, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with Colony Credit. On April 30, 2018, the Company combined NorthStar Securities, the Company's captive broker-dealer platform that raises capital in the retail market, with a third party joint venture partner, S2K, to form Colony S2K. Beginning in May 2018, the Company's share of income and expense from Colony S2K is reflected as earnings from investments in unconsolidated ventures. The Company's fee income is earned from the following sources: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Institutional funds $ 17,171 $ 15,459 $ 30,312 $ 30,286 Non-traded REITs 6,244 20,789 17,703 43,026 Public companies—NRE, Colony Credit 16,219 3,555 28,391 6,725 Broker-dealer, Townsend and other clients 290 14,516 360 27,532 $ 39,924 $ 54,319 $ 76,766 $ 107,569 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Base management fees ($35,484, $42,657, $69,660 and $81,640 from affiliates, respectively) $ 35,750 $ 47,342 $ 69,926 $ 90,117 Asset management fees—from affiliates 761 1,148 1,435 1,754 Acquisition and disposition fees—from affiliates — 1,095 1,922 7,024 Incentive fees—from affiliates — — — 270 Other fee income ($3,389, $0, $3,389 and $0 from affiliates, respectively) 3,413 4,734 3,483 8,404 Total fee income $ 39,924 $ 54,319 $ 76,766 $ 107,569 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds, non-traded REITs, investment companies and NRE, calculated as follows: • Private Funds — generally 1% per annum of the limited partners' net funded capital; • Non-Traded REITs— 1% to 1.25% per annum of gross assets for NorthStar/RXR NY Metro and for NorthStar I and NorthStar II (through January 31, 2018 only), as well as 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. Effective January 1, 2018, $2.5 million per quarter of base management fee for NorthStar Healthcare will be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published net asset value per share (as may be subsequently adjusted for any special distribution); • Investment Companies— 1.25% per annum of average net assets; • NRE — a variable fee based on the European Public Real Estate Association Net Asset Value, as defined in the management agreement. Prior to 2018, it was a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement; and • Colony Credit— 1.5% per annum of Colony Credit's stockholders' equity (as defined in its management agreement). In 2017, the Company also earned base management fees from Townsend private funds at a fixed percentage of either assets under management, net asset value, total assets, committed capital or invested capital. Asset Management Fees — The Company earns asset management fees from its managed private funds, which represents a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment. Acquisition and Disposition Fees — The Company earns an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment by NorthStar I and NorthStar II (through January 31, 2018 only); and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment by NorthStar I and NorthStar II (through January 31, 2018 only) and by NorthStar Healthcare. The amended advisory agreement of NorthStar Healthcare no longer provides for an acquisition fee effective January 1, 2018. Incentive Fees — The Company may earn contractual incentive fees from NRE and Colony Credit (and in 2017, from Townsend segregated mandate accounts). Contractual incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally at 40% ) is allocable to senior management, investment professionals and certain other employees of the Company through their participation in the Company-sponsored investment vehicles. Other Fee Income — Other fees include advisory fees from affiliated and/or unaffiliated third parties, and prior to May 2018, selling commission and dealer manager fees. The Company, through NorthStar Securities, had earned fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 8% for selling commissions and dealer manager fees, depending on the share classes of the retail companies. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers. In 2017, other income also included advisory fees from Townsend clients at a fixed annual retainer.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Upon consummation of the Merger, each outstanding Colony employee restricted stock award granted under the 2014 Equity Incentive Plan (the “Colony Equity Incentive Plan”) that did not vest and was not forfeited was assumed by the Company and was converted into an equivalent restricted stock award of the Company, after giving effect to the Colony exchange ratio. As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan. Outstanding equity awards granted under Colony's 2009 Non-Executive Director Stock Plan (the “Colony Director Stock Plan”) fully vested upon consummation of the Merger and were settled through the issuance of 44,464 shares of the Company's class A common stock. The Colony Director Stock Plan was assumed by the Company upon closing of the Merger. Substantially all of the outstanding NSAM and NRF equity awards prior to the Merger, except for certain awards as described below, vested upon consummation of the Merger. The vested equity awards were settled in NSAM and NRF shares respectively and converted into the Company's class A common stock based on their respective exchange ratios. All of the vested NSAM and NRF equity awards relate to pre-combination services and form part of the merger consideration. NSAM 2014 Stock Plan Upon consummation of the Merger, the Company assumed the following outstanding awards previously issued under NSAM's 2014 Omnibus Stock Incentive Plan ("NSAM 2014 Stock Plan"). Subsequent to the Merger, the Company adopted the NSAM 2014 Stock Plan, as further described below. Townsend — Restricted stock awards granted to Townsend’s management team, who were previously employees of the Company, did not vest by their terms in connection with the Merger and were converted into the Company's restricted stock awards on a one -for-one basis. On December 29, 2017, the outstanding Townsend awards were fully vested upon the sale of the Company's interest in Townsend. American Healthcare Investors Joint Venture — In December 2014, NSAM acquired a 43% interest in American Healthcare Investors, LLC (“AHI"), structured as a joint venture between NSAM and the principals of AHI, a healthcare-focused real estate investment management firm, and James F. Flaherty III, former Chief Executive Officer of HCP, Inc., that is accounted for as an equity method investment. In connection with this arrangement, certain AHI employees were granted equity awards for a fixed dollar amount with a variable number of shares, classified as a liability award. The outstanding award to certain AHI employees did not accelerate in the Merger. In March 2017, $1.0 million or the equivalent of 70,261 shares of class A common stock were issued in settlement of the equity award to certain AHI employees, and the corresponding $1.0 million outstanding liability was relieved. This was a non-employee award, with equity-based compensation recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of June 30, 2018 , no incremental awards have been granted. NRF Incentive Plan Upon consummation of the Merger, the Company assumed the following outstanding non-employee stock awards that were previously issued under NRF’s Third Amended and Restated 2004 Omnibus Stock Incentive Plan (the "NRF Incentive Plan"), and which continue to be governed by the terms of the NRF Incentive Plan subsequent to the Merger. Healthcare Strategic Partnership — In January 2014, NRF entered into a strategic partnership with James F. Flaherty, III, focused on expanding the Company’s healthcare business (“Healthcare Strategic Partnership”). In connection with this arrangement, Mr. Flaherty was granted NRF restricted stock units ("RSUs"), which upon the spin-off of NSAM from NRF in July 2014, were adjusted to also relate to an equal number of units of NSAM RSUs, and continue to be governed by the NRF Incentive Plan. This RSU award did not vest by its terms in connection with the consummation of the Merger and was converted into the right to receive an award in the same form for that number of units of the Company's RSU, after giving effect to the relevant Merger exchange ratios. As a non-employee award, the RSUs were remeasured each period end based on the closing price of the Company's class A common stock as of such period end, with related equity-based compensation cost recorded in investment, servicing and commission expense on the consolidated statement of operations and in equity on the consolidated balance sheet. In September 2017, the RSU award was fully vested upon the occurrence of a vesting event under the terms of the applicable governing agreement. CLNY Equity Incentive Plan Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and named such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan, thereafter renamed Colony Capital 2014 Omnibus Stock Incentive Plan in June 2018 (the "CLNY Equity Incentive Plan"). The CLNY Equity Incentive Plan provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards. Shares reserved for the issuance of awards under the CLNY Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At June 30, 2018, an aggregate of 44.7 million shares of the Company's class A common stock were reserved for the issuance of awards under the CLNY Equity Incentive Plan. In 2017, the Company issued certain equity awards, which had a service condition only, in connection with the Merger. This included replacement equity awards issued in January 2017 to certain executives of NSAM, consisting of an aggregate of 4,669,518 shares of restricted common stock and 3,506,387 LTIP units. The number of shares and units issued for the replacement awards were determined based on the volume-weighted average price of the Company's class A common stock over the first five trading days following the Closing Date, subject to a floor of $15.00 per share. All of the replacement equity awards vested on January 10, 2018. Additionally, restricted stock awards were also granted to certain employees as retention awards, subject to graded vesting through January 2020. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives and certain employees, with a service condition only and generally subject to annual time-based vesting in equal tranches over a three -year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three -year service period. Performance Stock Units ("PSUs") — PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. PSUs vest annually in equal tranches over a three -year period. Upon vesting, the recipient of PSUs will be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three -year measurement period (such measurement metric the "total shareholder return"). PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date. Fair value of the PSU award on grant date, excluding dividend equivalent rights, is recognized on a straight-line basis over the three -year measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period. LTIP Units — LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder, into one common OP unit and upon conversion, subject to the redemption terms of OP units (Note 17 ). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company. Deferred Stock Units — Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock or cash, at the option of the Company. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, otherwise, on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense is included in the following line items in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Compensation expense (including $181, $0, $203 and $0 amortization of fair value of dividend equivalent right) $ 9,375 $ 37,412 $ 21,566 $ 68,989 Earnings from investments in unconsolidated ventures — — — 61 Investment, servicing and commission expense — 502 — 1,048 $ 9,375 $ 37,914 $ 21,566 $ 70,098 Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,432,893 212,376 2,138,858 5,784,127 5.09 6.25 Vested (6,316,465 ) (3,506,387 ) (114,264 ) — (9,937,116 ) — 14.54 Forfeited (20,345 ) (1,317 ) (21,662 ) 5.09 6.65 Unvested shares and units at June 30, 2018 6,245,599 — 176,379 2,137,541 8,559,519 $ 5.09 $ 9.84 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $1.5 million and $1.3 million for the three months ended June 30, 2018 and 2017 , respectively, and $106.5 million and $15.0 million for the six months ended June 30, 2018 and 2017, respectively. For awards granted during the six months ended June 30, 2018 and 2017 , the weighted average grant-date fair value per share was $6.25 and $14.43 , respectively. At June 30, 2018 , aggregate unrecognized compensation cost for all unvested equity awards was $56.3 million , which is expected to be recognized over a weighted-average period of 2.2 years. Awards Granted by Managed Companies In March 2018, NRE and Colony Credit issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). NRE awards generally have similar terms as the Company's stock awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market conditions are met. Colony Credit awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. Generally, the Company then grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Managed company awards granted to the Company, pending the grant by the Company to its employees, are recognized based upon their fair value at grant date as an investment in unconsolidated ventures and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Managed company awards granted to employees, directly by NRE or Colony Credit, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively. Equity-based compensation expense recognized in relation to managed company awards was $4.2 million and $5.0 million for the three and six months ended June 30, 2018 , respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 22 ). At June 30, 2018 , aggregate unrecognized compensation cost for unvested managed company awards was $24.5 million , which is expected to be recognized over a weighted-average period of 2.7 years.

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from and due to affiliates consist of the following: (In thousands) June 30, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 29,574 $ 19,366 Cost reimbursements and recoverable expenses 13,496 30,749 Employees and other affiliates 1,238 1,403 $ 44,308 $ 51,518 Due to Affiliates Investment vehicles and unconsolidated ventures $ 3,002 $ 2,884 Employees 6,381 20,650 $ 9,383 $ 23,534 Transactions with affiliates include the following: Fee Income— Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 20 . Cost Reimbursements— The Company received cost reimbursement income related primarily to the following arrangements: • Direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of the non-traded REITs, investment companies and Colony Credit, with reimbursements for non-traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees); • Direct costs of personnel dedicated solely to NRE plus 20% of such personnel costs for related overhead charges, not to exceed, in aggregate, specified thresholds as set out in the NRE management agreement; • Costs incurred in performing investment due diligence for retail companies and private funds managed by the Company (presented gross on the consolidated statement of operations effective January 1, 2018); • Equity awards granted by NRE and Colony Credit to employees of the Company, which are presented gross on the consolidated statement of operations as other income and compensation expense (see Note 21 ); • Certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses (in 2017 only); • Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties; • Administrative services provided to an equity method investee (through July 2017 only); and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. This included $0.8 million and approximately $2.0 million of costs incurred by the Company which will be reimbursed by its managed private funds for the three and six months ended June 30, 2018 , respectively, that were presented gross on the consolidated statement of operations beginning in 2018. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Retail companies $ 484 $ 5,335 $ 2,871 $ 10,670 Public companies—NRE and Colony Credit 2,944 — 4,694 — Private funds and other 2,416 1,244 4,260 1,947 Equity awards of NRE and Colony Credit (Note 21) 4,250 — 5,062 — Townsend — 394 — 1,059 $ 10,094 $ 6,973 $ 16,887 $ 13,676 Recoverable Expenses— The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies (excluding shares offered pursuant to distribution reinvestment plans). Credit Facility— The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million . The credit facility matures on October 15, 2018, with a six -month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5% . There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At June 30, 2018 and December 31, 2017 , there were no outstanding advances under the revolving credit facility. Liquidating Trust— In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the NorthStar I Retained Asset (as discussed in Note 4 ). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial. Sale of Investment to Colony Credit— In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to Colony Credit at the unpaid principal amount of the investment of $89.1 million . The transaction was approved by the audit committee of Colony Credit. Healthcare Strategic Partnership— The Healthcare Strategic Partnership was formed to expand the Company’s healthcare business (see Note 21 ). In connection with this arrangement, the Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. To date, no incentive fees have been earned by the Healthcare Strategic Partnership. American Healthcare Investors Joint Venture— The Company has an equity method investment in AHI, through a joint venture with the principals of AHI and Mr. Flaherty (see Note 21 ). AHI provides certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare in order to assist the Company in managing current and future healthcare assets (excluding certain joint venture assets) acquired by the Company and, subject to certain conditions, other managed companies. The Company incurred property management fees and sub-advisory fees totaling $1.3 million and $1.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.6 million and $2.3 million for the six months ended June 30, 2018 and 2017 , respectively. In January 2018, the Company provided a notice of termination of its management agreement to AHI with such termination to be effective October 2018. Arrangements with Company-Sponsored Private Fund— The Company co-invests alongside a Company-sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through 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 costs of the private fund such as financing and administrative costs. Such costs expensed during the three and six months ended June 30, 2018 and 2017 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund. Contingent Consideration for Internalization —Contingent consideration for Internalization is payable to certain senior management personnel of the Company in connection with Colony's acquisition of the real estate investment management business and operations of its former manager in April 2015, amounting to $20.7 million at December 31, 2017 . As discussed in Note 14 , the final contingent consideration was measured at the end of its earnout period on June 30, 2018, with the common stock and OP units issuable to the senior management personnel valued at $12.5 million reclassified out of liabilities into equity, while the associated dividends of approximately $6.4 million remained in due to affiliates liabilty. Equity Awards of NRE and Colony Credit —As discussed in Note 21 , NRE and Colony Credit grant equity awards to the Company and certain of the Company's employees, either directly by NRE and Colony Credit, or indirectly through the Company, are recognized as a gross-up of equity-based compensation expense over the vesting period with a corresponding amount in other income. Investment in Managed Investment Vehicles —Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles sponsored by the Company, either directly or indirectly through the general partner. These investments are generally not subject to management fees and incentive fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At June 30, 2018 and December 31, 2017 , such investments amounted to $6.5 million and $4.8 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the consolidated balance sheet. Their share of net income was $1.6 million and $2.8 million for the three and six months ended June 30, 2018 , respectively, and was immaterial for the same periods in 2017. Advances to Employees —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 immaterial at June 30, 2018 and December 31, 2017 . 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 amounted to $0.3 million and $0.5 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.4 million and $0.9 million for the six months ended June 30, 2018 and 2017 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments Office Leases— The Company leases office space under noncancelable operating leases. The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses, was $2.6 million and $3.3 million for the three months ended June 30, 2018 and 2017 , respectively, and $5.3 million and $6.0 million for the six months ended June 30, 2018 and 2017 , respectively. Contingent Consideration In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million , as discussed in Notes 3 and 14 . Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of June 30, 2018 , the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following six reportable segments: • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of medical office buildings, senior housing, skilled nursing facilities and other healthcare properties, including hospitals. The Company earns rental income from medical office buildings as well as senior housing and skilled nursing facilities structured under net leases to healthcare operators, and resident fee income from senior housing operating facilities that operate through management agreements with independent third party operators. • Industrial— The Company's industrial segment is composed primarily of light industrial assets in infill locations throughout the U.S. that are vital for e-commerce and other tenants that require increasingly quick delivery times. • Hospitality— The Company's hotel portfolio is composed of primarily extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets in the U.S. with the majority affiliated with top hotel brands. • CLNC— This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties predominantly in the U.S. Following the Combination, the Company presents Colony Credit in a separate reportable segment. • Other Equity and Debt— The Company's other equity and debt segment includes our portfolios of net lease, multifamily and multi-tenant office properties, the THL Hotel Portfolio, our interest in a portfolio of CRE loans and securities, limited partnership interests in real estate private equity funds and various other equity investments. • Investment Management— The Company generates fee income through investment management services, sponsoring numerous investment products across a diverse set of institutional and retail investors. In 2018, the Company determined that its equity interests in various investment vehicles as sponsor and general partner, which were previously included in the industrial and other equity and debt segments, would be part of its investment management segment. The reclassification of investments in unconsolidated ventures and corresponding earnings on investments in unconsolidated ventures was applied retrospectively to all prior periods presented. The reclassification was not material to segment results. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as Merger-related transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. 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. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2018 Total revenues $ 145,419 $ 72,477 $ 229,373 $ — $ 190,950 $ 49,543 $ 1,837 $ 689,599 Property operating expenses 69,983 20,483 143,321 — 86,887 — — 320,674 Interest expense 45,179 10,856 36,494 — 46,476 — 14,304 153,309 Depreciation and amortization 38,229 32,482 35,925 — 23,521 6,204 1,535 137,896 Provision for loan loss — — — — 13,933 — — 13,933 Impairment loss 1,982 174 — — 7,366 60,312 — 69,834 Gain on sale of real estate — — — — 42,702 — — 42,702 Earnings (losses) from investments in unconsolidated ventures — — — 5,413 7,767 (11,305 ) — 1,875 Income tax benefit (expense) (355 ) (38 ) (1,556 ) — (262 ) 2,882 (87 ) 584 Income (loss) from continuing operations (20,080 ) 4,668 6,771 5,413 61,853 (48,700 ) (51,554 ) (41,629 ) Income (loss) from discontinued operations — — — — (219 ) — — (219 ) Net income (loss) (20,080 ) 4,668 6,771 5,413 61,634 (48,700 ) (51,554 ) (41,848 ) Net income (loss) attributable to Colony Capital, Inc. (14,356 ) 810 5,767 5,104 31,333 (47,070 ) (47,001 ) (65,413 ) Three Months Ended June 30, 2017 Total revenues $ 159,357 $ 56,125 $ 221,522 $ — $ 179,973 $ 60,531 $ 1,864 $ 679,372 Property operating expenses 72,460 16,195 139,818 — 25,244 — — 253,717 Interest expense 47,844 7,934 35,884 — 35,630 — 12,968 140,260 Depreciation and amortization 49,577 25,804 33,508 — 26,894 15,594 1,734 153,111 Provision for loan loss — — — — 1,067 — — 1,067 Impairment loss — — — — 12,761 — — 12,761 Gain on sale of real estate — 8,695 — — 6,495 — — 15,190 Earnings from investments in unconsolidated ventures — — — — 119,554 2,840 — 122,394 Income tax benefit (expense) 210 (2,746 ) (909 ) — (705 ) 6,279 (2,043 ) 86 Income (loss) from continuing operations (11,394 ) 9,072 5,750 — 185,630 26,112 (109,978 ) 105,192 Net income (loss) (11,394 ) 9,072 5,750 — 185,630 26,112 (109,978 ) 105,192 Net income (loss) attributable to Colony Capital, Inc. (8,071 ) 3,275 4,796 — 156,011 23,990 (101,659 ) 78,342 (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2018 Total revenues $ 298,014 $ 141,230 $ 425,155 $ — $ 396,104 $ 92,064 $ 3,696 $ 1,356,263 Property operating expenses 136,949 41,294 279,416 — 168,785 — — 626,444 Interest expense 96,120 21,046 70,855 — 86,756 — 27,421 302,198 Depreciation and amortization 79,356 62,427 71,382 — 52,490 13,880 3,066 282,601 Provision for loan losses — — — — 19,308 — — 19,308 Impairment loss 5,762 174 — — 16,555 200,741 — 223,232 Gain on sale of real estate — 2,293 — — 58,853 — — 61,146 Earnings (losses) from investments in unconsolidated ventures — — — 1,759 34,984 (2,603 ) — 34,140 Income tax benefit (expense) (1,353 ) (41 ) (75 ) — (4,801 ) 39,685 (23 ) 33,392 Income (loss) from continuing operations (32,614 ) 10,989 (5,115 ) 1,759 130,284 (133,324 ) (40,024 ) (68,045 ) Income (loss) from discontinued operations — — — — (102 ) — — (102 ) Net income (loss) (32,614 ) 10,989 (5,115 ) 1,759 130,182 (133,324 ) (40,024 ) (68,147 ) Net income (loss) attributable to Colony Capital, Inc. (24,716 ) 2,088 (4,283 ) 1,658 80,442 (127,590 ) (34,339 ) (106,740 ) Six Months Ended June 30, 2017 Total revenues $ 298,170 $ 113,167 $ 397,235 $ — $ 355,059 $ 120,171 $ 2,735 $ 1,286,537 Property operating expenses 133,146 32,692 258,309 — 45,919 — — 470,066 Interest expense 88,936 20,360 63,133 — 66,449 — 27,660 266,538 Depreciation and amortization 90,458 50,443 63,549 — 55,112 28,077 2,892 290,531 Provision for loan losses — — — — 7,791 — — 7,791 Impairment loss — — — — 21,280 — — 21,280 Gain on sale of real estate — 8,695 — — 15,465 — — 24,160 Earnings from investments in unconsolidated ventures — — — — 228,391 7,995 — 236,386 Income tax benefit (expense) (2,032 ) (2,148 ) (947 ) — (2,038 ) 4,210 (668 ) (3,623 ) Income (loss) from continuing operations (20,660 ) 9,591 2,134 — 365,538 46,101 (257,882 ) 144,822 Income from discontinued operations — — — — — — 12,560 12,560 Net income (loss) (20,660 ) 9,591 2,134 — 365,538 46,101 (245,322 ) 157,382 Net income (loss) attributable to Colony Capital, Inc. (16,509 ) 3,213 1,803 — 299,923 42,250 (226,741 ) 103,939 Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total June 30, 2018 Total assets $ 5,700,474 $ 3,075,143 $ 4,076,297 $ 1,146,355 $ 6,592,937 $ 2,028,661 $ 199,850 $ 22,819,717 Equity method investments — — — 1,146,355 1,002,983 225,994 3,742 2,379,074 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,233,606 $ 2,733,197 $ 100,564 $ 24,785,650 Equity method investments — — — — 1,315,629 207,683 3,742 1,527,054 Geography 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) 2018 2017 2018 2017 Total income by geography: United States $ 612,168 $ 715,304 $ 1,225,829 $ 1,358,432 Europe 69,212 78,586 147,385 149,013 Other — 903 302 1,802 Total (1) $ 681,380 $ 794,793 $ 1,373,516 $ 1,509,247 (In thousands) June 30, 2018 December 31, 2017 Long-lived assets by geography: United States $ 13,101,730 $ 13,224,197 Europe 1,630,286 1,749,282 Total (2) $ 14,732,016 $ 14,973,479 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. (2) Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Six Months Ended June 30, (In thousands) 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of capitalized interest of $1,864 and $0, respectively $ 258,626 $ 202,861 Cash paid for income taxes, net of refunds 9,217 21,517 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 86,656 $ 186,990 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — Preferred stock redemptions payable 200,000 — Redemption of OP Units for common stock 18,899 18,810 Improvements in operating real estate in accrued and other liabilities 5,242 1,811 Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — Assets held for sale contributed to equity method investee (Note 10) 20,350 — Change in contributions receivable from noncontrolling interests 25,501 11,500 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,821,714 Liabilities assumed in Merger (Note 3) — 11,323,286 Noncontrolling interests assumed in Merger (Note 3) — 593,458 Common stock issued for acquisition of NSAM and NRF (Note 3) — 5,710,134 Preferred stock issued for acquisition of NRF (Note 3) — 1,010,320 Debt assumed by buyer in sale of manufactured housing portfolio (Note 18) — 1,258,558 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 Foreclosures on collateral assets of originated or acquired loans receivable — 8,935 Proceeds from loan repayments and asset sales held in escrow — 63,168 Costs associated with contributions from noncontrolling interests — 2,444 Amounts payable for purchase of securities available for sale — 2,255

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events and transactions through the date these consolidated financial statements were issued. Other than as disclosed elsewhere, 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.

