DigitalBridge (DBRG) 10-K 2 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Feb. 25, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	COLONY CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	515 South Flower Street
Entity Address, Address Line Two	44th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	310
Local Phone Number	282-8820
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,410
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		486,636,319
Class A Common Stock | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Class A Common Stock, $0.01 par value
Trading Symbol(s)	CLNY
Name of Each Exchange on Which Registered	NYSE
Series G | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRG
Name of Each Exchange on Which Registered	NYSE
Series I | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRI
Name of Each Exchange on Which Registered	NYSE
Series H | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRH
Name of Each Exchange on Which Registered	NYSE
Series J | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRJ
Name of Each Exchange on Which Registered	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		733,931

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,205,190	$ 461,912
Restricted cash	203,923	364,605
Real estate, net	10,860,518	10,826,010
Loans receivable, net	1,552,824	1,659,217
Equity and debt investments ($457,693 and $142,130 at fair value, respectively)	2,313,805	2,529,747
Goodwill	1,452,891	1,514,561
Deferred leasing costs and intangible assets, net	638,853	445,930
Assets held for sale	870,052	3,969,635
Other assets ($21,386 and $33,558 at fair value, respectively)	682,648	400,143
Due from affiliates	51,480	43,489
Total assets	19,832,184	22,215,249
Liabilities
Debt, net	8,983,908	8,975,372
Accrued and other liabilities ($136,861 and $141,711 at fair value, respectively)	1,015,898	634,144
Intangible liabilities, net	111,484	147,470
Liabilities related to assets held for sale	268,152	1,218,495
Due to affiliates	34,064	0
Dividends and distributions payable	83,301	84,013
Preferred stock redemptions payable	402,855	0
Total liabilities	10,899,662	11,059,494
Commitments and contingencies (Note 22)
Redeemable noncontrolling interests	6,107	9,385
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,033,750 and $1,436,605 liquidation preference, respectively; 250,000 shares authorized; 41,350 and 57,464 shares issued and outstanding, respectively	999,490	1,407,495
Additional paid-in capital	7,553,599	7,598,019
Accumulated deficit	(3,389,592)	(2,018,302)
Accumulated other comprehensive income	47,668	13,999
Total stockholders’ equity	5,216,043	7,006,052
Noncontrolling interests in investment entities	3,254,188	3,779,728
Noncontrolling interests in Operating Company	456,184	360,590
Total equity	8,926,415	11,146,370
Total liabilities, redeemable noncontrolling interests and equity	19,832,184	22,215,249
Class A, 949,000 shares authorized; 487,044 and 483,347 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,871	4,834
Class B, 1,000 shares authorized; 734 shares issued and outstanding
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity and debt investments, fair value disclosure	$ 457,693	$ 142,130
Other assets, fair value	21,386	33,558
Accrued and other liabilities, at fair value	$ 136,861	$ 141,711
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,033,750	$ 1,436,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	41,350,000	57,464,000
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000
Class A Common Stock
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)	487,044,000	483,347,000
Common stock, shares outstanding (in shares)	487,044,000	483,347,000
Class B Common Stock
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)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Interest income	$ 166,771	$ 214,588	$ 416,234
Total revenues	2,326,354	2,366,942	2,549,540
Expenses
Property operating expense	1,090,909	1,150,656	1,046,313
Interest expense	535,538	552,838	536,256
Investment and servicing expense	78,258	67,113	67,455
Transaction costs	3,607	7,266	95,859
Placement fees	1,802	7,615	824
Depreciation and amortization	489,792	443,302	508,514
Provision for loan loss	35,880	43,034	19,741
Impairment loss	1,146,443	587,275	420,316
Compensation expense—cash and equity-based	214,826	213,882	338,766
Compensation expense—carried interest and incentive fee	16,564	7,485	0
Administrative expenses	90,356	92,431	106,279
Total expenses	3,703,975	3,172,897	3,140,323
Other income (loss)
Gain on sale of real estate	62,916	159,598	112,758
Other gain (loss), net	(193,302)	51,706	(25,814)
Equity method earnings (losses)	(140,384)	(9,601)	283,283
Equity method earnings—carried interest	11,682	9,525	0
Loss from continuing operations before income taxes	(1,636,709)	(594,727)	(220,556)
Income tax benefit (expense)	(14,003)	59,970	100,495
Loss from continuing operations	(1,650,712)	(534,757)	(120,061)
Income from discontinued operations	1,501,797	39,582	55,448
Net loss	(148,915)	(495,175)	(64,613)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	2,559	(3,708)	23,543
Investment entities	990,360	67,994	129,996
Operating Company	(93,027)	(39,854)	(20,261)
Net loss attributable to Colony Capital, Inc.	(1,048,807)	(519,607)	(197,891)
Preferred stock redemption (Note 14)	(5,150)	(3,995)
Preferred stock redemption (Note 14)			4,530
Preferred stock dividends	108,550	117,097	130,672
Net loss attributable to common stockholders	$ (1,152,207)	$ (632,709)	$ (333,093)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (3.38)	$ (1.31)	$ (0.70)
Net loss per basic common share (in dollars per share)	(2.41)	(1.28)	(0.64)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(3.38)	(1.31)	(0.70)
Net loss per diluted common share (in dollars per share)	$ (2.41)	$ (1.28)	$ (0.64)
Weighted average number of shares
Basic (in shares)	479,588	496,993	532,600
Diluted (in shares)	479,588	496,993	532,600
Property operating income
Revenues
Income	$ 1,856,409	$ 1,960,559	$ 1,873,055
Fee income ($220,584, $143,218 and $180,892 from affiliates, respectively)
Revenues
Income	223,915	144,443	216,767
Other income ($64,226, $34,695 and $25,630 from affiliates, respectively)
Revenues
Income	$ 79,259	$ 47,352	$ 43,484

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total fee income
Income	$ 223,915	$ 144,443	$ 216,767
Total fee income | Affiliated Entity
Income	220,584	143,218	180,892
Other Income
Income	79,259	47,352	$ 43,484
Other Income | Affiliated Entity
Income	$ 64,226	$ 34,695

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net loss	$ (148,915)	$ (495,175)	$ (64,613)
Changes in accumulated other comprehensive income (loss) related to:
Investments in unconsolidated ventures, net	6,366	(1,809)	5,849
Available-for-sale debt securities	12,052	(18,645)	15,918
Cash flow hedges	(767)	(487)	0
Foreign currency translation	(24,234)	(81,135)	216,262
Net investment hedges	27,541	33,747	(70,661)
Other comprehensive income (loss)	20,958	(68,329)	167,368
Comprehensive income (loss)	(127,957)	(563,504)	102,755
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive loss attributable to stockholders	(1,014,170)	(552,650)	(123,012)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	2,559	(3,708)	23,543
Comprehensive income attributable to noncontrolling interests	973,447	34,573	218,013
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (89,793)	$ (41,719)	$ (15,789)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Class A Common Stock	Class A Common StockTotal Stockholders’ Equity	Class A Common StockCommon Stock	Class A Common StockAdditional Paid-in Capital	Class A Common StockNoncontrolling Interests in Operating Company	OP Units	OP UnitsNoncontrolling Interests in Operating Company	Colony NorthStar	Colony NorthStarTotal Stockholders’ Equity	Colony NorthStarPreferred Stock
Beginning balance at Dec. 31, 2016		$ 2,773,799	$ 607,200	$ 1,672	$ 2,443,100	$ (246,064)	$ (32,109)
Beginning balance at Dec. 31, 2016								$ 2,453,938	$ 389,190
Beginning balance at Dec. 31, 2016	$ 5,616,927						(32,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(88,156)	(197,891)				(197,891)
Net income (loss)	129,996							129,996
Net income (loss)	(20,261)								(20,261)
Other comprehensive income (loss)	167,368	74,879					74,879	88,017	4,472
Merger consideration (Note 3)	6,720,454	6,720,454	1,010,320	3,891	5,706,243
Preferred stock dividends	(138,196)	(138,196)				(138,196)											$ (12,869)	$ (12,869)	$ (12,869)
Fair value of noncontrolling interests assumed	513,847							505,685	8,162
Issuance of Cumulative Redeemable Perpetual Preferred Stock	660,000	660,000	660,000
Offering costs	(21,900)	(21,900)	(21,900)
Redemption of stock	(635,785)	(635,785)	(635,785)	8	(8)
Common stock repurchases	(300,177)	(300,177)		(234)	(299,943)
Equity-based compensation	154,429	104,374		81	104,293				50,055
Redemption of OP Units for cash and class A common					(21,800)					$ (5,085)	$ 22,831	$ 17	$ 22,814	$ (27,916)
Exchange of notes for class A common stock										3,279	3,279	2	3,277
Shares canceled for tax withholdings on vested stock awards	(5,668)	(5,668)		(4)	(5,664)
Settlement of call spread option	6,900	6,900			6,900
Costs of noncontrolling equity	(9,209)	(9,209)			(9,209)
Deconsolidation of investment entities	(4,000)							(4,000)
Contributions from noncontrolling interests	1,190,383							1,190,383
Distributions to noncontrolling interests	(879,889)							(844,502)	(35,387)
Common stock dividends declared	(583,261)	(583,261)				(583,261)
Reallocation of equity (Note 2 and 15)	0	(53,635)			(58,181)		4,546	19,555	34,080
Ending balance at Dec. 31, 2017		8,407,925	1,606,966	5,433	7,913,622	(1,165,412)	47,316
Ending balance at Dec. 31, 2017								3,539,072	402,395
Ending balance at Dec. 31, 2017	12,349,392						47,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(491,467)	(519,607)				(519,607)
Net income (loss)	67,994							67,994
Net income (loss)	(39,854)								(39,854)
Other comprehensive income (loss)	(68,329)	(33,043)					(33,043)	(33,421)	(1,865)
Preferred stock dividends	(115,019)	(115,019)				(115,019)
Redemption of stock	(200,000)	(200,000)	(199,471)		(529)
Common stock repurchases	(350,710)	(350,710)		(614)	(350,096)
Equity-based compensation	41,606	39,706		34	39,672			486	1,414
Redemption of OP Units for cash and class A common					(34,100)					(4,830)	29,034	20	29,014	(33,864)
Shares canceled for tax withholdings on vested stock awards	(34,203)	(34,203)		(33)	(34,170)
Reclassification of contingent consideration out of liability at end of measurement period	12,539	12,539			12,539
Issuance of OP Units and common stock—contingent consideration	24,609	1		1					24,608
Deconsolidation of investment entities	(330,980)							(330,980)
Contributions from noncontrolling interests	1,059,891							1,059,891
Distributions to noncontrolling interests	(503,054)							(489,261)	(13,793)
Common stock dividends declared	(217,246)	(217,246)				(217,246)
Reallocation of equity (Note 2 and 15)	(24,609)	(12,105)			(12,033)		(72)	(34,053)	21,549
Ending balance at Dec. 31, 2018	7,006,052	7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999
Ending balance at Dec. 31, 2018								3,779,728	360,590
Ending balance at Dec. 31, 2018	11,146,370						13,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(151,474)	(1,048,807)				(1,048,807)
Net income (loss)	990,360							990,360
Net income (loss)	(93,027)								(93,027)
Other comprehensive income (loss)	20,958	34,637					34,637	(16,913)	3,234
Preferred stock dividends	(105,198)	(105,198)				(105,198)
Fair value of noncontrolling interests assumed	789,367							789,367
Redemption of stock	(402,855)	(402,855)	(408,005)		5,150
Common stock repurchases	(3,167)	(3,167)		(7)	(3,160)
Equity-based compensation	39,112	35,573		49	35,524			2,519	1,020
Redemption of OP Units for cash and class A common					(12,400)					$ 0	$ 2,104	$ 2	$ 2,102	$ (2,104)
Shares canceled for tax withholdings on vested stock awards	(3,627)	(3,627)		(7)	(3,620)
Issuance of OP Units and common stock—contingent consideration															$ 114,865	$ 114,865
Deconsolidation of investment entities	(6,235)							(6,235)
Contributions from noncontrolling interests	536,235							536,235
Distributions to noncontrolling interests	(2,829,088)							(2,810,560)	(18,528)
Common stock dividends declared	(214,380)	(214,380)				(214,380)
Reallocation of equity (Note 2 and 15)	0	(81,384)			(80,416)		(968)	(8,935)	90,319
Ending balance at Dec. 31, 2019	5,216,043	$ 5,216,043	$ 999,490	$ 4,878	$ 7,553,599	$ (3,389,592)	47,668
Ending balance at Dec. 31, 2019								$ 3,254,188	$ 456,184
Ending balance at Dec. 31, 2019	$ 8,926,415						$ 47,668

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.44	$ 0.44	$ 1.08

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (148,915)	$ (495,175)	$ (64,613)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(19,602)	(23,194)	(55,059)
Paid-in-kind interest added to loan principal, net of interest received	(62,464)	(38,408)	(25,152)
Straight-line rents	(20,741)	(29,330)	(32,664)
Amortization of above- and below-market lease values, net	(19,813)	(6,862)	(15,319)
Amortization of deferred financing costs and debt discount and premium	103,537	89,639	83,719
Equity method (earnings) losses	87,444	(10,560)	(285,151)
Distributions of income from equity method investments	143,417	79,995	72,197
Provision for loan loss	35,880	43,034	19,741
Allowance for doubtful accounts	6,793	26,860	14,602
Impairment of real estate and intangibles	358,443	588,223	104,360
Goodwill impairment	788,000	0	316,000
Depreciation and amortization	596,262	572,406	617,779
Equity-based compensation	39,573	41,876	154,429
Change in fair value of contingent consideration—Internalization (Note 12)	0	(1,730)	(20,600)
Gain on sales of real estate, net	(1,520,808)	(167,231)	(135,262)
Settlement of derivative	(365,111)	0	0
Deferred income tax benefit	(9,602)	(69,430)	(138,459)
Other (gain) loss, net	190,638	(49,976)	45,360
Increase in other assets and due from affiliates	(23,937)	(40,123)	(66,287)
Increase (decrease) in accrued and other liabilities and due to affiliates	19,985	(470)	(11,169)
Other adjustments, net	(8,111)	(2,579)	4,094
Net cash provided by operating activities	170,868	506,965	582,546
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(247,357)	(548,163)	(522,935)
Return of capital from equity method investments	224,169	433,144	225,477
Acquisition of loans receivable and debt securities	(771)	(104,247)	(590,536)
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities	0	0	132,377
Net disbursements on originated loans	(168,960)	(317,952)	(392,790)
Repayments of loans receivable	229,970	143,360	831,074
Proceeds from sales of loans receivable and debt securities	66,249	225,607	117,540
Cash receipts in excess of accretion on purchased credit-impaired loans	31,128	159,229	357,423
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,918,317)	(1,349,467)	(1,325,122)
Proceeds from sales of real estate	6,108,153	864,347	1,607,806
Proceeds from paydown and maturity of debt securities	11,205	43,625	112,939
Cash and restricted cash contributed to CLNC (Note 6)	0	(141,153)	0
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 13)	165,657	231,040	553,327
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 13)	0	142,270	0
Proceeds from syndication of investment, net of cash and restricted cash deconsolidated	0	0	156,897
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 18)	0	0	454,579
Investment deposits	(14,928)	(34,314)	(480)
Return of borrower escrow deposits	0	0	(20,237)
Net receipts (payments) on settlement of derivatives	46,466	(15,954)	(11,800)
Other investing activities, net	22,806	415	12,935
Net cash provided by (used in) investing activities	4,198,938	(268,213)	1,666,387
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	0	0	638,100
Dividends paid to preferred stockholders	(108,548)	(120,702)	(130,182)
Dividends paid to common stockholders	(214,149)	(310,519)	(482,156)
Repurchase of common stock	(10,734)	(343,143)	(300,177)
Borrowings from corporate credit facility	810,200	685,000	1,041,000
Repayment of borrowings from corporate credit facility	(810,200)	(735,000)	(1,413,600)
Borrowings from secured debt	4,664,450	1,791,021	4,573,099
Repayments of secured debt	(5,745,509)	(1,985,990)	(4,733,640)
Payment of deferred financing costs	(82,202)	(28,630)	(96,069)
Contributions from noncontrolling interests	578,706	1,019,888	1,173,432
Distributions to and redemptions of noncontrolling interests	(2,847,830)	(518,864)	(970,615)
Redemption of preferred stock	0	(200,000)	(635,785)
Shares canceled for tax withholdings on vested stock awards	(3,627)	(34,203)	(5,837)
Redemption of OP Units for cash	0	(4,830)	(5,085)
Repurchase of exchangeable senior notes	0	0	(15,455)
Other financing activities, net	(10,143)	(2,432)	(1,411)
Net cash used in financing activities	(3,779,586)	(788,404)	(1,364,381)
Effect of exchange rates on cash, cash equivalents and restricted cash	1,748	(11,538)	11,482
Net increase (decrease) in cash, cash equivalents and restricted cash	591,968	(561,190)	896,034
Cash, cash equivalents and restricted cash, beginning of period	832,730	1,393,920	497,886
Cash, cash equivalents and restricted cash, end of period	1,424,698	832,730	1,393,920
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	461,912	921,822	376,005
Restricted cash	364,605	466,912	98,461
Restricted cash included in assets held for sale	6,213	5,186	23,420
Cash, cash equivalents and restricted cash, beginning of period	832,730	1,393,920	497,886
Cash and cash equivalents	1,205,190	461,912	921,822
Restricted cash	203,923	364,605	466,912
Restricted cash included in assets held for sale	15,585	6,213	5,186
Cash, cash equivalents and restricted cash, end of period	1,424,698	832,730	1,393,920
CPI
Cash Flows from Investing Activities
Acquisition of business	0	0	(23,111)
THL Hotel Portfolio
Cash Flows from Investing Activities
Acquisition of business	0	0	(8,976)
DBH
Cash Flows from Investing Activities
Acquisition of business	(184,167)	0	0
DataBank
Cash Flows from Investing Activities
Acquisition of business	$ (172,365)	$ 0	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company," and formerly, Colony NorthStar, Inc. prior to June 25, 2018) is a global investment firm with a focus on becoming the leading digital real estate provider and funding source for the occupancy, infrastructure, equity and credit needs of the world’s mobile communications and data-driven companies. Following the acquisition in July 2019 of Digital Bridge Holdings, LLC (“DBH”), an investment manager dedicated to digital real estate and infrastructure, the Company is currently the only global REIT that owns, manages, and/or operates across all major infrastructure components of the digital ecosystem including data centers, cell towers, fiber networks and small cells . As part of the DBH transaction, Marc C. Ganzi, who co-founded DBH, is slated to become the Chief Executive Officer ("CEO") of the Company following a transition period . Thomas J. Barrack, Jr., the Company's Executive Chairman and CEO, will continue in his position as Executive Chairman. At December 31, 2019 , the Company has approximately $49 billion of assets under management, of which $36 billion is capital managed on behalf of third-party investors and the remainder represents investment interests on the Company's own balance sheet, managed on behalf of its stockholders . With respect to investment interests, the Company owns (a) a 20% controlling interest in Data Bridge Holdings, LLC and its wholly-owned subsidiary, DataBank Holdings, Ltd. (collectively, "DataBank"), a leading provider of enterprise-class data center, cloud, and connectivity services, (b) a portfolio of healthcare properties, (c) a portfolio of hospitality properties, (d) a 36% interest in Colony Credit Real Estate, Inc. (NYSE: CLNC) and (e) interests in various other equity and debt investments, including general partnership (“GP”) interests in funds sponsored by the Company, commercial real estate equity and debt investments and other real estate related securities. The Company also owns and operates an investment management business with $19 billion of fee earning equity under management, including $7 billion in digital real estate investments and the remainder in traditional commercial real estate debt and equity investments. The Company was organized in May 2016 as a Maryland corporation and was formed through a tri-party merger (the "Merger") among Colony Capital, Inc. ("Colony"), NorthStar Asset Management Group Inc. ("NSAM") and NorthStar Realty Finance Corp. ("NRF"). Refer to Note 3 for further details on the Merger. The Company elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. 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 December 31, 2019 , the Company owned 90.2% of the OP , as its sole managing member. The remaining 9.8% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Digital Evolution In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which resulted in over $1.2 billion of net proceeds to the Company. In the immediate term, the industrial proceeds were allocated to: (i) accelerate the expansion into digital real estate and infrastructure, with the acquisition in December 2019 of a 20% interest in DataBank for approximately $186 million , (ii) fund the remaining approximately $200 million commitment to Digital Colony Partners fund (“DCP”) and (iii) redeem $403 million of high cost preferred equity, which was settled in January 2020, to improve the Company’s capital structure. To execute on its digital evolution, the Company continues to operate its non-digital business units to maximize cash flows and value over time. With respect to the healthcare and hospitality segments, the Company successfully addressed all material near-term debt maturities, allowing the respective business unit leaders to focus on improving cash flows through operational management and capital expenditures. The Company does not currently anticipate significantly shortened hold periods for its healthcare and hospitality assets solely as a result of its current strategy to focus on digital real estate and infrastructure. Holding periods will depend, in part, on prevailing economic conditions and market opportunities as they arise. In the fourth quarter of 2019, the Company continued to perform its impairment assessment of healthcare and hospitality assets in accordance with its policies and in the normal course of business, and applied its best estimate at this time based upon undiscounted future net cash flows to be generated by these assets over a long-term hold. With respect to the other equity and debt segment, the Company expects to ultimately monetize the entire non-digital portfolio in the other equity and debt segment. With respect to CLNC, the Company will regularly evaluate sales of its equity interest in a responsible manner. In addition, the Company is pursuing a disposition of its management contract with CLNC, but there can be no assurance that the Company will consummate any transaction. Further, with respect to the other non-digital investment management business, the Company is exploring all potential opportunities to maximize value of the credit and opportunity fund investment management business, while minimizing balance sheet capital commitments, including, but not limited to, joint ventures with third party capital providers, sales and/or realignment of operational management. As part of the Company’s ongoing transition and rotation to an investment management and operating business focused on digital real estate and infrastructure, the Company continues to pivot away from certain of its legacy investment management business. As a result, the Company revalued its other investment management business and recorded an impairment to goodwill in the fourth quarter of 2019 of $401 million . The Company had previously recorded an impairment in the third quarter of 2019 of $387 million to its other investment management goodwill, taking into consideration the loss of future fee income as a result of the sale of its industrial business, and amendment of CLNC's management agreement to reduce the fee base to reflect CLNC's reduced book value . While the Company has a clear vision of becoming a leading digital real estate and infrastructure investment firm, the path to achieving its digital evolution and transition from legacy business segments continue to be subject to further refinement by the Company and its board of directors. The transformation and execution thereof may continue to evolve over time as the Company adapts and responds to changing economic and market conditions, among other factors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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 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 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. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("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. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. 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 was 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 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 either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. 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 the related party 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 a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend in December 2017. 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 to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly 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. Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: 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. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected to account for certain equity method investments at fair value. Prior to deconsolidation in May 2018, the Company had elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable. Business Combinations Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration — Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16 ). Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits. Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements. Real Estate Assets Real Estate Acquisitions Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years Furniture, fixtures and equipment 3 to 20 years Impairment — The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property for the duration of the estimated hold period of each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, expected capitalization rates at exit, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative loss allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof. Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and 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. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses 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, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost through a provision and a charge-off against allowance for loan losses. Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Purchased Credit-Impaired ("PCI") 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 using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any pr

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations 2019 Pivot to Digital Strategy DBH On July 25, 2019, the Company acquired DBH in a combination of: (a) cash, a portion of which is deferred until the expiration of certain customary seller indemnification obligations (Note 20 ); and (b) issuance of 21,478,515 OP Units, which were measured based upon the closing price of the Company's class A common stock on July 24, 2019 of $5.21 per share. The Company did not acquire any equity interests, only the fee streams, related to the six portfolio companies managed by DBH. The principals of DBH retained their equity investments, including general partner interests in existing DBH investment vehicles and in the DCP fund, which was previously co-sponsored by the Company and DBH. The acquisition is a strategic transaction that is expected to generate meaningful accretion in value to the Company through expansion of the digital real estate management platform by combining the industry sector knowledge, experience and relationships from the DBH team with the capital raising resources of the Company, as represented by the goodwill value. The Company's acquisition of DBH included the remaining 50% equity interest held by DBH in Digital Colony Management, LLC ("Digital Colony Manager"), previously an equity method joint venture with DBH, which manages DCP. Upon closing of the acquisition, the Company obtained a controlling interest in Digital Colony Manager and remeasured its existing 50% interest at a fair value of $51.4 million . The full amount, representing the excess of fair value over carrying value of the Company's investment in Digital Colony Manager, was recognized in other gain on the Company's statement of operations, as the Company's carrying value of its investment in Digital Colony Manager prior to the business combination was nil . The fair value was based upon the value of 50% of estimated future net cash flows from the DCP fund management contract, discounted at 8% . DataBank On December 20, 2019, the Company acquired from third party investors a 20.4% interest in DataBank, a portfolio company managed by DBH and invested in by the principals and senior professionals of DBH. The Company is deemed to have a controlling interest in DataBank as control over the operations of DataBank resides substantially with the Company. Consideration included the payment of cash to third parties for the Company’s interests in DataBank and the issuance of 612,072 OP Units to Mr. Ganzi and Benjamin Jenkins (the DBH principals) for incentive units owned by the DBH principals and allocable to the Company’s acquired interests, measured based upon the closing price of the Company's class A common stock on December 20, 2019 of $4.85 per share. The OP Units were issued to the principals of DBH who had previously received incentive units from DataBank, in exchange for certain of their incentive units such that the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank (Note 20 ). The DBH principals otherwise retained their equity interests in DataBank. Allocation of Consideration Transferred The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 DBH • Intangible assets acquired included primarily management contracts, investor relationships and trade name. The fair value of management contracts, including the Company's 50% interest in Digital Colony Manager, was estimated based upon estimated net cash flows generated from those contracts, discounted at 8% , with remaining lives estimated between 3 and 10 years. Investor relationships represent the fair value of potential fees, net of operating costs, to be generated from repeat DBH investors through future sponsored funds, with future management fees discounted at 11.5% and potential carried interest discounted at 25% . The Digital Bridge trade name was valued using a relief-from-royalty method, based upon estimated savings from avoided royalty at a rate of 1% on expected net income, discounted at 11.5% , with estimated useful life of 10 years. • Other liabilities assumed were primarily deferred revenues and deferred tax liabilities recognized upon acquisition, representing book-to-tax basis difference associated with management contract intangibles. DataBank • Real estate and lease intangibles of DataBank were measured based upon recent third party appraised values, allocated to tangible assets of land, building, construction in progress, data center infrastructure, as well as identified intangibles of in-place leases, above- and below-market leases, and tenant relationships. The remaining intangible assets acquired include customer relationships and trade name. Customer relationships were valued as the incremental net income attributable to these relationships considering the projected net cash flows of the business with and without the customer relationships in place. The trade name of DataBank was valued based upon estimated savings from avoided royalty at a royalty rate of 2% . • Other assets acquired and liabilities assumed primarily include right-of-use lease assets associated with leasehold data centers and corresponding lease liabilities. Deferred tax liabilities represent the tax effect on the book-to-tax basis difference related primarily to real estate assets arising from the transaction. • All assumed debt bears variable rates, with carrying values approximating fair values based upon current market rates and spreads. • Noncontrolling interests in investment entities represent the remaining 71.6% interest in DataBank, valued based upon their proportionate share of net assets of DataBank at fair value. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests was recorded as goodwill assigned to the DataBank reporting unit within the digital segment. Goodwill represents the value of the business acquired not already captured in identifiable assets, such as the potential for future customers, synergies, revenue and profit growth, as well as industry knowledge, experience and relationships that the DataBank management team brings. Results of Operations The acquired businesses of DBH and DataBank contributed a combined $40.4 million of revenues and $5.9 million of net income attributable to Colony Capital, Inc. for the year ended December 31, 2019 . Other Acquisitions Colony Latam In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million . The Company acquired primarily management contract intangible assets and a limited partnership interest in a fund which the Company now manages, and certain Abraaj employees became employees of the Company. 2017 Merger with NSAM and NRF The Company was created through the Merger of Colony, NSAM and NRF in an all-stock exchange on January 10, 2017 (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 and Allocation 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 in investment entities — 505,685 505,685 Noncontrolling interests in 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 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 investor relationships represents the potential fee income from repeat investors 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. 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). Consideration and Allocation The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 Fair value of assets acquired and liabilities assumed were measured as follows: Real Estate and Lease Intangibles —Fair value of real estate was based upon a combination of the cost, income and market approaches which applied weighted average capitalization rates of 6.6% for CPI and 8.9% for the THL Hotel Portfolio, weighted average discount rate of 10.4% for the THL Hotel Portfolio, and also considered future capital expenditures of the acquired hotels. 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, site and tenant improvements, and furniture, fixtures and equipment, as well as identified intangibles for above and below--market leases, in-place lease values and below-market ground lease obligations. Debt —Fair value of CPI debt was 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%

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Real Estate Sales Results from sales of real estate, including discontinued operations (Note 16 ), were as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Proceeds from sales of real estate $ 6,108,153 $ 864,347 $ 1,607,806 Gain on sale of real estate 1,520,808 167,231 135,262 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,231 $ 12,733 $ 1,480 $ — November Office and Industrial—France 220 478,844 109,858 330,752 38,234 — Various Light industrial—Various in U.S. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 2019 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. Depreciation and Impairment Depreciation expense on real estate, excluding amounts related to discontinued operations (Note 16 ), was $358.8 million , $374.7 million and $372.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Refer to Note 12 for a discussion of impairment on real estate. Property Operating Income Property operating income presented below excludes amounts related to discontinued operations (Note 16 ). For the years ended December 31, 2018 and 2017, property operating income was composed of $0.8 billion and $0.9 billion of total lease income, respectively, and $1.2 billion and 1.0 billion of hotel operating income, respectively. For the year ended December 31, 2019 , components of property operating income were as follows: (In thousands) Year Ended Lease income: Fixed lease income $ 663,445 Variable lease income 57,575 721,020 Hotel operating income 1,135,389 $ 1,856,409 Future Fixed Lease Income At December 31, 2019 , future fixed lease payments receivable under noncancelable operating leases for real estate held for investment were as follows. These operating leases have expiration dates through 2034 , taking into consideration renewal options exercisable at the lessee's election only when they are deemed reasonably certain, typically at the time the option is exercised. Year Ending December 31, (In thousands) 2020 $ 391,332 2021 329,593 2022 285,979 2023 248,363 2024 214,315 2025 and thereafter 887,404 Total (1) $ 2,356,986 __________ (1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice. At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . Commitments and Contractual Obligations 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 2027 and 2032 . In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $75 million

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table provides a summary of the Company’s loans held for investment, including PCI loans: December 31, 2019 December 31, 2018 ($ 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 $ 471,472 $ 492,709 10.7 % 1.6 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 495,182 494,238 12.6 % 0.6 357,590 354,326 12.5 % 1.5 Corporate loans 149,380 148,623 12.9 % 5.4 108,944 107,796 12.3 % 5.8 1,116,034 1,135,570 1,110,507 1,129,712 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 178,650 179,711 4.3 % 0.1 Mezzanine loans 44,887 44,637 12.7 % 1.6 27,772 27,417 13.4 % 2.5 216,735 216,906 206,422 207,128 1,332,769 1,352,476 1,316,929 1,336,840 PCI Loans Mortgage loans 1,165,804 248,535 1,324,287 351,646 Mezzanine loans — — 7,425 3,671 1,165,804 248,535 1,331,712 355,317 Allowance for loan losses (48,187 ) (32,940 ) Loans receivable, net $ 2,498,573 $ 1,552,824 $ 2,648,641 $ 1,659,217 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 at carrying values before allowance for loan losses: (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 December 31, 2019 $ 1,042,260 $ — $ — $ 310,216 $ 1,352,476 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840 Troubled Debt Restructuring During the years ended December 31, 2019 , 2018 and 2017, there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At both December 31, 2019 and 2018 , the Company had one existing TDR loan that was in maturity default with a carrying value before allowance for loan loss of $37.8 million and an allowance for loan loss of $37.8 million and $12.8 million as of December 31, 2019 and 2018 , respectively. The Company has no additional lending commitment on this TDR loan. 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 the non-PCI impaired loans: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses December 31, 2019 $ 326,151 $ 71,754 $ 259,011 $ 330,765 $ 48,146 December 31, 2018 280,337 75,179 206,628 281,807 18,304 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Average carrying value before allowance for loan losses $ 305,293 $ 282,325 $ 202,397 Total interest income recognized during the period impaired 7,514 7,127 10,192 Cash basis interest income recognized 447 1,190 — 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 years ended December 31, 2019 and 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: Year Ended December 31, (In thousands) 2019 2018 2017 Beginning accretable yield $ 9,620 $ 42,435 $ 52,572 Additions — — 23,594 Dispositions — (5,484 ) — Changes in accretable yield 43,246 1,882 25,720 Accretion recognized in earnings (19,637 ) (27,911 ) (61,809 ) Deconsolidation — (991 ) — Effect of changes in foreign exchange rates 332 (311 ) 2,358 Ending accretable yield $ 33,561 $ 9,620 $ 42,435 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 $175.6 million at December 31, 2018 , as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. There were no PCI loans on the cash basis or cost recovery method for recognition of interest income at December 31, 2019 . Allowance for Loan Losses Allowance for loan losses and related carrying values of loans held for investment were as follows: December 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 $ 18,304 $ 75,179 PCI loans 41 17,935 14,636 54,440 $ 48,187 $ 89,689 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2019 2018 2017 Allowance for loan losses at January 1 $ 32,940 $ 52,709 $ 67,980 Contribution to CLNC — (518 ) — Deconsolidation — (5,983 ) — Provision for loan losses, net 35,880 43,034 19,741 Charge-off (20,633 ) (56,302 ) (35,012 ) Allowance for loan losses at December 30 $ 48,187 $ 32,940 $ 52,709 Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Non-PCI loans $ 30,035 $ 22,557 $ 7,534 PCI loans 5,845 20,477 12,207 Total provision for loan losses, net $ 35,880 $ 43,034 $ 19,741 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 December 31, 2019 , total unfunded lending commitments was $306.6 million , of which the Company's share was $128.0 million , net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

Equity and Debt Investments	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity and Debt Investments	Equity and Debt Investments The Company's equity investments and debt securities are represented by the following: (In thousands) December 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,845,129 $ 2,151,847 Private funds 142,386 124,826 1,987,515 2,276,673 Other equity investments Marketable equity securities 138,586 36,438 Investment ventures 91,472 95,196 Private funds and non-traded REIT 38,641 24,607 Total equity investments 2,256,214 2,432,914 Debt Securities N-Star CDO bonds, available for sale 54,859 64,127 CMBS of consolidated fund, at fair value 2,732 32,706 Total debt securities 57,591 96,833 Equity and debt investments $ 2,313,805 $ 2,529,747 Equity Investments The Company's equity investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected. Equity Method Investments The Company owns significant interests in publicly-traded REITs that it manages, CLNC and NRE (prior to the sale of NRE in September 2019). 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 the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds (Note 12 ). The liabilities of the equity method investment entities may only be settled using the assets 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 are summarized below, excluding investments classified as held for sale (Note 8 ): ($ in thousands) Ownership Interest at December 31, 2019 (1) Carrying Value at Investments Description December 31, 2019 December 31, 2018 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) 36.4% $ 725,443 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) —% — 87,696 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,390 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 138,428 219,913 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 543,296 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 115,055 109,393 Private funds—carried interest Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles Various 21,940 9,525 Other investment ventures Interests in 12 investments at December 31, 2019 Various 127,088 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 222,875 81,085 $ 1,987,515 $ 2,276,673 __________ (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. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements. CLNC The Company owns an approximate 36.4% interest, on a fully diluted basis, in CLNC. CLNC was formed on January 31, 2018 through a contribution of the CLNY Contributed Portfolio (as described below), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), and a concurrent all-stock merger 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 (the "Combination"). 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 CLNC's strategy. Upon closing of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with CLNC. The Company's contribution of the CLNY Contributed Portfolio to CLNC, and the merger of CLNC with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. Accordingly, the Company deconsolidated: (i) assets totaling $1.9 billion , primarily loans receivable of $1.3 billion , and real estate and equity investments of $0.2 billion each; (ii) liabilities totaling $0.4 billion , predominantly investment level debt; and (iii) noncontrolling interests in investment entities of $0.3 billion . Upon closing of the Combination, the Company measured its interest in CLNC based upon its proportionate share of CLNC's estimated fair value at closing. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities of $9.9 million was recognized in other gain on the consolidated statement of operations in 2018. As part of CLNC's strategic plan, in the third quarter of 2019, CLNC bifurcated its assets into a core portfolio and a legacy, non-strategic portfolio, which will allow CLNC to focus on the divestment of its legacy, non-strategic portfolio and to redeploy the proceeds into and grow its core portfolio. In conjunction with its focus on its core portfolio, CLNC meaningfully reduced the book value of its legacy, non-strategic assets to better reflect its market value and reset its annualized dividend from $1.74 per share to $1.20 per share. Significant Sales of Equity Method Investments Following a comprehensive review by NRE's Strategic Review Committee and approval by its board of directors and a majority of its stockholders, NRE sold all of its outstanding common stock on September 30, 2019 for a price of approximately $17.01 per share. As a result, the Company monetized its investment of 5.6 million shares of NRE common stock and recorded a gain of $12.4 million , included in equity method earnings. Impairment of Equity Method Investments The Company evaluates its equity method investments for OTTI at each reporting period and recorded impairments of $258.0 million , $61.2 million and $6.8 million for the years ended December 31, 2019 , 2018 and 2017 . Impairment in 2019 was principally on the Company's investment in CLNC, as discussed below. For remaining impairments, in making its assessment, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the investment; expected payoffs from sales of the underlying business or real estate of the investee; estimated enterprise value of the investee; projected future operating cash flows of the investee; or a change in the Company's strategy regarding an investment. CLNC —Since CLNC began trading on February 1, 2018 through June 30, 2019, CLNC's common stock had traded between $15.10 and $23.23 per share. During this period, the carrying value of the Company's investment in CLNC ranged between $24.74 per share at inception and $20.25 at June 30, 2019 (prior to impairment). Based upon CLNC's closing stock price of $15.50 per share on June 30, 2019, the last trading day of the second quarter, the carrying value of the Company's investment in CLNC was $227.9 million in excess of its market value of $743.0 million . In connection with the preparation and review of the Company's financial statements, given the prolonged period of time that the carrying value of the Company's investment in CLNC has exceeded its market value, the Company determined that its investment in CLNC was other-than-temporarily impaired and recorded an impairment charge of $227.9 million as part of equity method loss in the second quarter of 2019. At December 31, 2019 , the Company's investment in CLNC had a carrying value of $725.4 million or $15.13 per share, which was approximately $94.6 million in excess of its fair value of $630.8 million based upon the closing stock price of $13.16 per share on December 31, 2019 . The Company believes that the current carrying value of its investment in CLNC is recoverable in the near term and determined that its investment in CLNC as of December 31, 2019 was not other-than-temporarily impaired. If CLNC's common stock continues to trade below the Company's carrying value for a further prolonged period of time, additional other-than-temporary impairment may be recognized in the future. The impairment charge in June 2019 resulted in a basis difference between the Company's carrying value of its investment in CLNC and the Company's proportionate share of CLNC's book value of equity. The impairment charge was applied to the Company's investment in CLNC as a whole and was not determined based on an impairment assessment of individual assets held by CLNC. In order to address this basis difference, the Company allocated the impairment charge on a relative fair value basis to investments identified by CLNC as non-strategic assets. Accordingly, for any future impairment charges taken by CLNC on these non-strategic assets, the Company's share thereof will be applied to reduce the basis difference and will not be recorded as an equity method loss until such time the basis difference associated with the respective underlying investments has been fully eliminated. For the year ended December 31, 2019 , the Company did not recognize $140.3 million of equity method loss, representing its proportionate share of loan loss provisions and impairments recognized by CLNC on its non-strategic assets subsequent to June 2019, which was applied to reduce the basis difference. At December 31, 2019 , the remaining basis difference related to the OTTI charge was $86.8 million . Combined Financial Information of Equity Method Investees The following tables present selected combined financial information of the Company's equity method investees. Amounts presented represent combined totals at the investee level and not the Company's proportionate share. Selected Combined Balance Sheet Information (In thousands) December 31, 2019 December 31, 2018 Total assets $ 14,026,862 $ 15,499,159 Total liabilities 9,354,120 9,803,705 Owners' equity 4,509,879 5,511,548 Noncontrolling interests 162,863 183,906 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues $ 1,455,631 $ 1,486,511 $ 1,519,728 Net income (loss) (827,550 ) 220,191 174,222 Net income (loss) attributable to noncontrolling interests (50,350 ) 23,878 (18,381 ) Net income (loss) attributable to owners (777,200 ) 196,313 192,603 Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are primarily equity investment in a third party managed mutual fund and publicly traded equity securities held by a consolidated private open-end fund. The equity securities of the consolidated fund comprise listed stocks predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes. Private Funds and Non-Traded REIT —This represents interests in a Company-sponsored private fund and a non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and 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 12 ). 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 December 31, 2019 , the Company’s share of these commitments was $84.1 million . Private Funds— At December 31, 2019 , the Company has unfunded commitments of $306.5 million to funds sponsored by the Company that are accounted for as equity method investments. Debt Securities The Company's investment in debt securities is composed of N-Star CDO Bonds, classified as AFS and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company that is currently in liquidation, accounted for at fair value through earnings. AFS Debt Securities The N-Star CDO bonds are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF that were subsequently repurchased by NRF at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities. The following tables summarize the balance and activities of the N-Star CDO bonds. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2019 $ 46,002 $ 8,857 $ — $ 54,859 December 31, 2018 67,513 1,565 (4,951 ) 64,127 Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the years ended December 31, 2018 and 2017 . There were no sales of AFS debt securities in the year ended December 31, 2019 . Year Ended December 31, (In thousands) 2018 2017 Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized loss (592 ) — Impairment of AFS Debt Securities At December 31, 2018 , there was $54.5 million of AFS debt securities that was in gross unrealized loss position for less than 12 months, with such losses totaling approximately $5.0 million , for which the Company believed were not other-than-temporarily impaired. There were no AFS debt securities with unrealized loss in AOCI at December 31, 2019 . 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. 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 OTTI loss in other gain (loss) of $16.9 million and $8.2 million for the years ended December 31, 2019 and 2018

