DigitalBridge (DBRG) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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 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 Central Index Key	0001679688
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		481,444,705
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 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 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 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	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,099,467	$ 1,205,190
Restricted cash	145,229	203,923
Real estate, net	8,987,902	10,860,518
Loans receivable (at fair value at June 30, 2020)	1,398,087	1,566,328
Equity and debt investments ($402,167 and $457,693 at fair value, respectively)	1,825,448	2,313,805
Goodwill	851,757	1,452,891
Deferred leasing costs and intangible assets, net	565,221	638,853
Assets held for sale	705,217	870,052
Other assets ($4,933 and $21,386 at fair value, respectively)	527,309	669,144
Due from affiliates	77,897	51,480
Total assets	16,183,534	19,832,184
Liabilities
Debt, net	9,211,114	8,983,908
Accrued and other liabilities ($103,825 and $136,861 at fair value, respectively)	869,947	1,015,898
Intangible liabilities, net	87,195	111,484
Liabilities related to assets held for sale	261,791	268,152
Due to affiliates	1,336	34,064
Dividends and distributions payable	18,516	83,301
Preferred stock redemptions payable	0	402,855
Total liabilities	10,449,899	10,899,662
Commitments and contingencies (Note 21)
Redeemable noncontrolling interests	29,066	6,107
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding	999,490	999,490
Additional paid-in capital	7,540,197	7,553,599
Accumulated deficit	(5,849,098)	(3,389,592)
Accumulated other comprehensive income	44,367	47,668
Total stockholders’ equity	2,739,777	5,216,043
Noncontrolling interests in investment entities	2,776,604	3,254,188
Noncontrolling interests in Operating Company	188,188	456,184
Total equity	5,704,569	8,926,415
Total liabilities, redeemable noncontrolling interests and equity	16,183,534	19,832,184
Class A, 949,000 shares authorized; 481,391 and 487,044 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,814	4,871
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	Jun. 30, 2020	Dec. 31, 2019
Equity and debt investments, fair value disclosure	$ 402,167	$ 457,693
Other assets, fair value	4,933	21,386
Accrued and other liabilities, at fair value	$ 103,825	$ 136,861
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,033,750	$ 1,033,750
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	41,350,000	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	481,391,000	487,044,000
Common stock, shares outstanding (in shares)	481,391,000	487,044,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 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 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Interest income	$ 22,376	$ 35,055	$ 55,244	$ 81,125
Total revenues	372,366	573,439	879,879	1,121,498
Expenses
Property operating expense	193,643	279,240	457,276	549,982
Interest expense	106,786	141,738	230,199	276,627
Investment and servicing expense	11,394	20,017	23,572	38,466
Transaction costs	75	318	496	2,822
Depreciation and amortization	134,905	109,382	271,763	220,734
Provision for loan loss	0	15,003	0	18,614
Impairment loss	2,001,557	84,695	2,388,825	110,317
Compensation expense—cash and equity-based	64,513	42,430	117,547	73,947
Compensation expense—carried interest and incentive fee	(1,162)	1,146	(10,343)	2,418
Administrative expenses	20,405	20,146	53,163	42,840
Settlement loss	0	0	5,090	0
Total expenses	2,532,116	714,115	3,537,588	1,336,767
Other income (loss)
Gain on sale of real estate	2,868	6,077	10,800	35,530
Other loss, net	(173,030)	(89,506)	(176,501)	(138,575)
Equity method losses	(372,535)	(259,288)	(256,833)	(225,225)
Equity method earnings (losses)—carried interest	(2,324)	1,836	(20,735)	6,732