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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, 2018 , 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, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 .
Merger and Business Combinations	Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company is adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. 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 if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could 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 this analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's 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 the related party 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 related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve 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 Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. 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. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. 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 interests retained.
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in (i) a consolidated open-end fund sponsored by the Company beginning in August 2017, and (ii) an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"), beginning January 11, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. 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 using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("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 as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting 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.
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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, fair value option or net asset value ("NAV") practical expedient, if elected, or for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-pro rata earnings allocation formula or a preferred return to certain investors. This includes carried interests earned by the Company, which are incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of investment vehicles sponsored by the Company as general partner and investment manager; and of which a portion of the carried interest, generally at 40% consistent with market terms, is allocated to senior management, investment professionals and certain other employees through their participation in the Company-sponsored investment vehicles. The Company's share of both proportionate and disproportionate allocation of returns from its interests in investment vehicles, which are accounted for under the equity method, may reflect fair value changes in the underlying investments if the investment vehicles qualify for investment company accounting. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits or those related to capital transactions, such as a financing transactions or sales, are reported as investing activities in the statement of cash flows. Fair value changes for equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes on other investments under the fair value option or NAV practical expedient, as well as adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Impairment —Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is determined to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment has occurred. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are impaired are written down to their estimated fair value, recorded in earnings from investments in unconsolidated ventures for equity method investments and in impairment loss for investments under the measurement alternative.
Property Operating Income	Property Operating Income Property operating income includes the following. Rental Income —Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company-owned tenant improvements, the amount funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements —In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities are recorded when services are rendered based on the terms of their respective lease agreements. Hotel Operating Income —Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.
Fee Income	Fee Income Fee income consists of the following: Base Management Fees —The Company earns base management fees for the administration of its managed private funds, and for the management of its traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. The underlying service of managing the investments of the private funds consist of a series of distinct services satisfied over time, in which asset management fees are recognized ratably over the life of each investment as the service is provided. Acquisition and Disposition Fees —The Company earns fees related to acquisition and disposition of investments by certain managed non-traded REITs, which are recognized upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are recognized when fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Any contractual incentive fees received prior to that date are recorded as deferred income. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method, and addressed in the Company's accounting policy for investments in unconsolidated ventures. A portion of the incentive fees earned by the Company (generally 40% ) is allocated to senior management, investment professionals and certain other employees of the Company through their participation in the Company-sponsored investment vehicles. Selling Commission and Dealer Manager Fees —These fees are earned by the Company for selling equity in the non-traded REITs and investment companies, and are recognized on trade date.
Revenue Recognition	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 a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. The Company determined that there is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the three and six months ended June 30, 2018 was an increase to asset management fees of $0.2 million and $0.4 million , respectively. Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of certain return hurdles. Incentive fees that take the form of a contractual arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are within the scope of the new revenue standard. The Company currently recognizes contractual incentive fees when it is fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, contractual incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s existing policy. There was no cumulative impact as of January 1, 2018. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests.
Recent Accounting Updates	Accounting Standards Adopted in 2018 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 a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. The Company determined that there is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the three and six months ended June 30, 2018 was an increase to asset management fees of $0.2 million and $0.4 million , respectively. Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of certain return hurdles. Incentive fees that take the form of a contractual arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are within the scope of the new revenue standard. The Company currently recognizes contractual incentive fees when it is fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, contractual incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s existing policy. There was no cumulative impact as of January 1, 2018. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests. Derecognition and Partial Sales of Nonfinancial Assets —In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets , which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income — Gains and Losses from Derecognition of Nonfinancial Assets , and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers . Derecognition of a business is governed by ASC 810, Consolidation , while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing . The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions , and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment — Real Estate Sales . The Company adopted this standard on January 1, 2018, concurrent with the adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the six months ended June 30, 2018 or for the year ended December 31, 2017 . 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, financial liabilities under the fair value option, as well as for 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, unless these equity securities qualify for the NAV practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own 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. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU No. 2016-01 and ASU No. 2018-03 are to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for provisions 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 adopted ASU No. 2016-01 and ASU No. 2018-03 on January 1, 2018, and recorded a cumulative adjustment to increase retained earnings by approximately $0.6 million . This includes $0.2 million of unrealized gains on available for sale equity securities held by an equity method investee that was reclassified from accumulated other comprehensive income. In connection with the adoption, the Company elected the NAV practical expedient to measure its previous cost method investments in non-traded REITs and limited partnership interest in a third party private fund based on their respective NAV per share. The new standard does not affect equity securities held by the Company's consolidated fund for which the Company has retained investment company accounting applied by the fund, and limited partnership interests in third party private funds for which the Company has elected the fair value option, as in both instances, unrealized fair value gains and losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values. To the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these investments through earnings. Cash Flow Classifications —In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. The Company adopted this guidance on January 1, 2018 on a retrospective basis and made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach, which is largely consistent with its previous accounting policy. The adoption of this standard did not have a material effect on the presentation of the Company's statement of cash flows. Restricted Cash —In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash , which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. This will eliminate the presentation of transfers between cash and cash equivalents with restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the ASU requires a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 on January 1, 2018. The required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows: Six Months Ended June 30, 2017 (In thousands) As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 184,937 $ 181,550 Net cash provided by investing activities 254,167 434,422 Net cash used in financing activities (213,765 ) (213,024 ) The increase in net cash provided by investing activities is primarily due to restricted cash assumed in the Merger and the CPI restructuring which was previously reported as noncash investing activities. Future Application of Accounting Standards 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, as well as making targeted changes to lessor accounting. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 15, 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. Full retrospective application is prohibited. In applying the modified retrospective approach, the standard provides the option to elect a package of practical expedients that exempts an entity from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. In July 2018, the FASB issued ASU No. 2018-11, Targeted Improvement to Topic 842, Leases, which provides the option of (i) applying the effective date of the new lease standard as the date of initial application in transition instead of the earliest comparative period presented; as well as (ii) electing as practical expedient by class of underlying asset, not to segregate lease and non-lease components in a contract but to account for it as a single component in accordance with either the new lease standard or the revenue recognition standard depending on whether the lease or non-lease component is predominant. The Company will adopt the new lease standard on its effective date of January 1, 2019 and will adopt the package of practical expedients as well as the transition option. As a result, the Company will apply the new lease standard prospectively to leases existing or commencing on or after January 1, 2019. Comparative periods presented will not be restated upon adoption. Similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not for prior comparative periods. In addition, the Company will make an accounting policy election to treat the lease and non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease. As the new lease standard requires congruous accounting treatment between lessor and lessee in a sale-leaseback transaction, if the seller/lessee does not achieve sale accounting, it would be considered a financing transaction to the Company, as the buyer/lessor. As lessee, the Company will recognize a right of use asset and corresponding liability for future obligations under its leasing arrangements, such as ground leases and office leases. As of December 31, 2017 , the Company had future contractual lease payment obligations of $74.2 million on office leases and $172.2 million on ground leases, excluding leases related to net lease properties contributed to Colony Credit on January 31, 2018. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. The Company continues to evaluate the impact of this guidance on its 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 available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("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 expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. Hedge Accounting —In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period. The Company plans to adopt the standard on its effective date. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company will record the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and there will be no hedge ineffectiveness recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company may elect to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. The Company continues to evaluate the impact of this new guidance but at this time, does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows: Six Months Ended June 30, 2017 (In thousands) As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 184,937 $ 181,550 Net cash provided by investing activities 254,167 434,422 Net cash used in financing activities (213,765 ) (213,024 )

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2018
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Six Months Ended June 30, 2018 Asset Acquisitions (2) Various Industrial—Various in U.S. (3) 25 $ 434,649 $ 97,534 $ 317,110 $ 23,700 $ (3,695 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (4) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 27 to 38 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 3 to 10 years for lease intangibles. (3) Includes acquisition of $11.0 million of land for co-development with operating partners. (4) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Colony NorthStar
Business Acquisition [Line Items]
Schedule of Fair Value of Merger Consideration	Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of the Company's preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of the Company's common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of the Company's common stock. (iii) Fair value of the Company's preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of the Company's preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date.
Schedule of Fair Values and Allocation of the Merger	The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 1,440,229
CPI
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 40,285 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181
THL Hotel Portfolio
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were 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. During the six months ended June 30, 2018 , adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) As Reported at March 31, 2018 Measurement Period Adjustments Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 $ — $ 310,932 Cash 43,643 — 43,643 Contingent consideration (Note 14) 6,771 — 6,771 Total consideration $ 361,346 $ — $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 $ — $ 16,188 Real estate 1,193,075 (8,628 ) 1,184,447 Real estate held for sale 68,625 1,051 69,676 Intangible and other assets 37,975 7,215 45,190 Debt (907,867 ) — (907,867 ) Intangible and other liabilities (46,650 ) 362 (46,288 ) Fair value of net assets acquired $ 361,346 $ — $ 361,346

Colony Credit (Tables)

Colony Credit (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Assets, Liabilities And Noncontrolling Interest In Deconsolidated Entity	The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Net income generated from operations of these held for sale asset groups is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Revenues Property operating income $ 470 $ — $ 1,186 $ 33,857 Other income — — — 2,257 Expenses Property operating expenses (571 ) — (1,159 ) (12,395 ) Interest expense — — — (9,028 ) Loss on sale of real estate assets — — — (2,108 ) Other expenses (118 ) — (129 ) (23 ) Net income from discontinued operations (219 ) — (102 ) 12,560 Income tax expense — — — — Net income from discontinued operations after tax (219 ) — (102 ) 12,560 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities 98 — 45 — Noncontrolling interests in Operating Company 7 — 4 — Net income from discontinued operations attributable to Colony Capital, Inc. $ (114 ) $ — $ (53 ) $ 12,560

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate, including foreclosed properties, was as follows: (In thousands) June 30, 2018 December 31, 2017 Land $ 2,330,510 $ 2,011,794 Buildings and improvements 12,062,762 12,403,794 Tenant improvements 150,264 134,709 Furniture, fixtures and equipment 383,603 383,855 Construction in progress 118,430 108,403 15,045,569 15,042,555 Less: Accumulated depreciation (791,461 ) (578,297 ) Real estate assets, net $ 14,254,108 $ 14,464,258
Schedule of Proceeds From Sales of Real Estate	Real Estate Sales Results from sales of real estate were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Proceeds from sales of real estate $ 316,000 $ 69,762 $ 428,562 $ 973,603 Gain on sale of real estate 42,702 15,190 61,146 24,160
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Six Months Ended June 30, 2018 Asset Acquisitions (2) Various Industrial—Various in U.S. (3) 25 $ 434,649 $ 97,534 $ 317,110 $ 23,700 $ (3,695 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (4) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 27 to 38 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 3 to 10 years for lease intangibles. (3) Includes acquisition of $11.0 million of land for co-development with operating partners. (4) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Schedule of Components of Property Operating Income	Property Operating Income The components of property operating income were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Rental income $ 153,303 $ 167,370 $ 315,917 $ 318,613 Tenant reimbursements 36,250 34,244 75,172 65,769 Resident fee income (1) 69,203 74,838 138,420 140,532 Hotel operating income 331,882 224,079 615,859 402,471 $ 590,638 $ 500,531 $ 1,145,368 $ 927,385 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: June 30, 2018 December 31, 2017 ($ 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 Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 608,803 $ 620,388 9.7 % 3.1 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 343,808 339,684 12.1 % 1.9 459,433 456,463 12.2 % 2.3 Corporate loans 111,625 110,453 8.8 % 7.8 46,840 46,592 9.9 % 10.0 1,064,236 1,070,525 1,622,869 1,622,171 Variable rate Mortgage loans 195,851 206,285 4.3 % 0.7 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans — — — % N/A 34,391 34,279 9.8 % 1.3 195,851 206,285 910,308 919,681 1,260,087 1,276,810 2,533,177 2,541,852 PCI Loans Mortgage loans 1,614,950 566,704 1,865,423 682,125 Securitized loans — — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,622,375 570,375 1,896,146 689,196 Allowance for loan losses (55,296 ) (52,709 ) 2,882,462 1,791,889 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,882,462 $ 1,791,889 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO.
Summary of Past Due Loans	The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value. (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 and Nonaccrual Total Non-PCI Loans June 30, 2018 $ 1,064,362 $ — $ — $ 212,448 $ 1,276,810 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852
Impaired Loans	The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total June 30, 2018 $ 283,959 $ 84,869 $ 208,267 $ 293,136 $ 5,497 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. There was no cash basis interest income recognized on non-PCI impaired loans in all periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Average carrying value before allowance for loan losses $ 226,532 $ 106,243 $ 279,986 $ 111,742 Total interest income recognized during the period impaired 1,279 1,041 1,308 1,807
Loans Acquired Through Consolidation of Investment Entities	In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745
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) 2018 2017 Beginning accretable yield $ 42,435 $ 52,572 Additions — 23,594 Dispositions (4,001 ) — Changes in accretable yield 3,109 11,074 Accretion recognized in earnings (19,216 ) (31,823 ) Deconsolidation (991 ) — Effect of changes in foreign exchange rates (138 ) 1,495 Ending accretable yield $ 21,198 $ 56,912
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: June 30, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 5,497 $ 84,869 $ 7,424 $ 138,136 PCI loans 49,799 144,641 45,285 169,789 $ 55,296 $ 229,510 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Six Months Ended June 30, (In thousands) 2018 2017 Allowance for loan losses at January 1 $ 52,709 $ 67,980 Contribution to Colony Credit (Note 4) (518 ) — Deconsolidation (5,983 ) — Provision for loan losses, net 19,308 7,791 Charge-off (10,220 ) (5,287 ) Allowance for loan losses at June 30 $ 55,296 $ 70,484
Provision For Loan Losses By Loan Type	Changes in allowance for loan losses is presented below: Six Months Ended June 30, (In thousands) 2018 2017 Allowance for loan losses at January 1 $ 52,709 $ 67,980 Contribution to Colony Credit (Note 4) (518 ) — Deconsolidation (5,983 ) — Provision for loan losses, net 19,308 7,791 Charge-off (10,220 ) (5,287 ) Allowance for loan losses at June 30 $ 55,296 $ 70,484 Provision for loan losses by loan type is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Non-PCI loans $ 5,072 $ 451 $ 7,737 $ 2,925 PCI loans (1) 8,861 616 11,571 4,866 Total provision for loan losses, net $ 13,933 $ 1,067 $ 19,308 $ 7,791 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $0.4 million and $0.5 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.5 million and $1.5 million for the six months ended June 30, 2018 and 2017 , respectively.

Investments in Unconsolidated43

Investments in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows: (In thousands) June 30, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,206,778 $ 1,297,180 Private funds 172,296 229,874 2,379,074 1,527,054 Other equity investments Investment ventures 89,129 89,261 Private funds and retail companies 23,139 38,924 112,268 128,185 $ 2,491,342 $ 1,655,239
Equity Method Investments	The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at June 30, 2018 (1) Carrying Value at Investments Description June 30, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,146,355 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.0% 75,044 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 99,235 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 364,645 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 183,848 331,268 Private funds General partner and/or limited partner interests in private funds Various 29,552 25,101 Other investment ventures Interests in 20 investments, each with no more than $65 million carrying value at June 30, 2018 Various 263,297 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private funds Various 217,098 363,901 $ 2,379,074 $ 1,527,054 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments.

Securities (Tables)

Securities (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following table summarizes the Company's investment in debt securities classified as available-for-sale ("AFS") as well as equity and debt securities held by consolidated funds that are accounted for at fair value through earnings. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value June 30, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 81,803 $ 1,953 $ (5,750 ) $ 78,006 CMBS and other securities (1) 30,079 233 (546 ) 29,766 111,882 2,186 (6,296 ) 107,772 Equity securities of consolidated fund 36,649 $ 144,421 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 38,928 3,739 (186 ) 42,481 333,080 16,510 (1,248 ) 348,342 Equity securities of consolidated fund 35,600 $ 383,942 __________ (1) CMBS held by a sponsored investment company consolidated by the Company through its seed capital totaled $29.6 million at June 30, 2018 and $25.1 million at December 31, 2017 . Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.
Realized gains recorded in other gain, net	Realized gains (losses) from sale of securities are recorded in other gain (loss), as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 15,012 $ 24,788 $ 78,197 $ 24,788 Gross realized gain 2,921 567 11,304 567 Gross realized (loss) (592 ) — (592 ) — Equity securities of consolidated fund: Realized gain (loss), net (534 ) — (35 ) —
AFS securities in a gross unrealized loss position	The following table presents AFS debt securities in a gross unrealized loss position: June 30, 2018 December 31, 2017 Less Than 12 Months More Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ — $ — $ — $ — $ 2,229 $ (530 ) Other securities — — — — 8,218 (313 ) N-Star CDO bonds 75,606 (5,256 ) 2,400 (494 ) 13,392 (219 ) CMBS and other securities 20,990 (191 ) 8,776 (355 ) 12,956 (186 ) $ 96,596 $ (5,447 ) $ 11,176 $ (849 ) $ 36,795 $ (1,248 )
Purchased credit-impaired debt securities	Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) June 30, 2018 December 31, 2017 Outstanding principal $ 236,230 $ 411,174 Amortized cost 3,712 26,761 Carrying value 3,113 31,789 PCI debt securities are recorded at their initial investment 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 at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Information about these PCI debt securities upon acquisition, including the effect of measurement period adjustments recorded during the year ended December 31, 2017 , is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The table below presents changes in accretable yield related to these PCI debt securities. The changes for the six months ended June 30, 2017 include the effects of measurement period adjustments subsequently recorded during the year ended December 31, 2017 . Six Months Ended June 30, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (6,979 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) — Net reclassifications to nonaccretable difference (1) (23,889 ) (8,185 ) Ending accretable yield $ 151 $ 55,119 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Co45