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following table presents changes in the total carrying value of goodwill. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 1,514,561 $ 1,514,561 $ 660,127 Business combination (Note 3) (1) 726,330 — 1,440,229 Classification as held for sale (2) — — (20,000 ) Disposition (3) — — (249,795 ) Impairment (788,000 ) — (316,000 ) Ending balance (4) $ 1,452,891 $ 1,514,561 $ 1,514,561 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017. The broker-dealer business was contributed to a joint venture, accounted for as an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold in December 2017. (4) At December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes. There was no tax deductible goodwill at December 31, 2018 and 2017. Goodwill balance by reportable segment is as follows. Goodwill associated with the acquisitions of DBH in July 2019 and DataBank in December 2019 were assigned to the Company's new digital reportable segment, established in the fourth quarter of 2019. (In thousands) December 31, 2019 December 31, 2018 Balance by reportable segment: Digital $ 726,330 $ — Other investment management 726,561 1,514,561 $ 1,452,891 $ 1,514,561 The industrial segment, along with its $20.0 million goodwill, was disposed in December 2019, previously classified as held for sale (Note 8 ). Impairment of Other Investment Management Goodwill 2019 —In the third and fourth quarters of 2019, the Company considered the following as indicators of potential impairment to its other investment management goodwill: • the loss of future fee income as a result of the sale of the industrial business, and amendment of CLNC's management agreement to reduce the fee base to reflect CLNC's reduced book value in the third quarter; and • the Company's pivot away from certain of its legacy investment management business as it transitions to an investment management business focused on digital real estate and infrastructure beginning in the fourth quarter. The Company updated its quantitative test of the other investment management goodwill, which indicated that the carrying value of the other investment management reporting unit including goodwill, at September 30, 2019 and at December 31, 2019 , exceeded its estimated fair value at each respective reporting period. As a result, the Company recognized impairment charges to its other investment management goodwill of $387.0 million and $401.0 million in each of the third and fourth quarters of 2019, respectively. In general, the fair value of the investment management reporting unit was estimated using the income approach. Projections of discounted net cash flows were based upon various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 16x to 20x , and discount rates between 10% and 20% . The Company considered a range of fee related earnings multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. In the fourth quarter of 2019, the CLNC management contract, however, was valued based upon a potential sale of the contract, which represents a strategic alternative currently under consideration by the Company in conjunction with a special committee of the board of directors of CLNC, although there can be no assurance that any transaction will be consummated. The Company also considered the hypothetical value of its non-digital investment management business in a spinoff that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's non-digital balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. In the fourth quarter of 2019, valuation of the hypothetical contract contemplated a gradually diminishing balance sheet in non-digital assets, as the Company anticipates a redeployment of available capital into its digital business over time. Due to the inherently judgmental nature of the various projections and assumptions used, in particular, the estimated value of the CLNC management contract, whether realized through an internalization of CLNC or otherwise through a third party transaction, and the unpredictability of economic and market conditions, actual results may differ from estimates, and negative changes to these variables may result in further decline in the fair value of the Company's investment management reporting unit, which may result in further impairment of goodwill in the future. 2018 —The Company performed a quantitative assessment in its annual impairment test and determined that its investment management goodwill was not impaired in 2018. 2017 —The Company's quantitative assessment in 2017 indicated that the carrying value of the investment management reporting unit, including its assigned goodwill, exceeded its estimated fair value. As a result of this assessment, the Company recognized impairment of $316.0 million to its investment management goodwill in 2017. In determining the carrying value of the investment management reporting unit for goodwill impairment testing in 2017, the Company used the net book value of its investment management subsidiary at October 1, 2017, adjusted to (i) exclude the Townsend and broker-dealer businesses; (ii) account for measurement period adjustments in the fourth quarter of 2017; and (iii) account for impairments recorded on management contract intangible assets in the fourth quarter of 2017 as well as expected write-off of the management contract intangible assets for NorthStar I and NorthStar II as a result of the Combination in 2018. The fair value of the investment management reporting unit in 2017 was estimated using the income approach, similar to the methodology used in 2019, with the application of terminal year residual multiples on fee related earnings ranging from 6.5x to 20x , incentive fee multiples ranging from 3x to 5x and discount rates ranging from 9% to 25% . As a final step, the Company evaluated the reasonableness of the valuation as a whole by comparing the aggregate fair value of its reporting units to its market capitalization, and considered in its evaluation the impact of short-term market volatility and other market factors that may not directly affect the value of the Company's individual reporting units. Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows. December 31, 2019 December 31, 2018 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Deferred Leasing Costs and Intangible Assets Deferred leasing costs and lease intangible assets (2) $ 425,106 $ (123,686 ) $ 301,420 $ 330,353 $ (91,183 ) $ 239,170 Investment management intangibles (3) 285,233 (96,466 ) 188,767 243,989 (107,645 ) 136,344 Customer relationships (4) 71,000 (250 ) 70,750 — — — Trade names (5) 39,600 (185 ) 39,415 15,500 — 15,500 Other (6) 41,211 (2,710 ) 38,501 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 862,150 $ (223,297 ) $ 638,853 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Lease intangible liabilities (2) $ 174,208 $ (62,724 ) $ 111,484 $ 191,922 $ (44,452 ) $ 147,470 __________ (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 12 months 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. (2) Lease intangible assets are composed of in-place leases, above-market leases and lease incentives. Lease intangible liabilities are composed of below-market leases. Prior to January 1, 2019, lease intangible assets and liabilities included below- and above-market ground leases, respectively, which have been reclassified as a component of operating lease right-of-use asset, included in other assets, upon adoption of the new lease standard. (3) Composed of investment management contracts and investor relationships. (4) Represent DataBank customer relationships. (5) Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years . The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization. (6) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with hotel properties which are subject to amortization over the term of the respective agreements. Impairment of Identifiable Intangible Assets Impairments were recorded on investment management intangible assets as follows: 2019 —Primarily $8.6 million on NorthStar Healthcare management contract, valued based upon revised future net cash flows to be generated over the remaining life of the contract, discounted at 10% . 2018 —(i) $147.4 million on management contracts of retail vehicles, primarily $139.0 million write-off of NorthStar I and NorthStar II contracts upon termination concurrent with closing of the Combination, and $7.0 million on NorthStar Healthcare contract, valued based upon future net cash flows, discounted at 10% ; and (ii) write-offs of retail investor relationship of $10.1 million and NorthStar trade name of $59.5 million resulting from reassessment of future retail fundraising and a change in the Company's name in June 2018, respectively. 2017 —Management contracts of retail vehicles of $55.3 million on NorthStar Healthcare following an amendment to its agreement and $3.7 million on NorthStar/RXR NY Metro Real Estate, Inc. based upon revised capital raising projections, both valued based upon future net cash flows, discounted at 9% . Amortization of Intangible Assets and Liabilities The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16 ): Year Ended December 31, (In thousands) 2019 2018 2017 Net increase to rental income (1) $ 14,443 $ 2,723 $ 14,561 Net increase (decrease) to ground rent expense (2) $ — $ (250 ) $ 108 Amortization expense Deferred leasing costs and lease intangibles $ 33,922 $ 31,466 $ 64,943 Investment management intangibles 89,236 26,992 51,154 Customer relationships 250 — — Trade name 186 1,606 3,682 Other 1,171 2,291 10,215 $ 124,765 $ 62,355 $ 129,994 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives. (2) Represents the impact of amortizing above- and below-market ground leases prior to adoption of the lease standard on January 1, 2019. The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale. Year Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 7,410 $ 6,638 $ 6,204 $ 6,629 $ (6,692 ) $ (8,362 ) $ 11,827 Amortization expense 90,708 83,468 69,326 56,462 50,132 147,134 497,230

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets and Related Liabilities Held For Sale	Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At December 31, 2019 and 2018 , assets totaling $0.4 billion and $3.2 billion , respectively, and liabilities totaling $0.2 billion and $1.2 billion , respectively, of the industrial segment were classified as held for sale. Amounts as of December 31, 2018 included the light industrial portfolio and the related management platform prior to their sale in December 2019. At December 31, 2019 , only the assets and liabilities related to the bulk industrial portfolio remain as held for sale. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $0.4 billion at December 31, 2019 and $3.0 billion at December 31, 2018 . Also included prior to the December 2019 sale were goodwill associated with the industrial management platform, fee receivable presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment—private fund. Debt financing the light industrial portfolio was either repaid or assumed by the buyer concurrent with closing of the sale in December 2019. At December 31, 2019 All of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The light industrial portfolio and management platform were sold in December 2019. The first six months of 2018 also included loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income.

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2019
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) December 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 89,901 $ 214,863 Real estate escrow reserves (2) 38,326 49,702 Borrower escrow deposits 8,079 10,412 Working capital and other reserves (3) 1,800 19,586 Tenant lock boxes (4) 18,889 15,666 Other 46,928 54,376 Total restricted cash $ 203,923 $ 364,605 __________ (1) Represents primarily cash held by lenders for 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 certain joint venture arrangements. (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. Other Assets The following table summarizes the Company's other assets: (In thousands) December 31, 2019 December 31, 2018 Interest receivable $ 14,066 $ 14,005 Straight-line rents 37,352 34,931 Hotel-related deposits and reserves (1) 18,065 21,636 Investment deposits and pending deal costs 32,994 27,534 Deferred financing costs, net (2) 2,794 5,467 Derivative assets (Note 11) 21,386 33,558 Prepaid taxes and deferred tax assets, net 82,344 71,656 Receivables from resolution of investments (3) 63,984 30,770 Operating lease right-of-use asset, net 220,560 — Accounts receivable, net (4) 83,161 58,830 Prepaid expenses 30,761 23,771 Other assets 30,413 30,604 Fixed assets, net 44,768 47,381 Total other assets $ 682,648 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance, where applicable. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2019 December 31, 2018 Tenant security deposits and payable $ 15,293 $ 15,135 Borrower escrow deposits 9,903 13,001 Deferred income (1) 32,318 27,124 Interest payable 38,487 40,622 Derivative liabilities (Note 11) 127,531 132,808 Contingent consideration—THL Hotel Portfolio (Note 12) 9,330 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 222,206 92,808 Operating lease liability (Note 22) 181,297 — Accrued compensation 83,351 79,320 Accrued carried interest and incentive fee compensation 50,360 7,486 Accrued real estate and other taxes 39,923 38,714 Accounts payable and accrued expenses 143,852 91,244 Other liabilities 62,047 79,412 Total accrued and other liabilities $ 1,015,898 $ 634,144 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $18.3 million at December 31, 2019 and $3.2 million at December 31, 2018 will be recognized as fee income over a weighted average period of 1.2 years . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 Premium (discount), net — 2,243 (17,126 ) (78,927 ) (93,810 ) Deferred financing costs — (4,296 ) (90,828 ) — (95,124 ) $ — $ 614,052 $ 8,168,666 $ 201,190 $ 8,983,908 December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929 Premium (discount), net — 2,697 (41,217 ) (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (70,354 ) — (77,006 ) $ — $ 612,150 $ 8,164,136 $ 199,086 $ 8,975,372 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $515.6 million at December 31, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (1) 35,072 5.02 % 5.9 — N/A N/A 35,072 5.02 % 5.9 651,177 280,117 931,294 Non-recourse Secured debt Digital — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Healthcare (2) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Hospitality 13,494 12.71 % 1.6 2,653,853 4.83 % 4.6 2,667,347 4.87 % 4.6 Other Real Estate Equity (2) 151,777 4.26 % 3.4 1,652,870 4.08 % 2.8 1,804,647 4.09 % 2.9 Real Estate Debt — N/A N/A 276,693 3.72 % 1.8 276,693 3.72 % 1.8 571,251 7,670,297 8,241,548 $ 1,222,428 $ 7,950,414 $ 9,172,842 December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 3.0 $ — N/A 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 3.0 — N/A N/A 616,105 4.27 % 3.0 Junior subordinated debt — N/A N/A 280,117 5.66 % 17.4 280,117 5.66 % 17.4 Secured debt (1) 37,199 5.02 % 6.9 — N/A N/A 37,199 5.02 % 6.9 653,304 280,117 933,421 Non-recourse Secured debt Healthcare (2) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity (2) 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $235.6 million at December 31, 2019 and $538.5 million at December 31, 2018 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index at balance sheet date. (4) Calculated based upon initial maturity dates of the respective debt or extended maturity dates if extension criteria are met and extension option is at the Company's discretion. Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The Credit Agreement initially provided 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. In April 2019, the Credit Agreement was amended to reduce the aggregate commitments available from $1.0 billion to $750 million , and the option to increase the borrowing commitments, subject to agreement by the lenders and customary closing conditions, from $1.5 billion to $1.125 billion . The amendment also provides that the Company may operate at below the minimum fixed charge coverage ratio, as defined in the Credit Agreement, for a reduced valuation of the borrowing base, and establishes a new floor for the minimum fixed charge coverage ratio beginning fiscal quarter ended March 31, 2019. 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 Credit Agreement). Advances under the 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 December 31, 2019 ), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the 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 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 Credit Agreement. At December 31, 2019 , the Company was in compliance with all of the financial covenants. The 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 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 (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 31, 2019 December 31, 2018 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) 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. Secured 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. 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, NorthStar Realty Finance Trust 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 Trusts 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. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments of debt at December 31, 2019 , excluding bulk industrial secured debt of $235.0 million that is classified as held for sale. Future debt principal payments are presented based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the Company's discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2020 $ — $ — $ 393,341 $ — $ 393,341 2021 — 402,500 749,367 — 1,151,867 2022 — — 1,811,515 — 1,811,515 2023 — 200,000 134,515 — 334,515 2024 — — 3,420,860 — 3,420,860 2025 and thereafter — 13,605 1,767,022 280,117 2,060,744 Total $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2019
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: December 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 15,307 $ 1,271 $ 16,578 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 78 237 315 862 500 1,362 Performance swaps — 4,493 4,493 — — — Included in other assets $ 15,385 $ 6,001 $ 21,386 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 8,134 $ 2,482 $ 10,616 $ 6,193 $ 211 $ 6,404 Interest rate contracts — — — — 126,404 126,404 Forward contracts — 116,915 116,915 — — — Included in accrued and other liabilities $ 8,134 $ 119,397 $ 127,531 $ 6,193 $ 126,615 $ 132,808 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit of $10.0 million and $0.8 million at December 31, 2019 and 2018, 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 December 31, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 54,727 € 6,935 Min $1.06 / Max $1.31 March 2020 to November 2020 EUR FX Forward € 303,157 € 6,955 Min $1.11 / Max $1.38 January 2020 to February 2024 GBP FX Forward £ 84,187 £ 27,003 Min $1.24 / Max $1.32 March 2020 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €517.9 million and £275.5 million , or a total of $0.9 billion at December 31, 2019 , and €614.0 million and £280.8 million , or a total of $1.1 billion at December 31, 2018 . 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. Foreign exchange contracts are used to protect the Company’s foreign denominated investments from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Release of AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2019 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 1,790 $ 7,426 $ (3,931 ) 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 amount that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2019 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (2,693 ) $ 3,726 $ (3,928 ) 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. The following table summarizes the interest rate contracts held by the Company at December 31, 2019 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 6,436,254 1-Month LIBOR 3.0% - 6.26% June 2020 to November 2021 Interest rate caps € 232,845 € 485,405 3-Month EURIBOR 1.0% - 1.5% January 2021 to June 2024 Interest rate caps £ — £ 363,794 3-Month GBP LIBOR 1.5% - 2.25% February 2020 to October 2022 In connection with the Merger, the Company had assumed a $2.0 billion notional forward starting swap that required the Company to pay 3.394% fixed and receive 3-month LIBOR beginning December 2019, with a maturity date in December 2029 and a mandatory cash settlement at fair value in December 2019. The non-designated swap was intended to hedge the interest rate risk on future refinancing of certain healthcare mortgage debt assumed in the Merger. Such healthcare mortgage debt was refinanced in May 2019. During 2019, the Company settled the entire swap position for a total cash payment of $365.1 million . For the year ended December 31, 2019 , total fair value change on these swaps was $239.3 million , included in other gain (loss) below. The following table summarizes amounts recorded in other gain (loss) related to interest rate contracts. Amounts includes an amount reclassified from AOCI to earnings on a designated interest rate contract upon termination of the derivative in connection with extinguishment of debt financing the light industrial portfolio that was sold in December 2019, presented as part of discontinued operations (Note 16 ). Year Ended December 31, (In thousands) 2019 2018 2017 Realized and unrealized gain (loss) net: Designated interest rate contracts $ (8,019 ) $ — $ — Non-designated interest rate contracts (242,898 ) 33,307 (15,080 ) Forward Contracts and Performance Swaps During December 2018 and January 2019, the Company entered into a series of forward contracts on a portfolio of shares in a real estate mutual fund with a counterparty in an aggregate notional amount of $100 million with a one year term to be settled, at the election of the Company, in cash or through delivery of the mutual fund shares. Concurrently with the forward contracts, the Company entered into a series of swap transactions with the same counterparty to pay the return of the Dow Jones U.S. Select REIT Total Return Index. The forward and swap transactions required an initial combined collateral deposit of $12 million , subject to daily net settlements in net fair value changes in excess of a predetermined threshold. At December 31, 2019 , the collateral deposit was $10.0 million . The forwards and swaps are not designated as hedges for accounting purposes and are subject to fair value adjustments through earnings. For the year ended December 31, 2019 , fair value loss on the forwards of $16.9 million and fair value gain on the swaps of $4.5 million are included in other gain (loss) in the Company’s statement of operations. The Company’s investment in the mutual fund is carried at fair value and is included in equity and debt investments on the balance sheet. Unrealized gain on the mutual fund shares of $17.4 million for the year ended December 31, 2019 , is included in other gain (loss). 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, and 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 Assets (Liabilities) on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 )

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
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 three tier fair value hierarchy. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Equity method investments $ — $ — $ 222,875 $ 222,875 Marketable equity securities 138,586 — — 138,586 Debt securities available for sale — N-Star CDO bonds — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 Debt securities available for sale—N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity 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 equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings. Marketable Equity Securities Marketable equity securities consist primarily of investment in a third party managed mutual fund and equity securities held by a consolidated fund. These marketable equity securities are valued based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Debt 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 of consolidated fund—Fair value is determined based on broker quotes or third party pricing services, classified as Level 2 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. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with the consensual foreclosure of the THL Hotel Portfolio (Note 3 ), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million based upon 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). 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. Level 3 Recurring Fair Value Measurements 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) December 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,391 NAV (2) N/A N/A N/A Equity method investments—other 18,574 Discounted cash flows Discount rate 10.1% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 3.7x (3) Equity method investments—other 173,910 Transaction price (4) N/A N/A N/A N-Star CDO bonds 54,859 Discounted cash flows Discount rate 22.3% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,330 Discounted cash flows Discount rate 12.0% Decrease December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x (3) Equity method investments—other 28,346 Transaction price (4) N/A N/A N/A N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 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) Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management, and in 2018, in combination with indicative prices of investments sold by the Company. (3) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for investee engaged in real estate development during the development stage. The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and AOCI. Level 3 Assets Level 3 Liabilities (In thousands) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable 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 — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 ) 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. Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price in June 2018 and sold in September 2018. Liabilities transferred out of Level 3 represent dividends earned on the final number of shares of class A common stock and OP Units determined as of June 30, 2018, the end of the measurement period of the contingent consideration associated with the Internalization, and which were paid out in August 2018. Securitized Loans and Securitized Bonds Payable Prior to May 2018, 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 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. 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 shares of class A common stock, shares of class B common stock and 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. Prior to June 30, 2018, 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). 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. At June 30, 2018, the end of the measurement period, the contingent consideration was settled with 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. At June 30, 2018, as the contingency was resolved 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 trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018. Investments Carried at Fair Value Using Net Asset Value Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. December 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,271 $ 11,058 $ 12,617 $ 13,658 Non-traded REIT—real estate 19,358 — 11,990 — Private fund—emerging market private equity 3,012 — — — The Company's interests in the private funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The private funds each have eight and ten year lives, respectively, at inception, both of which may be extended in one year increments up to two years . No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the 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 in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is 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 otherwise, 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. December 31, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 70,191 $ 183,257 $ 253,448 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 354,976 354,976 — 416,272 416,272 Intangible assets—investment management contracts — 62,354 62,354 — 36,400 36,400 Equity method investments — 745,320 745,320 — 32,761 32,761 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2019 2018 2017 Impairment loss Real estate held for sale $ 120,329 $ 77,211 $ 25,619 Real estate held for investment 227,510 280,418 19,668 Intangible assets—investment management 9,955 157,538 59,073 Intangible assets—trade name — 59,464 — Equity method loss 257,952 61,182 6,774 Provision for loan losses is presented in Note 5 for loans receivable, and impairments are discussed in Note 6 for equity method investments and Note 7 for investment management intangible assets, including goodwill. Real Estate Held For Sale Real estate held for sale is carried at the lower of amortized cost or fair value. Real estate held for sale that was written down to fair value was generally valued using either broker opinions of value, or a combination of market information, including third-party appraisals and indicative sale prices, adjusted as deemed appropriate by management to account for the inherent risk associated with specific properties. In all cases, fair value of real estate held for sale is reduced for estimated selling costs ranging from 1% to 3% . Real Estate Held For Investment Real estate held for investment that is impaired is carried at fair value at the time of impairment. Impairment was driven by various factors, including, but not limited to: change in expected holding period assumptions which resulted in a shortfall in undiscounted future net cash flows expected to be generated by the properties in comparison to their respective carrying values, decline in operating performance or physical damage to properties. Fair value of impaired real estate held for investment was estimated based upon various approaches: income capitalization method using capitalization rates ranging from 7% to 9% , discounted cash flow analysis using terminal capitalization rates ranging from 6% to 8.5% and discount rates ranging from 6.5% to 9% , third party appraisals, offer prices or broker opinions of value, or insurance estimates for properties that incurred physical damage. Specifically, at December 31, 2018 , real estate held for investment carried at fair value included $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter holding period assumptions. In the fourth quarter of 2018, the Company had reassessed the holding period on its healthcare properties, taking into consideration the Company's ability to refinance the related debt with upcoming maturities. The Company considered the possibility of shorter holding periods to be an indicator of impairment, among other factors. For properties for which indicators of impairment were identified, the Company compared their carrying values to the undiscounted future net cash flows expected to be generated by these properties over their holding periods, with terminal values estimated based on indicative capitalization rates, adjusted as appropriate for risk characteristics of each property. In performing this analysis, the Company considered the likelihood of possible outcomes under various holding period scenarios depending on its ability to refinance the related debt and applied a probability-weighted approach to different hold periods for each property. For properties where carrying value exceeded undiscounted future net cash flows, the carrying value was determined to not be recoverable. Fair values were estimated for these properties based upon the income capitalization approach, using net operating income for each property and applying various capitalization rates. Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million . As impairment assessments involve subjectivity and judgment, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future. 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 December 31, 2019 Assets Loans at amortized cost $ — $ — $ 1,557,850 $ 1,557,850 $ 1,552,824 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 602,000 13,095 — 615,095 614,052 Secured debt — — 8,213,550 8,213,550 8,168,666 Secured debt related to assets held for sale — — 235,000 235,000 232,944 Junior subordinated debt — — 225,835 225,835 201,190 December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans. 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, but is not limited to, 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 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 values of amounts outstanding on the corporate credit facility and secured 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 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, due from and to affiliates, other receivables and other payables generally approximate fair value due to their short term nature, and credit risk, if any, are negligible.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2019
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, 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. 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 in which it has more than an insignificant equity interest in the fund as general partner. 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 $18.5 million at December 31, 2019 and $13.2 million at December 31, 2018 . The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. At December 31, 2019 and 2018 , the consolidated private fund had total assets of $24.7 million and $42.7 million , respectively, and total liabilities of $0.1 million and $20.1 million , respectively. Assets and liabilities were made up primarily of marketable equity securities and unsettled trades. 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 $137.0 million at December 31, 2019 and $117.3 million at December 31, 2018 , included within equity and debt investments and where applicable, assets held for sale, on the consolidated balance sheets. 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 did 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 acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. 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. 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 CLNC 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 was liquidated. 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 bonds, which aggregate to $46.0 million at December 31, 2019 and $67.5 million at December 31, 2018 . 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 10 ). 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 December 31, 2019 and 2018 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. 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 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (2) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units — 775 — Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (3) — 2,074 — Shares issued for settlement of contingent consideration—Internalization — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) — Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 Redemption of preferred stock (16,114 ) — — Shares issued upon redemption of OP Units — 188 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,850 — Shares canceled for tax withholding on vested stock awards — (689 ) — Shares outstanding at December 31, 2019 41,350 487,044 734 __________ (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. (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (3) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 12 ). 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 December 31, 2019 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series G 7.5 % June 2014 3,450 $ 35 $ 86,250 Currently redeemable Series H 7.125 % April 2015 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 41,350 414 1,033,750 Series B 8.25 % February 2007 6,114 61 152,855 Redemption pending Series E 8.75 % May 2014 10,000 100 250,000 Redemption pending 57,464 $ 575 $ 1,436,605 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 Series G, H, I and J of preferred stock are payable quarterly in arrears in January, April, July and October. Prior to their full redemption as discussed below, dividends on Series B and E preferred stock were payable in February, May, August and November. 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. The Company issued notices of redemption for all outstanding Series D preferred stock in May 2018, with redemption settled in July 2018, and for remaining outstanding shares of Series B and all outstanding shares of Series E preferred stock in December 2019, with redemption settled in January 2020. 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 Chief Executive Officer. Each share of class B common stock shall convert automatically into one share of class A common stock if the Chief Executive Officer 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. Common Stock Repurchases During the year ended December 31, 2019 , the Company repurchased 652,311 shares of its class A common stock, at an aggregate cost of approximately $3.2 million , or a weighted average price of $4.84 per share pursuant to a $300 million share repurchase program authorized by its board of directors in May 2018, and extended in May 2019 for an additional one year term. During the year ended December 31, 2018, the Company repurchased 61,417,755 shares of its class A common stock, at an aggregate cost of approximately $350.1 million , or a weighted average price of $5.70 per share. These repurchases were made pursuant to the Company's share repurchase programs authorized in February 2018 and in May 2018 of $300 million each. 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 form of new issuances during the years ended December 31, 2019 and 2018 . 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 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 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 (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 9,206 (4,358 ) (2,563 ) (5,398 ) 24,945 21,832 Amounts reclassified from AOCI (3,554 ) 15,356 2,428 (1,081 ) (1,312 ) 11,837 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) 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 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive loss before reclassifications — (5,943 ) (16,848 ) (1,291 ) (24,082 ) Amounts reclassified from AOCI — 5,328 (465 ) 2,306 7,169 AOCI at December 31, 2019 $ — $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 ) Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 2017 Realized gain (loss) on marketable securities $ — $ 10,100 $ (5,285 ) Other gain (loss), net Other-than-temporary impairment and write-offs of securities (15,356 ) (6,149 ) (31,259 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 1,081 (6,870 ) 2,489 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (340 ) 1,454 (1,829 ) Other gain (loss), net Realized gain (loss) on net investment hedges 1,652 6,992 (3,718 ) Other gain (loss), net Release of equity in AOCI of unconsolidated ventures 3,554 — (81 ) Equity method earnings (losses)

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2019
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 the Townsend investment management subsidiary acquired through the Merger for the year ended December 31, 2017. In connection with the sale of Townsend in December 2017, $20.0 million of the consideration received was allocated to certain members of Townsend management and the noncontrolling interests in Townsend were fully redeemed. The following table presents the activity in redeemable noncontrolling interests. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 9,385 $ 34,144 $ — Assumed through the Merger — — 78,843 Assumed through consolidation of sponsored private fund — — 24,763 Contributions — 354 8,550 Distributions and redemptions (5,837 ) (21,405 ) (100,830 ) Net income (loss) 2,559 (3,708 ) 23,543 Currency translation adjustment and other — — (725 ) Ending balance $ 6,107 $ 9,385 $ 34,144 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 partners. The Company's investment in its light industrial portfolio prior to its sale in December 2019 was made alongside third party limited partners through a joint venture consolidated by the Company. The Company's ownership interest changed over the course of the investment vehicle due to capital contributions from or redemptions of limited partner interests. Limited partners were admitted or redeemed at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions or redemptions. For the years ended December 31, 2019 , 2018 and 2017, the difference between contributions or redemptions and the respective limited partners' share of the joint venture resulted in a net increase to additional paid-in capital of $12.4 million , $34.1 million and $21.8 million , respectively. Noncontrolling Interests in Operating Company Certain current and past 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. Issuance of OP Units —The Company issued 21,478,515 OP Units in July 2019 and 612,072 OP Units in December 2019 as part of the consideration for the acquisitions of DBH, valued at $111.9 million , and DataBank, valued at $3.0 million , based upon the closing price of the Company's class A common stock on July 24, 2019 and December 20, 2019, respectively (Note 3 ). Redemption of OP Units —For the year ended December 31, 2019 , the Company redeemed 187,995 OP Units with the issuance of an equal number of shares of class A common stock on a one -for-one basis. For the year ended December 31, 2018 , the Company redeemed 2,870,422 OP Units, of which 2,074,457 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one -for-one basis, and 795,965 OP Units were redeemed in exchange for cash of $4.8 million to satisfy tax obligations of OP unitholders. The redemptions included 1.0 million OP Units issued for settlement of the contingent consideration in connection with the Internalization (Note 12

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At December 31, 2019 and 2018 , assets totaling $0.4 billion and $3.2 billion , respectively, and liabilities totaling $0.2 billion and $1.2 billion , respectively, of the industrial segment were classified as held for sale. Amounts as of December 31, 2018 included the light industrial portfolio and the related management platform prior to their sale in December 2019. At December 31, 2019 , only the assets and liabilities related to the bulk industrial portfolio remain as held for sale. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $0.4 billion at December 31, 2019 and $3.0 billion at December 31, 2018 . Also included prior to the December 2019 sale were goodwill associated with the industrial management platform, fee receivable presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment—private fund. Debt financing the light industrial portfolio was either repaid or assumed by the buyer concurrent with closing of the sale in December 2019. At December 31, 2019 All of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The light industrial portfolio and management platform were sold in December 2019. The first six months of 2018 also included loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2019 2018 2017 Net loss allocated to common stockholders Loss from continuing operations $ (1,650,712 ) $ (534,757 ) $ (120,061 ) (Income) loss from continuing operations attributable to noncontrolling interests 138,857 (2,059 ) (107,622 ) Loss from continuing operations attributable to Colony Capital, Inc. (1,511,855 ) (536,816 ) (227,683 ) Income from discontinued operations attributable to Colony Capital, Inc. 463,048 17,209 29,792 Net loss attributable to Colony Capital, Inc. (1,048,807 ) (519,607 ) (197,891 ) Preferred stock redemption 5,150 3,995 (4,530 ) Preferred dividends (108,550 ) (117,097 ) (130,672 ) Net loss attributable to common stockholders (1,152,207 ) (632,709 ) (333,093 ) Net income allocated to participating securities (3,491 ) (2,504 ) (9,168 ) Net loss allocated to common stockholders—basic (1,155,698 ) (635,213 ) (342,261 ) Interest expense attributable to convertible notes (1) — — — Net loss allocated to common stockholders—diluted $ (1,155,698 ) $ (635,213 ) $ (342,261 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,588 496,993 532,600 Weighted average effect of dilutive shares (1)(2)(3) — — — Weighted average number of common shares outstanding—diluted 479,588 496,993 532,600 Basic loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per basic common share $ (2.41 ) $ (1.28 ) $ (0.64 ) Diluted loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per diluted common share $ (2.41 ) $ (1.28 ) $ (0.64 ) __________ (1) For the years ended December 31, 2019 , 2018 and 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $28.2 million , $28.6 million and $28.9 million of interest expense, respectively, and 38,112,100 , 38,112,100 , and 38,564,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 74,100 , 571,500 and 534,100 for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 19 ) of 990,700 and 532,900 for the years ended December 31, 2019 and 2018 , respectively. (3) 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 December 31, 2019 , 2018 and 2017 there were 53,261,100 , 31,358,500 and 32,282,500

Fee Income

Fee Income	12 Months Ended
	Dec. 31, 2019
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, and traded and non-traded REITs, 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. In December 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 CLNC. In April 2018, the Company combined NorthStar Securities, LLC ("NorthStar Securities"), the Company's captive broker-dealer platform that raises capital in the retail market, with a third party partner to form a new joint venture, accounted for under the equity method. Fee income for all periods presented excludes management fees from the Company's open-end industrial fund which was classified as held for sale. Such fees are included in income from discontinued operations (Note 16 ). The Company's fee income is earned from the following sources. Year Ended December 31, (In thousands) 2019 2018 2017 Institutional funds and other investment vehicles $ 82,188 $ 48,624 $ 56,966 Public companies (CLNC, NRE) 118,049 65,258 14,003 Non-traded REITs 19,896 29,597 88,081 Other 3,782 964 57,717 $ 223,915 $ 144,443 $ 216,767 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2019 2018 2017 Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) $ 152,189 $ 131,406 $ 179,816 Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) 3,559 2,078 3,069 Acquisition and disposition fees—from affiliates — 1,922 16,237 Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) 64,555 5,445 1,043 Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) 3,612 3,592 16,602 Total fee income $ 223,915 $ 144,443 $ 216,767 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds and traded and non-traded REITs, calculated as follows: • Private Funds and similar investment vehicles—generally (a) 1% per annum of limited partners' net funded capital, or (b) 0.9% to 1.75% per annum of investors' committed capital during commitment or investment period and thereafter, of contributed or invested capital; • CLNC— 1.5% per annum of CLNC's stockholders' equity (as defined in its management agreement). In November 2019, the management agreement with CLNC was amended and restated to reduce the fee base to reflect CLNC's reduced book value, which resulted in a decrease in management fees effective in the beginning of the fourth quarter of 2019 (Note 6 ); • Non-Traded REITs— 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare, and prior to closing of the Combination on January 31, 2018, 1% to 1.25% per annum of gross assets for NorthStar I and NorthStar II. $2.5 million per quarter of base management fee for NorthStar Healthcare is paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution); and • NRE—prior to termination of the NRE management contract in connection with the sale of NRE on September 30, 2019 , a variable fee of 1.5% per annum of NRE's reported European Public Real Estate Association Net Asset Value ("EPRA NAV" as defined in its management agreement) for EPRA NAV up to and including $2.0 billion , and 1.25% per annum for EPRA NAV amounts exceeding $2.0 billion . 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 — P rior to closing of the Combination on January 31, 2018, the Company earned from NorthStar I and NorthStar II an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment, and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment. Incentive and Termination Fees —The Company may earn incentive fees from NRE (prior to termination of the NRE management contract) and CLNC, 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 their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50% ) is allocable to senior management, investment professionals and certain other employees of the Company, included in carried interest and incentive fee compensation expense. Termination of the NRE management contract in September 2019 resulted in payment and recognition of a termination fee to the Company of $64.6 million , of which $21.5 million represents incentive fees earned for fiscal year 2019 through the date of termination. Other Fee Income —Other fees include service fees for information technology and operational support services and facilities to portfolio companies, advisory fees, and licensing fees related to the Colony Capital Fundamental U.S. Real Estate Index, a rules-based strategy that invests in common stock of REITs. Other fees also included selling commission and dealer manager fees through NorthStar Securities prior to May 2018 and advisory fees from Townsend clients on a fixed annual retainer in 2017.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "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 to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the 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 December 31, 2019 , an aggregate 54.4 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives, directors and certain employees, with a service condition only and are 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. Following the end of the measurement period for the PSUs, the recipients of PSUs who remain employed will vest in, and 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 either relative to that of a specified peer group or against a target stock price over a three -year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. 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. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. The incremental value resulting from the modification was immaterial. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019. Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their 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 units in the Operating Company that 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 (subject to capital account limitation), into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 15 ). LTIP units issued to certain employees have a service condition only, and are valued based upon the Company's class A common stock price on grant date. In connection with the acquisition of DBH in July 2019, the Company granted 10 million LTIP units to Marc C. Ganzi, co-founder and Chief Executive Officer ("CEO") of DBH and CEO-elect of the Company, subject to both a service condition and a market condition. The LTIP units will vest based upon achievement of the Company's class A common stock price closing at or above $10.00 over any 90 consecutive trading days prior to the fifth anniversary of the grant date, subject to Mr. Ganzi's continuous employment to the time of such vesting. Fair value of these LTIP units was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: Ganzi LTIP Grant Expected volatility of the Company's class A common stock (1) 28.3% Expected dividend yield (2) 8.1% Risk-free rate (per annum) (3) 1.8% __________ (1) Based upon historical volatility of the Company's stock and those of a specified peer group. (2) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date. Equity-based compensation cost on LTIP units is recognized on a straight-line basis over either the service period for awards with a service condition only, or over the derived service period for awards with both a service condition and a market condition. The derived service period is a service period that is inferred from the application of the simulation technique used in the valuation of the award, and represents the median of the terms in the simulation in which the market condition is satisfied. 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. 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, or on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 16 ), is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) $ 31,403 $ 38,928 $ 146,563 Earnings from investments in unconsolidated ventures — — 61 Investment and servicing expense — — 4,070 $ 31,403 $ 38,928 $ 150,694 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, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 5,085,924 10,000,000 386,834 3,760,864 19,233,622 2.92 2.30 Vested (2,570,167 ) — (304,184 ) (60,514 ) (2,934,865 ) 5.09 9.79 Forfeited (296,139 ) — — (64,104 ) (360,243 ) 4.53 6.26 Unvested shares and units at December 31, 2019 7,641,708 10,000,000 265,784 5,680,195 23,587,687 3.66 3.25 __________ (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 measured 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 $14.7 million , $111.2 million and $31.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 , aggregate unrecognized compensation cost for all unvested equity awards was $44.5 million , which is expected to be recognized over a weighted average period of 2.0 years . Awards Granted by Managed Companies CLNC and NRE, both managed by the Company prior to the sale of NRE, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). CLNC awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. NRE awards generally had similar terms as the Company's stock awards, except that the NRE performance stock units measured NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees were entitled to receive shares of NRE common stock if service conditions and/or market conditions were met. 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. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees. Managed company awards granted to the Company, pending grant by the Company to its employees, are recognized based upon their fair value at grant date as an equity investment 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 CLNC, 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 related to managed company awards was $32.3 million and $9.6 million for the years ended December 31, 2019 and 2018 , respectively, which included the acceleration of all outstanding NRE awards and certain CLNC awards upon the sale of NRE in September 2019. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20 ). At December 31, 2019 , aggregate unrecognized compensation cost for unvested managed company awards was $11.4 million , pertaining only to CLNC, which is expected to be recognized over a weighted average period of 1.9 years .

Transactions with Affiliates

Transactions with Affiliates	12 Months Ended
	Dec. 31, 2019
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) December 31, 2019 December 31, 2018 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 36,106 $ 32,139 Cost reimbursements and recoverable expenses 14,624 10,754 Employees and other affiliates 750 596 $ 51,480 $ 43,489 Due to Affiliates Employees and other affiliates $ 34,064 $ — 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 18 . 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 non-traded REITs and CLNC, 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 (prior to termination of management agreement and sale of NRE in September 2019) 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 NorthStar Healthcare and private funds managed by the Company; • Equity awards granted to employees of the Company by CLNC and NRE (prior to termination of the NRE management agreement) and cash compensation paid by NRE to certain employees of the Company in connection with the sale of NRE in September 2019, which are presented gross as other income and compensation expense (Note 19 ); • Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties, and services to the Digital Colony Manager joint venture prior to the Company's acquisition of DBH in July 2019; and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Retail companies $ 3,098 $ 4,672 $ 19,545 Public companies (CLNC, NRE) 14,442 10,747 — Private investment vehicles and other 14,059 9,198 3,779 Equity awards of CLNC and NRE (Note 19) 32,627 10,078 — Townsend — — 2,306 $ 64,226 $ 34,695 $ 25,630 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). NorthStar Healthcare 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 in December 2020, 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 December 31, 2019 and 2018, there were no outstanding advances under the revolving credit facility. Liquidating Trust— As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I was not transferred to CLNC, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. The Company entered into a management services agreement with the liquidating trust to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services 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. Sales to CLNC— There were no such sales in the year ended December 31, 2019 . In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to CLNC at the unpaid principal amount of the investment of $89.1 million . In July 2018, the Company sold to CLNC its interest in a subsidiary holding a net lease property in Norway that was partially financed by a non-callable bond for $121.5 million based on an appraised value of the property, resulting in a gain on sale of $28.6 million . Healthcare Partnership— In January 2014, NRF entered into a partnership with James F. Flaherty, III, with the intention of expanding the Company’s healthcare business (“Healthcare Partnership”). The Healthcare 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 Partnership. American Healthcare Investors Joint Venture— The Company has an equity method investment in American Healthcare Investors, LLC (“AHI"). Prior to the termination of its management agreement in October 2018, AHI had provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. For the years ended December 31, 2018 and 2017 , the Company incurred property management fees and sub-advisory fees to AHI totaling $4.1 million and $4.8 million , respectively. Acquisition of DBH and DataBank— In connection with the acquisition of DBH in July 2019, payment of a portion of the cash consideration was deferred until the expiration of certain customary seller indemnification obligations (Note 3 ). The deferred consideration of $32.5 million remaining at December 31, 2019 is payable to principals of DBH, including Mr. Ganzi, who became employees or affiliate of the Company post-acquisition. In connection with the Company's acquisition in December 2019 of interests in DataBank from third parties (Note 3 ) , Mr. Ganzi and Mr. Jenkins , the Chairman of the Company’s digital realty platform, entered into voting agreements with the Company, which provide the Company with majority voting power over DataBank's board. T he Company took a series of steps to mitigate conflicts in the transaction, including receiving a fairness opinion on its purchase price from a nationally recognized third party valuation firm. Additionally, in exchange for incentive units owned by Messrs. Ganzi and Jenkins allocable to the DataBank stake acquired by the Company, the Company issued OP Units with a value of $3 million , which are subject to a multi-year lockup. The value represents consideration paid to Messrs. Ganzi and Jenkins by the Company for such incentive units in connection with its investment in DataBank, which was in addition to the cash consideration paid to third parties by the Company for its acquired interests in Databank. As a result, the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank. In addition, the DataBank transaction was approved by the Company's board of directors. 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 years ended December 31, 2019 , 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. Equity Awards of CLNC and NRE —As discussed in Note 19 , CLNC and NRE (prior to the sale of NRE in September 2019) grant equity awards to the Company and certain of the Company's employees, either directly 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 invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2019 and 2018, such investments in consolidated investment vehicles and general partner entities totaled $4.0 million and $5.7 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $2.5 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively. Corporate Aircraft— The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $1.4 million , $0.7 million and $1.9 million for personal flights taken during the years ended December 31, 2019 , 2018 and 2017

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from its investment management business, operations of its hotel and healthcare portfolios as well as real estate and loan investments in Europe. On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which provides for a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. At December 31, 2017, the Company recognized a provisional amount of $24.9 million relating to the effects of the tax rate change on our existing deferred tax balances, which is included as a component of income tax benefit. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% for U.S. federal corporate income tax purposes. During the fourth quarter of 2018, the Company completed its analysis of the Tax Cuts and Jobs Act, which resulted in the recognition of an additional $2.2 million of income tax benefit relating to the effects of the tax rate change on the Company's existing deferred tax balances. Income Tax Benefit (Expense) The components of current and deferred tax benefit (expense), including amounts related to the industrial business presented as discontinued operations (Note 16 ), were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (6,320 ) $ 2,881 $ (20,316 ) State and local (3,276 ) 1,168 (3,606 ) Foreign (12,459 ) (13,698 ) (16,138 ) Total current tax benefit (expense) (22,055 ) (9,649 ) (40,060 ) Deferred Federal 1,652 64,962 110,711 State and local 2,800 1,320 18,235 Foreign 5,150 3,148 9,513 Total deferred tax benefit 9,602 69,430 138,459 Total income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 Deferred Income Tax Assets and Liabilities Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities. Certain deferred tax liabilities were recognized in connection with business combinations in 2019, related primarily to book-to-tax basis differences in real estate assets recorded at fair value upon acquisition of DataBank, for which a TRS election was made, and investment management contract intangible assets recognized from the acquisition of DBH. At December 31, 2018, the Company believed that it was more likely than not that the carry forward net operating losses on certain hotel portfolios will be utilized prior to their expiration based on the Company’s reassessment of expected future profitability on these portfolios, therefore the related valuation allowance that was previously established of $10.7 million was released in 2018. The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. (In thousands) December 31, 2019 December 31, 2018 Deferred tax assets Net operating and capital loss carry forwards (1) $ 67,785 $ 56,609 Equity-based compensation 23,410 17,162 Investment in partnerships 625 7,745 Real estate, leases and related intangibles 15,870 — Foreign tax credits (2) — 892 Straight-line and prepaid rent 6,270 7,850 Deferred income 3,520 — Deferred interest expense 5,881 472 Other (3) 11,853 2,904 Gross deferred tax assets 135,214 93,634 Valuation allowance (26,305 ) (22,062 ) Deferred tax assets, net of valuation allowance 108,909 71,572 Deferred tax liabilities Real estate, leases and related intangibles 209,474 63,901 Other intangible assets 31,124 33,693 Deferred income — 1,263 Other (3) 9,420 108 Gross deferred tax liabilities 250,018 98,965 Net deferred tax liability $ (141,109 ) $ (27,393 ) __________ (1) At December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $269.7 million and $251.2 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2031 , except those incurred after December 31, 2017 attributable to U.S. federal, and those attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2027 . (3) Other includes deferred tax asset on lease liability and deferred tax liability on lease ROU asset related to office leases at December 31, 2019. Effective Income Tax The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing and discontinued operations before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Loss from continuing and discontinued operations before income taxes $ (136,462 ) $ (554,956 ) $ (163,012 ) Pre-tax (income) loss attributable to pass-through subsidiaries (675,635 ) 312,939 (405,104 ) Pre-tax loss attributable to taxable subsidiaries (812,097 ) (242,017 ) (568,116 ) Federal tax benefit at statutory tax rate (21%, 21% and 35%, respectively) 170,540 50,824 198,841 State and local income taxes, net of federal income tax benefit 1,362 10,983 9,380 Foreign income tax differential (8,979 ) (3,533 ) 6 Nondeductible expenses—goodwill impairment (165,480 ) — (110,600 ) Nondeductible expenses—other (4,390 ) (4,648 ) (20,372 ) Valuation allowance, net (4,151 ) 2,874 (3,555 ) Impact of Tax Cuts and Jobs Act — 2,190 24,908 Other (1,355 ) 1,091 (209 ) Income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 Tax Examinations The Company is no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities for years prior to 2016 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company's operating leases, as lessee, are primarily leases on investment properties, consisting primarily of powered shell spaces for data centers, an air rights lease and ground leases assumed through real estate acquisitions, and leases for corporate offices. The weighted average remaining lease terms based upon outstanding lease liability balances at December 31, 2019 were 19.7 years for leases on investment properties and 7.4 years for office leases. For the years ended December 31, 2018 and 2017 , lease expense, including variable lease expense, was $8.2 million and $6.7 million for ground leases, respectively, and $10.1 million and $13.3 million for office leases, respectively. For the year ended December 31, 2019 , the following table summarizes lease expense for investment properties, included in property operating expense, and office leases, included in administrative expense. Year Ended December 31, 2019 (In thousands) Investment Properties Corporate Offices Operating lease expense: Fixed lease expense $ 8,292 $ 9,213 Variable lease expense 1,898 2,516 $ 10,190 $ 11,729 Operating Lease Commitments The operating lease liability was determined using a weighted average discount rate of 6.8% . At December 31, 2019 , the Company's future operating lease commitments for investment properties, excluding real estate held for sale, and for corporate offices were as follows: (In thousands) Year Ending December 31, Investment Properties Corporate Offices Total 2020 $ 17,295 $ 10,314 $ 27,609 2021 16,847 9,735 26,582 2022 17,015 8,074 25,089 2023 17,054 7,778 24,832 2024 17,060 8,314 25,374 2025 and thereafter 211,195 23,337 234,532 Total lease payments 296,466 67,552 364,018 Present value discount (182,721 ) Operating lease liability (Note 9) $ 181,297 At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106 Contingent Consideration In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder in an amount up to $13.0 million (Note 12 ), subject to the Company achieving certain agreed upon returns. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2019 , 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	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's seven reportable segments are as follows: • Digital Real Estate and Investment Management ("Digital")— The Company's digital segment is composed of (i) balance sheet equity interests in digital infrastructure and real estate; and (ii) digital infrastructure and real estate investment management business. For digital investments on our balance sheet, these assets earn rental income from providing use of space and/or capacity in or on our digital assets through long-term leases, services and other agreements . In the digital investment management business, we earn management fees, generally based on the amount of assets or capital managed in investment vehicles, and have the potential to earn carried interest based on the performance of such investment vehicles subject to the achievement of minimum return hurdles. • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. • Industrial— In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which represented the vast majority of the segment. Therefore, the industrial segment will no longer constitute a reportable segment in the future. The Company continues to own the remaining bulk industrial assets which remain held for sale. As the sale represented a strategic shift that had a major effect on the Company’s operations and financial results, the historical results of the industrial segment are presented as discontinued operations on the consolidated statements of operations (Note 16 ). • Hospitality— The Company's hospitality segment is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton. • CLNC — This segment is composed of our 36% interest in CLNC, an externally managed commercial real estate credit REIT. CLNC is focused on originating, acquiring, financing and managing a diversified commercial real estate portfolio, consisting primarily of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. • Other Equity and Debt— This segment is composed of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager ("GP co-investments") and receives various forms of investment management economics on related third-party capital on real estate or real estate-related investments, excluding digital real estate. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including commercial real estate equity and debt investments and other real estate related securities, among other holdings. • Other Investment Management— This segment, which is separate from the digital investment management business that resides in the digital segment, encompasses the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, a public non-traded healthcare REIT and interests in other investment management platforms, among other smaller investment funds. This segment also included the industrial investment management business prior to the sale of the light industrial portfolio in December 2019, and is presented as discontinued operations on the consolidated statements of operations. The Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or potential carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles . In December 2019, the acquisition of DataBank marked the Company's inaugural direct balance sheet investment in digital real estate. Together with the acquisition of DBH in July 2019, the Company now has a footprint in both ownership and management of digital real estate assets, which signals the beginning of the Company's pivot into its new digital real estate strategy. As of December 31, 2019, the Company has determined that digital real estate represents a new reportable segment. As of December 31, 2019, the digital segment is composed of the Company's DataBank and DBH subsidiaries, along with the Company's existing investments in the DCP fund and its manager. As a result, the Company's equity method investment and its corresponding share of earnings in the DCP fund, which was in the other equity and debt segment, and in Digital Colony Manager prior to its consolidation (Note 3 ), along with transaction and financing costs related to the DBH acquisition, which resided in the investment management segment, have been reclassified into the digital segment as of and for the years ended December 31, 2019 and 2018. Additionally, the Company has determined that on a go forward basis, future benefits from its remaining customer relationship intangible (outside of DBH customer relationships) will be derived by its digital business, and therefore, the Company has reallocated the remaining customer relationship intangible from its investment management segment to its digital segment effective December 31, 2019. 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 corporate level 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. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 16 ). (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2019 Total revenues $ 40,407 $ 582,139 $ — $ 828,523 $ — $ 614,551 $ 246,499 $ 14,235 $ 2,326,354 Property operating expenses 2,197 260,374 — 554,981 — 273,357 — — 1,090,909 Interest expense 4,502 192,621 — 169,781 — 113,762 — 54,872 535,538 Depreciation and amortization 12,209 161,115 — 145,424 — 85,910 79,097 6,037 489,792 Provision for loan losses — — — — — 35,880 — — 35,880 Impairment loss — 187,341 — 50,474 — 110,025 797,954 649 1,146,443 Gain on sale of real estate — 1,384 — 279 — 61,253 — — 62,916 Equity method earnings (losses) 2,647 — — — (241,356 ) 115,927 (17,602 ) — (140,384 ) Equity method earnings—carried interest — — — — — — 11,682 — 11,682 Income tax benefit (expense) (15,104 ) 612 — (898 ) — (7,270 ) 9,311 (654 ) (14,003 ) Income (loss) from continuing operations 43,786 (239,888 ) — (107,066 ) (241,356 ) 87,004 (754,314 ) (438,878 ) (1,650,712 ) Income from discontinued operations — — 1,486,691 — — — 15,106 — 1,501,797 Net income (loss) 43,786 (239,888 ) 1,486,691 (107,066 ) (241,356 ) 87,004 (739,208 ) (438,878 ) (148,915 ) Net income (loss) attributable to Colony Capital, Inc. 40,658 (179,976 ) 449,050 (90,139 ) (227,548 ) 1,436 (643,631 ) (398,657 ) (1,048,807 ) Year Ended December 31, 2018 Total revenues $ — $ 592,455 $ — $ 849,513 $ — $ 739,167 $ 176,568 $ 9,239 $ 2,366,942 Property operating expenses — 271,166 — 563,453 — 316,037 — — 1,150,656 Interest expense — 194,898 — 153,395 — 150,032 — 54,513 552,838 Depreciation and amortization — 164,389 — 144,528 — 99,525 28,653 6,207 443,302 Provision for loan losses — 213 — — — 42,821 — — 43,034 Impairment loss — 217,524 — 72,469 — 79,432 217,850 — 587,275 Gain on sale of real estate — — — — — 159,598 — — 159,598 Equity method earnings (losses) 8,845 — — — (65,366 ) 97,416 (50,496 ) — (9,601 ) Equity method earnings—carried interest — — — — — — 9,525 — 9,525 Income tax benefit (expense) — (4,991 ) — 9,875 — (4,298 ) 59,179 205 59,970 Income (loss) from continuing operations 5,955 (283,516 ) — (90,581 ) (65,366 ) 266,886 (145,161 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) 5,955 (283,516 ) 26,749 (90,581 ) (65,366 ) 266,784 (132,226 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. 5,606 (199,277 ) 4,246 (82,798 ) (61,457 ) 141,197 (124,024 ) (203,100 ) (519,607 ) (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ — $ 613,169 $ — $ 815,831 $ — $ 873,046 $ 240,632 $ 6,862 $ 2,549,540 Property operating expenses — 274,528 — 537,884 — 233,901 — — 1,046,313 Interest expense — 185,256 — 134,729 — 161,993 — 54,278 536,256 Depreciation and amortization — 183,897 — 133,269 — 128,942 56,616 5,790 508,514 Provision for loan losses — 1,588 — — — 18,153 — — 19,741 Impairment loss — 14,375 — — — 30,867 375,074 — 420,316 Gain on sale of real estate — — — — — 112,758 — — 112,758 Equity method earnings — — — — — 265,079 18,204 — 283,283 Income tax benefit (expense) — (5,639 ) — (2,779 ) — (3,950 ) 111,049 1,814 100,495 Income (loss) from continuing operations — (64,767 ) — (9,863 ) — 567,752 (174,564 ) (438,619 ) (120,061 ) Income from discontinued operations — — 37,497 — — 995 4,396 12,560 55,448 Net income (loss) — (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. — (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (393,815 ) (197,891 ) Total assets and equity method investments excluding investments held for sale (Note 8 ) of the reportable segments are summarized as follows: December 31, 2019 December 31, 2018 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,160,402 $ 47,891 $ 32,354 $ 32,354 Healthcare 4,886,374 — 5,395,550 — Industrial 458,673 — 3,185,906 — Hospitality 3,789,098 — 3,980,988 — CLNC 725,443 725,443 1,037,754 1,037,754 Other Equity and Debt 5,749,455 1,070,462 6,344,124 1,026,420 Other Investment Management 1,085,234 139,977 1,979,432 176,403 Amounts not allocated to segments 977,505 3,742 259,141 3,742 $ 19,832,184 $ 1,987,515 $ 22,215,249 $ 2,276,673 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. Year Ended December 31, (In thousands) 2019 2018 2017 Total income by geography: United States $ 1,772,135 $ 2,002,260 $ 2,492,800 Europe 354,164 329,609 310,783 Other 7,127 302 3,610 Total (1) $ 2,133,426 $ 2,332,171 $ 2,807,193 (In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Year Ended December 31, (In thousands) 2019 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0 $ 523,533 $ 507,495 $ 452,726 Cash received for income tax refunds (paid for income taxes), net (12,595 ) 14,476 53,017 Cash paid for operating lease liabilities 16,234 — — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 149,737 $ 158,666 $ 153,379 Net cash provided by (used in) investing activities of discontinued operations 3,721,764 (599,940 ) 82,408 Net cash provided by (used in) financing activities of discontinued operations (2,640,171 ) 351,052 378,788 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,301 $ 84,013 $ 188,202 Improvements in operating real estate in accrued and other liabilities 20,230 2,249 18,221 Redemption of OP Units for common stock 2,104 29,034 22,831 Preferred stock redemptions payable 402,855 — — ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 139,157 — — Deferred cash consideration for acquisition of DBH (Note 3) 32,500 — — Issuance of OP Units for business combinations (Note 3) 114,865 — — Proceeds from loan repayments and asset sales held in escrow 63,984 19,425 27,426 Distributions payable to noncontrolling interests included in other liabilities 3,986 19,297 10,786 Foreclosures and exchanges of loans receivable for real estate 28,562 47,097 54,615 Debt assumed by buyer in sale of real estate 295,562 196,416 1,258,558 Debt issued to buyer in sale of real estate 4,000 — — Fair value of Digital Colony Manager contract intangible consolidated (Note 3) 51,400 — — Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3) 2,098,313 — 16,684,675 Liabilities assumed in business combinations (Note 3) 818,449 — 11,249,183 Noncontrolling interests assumed in business combinations (Note 3) 724,567 — 592,690 Deconsolidation of net assets of securitization trusts — 131,386 — Assets held for sale contributed to equity method investee — 20,350 — Deferred tax liabilities assumed by buyer of related real estate — 26,629 — Share repurchase payable — 7,567 — Contributions receivable from noncontrolling interests — 29,721 25,501 Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed — 1,753,066 — Liabilities of CLNY Investment Entities deconsolidated — 421,245 — Noncontrolling interests of CLNY Investment Entities deconsolidated — 395,274 — Year Ended December 31, (In thousands) 2019 2018 2017 Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — — 153,368 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — — 66,020 Common stock issued for acquisition of NSAM and NRF — — 5,710,134 Preferred stock issued for acquisition of NRF — — 1,010,320 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed — — 219,278 Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed — — 326,679 Net assets of sponsored fund consolidated, net of cash and restricted cash assumed — — 13,370 Exchange of notes for class A common shares — — 3,279 Assets of consolidated securitization trust — — 58,296 Liabilities of consolidated securitization trust — — 56,928

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2019, 2018 and 2017 The following table summarizes the activities in the allowance for doubtful accounts established on all of the Company's receivable balances, primarily receivables from borrowers other than interest, hotel operating income receivables, property level insurance receivables, and other receivables from managed investment vehicles. In 2018 and 2017, allowances were established on lease-related receivables such as base rents, expense reimbursements and straight-line rents from tenants, and resident fees. Upon adoption of ASC 842 on January 1, 2019, such allowances were charged off against the receivable to the extent collection of the related lease receivables were determined to not be probable, and any remaining allowance related to amounts probable of collection were subsequently charged off at such time cash was collected as a reduction to bad debt expense (Note 2 ). Year Ended December 31, (In thousands) 2019 2018 2017 Balance at January 1 $ 14,514 $ 6,869 $ 1,708 Cumulative effect of adoption of ASC 842 (13,889 ) — — Allowance for doubtful accounts 6,793 26,860 14,602 Charge-offs (4,605 ) (19,155 ) (9,531 ) Effect of changes in foreign exchange rates — (60 ) 90 Balance at December 31 $ 2,813 $ 14,514 $ 6,869

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulative Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Digital Data Centers (4) 20 $ 539,155 $ 29,508 $ 817,950 $ — $ 29,508 $ 817,950 $ 847,458 $ 1,065 $ 846,393 2019 Healthcare Assisted Living Facilities Alabama 1 4,540 337 2,583 1,505 337 4,088 4,425 431 3,994 2017 Arizona 1 8,998 536 14,434 1,354 536 15,788 16,324 1,374 14,950 2017 California 5 35,823 12,157 76,393 (24,087 ) 7,286 57,177 64,463 6,353 58,110 2017 Colorado 2 102,295 7,734 138,276 3,849 7,734 142,125 149,859 11,542 138,317 2017 Georgia 1 7,031 516 14,220 (2,994 ) 366 11,376 11,742 1,321 10,421 2017 Illinois 22 184,017 9,433 289,465 (30,893 ) 8,476 259,529 268,005 24,996 243,009 2017 Indiana 9 25,835 7,170 26,900 — 7,170 26,900 34,070 2,753 31,317 2017 Kansas 1 5,963 915 12,105 (6,861 ) 302 5,857 6,159 1,111 5,048 2017 Massachusetts 1 2,932 1,346 1,523 279 1,346 1,802 3,148 278 2,870 2017 North Carolina 8 81,404 11,656 151,555 723 11,656 152,278 163,934 12,253 151,681 2017 Nebraska 1 2,531 559 3,161 (756 ) 396 2,568 2,964 330 2,634 2017 Ohio 9 188,728 16,108 247,227 (17,054 ) 14,728 231,553 246,281 21,668 224,613 2017 Oklahoma 5 10,294 1,419 17,467 (3,372 ) 952 14,562 15,514 2,158 13,356 2017 Oregon 25 171,437 20,905 269,521 (341 ) 20,437 269,648 290,085 23,252 266,833 2017 South Carolina 1 16,183 1,105 17,975 1,236 1,105 19,211 20,316 1,573 18,743 2017 Tennessee 2 12,090 2,179 24,880 (7,305 ) 1,540 18,214 19,754 2,326 17,428 2017 Texas 8 119,609 18,144 138,400 6,427 18,063 144,908 162,971 13,079 149,892 2017 Washington 6 45,314 3,765 68,188 (1,406 ) 3,673 66,874 70,547 5,852 64,695 2017 United Kingdom 46 293,661 129,071 510,026 43,209 132,686 549,620 682,306 41,615 640,691 2017-2019 Hospitals Georgia 1 9,012 2,047 16,650 — 2,047 16,650 18,697 1,283 17,414 2017 Louisiana 1 13,049 1,591 13,991 — 1,591 13,991 15,582 1,069 14,513 2017 Missouri 3 18,605 3,586 22,684 — 3,586 22,684 26,270 1,813 24,457 2017 Oklahoma 1 15,320 536 15,954 — 536 15,954 16,490 1,216 15,274 2017 Texas 2 18,406 3,191 52,140 2,399 3,191 54,539 57,730 4,067 53,663 2017 Utah 1 3,386 2,151 7,073 — 2,151 7,073 9,224 560 8,664 2017 Medical Office Buildings Alabama 2 34,502 — 56,252 (23,258 ) — 32,994 32,994 4,069 28,925 2017 Arkansas 1 807 — 1,343 — — 1,343 1,343 300 1,043 2017 California 2 18,613 5,708 33,831 1,102 5,708 34,933 40,641 3,346 37,295 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Colorado 6 21,005 8,330 57,618 2,756 7,951 60,753 68,704 6,041 62,663 2017 Florida 3 23,198 2,119 41,279 (4,485 ) 1,794 37,119 38,913 3,648 35,265 2017 Georgia 13 61,022 12,976 100,152 4,074 12,976 104,226 117,202 9,823 107,379 2017 Hawaii 1 4,737 519 14,030 2,945 519 16,975 17,494 1,098 16,396 2017 Idaho 1 18,431 — 30,473 — — 30,473 30,473 2,633 27,840 2017 Illinois 6 62,660 9,809 97,772 1,860 9,426 100,015 109,441 9,185 100,256 2017 Indiana 27 160,241 18,106 297,676 (7,635 ) 16,302 291,845 308,147 29,176 278,971 2017 Louisiana 4 25,580 2,406 52,142 (5,070 ) 1,889 47,589 49,478 4,851 44,627 2017 Michigan 3 29,871 3,856 48,703 (8,785 ) 2,770 41,004 43,774 4,141 39,633 2017 Minnesota 2 4,812 1,144 9,348 141 1,144 9,489 10,633 892 9,741 2017 Mississippi 1 13,720 — 21,465 — — 21,465 21,465 1,951 19,514 2017 New Mexico 3 9,941 — 16,344 531 — 16,875 16,875 2,675 14,200 2017 Ohio 5 42,235 5,036 99,039 (6,128 ) 3,821 94,126 97,947 8,663 89,284 2017 Oklahoma 2 11,865 — 18,382 — — 18,382 18,382 1,669 16,713 2017 South Carolina 2 14,936 761 22,966 (4,707 ) 343 18,677 19,020 2,102 16,918 2017 Tennessee 2 3,851 449 20,022 (3,615 ) 449 16,407 16,856 1,676 15,180 2017 Texas 19 93,013 5,808 168,060 2,752 5,751 170,869 176,620 18,352 158,268 2017 Washington 1 22,470 998 47,052 107 998 47,159 48,157 3,922 44,235 2017 Skilled Nursing Facilities Alabama 1 8,418 433 7,169 — 433 7,169 7,602 711 6,891 2017 California 2 13,518 1,936 37,612 — 1,936 37,612 39,548 7,003 32,545 2017 Florida 22 155,663 24,326 323,769 (6,722 ) 23,907 317,466 341,373 27,392 313,981 2017 Georgia 6 99,836 12,140 130,707 — 12,140 130,707 142,847 10,901 131,946 2017 Illinois 2 9,620 2,716 15,941 — 2,716 15,941 18,657 1,864 16,793 2017 Indiana 19 95,295 5,634 132,921 — 5,634 132,921 138,555 12,672 125,883 2017 Kentucky 1 13,916 362 17,493 3,084 362 20,577 20,939 1,870 19,069 2017 Louisiana 1 26,263 1,068 28,675 — 1,068 28,675 29,743 2,454 27,289 2017 Massachusetts 3 9,512 6,179 8,006 — 6,179 8,006 14,185 651 13,534 2017 North Carolina 1 5,706 286 10,549 — 286 10,549 10,835 936 9,899 2017 Oregon 6 22,450 4,330 38,024 (6,359 ) 3,596 32,399 35,995 3,207 32,788 2017 Pennsylvania 8 209,521 20,010 240,922 (437 ) 19,573 240,922 260,495 20,614 239,881 2017 Tennessee 2 29,547 2,760 38,863 (2,426 ) 2,305 36,892 39,197 3,081 36,116 2017 Virginia 6 44,199 4,953 61,032 (7,877 ) 4,157 53,951 58,108 4,758 53,350 2017 Washington 3 10,353 3,647 16,108 (1,254 ) 3,429 15,072 18,501 1,574 16,927 2017 352 2,827,790 426,962 4,514,531 (103,494 ) 411,453 4,426,546 4,837,999 404,174 4,433,825 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Hospitality Extended Stay Arizona 1 14,339 1,897 15,843 2,760 1,897 18,603 20,500 1,752 18,748 2017 California 8 207,841 59,120 241,574 8,118 59,120 249,692 308,812 28,115 280,697 2017 Colorado 3 56,773 13,163 67,804 6,495 13,163 74,299 87,462 9,181 78,281 2017 Connecticut 2 23,599 3,454 30,231 3,218 3,454 33,449 36,903 3,734 33,169 2017 Florida 2 32,432 2,991 50,761 546 2,991 51,307 54,298 6,223 48,075 2017 Georgia 2 40,561 7,278 52,967 2,465 7,278 55,432 62,710 5,701 57,009 2017 Illinois 1 25,234 4,375 34,567 665 4,375 35,232 39,607 4,139 35,468 2017 Kentucky 2 9,919 2,956 29,407 (15,146 ) 845 16,372 17,217 3,275 13,942 2017 Louisiana 1 11,574 1,874 15,043 790 1,874 15,833 17,707 2,573 15,134 2017 Massachusetts 3 54,598 8,274 74,973 1,300 8,274 76,273 84,547 8,018 76,529 2017 Maryland 1 17,881 3,003 24,644 361 3,003 25,005 28,008 2,877 25,131 2017 Maine 1 11,971 1,572 15,610 1,859 1,572 17,469 19,041 2,216 16,825 2017 Michigan 2 30,846 4,521 39,797 3,569 4,521 43,366 47,887 4,533 43,354 2017 North Carolina 1 17,314 1,693 23,893 521 1,693 24,414 26,107 3,470 22,637 2017 New Hampshire 3 43,411 7,167 59,440 954 7,167 60,394 67,561 6,713 60,848 2017 New Jersey 7 115,347 20,639 145,058 10,647 20,639 155,705 176,344 20,387 155,957 2017 New Mexico 1 16,739 2,125 22,446 747 2,125 23,193 25,318 3,431 21,887 2017 New York 3 39,511 4,108 48,124 5,820 4,108 53,944 58,052 5,799 52,253 2017 Ohio 1 8,417 575 11,747 330 575 12,077 12,652 1,647 11,005 2017 Pennsylvania 2 13,239 4,526 36,759 (18,808 ) 2,105 20,372 22,477 3,869 18,608 2017 Tennessee 1 23,186 4,118 28,471 1,037 4,118 29,508 33,626 3,310 30,316 2017 Texas 11 141,139 19,932 165,947 11,886 17,008 180,757 197,765 23,022 174,743 2017 Virginia 3 30,787 5,981 38,545 2,951 5,981 41,496 47,477 5,180 42,297 2017 Washington 4 95,883 22,388 116,391 8,120 22,387 124,512 146,899 12,134 134,765 2017 Full Service Florida 2 108,114 12,328 133,394 34,517 12,328 167,911 180,239 20,165 160,074 2017 Maryland 1 10,709 3,086 12,964 409 3,086 13,373 16,459 1,408 15,051 2017 New Jersey 1 38,763 16,282 35,308 8,048 16,282 43,356 59,638 5,155 54,483 2017 Select Service Alabama 1 14,542 1,134 19,213 815 1,134 20,028 21,162 2,148 19,014 2017 Arizona 2 28,643 7,831 34,616 1,119 7,831 35,735 43,566 4,596 38,970 2017 California 9 188,641 38,775 221,428 13,046 38,775 234,474 273,249 25,179 248,070 2017 Colorado 1 15,574 2,018 20,047 729 2,018 20,776 22,794 2,431 20,363 2017 Connecticut 3 52,203 6,735 67,148 3,883 6,735 71,031 77,766 7,670 70,096 2017 Florida 8 152,574 16,852 219,288 4,590 16,853 223,877 240,730 24,852 215,878 2017 Georgia 4 55,503 11,505 77,275 (2,569 ) 9,932 76,279 86,211 9,510 76,701 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Illinois 1 16,846 2,738 22,368 1,143 2,738 23,511 26,249 2,637 23,612 2017 Kentucky 1 26,501 6,660 31,618 3,024 6,660 34,642 41,302 4,054 37,248 2017 Louisiana 2 31,644 2,409 23,780 1,458 2,409 25,238 27,647 3,483 24,164 2017 Massachusetts 1 24,485 3,272 31,343 739 3,272 32,082 35,354 3,341 32,013 2017 Maryland 3 38,974 10,405 78,892 (31,138 ) 4,994 53,165 58,159 5,069 53,090 2017 Michigan 4 73,704 10,430 97,029 5,305 10,430 102,334 112,764 11,559 101,205 2017 North Carolina 6 97,952 13,689 123,653 7,835 13,574 131,603 145,177 14,265 130,912 2017 New Hampshire 3 37,242 6,092 50,557 1,023 6,092 51,580 57,672 5,477 52,195 2017 New Jersey 4 87,183 18,073 110,251 3,410 18,073 113,661 131,734 12,998 118,736 2017 New York 5 97,477 30,292 105,153 8,153 30,292 113,306 143,598 12,820 130,778 2017 Ohio 1 15,880 7,655 56,496 (39,253 ) 2,634 22,264 24,898 2,641 22,257 2017 Oklahoma 1 4,297 447 5,387 (1,625 ) 203 4,006 4,209 927 3,282 2017 Pennsylvania 2 29,640 4,627 38,435 1,974 4,627 40,409 45,036 4,399 40,637 2017 Tennessee 2 32,457 5,699 42,462 2,733 5,699 45,195 50,894 5,403 45,491 2017 Texas 15 171,099 27,974 177,156 (9,388 ) 24,389 171,353 195,742 24,043 171,699 2017 Virginia 6 90,293 23,071 140,115 (16,596 ) 17,042 129,548 146,590 13,713 132,877 2017 Washington 1 28,826 2,125 38,975 723 2,124 39,699 41,823 4,133 37,690 2017 156 2,652,307 499,934 3,404,393 45,312 470,499 3,479,140 3,949,639 405,375 3,544,264 Other Equity and Debt Hotel—Arizona 5 41,085 10,917 43,884 13,788 10,917 57,672 68,589 5,851 62,738 2017 Hotel—California 21 288,377 57,970 274,907 50,738 57,970 325,645 383,615 31,326 352,289 2017 Hotel—Florida 3 25,649 8,508 24,764 8,859 8,508 33,623 42,131 3,551 38,580 2017 Hotel—Georgia 1 10,681 1,905 9,296 5,212 1,905 14,508 16,413 1,146 15,267 2017 Hotel—Iowa 1 10,213 — 15,832 1,290 — 17,122 17,122 1,642 15,480 2017 Hotel—Illinois 5 28,612 4,553 30,274 8,057 4,553 38,331 42,884 4,027 38,857 2017 Hotel—Indiana 1 9,121 1,232 9,325 2,789 1,232 12,114 13,346 1,048 12,298 2017 Hotel—Kansas 1 4,834 517 4,930 3,549 517 8,479 8,996 731 8,265 2017 Hotel—Kentucky 1 6,081 1,358 5,576 265 1,358 5,841 7,199 658 6,541 2017 Hotel—Massachusetts 1 9,121 1,152 9,261 4,051 1,152 13,312 14,464 1,092 13,372 2017 Hotel—Michigan 3 23,700 3,276 22,820 (2,131 ) 3,276 20,689 23,965 2,736 21,229 2017 Hotel—Missouri 1 4,756 471 5,597 3,566 471 9,163 9,634 796 8,838 2017 Hotel—Nevada 4 15,670 27,160 71,823 6,619 27,160 78,442 105,602 8,217 97,385 2017 Hotel—New Jersey 2 84,120 3,572 13,553 7,400 3,572 20,953 24,525 2,227 22,298 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Hotel—New York 6 24,246 3,791 25,267 14,946 3,791 40,213 44,004 4,625 39,379 2017 Hotel—Ohio 7 24,324 4,557 31,786 9,776 4,557 41,562 46,119 4,757 41,362 2017 Hotel—Oklahoma 1 2,807 — 4,751 57 — 4,808 4,808 724 4,084 2017 Hotel—Oregon 1 16,138 2,413 12,142 3,137 2,413 15,279 17,692 1,219 16,473 2017 Hotel—Pennsylvania 8 60,186 12,148 71,347 17,675 12,148 89,022 101,170 8,669 92,501 2017 Hotel—Rhode Island 1 6,705 910 7,017 2,146 910 9,163 10,073 1,148 8,925 2017 Hotel—Tennessee 1 9,511 2,020 8,803 246 2,020 9,049 11,069 1,201 9,868 2017 Hotel—Texas 11 98,542 16,720 90,428 28,037 16,720 118,465 135,185 10,888 124,297 2017 Hotel—Virginia 3 38,200 8,446 37,575 5,834 8,446 43,409 51,855 4,123 47,732 2017 Industrial—France 3 20,991 5,235 23,483 1,069 5,235 24,552 29,787 1,947 27,840 2017 Industrial—Spain 1 — — 2,299 275 — 2,574 2,574 400 2,174 2017 Mixed-Use—Italy 14 22,182 32,035 22,199 10,023 32,035 32,222 64,257 2,139 62,118 2015 Office—France 25 84,142 41,312 90,220 17,722 41,312 107,942 149,254 8,754 140,500 2016-2017 Office—Spain 2 105,160 94,078 86,991 4,957 94,080 91,946 186,026 7,045 178,981 2017 Office—US 2 104,061 11,862 128,004 15,000 11,862 143,004 154,866 24,747 130,119 2013-2017 Office—UK 1 27,230 7,719 31,485 (11,014 ) 7,719 20,471 28,190 4,105 24,085 2015 Office/Industrial—France 180 296,497 82,193 262,218 2,032 82,193 264,250 346,443 18,747 327,696 2018 Retail—UK 2 69,890 943 84,232 (31,235 ) 943 52,997 53,940 9,475 44,465 2015 319 1,572,832 448,973 1,562,089 204,735 448,975 1,766,822 2,215,797 179,761 2,036,036 Real estate held for investment 847 $ 7,592,084 $ 1,405,377 $ 10,298,963 $ 146,553 $ 1,360,435 $ 10,490,458 $ 11,850,893 $ 990,375 10,860,518 Real estate held for sale Digital 29,114 2019 Healthcare 57,664 2017 Hotel 16,155 2017 Industrial 342,758 2019 Other Equity & Debt—US 77,706 Various Other Equity & Debt—Europe 276,018 Various Total real estate assets $ 11,659,933 __________ (1) Includes adjustment for impairment of real estate. (2) Depreciation is calculated using a useful life ranging from 1 month based on the shortest remaining lease term for improvements and up to 51 years for buildings. (3) The aggregate gross cost of total real estate for federal income tax purposes was $11.2 billion at December 31, 2019 . (4) Includes 12 properties under leasehold interests for which the Company owns the data center infrastructure. For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. The following tables summarize the activity in real estate assets and accumulated depreciation: Year Ended December 31, (In thousands) 2019 2018 2017 Real Estate, at Gross Cost Basis Balance at January 1 $ 15,500,802 $ 15,791,144 $ 3,656,094 Assumed through business combinations 876,572 — 11,730,087 Foreclosures and exchanges of loans receivable for real estate (Note 3) 14,866 45,617 1,867,655 Acquisitions 1,474,624 984,844 1,027,889 Improvements and capitalized costs (1) 366,817 276,210 237,125 Deconsolidation of real estate held by investment entity upon closing of Combination — (226,004 ) (407,653 ) Dispositions (2) (5,197,705 ) (933,217 ) (2,484,616 ) Impairment (348,710 ) (357,629 ) (59,652 ) Effect of changes in foreign exchange rates 15,089 (80,163 ) 224,215 Balance at December 31 12,702,355 15,500,802 15,791,144 Classified as held for sale, net (3) (851,462 ) (4,005,398 ) (3,390,528 ) Balance at December 31, held for investment $ 11,850,893 $ 11,495,404 $ 12,400,616 Year Ended December 31, (In thousands) 2019 2018 2017 Accumulated Depreciation Balance at January 1 $ 1,029,386 $ 606,200 $ 188,509 Depreciation 500,240 471,599 453,331 Deconsolidation of real estate held by investment entity upon closing of Combination — (6,256 ) (3,212 ) Dispositions (2) (489,276 ) (42,873 ) (34,854 ) Effect of changes in foreign exchange rates 2,072 716 2,426 Balance at December 31 1,042,422 1,029,386 606,200 Classified as held for sale, net (3) (52,047 ) (359,992 ) (218,751 ) Balance at December 31, held for investment $ 990,375 $ 669,394 $ 387,449 __________ (1) Includes transaction costs capitalized for asset acquisitions. (2) Includes amounts classified as held for sale during the year and disposed before the end of the year. (3)