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following tables present changes in the carrying value of goodwill and the goodwill balance by reportable segment. Six Months Ended June 30, (In thousands) 2018 2017 Beginning balance $ 1,534,561 $ 680,127 Business combinations (1) — 1,378,061 Transfer to held for sale (2) — (249,795 ) Ending balance (3) $ 1,534,561 $ 1,808,393 __________ (1) Amount does not reflect the effects of subsequent measurement period adjustments that were made within a one year period following consummation of the Merger. (2) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, transferred to held for sale as of June 30, 2017 and subsequently sold on December 29, 2017. (3) Total goodwill amount is not deductible for income tax purposes. (In thousands) June 30, 2018 December 31, 2017 Balance by reportable segment: Industrial $ 20,000 $ 20,000 Investment management 1,514,561 1,514,561 $ 1,534,561 $ 1,534,561
Schedule of Goodwill, Deferred Leasing Costs and Other Intangibles	The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows. June 30, 2018 December 31, 2017 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 269,811 $ (119,363 ) $ 150,448 $ 243,037 $ (98,021 ) $ 145,016 Above-market lease values 148,393 (41,679 ) 106,714 166,571 (34,968 ) 131,603 Below-market ground lease obligations 34,885 (533 ) 34,352 29,625 (316 ) 29,309 Deferred leasing costs 111,505 (45,513 ) 65,992 121,765 (38,389 ) 83,376 Lease incentives 14,578 (832 ) 13,746 14,565 (298 ) 14,267 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 201,698 (80,206 ) 121,492 342,127 (70,394 ) 271,733 Customer relationships 59,400 (12,724 ) 46,676 59,400 (10,421 ) 48,979 Other (3) 58,920 (2,987 ) 55,933 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 914,690 $ (303,837 ) $ 610,853 $ 1,110,851 $ (257,979 ) $ 852,872 Intangible Liabilities Below-market lease values $ 207,087 $ (48,241 ) $ 158,846 $ 214,833 $ (36,426 ) $ 178,407 Above-market ground lease obligations 15,988 (1,132 ) 14,856 13,417 (715 ) 12,702 Total intangible liabilities $ 223,075 $ (49,373 ) $ 173,702 $ 228,250 $ (37,141 ) $ 191,109 __________ (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. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years.
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, (In thousands) 2018 2017 2018 2017 Above-market lease values $ (16,039 ) $ (6,301 ) $ (21,222 ) $ (11,815 ) Below-market lease values 15,617 9,755 22,725 17,195 Lease incentives (272 ) — (534 ) — Net increase (decrease) to rental income $ (694 ) $ 3,454 $ 969 $ 5,380 Above-market ground lease obligations $ (247 ) $ (178 ) $ (467 ) $ (364 ) Below-market ground lease obligations 188 342 369 595 Net increase (decrease) to ground rent expense $ (59 ) $ 164 $ (98 ) $ 231 In-place lease values $ 11,682 $ 21,744 $ 24,087 $ 43,116 Deferred leasing costs 4,324 4,577 8,495 8,823 Trade name 802 937 1,606 1,793 Investment management contracts 4,125 10,996 9,811 19,214 Customer relationships 1,151 3,191 2,303 6,131 Other 619 854 1,134 1,692 Amortization expense $ 22,703 $ 42,299 $ 47,436 $ 80,769
Schedule of Estimated Annual Amortization Expense	The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale: Year Ending December 31, (In thousands) Remaining 2018 2019 2020 2021 2022 2023 and Thereafter Total Above-market lease values $ (7,609 ) $ (15,137 ) $ (14,326 ) $ (10,667 ) $ (9,308 ) $ (49,667 ) $ (106,714 ) Below-market lease values 13,244 24,672 22,530 20,239 18,756 59,405 158,846 Lease incentives (531 ) (1,061 ) (1,066 ) (1,128 ) (1,127 ) (8,833 ) (13,746 ) Increase to rental income $ 5,104 $ 8,474 $ 7,138 $ 8,444 $ 8,321 $ 905 $ 38,386 Above-market ground lease obligations $ (450 ) $ (867 ) $ (867 ) $ (867 ) $ (867 ) $ (10,938 ) $ (14,856 ) Below-market ground lease obligations 450 787 787 787 787 30,754 34,352 Increase (decrease) to rent expense $ — $ (80 ) $ (80 ) $ (80 ) $ (80 ) $ 19,816 $ 19,496 In-place lease values $ 20,584 $ 31,770 $ 25,117 $ 18,631 $ 14,837 $ 39,509 $ 150,448 Deferred leasing costs 8,389 14,532 11,933 9,034 6,962 15,142 65,992 Investment management contracts 7,693 14,516 13,849 13,340 12,719 59,375 121,492 Customer relationships 2,303 4,607 4,607 4,607 4,607 25,945 46,676 Other 1,014 2,027 2,027 2,027 2,027 14,084 23,206 Amortization expense $ 39,983 $ 67,452 $ 57,533 $ 47,639 $ 41,152 $ 154,055 $ 407,814

Assets and Related Liabilitie46

Assets and Related Liabilities Held For Sale (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2018 December 31, 2017 Assets Restricted cash $ 2,049 $ 1,020 Real estate, net 583,921 720,686 Goodwill (1) — 20,000 Intangible assets, net 29,866 37,337 Other assets 21,966 2,587 Total assets held for sale $ 637,802 $ 781,630 Liabilities Secured debt, net (2) $ 195,579 $ 196,905 Lease intangibles and other liabilities, net 60,898 76,393 Total liabilities related to assets held for sale $ 256,477 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset.

Restricted Cash, Other Assets47

Restricted Cash, Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: (In thousands) June 30, 2018 December 31, 2017 Capital expenditures reserves (1) $ 227,959 $ 249,612 Real estate escrow reserves (2) 44,089 42,420 Borrower escrow deposits 14,220 41,545 Working capital and other reserves (3) 22,598 23,043 Tenant lock boxes (4) 15,738 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 74,377 84,316 Total restricted cash $ 398,981 $ 471,078 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated N-Star CDOs.
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) June 30, 2018 December 31, 2017 Interest receivable $ 12,172 $ 21,529 Straight-line rents 57,270 45,598 Hotel-related reserves (1) 31,455 29,208 Investment deposits and pending deal costs 5,379 1,706 Deferred financing costs, net (2) 9,838 10,068 Contingent consideration escrow account (3) 6,381 15,730 Derivative assets (Note 13) 25,206 10,152 Prepaid taxes and deferred tax assets, net 69,205 79,063 Receivables from resolution of investments (4) 5,549 15,215 Contributions receivable (5) — 25,501 Accounts receivable (6) 85,952 87,744 Prepaid expenses 32,107 29,526 Other assets 39,985 20,296 Fixed assets, net 50,723 53,632 Total other assets $ 431,222 $ 444,968 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018 , the contingent consideration escrow account reflects the final amount of dividends on class A common stock and OP units payable to the executives, with the remaining escrow balance released back to the Company. (4) Represents primarily proceeds from loan payoffs held in escrow. (5) Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at period end. (6) Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of approximately $15.3 million and $5.6 million at June 30, 2018 and December 31, 2017 , respectively.
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2018 December 31, 2017 Tenant security deposits $ 29,587 $ 27,560 Borrower escrow deposits 16,260 46,231 Deferred income (1) 46,384 42,457 Interest payable 39,042 42,462 Derivative liabilities (Note 13) 102,392 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,121 7,419 Current and deferred income tax liability 121,650 166,276 Accrued compensation 44,578 77,483 Accrued real estate and other taxes 81,945 77,060 Other accrued expenses 89,972 107,508 Accounts payable and other liabilities 99,727 98,857 Total accrued and other liabilities $ 679,658 $ 898,161 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.4 million at June 30, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the six months ended June 30, 2018 , approximately $0.4 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components: (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable (3) Junior Subordinated Notes Total Debt June 30, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 9,321,362 $ — $ 280,117 $ 10,217,584 Premium (discount), net — 2,916 (60,677 ) — (82,028 ) (139,789 ) Deferred financing costs — (7,791 ) (75,889 ) — — (83,680 ) $ — $ 611,230 $ 9,184,796 $ — $ 198,089 $ 9,994,115 December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 Premium (discount), net — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (8,905 ) (91,360 ) (203 ) — (100,468 ) 50,000 610,331 9,622,175 303,709 197,053 10,783,268 Debt at fair value (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 __________ (1) Deferred financing costs related to the corporate credit facility is recorded in other assets. (2) Debt with carrying value of $134.2 million at June 30, 2018 and $202.8 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10 ). (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At June 30, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost: Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity June 30, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.5 $ — N/A 2.5 Convertible and exchangeable senior notes 616,105 4.27 % 3.5 — N/A N/A 616,105 4.27 % 3.5 Junior subordinated debt — N/A N/A 280,117 5.20 % 17.9 280,117 5.20 % 17.9 Secured debt (1) 38,213 5.02 % 7.4 — N/A N/A 38,213 5.02 % 7.4 654,318 280,117 934,435 Non-recourse Secured debt (2) Healthcare (3) 2,168,914 4.65 % 2.5 1,088,723 6.29 % 1.6 3,257,637 5.20 % 2.2 Industrial 1,073,830 3.83 % 11.1 — N/A N/A 1,073,830 3.83 % 11.1 Hospitality (4) 10,790 12.89 % 0.1 2,599,432 5.20 % 0.7 2,610,222 5.23 % 0.7 Other Real Estate Equity 226,245 3.97 % 4.1 1,579,212 4.40 % 1.8 1,805,457 4.35 % 2.1 Real Estate Debt — N/A N/A 536,003 4.34 % 2.5 536,003 4.34 % 2.5 3,479,779 5,803,370 9,283,149 Total debt $ 4,134,097 $ 6,083,487 $ 10,217,584 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 2.0 3,288,256 5.03 % 2.6 Industrial 1,014,229 3.50 % 11.4 — N/A N/A 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 0.6 2,599,681 4.67 % 1.1 2,608,719 4.69 % 1.1 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 2.3 2,215,998 4.03 % 2.8 Real Estate Debt — N/A N/A 625,748 4.05 % 2.6 625,748 4.05 % 2.6 3,597,124 6,547,057 10,144,181 Total debt $ 4,252,448 $ 6,877,174 $ 11,129,622 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $485.7 million at June 30, 2018 and $384.5 million at December 31, 2017 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders to restructure or otherwise refinance the debt. (3) $1.85 billion of debt principal in the healthcare segment consists of a floating rate component of $100.5 million and a fixed rate component of $1.75 billion . The floating rate component is scheduled to mature in December 2018, with a 12-month extension option available at the Company’s election subject to certain conditions, which the Company currently believes could be satisfied by making a prepayment of a portion of its outstanding principal balance. The Company currently expects to either exercise the extension option by funding any required prepayment or repay the floating rate component in full; however, there can be no assurances that the Company will do so. To the extent the Company does not exercise the extension option or repay the floating rate component, the maturity date of the fixed rate component, which is scheduled to mature in December 2019, would be accelerated. The Company is currently evaluating its options in connection with the scheduled maturity on the fixed rate component. (4) In July 2018, the Company refinanced $512.0 million of debt principal in the hospitality segment, extending their maturities to 2020, while the remaining debt in the hospitality segment with maturities in 2018 have met their terms for extension of maturity as of June 30, 2018 .
Convertible Senior Notes Issued	Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal June 30, 2018 December 31, 2017 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.
Schedule Of Interest Incurred And Capitalized On Real Estate Under Development	Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction, was as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Interest expensed $ 153,309 $ 140,260 $ 302,198 $ 266,538 Interest capitalized 1,435 — 1,864 — Total interest incurred $ 154,744 $ 140,260 $ 304,062 $ 266,538

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative assets and liabilities	Fair value of derivative assets and derivative liabilities were as follows: June 30, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 22,848 $ 1,661 $ 24,509 $ 8,009 $ 975 $ 8,984 Interest rate contracts — 697 697 — 1,168 1,168 Included in other assets $ 22,848 $ 2,358 $ 25,206 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ (18,806 ) $ (4,142 ) $ (22,948 ) $ (39,101 ) $ (5,307 ) $ (44,408 ) Interest rate contracts — (79,444 ) (79,444 ) — (160,440 ) (160,440 ) Included in accrued and other liabilities $ (18,806 ) $ (83,586 ) $ (102,392 ) $ (39,101 ) $ (165,747 ) $ (204,848 )
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 117,321 € 42 Min $1.06/ Max $1.53 December 2018 to January 2021 GBP FX Collar £ 41,304 £ 2,386 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 318,655 € 10,374 Min $1.10 / Max $1.38 July 2018 to May 2023 GBP FX Forward £ 93,955 £ 55,875 Min $1.23 / Max $1.36 December 2018 to December 2020 NOK FX Forward NOK 785,666 NOK 137,334 0.13 August 2018
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to earnings, recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ (247 ) $ — $ 2,336 $ 1,312 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 is transferred into earnings, recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 4,120 $ (1,551 ) $ 1,239 $ (2,098 )
Schedule of interest rate derivatives	At June 30, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Non-Designated Index Expiration Interest rate swaps $ 2,000,000 3-Month LIBOR 3.39% December 2029 Interest rate caps $ 4,643,828 1-Month LIBOR 2.46% - 5.70% August 2018 to November 2019 Interest rate caps $ 220,222 3-Month LIBOR 2.24% - 3.50% August 2018 to March 2019 Interest rate caps € 554,507 3-Month EURIBOR 0.75% - 1.50% October 2018 to September 2022 Interest rate caps £ 422,029 3-Month GBP LIBOR 2.0% - 2.5% November 2018 to February 2020 Deliverable swap futures $ 17,000 (1) (1) September 2018 __________ (1) A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. Amounts recorded in other gain (loss) were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Unrealized gain (loss): Non-designated interest rate contracts $ 24,720 $ (29,315 ) 81,377 (6,723 )
Offsetting derivative assets	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) June 30, 2018 Derivative Assets Foreign exchange contracts $ 24,509 $ (8,480 ) $ — $ 16,029 Interest rate contracts 697 — — 697 $ 25,206 $ (8,480 ) $ — $ 16,726 Derivative Liabilities Foreign exchange contracts $ (22,948 ) $ 8,480 $ — $ (14,468 ) Interest rate contracts (79,444 ) — 837 (78,607 ) $ (102,392 ) $ 8,480 $ 837 $ (93,075 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )
Offsetting derivative liabilities	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) June 30, 2018 Derivative Assets Foreign exchange contracts $ 24,509 $ (8,480 ) $ — $ 16,029 Interest rate contracts 697 — — 697 $ 25,206 $ (8,480 ) $ — $ 16,726 Derivative Liabilities Foreign exchange contracts $ (22,948 ) $ 8,480 $ — $ (14,468 ) Interest rate contracts (79,444 ) — 837 (78,607 ) $ (102,392 ) $ 8,480 $ 837 $ (93,075 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient, categorized into the following three tier hierarchy: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2018 Assets Investments in unconsolidated ventures $ — $ 132,527 $ 84,571 $ 217,098 Debt securities available for sale N-Star CDO bonds — — 78,006 78,006 CMBS and other securities — 29,567 199 29,766 Equity securities of consolidated fund 36,649 — — 36,649 Other assets—derivative assets — 25,206 — 25,206 Liabilities Other liabilities — derivative liabilities — 102,392 — 102,392 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,121 8,121 December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Investments in unconsolidated ventures — — 363,901 363,901 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — 25,099 17,382 42,481 Equity securities of consolidated fund 35,600 — — 35,600 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650
Schedule of Fair Value Assumptions Related to Contingent Consideration	The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) June 30, 2018 Level 3 Assets Investment in unconsolidated ventures—third party private funds $ 10,217 Recent transaction price (2) Not applicable Not applicable Not applicable Investment in unconsolidated ventures—other 26,667 Discounted cash flows Discount rate 15.8% Decrease Investment in unconsolidated ventures—other 47,687 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 78,006 Discounted cash flows Discount rate 12.0% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,121 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Investments in unconsolidated ventures—private funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Investments in unconsolidated ventures—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Investments in unconsolidated ventures—other 132,719 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (3) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value 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 measures. (2) Valued based upon transaction prices of investments recently acquired or indicative prices of investments sold by the Company. (3) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 405,626 427,560 — — — Purchases, contributions or accretion — 27,017 30,069 — — — Paydowns or distributions — (79,226 ) (62,342 ) — — — Realized losses in earnings — — (2,110 ) — — — Unrealized gains: In earnings — 11,633 — — 8,250 — In other comprehensive income — — 2,924 — — — Fair value at June 30, 2017 $ — $ 365,050 $ 396,101 $ — $ (33,000 ) $ — Unrealized gains (losses) on ending balance: In earnings $ — $ 11,633 $ — $ — $ 8,250 $ — In other comprehensive income (loss) $ — $ — $ 2,924 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns, distributions or sales (638 ) (182,063 ) (108,924 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive income (loss) — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ —
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share	Investments in non-traded REITs and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018. June 30, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 11,612 $ 14,493 Non-traded REITs—real estate 11,527 —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 405,626 427,560 — — — Purchases, contributions or accretion — 27,017 30,069 — — — Paydowns or distributions — (79,226 ) (62,342 ) — — — Realized losses in earnings — — (2,110 ) — — — Unrealized gains: In earnings — 11,633 — — 8,250 — In other comprehensive income — — 2,924 — — — Fair value at June 30, 2017 $ — $ 365,050 $ 396,101 $ — $ (33,000 ) $ — Unrealized gains (losses) on ending balance: In earnings $ — $ 11,633 $ — $ — $ 8,250 $ — In other comprehensive income (loss) $ — $ — $ 2,924 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns, distributions or sales (638 ) (182,063 ) (108,924 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive income (loss) — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ —
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. June 30, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 3,808 $ 48,315 $ 52,123 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 166,130 166,130 — 224,935 224,935 Intangible assets—investment management contracts — — — — 51,100 51,100 Investments in unconsolidated ventures — 12,015 12,015 — 11,871 11,871 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Impairment loss Real estate held for sale $ 6,546 $ 8,178 $ 15,310 $ 11,530 Real estate held for investment 2,975 4,583 7,181 9,750 Intangible assets—investment management contracts — — 140,429 — Intangible assets—trade name 59,464 — 59,464 — Earnings from investments in unconsolidated ventures 16,467 — 16,467 2,144
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. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2018 Assets Loans at amortized cost $ — $ — $ 1,792,043 $ 1,792,043 $ 1,791,889 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 572,125 13,095 — 585,220 611,230 Secured and unsecured debt 9,145,809 9,145,809 9,184,796 Junior subordinated debt — — 206,415 206,415 198,089 December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 9,703,680 9,703,680 9,622,175 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (1) 39,466 392,120 — Issuance of preferred stock 13,800 — — Redemption of preferred stock (12,547 ) — — Shares canceled (2) — (2,984 ) — Shares issued upon redemption of OP units — 1,386 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (12,934 ) — Equity-based compensation, net of forfeitures — 7,550 — Shares canceled for tax withholding on vested stock awards — (416 ) — Shares outstanding at June 30, 2017 65,749 551,190 742 Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units — 1,488 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (54,813 ) — Equity-based compensation, net of forfeitures — 3,412 — Shares canceled for tax withholding on vested stock awards — (2,950 ) — Shares outstanding at June 30, 2018 57,464 489,764 708 __________ (1) Shares were legally issued by the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger (Note 3 ). (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at June 30, 2018 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 57,464 575 1,436,605 Series D 8.5 % June 2014 (1) 8,000 80 200,000 Redemption pending 65,464 $ 655 $ 1,636,605 __________ (1) Represents initial issuance date pre-Merger by NRF or Colony, as applicable.
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 in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 562 3,022 41 77,109 (42,373 ) 38,361 Amounts reclassified from AOCI 20 (106 ) — 934 (216 ) 632 AOCI at June 30, 2017 $ 667 $ 2,804 $ — $ 1,617 $ 1,796 $ 6,884 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications 1,968 (15,807 ) — (21,612 ) 13,107 (22,344 ) Amounts reclassified from AOCI — (4,806 ) — 4,158 (2,788 ) (3,436 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at June 30, 2018 $ 7,382 $ (3,599 ) $ — $ 28,477 $ (8,330 ) $ 23,930 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2016 $ (527 ) $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 60,925 (5,784 ) 56,122 Amounts reclassified from AOCI (454 ) 994 1,020 1,560 AOCI at June 30, 2017 $ — $ 4,706 $ 7,034 $ 11,740 AOCI at December 31, 2017 $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (12,639 ) 3,292 (9,347 ) Amounts reclassified from AOCI — 4,409 (644 ) 3,765 AOCI at June 30, 2018 $ — $ 30,718 $ 5,775 $ 36,493
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 Component of AOCI reclassified into earnings 2018 2017 2018 2017 Realized gain (loss) on marketable securities $ 2,194 $ 106 $ 10,100 $ 106 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (1,188 ) — (5,294 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 5 (934 ) (4,158 ) (934 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 2,082 — 584 (744 ) Other gain (loss), net Realized gain (loss) on net investment hedges (232 ) 960 2,204 960 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (23 ) — (20 ) Earnings from investments in unconsolidated ventures

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents a summary of changes in redeemable noncontrolling interests: Six Months Ended June 30, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Contributions 305 — Distributions and redemptions (2,103 ) (709 ) Net income 1,177 1,337 Currency translation adjustment and other — 33 Ending balance $ 33,523 $ 79,504

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Net income generated from operations of these held for sale asset groups is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Revenues Property operating income $ 470 $ — $ 1,186 $ 33,857 Other income — — — 2,257 Expenses Property operating expenses (571 ) — (1,159 ) (12,395 ) Interest expense — — — (9,028 ) Loss on sale of real estate assets — — — (2,108 ) Other expenses (118 ) — (129 ) (23 ) Net income from discontinued operations (219 ) — (102 ) 12,560 Income tax expense — — — — Net income from discontinued operations after tax (219 ) — (102 ) 12,560 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities 98 — 45 — Noncontrolling interests in Operating Company 7 — 4 — Net income from discontinued operations attributable to Colony Capital, Inc. $ (114 ) $ — $ (53 ) $ 12,560

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	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) 2018 2017 2018 2017 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (41,629 ) $ 105,192 $ (68,045 ) $ 144,822 Income (loss) from discontinued operations (219 ) — (102 ) 12,560 Net income (loss) (41,848 ) 105,192 (68,147 ) 157,382 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests (1,873 ) (720 ) (1,177 ) (1,337 ) Investment entities (27,420 ) (23,800 ) (47,522 ) (50,859 ) Operating Company 5,728 (2,330 ) 10,106 (1,247 ) Net income (loss) attributable to Colony Capital, Inc. (65,413 ) 78,342 (106,740 ) 103,939 Preferred stock redemption 3,995 (5,448 ) 3,995 (5,448 ) Preferred dividends (31,388 ) (34,339 ) (62,775 ) (65,152 ) Net income (loss) attributable to common stockholders (92,806 ) 38,555 (165,520 ) 33,339 Net income allocated to participating securities (643 ) (2,546 ) (1,272 ) (4,784 ) Net income (loss) allocated to common stockholders—basic (93,449 ) 36,009 (166,792 ) 28,555 Interest expense attributable to convertible notes (1) — — — — Net income (loss) allocated to common stockholders—diluted $ (93,449 ) $ 36,009 $ (166,792 ) $ 28,555 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 488,676 544,023 509,562 525,318 Weighted average effect of dilutive shares (1)(3)(4) — — — — Weighted average number of common shares outstanding—diluted 488,676 544,023 509,562 525,318 Basic earnings (loss) per share Income (loss) from continuing operations $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.03 Income from discontinued operations — — — 0.02 Net income (loss) attributable to common stockholders per basic common share $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.05 Diluted earnings (loss) per share Income (loss) from continuing operations $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.03 Income from discontinued operations — — — 0.02 Net income (loss) attributable to common stockholders per diluted common share $ (0.19 ) $ 0.07 $ (0.33 ) $ 0.05 __________ (1) For the three months ended June 30, 2018 and 2017 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million and $7.4 million of interest expense, respectively, and 38,112,100 and 38,839,200 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. For the six months ended June 30, 2018 and 2017 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.3 million and $14.6 million of interest expense, respectively, and 38,112,100 and 38,778,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares for the three months ended March 31, 2017 reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excluded the weighted average unvested non-participating restricted shares of 605,800 and 634,200 for the three and six months ended June 30, 2018 , respectively, and 598,500 and 300,900 for the three and six months ended June 30, 2017 , respectively, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 2,137,500 and 1,074,700 for the three and six months ended June 30, 2018, respectively, as the inclusion of these shares would be antidilutive. (4) 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, 2018 and 2017 , there were 30,426,900 and 32,580,900 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.