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2019 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Loans at amortized cost First mortgage: Residential—France 1 I/O 15.0% October 2020 $ — $ 20,207 $ 19,980 $ — Multifamily—Ireland 1 I/O 3.1% January 2018 — 81,552 81,557 81,552 Office—Ireland 1 I/O 2.3% December 2017 — 44,146 44,145 44,146 Office—Ireland 1 I/O 12.5% December 2021 — 69,283 69,283 — Retail—Various, USA 1 I/O 8.0% December 2020 — 42,394 42,394 — Retail—France 1 I/O 3.5% June 2018 — 2,505 2,818 2,505 Hospitality—France 1 I/O 10.0% December 2021 — 93,129 94,256 — Hospitality—Spain 1 I/O 11.0% December 2019 — 41,751 44,100 41,751 Healthcare—UK 4 I/O 7.5% March 2022 — 43,347 43,347 — Land—TX, USA 1 I/O 14.0% May 2020 — 32,245 23,604 32,245 Other—Various, USA 1 I/O 11.0% February 2020 — 1,222 1,222 — Other—France 3 I/O 3.5% - 15.0% June 2018 to December 2020 — 6,612 6,716 1,604 17 — 478,393 473,422 203,803 Subordinated mortgage and mezzanine: Multifamily—CA, USA 2 I/O 12.7% April 2021 to September 2021 34,767 44,887 44,637 — Office—Various, USA 2 I/O 8.0% - 12.0% February 2020 to April 2025 78,000 32,549 30,004 — Office—Ireland / France 1 I/O 11.0% January 2022 158,611 127,161 143,406 — Retail—NC, USA 1 P&I 5.7% December 2018 74,712 37,766 — 37,766 Retail—UK 1 I/O 12.0% January 2020 119,884 64,134 64,134 64,134 Mixed Use—CA, USA 1 I/O 12.9% July 2020 602,411 398,499 400,100 — 8 1,068,385 704,996 682,281 101,900 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Purchased credit-impaired loans (9) Multifamily—Ireland 2 — 5,253 886 — Industrial—Ireland 3 — 79,140 7,681 — Office—Ireland 8 — 51,914 517 — Office—Ireland 1 — 175,421 169,673 — Retail—Ireland 7 — 98,895 16,370 — Hospitality—France 1 — 15,934 17,897 — Hospitality—Ireland 7 — 54,185 368 — Land—Ireland 4 — 104,953 27,014 — Other—Ireland 38 — 580,109 8,092 — 71 — 1,165,804 248,498 — Corporate loans N/A (10) 1 I/O 8.00% January 2027 — 27,287 27,287 — N/A (10) 2 I/O 8.0% - 13.0% September 2020 to June 2025 — 30,367 30,367 — N/A (10) 1 I/O 14.0% January 2025 — 91,726 90,969 — 4 — 149,380 148,623 — Total 100 $ 1,068,385 $ 2,498,573 $ 1,552,824 $ 305,703 __________ (1) Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (3) Variable rate loans are determined based on the applicable index in effect at December 31, 2019 . (4) Represents contractual maturity and does not contemplate exercise of extension option. (5) Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate. (6) Carrying amounts at December 31, 2019 are presented net of $48.2 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes was $1.6 billion at December 31, 2019 . (8) Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchased credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected. (9) Purchased credit-impaired 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. Payment terms, stated interest rate and contractual maturity are not presented as they are not meaningful for purchased credit-impaired loans. (10) Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate. Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at January 1 $ 1,659,217 $ 3,223,762 $ 3,430,608 Loans acquired in Merger — — 359,541 Loan acquisitions and originations 174,182 386,532 991,239 Paid-in-kind interest added to loan principal 68,810 52,234 56,131 Discount and net loan fee amortization 12,649 14,524 43,877 Accretion on PCI loans 19,637 27,911 61,809 Consolidation of loans receivable held by investment entities and securitization trusts — — 58,296 Loan repayments (216,891 ) (166,267 ) (902,190 ) Payments received from PCI loans (50,765 ) (187,140 ) (419,232 ) Transfer to loans held for sale — — (50,894 ) Carrying value of loans sold (35,158 ) (111,864 ) — Foreclosures and other conversions to real estate (28,562 ) (47,097 ) (515,055 ) Loans receivable contributed to CLNC — (1,287,994 ) — Deconsolidation of loans receivable in securitization trusts — (149,447 ) — Provision for loan losses (35,880 ) (43,034 ) (19,741 ) Other loss — — (2,309 ) Effect of changes in foreign exchange rates (14,415 ) (52,903 ) 131,682 Balance at December 31 $ 1,552,824 $ 1,659,217 $ 3,223,762

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("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.
Merger and Business Combinations	Business Combinations Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration — Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. 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 was 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 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 either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. 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 the related party 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 a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend in December 2017. 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 to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly 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.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.
Fair Value Measurement	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: 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. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.
Fair Value Option	Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected to account for certain equity method investments at fair value.
Discontinued Operations	Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16 ).
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.
Restricted Cash	Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements.
Real Estate Assets	Real Estate Assets Real Estate Acquisitions Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years Furniture, fixtures and equipment 3 to 20 years Impairment — The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property for the duration of the estimated hold period of each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, expected capitalization rates at exit, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative loss allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Loans Receivable	Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and 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. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses 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, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost through a provision and a charge-off against allowance for loan losses. Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Purchased Credit-Impaired ("PCI") 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 using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. 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. PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance. Acquisition, Development and Construction ("ADC") Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Equity Investments	Equity Investments A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) 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. Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Equity Method Investments 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-proportionate earnings allocation formula or a preferred return to certain investors. 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 are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Carried Interest —The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors or co-sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). To the extent the investment vehicles qualify for investment company accounting, their underlying results and consequently, the calculation of carried interests, reflect changes in fair value of their investments each period. The amount of carried interest recognized based on the cumulative performance of each investment vehicle if it were liquidated as of the reporting date may be subject to reversal until such time the carried interest, if any, is realized. Realization of carried interest generally occurs upon disposition of all underlying investments of an investment vehicle, or in part with each disposition, pursuant to the governing documents of the investment vehicles. 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 deemed 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 loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") 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 other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative.
Debt Securities	Debt Securities Debt securities are recorded as of the trade date. Debt securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS debt securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification. Interest Income —Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities. For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method. Impairment — The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment 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. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date. If the Company intends to sell the impaired debt security or more likely than not will be required to sell the impaired debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost, the Company further evaluates the debt security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the debt security. The credit component of OTTI is recognized in earnings within other gain (loss), while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the debt security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. In assessing OTTI and estimating future expected cash flows, factors considered include, but 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. PCI Debt Securities —Debt securities acquired that are deemed to be credit-impaired at acquisition date 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 debt security using the effective yield method. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected ("nonaccretable difference"), which reflects estimated future credit losses expected to be incurred over the life of the debt security, 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. Subsequent increases in expected cash flows, other than due to interest rate changes on variable rate securities, are recognized prospectively over the remaining life of the debt security as an adjustment to accretable yield.
Identifiable Intangibles and Goodwill	Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles — Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management's estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Investment Management Intangibles —Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts, and customer relationships, which represent potential fee income generated from future reinvestment by existing investors, both of which generally have finite lives and are amortized over their individual useful lives. Impairment — Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal. Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles intangibles for impairment, such as management contracts and customer relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future vehicles. Goodwill Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value, including goodwill. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit. An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
Accounts Receivable and Related Allowance	Accounts Receivable and Related Allowance Property Operating Income Receivables (excluding lease income receivables) —The Company periodically evaluates aged receivables and considers the collectability of unbilled receivables. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated. Cost Reimbursements and Recoverable Expenses —The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the retail companies and private funds managed by the Company, which include: (i) organization and offering costs associated with the formation and offering of the retail companies not to exceed a certain percentage of the proceeds expected to be raised from the offering and excluding shares being offered pursuant to distribution reinvestment plans; (ii) direct and indirect operating costs associated with managing the operations of the retail companies; and (iii) costs incurred in performing investment due diligence. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments are borne by the Company and expensed as investment, servicing and commission expense in the consolidated statement of operations. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted sales of shares and capital reinvestment of the proceeds from the sale of shares under the respective offerings of the retail companies, and establishes an allowance for any balances considered not collectible.
Fixed Assets	Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.
Transfers of Financial Assets	Transfers of Financial Assets Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with characteristics that are similar to the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss). For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges —The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. Changes in fair value of the derivative is recorded in accumulated other comprehensive income (loss) or AOCI and reclassified into earnings when the hedged item affects earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in AOCI are reclassified into earnings when the hedged item affects earnings. Net Investment Hedges —The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in fair value of derivatives used as hedges of net investment in foreign operations are recorded in the cumulative translation adjustment account within AOCI. 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 undesignated hedges. Release of amounts in 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.
Financing Costs	Financing Costs Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.
Property Operating Income	Property Operating Income Property operating income includes the following: Lease Income Lease income is composed of rental income, and variable lease income for tenant reimbursements, and resident fee income from healthcare properties. The nonlease components of tenant reimbursements for net leases and ancillary services within resident fee income are combined with their respective lease components and accounted for as a single component under the lease standard. The Company evaluates collectability of lease payments based upon the creditworthiness of the lessee and recognizes lease income only to the extent collection of all amounts due over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Rental Income and Tenant Reimbursements —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. 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 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. For property taxes and insurance, amounts paid directly by lessees to third parties on behalf of the Company are not recognized in the statement of operations, while amounts paid by the Company and reimbursed by lessees are presented as gross property operating income and expenses. Also, sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions are netted against related collections from lessees. 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 amounts 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. Resident Fee Income —Resident fee income is earned 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 is recorded when services are rendered based on 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 primarily 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 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 services of managing the investments of the private funds consist of a series of distinct services satisfied over time, for which asset management fees are recognized ratably over the life of each investment as services are rendered. Acquisition and Disposition Fees —Through January 31, 2018, the Company earned fees related to acquisition and disposition of investments by certain managed non-traded REITs, which were 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 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 take the form of a contractual fee arrangement with the investment vehicles, and unlike carried interests, do not represent an allocation of returns among equity holders of the investment vehicles. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period of the respective investment vehicles.
Other Income	Other Income Recurring other income includes primarily the following: Expense Recoveries from Borrowers —Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Cost Reimbursements from Affiliates —For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred. Equity Awards Granted by Managed Companies —These are equity awards granted by publicly-traded REITs managed by the Company, NRE prior to its sale in September 2019 and CLNC, to the Company to be granted to its employees or directly to employees of the Company. The initial grant is recorded as an other asset and deferred income liability on the balance sheet. The liability is amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense is recognized as the award vests to the recipient employee.
Compensation	Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments, equity-based compensation and performance-based compensation. Bonus is accrued over the employment period to which it relates. Carried Interest and Incentive Fee Compensation —This represents a portion of carried interest and incentive fees earned by the Company that are allocated (generally 40% to 50% ) to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles to the Company. Equity-Based Compensation —Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied. Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. Compensation expense is adjusted for actual forfeitures upon occurrence.
Income Taxes	Income Taxes A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year and if the statutory relief provisions were not to apply, the Company would be subject to federal and state income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income. The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, such as investment management, property management including hotel and healthcare operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. Additionally, the Company has invested in real estate assets in foreign countries for which related earnings or other measures are subject to income taxes in the respective foreign jurisdictions, and in some cases, the repatriation of earnings are subject to withholding taxes. Deferred Income Taxes — The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss carryforwards and the income tax effect of accumulated other comprehensive income items of the TRS and foreign taxable entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS and foreign taxable entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. Uncertain Tax Positions —Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation, including segment reporting presentation to reflect the establishment of a new digital segment, as discussed in Note 23 . Such reclassifications did not affect the Company's financial position, results of operations or cash flows.
Accounting Standards Adopted in 2019 and Future Application of Accounting Standards	Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also narrows the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company 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. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company has elected the accounting policy to combine lease and nonlease components in these contracts as a single lease component in its lease contracts. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments on short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company or its subsidiary, where applicable, would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases and ancillary services within resident fee income qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease income is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, was not probable and recorded a cumulative adjustment of $4.5 million to reduce beginning equity. Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. 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. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records 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 no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected 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. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of AFS debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. Recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. The accounting model for purchased credit-impaired loans and debt securities will be simplified to be consistent with the CECL model for originated and purchased non-credit-impaired assets. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company will elect the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by approximately $5.0 million . Under the fair value option, loans receivable will be measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value will be recorded in other gain (loss) on the consolidated statement of operations. These loans will no longer be subject to evaluation for impairment through an allowance for loan loss as such losses will be captured through fair value changes. Additionally, there will be no amortization of loan origination fees or discounts on purchased loans as additional interest income. For the Company's remaining financial instruments affected by CECL, primarily other accounts receivable and AFS debt securities, the Company is in the process of finalizing its evaluation, but does not expect the impact of ASC 326 to be material to the Company's results of operations. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements . The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective January 1, 2020. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities . The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. ASU No. 2018-17 is effective January 1, 2020, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance and does not expect the adoption of this standard to have a material effect on its financial condition or results of operations. Income Tax Accounting In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes . The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company is currently evaluating the impact of this new guidance. Accounting for Certain Equity Investments In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323—Investments Equity Method and Joint Ventures, and Topic 815—Derivatives and Hedging . The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, an equity method investment is transitioned into measurement alternative, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Assets Estimated Useful Lives Related to Real Estate Held For Investment	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years Furniture, fixtures and equipment 3 to 20 years The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
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) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,231 $ 12,733 $ 1,480 $ — November Office and Industrial—France 220 478,844 109,858 330,752 38,234 — Various Light industrial—Various in U.S. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 2019 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance.
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 in investment entities — 505,685 505,685 Noncontrolling interests in 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

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Components of Real Estates	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years Furniture, fixtures and equipment 3 to 20 years The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition.
Schedule of Proceeds From Sales of Real Estate	Results from sales of real estate, including discontinued operations (Note 16 ), were as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Proceeds from sales of real estate $ 6,108,153 $ 864,347 $ 1,607,806 Gain on sale of real estate 1,520,808 167,231 135,262
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,231 $ 12,733 $ 1,480 $ — November Office and Industrial—France 220 478,844 109,858 330,752 38,234 — Various Light industrial—Various in U.S. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 2019 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance.
Schedule of Components of Property Operating Income	For the year ended December 31, 2019 , components of property operating income were as follows: (In thousands) Year Ended Lease income: Fixed lease income $ 663,445 Variable lease income 57,575 721,020 Hotel operating income 1,135,389 $ 1,856,409
Schedule of Future Minimum Operating Lease Payments to be Received (after adoption of ASC 842)	At December 31, 2019 , future fixed lease payments receivable under noncancelable operating leases for real estate held for investment were as follows. These operating leases have expiration dates through 2034 , taking into consideration renewal options exercisable at the lessee's election only when they are deemed reasonably certain, typically at the time the option is exercised. Year Ending December 31, (In thousands) 2020 $ 391,332 2021 329,593 2022 285,979 2023 248,363 2024 214,315 2025 and thereafter 887,404 Total (1) $ 2,356,986 __________ (1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice.
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842)	At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment, including PCI loans: December 31, 2019 December 31, 2018 ($ 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 $ 471,472 $ 492,709 10.7 % 1.6 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 495,182 494,238 12.6 % 0.6 357,590 354,326 12.5 % 1.5 Corporate loans 149,380 148,623 12.9 % 5.4 108,944 107,796 12.3 % 5.8 1,116,034 1,135,570 1,110,507 1,129,712 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 178,650 179,711 4.3 % 0.1 Mezzanine loans 44,887 44,637 12.7 % 1.6 27,772 27,417 13.4 % 2.5 216,735 216,906 206,422 207,128 1,332,769 1,352,476 1,316,929 1,336,840 PCI Loans Mortgage loans 1,165,804 248,535 1,324,287 351,646 Mezzanine loans — — 7,425 3,671 1,165,804 248,535 1,331,712 355,317 Allowance for loan losses (48,187 ) (32,940 ) Loans receivable, net $ 2,498,573 $ 1,552,824 $ 2,648,641 $ 1,659,217
Summary of Past Due Loans	The following table provides an aging summary of non-PCI loans at carrying values before allowance for loan losses: (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 December 31, 2019 $ 1,042,260 $ — $ — $ 310,216 $ 1,352,476 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840
Non-PCI Impaired Loans	The following table summarizes the non-PCI impaired loans: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses December 31, 2019 $ 326,151 $ 71,754 $ 259,011 $ 330,765 $ 48,146 December 31, 2018 280,337 75,179 206,628 281,807 18,304 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Average carrying value before allowance for loan losses $ 305,293 $ 282,325 $ 202,397 Total interest income recognized during the period impaired 7,514 7,127 10,192 Cash basis interest income recognized 447 1,190 —
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: Year Ended December 31, (In thousands) 2019 2018 2017 Beginning accretable yield $ 9,620 $ 42,435 $ 52,572 Additions — — 23,594 Dispositions — (5,484 ) — Changes in accretable yield 43,246 1,882 25,720 Accretion recognized in earnings (19,637 ) (27,911 ) (61,809 ) Deconsolidation — (991 ) — Effect of changes in foreign exchange rates 332 (311 ) 2,358 Ending accretable yield $ 33,561 $ 9,620 $ 42,435
Impairment and Allowance for Loan Losses	Allowance for loan losses and related carrying values of loans held for investment were as follows: December 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 $ 18,304 $ 75,179 PCI loans 41 17,935 14,636 54,440 $ 48,187 $ 89,689 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2019 2018 2017 Allowance for loan losses at January 1 $ 32,940 $ 52,709 $ 67,980 Contribution to CLNC — (518 ) — Deconsolidation — (5,983 ) — Provision for loan losses, net 35,880 43,034 19,741 Charge-off (20,633 ) (56,302 ) (35,012 ) Allowance for loan losses at December 30 $ 48,187 $ 32,940 $ 52,709
Provision For Loan Losses By Loan Type	Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Non-PCI loans $ 30,035 $ 22,557 $ 7,534 PCI loans 5,845 20,477 12,207 Total provision for loan losses, net $ 35,880 $ 43,034 $ 19,741

Equity and Debt Investments (Ta

Equity and Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's equity investments and debt securities are represented by the following: (In thousands) December 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,845,129 $ 2,151,847 Private funds 142,386 124,826 1,987,515 2,276,673 Other equity investments Marketable equity securities 138,586 36,438 Investment ventures 91,472 95,196 Private funds and non-traded REIT 38,641 24,607 Total equity investments 2,256,214 2,432,914 Debt Securities N-Star CDO bonds, available for sale 54,859 64,127 CMBS of consolidated fund, at fair value 2,732 32,706 Total debt securities 57,591 96,833 Equity and debt investments $ 2,313,805 $ 2,529,747
Equity Method Investments	The Company’s investments accounted for under the equity method are summarized below, excluding investments classified as held for sale (Note 8 ): ($ in thousands) Ownership Interest at December 31, 2019 (1) Carrying Value at Investments Description December 31, 2019 December 31, 2018 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) 36.4% $ 725,443 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) —% — 87,696 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,390 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 138,428 219,913 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 543,296 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 115,055 109,393 Private funds—carried interest Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles Various 21,940 9,525 Other investment ventures Interests in 12 investments at December 31, 2019 Various 127,088 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 222,875 81,085 $ 1,987,515 $ 2,276,673 __________ (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. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements. The following tables present selected combined financial information of the Company's equity method investees. Amounts presented represent combined totals at the investee level and not the Company's proportionate share. Selected Combined Balance Sheet Information (In thousands) December 31, 2019 December 31, 2018 Total assets $ 14,026,862 $ 15,499,159 Total liabilities 9,354,120 9,803,705 Owners' equity 4,509,879 5,511,548 Noncontrolling interests 162,863 183,906 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues $ 1,455,631 $ 1,486,511 $ 1,519,728 Net income (loss) (827,550 ) 220,191 174,222 Net income (loss) attributable to noncontrolling interests (50,350 ) 23,878 (18,381 ) Net income (loss) attributable to owners (777,200 ) 196,313 192,603
Schedule of Available-for-sale Debt Securities	The following tables summarize the balance and activities of the N-Star CDO bonds. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2019 $ 46,002 $ 8,857 $ — $ 54,859 December 31, 2018 67,513 1,565 (4,951 ) 64,127 Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the years ended December 31, 2018 and 2017 . There were no sales of AFS debt securities in the year ended December 31, 2019 . Year Ended December 31, (In thousands) 2018 2017 Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized loss (592 ) —

Goodwill, Deferred Leasing Co_2

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill balance by reportable segment is as follows. Goodwill associated with the acquisitions of DBH in July 2019 and DataBank in December 2019 were assigned to the Company's new digital reportable segment, established in the fourth quarter of 2019. (In thousands) December 31, 2019 December 31, 2018 Balance by reportable segment: Digital $ 726,330 $ — Other investment management 726,561 1,514,561 $ 1,452,891 $ 1,514,561 The following table presents changes in the total carrying value of goodwill. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 1,514,561 $ 1,514,561 $ 660,127 Business combination (Note 3) (1) 726,330 — 1,440,229 Classification as held for sale (2) — — (20,000 ) Disposition (3) — — (249,795 ) Impairment (788,000 ) — (316,000 ) Ending balance (4) $ 1,452,891 $ 1,514,561 $ 1,514,561 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017. The broker-dealer business was contributed to a joint venture, accounted for as an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold in December 2017. (4) At December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes. There was no tax deductible goodwill at December 31, 2018 and 2017.
Schedule of Deferred Leasing Costs and Other Intangibles	Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows. December 31, 2019 December 31, 2018 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Deferred Leasing Costs and Intangible Assets Deferred leasing costs and lease intangible assets (2) $ 425,106 $ (123,686 ) $ 301,420 $ 330,353 $ (91,183 ) $ 239,170 Investment management intangibles (3) 285,233 (96,466 ) 188,767 243,989 (107,645 ) 136,344 Customer relationships (4) 71,000 (250 ) 70,750 — — — Trade names (5) 39,600 (185 ) 39,415 15,500 — 15,500 Other (6) 41,211 (2,710 ) 38,501 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 862,150 $ (223,297 ) $ 638,853 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Lease intangible liabilities (2) $ 174,208 $ (62,724 ) $ 111,484 $ 191,922 $ (44,452 ) $ 147,470 __________ (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 12 months 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. (2) Lease intangible assets are composed of in-place leases, above-market leases and lease incentives. Lease intangible liabilities are composed of below-market leases. Prior to January 1, 2019, lease intangible assets and liabilities included below- and above-market ground leases, respectively, which have been reclassified as a component of operating lease right-of-use asset, included in other assets, upon adoption of the new lease standard. (3) Composed of investment management contracts and investor relationships. (4) Represent DataBank customer relationships. (5) Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years . The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization. (6)
Schedule of Amortization of Intangible Assets and Liabilities	The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16 ): Year Ended December 31, (In thousands) 2019 2018 2017 Net increase to rental income (1) $ 14,443 $ 2,723 $ 14,561 Net increase (decrease) to ground rent expense (2) $ — $ (250 ) $ 108 Amortization expense Deferred leasing costs and lease intangibles $ 33,922 $ 31,466 $ 64,943 Investment management intangibles 89,236 26,992 51,154 Customer relationships 250 — — Trade name 186 1,606 3,682 Other 1,171 2,291 10,215 $ 124,765 $ 62,355 $ 129,994 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives. (2) Represents the impact of amortizing above- and below-market ground leases prior to adoption of the lease standard on January 1, 2019.
Schedule of Estimated Annual Amortization Expense	The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale. Year Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 7,410 $ 6,638 $ 6,204 $ 6,629 $ (6,692 ) $ (8,362 ) $ 11,827 Amortization expense 90,708 83,468 69,326 56,462 50,132 147,134 497,230

Assets and Related Liabilitie_2

Assets and Related Liabilities Held For Sale (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets and Liabilities Held-for-sale	The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 89,901 $ 214,863 Real estate escrow reserves (2) 38,326 49,702 Borrower escrow deposits 8,079 10,412 Working capital and other reserves (3) 1,800 19,586 Tenant lock boxes (4) 18,889 15,666 Other 46,928 54,376 Total restricted cash $ 203,923 $ 364,605 __________ (1) Represents primarily cash held by lenders for 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 certain joint venture arrangements. (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.
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) December 31, 2019 December 31, 2018 Interest receivable $ 14,066 $ 14,005 Straight-line rents 37,352 34,931 Hotel-related deposits and reserves (1) 18,065 21,636 Investment deposits and pending deal costs 32,994 27,534 Deferred financing costs, net (2) 2,794 5,467 Derivative assets (Note 11) 21,386 33,558 Prepaid taxes and deferred tax assets, net 82,344 71,656 Receivables from resolution of investments (3) 63,984 30,770 Operating lease right-of-use asset, net 220,560 — Accounts receivable, net (4) 83,161 58,830 Prepaid expenses 30,761 23,771 Other assets 30,413 30,604 Fixed assets, net 44,768 47,381 Total other assets $ 682,648 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance, where applicable.
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2019 December 31, 2018 Tenant security deposits and payable $ 15,293 $ 15,135 Borrower escrow deposits 9,903 13,001 Deferred income (1) 32,318 27,124 Interest payable 38,487 40,622 Derivative liabilities (Note 11) 127,531 132,808 Contingent consideration—THL Hotel Portfolio (Note 12) 9,330 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 222,206 92,808 Operating lease liability (Note 22) 181,297 — Accrued compensation 83,351 79,320 Accrued carried interest and incentive fee compensation 50,360 7,486 Accrued real estate and other taxes 39,923 38,714 Accounts payable and accrued expenses 143,852 91,244 Other liabilities 62,047 79,412 Total accrued and other liabilities $ 1,015,898 $ 634,144 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $18.3 million at December 31, 2019 and $3.2 million at December 31, 2018 will be recognized as fee income over a weighted average period of 1.2 years . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 Premium (discount), net — 2,243 (17,126 ) (78,927 ) (93,810 ) Deferred financing costs — (4,296 ) (90,828 ) — (95,124 ) $ — $ 614,052 $ 8,168,666 $ 201,190 $ 8,983,908 December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929 Premium (discount), net — 2,697 (41,217 ) (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (70,354 ) — (77,006 ) $ — $ 612,150 $ 8,164,136 $ 199,086 $ 8,975,372 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $515.6 million at December 31, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (1) 35,072 5.02 % 5.9 — N/A N/A 35,072 5.02 % 5.9 651,177 280,117 931,294 Non-recourse Secured debt Digital — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Healthcare (2) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Hospitality 13,494 12.71 % 1.6 2,653,853 4.83 % 4.6 2,667,347 4.87 % 4.6 Other Real Estate Equity (2) 151,777 4.26 % 3.4 1,652,870 4.08 % 2.8 1,804,647 4.09 % 2.9 Real Estate Debt — N/A N/A 276,693 3.72 % 1.8 276,693 3.72 % 1.8 571,251 7,670,297 8,241,548 $ 1,222,428 $ 7,950,414 $ 9,172,842 December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 3.0 $ — N/A 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 3.0 — N/A N/A 616,105 4.27 % 3.0 Junior subordinated debt — N/A N/A 280,117 5.66 % 17.4 280,117 5.66 % 17.4 Secured debt (1) 37,199 5.02 % 6.9 — N/A N/A 37,199 5.02 % 6.9 653,304 280,117 933,421 Non-recourse Secured debt Healthcare (2) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity (2) 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $235.6 million at December 31, 2019 and $538.5 million at December 31, 2018 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index at balance sheet date. (4) Calculated based upon initial maturity dates of the respective debt or extended maturity dates if extension criteria are met and extension option is at the Company's discretion.
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 (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 31, 2019 December 31, 2018 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) 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 Maturities of Long-term Debt	Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2020 $ — $ — $ 393,341 $ — $ 393,341 2021 — 402,500 749,367 — 1,151,867 2022 — — 1,811,515 — 1,811,515 2023 — 200,000 134,515 — 334,515 2024 — — 3,420,860 — 3,420,860 2025 and thereafter — 13,605 1,767,022 280,117 2,060,744 Total $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2019
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: December 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 15,307 $ 1,271 $ 16,578 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 78 237 315 862 500 1,362 Performance swaps — 4,493 4,493 — — — Included in other assets $ 15,385 $ 6,001 $ 21,386 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 8,134 $ 2,482 $ 10,616 $ 6,193 $ 211 $ 6,404 Interest rate contracts — — — — 126,404 126,404 Forward contracts — 116,915 116,915 — — — Included in accrued and other liabilities $ 8,134 $ 119,397 $ 127,531 $ 6,193 $ 126,615 $ 132,808
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 54,727 € 6,935 Min $1.06 / Max $1.31 March 2020 to November 2020 EUR FX Forward € 303,157 € 6,955 Min $1.11 / Max $1.38 January 2020 to February 2024 GBP FX Forward £ 84,187 £ 27,003 Min $1.24 / Max $1.32 March 2020 to December 2020
Schedule of net investment hedges included in accumulated other comprehensive income (loss)	Release of AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2019 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 1,790 $ 7,426 $ (3,931 ) 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 amount that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2019 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (2,693 ) $ 3,726 $ (3,928 )
Schedule of interest rate derivatives	The following table summarizes amounts recorded in other gain (loss) related to interest rate contracts. Amounts includes an amount reclassified from AOCI to earnings on a designated interest rate contract upon termination of the derivative in connection with extinguishment of debt financing the light industrial portfolio that was sold in December 2019, presented as part of discontinued operations (Note 16 ). Year Ended December 31, (In thousands) 2019 2018 2017 Realized and unrealized gain (loss) net: Designated interest rate contracts $ (8,019 ) $ — $ — Non-designated interest rate contracts (242,898 ) 33,307 (15,080 ) December 31, 2019 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 6,436,254 1-Month LIBOR 3.0% - 6.26% June 2020 to November 2021 Interest rate caps € 232,845 € 485,405 3-Month EURIBOR 1.0% - 1.5% January 2021 to June 2024 Interest rate caps £ — £ 363,794 3-Month GBP LIBOR 1.5% - 2.25% February 2020 to October 2022
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 Assets (Liabilities) on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 )
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 Assets (Liabilities) on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 )

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
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 three tier fair value hierarchy. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Equity method investments $ — $ — $ 222,875 $ 222,875 Marketable equity securities 138,586 — — 138,586 Debt securities available for sale — N-Star CDO bonds — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 Debt securities available for sale—N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903
Schedule of Fair Value Assumptions Related to Contingent Consideration	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) December 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,391 NAV (2) N/A N/A N/A Equity method investments—other 18,574 Discounted cash flows Discount rate 10.1% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 3.7x (3) Equity method investments—other 173,910 Transaction price (4) N/A N/A N/A N-Star CDO bonds 54,859 Discounted cash flows Discount rate 22.3% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,330 Discounted cash flows Discount rate 12.0% Decrease December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x (3) Equity method investments—other 28,346 Transaction price (4) N/A N/A N/A N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 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) Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management, and in 2018, in combination with indicative prices of investments sold by the Company. (3) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for investee engaged in real estate development during the development stage.
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 AOCI. Level 3 Assets Level 3 Liabilities (In thousands) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable 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 — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 )
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 AOCI. Level 3 Assets Level 3 Liabilities (In thousands) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable 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 — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 )
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. December 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,271 $ 11,058 $ 12,617 $ 13,658 Non-traded REIT—real estate 19,358 — 11,990 — Private fund—emerging market private equity 3,012 — — —
Fair Value Measurements, Nonrecurring	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 70,191 $ 183,257 $ 253,448 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 354,976 354,976 — 416,272 416,272 Intangible assets—investment management contracts — 62,354 62,354 — 36,400 36,400 Equity method investments — 745,320 745,320 — 32,761 32,761 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2019 2018 2017 Impairment loss Real estate held for sale $ 120,329 $ 77,211 $ 25,619 Real estate held for investment 227,510 280,418 19,668 Intangible assets—investment management 9,955 157,538 59,073 Intangible assets—trade name — 59,464 — Equity method loss 257,952 61,182 6,774
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 December 31, 2019 Assets Loans at amortized cost $ — $ — $ 1,557,850 $ 1,557,850 $ 1,552,824 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 602,000 13,095 — 615,095 614,052 Secured debt — — 8,213,550 8,213,550 8,168,666 Secured debt related to assets held for sale — — 235,000 235,000 232,944 Junior subordinated debt — — 225,835 225,835 201,190 December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the preferred stock issued and outstanding at December 31, 2019 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series G 7.5 % June 2014 3,450 $ 35 $ 86,250 Currently redeemable Series H 7.125 % April 2015 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 41,350 414 1,033,750 Series B 8.25 % February 2007 6,114 61 152,855 Redemption pending Series E 8.75 % May 2014 10,000 100 250,000 Redemption pending 57,464 $ 575 $ 1,436,605 The table below summarizes the share activities of the Company's preferred and common stock. 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 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (2) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units — 775 — Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (3) — 2,074 — Shares issued for settlement of contingent consideration—Internalization — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) — Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 Redemption of preferred stock (16,114 ) — — Shares issued upon redemption of OP Units — 188 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,850 — Shares canceled for tax withholding on vested stock awards — (689 ) — Shares outstanding at December 31, 2019 41,350 487,044 734 __________ (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. (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (3) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 12 ).
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 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 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 (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 9,206 (4,358 ) (2,563 ) (5,398 ) 24,945 21,832 Amounts reclassified from AOCI (3,554 ) 15,356 2,428 (1,081 ) (1,312 ) 11,837 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) 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 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive loss before reclassifications — (5,943 ) (16,848 ) (1,291 ) (24,082 ) Amounts reclassified from AOCI — 5,328 (465 ) 2,306 7,169 AOCI at December 31, 2019 $ — $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 2017 Realized gain (loss) on marketable securities $ — $ 10,100 $ (5,285 ) Other gain (loss), net Other-than-temporary impairment and write-offs of securities (15,356 ) (6,149 ) (31,259 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 1,081 (6,870 ) 2,489 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (340 ) 1,454 (1,829 ) Other gain (loss), net Realized gain (loss) on net investment hedges 1,652 6,992 (3,718 ) Other gain (loss), net Release of equity in AOCI of unconsolidated ventures 3,554 — (81 ) Equity method earnings (losses)

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the activity in redeemable noncontrolling interests. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 9,385 $ 34,144 $ — Assumed through the Merger — — 78,843 Assumed through consolidation of sponsored private fund — — 24,763 Contributions — 354 8,550 Distributions and redemptions (5,837 ) (21,405 ) (100,830 ) Net income (loss) 2,559 (3,708 ) 23,543 Currency translation adjustment and other — — (725 ) Ending balance $ 6,107 $ 9,385 $ 34,144

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income.

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2019 2018 2017 Net loss allocated to common stockholders Loss from continuing operations $ (1,650,712 ) $ (534,757 ) $ (120,061 ) (Income) loss from continuing operations attributable to noncontrolling interests 138,857 (2,059 ) (107,622 ) Loss from continuing operations attributable to Colony Capital, Inc. (1,511,855 ) (536,816 ) (227,683 ) Income from discontinued operations attributable to Colony Capital, Inc. 463,048 17,209 29,792 Net loss attributable to Colony Capital, Inc. (1,048,807 ) (519,607 ) (197,891 ) Preferred stock redemption 5,150 3,995 (4,530 ) Preferred dividends (108,550 ) (117,097 ) (130,672 ) Net loss attributable to common stockholders (1,152,207 ) (632,709 ) (333,093 ) Net income allocated to participating securities (3,491 ) (2,504 ) (9,168 ) Net loss allocated to common stockholders—basic (1,155,698 ) (635,213 ) (342,261 ) Interest expense attributable to convertible notes (1) — — — Net loss allocated to common stockholders—diluted $ (1,155,698 ) $ (635,213 ) $ (342,261 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,588 496,993 532,600 Weighted average effect of dilutive shares (1)(2)(3) — — — Weighted average number of common shares outstanding—diluted 479,588 496,993 532,600 Basic loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per basic common share $ (2.41 ) $ (1.28 ) $ (0.64 ) Diluted loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per diluted common share $ (2.41 ) $ (1.28 ) $ (0.64 ) __________ (1) For the years ended December 31, 2019 , 2018 and 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $28.2 million , $28.6 million and $28.9 million of interest expense, respectively, and 38,112,100 , 38,112,100 , and 38,564,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 74,100 , 571,500 and 534,100 for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 19 ) of 990,700 and 532,900 for the years ended December 31, 2019 and 2018 , respectively. (3) 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 December 31, 2019 , 2018 and 2017 there were 53,261,100 , 31,358,500 and 32,282,500 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)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	The Company's fee income is earned from the following sources. Year Ended December 31, (In thousands) 2019 2018 2017 Institutional funds and other investment vehicles $ 82,188 $ 48,624 $ 56,966 Public companies (CLNC, NRE) 118,049 65,258 14,003 Non-traded REITs 19,896 29,597 88,081 Other 3,782 964 57,717 $ 223,915 $ 144,443 $ 216,767 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2019 2018 2017 Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) $ 152,189 $ 131,406 $ 179,816 Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) 3,559 2,078 3,069 Acquisition and disposition fees—from affiliates — 1,922 16,237 Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) 64,555 5,445 1,043 Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) 3,612 3,592 16,602 Total fee income $ 223,915 $ 144,443 $ 216,767

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Components of Share-Based Compensation	Fair value of these LTIP units was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: Ganzi LTIP Grant Expected volatility of the Company's class A common stock (1) 28.3% Expected dividend yield (2) 8.1% Risk-free rate (per annum) (3) 1.8% __________ (1) Based upon historical volatility of the Company's stock and those of a specified peer group. (2) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date. Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 16 ), is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) $ 31,403 $ 38,928 $ 146,563 Earnings from investments in unconsolidated ventures — — 61 Investment and servicing expense — — 4,070 $ 31,403 $ 38,928 $ 150,694 Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019.
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, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 5,085,924 10,000,000 386,834 3,760,864 19,233,622 2.92 2.30 Vested (2,570,167 ) — (304,184 ) (60,514 ) (2,934,865 ) 5.09 9.79 Forfeited (296,139 ) — — (64,104 ) (360,243 ) 4.53 6.26 Unvested shares and units at December 31, 2019 7,641,708 10,000,000 265,784 5,680,195 23,587,687 3.66 3.25 __________ (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 measured at the end of the performance period.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Cost reimbursements, included in other income, were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Retail companies $ 3,098 $ 4,672 $ 19,545 Public companies (CLNC, NRE) 14,442 10,747 — Private investment vehicles and other 14,059 9,198 3,779 Equity awards of CLNC and NRE (Note 19) 32,627 10,078 — Townsend — — 2,306 $ 64,226 $ 34,695 $ 25,630 Amounts due from and due to affiliates consist of the following: (In thousands) December 31, 2019 December 31, 2018 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 36,106 $ 32,139 Cost reimbursements and recoverable expenses 14,624 10,754 Employees and other affiliates 750 596 $ 51,480 $ 43,489 Due to Affiliates Employees and other affiliates $ 34,064 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of current and deferred tax benefit (expense), including amounts related to the industrial business presented as discontinued operations (Note 16 ), were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (6,320 ) $ 2,881 $ (20,316 ) State and local (3,276 ) 1,168 (3,606 ) Foreign (12,459 ) (13,698 ) (16,138 ) Total current tax benefit (expense) (22,055 ) (9,649 ) (40,060 ) Deferred Federal 1,652 64,962 110,711 State and local 2,800 1,320 18,235 Foreign 5,150 3,148 9,513 Total deferred tax benefit 9,602 69,430 138,459 Total income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. (In thousands) December 31, 2019 December 31, 2018 Deferred tax assets Net operating and capital loss carry forwards (1) $ 67,785 $ 56,609 Equity-based compensation 23,410 17,162 Investment in partnerships 625 7,745 Real estate, leases and related intangibles 15,870 — Foreign tax credits (2) — 892 Straight-line and prepaid rent 6,270 7,850 Deferred income 3,520 — Deferred interest expense 5,881 472 Other (3) 11,853 2,904 Gross deferred tax assets 135,214 93,634 Valuation allowance (26,305 ) (22,062 ) Deferred tax assets, net of valuation allowance 108,909 71,572 Deferred tax liabilities Real estate, leases and related intangibles 209,474 63,901 Other intangible assets 31,124 33,693 Deferred income — 1,263 Other (3) 9,420 108 Gross deferred tax liabilities 250,018 98,965 Net deferred tax liability $ (141,109 ) $ (27,393 ) __________ (1) At December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $269.7 million and $251.2 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2031 , except those incurred after December 31, 2017 attributable to U.S. federal, and those attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2027 . (3) Other includes deferred tax asset on lease liability and deferred tax liability on lease ROU asset related to office leases at December 31, 2019.
Schedule of Effective Income Tax Rate Reconciliation	The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing and discontinued operations before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Loss from continuing and discontinued operations before income taxes $ (136,462 ) $ (554,956 ) $ (163,012 ) Pre-tax (income) loss attributable to pass-through subsidiaries (675,635 ) 312,939 (405,104 ) Pre-tax loss attributable to taxable subsidiaries (812,097 ) (242,017 ) (568,116 ) Federal tax benefit at statutory tax rate (21%, 21% and 35%, respectively) 170,540 50,824 198,841 State and local income taxes, net of federal income tax benefit 1,362 10,983 9,380 Foreign income tax differential (8,979 ) (3,533 ) 6 Nondeductible expenses—goodwill impairment (165,480 ) — (110,600 ) Nondeductible expenses—other (4,390 ) (4,648 ) (20,372 ) Valuation allowance, net (4,151 ) 2,874 (3,555 ) Impact of Tax Cuts and Jobs Act — 2,190 24,908 Other (1,355 ) 1,091 (209 ) Income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Expense	For the year ended December 31, 2019 , the following table summarizes lease expense for investment properties, included in property operating expense, and office leases, included in administrative expense. Year Ended December 31, 2019 (In thousands) Investment Properties Corporate Offices Operating lease expense: Fixed lease expense $ 8,292 $ 9,213 Variable lease expense 1,898 2,516 $ 10,190 $ 11,729
Schedule of Future Minimum Rental Payments	At December 31, 2019 , the Company's future operating lease commitments for investment properties, excluding real estate held for sale, and for corporate offices were as follows: (In thousands) Year Ending December 31, Investment Properties Corporate Offices Total 2020 $ 17,295 $ 10,314 $ 27,609 2021 16,847 9,735 26,582 2022 17,015 8,074 25,089 2023 17,054 7,778 24,832 2024 17,060 8,314 25,374 2025 and thereafter 211,195 23,337 234,532 Total lease payments 296,466 67,552 364,018 Present value discount (182,721 ) Operating lease liability (Note 9) $ 181,297
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842)	At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 16 ). (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2019 Total revenues $ 40,407 $ 582,139 $ — $ 828,523 $ — $ 614,551 $ 246,499 $ 14,235 $ 2,326,354 Property operating expenses 2,197 260,374 — 554,981 — 273,357 — — 1,090,909 Interest expense 4,502 192,621 — 169,781 — 113,762 — 54,872 535,538 Depreciation and amortization 12,209 161,115 — 145,424 — 85,910 79,097 6,037 489,792 Provision for loan losses — — — — — 35,880 — — 35,880 Impairment loss — 187,341 — 50,474 — 110,025 797,954 649 1,146,443 Gain on sale of real estate — 1,384 — 279 — 61,253 — — 62,916 Equity method earnings (losses) 2,647 — — — (241,356 ) 115,927 (17,602 ) — (140,384 ) Equity method earnings—carried interest — — — — — — 11,682 — 11,682 Income tax benefit (expense) (15,104 ) 612 — (898 ) — (7,270 ) 9,311 (654 ) (14,003 ) Income (loss) from continuing operations 43,786 (239,888 ) — (107,066 ) (241,356 ) 87,004 (754,314 ) (438,878 ) (1,650,712 ) Income from discontinued operations — — 1,486,691 — — — 15,106 — 1,501,797 Net income (loss) 43,786 (239,888 ) 1,486,691 (107,066 ) (241,356 ) 87,004 (739,208 ) (438,878 ) (148,915 ) Net income (loss) attributable to Colony Capital, Inc. 40,658 (179,976 ) 449,050 (90,139 ) (227,548 ) 1,436 (643,631 ) (398,657 ) (1,048,807 ) Year Ended December 31, 2018 Total revenues $ — $ 592,455 $ — $ 849,513 $ — $ 739,167 $ 176,568 $ 9,239 $ 2,366,942 Property operating expenses — 271,166 — 563,453 — 316,037 — — 1,150,656 Interest expense — 194,898 — 153,395 — 150,032 — 54,513 552,838 Depreciation and amortization — 164,389 — 144,528 — 99,525 28,653 6,207 443,302 Provision for loan losses — 213 — — — 42,821 — — 43,034 Impairment loss — 217,524 — 72,469 — 79,432 217,850 — 587,275 Gain on sale of real estate — — — — — 159,598 — — 159,598 Equity method earnings (losses) 8,845 — — — (65,366 ) 97,416 (50,496 ) — (9,601 ) Equity method earnings—carried interest — — — — — — 9,525 — 9,525 Income tax benefit (expense) — (4,991 ) — 9,875 — (4,298 ) 59,179 205 59,970 Income (loss) from continuing operations 5,955 (283,516 ) — (90,581 ) (65,366 ) 266,886 (145,161 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) 5,955 (283,516 ) 26,749 (90,581 ) (65,366 ) 266,784 (132,226 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. 5,606 (199,277 ) 4,246 (82,798 ) (61,457 ) 141,197 (124,024 ) (203,100 ) (519,607 ) (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ — $ 613,169 $ — $ 815,831 $ — $ 873,046 $ 240,632 $ 6,862 $ 2,549,540 Property operating expenses — 274,528 — 537,884 — 233,901 — — 1,046,313 Interest expense — 185,256 — 134,729 — 161,993 — 54,278 536,256 Depreciation and amortization — 183,897 — 133,269 — 128,942 56,616 5,790 508,514 Provision for loan losses — 1,588 — — — 18,153 — — 19,741 Impairment loss — 14,375 — — — 30,867 375,074 — 420,316 Gain on sale of real estate — — — — — 112,758 — — 112,758 Equity method earnings — — — — — 265,079 18,204 — 283,283 Income tax benefit (expense) — (5,639 ) — (2,779 ) — (3,950 ) 111,049 1,814 100,495 Income (loss) from continuing operations — (64,767 ) — (9,863 ) — 567,752 (174,564 ) (438,619 ) (120,061 ) Income from discontinued operations — — 37,497 — — 995 4,396 12,560 55,448 Net income (loss) — (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. — (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (393,815 ) (197,891 )
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments excluding investments held for sale (Note 8 ) of the reportable segments are summarized as follows: December 31, 2019 December 31, 2018 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,160,402 $ 47,891 $ 32,354 $ 32,354 Healthcare 4,886,374 — 5,395,550 — Industrial 458,673 — 3,185,906 — Hospitality 3,789,098 — 3,980,988 — CLNC 725,443 725,443 1,037,754 1,037,754 Other Equity and Debt 5,749,455 1,070,462 6,344,124 1,026,420 Other Investment Management 1,085,234 139,977 1,979,432 176,403 Amounts not allocated to segments 977,505 3,742 259,141 3,742 $ 19,832,184 $ 1,987,515 $ 22,215,249 $ 2,276,673
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. Year Ended December 31, (In thousands) 2019 2018 2017 Total income by geography: United States $ 1,772,135 $ 2,002,260 $ 2,492,800 Europe 354,164 329,609 310,783 Other 7,127 302 3,610 Total (1) $ 2,133,426 $ 2,332,171 $ 2,807,193 (In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion
Long-lived Assets by Geographic Areas	(In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Year Ended December 31, (In thousands) 2019 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0 $ 523,533 $ 507,495 $ 452,726 Cash received for income tax refunds (paid for income taxes), net (12,595 ) 14,476 53,017 Cash paid for operating lease liabilities 16,234 — — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 149,737 $ 158,666 $ 153,379 Net cash provided by (used in) investing activities of discontinued operations 3,721,764 (599,940 ) 82,408 Net cash provided by (used in) financing activities of discontinued operations (2,640,171 ) 351,052 378,788 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,301 $ 84,013 $ 188,202 Improvements in operating real estate in accrued and other liabilities 20,230 2,249 18,221 Redemption of OP Units for common stock 2,104 29,034 22,831 Preferred stock redemptions payable 402,855 — — ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 139,157 — — Deferred cash consideration for acquisition of DBH (Note 3) 32,500 — — Issuance of OP Units for business combinations (Note 3) 114,865 — — Proceeds from loan repayments and asset sales held in escrow 63,984 19,425 27,426 Distributions payable to noncontrolling interests included in other liabilities 3,986 19,297 10,786 Foreclosures and exchanges of loans receivable for real estate 28,562 47,097 54,615 Debt assumed by buyer in sale of real estate 295,562 196,416 1,258,558 Debt issued to buyer in sale of real estate 4,000 — — Fair value of Digital Colony Manager contract intangible consolidated (Note 3) 51,400 — — Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3) 2,098,313 — 16,684,675 Liabilities assumed in business combinations (Note 3) 818,449 — 11,249,183 Noncontrolling interests assumed in business combinations (Note 3) 724,567 — 592,690 Deconsolidation of net assets of securitization trusts — 131,386 — Assets held for sale contributed to equity method investee — 20,350 — Deferred tax liabilities assumed by buyer of related real estate — 26,629 — Share repurchase payable — 7,567 — Contributions receivable from noncontrolling interests — 29,721 25,501 Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed — 1,753,066 — Liabilities of CLNY Investment Entities deconsolidated — 421,245 — Noncontrolling interests of CLNY Investment Entities deconsolidated — 395,274 — Year Ended December 31, (In thousands) 2019 2018 2017 Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — — 153,368 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — — 66,020 Common stock issued for acquisition of NSAM and NRF — — 5,710,134 Preferred stock issued for acquisition of NRF — — 1,010,320 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed — — 219,278 Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed — — 326,679 Net assets of sponsored fund consolidated, net of cash and restricted cash assumed — — 13,370 Exchange of notes for class A common shares — — 3,279 Assets of consolidated securitization trust — — 58,296 Liabilities of consolidated securitization trust — — 56,928

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Thousands	Dec. 20, 2019	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Assets under management		$ 49,000,000		$ 49,000,000
Redemption of stock				(402,855)	$ (200,000)	$ (635,785)
Goodwill impairment		401,000	$ 387,000	$ 788,000	0	316,000
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent				90.20%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent				9.80%
Third-party investor
Business Acquisition [Line Items]
Assets under management		36,000,000		$ 36,000,000
Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management		19,000,000		19,000,000
Digital Real Estate | Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management		$ 7,000,000		$ 7,000,000
DataBank
Business Acquisition [Line Items]
Ownership percentage	20.40%			20.00%
Consideration for equity interest acquired				$ 185,693
Combination Agreement
Business Acquisition [Line Items]
Ownership percentage		36.40%		36.40%
Light Industrial Platform
Business Acquisition [Line Items]
Consideration		$ 1,200,000		$ 1,200,000
Total Stockholders’ Equity
Business Acquisition [Line Items]
Redemption of stock				(402,855)	$ (200,000)	$ (635,785)
Digital Colony Partners
Business Acquisition [Line Items]
Remaining unfunded commitment		$ 200,000		$ 200,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
OP Units to common stock, conversion ratio	1
Operating lease, right-of-use asset	$ 220,560			$ 0
Operating lease liability	$ 181,297			$ 0
Cumulative effect of adoption of new accounting pronouncement			$ (4,468)		$ (1,220)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proportionate share of income lag period	1 month
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proportionate share of income lag period	3 months
Incentive Fees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fees allocated to employees (as a percentage)	40.00%
Incentive Fees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fees allocated to employees (as a percentage)	50.00%
Accounting Standards Update 2016-02
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating lease, right-of-use asset			143,700
Operating lease liability			126,800
Cumulative effect of adoption of new accounting pronouncement			$ 4,500
Subsequent Event | Accounting Standards Update 2016-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of adoption of new accounting pronouncement		$ 5,000
Furniture, Fixtures, Equipment and Capitalized Software | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, Fixtures, Equipment and Capitalized Software | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life	5 years
Aircraft [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Real Estate Held for Investment, Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Building, Fee Interest | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building, Fee Interest | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	51 years
Data Center Infrastructure | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Data Center Infrastructure | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Furniture, Fixtures and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, Fixtures and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years

Business Combinations - Pivot t

Business Combinations - Pivot to Digital (Narrative) (Details) $ / shares in Units, $ in Thousands	Dec. 20, 2019$ / shares	Jul. 25, 2019portfolioshares	Jul. 24, 2019$ / shares	Dec. 31, 2019shares	Jul. 31, 2019shares	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Revenues attributed to acquiree						$ 40,400
Net income attributed to acquiree						5,900
DBH
Business Acquisition [Line Items]
Shares issued (USD per share) | $ / shares			$ 5.21
Number of portfolio companies managed by DBH | portfolio		6
Outstanding ownership percentage before acquisition		50.00%	50.00%
Ownership percentage		50.00%
Fair value of equity interest in Digital Colony Manager						$ 51,400
Discount rate for future fee income (percentage)		8.00%
Discount rate used for calculating future fee income (percentage)		11.50%
Potential carried interest, discount rate (as a percentage)		25.00%
Royalty rate (percentage)		1.00%
Discount rate for projected future royalty fees (percentage)		11.50%
DBH | OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) | shares		21,478,515			21,478,515
DataBank
Business Acquisition [Line Items]
Shares issued (USD per share) | $ / shares	$ 4.85
Outstanding ownership percentage before acquisition	20.40%					20.00%
Fair value of equity interest in Digital Colony Manager						$ 0
Royalty rate (percentage)	2.00%
Ownership percentage of noncontrolling interest (percent)	0.716
DataBank | OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) | shares				612,072
Digital Colony Manager | DBH
Business Acquisition [Line Items]
Fair value of equity interest in Digital Colony Manager						$ 51,400
Management Contract | Minimum | DBH
Business Acquisition [Line Items]
Useful life		3 years
Management Contract | Maximum | DBH
Business Acquisition [Line Items]
Useful life		10 years
Trade name | DBH
Business Acquisition [Line Items]
Useful life		10 years

Business Combinations - Schedul

Business Combinations - Schedule of DBH and DataBank Consideration (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 1,452,891	$ 1,452,891	$ 1,514,561	$ 1,514,561	$ 660,127
DBH
Business Acquisition [Line Items]
Cash		181,167
Deferred consideration		35,500
OP Units issued		111,903
Total consideration for equity interest acquired		328,570
Fair value of equity interest in Digital Colony Manager		51,400
Fair value of equity interest		379,970
Cash	0	0
Real estate	0	0
Assets held for sale	0	0
Intangible assets	153,300	153,300
Other assets	13,008	13,008
Debt	0	0
Tax liabilities, net	(17,392)	(17,392)
Intangible and other liabilities	(16,194)	(16,194)
Fair value of net assets acquired	132,722	132,722
Goodwill	247,248	247,248
DataBank
Business Acquisition [Line Items]
Cash		182,731
Deferred consideration		0
OP Units issued	3,000	2,962
Total consideration for equity interest acquired		185,693
Fair value of equity interest in Digital Colony Manager		0
Fair value of equity interest		185,693
Cash	10,366	10,366
Real estate	847,458	847,458
Assets held for sale	29,114	29,114
Intangible assets	222,455	222,455
Other assets	106,648	106,648
Debt	(539,155)	(539,155)
Tax liabilities, net	(113,228)	(113,228)
Intangible and other liabilities	(132,480)	(132,480)
Fair value of net assets acquired	431,178	431,178
Noncontrolling interests in investment entities	(724,567)	(724,567)
Goodwill	$ 479,082	$ 479,082

Business Combinations - Other A

Business Combinations - Other Acquisitions and Merger with NSAM and NRF (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017USD ($)$ / sharesshares	Apr. 30, 2019USD ($)	Apr. 30, 2015	Dec. 31, 2019	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Acquisition price	$ 6,720,454
Common stock conversion ratio for Class A to Class B / OP Units			1
Business combination, stock exchange, conversion ratio				1.4663
Colony Latam Partner (Formally The Abraaj Group)
Business Acquisition [Line Items]
Acquisition price		$ 5,500
NSAM
Business Acquisition [Line Items]
Acquisition price	$ 2,752,095
Business combination, stock exchange, conversion ratio	1.4663
Cash					$ 152,858
NSAM and NRF
Business Acquisition [Line Items]
Cash	$ 437,400				$ 260,609
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired (percent)	32.85%
NRF | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired (percent)	33.90%
Colony | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired (percent)	33.25%
Colony Capital, Inc. | Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger	$ 226,100
Payroll tax liability assumed in merger	$ 78,900
Class A Common Stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
Class A Common Stock | NSAM | Colony NorthStar
Business Acquisition [Line Items]
Common stock conversion ratio for Class A to Class B / OP Units	1
Business combination, stock exchange, conversion ratio	1.4663
Class A Common Stock | NRF | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.0996
Class A Common Stock | Colony
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares	$ 21.52
Class A Common Stock | Colony | NSAM
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares	21.52
Class A Common Stock | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares	$ 21.52
Class A Common Stock | NorthStar Realty Finance Corp. | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.3335
Preferred stock | Colony Capital, Inc. | Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree | shares	1

Business Combinations - Sched_2

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 10, 2017USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2017shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2016shares
Business Acquisition [Line Items]
Exchange ratio		1.4663
Total consideration | $	$ 6,720,454
Number of shares outstanding (in shares)	39,466	41,350		57,464
Fair Value | $	$ 1,010,320	$ 414		$ 575
Class A Common Stock
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)		41,350	65,464	57,464	25,030
Series A 8.75%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.61
Dividend rate per annum, preferred stock (as a percentage)		8.75%
Number of shares outstanding (in shares)	2,467
Fair Value | $	$ 63,182
Series B 8.25%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.15
Dividend rate per annum, preferred stock (as a percentage)		8.25%
Number of shares outstanding (in shares)	13,999			6,114
Fair Value | $	$ 352,004			$ 61
Series C 8.875%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.80
Dividend rate per annum, preferred stock (as a percentage)		8.875%
Number of shares outstanding (in shares)	5,000
Fair Value | $	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.82
Dividend rate per annum, preferred stock (as a percentage)		8.50%
Number of shares outstanding (in shares)	8,000
Fair Value | $	$ 206,597
Series E 8.75%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.95
Dividend rate per annum, preferred stock (as a percentage)		8.75%
Number of shares outstanding (in shares)	10,000			10,000
Fair Value | $	$ 259,542			$ 100
Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Price per share (in dollars per share) | $ / shares	$ 21.52
Fair value of stock issued | $	$ 5,753,929
Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) | $ / shares	$ 16.13
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total consideration | $	$ 2,752,095
NSAM | Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Price per share (in dollars per share) | $ / shares	$ 21.52
Fair value of stock issued | $	$ 2,795,890
NSAM | Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	0
NSAM | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total consideration | $	$ 3,968,359
NRF | Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Price per share (in dollars per share) | $ / shares	$ 21.52
Fair value of stock issued | $	$ 2,958,039
NRF | Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	1,010,320
NRF | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ 0
Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NorthStar Realty Finance Corp. | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar | NRF | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.0996
Colony NorthStar | NSAM | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
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 - Sched_3

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 10, 2017	Dec. 31, 2016
Liabilities
Liabilities assumed	$ 818,449	$ 0	$ 11,249,183
Noncontrolling interests—Operating Company	724,567	0	592,690
Goodwill	$ 1,452,891	$ 1,514,561	1,514,561		$ 660,127
NSAM and NRF
Assets
Cash and cash equivalents			260,609	$ 437,400
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			1,514,085	$ 1,500,000
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
Identifiable assets acquired and liabilities assumed, including goodwill			6,720,454
Goodwill			1,440,229
NSAM
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
Identifiable assets acquired and liabilities assumed, including goodwill			2,752,095
Goodwill			1,440,229
NRF
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
Identifiable assets acquired and liabilities assumed, including goodwill			3,968,359
Goodwill			$ 0

Business Combinations - Merger

Business Combinations - Merger Consideration (Narrative) (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Dec. 31, 2017	Dec. 29, 2017	Jan. 31, 2016
NSAM and NRF
Business Acquisition [Line Items]
Noncontrolling interests—investment entities	$ 1,500,000	$ 1,514,085
NSAM
Business Acquisition [Line Items]
Noncontrolling interests—investment entities		$ 0
Management agreement, discount rate (percentage)	10.00%
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired (percent)	32.85%
Minimum
Business Acquisition [Line Items]
Capitalization rate (percentage)	4.40%
Maximum
Business Acquisition [Line Items]
Capitalization rate (percentage)	12.50%
Ground lease obligations | Minimum | Colony NorthStar
Business Acquisition [Line Items]
Weighted average useful life	6 years
Ground lease obligations | Maximum | Colony NorthStar
Business Acquisition [Line Items]
Weighted average useful life	90 years
Other real estate related intangibles | Minimum | Colony NorthStar
Business Acquisition [Line Items]
Weighted average useful life	1 year
Other real estate related intangibles | Maximum | Colony NorthStar
Business Acquisition [Line Items]
Weighted average useful life	17 years
Investment management contracts | Minimum
Business Acquisition [Line Items]
Management agreement, discount rate (percentage)	8.00%
Weighted average useful life	2 years
Investment management contracts | Maximum
Business Acquisition [Line Items]
Management agreement, discount rate (percentage)	10.00%
Weighted average useful life	18 years
Vehicles | Minimum
Business Acquisition [Line Items]
Weighted average useful life	20 years
Vehicles | Maximum
Business Acquisition [Line Items]
Weighted average useful life	30 years
Trade name
Business Acquisition [Line Items]
Weighted average useful life	20 years
Trade name | Minimum
Business Acquisition [Line Items]
Management agreement, royalty rate	1.50%
Trade name | Maximum
Business Acquisition [Line Items]
Weighted average useful life	30 years
Management agreement, royalty rate	2.00%
Townsend | NSAM
Business Acquisition [Line Items]
Ownership interest acquired (percent)			84.00%	84.00%

Business Combinations - Restruc

Business Combinations - Restructuring and Real Estate Loans into Equity Ownership (Narrative) (Details)	Jul. 01, 2017USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability		$ 9,330,000	$ 8,903,000
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure | property	148
Maximum | THL Hotel Portfolio
Business Acquisition [Line Items]
Contingent consideration, liability	$ 13,000,000

Business Combinations - CPI and

Business Combinations - CPI and THL Acquisition, Consideration and Allocation (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Total consideration	$ 6,720,454
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at time of restructuring or foreclosure		$ 182,644
Cash		49,537
Contingent consideration (Note 12)		0
Total consideration		232,181
Cash		303
Restricted cash		12,600
Real estate		543,649
Real estate held for sale		21,605
Lease intangibles and other assets		27,685
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]
Carrying value of loans receivable outstanding at time of restructuring or foreclosure		310,932
Cash		43,643
Contingent consideration (Note 12)		6,771
Total consideration		361,346
Cash		16,188
Restricted cash		18,479
Real estate		1,184,447
Real estate held for sale		69,676
Lease intangibles and other assets		26,711
Debt		(907,867)
Tax liabilities		(16,292)
Lease intangibles and other liabilities		(29,996)
Liabilities related to assets held for sale		0
Fair value of net assets acquired		$ 361,346

Business Combinations - Fair Va

Business Combinations - Fair Values and Allocation of Consideration for DBH and DataBank Group (Details)	Jul. 01, 2017	Jan. 25, 2017	Jan. 10, 2017
Weighted Average | CPI
Business Acquisition [Line Items]
Capitalization rate (percentage)		6.60%
Weighted Average | THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate (percentage)	8.90%
Discount rate (percentage)	10.40%
Minimum
Business Acquisition [Line Items]
Capitalization rate (percentage)			4.40%
Maximum
Business Acquisition [Line Items]
Capitalization rate (percentage)			12.50%
Discount rate | Minimum | CPI
Business Acquisition [Line Items]
Debt discount rate (percentage)		0.0125
Discount rate | Maximum | CPI
Business Acquisition [Line Items]
Debt discount rate (percentage)		0.036

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 1,360,435	$ 1,443,250
Buildings and improvements	9,022,971	9,442,443
Tenant improvements	105,440	96,740
Data center infrastructure	595,603	0
Furniture, fixtures and equipment	511,329	389,969
Construction in progress	255,115	123,002
Real estate held for investment, gross	11,850,893	11,495,404
Less: Accumulated depreciation	(990,375)	(669,394)
Real estate assets, net (1)	$ 10,860,518	$ 10,826,010

Real Estate - Sales (Details)

Real Estate - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Proceeds from sales of real estate	$ 6,108,153	$ 864,347	$ 1,607,806
Gain on sale of real estate	$ 1,520,808	$ 167,231	$ 135,262

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017USD ($)	Oct. 31, 2019USD ($)property	Feb. 28, 2019USD ($)property	Nov. 30, 2018USD ($)property	Sep. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jan. 31, 2017USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Business Acquisition [Line Items]
Acquisition price	$ 6,720,454
Asset Acquisitions
Business Acquisition [Line Items]
Acquisition price								$ 1,543,981	$ 1,072,730	$ 1,102,763
Land								317,740	231,283	234,437
Building and Improvements								1,156,884	776,525	792,901
Lease Intangible Assets								76,230	69,897	82,985
Lease Intangible Liabilities								$ (6,873)	$ (4,975)	$ (7,560)
Asset Acquisitions | Bulk Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property			6
Acquisition price			$ 373,182
Land			49,446
Building and Improvements			296,348
Lease Intangible Assets			27,553
Lease Intangible Liabilities			$ (165)
Asset Acquisitions | Healthcare | United Kingdom
Business Acquisition [Line Items]
Number of Buildings | property		1			1
Acquisition price		$ 12,376			$ 24,444
Land		3,478			10,231
Building and Improvements		9,986			12,733
Lease Intangible Assets		732			1,480
Lease Intangible Liabilities		$ (1,820)			$ 0
Asset Acquisitions | Light industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property								84	40	55
Acquisition price								$ 1,158,423	$ 569,442	$ 636,690
Land								264,816	111,194	137,005
Building and Improvements								850,550	433,040	472,747
Lease Intangible Assets								47,945	30,183	31,512
Lease Intangible Liabilities								$ (4,888)	$ (4,975)	$ (4,574)
Asset Acquisitions | Office and Industrial | France
Business Acquisition [Line Items]
Number of Buildings | property				220
Acquisition price				$ 478,844
Land				109,858
Building and Improvements				330,752
Lease Intangible Assets				38,234
Lease Intangible Liabilities				$ 0
Asset Acquisitions | Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property						1	2
Land							$ 3,855
Building and Improvements							5,564
Lease Intangible Assets							955
Lease Intangible Liabilities							0
Asset Acquisitions | Industrial | SPAIN
Business Acquisition [Line Items]
Acquisition price							$ 10,374
Asset Acquisitions | Office | California
Business Acquisition [Line Items]
Acquisition price						$ 455,699
Land						93,577
Building and Improvements						314,590
Lease Intangible Assets						50,518
Lease Intangible Liabilities						$ (2,986)
2019 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								40 years
2019 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								12 years
2019 Real Estate Acquisitions | Intangible assets—lease intangibles
Business Acquisition [Line Items]
Real estate assets estimated useful life								9 years

Real Estate - Depreciation (Det

Real Estate - Depreciation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate
Real Estate [Line Items]
Depreciation	$ 358.8	$ 374.7	$ 372.9

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property operating income
Revenue from External Customer [Line Items]
Income	$ 1,856,409	$ 1,960,559	$ 1,873,055
Total Lease Revenue
Revenue from External Customer [Line Items]
Income	721,020	800,000	900,000
Fixed lease income
Revenue from External Customer [Line Items]
Income	663,445
Variable lease income
Revenue from External Customer [Line Items]
Income	57,575
Hotel operating income
Revenue from External Customer [Line Items]
Income	$ 1,135,389	$ 1,200,000	$ 1,000,000

Real Estate - Future Fixed Leas

Real Estate - Future Fixed Lease Income Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Real Estate [Abstract]
2020	$ 391,332
2021	329,593
2022	285,979
2023	248,363
2024	214,315
2025 and thereafter	887,404
Total	$ 2,356,986

Real Estate - Future Minimum Pa

Real Estate - Future Minimum Payments Receivable Related to Operating Leases (Prior to Adoption of ASC 842) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 293,906
2020	285,051
2021	265,612
2022	254,881
2023	242,151
2024 and thereafter	961,591
Total	2,303,192
Industrial
Operating Leased Assets [Line Items]
Total	$ 894,400

Real Estate - Commitments and C

Real Estate - Commitments and Contractual Obligations (Details)	Dec. 31, 2019USD ($)
THL Hotel Portfolio | Guarantee of franchise obligations
Business Acquisition [Line Items]
Estimate of possible loss	$ 75,000,000

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for loan losses	$ (48,187)	$ (32,940)	$ (52,709)	$ (67,980)
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,498,573	2,648,641
Loans receivable, net	1,552,824	1,659,217
Carrying Value | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,332,769	1,316,929
Carrying Value	1,352,476	1,336,840
Carrying Value | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,165,804	1,331,712
Carrying Value	248,535	355,317
Allowance for loan losses	(48,187)	(32,940)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,165,804	1,324,287
Carrying Value	248,535	351,646
Carrying Value | PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	0	7,425
Carrying Value	0	3,671
Carrying Value | Fixed rate | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,116,034	1,110,507
Carrying Value	1,135,570	1,129,712
Carrying Value | Fixed rate | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	471,472	643,973
Carrying Value	$ 492,709	$ 667,590
Weighted Average Coupon, percentage	10.70%	10.70%
Weighted Average Maturity in Years	1 year 7 months 6 days	2 years 2 months 12 days
Carrying Value | Fixed rate | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 495,182	$ 357,590
Carrying Value	$ 494,238	$ 354,326
Weighted Average Coupon, percentage	12.60%	12.50%
Weighted Average Maturity in Years	7 months 6 days	1 year 6 months
Carrying Value | Fixed rate | Non-PCI Loans | Corporate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 149,380	$ 108,944
Carrying Value	$ 148,623	$ 107,796
Weighted Average Coupon, percentage	12.90%	12.30%
Weighted Average Maturity in Years	5 years 4 months 24 days	5 years 9 months 18 days
Carrying Value | Variable rate | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 216,735	$ 206,422
Carrying Value	216,906	207,128
Carrying Value | Variable rate | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	171,848	178,650
Carrying Value	$ 172,269	$ 179,711
Weighted Average Coupon, percentage	4.10%	4.30%
Weighted Average Maturity in Years	3 months 18 days	1 month 6 days
Carrying Value | Variable rate | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 44,887	$ 27,772
Carrying Value	$ 44,637	$ 27,417
Weighted Average Coupon, percentage	12.70%	13.40%
Weighted Average Maturity in Years	1 year 7 months 6 days	2 years 6 months

Loans Receivable - Aging Summar

Loans Receivable - Aging Summary of Non-PCI Loans Held for Investment (Details) - Non-PCI Loans - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ 1,352,476	$ 1,336,840
Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	1,042,260	1,052,303
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0	44,392
90 Days or More Past Due and Nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ 310,216	$ 240,145

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Dec. 31, 2017loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of outstanding TDR loans	1	1
Carrying value of loans before allowance for loan losses | $	$ 37.8
Troubled debt restructuring, allowance for loan loss | $	$ 37.8	$ 12.8
Number of additional lending commitments outstanding to this TDR	0
Performing Financial Instruments
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans modified	0	0	0

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,552,824	$ 1,659,217
Allowance for Loan Losses	48,187	32,940	$ 52,709	$ 67,980
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	326,151	280,337
Average carrying value before allowance for loan losses	305,293	282,325	202,397
Total interest income recognized during the period impaired	7,514	7,127	10,192
Cash basis interest income recognized	447	1,190	$ 0
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	89,689	129,619
Allowance for Loan Losses	48,187	32,940
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	71,754	75,179
Without Allowance for Loan Losses	259,011	206,628
Total	330,765	281,807
Allowance for Loan Losses	$ 48,146	$ 18,304

Loans Receivable - Purchase Cre

Loans Receivable - Purchase Credit-Impaired Loans (Details) - loan	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts acquired	0	0

Loans Receivable - PCI loans ac

Loans Receivable - PCI loans acquired through 2017 Merger (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (33,561)	$ (9,620)	$ (42,435)		$ (52,572)
Loans Acquired through Consolidation | PCI Loans
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 of PCI Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620	$ 42,435	$ 52,572
Additions	0	0	23,594
Dispositions	0	(5,484)	0
Changes in accretable yield	43,246	1,882	25,720
Accretion recognized in earnings	(19,637)	(27,911)	(61,809)
Deconsolidation	0	(991)	0
Effect of changes in foreign exchange rates	332	(311)	2,358
Ending accretable yield	$ 33,561	$ 9,620	$ 42,435

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 0	$ 175,600,000

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 48,187	$ 52,709	$ 67,980	$ 48,187	$ 32,940
Loans receivable, net				1,552,824	1,659,217
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940	52,709	67,980
Contribution to CLNC	0	(518)	0
Deconsolidation	0	(5,983)	0
Provision for loan loss	35,880	43,034	19,741
Charge-off	(20,633)	(56,302)	(35,012)
Allowance for loan losses	48,187	32,940	$ 52,709
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	32,940	32,940		48,187	32,940
Loans receivable, net				89,689	129,619
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940
Allowance for loan losses	48,187	32,940
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	18,304	18,304		48,146	18,304
Loans receivable, net				71,754	75,179
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	18,304
Allowance for loan losses	48,146	18,304
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	14,636	14,636		41	14,636
Loans receivable, net				$ 17,935	$ 54,440
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	14,636
Allowance for loan losses	$ 41	$ 14,636

Loans Receivable - Provision Fo

Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 35,880	$ 43,034	$ 19,741
Securitized Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	35,880	43,034	19,741
Non-PCI Loans | Securitized Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	30,035	22,557	7,534
PCI Loans | Securitized Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	5,845	$ 20,477	$ 12,207
Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	306,600
Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 128,000

Equity and Debt Investments - I

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity Investments
Equity method investments	$ 1,987,515	$ 2,276,673
Total equity investments	2,256,214	2,432,914
Debt Securities
Total debt securities	57,591	96,833
Equity and debt investments	2,313,805	2,529,747
Investment ventures
Equity Investments
Equity method investments	1,845,129	2,151,847
Investment ventures and Private funds and non-traded REIT	91,472	95,196
Private funds
Equity Investments
Equity method investments	142,386	124,826
Investment ventures and Private funds and non-traded REIT	38,641	24,607
N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	54,859	64,127
CMBS of consolidated fund
Debt Securities
CMBS of consolidated fund, at fair value	2,732	32,706
Level 1 | Marketable equity securities
Equity Investments
Marketable equity securities	$ 138,586	$ 36,438

Equity and Debt Investments - E

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	Dec. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 1,987,515	$ 2,276,673
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 725,443	1,037,754
NorthStar Realty Europe Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	0.00%
Carrying value	$ 0	87,696
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%
Carrying value	$ 93,390	95,418
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	138,428	219,913
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	543,296	481,477
Private funds
Schedule of Equity Method Investments [Line Items]
Carrying value	115,055	109,393
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	21,940	9,525
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 127,088	154,412
Number of equity method investments | investment	12
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 222,875	$ 81,085
Combination Agreement
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.40%

Equity and Debt Investments -_2

Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	Sep. 30, 2019	Jan. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Feb. 01, 2018
Schedule of Equity Method Investments [Line Items]
Assets of investment entity deconsolidated						$ 870,052,000	$ 3,969,635,000
Investment level debt of investment entity deconsolidated						268,152,000	1,218,495,000
Other gain (loss), net						(193,302,000)	51,706,000	$ (25,814,000)
Impairment loss						1,146,443,000	587,275,000	420,316,000
Adjustments for any impairment or observable price changes						16,900,000	8,200,000
Equity method investments						1,987,515,000	2,276,673,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes						94,600,000
Equity method investments						725,443,000	1,037,754,000
Proportionate share of loan loss provisions and impairments not recognized						140,300,000
Basis difference						86,800,000
NRE
Schedule of Equity Method Investments [Line Items]
Sale price of outstanding stock (in usd per share)	$ 17.01		$ 17.01
Equity method investment, number of shares monetized (in shares)	5.6
Equity method investment, gain on sale	$ 12,400,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments						543,296,000	481,477,000
Lending commitments						84,100,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment						$ 306,500,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Annualized dividend (in dollars per share)			$ 1.20		$ 1.74
Net asset value per share (in dollars per share)				$ 20.25	20.25				$ 20.25	$ 24.74
Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)						$ 15.13
Share price (in dollars per share)				$ 15.50	$ 15.50	$ 13.16			$ 15.50
Equity Method Investment | Colony Credit
Schedule of Equity Method Investments [Line Items]
Other gain (loss), net		$ 9,900,000
Adjustments for any impairment or observable price changes				$ 227,900,000
Equity method investment, fair value				$ 743,000,000	$ 743,000,000	$ 630,800,000			$ 743,000,000
Investment ventures
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes						0
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss						$ 257,952,000	$ 61,182,000	$ 6,774,000
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner (percentage)						50.00%
Minimum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price range (in dollars per share)									$ 15.10
Maximum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price range (in dollars per share)									$ 23.23
Combination Agreement
Schedule of Equity Method Investments [Line Items]
Ownership percentage						36.40%
Combination Agreement | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		38.00%
Combination Agreement | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		100.00%
CLNY Investment Entities | Discontinued Operations, Disposed of by Means Other than Sale, Exchange
Schedule of Equity Method Investments [Line Items]
Assets of investment entity deconsolidated		$ 1,900,000,000
Loans receivable of investment entity deconsolidated		1,300,000,000
Real estate and equity investments, real estate		200,000,000
Equity investments		200,000,000
Investment level debt of investment entity deconsolidated		400,000,000
Net assets attributable to noncontrolling interest deconsolidated		$ 300,000,000

Equity and Debt Investments - A

Equity and Debt Investments - Available-for-Sale Debt Securities (Details)	12 Months Ended
	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of AFS debt securities with unrealized loss in AOCI | security	0
OTTI loss recorded in other gain (loss)	$ 16,900,000	$ 8,200,000
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,002,000	67,513,000
Gross cumulative unrealized gains	8,857,000	1,565,000
Gross cumulative unrealized loss	0	(4,951,000)
Fair Value	54,859,000	64,127,000
AFS debt securities in gross unrealized loss position		54,500,000
AFS debt securities in gross unrealized loss position, accumulated losses		5,000,000
Colony | CMBS of consolidated fund
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	$ 0	78,197,000	$ 30,279,000
Gross realized gain		11,304,000	951,000
Gross realized loss		$ (592,000)	$ 0