Fee Income (Tables)

Fee Income (Tables)	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	The Company's fee income is earned from the following sources: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Institutional funds $ 17,171 $ 15,459 $ 30,312 $ 30,286 Non-traded REITs 6,244 20,789 17,703 43,026 Public companies—NRE, Colony Credit 16,219 3,555 28,391 6,725 Broker-dealer, Townsend and other clients 290 14,516 360 27,532 $ 39,924 $ 54,319 $ 76,766 $ 107,569 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Base management fees ($35,484, $42,657, $69,660 and $81,640 from affiliates, respectively) $ 35,750 $ 47,342 $ 69,926 $ 90,117 Asset management fees—from affiliates 761 1,148 1,435 1,754 Acquisition and disposition fees—from affiliates — 1,095 1,922 7,024 Incentive fees—from affiliates — — — 270 Other fee income ($3,389, $0, $3,389 and $0 from affiliates, respectively) 3,413 4,734 3,483 8,404 Total fee income $ 39,924 $ 54,319 $ 76,766 $ 107,569

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) June 30, 2018 Level 3 Assets Investment in unconsolidated ventures—third party private funds $ 10,217 Recent transaction price (2) Not applicable Not applicable Not applicable Investment in unconsolidated ventures—other 26,667 Discounted cash flows Discount rate 15.8% Decrease Investment in unconsolidated ventures—other 47,687 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 78,006 Discounted cash flows Discount rate 12.0% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,121 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Investments in unconsolidated ventures—private funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Investments in unconsolidated ventures—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Investments in unconsolidated ventures—other 132,719 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (3) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value 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 measures. (2) Valued based upon transaction prices of investments recently acquired or indicative prices of investments sold by the Company. (3) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date.
Components of Share-Based Compensation	Equity-based compensation expense is included in the following line items in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Compensation expense (including $181, $0, $203 and $0 amortization of fair value of dividend equivalent right) $ 9,375 $ 37,412 $ 21,566 $ 68,989 Earnings from investments in unconsolidated ventures — — — 61 Investment, servicing and commission expense — 502 — 1,048 $ 9,375 $ 37,914 $ 21,566 $ 70,098
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,432,893 212,376 2,138,858 5,784,127 5.09 6.25 Vested (6,316,465 ) (3,506,387 ) (114,264 ) — (9,937,116 ) — 14.54 Forfeited (20,345 ) (1,317 ) (21,662 ) 5.09 6.65 Unvested shares and units at June 30, 2018 6,245,599 — 176,379 2,137,541 8,559,519 $ 5.09 $ 9.84 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Amounts due from and due to affiliates consist of the following: (In thousands) June 30, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 29,574 $ 19,366 Cost reimbursements and recoverable expenses 13,496 30,749 Employees and other affiliates 1,238 1,403 $ 44,308 $ 51,518 Due to Affiliates Investment vehicles and unconsolidated ventures $ 3,002 $ 2,884 Employees 6,381 20,650 $ 9,383 $ 23,534 Cost reimbursements, included in other income, were as follows. This included $0.8 million and approximately $2.0 million of costs incurred by the Company which will be reimbursed by its managed private funds for the three and six months ended June 30, 2018 , respectively, that were presented gross on the consolidated statement of operations beginning in 2018. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Retail companies $ 484 $ 5,335 $ 2,871 $ 10,670 Public companies—NRE and Colony Credit 2,944 — 4,694 — Private funds and other 2,416 1,244 4,260 1,947 Equity awards of NRE and Colony Credit (Note 21) 4,250 — 5,062 — Townsend — 394 — 1,059 $ 10,094 $ 6,973 $ 16,887 $ 13,676

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2018 Total revenues $ 145,419 $ 72,477 $ 229,373 $ — $ 190,950 $ 49,543 $ 1,837 $ 689,599 Property operating expenses 69,983 20,483 143,321 — 86,887 — — 320,674 Interest expense 45,179 10,856 36,494 — 46,476 — 14,304 153,309 Depreciation and amortization 38,229 32,482 35,925 — 23,521 6,204 1,535 137,896 Provision for loan loss — — — — 13,933 — — 13,933 Impairment loss 1,982 174 — — 7,366 60,312 — 69,834 Gain on sale of real estate — — — — 42,702 — — 42,702 Earnings (losses) from investments in unconsolidated ventures — — — 5,413 7,767 (11,305 ) — 1,875 Income tax benefit (expense) (355 ) (38 ) (1,556 ) — (262 ) 2,882 (87 ) 584 Income (loss) from continuing operations (20,080 ) 4,668 6,771 5,413 61,853 (48,700 ) (51,554 ) (41,629 ) Income (loss) from discontinued operations — — — — (219 ) — — (219 ) Net income (loss) (20,080 ) 4,668 6,771 5,413 61,634 (48,700 ) (51,554 ) (41,848 ) Net income (loss) attributable to Colony Capital, Inc. (14,356 ) 810 5,767 5,104 31,333 (47,070 ) (47,001 ) (65,413 ) Three Months Ended June 30, 2017 Total revenues $ 159,357 $ 56,125 $ 221,522 $ — $ 179,973 $ 60,531 $ 1,864 $ 679,372 Property operating expenses 72,460 16,195 139,818 — 25,244 — — 253,717 Interest expense 47,844 7,934 35,884 — 35,630 — 12,968 140,260 Depreciation and amortization 49,577 25,804 33,508 — 26,894 15,594 1,734 153,111 Provision for loan loss — — — — 1,067 — — 1,067 Impairment loss — — — — 12,761 — — 12,761 Gain on sale of real estate — 8,695 — — 6,495 — — 15,190 Earnings from investments in unconsolidated ventures — — — — 119,554 2,840 — 122,394 Income tax benefit (expense) 210 (2,746 ) (909 ) — (705 ) 6,279 (2,043 ) 86 Income (loss) from continuing operations (11,394 ) 9,072 5,750 — 185,630 26,112 (109,978 ) 105,192 Net income (loss) (11,394 ) 9,072 5,750 — 185,630 26,112 (109,978 ) 105,192 Net income (loss) attributable to Colony Capital, Inc. (8,071 ) 3,275 4,796 — 156,011 23,990 (101,659 ) 78,342 (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2018 Total revenues $ 298,014 $ 141,230 $ 425,155 $ — $ 396,104 $ 92,064 $ 3,696 $ 1,356,263 Property operating expenses 136,949 41,294 279,416 — 168,785 — — 626,444 Interest expense 96,120 21,046 70,855 — 86,756 — 27,421 302,198 Depreciation and amortization 79,356 62,427 71,382 — 52,490 13,880 3,066 282,601 Provision for loan losses — — — — 19,308 — — 19,308 Impairment loss 5,762 174 — — 16,555 200,741 — 223,232 Gain on sale of real estate — 2,293 — — 58,853 — — 61,146 Earnings (losses) from investments in unconsolidated ventures — — — 1,759 34,984 (2,603 ) — 34,140 Income tax benefit (expense) (1,353 ) (41 ) (75 ) — (4,801 ) 39,685 (23 ) 33,392 Income (loss) from continuing operations (32,614 ) 10,989 (5,115 ) 1,759 130,284 (133,324 ) (40,024 ) (68,045 ) Income (loss) from discontinued operations — — — — (102 ) — — (102 ) Net income (loss) (32,614 ) 10,989 (5,115 ) 1,759 130,182 (133,324 ) (40,024 ) (68,147 ) Net income (loss) attributable to Colony Capital, Inc. (24,716 ) 2,088 (4,283 ) 1,658 80,442 (127,590 ) (34,339 ) (106,740 ) Six Months Ended June 30, 2017 Total revenues $ 298,170 $ 113,167 $ 397,235 $ — $ 355,059 $ 120,171 $ 2,735 $ 1,286,537 Property operating expenses 133,146 32,692 258,309 — 45,919 — — 470,066 Interest expense 88,936 20,360 63,133 — 66,449 — 27,660 266,538 Depreciation and amortization 90,458 50,443 63,549 — 55,112 28,077 2,892 290,531 Provision for loan losses — — — — 7,791 — — 7,791 Impairment loss — — — — 21,280 — — 21,280 Gain on sale of real estate — 8,695 — — 15,465 — — 24,160 Earnings from investments in unconsolidated ventures — — — — 228,391 7,995 — 236,386 Income tax benefit (expense) (2,032 ) (2,148 ) (947 ) — (2,038 ) 4,210 (668 ) (3,623 ) Income (loss) from continuing operations (20,660 ) 9,591 2,134 — 365,538 46,101 (257,882 ) 144,822 Income from discontinued operations — — — — — — 12,560 12,560 Net income (loss) (20,660 ) 9,591 2,134 — 365,538 46,101 (245,322 ) 157,382 Net income (loss) attributable to Colony Capital, Inc. (16,509 ) 3,213 1,803 — 299,923 42,250 (226,741 ) 103,939
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total June 30, 2018 Total assets $ 5,700,474 $ 3,075,143 $ 4,076,297 $ 1,146,355 $ 6,592,937 $ 2,028,661 $ 199,850 $ 22,819,717 Equity method investments — — — 1,146,355 1,002,983 225,994 3,742 2,379,074 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,233,606 $ 2,733,197 $ 100,564 $ 24,785,650 Equity method investments — — — — 1,315,629 207,683 3,742 1,527,054
Revenue by Geographic Areas	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) 2018 2017 2018 2017 Total income by geography: United States $ 612,168 $ 715,304 $ 1,225,829 $ 1,358,432 Europe 69,212 78,586 147,385 149,013 Other — 903 302 1,802 Total (1) $ 681,380 $ 794,793 $ 1,373,516 $ 1,509,247 (In thousands) June 30, 2018 December 31, 2017 Long-lived assets by geography: United States $ 13,101,730 $ 13,224,197 Europe 1,630,286 1,749,282 Total (2) $ 14,732,016 $ 14,973,479 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. (2) Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets.
Long-lived Assets by Geographic Areas	(In thousands) June 30, 2018 December 31, 2017 Long-lived assets by geography: United States $ 13,101,730 $ 13,224,197 Europe 1,630,286 1,749,282 Total (2) $ 14,732,016 $ 14,973,479 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. (2) Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets.

Supplemental Disclosure of Ca59

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Six Months Ended June 30, (In thousands) 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of capitalized interest of $1,864 and $0, respectively $ 258,626 $ 202,861 Cash paid for income taxes, net of refunds 9,217 21,517 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 86,656 $ 186,990 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — Preferred stock redemptions payable 200,000 — Redemption of OP Units for common stock 18,899 18,810 Improvements in operating real estate in accrued and other liabilities 5,242 1,811 Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — Assets held for sale contributed to equity method investee (Note 10) 20,350 — Change in contributions receivable from noncontrolling interests 25,501 11,500 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,821,714 Liabilities assumed in Merger (Note 3) — 11,323,286 Noncontrolling interests assumed in Merger (Note 3) — 593,458 Common stock issued for acquisition of NSAM and NRF (Note 3) — 5,710,134 Preferred stock issued for acquisition of NRF (Note 3) — 1,010,320 Debt assumed by buyer in sale of manufactured housing portfolio (Note 18) — 1,258,558 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 Foreclosures on collateral assets of originated or acquired loans receivable — 8,935 Proceeds from loan repayments and asset sales held in escrow — 63,168 Costs associated with contributions from noncontrolling interests — 2,444 Amounts payable for purchase of securities available for sale — 2,255

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2018	Aug. 25, 2017
Business Acquisition [Line Items]
Assets under management	$ 43
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent	94.20%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent	5.80%
Combination Agreement | Minimum
Business Acquisition [Line Items]
Ownership percentage		38.00%
Combination Agreement | Maximum
Business Acquisition [Line Items]
Ownership percentage		100.00%

Summary of Significant Accoun61

Summary of Significant Accounting Policies - Merger (Details)	Jan. 10, 2017	Jun. 30, 2018
Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663

Summary of Significant Accoun62

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1
Incentive fees earned, percent	40.00%
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	1 month
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	3 months

Summary of Significant Accoun63

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)		$ (1,443,717)	$ (1,443,717)		$ (1,165,412)
Net cash provided by operating activities			211,380	$ 181,550
Net cash provided by (used in) investing activities			63,357	434,422
Net cash used in financing activities			(782,477)	(213,024)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 600
Available-for-sale securities, gross unrealized gain	200
Asset management fees | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ (1,600)
Office leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future contractual lease payment obligations					74,200
Ground leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future contractual lease payment obligations					$ 172,200
Asset Management | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer		$ 200	$ 400
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities				184,937
Net cash provided by (used in) investing activities				254,167
Net cash used in financing activities				$ (213,765)

Business Combinations - Merger

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)	Jan. 10, 2017	Apr. 02, 2015	Jun. 30, 2018
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663		1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1
Colony NorthStar | OP Units
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%
NSAM | Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Common stock, conversion ratio	1
Business combination, stock exchange, conversion ratio	1.4663
Colony | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.25%
Colony | Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NRF | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.90%
NRF | Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.0996

Business Combinations - Merge65

Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 25, 2017	Jan. 10, 2017USD ($)$ / sharesshares	Jan. 31, 2016	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Minimum
Business Acquisition [Line Items]
Capitalization rate				4.40%
Minimum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			8.00%
Weighted average useful life			2 years
Minimum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life			20 years
Minimum | Trade name
Business Acquisition [Line Items]
Weighted average useful life			20 years
Management agreement, royalty rate			1.50%
Maximum
Business Acquisition [Line Items]
Capitalization rate				12.50%
Maximum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			10.00%
Weighted average useful life			18 years
Maximum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life			30 years
Maximum | Trade name
Business Acquisition [Line Items]
Weighted average useful life			30 years
Management agreement, royalty rate			2.00%
Colony NorthStar | Minimum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				6 years
Colony NorthStar | Minimum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				1 year
Colony NorthStar | Maximum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				90 years
Colony NorthStar | Maximum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				17 years
NSAM and NRF
Business Acquisition [Line Items]
Cash assumed				$ 437,400	$ 260,609
Management agreement, off-market component, value				$ 1,500,000	1,514,085
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed					152,858
Management agreement, off-market component, value					0
Management agreement, discount rate		10.00%
CPI
Business Acquisition [Line Items]
Cash assumed					$ 303
Capitalization rate	6.60%
CPI | Minimum
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
CPI | Maximum
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired		32.85%
Colony Capital, Inc. [Member] | Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger		$ 226,100
Payroll tax liability assumed in merger		$ 78,900
Common Class A | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663		1.4663
Common Class A | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares		$ 21.52
Common Class A | NSAM | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Common Class A | NorthStar Realty Finance Corp. | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.3335
Preferred stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Preferred stock | Colony NorthStar | Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree | shares		1
Townsend | NSAM
Business Acquisition [Line Items]
Ownership interest acquired			84.00%

Business Combinations - Schedul

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 10, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016shares
Business Acquisition [Line Items]
Total merger consideration | $	$ 6,720,454		$ 1,102,763	$ 361,346
Number of Shares Outstanding (in shares)	39,466	57,464		57,464	65,464
Fair Value | $	$ 1,010,320	$ 575		$ 575	$ 655
Common Class A
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)			392,120
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)			39,466
Number of Shares Outstanding (in shares)		57,464	65,749	57,464	65,464	25,030
Series A 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	2,467
Price Per Share (in dollars per share) | $ / shares	$ 25.61
Fair Value | $	$ 63,182
Series B 8.25%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	13,999	6,114		6,114
Price Per Share (in dollars per share) | $ / shares	$ 25.15
Fair Value | $	$ 352,004	$ 61		$ 61
Series C 8.875%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	5,000
Price Per Share (in dollars per share) | $ / shares	$ 25.80
Fair Value | $	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	8,000				8,000
Price Per Share (in dollars per share) | $ / shares	$ 25.82
Fair Value | $	$ 206,597				$ 80
Series E 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	10,000	10,000		10,000
Price Per Share (in dollars per share) | $ / shares	$ 25.95
Fair Value | $	$ 259,542	$ 100		$ 100
Colony | Common Class A
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Fair value of stock issued | $	$ 5,753,929
Price Per Share (in dollars per share) | $ / shares	$ 21.52
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NSAM | NRF
Business Acquisition [Line Items]
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) | $ / shares	$ 16.13
Colony Capital, Inc. [Member] | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total merger consideration | $	$ 2,752,095
NSAM | Colony | Common Class A
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Fair value of stock issued | $	$ 2,795,890
Price Per Share (in dollars per share) | $ / shares	$ 21.52
NSAM | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NSAM | Colony Capital, Inc. [Member] | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 0
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total merger consideration | $	$ 3,968,359
NRF | Colony | Common Class A
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Fair value of stock issued | $	$ 2,958,039
Price Per Share (in dollars per share) | $ / shares	$ 21.52
NRF | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ 0
NRF | Colony Capital, Inc. [Member] | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar | Colony | Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NSAM | Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NorthStar Realty Finance Corp. | Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar | NRF | Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.0996
Outstanding shares of common stock prior to closing of the Merger | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,202
Outstanding shares of common stock prior to closing of the Merger | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,147
Replacement equity-based awards attributable to pre-combination services | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	300
Replacement equity-based awards attributable to pre-combination services | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	150

Business Combinations - Sched67

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454	$ 1,102,763	$ 361,346
Assets
Identifiable intangible assets				$ 82,985
Liabilities
Intangible liabilities				7,560
Goodwill		$ 1,808,393	1,534,561	1,534,561	$ 680,127
NSAM and NRF
Assets
Cash and cash equivalents			437,400	260,609
Restricted cash				176,814
Real estate				9,874,406
Loans receivable				359,541
Investments in unconsolidated ventures				620,782
Securities				430,625
Identifiable intangible assets				1,014,107
Management agreement between NSAM and NRF				1,514,085
Assets held for sale				2,096,671
Other assets				774,458
Total assets				17,122,098
Liabilities
Debt				6,723,222
Intangible liabilities				213,218
Noncontrolling interests—investment entities			$ 1,500,000	1,514,085
Liabilities related to assets held for sale				1,281,406
Tax liabilities				229,833
Accrued and other liabilities				1,287,419
Liabilities assumed				11,249,183
Redeemable noncontrolling interests				78,843
Noncontrolling interests—investment entities				505,685
Noncontrolling interests—Operating Company				8,162
Fair value of net assets acquired				5,280,225
Merger consideration				6,720,454
Goodwill				1,440,229
NSAM
Business Acquisition [Line Items]
Total merger consideration	2,752,095
Assets
Cash and cash equivalents				152,858
Restricted cash				18,052
Real estate				0
Loans receivable				28,485
Investments in unconsolidated ventures				76,671
Securities				3,065
Identifiable intangible assets				661,556
Management agreement between NSAM and NRF				1,514,085
Assets held for sale				0
Other assets				93,455
Total assets				2,548,227
Liabilities
Debt				0
Intangible liabilities				0
Noncontrolling interests—investment entities				0
Liabilities related to assets held for sale				0
Tax liabilities				169,387
Accrued and other liabilities				979,969
Liabilities assumed				1,149,356
Redeemable noncontrolling interests				78,843
Noncontrolling interests—investment entities				0
Noncontrolling interests—Operating Company				8,162
Fair value of net assets acquired				1,311,866
Merger consideration				2,752,095
Goodwill				1,440,229
NRF
Business Acquisition [Line Items]
Total merger consideration	$ 3,968,359
Assets
Cash and cash equivalents				107,751
Restricted cash				158,762
Real estate				9,874,406
Loans receivable				331,056
Investments in unconsolidated ventures				544,111
Securities				427,560
Identifiable intangible assets				352,551
Management agreement between NSAM and NRF				0
Assets held for sale				2,096,671
Other assets				681,003
Total assets				14,573,871
Liabilities
Debt				6,723,222
Intangible liabilities				213,218
Noncontrolling interests—investment entities				1,514,085
Liabilities related to assets held for sale				1,281,406
Tax liabilities				60,446
Accrued and other liabilities				307,450
Liabilities assumed				10,099,827
Redeemable noncontrolling interests				0
Noncontrolling interests—investment entities				505,685
Noncontrolling interests—Operating Company				0
Fair value of net assets acquired				3,968,359
Merger consideration				3,968,359
Goodwill				$ 0

Business Combinations - CPI Gro

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454	$ 1,102,763	$ 361,346
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring				$ 182,644
Cash				49,537
Total merger consideration				232,181
Cash				303
Real estate				543,649
Real estate held for sale				21,605
Lease intangibles and other assets				40,285
Debt				(277,590)
Tax liabilities				(32,078)
Lease intangibles and other liabilities				(61,205)
Liabilities related to assets held for sale				(2,788)
Fair value of net assets acquired				$ 232,181