Equity and Debt Investments - C

Equity and Debt Investments - Combined Financial Information for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Total assets	$ 14,026,862	$ 15,499,159
Total liabilities	9,354,120	9,803,705
Owners' equity	4,509,879	5,511,548
Noncontrolling interests	162,863	183,906
Total revenues	1,455,631	1,486,511	$ 1,519,728
Net income (loss)	(827,550)	220,191	174,222
Net income (loss) attributable to noncontrolling interests	(50,350)	23,878	(18,381)
Net income (loss) attributable to owners	$ (777,200)	$ 196,313	$ 192,603

Goodwill, Deferred Leasing Co_3

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill Rollforward (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning balance			$ 1,514,561,000	$ 1,514,561,000	$ 660,127,000
Business combination (Note 3)			726,330,000	0	1,440,229,000
Classification as held for sale			0	0	(20,000,000)
Disposition			0	0	(249,795,000)
Impairment	$ (401,000,000)	$ (387,000,000)	(788,000,000)	0	(316,000,000)
Ending balance	1,452,891,000		1,452,891,000	1,514,561,000	1,514,561,000
Goodwill deductible for tax purposes	$ 140,500,000		$ 140,500,000	$ 0	$ 0

Goodwill, Deferred Leasing Co_4

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,452,891	$ 1,514,561	$ 1,514,561	$ 660,127
Goodwill attributable to the industrial segment	0	20,000
Digital
Goodwill [Line Items]
Goodwill	726,330	0
Investment management
Goodwill [Line Items]
Goodwill	726,561	$ 1,514,561
Industrial
Goodwill [Line Items]
Goodwill attributable to the industrial segment	$ 20,000

Goodwill, Deferred Leasing Co_5

Goodwill, Deferred Leasing Costs and Other Intangibles - Impairment of Other Investment Management Goodwill (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)multiple	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)multiple
Goodwill [Line Items]
Goodwill impairment | $	$ 401,000	$ 387,000	$ 788,000	$ 0	$ 316,000
Minimum
Goodwill [Line Items]
Terminal year residual multiples on fee related earnings			16		6,500
Terminal year residual multiples on incentive fees					3,000
Terminal year residual discount rate (percentage)			10.00%		9.00%
Maximum
Goodwill [Line Items]
Terminal year residual multiples on fee related earnings			20		20,000
Terminal year residual multiples on incentive fees					5,000
Terminal year residual discount rate (percentage)			20.00%		25.00%

Goodwill, Deferred Leasing Co_6

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 862,150	$ 648,999
Deferred leasing and other intangible assets, accumulated amortization	(223,297)	(203,069)
Deferred leasing and other intangible assets, net carrying amount	638,853	445,930
Intangible Liabilities
Intangible liabilities, carrying amount	174,208	191,922
Intangible liabilities, accumulated amortization	(62,724)	(44,452)
Intangible liabilities, gross	111,484	147,470
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	425,106	330,353
Deferred leasing and other intangible assets, accumulated amortization	(123,686)	(91,183)
Deferred leasing and other intangible assets, net carrying amount	301,420	239,170
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	285,233	243,989
Deferred leasing and other intangible assets, accumulated amortization	(96,466)	(107,645)
Deferred leasing and other intangible assets, net carrying amount	188,767	136,344
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	71,000	0
Deferred leasing and other intangible assets, accumulated amortization	(250)	0
Deferred leasing and other intangible assets, net carrying amount	70,750	0
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	39,600	15,500
Deferred leasing and other intangible assets, accumulated amortization	(185)	0
Deferred leasing and other intangible assets, net carrying amount	39,415	15,500
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	41,211	59,157
Deferred leasing and other intangible assets, accumulated amortization	(2,710)	(4,241)
Deferred leasing and other intangible assets, net carrying amount	$ 38,501	$ 54,916
Minimum | DBH | Trade name
Intangible Liabilities
Useful life	5 years
Maximum | DBH | Trade name
Intangible Liabilities
Useful life	10 years

Goodwill, Deferred Leasing Co_7

Goodwill, Deferred Leasing Costs and Other Intangibles - Impairment of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Impairment of real estate and intangibles						$ 358,443	$ 588,223	$ 104,360
Impairment loss						1,146,443	587,275	420,316
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment						$ 8,600
Measurement input (percentage)						10.00%
Impairment of real estate and intangibles							147,400
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Impairment of real estate and intangibles		$ 10,100
Trade name
Finite-Lived Intangible Assets [Line Items]
Impairment of real estate and intangibles	$ 59,500					$ 0	$ 59,464	$ 0
NorthStar I And NorthStar II | Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Write-off of intangible assets				$ 139,000
NorthStar RXR NY Metro | Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Estimated future cash flows, discount rate, percentage			10.00%
NorthStar Healthcare | Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Write-off of intangible assets			$ 7,000
Nonrecurring | Investment management contracts | NorthStar Healthcare
Finite-Lived Intangible Assets [Line Items]
Impairment loss					$ 55,300
Nonrecurring | Investment management contracts | NorthStar RXR NY Metro
Finite-Lived Intangible Assets [Line Items]
Impairment loss					$ 3,700
Discount rate | Nonrecurring | Investment management contracts | NorthStar RXR NY Metro
Finite-Lived Intangible Assets [Line Items]
Measurement input (percentage)					9.00%

Goodwill, Deferred Leasing Co_8

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ 14,443	$ 2,723	$ 14,561
Net increase (decrease) to ground rent expense	0	(250)	108
Amortization expense	124,765	62,355	129,994
Deferred leasing costs and lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	33,922	31,466	64,943
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	89,236	26,992	51,154
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	250	0	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	186	1,606	3,682
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,171	$ 2,291	$ 10,215

Goodwill, Deferred Leasing Co_9

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Cash Collateral Pledged	$ 0	$ 12,000	$ 0
Net increase (decrease) to rental income
2020	7,410
2021	6,638
2022	6,204
2023	6,629
2024	(6,692)
2025 and Thereafter	(8,362)
Total	11,827
Amortization expense
2020	90,708
2021	83,468
2022	69,326
2023	56,462
2024	50,132
2025 and Thereafter	147,134
Total	$ 497,230

Assets and Related Liabilitie_3

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Restricted cash	$ 15,585	$ 6,213
Real estate, net	799,415	3,645,406
Equity investment—private fund	0	13,422
Goodwill	0	20,000
Deferred leasing costs and intangible assets, net	33,236	135,924
Other assets	21,816	146,380
Due from affiliates	0	2,290
Total assets held for sale	870,052	3,969,635
Liabilities
Debt, net	232,944	1,064,585
Lease intangibles and other liabilities, net	35,208	153,910
Total liabilities related to assets held for sale	268,152	1,218,495
Industrial
Assets
Real estate, net	400,000	3,000,000
Goodwill	20,000
Total assets held for sale	400,000	3,200,000
Liabilities
Total liabilities related to assets held for sale	$ 200,000	$ 1,200,000

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 203,923	$ 364,605	$ 466,912	$ 98,461
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	89,901	214,863
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	38,326	49,702
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,079	10,412
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,800	19,586
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	18,889	15,666
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 46,928	$ 54,376

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 14,066	$ 14,005
Straight-line rents	37,352	34,931
Hotel-related deposits and reserves	18,065	21,636
Investment deposits and pending deal costs	32,994	27,534
Deferred financing costs, net	2,794	5,467
Derivative assets (Note 11)	21,386	33,558
Prepaid taxes and deferred tax assets, net	82,344	71,656
Receivables from resolution of investments	63,984	30,770
Operating lease right-of-use asset, net	220,560	0
Accounts receivable, net	83,161	58,830
Prepaid expenses	30,761	23,771
Other assets	30,413	30,604
Fixed assets, net	44,768	47,381
Total other assets	$ 682,648	$ 400,143

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits and payable	$ 15,293	$ 15,135
Borrower escrow deposits	9,903	13,001
Deferred income	32,318	27,124
Interest payable	38,487	40,622
Derivative liabilities (Note 11)	127,531	132,808
Contingent consideration—THL Hotel Portfolio (Note 12)	9,330	8,903
Share repurchase payable	0	7,567	$ 0
Current and deferred income tax liability	222,206	92,808
Operating lease liability	181,297	0
Accrued compensation	83,351	79,320
Accrued carried interest and incentive fee compensation	50,360	7,486
Accrued real estate and other taxes	39,923	38,714
Accounts payable and accrued expenses	143,852	91,244
Other liabilities	62,047	79,412
Total accrued and other liabilities	1,015,898	634,144
Deferred asset management fee income	$ 18,300	$ 3,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	1 year 2 months 12 days

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal	$ 9,172,842	$ 9,171,929
Long-term debt	8,983,908	8,975,372
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	515,600	425,900
Corporate credit facility
Debt Instrument [Line Items]
Principal	0
Long-term debt	0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	614,052
Secured debt
Debt Instrument [Line Items]
Long-term debt	8,168,666
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	201,190
Carrying Value
Debt Instrument [Line Items]
Principal	9,172,842	9,171,929
Premium (discount), net	(93,810)	(119,551)
Deferred financing costs	(95,124)	(77,006)
Long-term debt		8,975,372
Carrying Value | Corporate credit facility
Debt Instrument [Line Items]
Principal	0	0
Premium (discount), net	0	0
Deferred financing costs	0	0
Long-term debt		0
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105	616,105
Premium (discount), net	2,243	2,697
Deferred financing costs	(4,296)	(6,652)
Long-term debt		612,150
Carrying Value | Secured debt
Debt Instrument [Line Items]
Principal	8,276,620	8,275,707
Premium (discount), net	(17,126)	(41,217)
Deferred financing costs	(90,828)	(70,354)
Long-term debt		8,164,136
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(78,927)	(81,031)
Deferred financing costs	$ 0	0
Long-term debt		$ 199,086

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding Principal	$ 9,172,842	$ 9,171,929
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	1,222,428	2,997,136
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	7,950,414	6,174,793
Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal	0
Secured debt
Debt Instrument [Line Items]
Outstanding Principal	8,276,620
Recourse
Debt Instrument [Line Items]
Outstanding Principal	931,294	933,421
Recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	651,177	653,304
Recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	280,117	280,117
Recourse | Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Years Remaining to Maturity(4)	2 years	3 years
Recourse | Corporate credit facility | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse | Corporate credit facility | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Years Remaining to Maturity(4)	2 years	3 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)(3)	4.27%	4.27%
Weighted Average Years Remaining to Maturity(4)	2 years	3 years
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)(3)	4.27%	4.27%
Weighted Average Years Remaining to Maturity(4)	2 years	3 years
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse | Junior subordinated debt
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)(3)	4.77%	5.66%
Weighted Average Years Remaining to Maturity(4)	16 years 4 months 24 days	17 years 4 months 24 days
Recourse | Junior subordinated debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse | Junior subordinated debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)(3)	4.77%	5.66%
Weighted Average Years Remaining to Maturity(4)	16 years 4 months 24 days	17 years 4 months 24 days
Recourse | Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 35,072	$ 37,199
Weighted Average Interest Rate (Per Annum)(3)	5.02%	5.02%
Weighted Average Years Remaining to Maturity(4)	5 years 10 months 24 days	6 years 10 months 24 days
Recourse | Secured debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 35,072	$ 37,199
Weighted Average Interest Rate (Per Annum)(3)	5.02%	5.02%
Weighted Average Years Remaining to Maturity(4)	5 years 10 months 24 days	6 years 10 months 24 days
Recourse | Secured debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	8,241,548	8,238,508
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	571,251	2,343,832
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 7,670,297	5,894,676
Non-recourse | Secured debt | Digital
Debt Instrument [Line Items]
Weighted Average Interest Rate (Per Annum)(3)	6.98%
Weighted Average Years Remaining to Maturity(4)	4 years 9 months 18 days
Non-recourse | Secured debt | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,953,706	$ 3,240,680
Weighted Average Interest Rate (Per Annum)(3)	5.13%	5.31%
Weighted Average Years Remaining to Maturity(4)	4 years 4 months 24 days	2 years 2 months 12 days
Non-recourse | Secured debt | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,667,347	$ 2,648,072
Weighted Average Interest Rate (Per Annum)(3)	4.87%	5.71%
Weighted Average Years Remaining to Maturity(4)	4 years 7 months 6 days	3 years 9 months 18 days
Non-recourse | Secured debt | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,804,647	$ 1,990,245
Weighted Average Interest Rate (Per Annum)(3)	4.09%	4.39%
Weighted Average Years Remaining to Maturity(4)	2 years 10 months 24 days	3 years 8 months 12 days
Non-recourse | Secured debt | Fixed Rate | Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 0
Non-recourse | Secured debt | Fixed Rate | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 405,980	$ 2,130,999
Weighted Average Interest Rate (Per Annum)(3)	4.55%	4.62%
Weighted Average Years Remaining to Maturity(4)	5 years 1 month 6 days	1 year 10 months 24 days
Non-recourse | Secured debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 13,494	$ 12,019
Weighted Average Interest Rate (Per Annum)(3)	12.71%	12.99%
Weighted Average Years Remaining to Maturity(4)	1 year 7 months 6 days	2 years 7 months 6 days
Non-recourse | Secured debt | Fixed Rate | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 151,777	$ 200,814
Weighted Average Interest Rate (Per Annum)(3)	4.26%	4.02%
Weighted Average Years Remaining to Maturity(4)	3 years 4 months 24 days	3 years 9 months 18 days
Non-recourse | Secured debt | Fixed Rate | Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants	$ 235,600	$ 538,500
Non-recourse | Secured debt | Variable Rate | Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 539,155
Weighted Average Interest Rate (Per Annum)(3)	6.98%
Weighted Average Years Remaining to Maturity(4)	4 years 9 months 18 days
Non-recourse | Secured debt | Variable Rate | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,547,726	$ 1,109,681
Weighted Average Interest Rate (Per Annum)(3)	5.22%	6.64%
Weighted Average Years Remaining to Maturity(4)	4 years 3 months 18 days	2 years 8 months 12 days
Non-recourse | Secured debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,653,853	$ 2,636,053
Weighted Average Interest Rate (Per Annum)(3)	4.83%	5.68%
Weighted Average Years Remaining to Maturity(4)	4 years 7 months 6 days	3 years 9 months 18 days
Non-recourse | Secured debt | Variable Rate | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,652,870	$ 1,789,431
Weighted Average Interest Rate (Per Annum)(3)	4.08%	4.43%
Weighted Average Years Remaining to Maturity(4)	2 years 9 months 18 days	3 years 7 months 6 days
Non-recourse, real estate debt | Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 276,693	$ 359,511
Weighted Average Interest Rate (Per Annum)(3)	3.72%	4.50%
Weighted Average Years Remaining to Maturity(4)	1 year 9 months 18 days	2 years 4 months 24 days
Non-recourse, real estate debt | Secured debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse, real estate debt | Secured debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 276,693	$ 359,511
Weighted Average Interest Rate (Per Annum)(3)	3.72%	4.50%
Weighted Average Years Remaining to Maturity(4)	1 year 9 months 18 days	2 years 4 months 24 days

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jan. 10, 2017USD ($)extension	Dec. 31, 2019	Apr. 30, 2019USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000		$ 750,000,000
Number of extension options | extension	2
Extension term	6 months
Extension commitment fee (percentage)	0.10%
Percentage of unused amount (percentage)		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000		$ 1,125,000,000

Debt - Convertible and Exchange

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)d$ / sharesshares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 616,105,000	$ 616,105,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount (percentage)	100.00%
Threshold percentage of stock price trigger (percentage)	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 (percentage)	5.00%
Conversion or Exchange Price (in USD 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
Convertible and exchangeable senior notes, outstanding principal	$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	3.875%
Conversion or Exchange Price (in USD 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
Convertible and exchangeable senior notes, outstanding principal	$ 402,500,000	402,500,000
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	5.375%
Conversion or Exchange Price (in USD 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
Convertible and exchangeable senior notes, outstanding principal	$ 13,605,000	$ 13,605,000
Convertible and exchangeable senior notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount	$ 1,000

Debt - Junior Subordinated Debt

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	12 Months Ended
	Dec. 31, 2019quarter
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters	6

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
2020	$ 393,341
2021	1,151,867
2022	1,811,515
2023	334,515
2024	3,420,860
2025 and thereafter	2,060,744
Total	9,172,842	$ 9,171,929
Recourse Debt
Debt Instrument [Line Items]
Total	931,294	933,421
Corporate Credit Facility
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	0
Corporate Credit Facility | Recourse Debt
Debt Instrument [Line Items]
Total	0	0
Convertible and Exchangeable Senior Notes | Recourse Debt
Debt Instrument [Line Items]
2020	0
2021	402,500
2022	0
2023	200,000
2024	0
2025 and thereafter	13,605
Total	616,105	616,105
Secured Debt
Debt Instrument [Line Items]
2020	393,341
2021	749,367
2022	1,811,515
2023	134,515
2024	3,420,860
2025 and thereafter	1,767,022
Total	8,276,620
Secured Debt | Recourse Debt
Debt Instrument [Line Items]
Total	35,072	37,199
Junior Subordinated Notes | Recourse Debt
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	280,117
Total	280,117	$ 280,117
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Total	$ 235,000

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 21,386	$ 33,558
Derivative Liabilities	127,531	132,808
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	21,386	33,558
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	127,531	132,808
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	15,385	31,989
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,134	6,193
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	6,001	1,569
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	119,397	126,615
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	16,578	32,196
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	10,616	6,404
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	15,307	31,127
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,134	6,193
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,271	1,069
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2,482	211
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	315	1,362
Derivative Liabilities		126,404
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	315	1,362
Interest rate contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	126,404
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	78	862
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	237	500
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	126,404
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	4,493
Performance swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,493	0
Performance swaps | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Performance swaps | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,493	0
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	116,915
Forward contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	116,915	0
Forward contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Forward contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 116,915	$ 0

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) € in Millions, £ in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets			$ 10,000,000	$ 800,000
Investments in unconsolidated joint ventures			2,256,214,000	2,432,914,000
Settlement of derivative			(365,111,000)	0	$ 0
Cash Collateral Pledged	$ 12,000,000		0	0
Unrealized gain on investments			17,400,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures			900,000,000	$ 1,100,000,000		£ 275.5	€ 517.9	£ 280.8	€ 614
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 100,000,000
Term of derivative contract	1 year
Cash Collateral Pledged			10,000,000
Realized loss			16,900,000
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Cash Collateral Pledged			0
Gain on derivative			4,500,000
Non-Designated Hedges | 3-Month LIBOR | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			$ 2,000,000,000
Forward rate (in $ per unit of foreign currency)			0.03394			0.03394	0.03394
Settlement of derivative		$ 365,100,000
Change in fair value of swaps			$ 239,300,000

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / €	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)	Dec. 31, 2019$ / £
Foreign exchange collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor (in $ per unit of foreign currency) | $ / €	1.06
Foreign exchange collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap (in $ per unit of foreign currency) | $ / €	1.31
Foreign exchange contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.11					1.24
Foreign exchange contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.38					1.32
Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount | €					€ 54,727
Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				£ 84,187	303,157
Non-Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount | €					6,935
Non-Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				£ 27,003	€ 6,955
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation			$ (3,928)
Net Investment Hedging | Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	$ (2,693)	$ 3,726
Net Investment Hedging | Other gain (loss), net | Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realization of net gain on net investment hedges	$ 1,790	$ 7,426	$ (3,931)

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)
Interest rate contracts
Derivative [Line Items]
Realized and unrealized gain (loss) net:	$ (242,898)	$ 33,307	$ (15,080)
Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional amount | €					€ 232,845
Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £				£ 0
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	$ 6,436,254
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.030			0.030	0.030
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.0626			0.0626	0.0626
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional amount | €					€ 485,405
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.010			0.010	0.010
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015			0.015	0.015
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £				£ 363,794
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015			0.015	0.015
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.0225			0.0225	0.0225
Cash Flow Hedging
Derivative [Line Items]
Realized and unrealized gain (loss) net:	$ (8,019)	$ 0	$ 0

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 21,386		$ 33,558
(Assets) Liabilities	(8,878)		(2,566)
Cash Collateral Pledged	0	$ 12,000	0
Net Amounts of Assets (Liabilities)	12,508		30,992
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(127,531)		(132,808)
(Assets) Liabilities	8,878		2,566
Cash Collateral Pledged	9,981		840
Net Amounts of Assets (Liabilities)	(108,672)		(129,402)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	16,578		32,196
(Assets) Liabilities	(4,385)		(1,743)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	12,193		30,453
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(10,616)		(6,404)
(Assets) Liabilities	4,385		1,743
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	(6,231)		(4,661)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	315		1,362
(Assets) Liabilities	0		(823)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	315		539
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			(126,404)
(Assets) Liabilities			823
Cash Collateral Pledged			840
Net Amounts of Assets (Liabilities)			$ (124,741)
Performance swaps
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	4,493
(Assets) Liabilities	(4,493)
Cash Collateral Pledged	0
Net Amounts of Assets (Liabilities)	0
Forward contracts
Derivative [Line Items]
Cash Collateral Pledged	10,000
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(116,915)
(Assets) Liabilities	4,493
Cash Collateral Pledged	9,981
Net Amounts of Assets (Liabilities)	$ (102,441)

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Values and Level 3 Recurring Fair Value Measurements (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 01, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 222,875,000	$ 81,085,000
Other assets—derivative assets	21,386,000	33,558,000
Other liabilities—derivative liabilities	127,531,000	132,808,000
Contingent consideration—THL Hotel Portfolio (Note 12)	9,330,000	8,903,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	222,875,000	81,085,000
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	54,859,000	64,127,000
Discounted cash flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 12)		8,903,000
Discounted cash flows | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale		64,127,000
Discounted cash flows | Private funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	5,391,000	5,908,000
Discounted cash flows | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	18,574,000	21,831,000
Multiple | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 25,000,000	$ 25,000,000
Measurement input, percentage	3.7	5.8
Recent Transaction Price | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 173,910,000	$ 28,346,000
Discount rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.120	0.200
Discount rate | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.223	0.216
Discount rate | Minimum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.168	0.136
Discount rate | Maximum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.650	0.565
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.101	0.175
Discount rate | Other investment ventures | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.051	0.091
Discount rate | Other investment ventures | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.158	0.184
THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability	$ 13,000,000
THL Hotel Portfolio | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 12)			$ 13,000,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	138,586,000	$ 36,438,000
Other assets—derivative assets	21,386,000	33,558,000
Other liabilities—derivative liabilities	127,531,000	132,808,000
Contingent consideration—THL Hotel Portfolio (Note 12)	9,330,000	8,903,000
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	138,586,000	36,438,000
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 12)	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	21,386,000	33,558,000
Other liabilities—derivative liabilities	127,531,000	132,808,000
Contingent consideration—THL Hotel Portfolio (Note 12)	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 12)	9,330,000	8,903,000
Recurring | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	54,859,000	64,127,000
Recurring | N-Star CDO bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring | N-Star CDO bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	54,859,000	64,127,000
Recurring | CMBS of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	2,732,000	32,706,000
Recurring | CMBS of consolidated fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	0	0
Recurring | CMBS of consolidated fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	2,732,000	32,706,000
Recurring | CMBS of consolidated fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	$ 0	$ 0

Fair Value - Changes in Level 3

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt—Securitized Bonds Payable
Level 3 Liabilities
Fair value, liability value	$ 0	$ (44,542)	$ 0
Consolidation of securitization trust			(56,928)
Purchases, contribution or accretion			10,564
Paydowns, distributions and sales		638
Deconsolidation		43,847
Realized and unrealized gains (losses) in earnings, net		57	1,822
Fair value, liability value	0	0	(44,542)
Unrealized gains (losses) on ending balance in earnings	0	57	1,822
Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Fair value, liability value	0	(20,650)	(41,250)
Transfer out of liabilities to equity		12,539
Transfers out of Level 3		6,381
Realized and unrealized gains (losses) in earnings, net		1,730	20,600
Fair value, liability value	0	0	(20,650)
Unrealized gains (losses) on ending balance in earnings	0	1,730	20,600
Securitized Loans Receivable
Level 3 Assets
Fair value, asset value	0	45,423	0
Consolidation of securitization trust			58,296
Paydowns, distributions and sales		(638)	(10,564)
Deconsolidation		(44,070)
Realized and unrealized gains (losses) in earnings, net		(715)	(2,309)
Fair value, asset value	0	0	45,423
Unrealized gains (losses) on ending balance in earnings	0	(715)	(2,309)
Equity Method Investments
Level 3 Assets
Fair value, asset value	81,085	363,901	0
Acquired through the Merger			362,269
Purchases, contributions and accretion	141,070	61,113	162,323
Paydowns, distributions and sales	(8,338)	(188,409)	(166,795)
Transfers out of Level 3		(132,527)
Contribution to CLNC		(26,134)
Realized and unrealized gains (losses) in earnings, net	9,058	3,141	6,104
Fair value, asset value	222,875	81,085	363,901
Unrealized gains (losses) on ending balance in earnings	8,280	(67)	6,104
Securities
Level 3 Assets
Fair value, asset value	64,127	323,243	0
Acquired through the Merger			427,560
Purchases, contributions and accretion	6,380	21,049	40,035
Paydowns, distributions and sales	(10,779)	(138,261)	(120,728)
Deconsolidation		(124,344)
Realized and unrealized gains (losses) in earnings, net	(16,920)	3,877	(38,885)
Other comprehensive loss	12,051	(21,437)	15,261
Fair value, asset value	54,859	64,127	323,243
Unrealized gains (losses) on ending balance in earnings	(16,920)	0	0
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Fair value, liability value	(8,903)	(7,419)	0
Consideration for business combination			(6,771)
Realized and unrealized gains (losses) in earnings, net	(427)	(1,484)	(648)
Fair value, liability value	(9,330)	(8,903)	(7,419)
Unrealized gains (losses) on ending balance in earnings	$ (427)	$ (1,484)	$ (648)

Fair Value - Recurring Fair V_2

Fair Value - Recurring Fair Value Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2018	Dec. 31, 2018
Contingent consideration | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities to equity		$ 12,539
Transfers out of Level 3		$ 6,381
Class A Common Stock | Common Stock | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, number of shares	15
Class B Common Stock | Common Stock | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, number of shares	40
Settlement Of Contingent Consideration | OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OP units sold (in shares)	1,950
Contingent consideration | Senior Management | Contingent consideration | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	$ 6,400
Affiliated Entity | Contingent consideration | Senior Management | Common Stock And OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities to equity	$ 12,500

Fair Value - Investments Carrie

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Period before considering liquidity alternatives	5 years
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 16,271	$ 12,617
Unfunded Commitments	11,058	13,658
Recurring | Fair Value Measured at Net Asset Value Per Share | Non-traded REIT—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	19,358	11,990
Unfunded Commitments	0	0
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—emerging market private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	3,012	0
Unfunded Commitments	$ 0	$ 0
Minimum | Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 years
Maximum | Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	10 years

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			$ 222,875	$ 222,875	$ 81,085
Impairment loss				1,146,443	587,275	$ 420,316
Impairment loss				358,443	588,223	104,360
Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			253,448	253,448	269,145
Impairment loss				120,329	77,211	25,619
Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			354,976	354,976	416,272
Impairment loss				227,510	280,418	19,668
Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			62,354	62,354	36,400
Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			745,320	745,320	32,761
Impairment loss				$ 257,952	61,182	6,774
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate (percentage)	4.40%
Minimum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs (percentage)				1.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate (percentage)	12.50%
Maximum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs (percentage)				3.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			0	$ 0	0
Level 2 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			70,191	70,191	68,864
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 | Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			0	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			222,875	222,875	81,085
Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			183,257	183,257	200,281
Level 3 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			354,976	354,976	416,272
Level 3 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			62,354	62,354	36,400
Level 3 | Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			745,320	745,320	32,761
Investment management
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss				9,955	157,538	59,073
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 59,500		$ 0	59,464	$ 0
Healthcare Segment | Real estate held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring					$ 282,400
Impairment loss			$ 212,000
Healthcare Segment | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate (percentage)				7.00%
Terminal capitalization rate (percentage)				6.00%
Discount rate (percentage)				6.50%
Healthcare Segment | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate (percentage)				9.00%
Terminal capitalization rate (percentage)				8.50%
Discount rate (percentage)				9.00%

Fair Value - Estimated Fair Val

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Level 1
Assets
Loans at amortized cost	$ 0	$ 0
Level 1 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	602,000	547,300
Level 1 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0
Level 1 | Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Level 2 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	13,095	13,095
Level 2 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0
Level 2 | Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,557,850	1,667,892
Level 3 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured debt
Liabilities
Secured and unsecured debt	8,213,550	8,141,497
Level 3 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	1,077,195
Level 3 | Junior subordinated debt
Liabilities
Secured and unsecured debt	225,835	169,619
Fair Value
Assets
Loans at amortized cost	1,557,850	1,667,892
Fair Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	615,095	560,395
Fair Value | Secured debt
Liabilities
Secured and unsecured debt	8,213,550	8,141,497
Fair Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	1,077,195
Fair Value | Junior subordinated debt
Liabilities
Secured and unsecured debt	225,835	169,619
Carrying Value
Assets
Loans at amortized cost	1,552,824	1,659,217
Carrying Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	614,052	612,150
Carrying Value | Secured debt
Liabilities
Secured and unsecured debt	8,168,666	8,164,136
Carrying Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	232,944	1,064,585
Carrying Value | Junior subordinated debt
Liabilities
Secured and unsecured debt	$ 201,190	$ 199,086

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2018securitization_trust	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Total assets of consolidated private fund		$ 19,832,184	$ 22,215,249
Total liabilities of consolidated private fund		10,899,662	11,059,494
Number of securitization vehicles sold | securitization_trust	2
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		18,500	13,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated private fund		24,700	42,700
Total liabilities of consolidated private fund		100	20,100
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		137,000	117,300
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		3,700	3,700
Securitization Vehicles | Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		$ 46,000	$ 67,500
Colony Credit Real Estate, Inc.
Variable Interest Entity [Line Items]
Number of securitization vehicles held | securitization_trust	0
Number of securitization vehicles contributed | securitization_trust	3

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	Jan. 10, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		57,464,000
Preferred stock, shares outstanding (in shares)	39,466,000	41,350,000	57,464,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		57,464,000	65,464,000	25,030,000
Consideration for the Merger (in shares)				39,466,000
Issuance of shares (in shares)				26,400,000
Redemption of preferred stock (in shares)		(16,114,000)	(8,000,000)	(25,432,000)
Preferred stock, shares outstanding (in shares)		41,350,000	57,464,000	65,464,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		483,347,000	542,599,000	166,440,000
Consideration for the Merger (in shares)				392,120,000
Redemption of preferred stock (in shares)		(652,000)	(61,418,000)	(23,371,000)
Shares canceled (in shares)				(2,984,000)
Shares issued for settlement of contingent consideration—Internalization (in shares)			15,000
Conversion of class B to class A common stock (in shares)			42,000	34,000
Exchange of notes for class A common stock (in shares)				233,000
Equity-based compensation, net of forfeitures (in shares)		4,850,000	3,394,000	8,096,000
Redemption of restricted stock units (in shares)				775,000
Shares canceled for tax withholding on vested stock awards (in shares)		(689,000)	(3,359,000)	(428,000)
Common stock, shares outstanding (in shares)		487,044,000	483,347,000	542,599,000
Class A Common Stock | OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)		188,000	2,074,000	1,684,000
Stock issued upon redemption of an equivalent number of OP Units (in shares)			572,567
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		734,000	736,000	770,000
Shares issued for settlement of contingent consideration—Internalization (in shares)			40,000
Conversion of class B to class A common stock (in shares)			(42,000)	(34,000)
Shares canceled for tax withholding on vested stock awards (in shares)				0
Common stock, shares outstanding (in shares)		734,000	734,000	736,000

Stockholders' Equity - Prefer_2

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			41,350	57,464	39,466
Preferred stock, par value (in dollars per share)			$ 414	$ 575	$ 1,010,320
Preferred stock, liquidation preference			$ 1,033,750	$ 1,436,605
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)			7.50%
Preferred stock, shares outstanding (in shares)			3,450
Preferred stock, par value (in dollars per share)			$ 35
Preferred stock, liquidation preference			$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)			7.125%
Preferred stock, shares outstanding (in shares)			11,500
Preferred stock, par value (in dollars per share)			$ 115
Preferred stock, liquidation preference			$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)		7.15%	7.15%
Preferred stock, shares outstanding (in shares)		13,800	13,800
Preferred stock, par value (in dollars per share)			$ 138
Preferred stock, liquidation preference			$ 345,000
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)	7.125%		7.125%
Preferred stock, shares outstanding (in shares)	12,600		12,600
Preferred stock, par value (in dollars per share)			$ 126
Preferred stock, liquidation preference			$ 315,000
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)			8.25%
Preferred stock, shares outstanding (in shares)				6,114	13,999
Preferred stock, 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 (as a percentage)			8.75%
Preferred stock, shares outstanding (in shares)				10,000	10,000
Preferred stock, par value (in dollars per share)				$ 100	$ 259,542
Preferred stock, liquidation preference				$ 250,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	1 Months Ended			4 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)shares	Jun. 30, 2017shares	Apr. 30, 2015	Sep. 30, 2017USD ($)shares	Dec. 31, 2019USD ($)votequarterdirector$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares	May 31, 2018USD ($)$ / shares	Feb. 28, 2018USD ($)	Jan. 10, 2017shares	Dec. 31, 2016shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) | $ / shares					$ 25
Minimum affirmative vote required for changes to any series of preferred stock					66.67%
Number of directors vote entitles | director					2
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter					6
Preferred stock, shares outstanding (in shares)					41,350,000	57,464,000				39,466,000
Proceeds from issuance of preferred stock, net | $					$ 0	$ 0	$ 638,100,000
Common stock conversion ratio for Class A to Class B / OP Units			1
Stock repurchase, extension					1 year
Class A common stock acquired under the DRIP Plan (in shares)					0	0
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		13,800,000			13,800,000
Dividend rate per annum, preferred stock (as a percentage)		7.15%			7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	12,600,000			12,600,000	12,600,000
Dividend rate per annum, preferred stock (as a percentage)	7.125%				7.125%
Series I and J Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net | $				$ 637,900,000
Series A, B, C, F Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption amount | $	$ 644,900,000			$ 644,900,000
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) | $ / shares								$ 25
Preferred stock, shares outstanding (in shares)					41,350,000	57,464,000	65,464,000				25,030,000
Liquidation preference per share (in dollars per share) | $ / shares								$ 25
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote					1
Shares repurchased (in shares)					652,311	61,417,755
Value of shares repurchased | $					$ 3,200,000	$ 350,100,000
Weighted average price per share (in dollars per share) | $ / shares					$ 4.84	$ 5.70
Stock repurchase, authorized amount | $								$ 300,000,000	$ 300,000,000
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote					36.5

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,146,370	$ 12,349,392	$ 5,616,927
Ending balance	8,926,415	11,146,370	12,349,392
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	13,999	47,316	(32,109)
Cumulative effect of adoption of new accounting pronouncements		(202)
Other comprehensive income (loss) before reclassifications	21,832	(30,184)	39,742
Amounts reclassified from AOCI	11,837	(5,527)	39,683
Deconsolidation of N-Star CDO		2,596
Ending balance	47,668	13,999	47,316
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,629	5,616	85
Cumulative effect of adoption of new accounting pronouncements		(202)
Other comprehensive income (loss) before reclassifications	9,206	(1,785)	5,450
Amounts reclassified from AOCI	(3,554)	0	81
Deconsolidation of N-Star CDO		0
Ending balance	9,281	3,629	5,616
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,175)	14,418	(112)
Cumulative effect of adoption of new accounting pronouncements		0
Other comprehensive income (loss) before reclassifications	(4,358)	(16,238)	(22,014)
Amounts reclassified from AOCI	15,356	(3,951)	36,544
Deconsolidation of N-Star CDO		2,596
Ending balance	7,823	(3,175)	14,418
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(91)	0	(41)
Cumulative effect of adoption of new accounting pronouncements		0
Other comprehensive income (loss) before reclassifications	(2,563)	(91)	41
Amounts reclassified from AOCI	2,428	0	0
Deconsolidation of N-Star CDO		0
Ending balance	(226)	(91)	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	6,618	45,931	(76,426)
Cumulative effect of adoption of new accounting pronouncements		0
Other comprehensive income (loss) before reclassifications	(5,398)	(46,183)	124,846
Amounts reclassified from AOCI	(1,081)	6,870	(2,489)
Deconsolidation of N-Star CDO		0
Ending balance	139	6,618	45,931
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,018	(18,649)	44,385
Cumulative effect of adoption of new accounting pronouncements		0
Other comprehensive income (loss) before reclassifications	24,945	34,113	(68,581)
Amounts reclassified from AOCI	(1,312)	(8,446)	5,547
Deconsolidation of N-Star CDO		0
Ending balance	30,651	7,018	(18,649)
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	8,654	42,075	(45,942)
Other comprehensive income (loss) before reclassifications	(24,082)	(31,315)	88,162
Amounts reclassified from AOCI	7,169	(2,106)	(145)
Ending balance	(8,259)	8,654	42,075
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	(527)
Other comprehensive income (loss) before reclassifications	0	0	981
Amounts reclassified from AOCI	0	0	(454)
Ending balance	0	0	0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(390)	0	0
Other comprehensive income (loss) before reclassifications	(5,943)	(390)	0
Amounts reclassified from AOCI	5,328	0	0
Ending balance	(1,005)	(390)	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(600)	38,948	(57,213)
Other comprehensive income (loss) before reclassifications	(16,848)	(39,621)	97,840
Amounts reclassified from AOCI	(465)	73	(1,679)
Ending balance	(17,913)	(600)	38,948
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,644	3,127	11,798
Other comprehensive income (loss) before reclassifications	(1,291)	8,696	(10,659)
Amounts reclassified from AOCI	2,306	(2,179)	1,988
Ending balance	$ 10,659	$ 9,644	$ 3,127

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ (193,302)	$ 51,706	$ (25,814)
Release of equity in AOCI of unconsolidated ventures	(140,384)	(9,601)	283,283
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	0	10,100	(5,285)
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	(15,356)	(6,149)	(31,259)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of N-Star CDO
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	(2,596)	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	1,081	(6,870)	2,489
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	(340)	1,454	(1,829)
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	1,652	6,992	(3,718)
Equity method earnings (losses) | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of equity in AOCI of unconsolidated ventures	$ 3,554	$ 0	$ (81)

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 9,385	$ 34,144	$ 0
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund		789,367		513,847
Distributions and redemptions		(2,829,088)	(503,054)	(879,889)
Ending balance	$ 34,144	6,107	9,385	34,144
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		0	354	8,550
Distributions and redemptions		(5,837)	(21,405)	(100,830)
Net income (loss)		2,559	(3,708)	23,543
Currency translation adjustment and other		0	0	(725)
Townsend | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund		0	0	78,843
Consolidated open-end fund | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund		$ 0	$ 0	$ 24,763
Townsend
Noncontrolling Interest [Line Items]
Consideration allocated	$ 20,000