Business Combinations - THL Hot

Business Combinations - THL Hotel Portfolio (Details)	Jul. 01, 2017property	Jan. 10, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability			$ 8,121,000	$ 8,121,000			$ 8,121,000	$ 7,419,000
Total merger consideration		$ 6,720,454,000			$ 1,102,763,000		361,346,000
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure | property	148
Decrease in depreciation expense adjustment				1,800,000
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure						$ 310,932,000	310,932,000
Cash						43,643,000	43,643,000
Contingent consideration (Note 14)						6,771,000	6,771,000
Total merger consideration						361,346,000
Cash			16,188,000	16,188,000		16,188,000	16,188,000
Real estate			1,184,447,000	1,184,447,000		1,193,075,000	1,184,447,000
Real estate held for sale			69,676,000	69,676,000		68,625,000	69,676,000
Intangible and other assets			45,190,000	45,190,000		37,975,000	45,190,000
Debt			(907,867,000)	(907,867,000)		(907,867,000)	(907,867,000)
Intangible and other liabilities			(46,288,000)	(46,288,000)		(46,650,000)	(46,288,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Intangibles And Other Liabilities			362,000
Fair value of net assets acquired			361,346,000	$ 361,346,000		$ 361,346,000	361,346,000
Measurement Period Adjustments
Real estate			(8,628,000)
Real estate held for sale			1,051,000
Intangible and other assets			7,215,000
Maximum
Measurement Period Adjustments
Capitalization rate				12.50%
Maximum | THL Hotel Portfolio
Business Acquisition [Line Items]
Contingent consideration, liability			$ 13,000,000	$ 13,000,000			$ 13,000,000
Measurement Period Adjustments
Capitalization rate	12.00%
Discount rate	13.50%
Minimum
Measurement Period Adjustments
Capitalization rate				4.40%
Minimum | THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	7.00%
Discount rate	8.00%
Weighted Average | THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	8.90%
Discount rate	10.40%

Colony Credit (Details)

Colony Credit (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jun. 30, 2017	Dec. 31, 2016
Assets
Restricted cash		$ 8,437	$ 9,922
CLNS Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Assets
Cash and cash equivalents	$ 99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
Total assets held for sale	1,894,219
Liabilities
Debt	379,927
Accrued and other liabilities	41,318
Total liabilities related to assets held for sale	421,245
Noncontrolling interests	395,274
Equity attributable to Colony Capital, Inc.	1,077,700
CLNS Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | Noncontrolling Interests in Investment Entities
Liabilities
Noncontrolling interests	330,980
CLNS Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | Noncontrolling Interests in Operating Company
Liabilities
Noncontrolling interests	$ 64,294

Colony Credit Narrative (Detail

Colony Credit Narrative (Details) $ in Thousands	Jan. 31, 2018USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 1,791,889		$ 1,791,889		$ 3,223,762
Other gain (loss), net		$ 28,798	$ (23,850)	$ 104,054	$ 1,531
Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		36.60%		36.60%
Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gain (loss), net		$ 9,900
NorthStar Income I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 150,200		$ 150,200
Commercial Real Estate Credit REIT (Combination)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	37.00%
Transfer of stock to non-affiliates limitation period	1 year
Commercial Real Estate Credit REIT (Combination) | NorthStar Income I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	32.00%
Commercial Real Estate Credit REIT (Combination) | NorthStar Income II Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	31.00%
Common Class B-3 | Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned | shares	44,399,444
Common Class B-3 | Commercial Real Estate Credit REIT (Combination) | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Common Membership Units | Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned | shares	3,075,623
Common Membership Units | Commercial Real Estate Credit REIT (Combination) | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Senior Participation Interest | NorthStar I Excluded Asset
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments	$ 65,000
Investment management contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-off of intangible assets	$ 139,000

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 2,330,510	$ 2,011,794
Buildings and improvements	12,062,762	12,403,794
Tenant improvements	150,264	134,709
Furniture, fixtures and equipment	383,603	383,855
Construction in progress	118,430	108,403
Real estate held for investment at cost	15,045,569	15,042,555
Less: Accumulated depreciation	(791,461)	(578,297)
Real estate assets, net	$ 14,254,108	$ 14,464,258

Real Estate - Sales (Details)

Real Estate - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real Estate [Abstract]
Proceeds from sales of real estate	$ 316,000	$ 69,762	$ 428,562	$ 973,603
Gain on sale of real estate	$ 42,702	$ 15,190	$ 61,146	$ 24,160

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017USD ($)	Sep. 30, 2017	Jun. 30, 2017USD ($)property	Jan. 31, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property
Business Acquisition [Line Items]
Purchase price	$ 6,720,454					$ 1,102,763	$ 361,346
Land and Improvements								$ 234,437
Building and Improvements								792,901
Lease Intangible Assets								82,985
Lease Intangible Liabilities								$ (7,560)
Asset Acquisitions | Industrial | SPAIN
Business Acquisition [Line Items]
Number of Buildings | property				2
Purchase price				$ 10,374
Land and Improvements				3,855
Building and Improvements				5,564
Lease Intangible Assets				955
Lease Intangible Liabilities				$ 0
Asset Acquisitions | Light Industrial Platform | United States
Business Acquisition [Line Items]
Number of Buildings | property					25		25	55
Purchase price					$ 434,649			$ 636,690
Land and Improvements					11,000		$ 11,000	137,005
Building and Improvements					317,110		317,110	472,747
Lease Intangible Assets					23,700		23,700	31,512
Lease Intangible Liabilities					(3,695)		(3,695)	$ (4,574)
Asset Acquisitions | Land For Co-Development | United States
Business Acquisition [Line Items]
Land and Improvements					$ 97,534		$ 97,534
Asset Acquisitions | Office | CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings | property			1			1
Purchase price			$ 455,699
Land and Improvements			93,577			$ 93,577
Building and Improvements			314,590			314,590
Lease Intangible Assets			50,518			50,518
Lease Intangible Liabilities			$ (2,986)			$ (2,986)
Ownership interest syndicated		90.00%
Minimum | 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets					3 years
Minimum | 2017 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life					27 years
Minimum | 2017 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					8 years
Minimum | 2017 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					4 years
Maximum | 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets					10 years
Maximum | 2017 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life					38 years
Maximum | 2017 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					14 years
Maximum | 2017 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					10 years

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)building	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)building	Jun. 30, 2017USD ($)	Jan. 31, 2018USD ($)
Guarantee of franchise obligations | THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 100,000		$ 100,000
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense	1,800	$ 1,300	3,800	$ 2,100
Discontinued Operations, Disposed of by Means Other than Sale | CLNS Contributed Portfolio
Business Acquisition [Line Items]
Real estate, net					$ 219,748
Industrial
Business Acquisition [Line Items]
Funded deposit	2,000		2,000
Purchase commitment	$ 105,200		$ 105,200
Purchase commitment, number of buildings to be purchased | building	6		6

Real Estate - Depreciation and

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real Estate
Real Estate [Line Items]
Depreciation	$ 113.6	$ 108.9	$ 232	$ 206.6

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property operating income
Revenue from External Customer [Line Items]
Revenue from contract with customer	$ 590,638	$ 500,531	$ 1,145,368	$ 927,385
Rental income
Revenue from External Customer [Line Items]
Revenue from contract with customer	153,303	167,370	315,917	318,613
Tenant reimbursements
Revenue from External Customer [Line Items]
Revenue from contract with customer	36,250	34,244	75,172	65,769
Resident fee income
Revenue from External Customer [Line Items]
Revenue from contract with customer	69,203	74,838	138,420	140,532
Hotel operating income
Revenue from External Customer [Line Items]
Revenue from contract with customer	$ 331,882	$ 224,079	$ 615,859	$ 402,471

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 2,882,462			$ 4,501,834
Carrying Value	1,791,889			3,223,762
Allowance for loan losses	(55,296)	$ (70,484)		(52,709)	$ (67,980)
Fair Value | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	0			72,511
Carrying Value	0			45,423
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	2,882,462			4,429,323
Loans receivable, net	1,791,889			3,178,339
Carrying Value | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,260,087			2,533,177
Carrying Value	1,276,810			2,541,852
Carrying Value | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,622,375			1,896,146
Carrying Value	570,375			689,196
Allowance for loan losses	(55,296)			(52,709)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,614,950			1,865,423
Carrying Value	566,704			682,125
Carrying Value | PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	0			23,298
Carrying Value	0			3,400
Carrying Value | PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	7,425			7,425
Carrying Value	3,671			3,671
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,064,236			1,622,869
Carrying Value	1,070,525			1,622,171
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	608,803			1,081,030
Carrying Value	$ 620,388			$ 1,082,513
Weighted Average Coupon Rate Of Loans	9.70%			9.10%
Loans Weighted Average Maturity In Years	3 years 1 month	2 years 9 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 0			$ 35,566
Carrying Value	$ 0			$ 36,603
Weighted Average Coupon Rate Of Loans	0.00%			5.90%
Loans Weighted Average Maturity In Years		16 years 9 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 343,808			$ 459,433
Carrying Value	$ 339,684			$ 456,463
Weighted Average Coupon Rate Of Loans	12.10%			12.20%
Loans Weighted Average Maturity In Years	1 year 11 months	2 years 3 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 111,625			$ 46,840
Carrying Value	$ 110,453			$ 46,592
Weighted Average Coupon Rate Of Loans	8.80%			9.90%
Loans Weighted Average Maturity In Years	7 years 9 months	10 years
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 195,851			$ 910,308
Carrying Value	206,285			919,681
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	195,851			414,428
Carrying Value	$ 206,285			$ 423,199
Weighted Average Coupon Rate Of Loans	4.30%			6.00%
Loans Weighted Average Maturity In Years	8 months	1 year 8 months 12 days
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 0			$ 461,489
Carrying Value	$ 0			$ 462,203
Weighted Average Coupon Rate Of Loans	0.00%			6.40%
Loans Weighted Average Maturity In Years		3 years 6 months
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 0			$ 34,391
Carrying Value	$ 0			$ 34,279
Weighted Average Coupon Rate Of Loans	0.00%			9.80%
Loans Weighted Average Maturity In Years		1 year 3 months 18 days
Discontinued Operations, Disposed of by Means Other than Sale | CLNS Contributed Portfolio
Financing Receivable, Recorded Investment [Line Items]
Loans, deconsolidated			$ 1,287,994

Loans Receivable - Loan Maturit

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 1,276,810	$ 2,541,852
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,064,362	2,268,599
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	0	145,986
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	0	9,410
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 212,448	$ 117,857

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)loan	Jun. 30, 2017loan	Dec. 31, 2017USD ($)
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses | $	$ 37.8		$ 66.4
Performing Financial Instruments [Member]
Financing Receivable, Modifications [Line Items]
Number of loans | loan	0	0

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,791,889		$ 1,791,889		$ 3,223,762
Allowance for Loan Losses	55,296	$ 70,484	55,296	$ 70,484	52,709	$ 67,980
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	283,959		283,959		383,594
Average carrying value before allowance for loan losses	226,532	106,243	279,986	111,742
Total interest income recognized during the period impaired	1,279	$ 1,041	1,308	$ 1,807
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	229,510		229,510		307,925
Allowance for Loan Losses	55,296		55,296		52,709
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	84,869		84,869		138,136
Without Allowance for Loan Losses	208,267		208,267		248,759
Total	293,136		293,136		386,895
Allowance for Loan Losses	$ 5,497		$ 5,497		$ 7,424

Loans Receivable - Fair Value o

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jan. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (21,198)	$ (42,435)	$ (56,912)		$ (52,572)
PCI Loans | Loans Acquired through Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest				$ 1,154,596
Less: Nonaccretable difference				(878,257)
Cash flows expected to be collected				276,339
Less: Accretable yield				(23,594)
Fair value of loans acquired				$ 252,745

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 42,435	$ 52,572
Additions	0	23,594
Dispositions	(4,001)	0
Changes in accretable yield	3,109	11,074
Accretion recognized in earnings	(19,216)	(31,823)
Deconsolidation	(991)	0
Effect of changes in foreign exchange rates	(138)	1,495
Ending accretable yield	$ 21,198	$ 56,912

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 182.5	$ 196.5

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 55,296	$ 70,484	$ 52,709	$ 67,980	$ 55,296	$ 52,709
Loans receivable, net					1,791,889	3,223,762
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses			52,709	67,980
Contribution to Colony Credit (Note 4)			(518)	0
Deconsolidation			(5,983)	0
Provision for loan loss	13,933	1,067	19,308	7,791
Charge-off			(10,220)	(5,287)
Allowance for loan losses	55,296	70,484	55,296	70,484
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	55,296		52,709		55,296	52,709
Loans receivable, net					229,510	307,925
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses			52,709
Provision for loan loss	13,933	1,067	19,308	7,791
Allowance for loan losses	55,296		55,296
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	5,497		7,424		5,497	7,424
Loans receivable, net					84,869	138,136
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses			7,424
Provision for loan loss	5,072	451	7,737	2,925
Allowance for loan losses	5,497		5,497
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	49,799		45,285		49,799	45,285
Loans receivable, net					144,641	$ 169,789
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses			45,285
Provision for loan loss	8,861	$ 616	11,571	$ 4,866
Allowance for loan losses	$ 49,799		$ 49,799
Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					264,000
Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					$ 94,300

Loans Receivable - Provision Fo

Loans Receivable - Provision For Loan Losses by Loan Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 13,933	$ 1,067	$ 19,308	$ 7,791
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	13,933	1,067	19,308	7,791
Non-PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	5,072	451	7,737	2,925
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease loss, recovery of bad debts	400	500	500	1,500
PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 8,861	$ 616	$ 11,571	$ 4,866

Investments in Unconsolidated87

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 09, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance					$ 500,500
Gain in earnings of investments in unconsolidated ventures					191,200
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage		11.00%		11.00%
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments				$ 51,300
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment		$ 339,800		$ 339,800
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage		27.20%		27.20%
Amended And Restated NRE Management Agreement | NRE
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%
Shares owned in excess of threshold, threshold percent	25.00%
CLNS Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated ventures						$ 208,738
Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)		$ 23.90		$ 23.90
Common Class A | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)		$ 20.73		$ 20.73
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss		$ 16,467	$ 0	$ 16,467	$ 2,144
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner		50.00%		50.00%

Investments in Unconsolidated88

Investments in Unconsolidated Ventures - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,379,074	$ 1,527,054
Other equity investments	112,268	128,185
Investments in Unconsolidated Ventures	2,491,342	1,655,239
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	2,206,778	1,297,180
Other equity investments	89,129	89,261
Private funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	172,296	229,874
Other equity investments	$ 23,139	$ 38,924

Investments in Unconsolidated89

Investments in Unconsolidated Ventures - Equity Method Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)investment	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 2,379,074	$ 1,527,054
Colony Credit
Schedule of Equity Method Investments [Line Items]
Ownership Interest		36.60%
Equity method investments (less than for 16 individual other investments)		$ 1,146,355	0
NRE
Schedule of Equity Method Investments [Line Items]
Ownership Interest		11.00%
Equity method investments (less than for 16 individual other investments)		$ 75,044	73,578
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance	$ 500,500
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership Interest		27.20%
Equity method investments (less than for 16 individual other investments)		$ 99,235	105,082
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		364,645	440,704
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		183,848	331,268
Private funds and other
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		29,552	25,101
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 263,297	187,420
Number of equity method investments | investment		20
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 65,000
Fair value option
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 217,098	$ 363,901

Securities - Available for Sale

Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 111,882	$ 333,080
Gains	2,186	16,510
Losses	(6,296)	(1,248)
Fair Value	107,772	348,342
Securities	144,421	383,942
Bonds | Variable Interest Entity, Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Carrying value		215,500
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis		144,476
Gains		3,999
Losses		(530)
Fair Value		147,945
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis		61,302
Gains		5,994
Losses		(313)
Fair Value		66,983
N-Star CDO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	81,803	88,374
Gains	1,953	2,778
Losses	(5,750)	(219)
Fair Value	78,006	90,933
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	30,079	38,928
Gains	233	3,739
Losses	(546)	(186)
Fair Value	29,766	42,481
Investment owned, balance, principal amount	29,600	25,100
Equity securities of consolidated fund
Debt Securities, Available-for-sale [Line Items]
Securities	$ 36,649	$ 35,600

Securities - Narrative (Details

Securities - Narrative (Details) - N-Star CDO $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Gain upon deconsolidation | $	$ 10.9
Commercial Real Estate, Securities | Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity of securities acquired	24 years 6 months 24 days
Commercial Real Estate, Securities | Colony NorthStar | Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	1 month
Commercial Real Estate, Securities | Colony NorthStar | Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	42 years
Consolidated Properties | Commercial Real Estate, Securities | Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Number of securities acquired | security	2

Securities - Sale of Securities

Securities - Sale of Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Securities, Available-for-sale [Line Items]
Realized gain (loss), net	$ (534)	$ 0	$ (35)	$ 0
Colony | CMBS
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	15,012	24,788	78,197	24,788
Gross realized gain	2,921	567	11,304	567
Gross realized (loss)	$ (592)	$ 0	$ (592)	$ 0

Securities - Impairment of AFS

Securities - Impairment of AFS Securities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)security	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)security	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less Than 12 Months	$ 96,596		$ 96,596		$ 36,795
Gross Unrealized Loss, Less Than 12 Months	(5,447)		(5,447)		(1,248)
Fair Value, More Than 12 Months	11,176		11,176
Gross Unrealized Loss, More Than 12 Months	$ (849)		$ (849)
Number of securities in cumulative unrealized loss position, more than twelve months | security	0		0
OTTI loss	$ 1,300	$ 700	$ 7,200	$ 700
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less Than 12 Months	0		0		2,229
Gross Unrealized Loss, Less Than 12 Months	0		0		(530)
Fair Value, More Than 12 Months	0		0
Gross Unrealized Loss, More Than 12 Months	0		0
Other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less Than 12 Months	0		0		8,218
Gross Unrealized Loss, Less Than 12 Months	0		0		(313)
Fair Value, More Than 12 Months	0		0
Gross Unrealized Loss, More Than 12 Months	0		0
N-Star CDO
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less Than 12 Months	75,606		75,606		13,392
Gross Unrealized Loss, Less Than 12 Months	(5,256)		(5,256)		(219)
Fair Value, More Than 12 Months	2,400		2,400
Gross Unrealized Loss, More Than 12 Months	(494)		(494)
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less Than 12 Months	20,990		20,990		12,956
Gross Unrealized Loss, Less Than 12 Months	(191)		(191)		$ (186)
Fair Value, More Than 12 Months	8,776		8,776
Gross Unrealized Loss, More Than 12 Months	$ (355)		$ (355)

Securities - Purchased Credit I

Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jan. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Outstanding principal	$ 236,230		$ 411,174
Amortized cost	3,712		26,761
Carrying value	3,113		$ 31,789
PCI Debt Securities Acquired During Period
Contractually required payments including interest				$ 574,088
Less: Nonaccretable difference				(449,261)
Cash flows expected to be collected				124,827
Less: Accretable yield				(70,283)
Fair value of PCI debt securities acquired				$ 54,544
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	44,610	$ 0
Assumed through the Merger	0	70,283
Accretion recognized in earnings	(3,489)	(6,979)
Reduction due to payoffs, disposals or deconsolidation	(17,081)	0
Net reclassifications to nonaccretable difference (1)	(23,889)	(8,185)
Ending accretable yield	$ 151	$ 55,119

Goodwill, Deferred Leasing Co95

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Goodwill [Roll Forward]
Goodwill		$ 1,534,561,000	$ 680,127,000
Business combinations		0	1,378,061,000
Transfer to held for sale		0	(249,795,000)
Goodwill	$ 1,534,561,000	1,534,561,000	1,808,393,000
Impairment		0	$ 0
Industrial
Goodwill [Roll Forward]
Goodwill		20,000,000
Goodwill	20,000,000	20,000,000
Investment management
Goodwill [Roll Forward]
Goodwill		1,514,561,000
Goodwill	1,514,561,000	$ 1,514,561,000
Impairment	$ 316,000,000

Goodwill, Deferred Leasing Co96

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 914,690		$ 1,110,851		$ 914,690
Deferred leasing and other intangible assets, accumulated amortization	(303,837)		(257,979)		(303,837)
Deferred leasing and other intangible assets, net carrying amount	610,853		852,872		610,853
Intangible Liabilities
Below-market lease values, carrying amount	207,087		214,833		207,087
Below-market lease values, accumulated amortization	(48,241)		(36,426)		(48,241)
Below-market lease values	158,846		178,407		158,846
Above-market ground lease obligations, carrying amount	15,988		13,417		15,988
Above-market ground lease obligations, accumulated amortization	(1,132)		(715)		(1,132)
Above-market ground lease obligations	14,856		12,702		14,856
Intangible liabilities, carrying amount	223,075		228,250		223,075
Intangible liabilities, accumulated amortization	(49,373)		(37,141)		(49,373)
Total intangible liabilities	173,702		191,109		173,702
Impairment loss	69,834			$ 12,761	223,232	$ 21,280
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	269,811		243,037		269,811
Deferred leasing and other intangible assets, accumulated amortization	(119,363)		(98,021)		(119,363)
Deferred leasing and other intangible assets, net carrying amount	150,448		145,016		150,448
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	148,393		166,571		148,393
Deferred leasing and other intangible assets, accumulated amortization	(41,679)		(34,968)		(41,679)
Deferred leasing and other intangible assets, net carrying amount	106,714		131,603		106,714
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	34,885		29,625		34,885
Deferred leasing and other intangible assets, accumulated amortization	(533)		(316)		(533)
Deferred leasing and other intangible assets, net carrying amount	34,352		29,309		34,352
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	111,505		121,765		111,505
Deferred leasing and other intangible assets, accumulated amortization	(45,513)		(38,389)		(45,513)
Deferred leasing and other intangible assets, net carrying amount	65,992		83,376		65,992
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	14,578		14,565		14,578
Deferred leasing and other intangible assets, accumulated amortization	(832)		(298)		(832)
Deferred leasing and other intangible assets, net carrying amount	13,746		14,267		13,746
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	15,500		79,700		15,500
Deferred leasing and other intangible assets, accumulated amortization	0		(3,131)		0
Deferred leasing and other intangible assets, net carrying amount	15,500		76,569		$ 15,500
Intangible Liabilities
Useful life of finite-lived intangible assets					20 years
Impairment loss	59,464			0	$ 59,464	0
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	201,698		342,127		201,698
Deferred leasing and other intangible assets, accumulated amortization	(80,206)		(70,394)		(80,206)
Deferred leasing and other intangible assets, net carrying amount	121,492		271,733		121,492
Intangible Liabilities
Impairment loss	0			$ 0	140,429	$ 0
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,400		59,400		59,400
Deferred leasing and other intangible assets, accumulated amortization	(12,724)		(10,421)		(12,724)
Deferred leasing and other intangible assets, net carrying amount	46,676		48,979		46,676
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	58,920		54,061		58,920
Deferred leasing and other intangible assets, accumulated amortization	(2,987)		(2,041)		(2,987)
Deferred leasing and other intangible assets, net carrying amount	$ 55,933		52,020		$ 55,933
Franchise agreements | Minimum
Intangible Liabilities
Useful life of finite-lived intangible assets					10 years
Franchise agreements | Maximum
Intangible Liabilities
Useful life of finite-lived intangible assets					15 years
NorthStar I And NorthStar II | Investment management contracts
Intangible Liabilities
Write-off of intangible assets		$ 139,000
NorthStar RXR NY Metro | Investment management contracts
Intangible Liabilities
Write-off of intangible assets		$ 1,400
Investment management contracts | Nonrecurring | NorthStar Healthcare
Intangible Liabilities
Impairment loss			55,300
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro
Intangible Liabilities
Impairment loss			$ 3,700
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro | Discount rate
Intangible Liabilities
Discount rate			9.00%