Noncontrolling Interests - In I

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	Jul. 25, 2019shares	Dec. 31, 2019USD ($)shares	Jul. 31, 2019USD ($)shares	Dec. 20, 2019USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio					1
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio					1	1
OP units redeemed (in shares) | shares					187,995	2,870,422
Shares redeemed (in shares) | shares						2,074,457
Partners' capital account, units redeemed for cash (in shares) | shares						795,965
OP units redeemed, cash settlement | $						$ 4,800
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Net increase to additional paid-in capital | $					$ 12,400	$ 34,100	$ 21,800
Settlement Of Contingent Consideration | OP Units
Noncontrolling Interest [Line Items]
OP units redeemed (in shares) | shares						1,000,000
DBH
Noncontrolling Interest [Line Items]
OP Units issued | $					111,903
DBH | OP Units
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) | shares	21,478,515		21,478,515
OP Units issued | $			$ 111,900		114,865	$ 0	$ 0
DataBank
Noncontrolling Interest [Line Items]
OP Units issued | $		$ 3,000			$ 2,962
DataBank | OP Units
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) | shares		612,072
OP Units issued | $				$ 3,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Property operating income			$ 346,431	$ 288,367	$ 284,051
Fee income			11,646	7,378	4,022
Interest and other income			5,163	3,775	4,742
Revenues from discontinued operations			363,240	299,520	292,815
Expenses
Property operating expenses			93,440	84,162	87,726
Interest expense			91,863	42,713	47,594
Investment and servicing expense			658	436	542
Placement fees			0	234	1,650
Depreciation and amortization			106,470	129,104	109,265
Impairment loss			0	948	44
Compensation expense—cash and equity-based			29,791	11,156	8,119
Compensation expense—carried interest			35,170	4,696	0
Administrative expenses			6,089	4,569	4,703
Expenses from discontinued operations			363,481	278,018	259,643
Other income (loss)
Gain on sale of real estate			1,457,892	7,633	22,504
Other gain, net			1,338	0	0
Equity method earnings, including carried interest			41,258	10,636	1,868
Income from discontinued operations before income taxes			1,500,247	39,771	57,544
Income tax benefit (expense)			1,550	(189)	(2,096)
Income from discontinued operations			1,501,797	39,582	55,448
Income from discontinued operations attributable to Colony Capital, Inc.			463,048	17,209	29,792
Equity-based compensation			8,200	2,900	3,300
Noncontrolling Interests in Investment Entities
Other income (loss)
Income from discontinued operations attributable to:			989,358	21,260	24,407
Noncontrolling Interests in Operating Company
Other income (loss)
Income from discontinued operations attributable to:			$ 49,391	$ 1,113	$ 1,249
THL Hotel Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from operations of the THL Hotel Portfolio		$ 200
Light industrial
Expenses
Compensation expense—carried interest	$ 81,200
Other income (loss)
Carried interest in equity method earnings	52,800
Carried interest, disproportionate allocation from noncontrolling interests	28,400
Carried interest sharing compensation	$ 39,900

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Net loss allocated to common stockholders
Loss from continuing operations	$ (1,650,712)	$ (534,757)	$ (120,061)
(Income) loss from continuing operations attributable to noncontrolling interests	138,857	(2,059)	(107,622)
Loss from continuing operations attributable to Colony Capital, Inc.	(1,511,855)	(536,816)	(227,683)
Income from discontinued operations attributable to Colony Capital, Inc.	463,048	17,209	29,792
Net loss attributable to Colony Capital, Inc.	(1,048,807)	(519,607)	(197,891)
Preferred stock redemption	5,150	3,995
Preferred stock redemption			(4,530)
Preferred dividends	(108,550)	(117,097)	(130,672)
Net loss attributable to common stockholders	(1,152,207)	(632,709)	(333,093)
Net income allocated to participating securities	(3,491)	(2,504)	(9,168)
Net loss allocated to common stockholders—basic	(1,155,698)	(635,213)	(342,261)
Interest expense attributable to convertible senior notes	0	0	0
Net loss allocated to common stockholders—diluted	$ (1,155,698)	$ (635,213)	$ (342,261)
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) | shares	479,588,000	496,993,000	532,600,000
Weighted average effect of dilutive shares (in shares) | shares	0	0	0
Diluted weighted average number of common shares outstanding (in shares) | shares	479,588,000	496,993,000	532,600,000
Basic loss per share
Net income from continuing operations (in dollars per share) | $ / shares	$ (3.38)	$ (1.31)	$ (0.70)
Income from discontinued operations (in dollars per share) | $ / shares	0.97	0.03	0.06
Basic (in dollars per share) | $ / shares	(2.41)	(1.28)	(0.64)
Diluted loss per share
Net income from continuing operations (in dollars per share) | $ / shares	(3.38)	(1.31)	(0.70)
Income from discontinued operations (in dollars per share) | $ / shares	0.97	0.03	0.06
Diluted (in dollars per share) | $ / shares	$ (2.41)	$ (1.28)	$ (0.64)
OP Units to common stock, conversion ratio	1
Convertible Debt Securities
Diluted loss per share
Interest expense on convertible note excluded from diluted EPS	$ 28,200	$ 28,600	$ 28,900
Weighted average dilutive common share (in shares) | shares	38,112,100	38,112,100	38,564,400
Restricted Stock
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	74,100	571,500	534,100
Performance Shares
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	990,700	532,900
OP Units
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	53,261,100	31,358,500	32,282,500
OP Units to common stock, conversion ratio	1

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 223,915	$ 144,443	$ 216,767
Total fee income | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	220,584	143,218	180,892
Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	152,189	131,406	179,816
Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	151,452	130,384	161,414
Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,559	2,078	3,069
Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	2,371	2,078	3,069
Acquisition and disposition fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	0	1,922	16,237
Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	64,555	5,445	1,043
Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	64,555	5,445	172
Other fee income ($2,206, $3,389 and $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,612	3,592	16,602
Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	2,206	3,389	0
Institutional funds and other investment vehicles | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	82,188	48,624	56,966
Public companies (CLNC, NRE) | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	118,049	65,258	14,003
Non-traded REITs | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	19,896	29,597	88,081
Other | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 3,782	$ 964	$ 57,717

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($) $ in Thousands	Jan. 30, 2018	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)			1.25%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer			$ 152,189	$ 131,406	$ 179,816
Base Management Fees | Private funds | Fee income
Management Fee Income [Line Items]
Limited partner net funded capital (as a percentage)			1.00%
Base Management Fees | Private funds | Fee income | Minimum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage)			0.90%
Base Management Fees | Private funds | Fee income | Maximum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage)			1.75%
Base Management Fees | Colony Credit Real Estate, Inc. | Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity (as a percentage)			1.50%
Base Management Fees | Non-traded REITs | Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity (as a percentage)	1.00%
Revenue from contract with customer			$ 2,500
Base Management Fees | Non-traded REITs | Fee income | Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity (as a percentage)			1.50%
Base Management Fees | Registered Investment Companies | Fee income
Management Fee Income [Line Items]
Percent of average net assets (as a percentage)	1.25%
Base Management Fees | NorthStar Realty Europe Corp. | Fee income
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)		1.50%
Management fee, threshold amount (as a percentage)		$ 2,000,000
Percent of net asset value in excess of fixed fee amount (as a percentage)		1.25%
Asset Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer			$ 3,559	2,078	3,069
Asset Management Fees | Asset management fees
Management Fee Income [Line Items]
Limited partner net funded capital (as a percentage)			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 (as a percentage)	1.00%
Percent of contractual sales price for disposition of investment (as a percentage)	1.00%
Acquisition and Disposition Fees | Asset management fees | Maximum
Management Fee Income [Line Items]
Percent of contractual sales price for disposition of investment (as a percentage)	2.00%
Termination Fee
Management Fee Income [Line Items]
Revenue from contract with customer			$ 64,555	$ 5,445	$ 1,043
Termination Fee | NorthStar Realty Europe Corp. | Fee income
Management Fee Income [Line Items]
Termination fee			$ 64,600
Incentive Fees | Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees (as a percentage)			40.00%
Incentive Fees | Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees (as a percentage)			50.00%
Incentive Fees | NorthStar Realty Europe Corp. | Fee income
Management Fee Income [Line Items]
Termination fee		$ 21,500

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 25, 2019	Jul. 31, 2019	Feb. 28, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)				19,233,622
Fair value of shares vested				$ 14,700	$ 111,200	$ 31,900
Aggregate unrecognized compensation cost related to restricted stock granted				$ 44,500
Weighted average period of expected cost				2 years
Share-based compensation expenses				$ 31,403	38,928	$ 150,694
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)		10,000,000		10,000,000
Target share price for LTIP vesting (in usd per share)		$ 10
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase (percentage)				2.00%
Common stock, shares reserved for future issuance				54,400,000
Conversion of units, conversion ratio (LTIP to common OP Unit)				1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Service period				3 years
LTIP units issued (in shares)				5,085,924
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)				3,760,864
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
LTIP units issued (in shares)				386,834
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted				$ 11,400
Weighted average period of expected cost				1 year 10 months 24 days
Share-based compensation expenses				$ 32,300	$ 9,600
Class A Common Stock | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period				3 years
Minimum | Class A Common Stock | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (percentage)				0.00%
Maximum | Class A Common Stock | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (percentage)			125.00%	200.00%			200.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details)	12 Months Ended
	Dec. 31, 2019
2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	26.20%
2018 PSU Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	29.00%
Expected annual dividend yield (percentage)	7.30%
Risk-free rate (per annum) (percentage)	2.10%
Ganzi LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	28.30%
Expected annual dividend yield (percentage)	8.10%
Risk-free rate (per annum) (percentage)	1.80%
Minimum | 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.50%
Risk-free rate (per annum) (percentage)	2.20%
Maximum | 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.70%
Risk-free rate (per annum) (percentage)	2.40%

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights)	$ 31,403	$ 38,928	$ 150,694
Compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights)	31,403	38,928	146,563
Amortization of fair value of dividend equivalent right	345	270	0
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights)	0	0	61
Investment and servicing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights)	$ 0	$ 0	$ 4,070

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2019
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		7,649,173
Granted (shares)		19,233,622
Vested (shares)		(2,934,865)
Forfeited (shares)		(360,243)
Nonvested shares at period end (shares)		23,587,687
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 9.39
Granted (USD per share)		2.30
Vested (USD per share)		9.79
Forfeited (USD per share)		6.26
Nonvested shares at period end (USD per share)		$ 3.25
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		5,422,090
Granted (shares)		5,085,924
Vested (shares)		(2,570,167)
Forfeited (shares)		(296,139)
Nonvested shares at period end (shares)		7,641,708
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Granted (shares)	10,000,000	10,000,000
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		10,000,000
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		183,134
Granted (shares)		386,834
Vested (shares)		(304,184)
Forfeited (shares)		0
Nonvested shares at period end (shares)		265,784
PSU
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		2,043,949
Granted (shares)		3,760,864
Vested (shares)		(60,514)
Forfeited (shares)		(64,104)
Nonvested shares at period end (shares)		5,680,195
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 5.09
Granted (USD per share)		2.92
Vested (USD per share)		5.09
Forfeited (USD per share)		4.53
Nonvested shares at period end (USD per share)		$ 3.66

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from affiliates	$ 51,480	$ 43,489
Due to affiliates	34,064	0
Fee income
Related Party Transaction [Line Items]
Due from affiliates	36,106	32,139
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	14,624	10,754
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	750	596
Senior Management | Employees and other affiliates
Related Party Transaction [Line Items]
Due to affiliates	$ 34,064	$ 0

Transactions with Affiliates _2

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended			9 Months Ended	12 Months Ended
	Dec. 31, 2019	Jul. 31, 2018	May 31, 2018	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Management fee, percent of net asset value, (percentage)					1.25%
Proceeds from sale of equity method investments					$ 165,657,000	$ 231,040,000	$ 553,327,000
Gain on sale of real estate					$ 62,916,000	159,598,000	112,758,000
Non-traded REITs
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs (percentage)					2.00%
Expected reimbursable direct and indirect operating costs, percent of net income (percentage)					25.00%
NorthStar Realty Europe Corp.
Related Party Transaction [Line Items]
Percent of combined general and administrative costs (percentage)				20.00%
American Healthcare Investors, LLC | Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees						4,100,000	4,800,000
Minimum | Non-traded REITs
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs (percentage)					1.00%
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 | Corporate credit facility | Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility	$ 35,000,000				$ 35,000,000
Extension option, term					6 months
Outstanding advances	0				$ 0	0
Colony Credit Real Estate, Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from sale of equity method investments			$ 89,100,000
Proceeds from sale of real estate		$ 121,500,000
Gain on sale of real estate		$ 28,600,000
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Corporate credit facility | Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate (percentage)					3.50%
Cost reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer					$ 1,400,000	700,000	1,900,000
Cost reimbursements | Non-traded REITs
Related Party Transaction [Line Items]
Revenue from contract with customer					3,098,000	4,672,000	19,545,000
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer					64,226,000	34,695,000	$ 25,630,000
Investment Vehicles | Redeemable noncontrolling interests | Affiliated Entity
Related Party Transaction [Line Items]
Investments	4,000,000				4,000,000	5,700,000
Net income attributable to noncontrolling interest					2,500,000	$ 400,000
DBH
Related Party Transaction [Line Items]
Deferred consideration	32,500,000				32,500,000
OP Units issued					111,903,000
DataBank
Related Party Transaction [Line Items]
OP Units issued	$ 3,000,000				$ 2,962,000

Transactions with Affiliates _3

Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 3,098	$ 4,672	$ 19,545
Public companies (CLNC, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	14,442	10,747	0
Private investment vehicles and other
Related Party Transaction [Line Items]
Revenue from contract with customer	14,059	9,198	3,779
Equity awards of CLNC and NRE (Note 19)
Related Party Transaction [Line Items]
Revenue from contract with customer	32,627	10,078	0
Townsend
Related Party Transaction [Line Items]
Revenue from contract with customer	0	0	2,306
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 64,226	$ 34,695	$ 25,630

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit)			$ 24.9
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax expense	$ 2.2
Valuation allowance related to certain hotels, amount released		$ 10.7

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Federal	$ (6,320)	$ 2,881	$ (20,316)
State and local	(3,276)	1,168	(3,606)
Foreign	(12,459)	(13,698)	(16,138)
Income tax benefit (expense) from continuing and discontinued operations	(22,055)	(9,649)	(40,060)
Deferred
Federal	1,652	64,962	110,711
State and local	2,800	1,320	18,235
Foreign	5,150	3,148	9,513
Total deferred tax benefit	9,602	69,430	138,459
Total income tax benefit (expense) from continuing and discontinued operations	$ (12,453)	$ 59,781	$ 98,399

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Net operating and capital loss carry forwards	$ 67,785	$ 56,609
Equity-based compensation	23,410	17,162
Investment in partnerships	625	7,745
Real estate, leases and related intangibles	15,870	0
Foreign tax credits	0	892
Straight-line and prepaid rent expense	6,270	7,850
Deferred income	3,520	0
Deferred interest expense	5,881	472
Other	11,853	2,904
Gross deferred tax assets	135,214	93,634
Valuation allowance	(26,305)	(22,062)
Deferred tax assets, net of valuation allowance	108,909	71,572
Deferred tax liabilities
Real estate, leases and related intangibles	209,474	63,901
Other intangible assets	31,124	33,693
Deferred income	0	1,263
Other	9,420	108
Gross deferred tax liabilities	250,018	98,965
Net deferred tax liability	(141,109)	(27,393)
Deferred tax assets, operating loss carryforwards, foreign	$ 269,700	$ 251,200

Income Taxes - Effective Income

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income (loss) from continuing and discontinued operations before income taxes	$ (136,462)	$ (554,956)	$ (163,012)
Pre-tax income attributable to pass-through subsidiaries	(675,635)	312,939	(405,104)
Pre-tax loss attributable to taxable subsidiaries	(812,097)	(242,017)	(568,116)
Federal tax benefit at statutory tax rate (35%)	170,540	50,824	198,841
State and local income taxes, net of federal income tax benefit	1,362	10,983	9,380
Foreign income tax differential	(8,979)	(3,533)	6
Nondeductible expenses—goodwill impairment	(165,480)	0	(110,600)
Nondeductible expenses—other	(4,390)	(4,648)	(20,372)
Valuation allowance, net	(4,151)	2,874	(3,555)
Impact of Tax Cuts and Jobs Act	0	2,190	24,908
Other	(1,355)	1,091	(209)
Income tax benefit (expense) from continuing and discontinued operations	$ (12,453)	$ 59,781	$ 98,399

Commitments and Contingencies

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Operating Leased Assets [Line Items]
Weighted average discount rate (percentage)			6.80%
Operating lease liability	$ 0		$ 181,297
THL Hotel Portfolio
Operating Leased Assets [Line Items]
Contingent consideration, liability			$ 13,000
Investment Properties
Operating Leased Assets [Line Items]
Weighted average remaining lease term			19 years 8 months 12 days
Ground Leases
Operating Leased Assets [Line Items]
Operating lease expense	8,200	$ 6,700
Corporate Offices
Operating Leased Assets [Line Items]
Weighted average remaining lease term			7 years 4 months 24 days
Operating lease expense	$ 10,100	$ 13,300

Commitments and Contingencies -

Commitments and Contingencies - Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Investment Properties
Lessee, Lease, Description [Line Items]
Fixed lease expense	$ 8,292
Variable lease expense	1,898
Operating lease expense	10,190
Corporate Offices
Lessee, Lease, Description [Line Items]
Fixed lease expense	9,213
Variable lease expense	2,516
Operating lease expense	$ 11,729

Commitments and Contingencies_2

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
2020	$ 27,609
2021	26,582
2022	25,089
2023	24,832
2024	25,374
2025 and thereafter	234,532
Total lease payments	364,018
Present value discount	(182,721)
Operating lease liability (Note 9)	181,297	$ 0
Investment Properties
Lessor, Lease, Description [Line Items]
2020	17,295
2021	16,847
2022	17,015
2023	17,054
2024	17,060
2025 and thereafter	211,195
Total lease payments	296,466
Corporate Offices
Lessor, Lease, Description [Line Items]
2020	10,314
2021	9,735
2022	8,074
2023	7,778
2024	8,314
2025 and thereafter	23,337
Total lease payments	$ 67,552

Commitments and Contingencies_3

Commitments and Contingencies - Future Lease Payments (ASC 840) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 14,129
2020	13,815
2021	13,586
2022	12,952
2023	12,330
2024 and thereafter	115,294
Total lease payments	182,106
Ground Leases
Operating Leased Assets [Line Items]
2019	5,149
2020	5,217
2021	5,386
2022	5,776
2023	5,720
2024 and thereafter	87,150
Total lease payments	114,398
Corporate Offices
Operating Leased Assets [Line Items]
2019	8,980
2020	8,598
2021	8,200
2022	7,176
2023	6,610
2024 and thereafter	28,144
Total lease payments	$ 67,708

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	7
Total revenues	$ 2,326,354	$ 2,366,942	$ 2,549,540
Property operating expenses	1,090,909	1,150,656	1,046,313
Interest expense	535,538	552,838	536,256
Depreciation and amortization	489,792	443,302	508,514
Provision for loan loss	35,880	43,034	19,741
(Reversal of) impairment loss	1,146,443	587,275	420,316
Gain on sale of real estate	62,916	159,598	112,758
Equity method earnings (losses)	(140,384)	(9,601)	283,283
Equity method earnings—carried interest	11,682	9,525	0
Income tax benefit (expense)	(14,003)	59,970	100,495
Loss from continuing operations	(1,650,712)	(534,757)	(120,061)
Income from discontinued operations	1,501,797	39,582	55,448
Net loss	(148,915)	(495,175)	(64,613)
Net loss attributable to Colony Capital, Inc.	(1,048,807)	(519,607)	(197,891)
Operating segments | Digital
Segment Reporting Information [Line Items]
Total revenues	40,407	0	0
Property operating expenses	2,197	0	0
Interest expense	4,502	0	0
Depreciation and amortization	12,209	0	0
Provision for loan loss	0	0	0
(Reversal of) impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	2,647	8,845	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	(15,104)	0	0
Loss from continuing operations	43,786	5,955	0
Income from discontinued operations	0	0	0
Net loss	43,786	5,955	0
Net loss attributable to Colony Capital, Inc.	40,658	5,606	0
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	582,139	592,455	613,169
Property operating expenses	260,374	271,166	274,528
Interest expense	192,621	194,898	185,256
Depreciation and amortization	161,115	164,389	183,897
Provision for loan loss	0	213	1,588
(Reversal of) impairment loss	187,341	217,524	14,375
Gain on sale of real estate	1,384	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	612	(4,991)	(5,639)
Loss from continuing operations	(239,888)	(283,516)	(64,767)
Income from discontinued operations	0	0	0
Net loss	(239,888)	(283,516)	(64,767)
Net loss attributable to Colony Capital, Inc.	(179,976)	(199,277)	(51,428)
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	0	0	0
Provision for loan loss	0	0	0
(Reversal of) impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	0	0	0
Loss from continuing operations	0	0	0
Income from discontinued operations	1,486,691	26,749	37,497
Net loss	1,486,691	26,749	37,497
Net loss attributable to Colony Capital, Inc.	449,050	4,246	12,537
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	828,523	849,513	815,831
Property operating expenses	554,981	563,453	537,884
Interest expense	169,781	153,395	134,729
Depreciation and amortization	145,424	144,528	133,269
Provision for loan loss	0	0	0
(Reversal of) impairment loss	50,474	72,469	0
Gain on sale of real estate	279	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	(898)	9,875	(2,779)
Loss from continuing operations	(107,066)	(90,581)	(9,863)
Income from discontinued operations	0	0	0
Net loss	(107,066)	(90,581)	(9,863)
Net loss attributable to Colony Capital, Inc.	(90,139)	(82,798)	(9,199)
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	0	0	0
Provision for loan loss	0	0	0
(Reversal of) impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	(241,356)	(65,366)	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	0	0	0
Loss from continuing operations	(241,356)	(65,366)	0
Income from discontinued operations	0	0	0
Net loss	(241,356)	(65,366)	0
Net loss attributable to Colony Capital, Inc.	(227,548)	(61,457)	0
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	614,551	739,167	873,046
Property operating expenses	273,357	316,037	233,901
Interest expense	113,762	150,032	161,993
Depreciation and amortization	85,910	99,525	128,942
Provision for loan loss	35,880	42,821	18,153
(Reversal of) impairment loss	110,025	79,432	30,867
Gain on sale of real estate	61,253	159,598	112,758
Equity method earnings (losses)	115,927	97,416	265,079
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	(7,270)	(4,298)	(3,950)
Loss from continuing operations	87,004	266,886	567,752
Income from discontinued operations	0	(102)	995
Net loss	87,004	266,784	568,747
Net loss attributable to Colony Capital, Inc.	1,436	141,197	426,052
Operating segments | Other Investment Management
Segment Reporting Information [Line Items]
Total revenues	246,499	176,568	240,632
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	79,097	28,653	56,616
Provision for loan loss	0	0	0
(Reversal of) impairment loss	797,954	217,850	375,074
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	(17,602)	(50,496)	18,204
Equity method earnings—carried interest	11,682	9,525
Income tax benefit (expense)	9,311	59,179	111,049
Loss from continuing operations	(754,314)	(145,161)	(174,564)
Income from discontinued operations	15,106	12,935	4,396
Net loss	(739,208)	(132,226)	(170,168)
Net loss attributable to Colony Capital, Inc.	(643,631)	(124,024)	(182,038)
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	14,235	9,239	6,862
Property operating expenses	0	0	0
Interest expense	54,872	54,513	54,278
Depreciation and amortization	6,037	6,207	5,790
Provision for loan loss	0	0	0
(Reversal of) impairment loss	649	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	(654)	205	1,814
Loss from continuing operations	(438,878)	(222,974)	(438,619)
Income from discontinued operations	0	0	12,560
Net loss	(438,878)	(222,974)	(426,059)
Net loss attributable to Colony Capital, Inc.	$ (398,657)	$ (203,100)	$ (393,815)
Combination Agreement
Segment Reporting Information [Line Items]
Ownership percentage	36.40%

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 19,832,184	$ 22,215,249
Equity method investments	1,987,515	2,276,673
Operating segments | Digital
Segment Reporting Information [Line Items]
Total Assets	2,160,402	32,354
Equity method investments	47,891	32,354
Operating segments | Healthcare Segment
Segment Reporting Information [Line Items]
Total Assets	4,886,374	5,395,550
Equity method investments	0	0
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total Assets	458,673	3,185,906
Equity method investments	0	0
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total Assets	3,789,098	3,980,988
Equity method investments	0	0
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total Assets	725,443	1,037,754
Equity method investments	725,443	1,037,754
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total Assets	5,749,455	6,344,124
Equity method investments	1,070,462	1,026,420
Operating segments | Other Investment Management
Segment Reporting Information [Line Items]
Total Assets	1,085,234	1,979,432
Equity method investments	139,977	176,403
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total Assets	977,505	259,141
Equity method investments	$ 3,742	$ 3,742

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total income by geography:	$ 2,133,426	$ 2,332,171	$ 2,807,193
Long-lived assets by geography:	11,464,629	11,167,605
Assets held for sale	870,052	3,969,635
United States
Segment Reporting Information [Line Items]
Total income by geography:	1,772,135	2,002,260	2,492,800
Long-lived assets by geography:	9,956,282	9,566,982
Europe
Segment Reporting Information [Line Items]
Total income by geography:	354,164	329,609	310,783
Long-lived assets by geography:	1,508,347	1,600,623
Other
Segment Reporting Information [Line Items]
Total income by geography:	7,127	302	$ 3,610
Disposal Group, Held-for-sale, Not Discontinued Operations | United States
Segment Reporting Information [Line Items]
Assets held for sale	500,000	3,300,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Europe
Segment Reporting Information [Line Items]
Assets held for sale	$ 300,000	$ 500,000

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0		$ 523,533	$ 507,495	$ 452,726
Interest capitalized		3,192	5,554	0
Cash received for income tax refunds (paid for income taxes), net		(12,595)	14,476	53,017
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by operating activities of discontinued operations		149,737	158,666	153,379
Net cash provided by (used in) investing activities of discontinued operations		3,721,764	(599,940)	82,408
Net cash provided by (used in) financing activities of discontinued operations		(2,640,171)	351,052	378,788
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable		83,301	84,013	188,202
Improvements in operating real estate in accrued and other liabilities		20,230	2,249	18,221
Redemption of OP Units for common stock		2,104	29,034	22,831
Preferred stock redemptions payable		402,855	0	0
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption		139,157
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption		16,234	0	0
Proceeds from loan repayments and asset sales held in escrow		63,984	19,425	27,426
Distributions payable to noncontrolling interests included in other liabilities		3,986	19,297	10,786
Foreclosures and exchanges of loans receivable for real estate		28,562	47,097	54,615
Debt assumed by buyer in sale of real estate		295,562	196,416	1,258,558
Debt issued to buyer in sale of real estate		4,000	0	0
Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3)		2,098,313	0	16,684,675
Liabilities assumed in business combinations (Note 3)		818,449	0	11,249,183
Noncontrolling interests assumed in business combinations (Note 3)		724,567	0	592,690
Deconsolidation of net assets of securitization trusts		0	131,386	0
Assets held for sale contributed to equity method investee		0	20,350	0
Deferred tax liabilities assumed by buyer of related real estate		0	26,629	0
Share repurchase payable		0	7,567	0
Contributions receivable from noncontrolling interests		0	29,721	25,501
Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed		0	1,753,066	0
Liabilities of CLNY Investment Entities deconsolidated		0	421,245	0
Noncontrolling interests of CLNY Investment Entities deconsolidated		0	395,274	0
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed		0	0	153,368
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group		0	0	66,020
Common stock issued for acquisition of NSAM and NRF		0	0	5,710,134
Preferred stock issued for acquisition of NRF		0	0	1,010,320
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed		0	0	219,278
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed		0	0	326,679
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed		0	0	13,370
Exchange of notes for class A common shares		0	0	3,279
Assets of consolidated securitization trust		0	0	58,296
Liabilities of consolidated securitization trust		0	0	56,928
DBH
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Deferred cash consideration for acquisition of DBH (Note 3)		32,500	0	0
Issuance of OP units for business combinations (Note 3)		111,903
OP Units | DBH
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Issuance of OP units for business combinations (Note 3)	$ 111,900	114,865	0	0
Fair value of Digital Colony Manager contract intangible consolidated (Note 3)		$ 51,400	$ 0	$ 0

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at January 1	$ 14,514	$ 6,869	$ 1,708
Allowance for doubtful accounts	6,793	26,860	14,602
Charge-offs	(4,605)	(19,155)	(9,531)
Effect of changes in foreign exchange rates	0	(60)	90
Balance at December 31	2,813	14,514	6,869
Accounting Standards Update 2016-02
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Cumulative effect of adoption of ASC 842	$ (13,889)	$ 0	$ 0

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulative Depreciation - Net Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Gross Cost Basis
Total	$ 12,702,355	$ 15,500,802	$ 15,791,144	$ 3,656,094
Accumulated Depreciation	1,042,422	1,029,386	$ 606,200	$ 188,509
Net Carrying Amount	11,659,933
Real Estate tax basis	$ 11,200,000
Properties under leasehold interest | property	12
Data Centers
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	20
Initial Cost
Encumbrances	$ 539,155
Land	29,508
Buildings and Improvements	817,950
Costs Capitalized	0
Gross Cost Basis
Land	29,508
Buildings and Improvements	817,950
Total	847,458
Accumulated Depreciation	1,065
Net Carrying Amount	$ 846,393
Real Estate Held for Investment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	847
Initial Cost
Encumbrances	$ 7,592,084
Land	1,405,377
Buildings and Improvements	10,298,963
Costs Capitalized	146,553
Gross Cost Basis
Land	1,360,435
Buildings and Improvements	10,490,458
Total	11,850,893
Accumulated Depreciation	990,375
Net Carrying Amount	$ 10,860,518
Real Estate Held for Investment | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	352
Initial Cost
Encumbrances	$ 2,827,790
Land	426,962
Buildings and Improvements	4,514,531
Costs Capitalized	(103,494)
Gross Cost Basis
Land	411,453
Buildings and Improvements	4,426,546
Total	4,837,999
Accumulated Depreciation	404,174
Net Carrying Amount	$ 4,433,825
Real Estate Held for Investment | Hospitality
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	156
Initial Cost
Encumbrances	$ 2,652,307
Land	499,934
Buildings and Improvements	3,404,393
Costs Capitalized	45,312
Gross Cost Basis
Land	470,499
Buildings and Improvements	3,479,140
Total	3,949,639
Accumulated Depreciation	405,375
Net Carrying Amount	$ 3,544,264
Real Estate Held for Investment | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	319
Initial Cost
Encumbrances	$ 1,572,832
Land	448,973
Buildings and Improvements	1,562,089
Costs Capitalized	204,735
Gross Cost Basis
Land	448,975
Buildings and Improvements	1,766,822
Total	2,215,797
Accumulated Depreciation	179,761
Net Carrying Amount	2,036,036
Disposal Group, Held-for-sale, Not Discontinued Operations | Data Centers
Gross Cost Basis
Net Carrying Amount	29,114
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare
Gross Cost Basis
Net Carrying Amount	57,664
Disposal Group, Held-for-sale, Not Discontinued Operations | Hospitality
Gross Cost Basis
Net Carrying Amount	$ 16,155
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial
Gross Cost Basis
Net Carrying Amount		$ 342,758
ALABAMA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,540
Land	337
Buildings and Improvements	2,583
Costs Capitalized	1,505
Gross Cost Basis
Land	337
Buildings and Improvements	4,088
Total	4,425
Accumulated Depreciation	431
Net Carrying Amount	$ 3,994
ALABAMA | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 34,502
Land	0
Buildings and Improvements	56,252
Costs Capitalized	(23,258)
Gross Cost Basis
Land	0
Buildings and Improvements	32,994
Total	32,994
Accumulated Depreciation	4,069
Net Carrying Amount	$ 28,925
ALABAMA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,418
Land	433
Buildings and Improvements	7,169
Costs Capitalized	0
Gross Cost Basis
Land	433
Buildings and Improvements	7,169
Total	7,602
Accumulated Depreciation	711
Net Carrying Amount	$ 6,891
ALABAMA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 14,542
Land	1,134
Buildings and Improvements	19,213
Costs Capitalized	815
Gross Cost Basis
Land	1,134
Buildings and Improvements	20,028
Total	21,162
Accumulated Depreciation	2,148
Net Carrying Amount	$ 19,014
ARIZONA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,998
Land	536
Buildings and Improvements	14,434
Costs Capitalized	1,354
Gross Cost Basis
Land	536
Buildings and Improvements	15,788
Total	16,324
Accumulated Depreciation	1,374
Net Carrying Amount	$ 14,950
ARIZONA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 14,339
Land	1,897
Buildings and Improvements	15,843
Costs Capitalized	2,760
Gross Cost Basis
Land	1,897
Buildings and Improvements	18,603
Total	20,500
Accumulated Depreciation	1,752
Net Carrying Amount	$ 18,748
ARIZONA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 28,643
Land	7,831
Buildings and Improvements	34,616
Costs Capitalized	1,119
Gross Cost Basis
Land	7,831
Buildings and Improvements	35,735
Total	43,566
Accumulated Depreciation	4,596
Net Carrying Amount	$ 38,970
ARIZONA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 41,085
Land	10,917
Buildings and Improvements	43,884
Costs Capitalized	13,788
Gross Cost Basis
Land	10,917
Buildings and Improvements	57,672
Total	68,589
Accumulated Depreciation	5,851
Net Carrying Amount	$ 62,738
California | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 35,823
Land	12,157
Buildings and Improvements	76,393
Costs Capitalized	(24,087)
Gross Cost Basis
Land	7,286
Buildings and Improvements	57,177
Total	64,463
Accumulated Depreciation	6,353
Net Carrying Amount	$ 58,110
California | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 18,613
Land	5,708
Buildings and Improvements	33,831
Costs Capitalized	1,102
Gross Cost Basis
Land	5,708
Buildings and Improvements	34,933
Total	40,641
Accumulated Depreciation	3,346
Net Carrying Amount	$ 37,295
California | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 13,518
Land	1,936
Buildings and Improvements	37,612
Costs Capitalized	0
Gross Cost Basis
Land	1,936
Buildings and Improvements	37,612
Total	39,548
Accumulated Depreciation	7,003
Net Carrying Amount	$ 32,545
California | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 207,841
Land	59,120
Buildings and Improvements	241,574
Costs Capitalized	8,118
Gross Cost Basis
Land	59,120
Buildings and Improvements	249,692
Total	308,812
Accumulated Depreciation	28,115
Net Carrying Amount	$ 280,697
California | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	9
Initial Cost
Encumbrances	$ 188,641
Land	38,775
Buildings and Improvements	221,428
Costs Capitalized	13,046
Gross Cost Basis
Land	38,775
Buildings and Improvements	234,474
Total	273,249
Accumulated Depreciation	25,179
Net Carrying Amount	$ 248,070
California | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	21
Initial Cost
Encumbrances	$ 288,377
Land	57,970
Buildings and Improvements	274,907
Costs Capitalized	50,738
Gross Cost Basis
Land	57,970
Buildings and Improvements	325,645
Total	383,615
Accumulated Depreciation	31,326
Net Carrying Amount	$ 352,289
COLORADO | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 102,295
Land	7,734
Buildings and Improvements	138,276
Costs Capitalized	3,849
Gross Cost Basis
Land	7,734
Buildings and Improvements	142,125
Total	149,859
Accumulated Depreciation	11,542
Net Carrying Amount	$ 138,317
COLORADO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 21,005
Land	8,330
Buildings and Improvements	57,618
Costs Capitalized	2,756
Gross Cost Basis
Land	7,951
Buildings and Improvements	60,753
Total	68,704
Accumulated Depreciation	6,041
Net Carrying Amount	$ 62,663
COLORADO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 56,773
Land	13,163
Buildings and Improvements	67,804
Costs Capitalized	6,495
Gross Cost Basis
Land	13,163
Buildings and Improvements	74,299
Total	87,462
Accumulated Depreciation	9,181
Net Carrying Amount	$ 78,281
COLORADO | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 15,574
Land	2,018
Buildings and Improvements	20,047
Costs Capitalized	729
Gross Cost Basis
Land	2,018
Buildings and Improvements	20,776
Total	22,794
Accumulated Depreciation	2,431
Net Carrying Amount	$ 20,363
GEORGIA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 7,031
Land	516
Buildings and Improvements	14,220
Costs Capitalized	(2,994)
Gross Cost Basis
Land	366
Buildings and Improvements	11,376
Total	11,742
Accumulated Depreciation	1,321
Net Carrying Amount	$ 10,421
GEORGIA | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,012
Land	2,047
Buildings and Improvements	16,650
Costs Capitalized	0
Gross Cost Basis
Land	2,047
Buildings and Improvements	16,650
Total	18,697
Accumulated Depreciation	1,283
Net Carrying Amount	$ 17,414
GEORGIA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	13
Initial Cost
Encumbrances	$ 61,022
Land	12,976
Buildings and Improvements	100,152
Costs Capitalized	4,074
Gross Cost Basis
Land	12,976
Buildings and Improvements	104,226
Total	117,202
Accumulated Depreciation	9,823
Net Carrying Amount	$ 107,379
GEORGIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 99,836
Land	12,140
Buildings and Improvements	130,707
Costs Capitalized	0
Gross Cost Basis
Land	12,140
Buildings and Improvements	130,707
Total	142,847
Accumulated Depreciation	10,901
Net Carrying Amount	$ 131,946
GEORGIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 40,561
Land	7,278
Buildings and Improvements	52,967
Costs Capitalized	2,465
Gross Cost Basis
Land	7,278
Buildings and Improvements	55,432
Total	62,710
Accumulated Depreciation	5,701
Net Carrying Amount	$ 57,009
GEORGIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 55,503
Land	11,505
Buildings and Improvements	77,275
Costs Capitalized	(2,569)
Gross Cost Basis
Land	9,932
Buildings and Improvements	76,279
Total	86,211
Accumulated Depreciation	9,510
Net Carrying Amount	$ 76,701
GEORGIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,681
Land	1,905
Buildings and Improvements	9,296
Costs Capitalized	5,212
Gross Cost Basis
Land	1,905
Buildings and Improvements	14,508
Total	16,413
Accumulated Depreciation	1,146
Net Carrying Amount	$ 15,267
ILLINOIS | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	22
Initial Cost
Encumbrances	$ 184,017
Land	9,433
Buildings and Improvements	289,465
Costs Capitalized	(30,893)
Gross Cost Basis
Land	8,476
Buildings and Improvements	259,529
Total	268,005
Accumulated Depreciation	24,996
Net Carrying Amount	$ 243,009
ILLINOIS | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 62,660
Land	9,809
Buildings and Improvements	97,772
Costs Capitalized	1,860
Gross Cost Basis
Land	9,426
Buildings and Improvements	100,015
Total	109,441
Accumulated Depreciation	9,185
Net Carrying Amount	$ 100,256
ILLINOIS | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 9,620
Land	2,716
Buildings and Improvements	15,941
Costs Capitalized	0
Gross Cost Basis
Land	2,716
Buildings and Improvements	15,941
Total	18,657
Accumulated Depreciation	1,864
Net Carrying Amount	$ 16,793
ILLINOIS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 25,234
Land	4,375
Buildings and Improvements	34,567
Costs Capitalized	665
Gross Cost Basis
Land	4,375
Buildings and Improvements	35,232
Total	39,607
Accumulated Depreciation	4,139
Net Carrying Amount	$ 35,468
ILLINOIS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,846
Land	2,738
Buildings and Improvements	22,368
Costs Capitalized	1,143
Gross Cost Basis
Land	2,738
Buildings and Improvements	23,511
Total	26,249
Accumulated Depreciation	2,637
Net Carrying Amount	$ 23,612
ILLINOIS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 28,612
Land	4,553
Buildings and Improvements	30,274
Costs Capitalized	8,057
Gross Cost Basis
Land	4,553
Buildings and Improvements	38,331
Total	42,884
Accumulated Depreciation	4,027
Net Carrying Amount	$ 38,857
INDIANA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	9
Initial Cost
Encumbrances	$ 25,835
Land	7,170
Buildings and Improvements	26,900
Costs Capitalized	0
Gross Cost Basis
Land	7,170
Buildings and Improvements	26,900
Total	34,070
Accumulated Depreciation	2,753
Net Carrying Amount	$ 31,317
INDIANA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	27
Initial Cost
Encumbrances	$ 160,241
Land	18,106
Buildings and Improvements	297,676
Costs Capitalized	(7,635)
Gross Cost Basis
Land	16,302
Buildings and Improvements	291,845
Total	308,147
Accumulated Depreciation	29,176
Net Carrying Amount	$ 278,971
INDIANA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	19
Initial Cost
Encumbrances	$ 95,295
Land	5,634
Buildings and Improvements	132,921
Costs Capitalized	0
Gross Cost Basis
Land	5,634
Buildings and Improvements	132,921
Total	138,555
Accumulated Depreciation	12,672
Net Carrying Amount	$ 125,883
INDIANA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,121
Land	1,232
Buildings and Improvements	9,325
Costs Capitalized	2,789
Gross Cost Basis
Land	1,232
Buildings and Improvements	12,114
Total	13,346
Accumulated Depreciation	1,048
Net Carrying Amount	$ 12,298
KANSAS | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 5,963
Land	915
Buildings and Improvements	12,105
Costs Capitalized	(6,861)
Gross Cost Basis
Land	302
Buildings and Improvements	5,857
Total	6,159
Accumulated Depreciation	1,111
Net Carrying Amount	$ 5,048
KANSAS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,834
Land	517
Buildings and Improvements	4,930
Costs Capitalized	3,549
Gross Cost Basis
Land	517
Buildings and Improvements	8,479
Total	8,996
Accumulated Depreciation	731
Net Carrying Amount	$ 8,265
MASSACHUSETTS | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 2,932
Land	1,346
Buildings and Improvements	1,523
Costs Capitalized	279
Gross Cost Basis
Land	1,346
Buildings and Improvements	1,802
Total	3,148
Accumulated Depreciation	278
Net Carrying Amount	$ 2,870
MASSACHUSETTS | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 9,512
Land	6,179
Buildings and Improvements	8,006
Costs Capitalized	0
Gross Cost Basis
Land	6,179
Buildings and Improvements	8,006
Total	14,185
Accumulated Depreciation	651
Net Carrying Amount	$ 13,534
MASSACHUSETTS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 54,598
Land	8,274
Buildings and Improvements	74,973
Costs Capitalized	1,300
Gross Cost Basis
Land	8,274
Buildings and Improvements	76,273
Total	84,547
Accumulated Depreciation	8,018
Net Carrying Amount	$ 76,529
MASSACHUSETTS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 24,485
Land	3,272
Buildings and Improvements	31,343
Costs Capitalized	739
Gross Cost Basis
Land	3,272
Buildings and Improvements	32,082
Total	35,354
Accumulated Depreciation	3,341
Net Carrying Amount	$ 32,013
MASSACHUSETTS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,121
Land	1,152
Buildings and Improvements	9,261
Costs Capitalized	4,051
Gross Cost Basis
Land	1,152
Buildings and Improvements	13,312
Total	14,464
Accumulated Depreciation	1,092
Net Carrying Amount	$ 13,372
NORTH CAROLINA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 81,404
Land	11,656
Buildings and Improvements	151,555
Costs Capitalized	723
Gross Cost Basis
Land	11,656
Buildings and Improvements	152,278
Total	163,934
Accumulated Depreciation	12,253
Net Carrying Amount	$ 151,681
NORTH CAROLINA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 5,706
Land	286
Buildings and Improvements	10,549
Costs Capitalized	0
Gross Cost Basis
Land	286
Buildings and Improvements	10,549
Total	10,835
Accumulated Depreciation	936
Net Carrying Amount	$ 9,899
NORTH CAROLINA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 17,314
Land	1,693
Buildings and Improvements	23,893
Costs Capitalized	521
Gross Cost Basis
Land	1,693
Buildings and Improvements	24,414
Total	26,107
Accumulated Depreciation	3,470
Net Carrying Amount	$ 22,637
NORTH CAROLINA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 97,952
Land	13,689
Buildings and Improvements	123,653
Costs Capitalized	7,835
Gross Cost Basis
Land	13,574
Buildings and Improvements	131,603
Total	145,177
Accumulated Depreciation	14,265
Net Carrying Amount	$ 130,912
NEBRASKA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 2,531
Land	559
Buildings and Improvements	3,161
Costs Capitalized	(756)
Gross Cost Basis
Land	396
Buildings and Improvements	2,568
Total	2,964
Accumulated Depreciation	330
Net Carrying Amount	$ 2,634
OHIO | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	9
Initial Cost
Encumbrances	$ 188,728
Land	16,108
Buildings and Improvements	247,227
Costs Capitalized	(17,054)
Gross Cost Basis
Land	14,728
Buildings and Improvements	231,553
Total	246,281
Accumulated Depreciation	21,668
Net Carrying Amount	$ 224,613
OHIO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 42,235
Land	5,036
Buildings and Improvements	99,039
Costs Capitalized	(6,128)
Gross Cost Basis
Land	3,821
Buildings and Improvements	94,126
Total	97,947
Accumulated Depreciation	8,663
Net Carrying Amount	$ 89,284
OHIO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,417
Land	575
Buildings and Improvements	11,747
Costs Capitalized	330
Gross Cost Basis
Land	575
Buildings and Improvements	12,077
Total	12,652
Accumulated Depreciation	1,647
Net Carrying Amount	$ 11,005
OHIO | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 15,880
Land	7,655
Buildings and Improvements	56,496
Costs Capitalized	(39,253)
Gross Cost Basis
Land	2,634
Buildings and Improvements	22,264
Total	24,898
Accumulated Depreciation	2,641
Net Carrying Amount	$ 22,257
OHIO | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7
Initial Cost
Encumbrances	$ 24,324
Land	4,557
Buildings and Improvements	31,786
Costs Capitalized	9,776
Gross Cost Basis
Land	4,557
Buildings and Improvements	41,562
Total	46,119
Accumulated Depreciation	4,757
Net Carrying Amount	$ 41,362
OKLAHOMA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 10,294
Land	1,419
Buildings and Improvements	17,467
Costs Capitalized	(3,372)
Gross Cost Basis
Land	952
Buildings and Improvements	14,562
Total	15,514
Accumulated Depreciation	2,158
Net Carrying Amount	$ 13,356
OKLAHOMA | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 15,320
Land	536
Buildings and Improvements	15,954
Costs Capitalized	0
Gross Cost Basis
Land	536
Buildings and Improvements	15,954
Total	16,490
Accumulated Depreciation	1,216
Net Carrying Amount	$ 15,274
OKLAHOMA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 11,865
Land	0
Buildings and Improvements	18,382
Costs Capitalized	0
Gross Cost Basis
Land	0
Buildings and Improvements	18,382
Total	18,382
Accumulated Depreciation	1,669
Net Carrying Amount	$ 16,713
OKLAHOMA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,297
Land	447
Buildings and Improvements	5,387
Costs Capitalized	(1,625)
Gross Cost Basis
Land	203
Buildings and Improvements	4,006
Total	4,209
Accumulated Depreciation	927
Net Carrying Amount	$ 3,282
OKLAHOMA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 2,807
Land	0
Buildings and Improvements	4,751
Costs Capitalized	57
Gross Cost Basis
Land	0
Buildings and Improvements	4,808
Total	4,808
Accumulated Depreciation	724
Net Carrying Amount	$ 4,084
OREGON | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	25
Initial Cost
Encumbrances	$ 171,437
Land	20,905
Buildings and Improvements	269,521
Costs Capitalized	(341)
Gross Cost Basis
Land	20,437
Buildings and Improvements	269,648
Total	290,085
Accumulated Depreciation	23,252
Net Carrying Amount	$ 266,833
OREGON | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 22,450
Land	4,330
Buildings and Improvements	38,024
Costs Capitalized	(6,359)
Gross Cost Basis
Land	3,596
Buildings and Improvements	32,399
Total	35,995
Accumulated Depreciation	3,207
Net Carrying Amount	$ 32,788
OREGON | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,138
Land	2,413
Buildings and Improvements	12,142
Costs Capitalized	3,137
Gross Cost Basis
Land	2,413
Buildings and Improvements	15,279
Total	17,692
Accumulated Depreciation	1,219
Net Carrying Amount	$ 16,473
SOUTH CAROLINA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,183
Land	1,105
Buildings and Improvements	17,975
Costs Capitalized	1,236
Gross Cost Basis
Land	1,105
Buildings and Improvements	19,211
Total	20,316
Accumulated Depreciation	1,573
Net Carrying Amount	$ 18,743
SOUTH CAROLINA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 14,936
Land	761
Buildings and Improvements	22,966
Costs Capitalized	(4,707)
Gross Cost Basis
Land	343
Buildings and Improvements	18,677
Total	19,020
Accumulated Depreciation	2,102
Net Carrying Amount	$ 16,918
TENNESSEE | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 12,090
Land	2,179
Buildings and Improvements	24,880
Costs Capitalized	(7,305)
Gross Cost Basis
Land	1,540
Buildings and Improvements	18,214
Total	19,754
Accumulated Depreciation	2,326
Net Carrying Amount	$ 17,428
TENNESSEE | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 3,851
Land	449
Buildings and Improvements	20,022
Costs Capitalized	(3,615)
Gross Cost Basis
Land	449
Buildings and Improvements	16,407
Total	16,856
Accumulated Depreciation	1,676
Net Carrying Amount	$ 15,180
TENNESSEE | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 29,547
Land	2,760
Buildings and Improvements	38,863
Costs Capitalized	(2,426)
Gross Cost Basis
Land	2,305
Buildings and Improvements	36,892
Total	39,197
Accumulated Depreciation	3,081
Net Carrying Amount	$ 36,116
TENNESSEE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 23,186
Land	4,118
Buildings and Improvements	28,471
Costs Capitalized	1,037
Gross Cost Basis
Land	4,118
Buildings and Improvements	29,508
Total	33,626
Accumulated Depreciation	3,310
Net Carrying Amount	$ 30,316
TENNESSEE | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 32,457
Land	5,699
Buildings and Improvements	42,462
Costs Capitalized	2,733
Gross Cost Basis
Land	5,699
Buildings and Improvements	45,195
Total	50,894
Accumulated Depreciation	5,403
Net Carrying Amount	$ 45,491
TENNESSEE | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,511
Land	2,020
Buildings and Improvements	8,803
Costs Capitalized	246
Gross Cost Basis
Land	2,020
Buildings and Improvements	9,049
Total	11,069
Accumulated Depreciation	1,201
Net Carrying Amount	$ 9,868
TEXAS | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 119,609
Land	18,144
Buildings and Improvements	138,400
Costs Capitalized	6,427
Gross Cost Basis
Land	18,063
Buildings and Improvements	144,908
Total	162,971
Accumulated Depreciation	13,079
Net Carrying Amount	$ 149,892
TEXAS | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 18,406
Land	3,191
Buildings and Improvements	52,140
Costs Capitalized	2,399
Gross Cost Basis
Land	3,191
Buildings and Improvements	54,539
Total	57,730
Accumulated Depreciation	4,067
Net Carrying Amount	$ 53,663
TEXAS | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	19
Initial Cost
Encumbrances	$ 93,013
Land	5,808
Buildings and Improvements	168,060
Costs Capitalized	2,752
Gross Cost Basis
Land	5,751
Buildings and Improvements	170,869
Total	176,620
Accumulated Depreciation	18,352
Net Carrying Amount	$ 158,268
TEXAS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	11
Initial Cost
Encumbrances	$ 141,139
Land	19,932
Buildings and Improvements	165,947
Costs Capitalized	11,886
Gross Cost Basis
Land	17,008
Buildings and Improvements	180,757
Total	197,765
Accumulated Depreciation	23,022
Net Carrying Amount	$ 174,743
TEXAS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	15
Initial Cost
Encumbrances	$ 171,099
Land	27,974
Buildings and Improvements	177,156
Costs Capitalized	(9,388)
Gross Cost Basis
Land	24,389
Buildings and Improvements	171,353
Total	195,742
Accumulated Depreciation	24,043
Net Carrying Amount	$ 171,699
TEXAS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	11
Initial Cost
Encumbrances	$ 98,542
Land	16,720
Buildings and Improvements	90,428
Costs Capitalized	28,037
Gross Cost Basis
Land	16,720
Buildings and Improvements	118,465
Total	135,185
Accumulated Depreciation	10,888
Net Carrying Amount	$ 124,297
WASHINGTON | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 45,314
Land	3,765
Buildings and Improvements	68,188
Costs Capitalized	(1,406)
Gross Cost Basis
Land	3,673
Buildings and Improvements	66,874
Total	70,547
Accumulated Depreciation	5,852
Net Carrying Amount	$ 64,695
WASHINGTON | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 22,470
Land	998
Buildings and Improvements	47,052
Costs Capitalized	107
Gross Cost Basis
Land	998
Buildings and Improvements	47,159
Total	48,157
Accumulated Depreciation	3,922
Net Carrying Amount	$ 44,235
WASHINGTON | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 10,353
Land	3,647
Buildings and Improvements	16,108
Costs Capitalized	(1,254)
Gross Cost Basis
Land	3,429
Buildings and Improvements	15,072
Total	18,501
Accumulated Depreciation	1,574
Net Carrying Amount	$ 16,927
WASHINGTON | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 95,883
Land	22,388
Buildings and Improvements	116,391
Costs Capitalized	8,120
Gross Cost Basis
Land	22,387
Buildings and Improvements	124,512
Total	146,899
Accumulated Depreciation	12,134
Net Carrying Amount	$ 134,765
WASHINGTON | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 28,826
Land	2,125
Buildings and Improvements	38,975
Costs Capitalized	723
Gross Cost Basis
Land	2,124
Buildings and Improvements	39,699
Total	41,823
Accumulated Depreciation	4,133
Net Carrying Amount	$ 37,690
UNITED KINGDOM | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	46
Initial Cost
Encumbrances	$ 293,661
Land	129,071
Buildings and Improvements	510,026
Costs Capitalized	43,209
Gross Cost Basis
Land	132,686
Buildings and Improvements	549,620
Total	682,306
Accumulated Depreciation	41,615
Net Carrying Amount	$ 640,691
UNITED KINGDOM | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 27,230
Land	7,719
Buildings and Improvements	31,485
Costs Capitalized	(11,014)
Gross Cost Basis
Land	7,719
Buildings and Improvements	20,471
Total	28,190
Accumulated Depreciation	4,105
Net Carrying Amount	$ 24,085
UNITED KINGDOM | Real Estate Held for Investment | Retail - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 69,890
Land	943
Buildings and Improvements	84,232
Costs Capitalized	(31,235)
Gross Cost Basis
Land	943
Buildings and Improvements	52,997
Total	53,940
Accumulated Depreciation	9,475
Net Carrying Amount	$ 44,465
LOUISIANA | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,049
Land	1,591
Buildings and Improvements	13,991
Costs Capitalized	0
Gross Cost Basis
Land	1,591
Buildings and Improvements	13,991
Total	15,582
Accumulated Depreciation	1,069
Net Carrying Amount	$ 14,513
LOUISIANA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 25,580
Land	2,406
Buildings and Improvements	52,142
Costs Capitalized	(5,070)
Gross Cost Basis
Land	1,889
Buildings and Improvements	47,589
Total	49,478
Accumulated Depreciation	4,851
Net Carrying Amount	$ 44,627
LOUISIANA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 26,263
Land	1,068
Buildings and Improvements	28,675
Costs Capitalized	0
Gross Cost Basis
Land	1,068
Buildings and Improvements	28,675
Total	29,743
Accumulated Depreciation	2,454
Net Carrying Amount	$ 27,289
LOUISIANA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,574
Land	1,874
Buildings and Improvements	15,043
Costs Capitalized	790
Gross Cost Basis
Land	1,874
Buildings and Improvements	15,833
Total	17,707
Accumulated Depreciation	2,573
Net Carrying Amount	$ 15,134
LOUISIANA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 31,644
Land	2,409
Buildings and Improvements	23,780
Costs Capitalized	1,458
Gross Cost Basis
Land	2,409
Buildings and Improvements	25,238
Total	27,647
Accumulated Depreciation	3,483
Net Carrying Amount	$ 24,164
MISSOURI | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 18,605
Land	3,586
Buildings and Improvements	22,684
Costs Capitalized	0
Gross Cost Basis
Land	3,586
Buildings and Improvements	22,684
Total	26,270
Accumulated Depreciation	1,813
Net Carrying Amount	$ 24,457
MISSOURI | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,756
Land	471
Buildings and Improvements	5,597
Costs Capitalized	3,566
Gross Cost Basis
Land	471
Buildings and Improvements	9,163
Total	9,634
Accumulated Depreciation	796
Net Carrying Amount	$ 8,838
UTAH | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 3,386
Land	2,151
Buildings and Improvements	7,073
Costs Capitalized	0
Gross Cost Basis
Land	2,151
Buildings and Improvements	7,073
Total	9,224
Accumulated Depreciation	560
Net Carrying Amount	$ 8,664
ARKANSAS | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 807
Land	0
Buildings and Improvements	1,343
Costs Capitalized	0
Gross Cost Basis
Land	0
Buildings and Improvements	1,343
Total	1,343
Accumulated Depreciation	300
Net Carrying Amount	$ 1,043
FLORIDA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 23,198
Land	2,119
Buildings and Improvements	41,279
Costs Capitalized	(4,485)
Gross Cost Basis
Land	1,794
Buildings and Improvements	37,119
Total	38,913
Accumulated Depreciation	3,648
Net Carrying Amount	$ 35,265
FLORIDA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	22
Initial Cost
Encumbrances	$ 155,663
Land	24,326
Buildings and Improvements	323,769
Costs Capitalized	(6,722)
Gross Cost Basis
Land	23,907
Buildings and Improvements	317,466
Total	341,373
Accumulated Depreciation	27,392
Net Carrying Amount	$ 313,981
FLORIDA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 32,432
Land	2,991
Buildings and Improvements	50,761
Costs Capitalized	546
Gross Cost Basis
Land	2,991
Buildings and Improvements	51,307
Total	54,298
Accumulated Depreciation	6,223
Net Carrying Amount	$ 48,075
FLORIDA | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 108,114
Land	12,328
Buildings and Improvements	133,394
Costs Capitalized	34,517
Gross Cost Basis
Land	12,328
Buildings and Improvements	167,911
Total	180,239
Accumulated Depreciation	20,165
Net Carrying Amount	$ 160,074
FLORIDA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 152,574
Land	16,852
Buildings and Improvements	219,288
Costs Capitalized	4,590
Gross Cost Basis
Land	16,853
Buildings and Improvements	223,877
Total	240,730
Accumulated Depreciation	24,852
Net Carrying Amount	$ 215,878
FLORIDA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 25,649
Land	8,508
Buildings and Improvements	24,764
Costs Capitalized	8,859
Gross Cost Basis
Land	8,508
Buildings and Improvements	33,623
Total	42,131
Accumulated Depreciation	3,551
Net Carrying Amount	$ 38,580
HAWAII | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,737
Land	519
Buildings and Improvements	14,030
Costs Capitalized	2,945
Gross Cost Basis
Land	519
Buildings and Improvements	16,975
Total	17,494
Accumulated Depreciation	1,098
Net Carrying Amount	$ 16,396
IDAHO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 18,431
Land	0
Buildings and Improvements	30,473
Costs Capitalized	0
Gross Cost Basis
Land	0
Buildings and Improvements	30,473
Total	30,473
Accumulated Depreciation	2,633
Net Carrying Amount	$ 27,840
MICHIGAN | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 29,871
Land	3,856
Buildings and Improvements	48,703
Costs Capitalized	(8,785)
Gross Cost Basis
Land	2,770
Buildings and Improvements	41,004
Total	43,774
Accumulated Depreciation	4,141
Net Carrying Amount	$ 39,633
MICHIGAN | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 30,846
Land	4,521
Buildings and Improvements	39,797
Costs Capitalized	3,569
Gross Cost Basis
Land	4,521
Buildings and Improvements	43,366
Total	47,887
Accumulated Depreciation	4,533
Net Carrying Amount	$ 43,354
MICHIGAN | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 73,704
Land	10,430
Buildings and Improvements	97,029
Costs Capitalized	5,305
Gross Cost Basis
Land	10,430
Buildings and Improvements	102,334
Total	112,764
Accumulated Depreciation	11,559
Net Carrying Amount	$ 101,205
MICHIGAN | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 23,700
Land	3,276
Buildings and Improvements	22,820
Costs Capitalized	(2,131)
Gross Cost Basis
Land	3,276
Buildings and Improvements	20,689
Total	23,965
Accumulated Depreciation	2,736
Net Carrying Amount	$ 21,229
MINNESOTA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 4,812
Land	1,144
Buildings and Improvements	9,348
Costs Capitalized	141
Gross Cost Basis
Land	1,144
Buildings and Improvements	9,489
Total	10,633
Accumulated Depreciation	892
Net Carrying Amount	$ 9,741
MISSISSIPPI | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,720
Land	0
Buildings and Improvements	21,465
Costs Capitalized	0
Gross Cost Basis
Land	0
Buildings and Improvements	21,465
Total	21,465
Accumulated Depreciation	1,951
Net Carrying Amount	$ 19,514
NEW MEXICO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 9,941
Land	0
Buildings and Improvements	16,344
Costs Capitalized	531
Gross Cost Basis
Land	0
Buildings and Improvements	16,875
Total	16,875
Accumulated Depreciation	2,675
Net Carrying Amount	$ 14,200
NEW MEXICO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,739
Land	2,125
Buildings and Improvements	22,446
Costs Capitalized	747
Gross Cost Basis
Land	2,125
Buildings and Improvements	23,193
Total	25,318
Accumulated Depreciation	3,431
Net Carrying Amount	$ 21,887
KENTUCKY | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,916
Land	362
Buildings and Improvements	17,493
Costs Capitalized	3,084
Gross Cost Basis
Land	362
Buildings and Improvements	20,577
Total	20,939
Accumulated Depreciation	1,870
Net Carrying Amount	$ 19,069
KENTUCKY | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 9,919
Land	2,956
Buildings and Improvements	29,407
Costs Capitalized	(15,146)
Gross Cost Basis
Land	845
Buildings and Improvements	16,372
Total	17,217
Accumulated Depreciation	3,275
Net Carrying Amount	$ 13,942
KENTUCKY | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 26,501
Land	6,660
Buildings and Improvements	31,618
Costs Capitalized	3,024
Gross Cost Basis
Land	6,660
Buildings and Improvements	34,642
Total	41,302
Accumulated Depreciation	4,054
Net Carrying Amount	$ 37,248
KENTUCKY | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,081
Land	1,358
Buildings and Improvements	5,576
Costs Capitalized	265
Gross Cost Basis
Land	1,358
Buildings and Improvements	5,841
Total	7,199
Accumulated Depreciation	658
Net Carrying Amount	$ 6,541
MARYLAND | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 17,881
Land	3,003
Buildings and Improvements	24,644
Costs Capitalized	361
Gross Cost Basis
Land	3,003
Buildings and Improvements	25,005
Total	28,008
Accumulated Depreciation	2,877
Net Carrying Amount	$ 25,131
MARYLAND | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,709
Land	3,086
Buildings and Improvements	12,964
Costs Capitalized	409
Gross Cost Basis
Land	3,086
Buildings and Improvements	13,373
Total	16,459
Accumulated Depreciation	1,408
Net Carrying Amount	$ 15,051
MARYLAND | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 38,974
Land	10,405
Buildings and Improvements	78,892
Costs Capitalized	(31,138)
Gross Cost Basis
Land	4,994
Buildings and Improvements	53,165
Total	58,159
Accumulated Depreciation	5,069
Net Carrying Amount	$ 53,090
PENNSYLVANIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 209,521
Land	20,010
Buildings and Improvements	240,922
Costs Capitalized	(437)
Gross Cost Basis
Land	19,573
Buildings and Improvements	240,922
Total	260,495
Accumulated Depreciation	20,614
Net Carrying Amount	$ 239,881
PENNSYLVANIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 13,239
Land	4,526
Buildings and Improvements	36,759
Costs Capitalized	(18,808)
Gross Cost Basis
Land	2,105
Buildings and Improvements	20,372
Total	22,477
Accumulated Depreciation	3,869
Net Carrying Amount	$ 18,608
PENNSYLVANIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 29,640
Land	4,627
Buildings and Improvements	38,435
Costs Capitalized	1,974
Gross Cost Basis
Land	4,627
Buildings and Improvements	40,409
Total	45,036
Accumulated Depreciation	4,399
Net Carrying Amount	$ 40,637
PENNSYLVANIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 60,186
Land	12,148
Buildings and Improvements	71,347
Costs Capitalized	17,675
Gross Cost Basis
Land	12,148
Buildings and Improvements	89,022
Total	101,170
Accumulated Depreciation	8,669
Net Carrying Amount	$ 92,501
VIRGINIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 44,199
Land	4,953
Buildings and Improvements	61,032
Costs Capitalized	(7,877)
Gross Cost Basis
Land	4,157
Buildings and Improvements	53,951
Total	58,108
Accumulated Depreciation	4,758
Net Carrying Amount	$ 53,350
VIRGINIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 30,787
Land	5,981
Buildings and Improvements	38,545
Costs Capitalized	2,951
Gross Cost Basis
Land	5,981
Buildings and Improvements	41,496
Total	47,477
Accumulated Depreciation	5,180
Net Carrying Amount	$ 42,297
VIRGINIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 90,293
Land	23,071
Buildings and Improvements	140,115
Costs Capitalized	(16,596)
Gross Cost Basis
Land	17,042
Buildings and Improvements	129,548
Total	146,590
Accumulated Depreciation	13,713
Net Carrying Amount	$ 132,877
VIRGINIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 38,200
Land	8,446
Buildings and Improvements	37,575
Costs Capitalized	5,834
Gross Cost Basis
Land	8,446
Buildings and Improvements	43,409
Total	51,855
Accumulated Depreciation	4,123
Net Carrying Amount	$ 47,732
CONNECTICUT | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 23,599
Land	3,454
Buildings and Improvements	30,231
Costs Capitalized	3,218
Gross Cost Basis
Land	3,454
Buildings and Improvements	33,449
Total	36,903
Accumulated Depreciation	3,734
Net Carrying Amount	$ 33,169
CONNECTICUT | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 52,203
Land	6,735
Buildings and Improvements	67,148
Costs Capitalized	3,883
Gross Cost Basis
Land	6,735
Buildings and Improvements	71,031
Total	77,766
Accumulated Depreciation	7,670
Net Carrying Amount	$ 70,096
MAINE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,971
Land	1,572
Buildings and Improvements	15,610
Costs Capitalized	1,859
Gross Cost Basis
Land	1,572
Buildings and Improvements	17,469
Total	19,041
Accumulated Depreciation	2,216
Net Carrying Amount	$ 16,825
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 43,411
Land	7,167
Buildings and Improvements	59,440
Costs Capitalized	954
Gross Cost Basis
Land	7,167
Buildings and Improvements	60,394
Total	67,561
Accumulated Depreciation	6,713
Net Carrying Amount	$ 60,848
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 37,242
Land	6,092
Buildings and Improvements	50,557
Costs Capitalized	1,023
Gross Cost Basis
Land	6,092
Buildings and Improvements	51,580
Total	57,672
Accumulated Depreciation	5,477
Net Carrying Amount	$ 52,195
NEW JERSEY | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7
Initial Cost
Encumbrances	$ 115,347
Land	20,639
Buildings and Improvements	145,058
Costs Capitalized	10,647
Gross Cost Basis
Land	20,639
Buildings and Improvements	155,705
Total	176,344
Accumulated Depreciation	20,387
Net Carrying Amount	$ 155,957
NEW JERSEY | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 38,763
Land	16,282
Buildings and Improvements	35,308
Costs Capitalized	8,048
Gross Cost Basis
Land	16,282
Buildings and Improvements	43,356
Total	59,638
Accumulated Depreciation	5,155
Net Carrying Amount	$ 54,483
NEW JERSEY | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 87,183
Land	18,073
Buildings and Improvements	110,251
Costs Capitalized	3,410
Gross Cost Basis
Land	18,073
Buildings and Improvements	113,661
Total	131,734
Accumulated Depreciation	12,998
Net Carrying Amount	$ 118,736
NEW JERSEY | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 84,120
Land	3,572
Buildings and Improvements	13,553
Costs Capitalized	7,400
Gross Cost Basis
Land	3,572
Buildings and Improvements	20,953
Total	24,525
Accumulated Depreciation	2,227
Net Carrying Amount	$ 22,298
NEW YORK | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 39,511
Land	4,108
Buildings and Improvements	48,124
Costs Capitalized	5,820
Gross Cost Basis
Land	4,108
Buildings and Improvements	53,944
Total	58,052
Accumulated Depreciation	5,799
Net Carrying Amount	$ 52,253
NEW YORK | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 97,477
Land	30,292
Buildings and Improvements	105,153
Costs Capitalized	8,153
Gross Cost Basis
Land	30,292
Buildings and Improvements	113,306
Total	143,598
Accumulated Depreciation	12,820
Net Carrying Amount	$ 130,778
NEW YORK | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 24,246
Land	3,791
Buildings and Improvements	25,267
Costs Capitalized	14,946
Gross Cost Basis
Land	3,791
Buildings and Improvements	40,213
Total	44,004
Accumulated Depreciation	4,625
Net Carrying Amount	$ 39,379
IOWA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,213
Land	0
Buildings and Improvements	15,832
Costs Capitalized	1,290
Gross Cost Basis
Land	0
Buildings and Improvements	17,122
Total	17,122
Accumulated Depreciation	1,642
Net Carrying Amount	$ 15,480
NEVADA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 15,670
Land	27,160
Buildings and Improvements	71,823
Costs Capitalized	6,619
Gross Cost Basis
Land	27,160
Buildings and Improvements	78,442
Total	105,602
Accumulated Depreciation	8,217
Net Carrying Amount	$ 97,385
RHODE ISLAND | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,705
Land	910
Buildings and Improvements	7,017
Costs Capitalized	2,146
Gross Cost Basis
Land	910
Buildings and Improvements	9,163
Total	10,073
Accumulated Depreciation	1,148
Net Carrying Amount	$ 8,925
FRANCE | Real Estate Held for Investment | Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 20,991
Land	5,235
Buildings and Improvements	23,483
Costs Capitalized	1,069
Gross Cost Basis
Land	5,235
Buildings and Improvements	24,552
Total	29,787
Accumulated Depreciation	1,947
Net Carrying Amount	$ 27,840
FRANCE | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	25
Initial Cost
Encumbrances	$ 84,142
Land	41,312
Buildings and Improvements	90,220
Costs Capitalized	17,722
Gross Cost Basis
Land	41,312
Buildings and Improvements	107,942
Total	149,254
Accumulated Depreciation	8,754
Net Carrying Amount	$ 140,500
FRANCE | Real Estate Held for Investment | Office/Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	180
Initial Cost
Encumbrances	$ 296,497
Land	82,193
Buildings and Improvements	262,218
Costs Capitalized	2,032
Gross Cost Basis
Land	82,193
Buildings and Improvements	264,250
Total	346,443
Accumulated Depreciation	18,747
Net Carrying Amount	$ 327,696
SPAIN | Real Estate Held for Investment | Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 0
Land	0
Buildings and Improvements	2,299
Costs Capitalized	275
Gross Cost Basis
Land	0
Buildings and Improvements	2,574
Total	2,574
Accumulated Depreciation	400
Net Carrying Amount	$ 2,174
SPAIN | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 105,160
Land	94,078
Buildings and Improvements	86,991
Costs Capitalized	4,957
Gross Cost Basis
Land	94,080
Buildings and Improvements	91,946
Total	186,026
Accumulated Depreciation	7,045
Net Carrying Amount	$ 178,981
ITALY | Real Estate Held for Investment | Mixed - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	14
Initial Cost
Encumbrances	$ 22,182
Land	32,035
Buildings and Improvements	22,199
Costs Capitalized	10,023
Gross Cost Basis
Land	32,035
Buildings and Improvements	32,222
Total	64,257
Accumulated Depreciation	2,139
Net Carrying Amount	$ 62,118
United States | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 104,061
Land	11,862
Buildings and Improvements	128,004
Costs Capitalized	15,000
Gross Cost Basis
Land	11,862
Buildings and Improvements	143,004
Total	154,866
Accumulated Depreciation	24,747
Net Carrying Amount	130,119
United States | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel - Other Equity and Debt
Gross Cost Basis
Net Carrying Amount	77,706
Europe | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel - Other Equity and Debt
Gross Cost Basis
Net Carrying Amount	$ 276,018
Minimum | Building and Building Improvements
Gross Cost Basis
Useful life used for depreciation	1 month
Maximum | Building and Building Improvements
Gross Cost Basis
Useful life used for depreciation	51 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 15,500,802	$ 15,791,144	$ 3,656,094
Assumed through the Merger	876,572	0	11,730,087
Assumed through foreclosures or restructuring of mortgage loans	14,866	45,617	1,867,655
Acquisitions	1,474,624	984,844	1,027,889
Improvements and capitalized costs	366,817	276,210	237,125
Deconsolidation of real estate held by investment entity (Note 4)	0	(226,004)	(407,653)
Dispositions	(5,197,705)	(933,217)	(2,484,616)
Impairment	(348,710)	(357,629)	(59,652)
Effect of changes in foreign exchange rates	15,089	(80,163)	224,215
Balance at December 31	12,702,355	15,500,802	15,791,144
Classified as held for sale, net	(851,462)	(4,005,398)	(3,390,528)
SEC Schedule III, Real Estate, Held for Investment	$ 11,850,893	$ 11,495,404	$ 12,400,616

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Depreciation
Balance at January 1	$ 1,029,386	$ 606,200	$ 188,509
Depreciation	500,240	471,599	453,331
Deconsolidation of real estate held by investment entity (Note 4)	0	(6,256)	(3,212)
Dispositions	(489,276)	(42,873)	(34,854)
Effect of changes in foreign exchange rates	2,072	716	2,426
Balance at December 31, held for investment	1,042,422	1,029,386	606,200
Classified as held for sale, net	(52,047)	(359,992)	(218,751)
Balance at December 31, before reclassification to held for sale	$ 990,375	$ 669,394	$ 387,449

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	100
Prior Liens	$ 1,068,385
Unpaid Principal Balance	2,498,573
Carrying Amount	1,552,824	$ 1,659,217	$ 3,223,762	$ 3,430,608
Principal Amount Subject to Delinquent Principal or Interest	$ 305,703
Threshold for aggregation (less than) (percentage)	3.00%
Allowance for loan losses	$ 48,187	32,940	$ 52,709	$ 67,980
Aggregate cost basis of loans for federal income tax purposes	1,600,000
Loans held for investment, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for loan losses	$ 48,187	$ 32,940
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	17
Prior Liens	$ 0
Unpaid Principal Balance	478,393
Carrying Amount	473,422
Principal Amount Subject to Delinquent Principal or Interest	$ 203,803
Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	8
Prior Liens	$ 1,068,385
Unpaid Principal Balance	704,996
Carrying Amount	682,281
Principal Amount Subject to Delinquent Principal or Interest	$ 101,900
Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	71
Prior Liens	$ 0
Unpaid Principal Balance	1,165,804
Carrying Amount	248,498
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Prior Liens	$ 0
Unpaid Principal Balance	149,380
Carrying Amount	148,623
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate | Corporate loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	8.00%
Corporate | Corporate loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	13.00%
Various, USA | Office | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 78,000
Unpaid Principal Balance	32,549
Carrying Amount	30,004
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Office | Subordinated Debt and Mezzanine | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	8.00%
Various, USA | Office | Subordinated Debt and Mezzanine | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	12.00%
Various, USA | Retail | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	8.00%
Prior Liens	$ 0
Unpaid Principal Balance	42,394
Carrying Amount	42,394
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Other | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	11.00%
Unpaid Principal Balance	$ 1,222
Carrying Amount	1,222
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Corporate | Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	30,367
Carrying Amount	30,367
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Multifamily | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Interest Rate Range (percent)	12.70%
Prior Liens	$ 34,767
Unpaid Principal Balance	44,887
Carrying Amount	44,637
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Mixed Use | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	12.90%
Prior Liens	$ 602,411
Unpaid Principal Balance	398,499
Carrying Amount	400,100
Principal Amount Subject to Delinquent Principal or Interest	$ 0
New York | Corporate | Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	8.00%
Prior Liens	$ 0
Unpaid Principal Balance	27,287
Carrying Amount	27,287
Principal Amount Subject to Delinquent Principal or Interest	$ 0
North Carolina | Retail | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	5.70%
Prior Liens	$ 74,712
Unpaid Principal Balance	37,766
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 37,766
Texas | Land | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	32,245
Carrying Amount	23,604
Principal Amount Subject to Delinquent Principal or Interest	$ 32,245
IRELAND / FRANCE | Office | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	11.00%
Prior Liens	$ 158,611
Unpaid Principal Balance	127,161
Carrying Amount	143,406
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Residential | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	20,207
Carrying Amount	19,980
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Retail | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	3.50%
Prior Liens	$ 0
Unpaid Principal Balance	2,505
Carrying Amount	2,818
Principal Amount Subject to Delinquent Principal or Interest	$ 2,505
FRANCE | Hospitality | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	93,129
Carrying Amount	94,256
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Hospitality | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 15,934
Carrying Amount	17,897
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Other | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 0
Unpaid Principal Balance	6,612
Carrying Amount	6,716
Principal Amount Subject to Delinquent Principal or Interest	$ 1,604
FRANCE | Other | First Mortgage | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	3.50%
FRANCE | Other | First Mortgage | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	15.00%
IRELAND | Multifamily | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	3.10%
Prior Liens	$ 0
Unpaid Principal Balance	81,552
Carrying Amount	81,557
Principal Amount Subject to Delinquent Principal or Interest	$ 81,552
IRELAND | Multifamily | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Unpaid Principal Balance	$ 5,253
Carrying Amount	886
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	2.30%
Prior Liens	$ 0
Unpaid Principal Balance	44,146
Carrying Amount	44,145
Principal Amount Subject to Delinquent Principal or Interest	$ 44,146
IRELAND | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	8
Unpaid Principal Balance	$ 51,914
Carrying Amount	517
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Retail | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Unpaid Principal Balance	$ 98,895
Carrying Amount	16,370
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Hospitality | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Unpaid Principal Balance	$ 54,185
Carrying Amount	368
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Industrial | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Unpaid Principal Balance	$ 79,140
Carrying Amount	7,681
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Land | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Unpaid Principal Balance	$ 104,953
Carrying Amount	27,014
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Other | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	38
Unpaid Principal Balance	$ 580,109
Carrying Amount	8,092
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two | Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	12.50%
Prior Liens	$ 0
Unpaid Principal Balance	69,283
Carrying Amount	69,283
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 175,421
Carrying Amount	169,673
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Hospitality | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	41,751
Carrying Amount	44,100
Principal Amount Subject to Delinquent Principal or Interest	$ 41,751
UNITED KINGDOM | Retail | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	12.00%
Prior Liens	$ 119,884
Unpaid Principal Balance	64,134
Carrying Amount	64,134
Principal Amount Subject to Delinquent Principal or Interest	$ 64,134
UNITED KINGDOM | Retail | Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate Range (percent)	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	91,726
Carrying Amount	90,969
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED KINGDOM | Healthcare | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Interest Rate Range (percent)	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	43,347
Carrying Amount	43,347
Principal Amount Subject to Delinquent Principal or Interest	$ 0

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 1,659,217	$ 3,223,762	$ 3,430,608
Loans acquired in Merger	0	0	359,541
Loan acquisitions and originations	174,182	386,532	991,239
Paid-in-kind interest added to loan principal	68,810	52,234	56,131
Discount and net loan fee amortization	12,649	14,524	43,877
Accretion on PCI loans	19,637	27,911	61,809
Consolidation of loans receivable held by investment entities and securitization trusts	0	0	58,296
Loan repayments	(216,891)	(166,267)	(902,190)
Payments received from PCI loans	(50,765)	(187,140)	(419,232)
Transfer to loans held for sale	0	0	(50,894)
Carrying value of loans sold	(35,158)	(111,864)	0
Foreclosures and other conversions to real estate	(28,562)	(47,097)	(515,055)
Loans receivable contributed to Colony Credit (Note 4)	0	(1,287,994)	0
Deconsolidation of loans receivable in securitization trusts	0	(149,447)	0
Provision for loan losses	(35,880)	(43,034)	(19,741)
Other loss	0	0	(2,309)
Effect of changes in foreign exchange rates	(14,415)	(52,903)	131,682
Balance at December 31	$ 1,552,824	$ 1,659,217	$ 3,223,762

Uncategorized Items - clny20191

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (202,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,220,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,018,000)
Noncontrolling Interests in Operating Company [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(185,000)
Noncontrolling Interests in Investment Entities [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,378,000)