Goodwill, Deferred Leasing Co97

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Above-market lease values			$ 1,503	$ 5,597
Below-market lease values	$ 15,617	$ 9,755	22,725	17,195
Net increase (decrease) to rental income	(694)	3,454	969	5,380
Above-market ground lease obligations	(247)	(178)	(467)	(364)
Below-market ground lease obligations	188	342	369	595
Net increase (decrease) to ground rent expense	(59)	164	(98)	231
Amortization expense	22,703	42,299	47,436	80,769
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(16,039)	(6,301)	(21,222)	(11,815)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(272)	0	(534)	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	11,682	21,744	24,087	43,116
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,324	4,577	8,495	8,823
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	802	937	1,606	1,793
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,125	10,996	9,811	19,214
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,151	3,191	2,303	6,131
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 619	$ 854	$ 1,134	$ 1,692

Goodwill, Deferred Leasing Co98

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Above Market Lease, Amortization Expense [Abstract]
Remaining 2,018	$ (7,609)
2,019	(15,137)
2,020	(14,326)
2,021	(10,667)
2,022	(9,308)
2023 and Thereafter	(49,667)
Above-market lease values	(106,714)
Below-market lease values
Below-market lease values	158,846	$ 178,407
(Decrease) Increase to rental income
Remaining 2,018	5,104
2,019	8,474
2,020	7,138
2,021	8,444
2,022	8,321
2023 and Thereafter	905
Increase to rental income	38,386
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	39,983
2,019	67,452
2,020	57,533
2,021	47,639
2,022	41,152
2023 and Thereafter	154,055
Net Carrying Amount	407,814
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	0
2,019	(80)
2,020	(80)
2,021	(80)
2,022	(80)
2023 and Thereafter	19,816
Net Carrying Amount	19,496
Below-market lease values
Below-market lease values
Remaining 2,018	13,244
2,019	24,672
2,020	22,530
2,021	20,239
2,022	18,756
2023 and Thereafter	59,405
Below-market lease values	158,846
Lease incentives
Lease incentives
Remaining 2,018	(531)
2,019	(1,061)
2,020	(1,066)
2,021	(1,128)
2,022	(1,127)
2023 and Thereafter	(8,833)
Lease incentives	(13,746)
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	450
2,019	787
2,020	787
2,021	787
2,022	787
2023 and Thereafter	30,754
Net Carrying Amount	34,352
In-place lease values
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	20,584
2,019	31,770
2,020	25,117
2,021	18,631
2,022	14,837
2023 and Thereafter	39,509
Net Carrying Amount	150,448
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	8,389
2,019	14,532
2,020	11,933
2,021	9,034
2,022	6,962
2023 and Thereafter	15,142
Net Carrying Amount	65,992
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	7,693
2,019	14,516
2,020	13,849
2,021	13,340
2,022	12,719
2023 and Thereafter	59,375
Net Carrying Amount	121,492
Customer relationships
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	2,303
2,019	4,607
2,020	4,607
2,021	4,607
2,022	4,607
2023 and Thereafter	25,945
Net Carrying Amount	46,676
Other
Deferred Leasing Costs and Intangible Assets
Remaining 2,018	1,014
2,019	2,027
2,020	2,027
2,021	2,027
2,022	2,027
2023 and Thereafter	14,084
Net Carrying Amount	23,206
Leases Acquired In Place Above Market Ground Leases Adjustment [Member]
Above Market Ground Lease Obligations [Abstract]
Remaining 2,018	(450)
2,019	(867)
2,020	(867)
2,021	(867)
2,022	(867)
2022 and after	(10,938)
Above-market ground lease obligations	$ (14,856)

Assets and Related Liabilitie99

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Assets
Restricted cash			$ 8,437	$ 9,922
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Restricted cash	$ 2,049	$ 1,020
Real estate, net	583,921	720,686
Goodwill	0	20,000
Intangible assets, net	29,866	37,337
Other assets	21,966	2,587
Total assets held for sale	637,802	781,630
Liabilities
Debt	195,579	196,905
Lease intangibles and other liabilities, net	60,898	76,393
Total liabilities related to assets held for sale	$ 256,477	$ 273,298

Restricted Cash, Other Asset100

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 398,981	$ 471,078	$ 300,680	$ 111,959
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	13,656
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	227,959	249,612
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	44,089	42,420
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	14,220	41,545
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	22,598	23,043
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	15,738	16,486
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 74,377	$ 84,316

Restricted Cash, Other Asset101

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 12,172	$ 21,529
Straight-line rents	57,270	45,598
Hotel-related reserves	31,455	29,208
Investment deposits and pending deal costs	5,379	1,706
Deferred financing costs, net	9,838	10,068
Contingent consideration account	6,381	15,730
Derivative assets (Note 13)	25,206	10,152
Prepaid taxes and deferred tax assets, net	69,205	79,063
Receivables from resolution of investments	5,549	15,215
Contributions receivable	0	25,501
Accounts receivable	85,952	87,744
Prepaid expenses	32,107	29,526
Other assets	39,985	20,296
Fixed assets, net	50,723	53,632
Total other assets	431,222	444,968
Allowance for unbilled receivables	$ 15,300	$ 5,600

Restricted Cash, Other Asset102

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Asset Management Fee Income	$ 3,400		$ 2,700
Tenant security deposits	29,587		27,560
Borrower escrow deposits	16,260		46,231
Deferred income	46,384		42,457
Interest payable	39,042		42,462
Derivative liabilities	102,392		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	8,121		7,419
Current and deferred income tax liability	121,650		166,276
Accrued compensation	44,578		77,483
Accrued real estate and other taxes	81,945		77,060
Other accrued expenses	89,972		107,508
Accounts payable and other liabilities	99,727		98,857
Total	679,658		898,161
Retained earnings (accumulated deficit)	(1,443,717)		$ (1,165,412)
Asset management fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognized	$ 400
Difference between revenue guidance in effect before and after Topic 606 | Asset management fees | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)		$ (1,600)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)securitization_trust	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal	$ 10,217,584		$ 11,129,622
Debt, net	$ 9,994,115		10,827,810
Number of securitization vehicles sold | securitization_trust	2
Non-recourse
Debt Instrument [Line Items]
Principal	$ 9,283,149		10,144,181
Assets Held For Sale
Debt Instrument [Line Items]
Debt, net	134,200		202,800
Credit Facilities
Debt Instrument [Line Items]
Debt, net	0		50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net	611,230		610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net	9,184,796		9,622,175
Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net	0		348,251
Securitization Bonds Payable | Non-recourse
Debt Instrument [Line Items]
Principal			391,231
Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net	198,089		197,053
Carrying Value
Debt Instrument [Line Items]
Principal	10,217,584		11,129,622
Premium (discount), net	(139,789)		(245,886)
Deferred financing costs	(83,680)		(100,468)
Debt, net			10,783,268
Carrying Value | Credit Facilities
Debt Instrument [Line Items]
Principal	0		50,000
Debt, net			50,000
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105		616,105
Premium (discount), net	2,916		3,131
Deferred financing costs	(7,791)		(8,905)
Debt, net			610,331
Carrying Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,321,362		9,792,169
Premium (discount), net	(60,677)		(78,634)
Deferred financing costs	(75,889)		(91,360)
Debt, net			9,622,175
Carrying Value | Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	0		391,231
Premium (discount), net	0		(87,319)
Deferred financing costs	0		(203)
Debt, net			303,709
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117		280,117
Premium (discount), net	(82,028)		(83,064)
Deferred financing costs	0		0
Debt, net			197,053
Fair Value
Debt Instrument [Line Items]
Debt, net			44,542
Fair Value | Credit Facilities
Debt Instrument [Line Items]
Debt, net			0
Fair Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net			0
Fair Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net			0
Fair Value | Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net			44,542
Fair Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net			0
CLNS Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Debt Instrument [Line Items]
Debt		$ 379,927
Healthcare | Secured and Unsecured Debt | Non-recourse
Debt Instrument [Line Items]
Principal	3,257,637		3,288,256
Fixed Rate
Debt Instrument [Line Items]
Principal	4,134,097		4,252,448
Fixed Rate | Non-recourse
Debt Instrument [Line Items]
Principal	3,479,779		3,597,124
Fixed Rate | Securitization Bonds Payable | Non-recourse
Debt Instrument [Line Items]
Principal			30,132
Fixed Rate | Healthcare | Secured and Unsecured Debt | Non-recourse
Debt Instrument [Line Items]
Principal	2,168,914		2,168,936
Variable Rate
Debt Instrument [Line Items]
Principal	6,083,487		6,877,174
Variable Rate | Non-recourse
Debt Instrument [Line Items]
Principal	5,803,370		6,547,057
Variable Rate | Securitization Bonds Payable | Non-recourse
Debt Instrument [Line Items]
Principal			361,099
Variable Rate | Healthcare | Secured and Unsecured Debt | Non-recourse
Debt Instrument [Line Items]
Principal	$ 1,088,723		$ 1,119,320
Colony Credit
Debt Instrument [Line Items]
Number of securitization vehicles contributed | securitization_trust	3

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)instrument	Jul. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal	$ 10,217,584,000	$ 11,129,622,000
Fixed Rate
Debt Instrument [Line Items]
Principal	4,134,097,000	4,252,448,000
Variable Rate
Debt Instrument [Line Items]
Principal	6,083,487,000	6,877,174,000
Recourse
Debt Instrument [Line Items]
Principal	934,435,000	985,441,000
Recourse | Fixed Rate
Debt Instrument [Line Items]
Principal	654,318,000	$ 655,324,000
Number of secured promissory notes | instrument		2
Recourse | Variable Rate
Debt Instrument [Line Items]
Principal	280,117,000	$ 330,117,000
Recourse | Credit Facilities
Debt Instrument [Line Items]
Principal	$ 0	$ 50,000,000
Weighted Average Interest Rate (Per Annum)		3.51%
Weighted Average Years Remaining to Maturity	2 years 6 months	3 years
Recourse | Credit Facilities | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Recourse | Credit Facilities | Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 50,000,000
Weighted Average Interest Rate (Per Annum)		3.51%
Weighted Average Years Remaining to Maturity	2 years 6 months	3 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 616,105,000	$ 616,105,000
Weighted Average Interest Rate (Per Annum)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	3 years 6 months	4 years
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 616,105,000	$ 616,105,000
Weighted Average Interest Rate (Per Annum)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	3 years 6 months	4 years
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Recourse | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	$ 280,117,000	$ 280,117,000
Weighted Average Interest Rate (Per Annum)	5.20%	4.56%
Weighted Average Years Remaining to Maturity	17 years 11 months	18 years 4 months 24 days
Recourse | Junior Subordinated Notes | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Recourse | Junior Subordinated Notes | Variable Rate
Debt Instrument [Line Items]
Principal	$ 280,117,000	$ 280,117,000
Weighted Average Interest Rate (Per Annum)	5.20%	4.56%
Weighted Average Years Remaining to Maturity	17 years 11 months	18 years 4 months 24 days
Recourse | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 38,213,000	$ 39,219,000
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	7 years 5 months	7 years 10 months 24 days
Recourse | Secured and Unsecured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 38,213,000	$ 39,219,000
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	7 years 5 months	7 years 10 months 24 days
Recourse | Secured and Unsecured Debt | Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Non-recourse
Debt Instrument [Line Items]
Principal	9,283,149,000	10,144,181,000
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Principal	3,479,779,000	3,597,124,000
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Principal	5,803,370,000	6,547,057,000
Non-recourse | Secured and Unsecured Debt | Healthcare
Debt Instrument [Line Items]
Principal	$ 3,257,637,000	$ 3,288,256,000
Weighted Average Interest Rate (Per Annum)	5.20%	5.03%
Weighted Average Years Remaining to Maturity	2 years 2 months	2 years 7 months 6 days
Repayments of principal, remainder of fiscal year	$ 1,850,000,000
Non-recourse | Secured and Unsecured Debt | Industrial
Debt Instrument [Line Items]
Principal	$ 1,073,830,000	$ 1,014,229,000
Weighted Average Interest Rate (Per Annum)	3.83%	3.50%
Weighted Average Years Remaining to Maturity	11 years 1 month	11 years 4 months 24 days
Non-recourse | Secured and Unsecured Debt | Hospitality
Debt Instrument [Line Items]
Principal	$ 2,610,222,000	$ 2,608,719,000
Weighted Average Interest Rate (Per Annum)	5.23%	4.69%
Weighted Average Years Remaining to Maturity	8 months	1 year 1 month 6 days
Non-recourse | Secured and Unsecured Debt | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,805,457,000	$ 2,215,998,000
Weighted Average Interest Rate (Per Annum)	4.35%	4.03%
Weighted Average Years Remaining to Maturity	2 years 1 month	2 years 9 months 18 days
Non-recourse | Secured and Unsecured Debt | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 536,003,000	$ 625,748,000
Weighted Average Interest Rate (Per Annum)	4.34%	4.05%
Weighted Average Years Remaining to Maturity	2 years 6 months	2 years 7 months 6 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare
Debt Instrument [Line Items]
Principal	$ 2,168,914,000	$ 2,168,936,000
Weighted Average Interest Rate (Per Annum)	4.65%	4.65%
Weighted Average Years Remaining to Maturity	2 years 6 months	2 years 10 months 24 days
Repayments of principal, remainder of fiscal year	$ 1,750,000,000
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Industrial
Debt Instrument [Line Items]
Principal	$ 1,073,830,000	$ 1,014,229,000
Weighted Average Interest Rate (Per Annum)	3.83%	3.50%
Weighted Average Years Remaining to Maturity	11 years 1 month	11 years 4 months 24 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Principal	$ 10,790,000	$ 9,038,000
Weighted Average Interest Rate (Per Annum)	12.89%	11.00%
Weighted Average Years Remaining to Maturity	1 month 6 days	7 months 6 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 226,245,000	$ 374,789,000
Weighted Average Interest Rate (Per Annum)	3.97%	4.07%
Weighted Average Years Remaining to Maturity	4 years 1 month	5 years 6 months
Outstanding principal in payment default		$ 384,500,000
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 0	0
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants	485,700,000
Non-recourse | Secured and Unsecured Debt | Variable Rate | Healthcare
Debt Instrument [Line Items]
Principal	$ 1,088,723,000	$ 1,119,320,000
Weighted Average Interest Rate (Per Annum)	6.29%	5.75%
Weighted Average Years Remaining to Maturity	1 year 7 months	2 years
Repayments of principal, remainder of fiscal year	$ 100,500,000
Non-recourse | Secured and Unsecured Debt | Variable Rate | Industrial
Debt Instrument [Line Items]
Principal	0	$ 0
Non-recourse | Secured and Unsecured Debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Principal	$ 2,599,432,000	$ 2,599,681,000
Weighted Average Interest Rate (Per Annum)	5.20%	4.67%
Weighted Average Years Remaining to Maturity	8 months	1 year 1 month 6 days
Non-recourse | Secured and Unsecured Debt | Variable Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,579,212,000	$ 1,841,209,000
Weighted Average Interest Rate (Per Annum)	4.40%	4.02%
Weighted Average Years Remaining to Maturity	1 year 9 months	2 years 3 months 18 days
Non-recourse | Secured and Unsecured Debt | Variable Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 536,003,000	$ 625,748,000
Weighted Average Interest Rate (Per Annum)	4.34%	4.05%
Weighted Average Years Remaining to Maturity	2 years 6 months	2 years 7 months 6 days
Non-recourse | Securitization Bonds Payable
Debt Instrument [Line Items]
Principal		$ 391,231,000
Weighted Average Interest Rate (Per Annum)		3.05%
Weighted Average Years Remaining to Maturity		28 years 6 months
Non-recourse | Securitization Bonds Payable | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 30,132,000
Weighted Average Interest Rate (Per Annum)		3.45%
Weighted Average Years Remaining to Maturity		29 years 10 months 24 days
Non-recourse | Securitization Bonds Payable | Variable Rate
Debt Instrument [Line Items]
Principal		$ 361,099,000
Weighted Average Interest Rate (Per Annum)		3.02%
Weighted Average Years Remaining to Maturity		28 years 4 months 24 days
Subsequent event | Non-recourse | Secured and Unsecured Debt | Hospitality
Debt Instrument [Line Items]
Principal amount of refinanced debt			$ 512,000,000

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Line of Credit - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jan. 10, 2017USD ($)extension	Jun. 30, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000
Number of extension options | extension	2
Extension term	6 months
Extension commitment fee	0.10%
Maximum amount available for draw		$ 1,000,000,000
Percentage of unused amount		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 31, 2017USD ($)shares	Jun. 30, 2018USD ($)dquarter$ / sharesshares	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes		$ 616,105	$ 616,105
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount		100.00%
Threshold percentage of stock price trigger		130.00%
Threshold trading days | d		20
Threshold consecutive trading days | d		30
Convertible and Exchangeable Senior Notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		5.00%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 15.76
Conversion or Exchange Ratio (In Shares per $1,000)		63.4700
Conversion or Exchange Shares (in shares) | shares		12,694,000
Convertible and exchangeable senior notes		$ 200,000	200,000
Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		3.875%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 16.57
Conversion or Exchange Ratio (In Shares per $1,000)		60.3431
Conversion or Exchange Shares (in shares) | shares		24,288,000
Convertible and exchangeable senior notes		$ 402,500	402,500
Convertible and Exchangeable Senior Notes | 7.25% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		7.25%
Repurchased face amount		$ 13,000
Repurchase amount		$ 13,400
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		5.375%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 12.04
Conversion or Exchange Ratio (In Shares per $1,000)		83.0837
Conversion or Exchange Shares (in shares) | shares		1,130,000
Convertible and exchangeable senior notes		$ 13,605	$ 13,605
Converted instrument, amount	$ 2,800
Original debt, interest rate	5.375%
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period		5 years
Interest payment deferral, number of consecutive quarters | quarter		6
Common Class A | Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) | shares	232,669

Debt - Interest Incurred and Ca

Debt - Interest Incurred and Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Disclosure [Abstract]
Interest expense	$ 153,309	$ 140,260	$ 302,198	$ 266,538
Interest capitalized	1,435	0	1,864	0
Total interest incurred	$ 154,744	$ 140,260	$ 304,062	$ 266,538

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) € in Millions, £ in Millions, kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018GBP (£)	Jun. 30, 2018EUR (€)	Jun. 30, 2018NOK (kr)	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets	$ 800,000		$ 800,000					$ 1,900,000
Investments in unconsolidated joint ventures	2,491,342,000		2,491,342,000					1,655,239,000
Non-Designated Hedges | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	4,120,000	$ (1,551,000)	1,239,000	$ (2,098,000)
Designated Hedges | Other gain (loss), net | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	(247,000)	$ 0	2,336,000	$ 1,312,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 1,005,700,000		$ 1,005,700,000		£ 242	€ 507.3	kr 761.7	$ 1,139,000,000	£ 250.6	€ 499.2	kr 771.2

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 25,206	$ 10,152
Derivative Liabilities	(102,392)	(204,848)
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	25,206	10,152
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(102,392)	(204,848)
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	22,848	8,009
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(18,806)	(39,101)
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,358	2,143
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(83,586)	(165,747)
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	24,509	8,984
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(22,948)	(44,408)
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	22,848	8,009
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(18,806)	(39,101)
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,661	975
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(4,142)	(5,307)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	697	1,168
Derivative Liabilities	(79,444)	(160,440)
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	697	1,168
Interest rate contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(79,444)	(160,440)
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Interest rate contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Interest rate contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	697	1,168
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (79,444)	$ (160,440)

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Jun. 30, 2018 € in Thousands, £ in Thousands, kr in Thousands	$ / €	$ / kr	GBP (£)	EUR (€)	$ / £	NOK (kr)
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate | $ / £					1.36
Foreign exchange collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor	1.06				1.45
Foreign exchange collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap	1.53				1.82
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate | $ / kr		0.13
Foreign exchange contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	1.10				1.23
Foreign exchange contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate | $ / €	1.38
Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 41,304	€ 117,321
Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			93,955	318,655		kr 785,666
Non-Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			2,386	42
Non-Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 55,875	€ 10,374		kr 137,334

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)$ / £	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)$ / £	Jun. 30, 2017USD ($)	Jun. 30, 2018GBP (£)$ / £	Jun. 30, 2018EUR (€)$ / £
Maximum
Derivative [Line Items]
Forward rate | $ / £	1.36		1.36		1.36	1.36
Non-Designated Hedges | Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 24,720	$ (29,315)	$ 81,377	$ (6,723)
Non-Designated Hedges | Interest Rate Swap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000		$ 2,000,000
Forward rate	0.0339		0.0339		0.0339	0.0339
Non-Designated Hedges | Interest Rate Cap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 220,222		$ 220,222
Non-Designated Hedges | Interest Rate Cap | Three-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0224		0.0224		0.0224	0.0224
Non-Designated Hedges | Interest Rate Cap | Three-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0350		0.0350		0.0350	0.0350
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 4,643,828		$ 4,643,828
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0246		0.0246		0.0246	0.0246
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0570		0.0570		0.0570	0.0570
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor
Derivative [Line Items]
Notional amount | €						€ 554,507
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Minimum
Derivative [Line Items]
Forward rate	0.0075		0.0075		0.0075	0.0075
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Maximum
Derivative [Line Items]
Forward rate	0.0150		0.0150		0.0150	0.0150
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £					£ 422,029
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0200		0.0200		0.0200	0.0200
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0250		0.0250		0.0250	0.0250
Non-Designated Hedges | Deliverable swap futures
Derivative [Line Items]
Notional amount	$ 17,000		$ 17,000

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 25,206	$ 10,152
(Assets) Liabilities	(8,480)	(8,948)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	16,726	1,204
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(102,392)	(204,848)
(Assets) Liabilities	8,480	8,948
Cash Collateral Received (Pledged)	837	1,900
Net Amounts of Assets (Liabilities)	(93,075)	(194,000)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	24,509	8,984
(Assets) Liabilities	(8,480)	(8,944)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	16,029	40
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(22,948)	(44,408)
(Assets) Liabilities	8,480	8,944
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(14,468)	(35,464)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	697	1,168
(Assets) Liabilities	0	(4)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	697	1,164
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(79,444)	(160,440)
(Assets) Liabilities	0	4
Cash Collateral Received (Pledged)	837	1,900
Net Amounts of Assets (Liabilities)	$ (78,607)	$ (158,536)

Fair Value - Fair Value of Ass

Fair Value - Fair Value of Assets and Liabilities (Details)	6 Months Ended
	Jun. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	$ 144,421,000	$ 383,942,000
Other assets—derivative assets	25,206,000	10,152,000
Derivative liabilities	102,392,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)	8,121,000	7,419,000
Due to affiliates	9,383,000	23,534,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	0	0
Derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 3)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	25,206,000	10,152,000
Derivative liabilities	102,392,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	0	0
Derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 3)	8,121,000	7,419,000
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		147,945,000
CMBS | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
CMBS | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
CMBS | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		147,945,000
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
Other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
N-Star CDO | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
N-Star CDO | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	78,006,000	90,933,000
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	29,766,000	42,481,000
CMBS and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
CMBS and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	29,567,000	25,099,000
CMBS and other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	199,000	17,382,000
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	36,649,000	35,600,000
Securities	36,649,000	35,600,000
Equity securities of consolidated fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		35,600,000
Equity securities of consolidated fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity securities of consolidated fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		20,650,000
Contingent consideration | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		0
Contingent consideration | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		0
Colony NorthStar | Common Class A | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares	1,290,000
Colony NorthStar | Common Class B | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares	115,226
Colony NorthStar | OP Units | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares	4,400,000
Maximum | THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)	$ 13,000,000
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		45,423,000
Loans receivable—securitized loans | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		45,423,000
Investments in Unconsolidated Ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	217,098,000	363,901,000
Investments in Unconsolidated Ventures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	0	0
Investments in Unconsolidated Ventures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	132,527,000	0
Investments in Unconsolidated Ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	84,571,000	363,901,000
Securitization Bonds Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable		44,542,000
Securitization Bonds Payable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable		0
Securitization Bonds Payable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable		0
Securitization Bonds Payable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable		44,542,000
Discounted cash flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		7,419,000
Discounted cash flows | N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	78,006,000	90,933,000
Discounted cash flows | Private funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	10,217,000	204,774,000
Discounted cash flows | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	26,667,000	26,408,000
Monte Carlo simulation | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		20,650,000
Recent Transaction Price | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures	$ 47,687,000	$ 132,719,000
Capitalization rate | European Portfolio | Nonrecurring | Real estate held for investment | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, measurement input		0.055
Capitalization rate | European Portfolio | Nonrecurring | Real estate held for investment | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, measurement input		0.133
Discount rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.200	0.200
Discount rate | N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.12	0.24
Discount rate | Minimum | N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.106	0.108
Discount rate | Maximum | N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.235	0.874
Discount rate | Private funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.146
Discount rate | Private funds and other | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.110
Discount rate | Private funds and other | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.158	0.142
Discount rate | Other investment ventures | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.091	0.088
Discount rate | Other investment ventures | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.163	0.148
Discount rate | European Portfolio | Nonrecurring | Real estate held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, measurement input		0.10
Benchmark FFO volatility | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.118
Equity volatility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.187
Correlation | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.800
Common Stock | Contingent consideration | Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) | shares	15,000
Common Stock | Contingent consideration | Common Class B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) | shares	40,000
OP Units | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) | shares	1,950,000
Senior Management | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates	$ 6,381,000	$ 20,650,000
Senior Management | Recurring | Contingent consideration | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	6,381,000
Senior Management | Common Stock And OP Units | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity	$ 12,539,000

Fair Value - Changes in Fair V

Fair Value - Changes in Fair Value (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Level 3 Assets
Due to affiliates	$ 9,383,000		$ 23,534,000
Debt [Member] | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	(44,542,000)	$ 0
Paydowns, distributions or sales	638,000
Deconsolidation	43,847,000
Unrealized gains (losses) in earnings	57,000	0
Unrealized gains (losses) on ending balance in earnings	57,000	0
Fair Value, Liability Value	0	0
Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	(20,650,000)	(41,250,000)
Acquired through the Merger		0
Unrealized gains (losses) in earnings	1,730,000	8,250,000
Unrealized gains (losses) on ending balance in earnings	1,730,000	8,250,000
Fair Value, Liability Value	0	(33,000,000)
Loans Receivable | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	45,423,000	0
Paydowns, distributions or sales	638,000
Deconsolidation	(44,070,000)
Unrealized gains (losses) In earnings	(715,000)	0
Unrealized gains (losses) on ending balance in earnings	(715,000)	0
Fair Value, Asset Value	0	0
Investments in Unconsolidated Ventures | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	363,901,000	0
Acquired through the Merger		405,626,000
Purchases, contributions or accretion	60,995,000	27,017,000
Paydowns, distributions or sales	182,063,000	79,226,000
Transfers out of Level 3	(132,527,000)
Contribution to Colony Credit (Note 4)	(26,134,000)
Realized gains in earnings	2,697,000
Unrealized gains (losses) In earnings	(2,298,000)	11,633,000
Unrealized gains (losses) on ending balance in earnings	(2,298,000)	11,633,000
Fair Value, Asset Value	84,571,000	365,050,000
Securities | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	323,243,000	0
Acquired through the Merger		427,560,000
Purchases, contributions or accretion	5,360,000	30,069,000
Paydowns, distributions or sales	108,924,000	62,342,000
Deconsolidation	(124,344,000)
Realized gains in earnings	4,787,000	(2,110,000)
Unrealized gains (losses) In accumulated other comprehensive income	(21,917,000)	2,924,000
Unrealized gains (losses) on ending balance in earnings	0	0
Unrealized gains (losses) on ending balance in other comprehensive income (loss)	(3,827,000)
Fair Value, Asset Value	78,205,000	396,101,000
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	(7,419,000)	0
Unrealized gains (losses) in earnings	(702,000)	0
Unrealized gains (losses) on ending balance in earnings	(702,000)	0
Fair Value, Liability Value	$ (8,121,000)	$ 0

Fair Value - Net Asset Value (D

Fair Value - Net Asset Value (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 11,612
Unfunded Commitments	$ 14,493
Expected life of investment	8 years
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Non-traded REITs—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 11,527
Unfunded Commitments	$ 0

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 69,834	$ 12,761	$ 223,232	$ 21,280
Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	52,123		52,123		$ 49,498
Impairment loss	6,546	8,178	15,310	11,530
Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	166,130		166,130		224,935
Impairment loss	2,975	4,583	7,181	9,750
Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0		0		51,100
Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	12,015		12,015		11,871
Impairment loss	16,467	0	16,467	2,144
Level 2 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	3,808		3,808		13,252
Level 2 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0		0		0
Level 2 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0		0		0
Level 2 | Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0		0		0
Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	48,315		48,315		36,246
Level 3 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	166,130		166,130		224,935
Level 3 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0		0		51,100
Level 3 | Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	12,015		$ 12,015		$ 11,871
Level 3 | Minimum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs			2.00%
Level 3 | Maximum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs			8.00%
Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	0	0	$ 140,429	0
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 59,464	$ 0	$ 59,464	$ 0

Fair Value - Estimated Fair Va

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Loans at amortized cost	$ 0	$ 45,423
Level 1
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit		0
Level 1 | Convertible senior notes
Liabilities
Secured and unsecured debt	572,125	608,491
Level 1 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0
Level 1 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt		0
Level 1 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit		50,000
Level 2 | Convertible senior notes
Liabilities
Secured and unsecured debt	13,095	13,979
Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0
Level 2 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt		132,815
Level 2 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,792,043	3,232,301
Liabilities
Line of credit		0
Level 3 | Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,145,809	9,703,680
Level 3 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt		169,908
Level 3 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	206,415	216,316
Fair Value
Assets
Loans at amortized cost	1,792,043	3,232,301
Liabilities
Line of credit		50,000
Fair Value | Convertible senior notes
Liabilities
Secured and unsecured debt	585,220	622,470
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,145,809	9,703,680
Fair Value | Securitization Bonds Payable
Liabilities
Secured and unsecured debt		302,723
Fair Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	206,415	216,316
Carrying Value
Assets
Loans at amortized cost	1,791,889	3,178,339
Liabilities
Line of credit		50,000
Carrying Value | Convertible senior notes
Liabilities
Secured and unsecured debt	611,230	610,331
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,184,796	9,622,175
Carrying Value | Securitization Bonds Payable
Liabilities
Secured and unsecured debt		303,709
Carrying Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 198,089	$ 197,053

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018USD ($)securitization_trust	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Number of securitization vehicles sold | securitization_trust	2
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 3.7	$ 3.7
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	11.7	6.9
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	10.7	10.2
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		490.1
Securitization Vehicles | Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 81.8	$ 102.2
Colony Credit
Variable Interest Entity [Line Items]
Number of securitization vehicles contributed | securitization_trust	3

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)

Jan. 27, 2017$ / shares

Jan. 20, 2017$ / shares

Jan. 10, 2017$ / sharesshares

Jan. 10, 2017shares

Apr. 02, 2015

Jun. 30, 2018USD ($)votequarterdirector$ / sharesshares

Jun. 30, 2017USD ($)

Sep. 30, 2017USD ($)

Dec. 31, 2017USD ($)$ / sharesshares

May 23, 2018USD ($)

Feb. 26, 2018USD ($)

Feb. 23, 2017USD ($)

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) | quarter

6

Number of directors vote entitles | director

2

Minimum affirmative vote required for changes to any series of preferred stock

66.67%

Preferred stock, shares outstanding (in shares) | shares

39,466,000

39,466,000

57,464,000

65,464,000

Proceeds from issuance of preferred stock, net

$ 0

$ 333,460,000

Common stock conversion ratio for Class A to Class B / OP Units

1

Class A common stock acquired under the DRIP Plan | shares

0

Common Class A

Class of Stock [Line Items]

Voting rights per share of common stock | vote

1

Stock repurchase, authorized amount

$ 300,000,000

$ 300,000,000

Stock repurchase, period for repurchase

1 year

Shares repurchased (in shares) | shares

54,813,323

Value of shares repurchased

$ 318,500,000

Weighted average price per share (in dollars per share) | $ / shares

$ 5.81

Common Class B

Class of Stock [Line Items]

Voting rights per share of common stock | vote

36.5

Series I

Class of Stock [Line Items]

Preferred stock, shares outstanding (in shares) | shares

13,800,000

Dividend rate per annum, preferred stock

7.15%

Proceeds from issuance of preferred stock, net

$ 637,900,000

Series A

Class of Stock [Line Items]

Redemption amount per share (in dollars per share) | $ / shares

$ 25

Preferred stock, shares outstanding (in shares) | shares

2,467,000

2,467,000

Preferred stock redemptions payable

$ 644,900,000

Liquidation preference per share (in dollars per share) | $ / shares

$ 25

Series J

Class of Stock [Line Items]

Preferred stock, shares outstanding (in shares) | shares

12,600,000

Dividend rate per annum, preferred stock

7.125%

Colony NorthStar | Common Stock

Class of Stock [Line Items]

Dividends paid (in dollars per share) | $ / shares

$ 0.04444

$ 0.03

Colony NorthStar | Common Class A

Class of Stock [Line Items]

Exchange ratio

1.4663

1.4663

Colony NorthStar | Common Class B

Class of Stock [Line Items]

Exchange ratio

1.4663

NSAM | Common Stock

Class of Stock [Line Items]

Dividends paid (in dollars per share) | $ / shares

$ 1.16

NSAM | Colony NorthStar | Common Class A

Class of Stock [Line Items]

Exchange ratio

1.4663

Common stock conversion ratio for Class A to Class B / OP Units

1

Call Spread | Common Class A

Class of Stock [Line Items]

Shares repurchased (in shares) | shares

2,150,120

Value of shares repurchased

$ 29,800,000

Short | Call Spread | NSAM | Common Stock

Class of Stock [Line Items]

Settlement

21,900,000

Cash pledged as collateral, released

$ 15,000,000

Share Repurchase Program [Domain] | Common Class A

Class of Stock [Line Items]

Stock repurchase, authorized amount

$ 300,000,000

Shares repurchased (in shares) | shares

23,371,071

Weighted average price per share (in dollars per share) | $ / shares

$ 12.84

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) $ / shares in Units, $ in Thousands	Jan. 20, 2017$ / shares	Jan. 10, 2017$ / sharesshares	Jan. 10, 2017shares	Jun. 30, 2018$ / sharesshares	Jun. 30, 2017$ / sharesshares	Mar. 31, 2017$ / sharesshares	Mar. 31, 2017$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2017shares
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share) | $ / shares				$ 0.11	$ 0.27	$ 0.24	$ 0.27	$ 0.22	$ 0.54
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)						39,466,000		65,464,000
Preferred stock, shares outstanding (in shares)		39,466,000	39,466,000	57,464,000				57,464,000		65,464,000
Repurchase of preferred stock | $								$ 319,029	$ 167,985
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000					25,030,000	65,464,000	25,030,000	25,030,000
Number of shares issued or issuable in a combination (in shares)									39,466,000
Issuance of shares (in shares)									13,800,000
Repurchase of stock (in shares)								(8,000,000)	(12,547,000)
Preferred stock, shares outstanding (in shares)				57,464,000	65,749,000			57,464,000	65,749,000	65,464,000
Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		166,440,000					166,440,000	542,599,000	166,440,000	166,440,000
Number of shares issued or issuable in a combination (in shares)									392,120,000
Shares canceled (in shares)									(2,984,000)
Conversion of stock, shares issued (in shares)								28,000	28,000
Repurchase of stock (in shares)								(54,813,000)	(12,934,000)
Share-based compensation, net of forfeitures (in shares)								3,412,000	7,550,000
Shares canceled for tax withholding on vested stock awards (in shares)								(2,950,000)	(416,000)
Common stock, shares outstanding (in shares)				489,764,000	551,190,000			489,764,000	551,190,000	542,599,000
Shares repurchased (in shares)								54,813,323
Common Class A | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)								1,488,000	1,386,000
Common Class B
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		770,000					770,000	736,000	770,000	770,000
Number of shares issued or issuable in a combination (in shares)									0
Shares canceled (in shares)									0
Conversion of stock, shares converted (in shares)								(28,000)	(28,000)
Repurchase of stock (in shares)								0	0
Share-based compensation, net of forfeitures (in shares)								0	0
Shares canceled for tax withholding on vested stock awards (in shares)								0	0
Common stock, shares outstanding (in shares)				708,000	742,000			708,000	742,000	736,000
Common Class B | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)								0	0
Colony NorthStar | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 0.04444	$ 0.03
Colony NorthStar | Preferred Stock
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1
Colony NorthStar | Common Class A
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663					1.4663
Colony NorthStar | Common Class B
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663

Stockholders' Equity - Prefe121

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	57,464			65,464	39,466
Par Value (in dollars per share)	$ 575			$ 655	$ 1,010,320
Preferred stock, liquidation preference	1,436,605			$ 1,636,605
Proceeds from issuance of preferred stock, net	$ 0	$ 333,460
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum	8.25%
Preferred stock, shares outstanding (in shares)	6,114				13,999
Par Value (in dollars per share)	$ 61				$ 352,004
Preferred stock, liquidation preference	$ 152,855
Series E
Class of Stock [Line Items]
Dividend Rate Per Annum	8.75%
Preferred stock, shares outstanding (in shares)	10,000				10,000
Par Value (in dollars per share)	$ 100				$ 259,542
Preferred stock, liquidation preference	$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum	7.50%
Preferred stock, shares outstanding (in shares)	3,450
Par Value (in dollars per share)	$ 35
Preferred stock, liquidation preference	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	11,500
Par Value (in dollars per share)	$ 115
Preferred stock, liquidation preference	$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%
Preferred stock, shares outstanding (in shares)	13,800
Par Value (in dollars per share)	$ 138
Preferred stock, liquidation preference	$ 345,000
Proceeds from issuance of preferred stock, net			$ 637,900
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	12,600
Par Value (in dollars per share)	$ 126
Preferred stock, liquidation preference	$ 315,000
Series D
Class of Stock [Line Items]
Dividend Rate Per Annum	8.50%
Preferred stock, shares outstanding (in shares)				8,000	8,000
Par Value (in dollars per share)				$ 80	$ 206,597
Preferred stock, liquidation preference				$ 200,000

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption and Issuance of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	57,464	65,464
Preferred stock, shares outstanding (in shares)	57,464	65,464	39,466
Redemption amount per share (in dollars per share)	$ 25
Series A
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			2,467
Preferred stock redemptions payable	$ 644.9
Redemption amount per share (in dollars per share)	$ 25
Liquidation preference per share (in dollars per share)	$ 25
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	13,800
Dividend rate per annum, preferred stock	7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	12,600
Dividend rate per annum, preferred stock	7.125%

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,349,392	$ 5,616,927
Cumulative effect of adoption of new accounting pronouncements	(1,220)
Ending balance	11,386,203	13,173,646
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,316	(32,109)
Cumulative effect of adoption of new accounting pronouncements	(202)
Other comprehensive income (loss) before reclassifications	(22,344)	38,361
Amounts reclassified from AOCI	(3,436)	632
Deconsolidation of N-Star CDO	(2,596)
Ending balance	23,930	6,884
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,616	85
Cumulative effect of adoption of new accounting pronouncements	(202)
Other comprehensive income (loss) before reclassifications	1,968	562
Amounts reclassified from AOCI	0	20
Deconsolidation of N-Star CDO	0
Ending balance	7,382	667
Gain (Loss) on Marketable Securities Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	14,418	(112)
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	(15,807)	3,022
Amounts reclassified from AOCI	(4,806)	(106)
Deconsolidation of N-Star CDO	(2,596)
Ending balance	(3,599)	2,804
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(41)
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	0	41
Amounts reclassified from AOCI	0	0
Ending balance	0	0
Foreign Currency Translation Gain/(Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	45,931	(76,426)
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	(21,612)	77,109
Amounts reclassified from AOCI	4,158	934
Ending balance	28,477	1,617
Gain/(Loss) on Net Investment Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(18,649)	44,385
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	13,107	(42,373)
Amounts reclassified from AOCI	(2,788)	(216)
Ending balance	(8,330)	1,796
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	42,075	(45,942)
Other comprehensive income (loss) before reclassifications	(9,347)	56,122
Amounts reclassified from AOCI	3,765	1,560
Ending balance	36,493	11,740
Gain (Loss) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(527)
Other comprehensive income (loss) before reclassifications	0	981
Amounts reclassified from AOCI	0	(454)
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	38,948	(57,213)
Other comprehensive income (loss) before reclassifications	(12,639)	60,925
Amounts reclassified from AOCI	4,409	994
Ending balance	30,718	4,706
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,127	11,798
Other comprehensive income (loss) before reclassifications	3,292	(5,784)
Amounts reclassified from AOCI	(644)	1,020
Ending balance	$ 5,775	$ 7,034

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 28,798	$ (23,850)	$ 104,054	$ 1,531
Earnings from investments in unconsolidated ventures	1,875	122,394	34,140	236,386
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	2,194	106	10,100	106
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment and write-offs of securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(1,188)	0	(5,294)	0
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	5	(934)	(4,158)	(934)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	2,082	0	584	(744)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(232)	960	2,204	960
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of securitization trusts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(2,596)	0	(2,596)	0
Earnings from investments in unconsolidated ventures | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings from investments in unconsolidated ventures	$ 0	$ (23)	$ 0	$ (20)

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 29, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance				$ 34,144	$ 0
Assumed through					514,615
Distributions and redemptions				(226,724)	(375,231)
Net income		$ 1,873	$ 720	1,177	1,337
Ending balance		$ 33,523	$ 79,504	33,523	79,504
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions				305	0
Distributions and redemptions				(2,103)	(709)
Net income				1,177	1,337
Currency translation adjustment and other				0	33
Redeemable noncontrolling interests | Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through				$ 0	$ 78,843
Townsend
Noncontrolling Interest [Line Items]
Proceeds from sale of interest, allocated	$ 20,000

Noncontrolling Interests - In I

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2017USD ($)	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)shares
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation		$ 330,980
Acquisition of noncontrolling interests		$ 2,096
OP Units to common stock, conversion ratio		1
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 5,085
Issuance of shares (in shares) | shares		1,488,469		1,684,170
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1		1
OP units redeemed (in shares) | shares		1,855,562		2,076,214
Partners' capital account, units redeemed for cash (in shares) | shares		367,093
OP units redeemed, cash settlement		$ 2,100		$ 5,100
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		21,100
Additional Paid-in Capital | Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (18,884)	$ (18,796)
Healthcare
Noncontrolling Interest [Line Items]
Noncontrolling interest sold	18.70%
Noncontrolling interest, cost of new capital	$ 9,200
Healthcare | Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation	$ 41,200

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 10, 2017
Expenses
Net income from discontinued operations		$ (219)	$ 0	$ (102)	$ 12,560
Discontinued Operations, Held-for-sale or Disposed of by Sale
Revenues
Property operating income		470	0	1,186	33,857
Other income		0	0	0	2,257
Expenses
Property operating expenses		(571)	0	(1,159)	(12,395)
Interest expense		0	0	0	(9,028)
Loss on sale of real estate assets		0	0	0	(2,108)
Other expenses		(118)	0	(129)	(23)
Net income from discontinued operations		(219)	0	(102)	12,560
Income tax expense		0	0	0	0
Net income from discontinued operations		(219)	0	(102)	12,560
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.		(114)	0	(53)	12,560
Manufactured Housing | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price						$ 2,000,000
Mortgage financing assumed by buyer			1,300,000		1,300,000
Proceeds from sale of real estate	$ 664,400
Noncontrolling Interests in Investment Entities | Discontinued Operations, Held-for-sale or Disposed of by Sale
Expenses
Net income from discontinued operations attributable to:		98	0	45	0
Noncontrolling Interests in Operating Company | Discontinued Operations, Held-for-sale or Disposed of by Sale
Expenses
Net income from discontinued operations attributable to:		$ 7	$ 0	$ 4	$ 0

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Units to common stock, conversion ratio				1
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations		$ (41,629)	$ 105,192	$ (68,045)	$ 144,822
Net income (loss) from discontinued operations after tax		(219)	0	(102)	12,560
Net income (loss)		(41,848)	105,192	(68,147)	157,382
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests		(1,873)	(720)	(1,177)	(1,337)
Investment entities		(27,420)	(23,800)	(47,522)	(50,859)
Operating Company		5,728	(2,330)	10,106	(1,247)
Net income (loss) attributable to Colony Capital, Inc.		(65,413)	78,342	(106,740)	103,939
Preferred stock redemption		3,995	(5,448)	3,995	(5,448)
Preferred dividends		(31,388)	(34,339)	(62,775)	(65,152)
Net income (loss) attributable to common stockholders		(92,806)	38,555	(165,520)	33,339
Net income allocated to participating securities		(643)	(2,546)	(1,272)	(4,784)
Net income (loss) allocated to common stockholders—basic		(93,449)	36,009	(166,792)	28,555
Interest expense attributable to convertible senior notes		0	0	0	0
Net income (loss) allocated to common stockholders—diluted		$ (93,449)	$ 36,009	$ (166,792)	$ 28,555
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) | shares		488,676,000	544,023,000	509,562,000	525,318,000
Weighted average effect of dilutive shares (in shares) | shares		0	0	0	0
Diluted weighted average number of common shares outstanding (in shares) | shares		488,676,000	544,023,000	509,562,000	525,318,000
Basic earnings (loss) per share
Net income from continuing operations (in dollars per share) | $ / shares		$ (0.19)	$ 0.07	$ (0.33)	$ 0.03
Income from discontinued operations (in dollars per share) | $ / shares		0	0	0	0.02
Basic (in dollars per share) | $ / shares		(0.19)	0.07	(0.33)	0.05
Diluted earnings (loss) per share
Net income from continuing operations (in dollars per share) | $ / shares		(0.19)	0.07	(0.33)	0.03
Income from discontinued operations (in dollars per share) | $ / shares		0	0	0	0.02
Diluted (in dollars per share) | $ / shares		$ (0.19)	$ 0.07	$ (0.33)	$ 0.05
Colony NorthStar | Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchange ratio	1.4663			1.4663
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS		$ 7,100	$ 7,400	$ 14,300	$ 14,600
Weighted average dilutive common share | shares		38,112,100	38,839,200	38,112,100	38,778,400
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share | shares		605,800	598,500	634,200	300,900
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share | shares			2,137,500		1,074,700
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share | shares				30,426,900	32,580,900
OP Units to common stock, conversion ratio				1

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Base management fees ($35,484, $42,657, $69,660 and $81,640 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 35,750	$ 47,342	$ 69,926	$ 90,117
Base management fees ($35,484, $42,657, $69,660 and $81,640 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	35,484	42,657	69,660	81,640
Asset management fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	761	1,148	1,435	1,754
Acquisition and disposition fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	0	1,095	1,922	7,024
Incentive fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	0	0	0	270
Other fee income ($3,389, $0, $3,389 and $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,413	4,734	3,483	8,404
Other fee income ($3,389, $0, $3,389 and $0 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	3,389	0	3,389	0
Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	39,924	54,319	76,766	107,569
Fee income | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 39,634	$ 44,900	$ 76,406	$ 90,688

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer		$ 35,750	$ 47,342	$ 69,926	$ 90,117
Base Management Fees | Private funds and other | Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital				1.00%
Base Management Fees | Non Traded REIT | Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity				1.00%
Revenue from contract with customer	$ 2,500
Base Management Fees | Non Traded REIT | Fee income | Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity				1.50%
Base Management Fees | Registered Investment Companies | Fee income
Management Fee Income [Line Items]
Percent of average net assets				1.25%
Base Management Fees | NRE | Fee income
Management Fee Income [Line Items]
Revenue from contract with customer				$ 14,200
Percent increase per year				1.50%
Base Management Fees | Colony Credit | Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity				1.50%
Fee income
Management Fee Income [Line Items]
Revenue from contract with customer		39,924	54,319	$ 76,766	107,569
Fee income | Private funds and other
Management Fee Income [Line Items]
Revenue from contract with customer		17,171	15,459	30,312	30,286
Fee income | Non Traded REIT
Management Fee Income [Line Items]
Revenue from contract with customer		6,244	20,789	17,703	43,026
Fee income | Public Funds
Management Fee Income [Line Items]
Revenue from contract with customer		16,219	3,555	28,391	6,725
Fee income | Other
Management Fee Income [Line Items]
Revenue from contract with customer		290	14,516	$ 360	27,532
Asset Management Fees | Asset management fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital				0.50%
Acquisition and Disposition Fees | Asset management fees | Minimum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment				1.00%
Percent of contractual sales price for disposition of investment				1.00%
Acquisition and Disposition Fees | Asset management fees | Maximum
Management Fee Income [Line Items]
Percent of contractual sales price for disposition of investment				2.00%
Incentive Fees
Management Fee Income [Line Items]
Percent of fees allocated to employees				40.00%
Other Fee Income
Management Fee Income [Line Items]
Revenue from contract with customer		$ 3,413	$ 4,734	$ 3,483	$ 8,404
Other Fee Income | Selling Commissions or Dealer Manager Fees
Management Fee Income [Line Items]
Percent of selling commissions				8.00%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2017USD ($)shares	Jan. 31, 2017$ / sharesshares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / shares	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested			$ 1,500	$ 1,300	$ 106,500	$ 15,000
Granted (USD per share) | $ / shares					$ 6.25	$ 14.43
Share-based compensation expenses			9,375	$ 37,914	$ 21,566	$ 70,098
Aggregate unrecognized compensation cost related to restricted stock granted			$ 56,300		$ 56,300
Weighted average period of expected cost					2 years 2 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Service period					3 years
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Granted (USD per share) | $ / shares					$ 5.09
LTIP Units | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance | shares			44,700,000		44,700,000
Conversion of units, conversion ratio					1
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses			$ 4,200		$ 5,000
Aggregate unrecognized compensation cost related to restricted stock granted			$ 24,500		$ 24,500
Weighted average period of expected cost					2 years 8 months
Common Class A | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period					3 years
Colony NorthStar
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares						$ 345,000
Colony NorthStar | Common Class A | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares					44,464
Townsend | Restricted Stock | NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, conversion ratio					1
American Healthcare Investors, LLC | NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage							43.00%
Executive Officer | Restricted Stock | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares		4,669,518
Volume weighted average price of stock, number of trading days		5 days
Floor price (USD per share) | $ / shares		$ 15
Executive Officer | LTIP Units | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares		3,506,387
Certain Employees | American Healthcare Investors, LLC | Common Class A | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares	70,261
Issuance of shares	$ 1,000
Minimum | Common Class A | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted					0.00%
Maximum | Common Class A | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted					200.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details) - PSU	6 Months Ended
	Jun. 30, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	38.00%
Expected annual dividend yield	7.60%
Risk-free rate	2.44%

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 9,375	$ 37,914	$ 21,566	$ 70,098
Compensation expense (including $181, $0, $203 and $0 amortization of fair value of dividend equivalent right)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	9,375	37,412	21,566	68,989
Amortization of fair value of dividend equivalent right	181	0	203	0
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	0	0	61
Investment, servicing and commission expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 0	$ 502	$ 0	$ 1,048

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	12,734,170
Granted (shares)	5,784,127
Vested (shares)	(9,937,116)
Forfeited (shares)	(21,662)
Nonvested shares at period end (shares)	8,559,519
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 14.53
Granted (USD per share)	6.25	$ 14.43
Vested (USD per share)	14.54
Forfeited (USD per share)	6.65
Nonvested shares at period end (USD per share)	$ 9.84
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	9,149,516
Granted (shares)	3,432,893
Vested (shares)	(6,316,465)
Forfeited (shares)	(20,345)
Nonvested shares at period end (shares)	6,245,599
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	3,506,387
Granted (shares)
Vested (shares)	(3,506,387)
Forfeited (shares)
Nonvested shares at period end (shares)	0
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	78,267
Granted (shares)	212,376
Vested (shares)	(114,264)
Forfeited (shares)
Nonvested shares at period end (shares)	176,379
PSU
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	0
Granted (shares)	2,138,858
Vested (shares)	0
Forfeited (shares)	(1,317)
Nonvested shares at period end (shares)	2,137,541
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 0
Granted (USD per share)	5.09
Vested (USD per share)	0
Forfeited (USD per share)	5.09
Nonvested shares at period end (USD per share)	$ 5.09

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from affiliates	$ 44,308	$ 51,518
Due to Affiliates	9,383	23,534
Fee income
Related Party Transaction [Line Items]
Due from affiliates	29,574	19,366
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	13,496	30,749
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,238	1,403
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to Affiliates	3,002	2,884
Employees
Related Party Transaction [Line Items]
Due to Affiliates		20,650
Senior Management | Employees
Related Party Transaction [Line Items]
Due to Affiliates	$ 6,381	$ 20,650

Transactions with Affiliates136

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Retail companies
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs			2.00%
Expected reimbursable direct and indirect operating costs, percent of net income			25.00%
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs			20.00%
Minimum | Retail companies
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs			1.00%
Cost Reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 10,094	$ 6,973	$ 16,887	$ 13,676
Cost Reimbursements | Company Managed Private Funds
Related Party Transaction [Line Items]
Revenue from contract with customer	800				$ 2,000
Cost Reimbursements | Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	484	5,335	2,871	10,670
Cost Reimbursements | Public companies—NRE and Colony Credit
Related Party Transaction [Line Items]
Revenue from contract with customer	2,944	0	4,694	0
Cost Reimbursements | Private funds and other
Related Party Transaction [Line Items]
Revenue from contract with customer	2,416	1,244	4,260	1,947
Cost Reimbursements | Equity awards of NRE and Colony Credit (Note 21)
Related Party Transaction [Line Items]
Revenue from contract with customer	4,250	0	5,062	0
Cost Reimbursements | Townsend
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 0	$ 394	$ 0	$ 1,059

Transactions with Affiliates137

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Management fee, percent of net asset value				1.25%
Due to affiliates		$ 9,383,000		$ 9,383,000		$ 23,534,000
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates						20,650,000
American Healthcare Investors, LLC | Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees		$ 1,300,000	$ 1,200,000	$ 2,600,000	$ 2,300,000
Minimum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage		20.00%		20.00%
Maximum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage		25.00%		25.00%
NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility		$ 35,000,000		$ 35,000,000
Extension option, term				6 months
Unused borrowing capacity, fee				$ 0
Outstanding advances		0		$ 0		0
Colony Credit | Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from sale of equity method investments	$ 89,100,000
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate				3.50%
Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity
Related Party Transaction [Line Items]
Investments		6,500,000		$ 6,500,000		4,800,000
Net income attributable to noncontrolling interest		1,600,000		2,800,000
Senior Management | Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates		6,381,000		6,381,000		$ 20,650,000
Common Stock And OP Units | Senior Management | Affiliated Entity | Contingent consideration
Related Party Transaction [Line Items]
Transfer out of liabilities into equity				12,539,000
Cost Reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer		10,094,000	6,973,000	16,887,000	13,676,000
Cost Reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer		$ 300,000	$ 500,000	$ 400,000	$ 900,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating Leased Assets [Line Items]
Contingent consideration, liability	$ 8,121		$ 8,121		$ 7,419
Office leases
Operating Leased Assets [Line Items]
Rent expense	$ 2,600	$ 3,300	$ 5,300	$ 6,000

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			6
Total revenues	$ 689,599	$ 679,372	$ 1,356,263	$ 1,286,537
Property operating expenses	320,674	253,717	626,444	470,066
Interest expense	153,309	140,260	302,198	266,538
Depreciation and amortization	137,896	153,111	282,601	290,531
Provision for loan loss	13,933	1,067	19,308	7,791
Impairment loss	69,834	12,761	223,232	21,280
Gain on sale of real estate	42,702	15,190	61,146	24,160
Earnings from investments in unconsolidated ventures	1,875	122,394	34,140	236,386
Income tax benefit (expense)	584	86	33,392	(3,623)
Income (loss) from continuing operations	(41,629)	105,192	(68,045)	144,822
Net income (loss) from discontinued operations after tax	(219)	0	(102)	12,560
Net income (loss)	(41,848)	105,192	(68,147)	157,382
Net income (loss) attributable to Colony Capital, Inc.	(65,413)	78,342	(106,740)	103,939
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	145,419	159,357	298,014	298,170
Property operating expenses	69,983	72,460	136,949	133,146
Interest expense	45,179	47,844	96,120	88,936
Depreciation and amortization	38,229	49,577	79,356	90,458
Provision for loan loss	0	0	0	0
Impairment loss	1,982	0	5,762	0
Gain on sale of real estate	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(355)	210	(1,353)	2,032
Income (loss) from continuing operations	(20,080)	(11,394)	(32,614)	(20,660)
Net income (loss) from discontinued operations after tax	0		0	0
Net income (loss)	(20,080)	(11,394)	(32,614)	(20,660)
Net income (loss) attributable to Colony Capital, Inc.	(14,356)	(8,071)	(24,716)	(16,509)
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total revenues	72,477	56,125	141,230	113,167
Property operating expenses	20,483	16,195	41,294	32,692
Interest expense	10,856	7,934	21,046	20,360
Depreciation and amortization	32,482	25,804	62,427	50,443
Provision for loan loss	0	0	0	0
Impairment loss	174	0	174	0
Gain on sale of real estate	0	8,695	2,293	8,695
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(38)	(2,746)	(41)	(2,148)
Income (loss) from continuing operations	4,668	9,072	10,989	9,591
Net income (loss) from discontinued operations after tax	0		0	0
Net income (loss)	4,668	9,072	10,989	9,591
Net income (loss) attributable to Colony Capital, Inc.	810	3,275	2,088	3,213
Operating Segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	229,373	221,522	425,155	397,235
Property operating expenses	143,321	139,818	279,416	258,309
Interest expense	36,494	35,884	70,855	63,133
Depreciation and amortization	35,925	33,508	71,382	63,549
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(1,556)	(909)	(75)	947
Income (loss) from continuing operations	6,771	5,750	(5,115)	2,134
Net income (loss) from discontinued operations after tax	0		0	0
Net income (loss)	6,771	5,750	(5,115)	2,134
Net income (loss) attributable to Colony Capital, Inc.	5,767	4,796	(4,283)	1,803
Operating Segments | Colony Credit Real Estate Segment
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Property operating expenses	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	0	0	0	0
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Earnings from investments in unconsolidated ventures	5,413	0	1,759	0
Income tax benefit (expense)	0	0	0	0
Income (loss) from continuing operations	5,413	0	1,759	0
Net income (loss) from discontinued operations after tax	0		0	0
Net income (loss)	5,413	0	1,759	0
Net income (loss) attributable to Colony Capital, Inc.	5,104	0	1,658	0
Operating Segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	190,950	179,973	396,104	355,059
Property operating expenses	86,887	25,244	168,785	45,919
Interest expense	46,476	35,630	86,756	66,449
Depreciation and amortization	23,521	26,894	52,490	55,112
Provision for loan loss	13,933	1,067	19,308	7,791
Impairment loss	7,366	12,761	16,555	21,280
Gain on sale of real estate	42,702	6,495	58,853	15,465
Earnings from investments in unconsolidated ventures	7,767	119,554	34,984	228,391
Income tax benefit (expense)	(262)	(705)	(4,801)	(2,038)
Income (loss) from continuing operations	61,853	185,630	130,284	365,538
Net income (loss) from discontinued operations after tax	(219)		(102)	0
Net income (loss)	61,634	185,630	130,182	365,538
Net income (loss) attributable to Colony Capital, Inc.	31,333	156,011	80,442	299,923
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total revenues	49,543	60,531	92,064	120,171
Property operating expenses	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	6,204	15,594	13,880	28,077
Provision for loan loss	0	0	0	0
Impairment loss	60,312	0	200,741	0
Gain on sale of real estate	0	0	0	0
Earnings from investments in unconsolidated ventures	(11,305)	2,840	(2,603)	7,995
Income tax benefit (expense)	2,882	6,279	39,685	4,210
Income (loss) from continuing operations	(48,700)	26,112	(133,324)	46,101
Net income (loss) from discontinued operations after tax	0		0	0
Net income (loss)	(48,700)	26,112	(133,324)	46,101
Net income (loss) attributable to Colony Capital, Inc.	(47,070)	23,990	(127,590)	42,250
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	1,837	1,864	3,696	2,735
Property operating expenses	0	0	0	0
Interest expense	14,304	12,968	27,421	27,660
Depreciation and amortization	1,535	1,734	3,066	2,892
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(87)	(2,043)	(23)	(668)
Income (loss) from continuing operations	(51,554)	(109,978)	(40,024)	(257,882)
Net income (loss) from discontinued operations after tax	0		0	12,560
Net income (loss)	(51,554)	(109,978)	(40,024)	(245,322)
Net income (loss) attributable to Colony Capital, Inc.	$ (47,001)	$ (101,659)	$ (34,339)	$ (226,741)

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 22,819,717		$ 22,819,717		$ 24,785,650
Equity method investments	2,379,074		2,379,074		1,527,054
Total income by geography	681,380	$ 794,793	1,373,516	$ 1,509,247
Long-lived assets by geography	14,732,016		14,732,016		14,973,479
United States
Segment Reporting Information [Line Items]
Total income by geography	612,168	715,304	1,225,829	1,358,432
Long-lived assets by geography	13,101,730		13,101,730		13,224,197
Europe
Segment Reporting Information [Line Items]
Total income by geography	69,212	78,586	147,385	149,013
Long-lived assets by geography	1,630,286		1,630,286		1,749,282
Other
Segment Reporting Information [Line Items]
Total income by geography	0	$ 903	302	$ 1,802
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Total assets	5,700,474		5,700,474		5,813,552
Equity method investments	0		0		0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	3,075,143		3,075,143		2,810,135
Equity method investments	0		0		0
Operating Segments | Hospitality
Segment Reporting Information [Line Items]
Total assets	4,076,297		4,076,297		4,094,596
Equity method investments	0		0		0
Operating Segments | Colony Credit Real Estate Segment
Segment Reporting Information [Line Items]
Total assets	1,146,355		1,146,355		0
Equity method investments	1,146,355		1,146,355		0
Operating Segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	6,592,937		6,592,937		9,233,606
Equity method investments	1,002,983		1,002,983		1,315,629
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total assets	2,028,661		2,028,661		2,733,197
Equity method investments	225,994		225,994		207,683
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	199,850		199,850		100,564
Equity method investments	$ 3,742		$ 3,742		$ 3,742

Supplemental Disclosure of C141

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Capitalized interest	$ 1,864	$ 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized interest of $1,864 and $0, respectively	258,626	202,861
Cash paid for income taxes, net of refunds	9,217	21,517
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	86,656	186,990	$ 188,202
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547	0
Preferred stock redemptions payable	200,000		$ 0
Redemption of OP Units for common stock	18,899	18,810
Improvements in operating real estate in accrued and other liabilities	5,242	1,811
Deconsolidation of net assets of securitization trusts (Note 15)	131,386	0
Assets held for sale contributed to equity method investee (Note 10)	20,350	0
Change in contributions receivable from noncontrolling interests	25,501	11,500
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	0	66,020
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	0	16,821,714
Liabilities assumed in Merger (Note 3)	0	11,323,286
Noncontrolling interests assumed in Merger (Note 3)	0	593,458
Common stock issued for acquisition of NSAM and NRF (Note 3)	0	5,710,134
Preferred stock issued for acquisition of NRF (Note 3)	0	1,010,320
Debt assumed by buyer in sale of manufactured housing portfolio (Note 18)	0	1,258,558
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	0	219,278
Foreclosures on collateral assets of originated or acquired loans receivable	0	8,935
Proceeds from loan repayments and asset sales held in escrow	0	63,168
Costs associated with contributions from noncontrolling interests	0	2,444
Amounts payable for purchase of securities available for sale	$ 0	$ 2,255