Loss from continuing operations before income taxes	(2,704,771)	(481,557)	(3,100,978)	(536,807)
Income tax expense	(7,720)	(2,585)	(16,044)	(3,783)
Loss from continuing operations	(2,712,491)	(484,142)	(3,117,022)	(540,590)
Income (loss) from discontinued operations	(6,502)	(504)	(6,028)	25,789
Net loss	(2,718,993)	(484,646)	(3,123,050)	(514,801)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	390	509	(158)	1,953
Investment entities	(470,052)	(13,414)	(491,801)	36,574
Operating Company	(225,057)	(29,989)	(264,658)	(36,600)
Net loss attributable to Colony Capital, Inc.	(2,024,274)	(441,752)	(2,366,433)	(516,728)
Preferred stock dividends	18,516	27,138	37,990	54,275
Net loss attributable to common stockholders	$ (2,042,790)	$ (468,890)	$ (2,404,423)	$ (571,003)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (4.33)	$ (0.98)	$ (5.06)	$ (1.21)
Net loss per basic common share (in dollars per share)	(4.33)	(0.98)	(5.06)	(1.19)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(4.33)	(0.98)	(5.06)	(1.21)
Net loss per diluted common share (in dollars per share)	$ (4.33)	$ (0.98)	$ (5.06)	$ (1.19)
Weighted average number of shares
Basic (in shares)	471,253	479,228	475,187	479,577
Diluted (in shares)	471,253	479,228	475,187	479,577
Dividends declared per common share (in dollars per share)	$ 0	$ 0.11	$ 0.11	$ 0.22
Property operating income
Revenues
Income	$ 293,816	$ 488,788	$ 719,232	$ 947,686
Fee income ($43,138, $33,267, $86,238 and $64,118 from affiliates, respectively)
Revenues
Income	43,540	35,433	87,045	66,461
Other income ($8,523, $11,339, $11,009 and $21,184 from affiliates, respectively)
Revenues
Income	$ 12,634	$ 14,163	$ 18,358	$ 26,226

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total fee income
Income	$ 43,540	$ 35,433	$ 87,045	$ 66,461
Total fee income | Affiliated Entity
Income	43,138	33,267	86,238	64,118
Other Income
Income	12,634	14,163	18,358	26,226
Other Income | Affiliated Entity
Income	$ 8,523	$ 11,339	$ 11,009	$ 21,184

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net loss	$ (2,718,993)	$ (484,646)	$ (3,123,050)	$ (514,801)
Changes in accumulated other comprehensive income (loss) related to:
Investments in unconsolidated ventures, net	25,489	4,409	(988)	9,319
Available-for-sale debt securities	(2,578)	(766)	(1,089)	1,298
Cash flow hedges	(42)	(6,187)	(1)	(6,850)
Foreign currency translation	30,165	7,574	(30,209)	(20,672)
Net investment hedges	(193)	3,606	21,415	16,470
Other comprehensive income (loss)	52,841	8,636	(10,872)	(435)
Comprehensive loss	(2,666,152)	(476,010)	(3,133,922)	(515,236)
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive loss attributable to stockholders	(1,996,141)	(436,933)	(2,369,714)	(503,864)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	390	509	(158)	1,953
Comprehensive income attributable to noncontrolling interests	(448,443)	(9,906)	(499,051)	22,453
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (221,958)	$ (29,680)	$ (264,999)	$ (35,778)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 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	Cumulative effect of adoption of new accounting pronouncement	Cumulative effect of adoption of new accounting pronouncementTotal Stockholders’ Equity	Cumulative effect of adoption of new accounting pronouncementAccumulated Deficit	Cumulative effect of adoption of new accounting pronouncementAccumulated Other Comprehensive Income (Loss)	Cumulative effect of adoption of new accounting pronouncementNoncontrolling Interests in Investment Entities	Cumulative effect of adoption of new accounting pronouncementNoncontrolling Interests in Operating Company
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	$ 11,146,370						$ 13,999								$ (4,468)	$ (2,905)	$ (2,905)		$ (1,378)	$ (185)
Beginning balance at Dec. 31, 2018		$ 7,006,052	$ 1,407,495	$ 4,841	$ 7,598,019	$ (2,018,302)	13,999
Beginning balance at Dec. 31, 2018								$ 3,779,728	$ 360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	11,215,441
Net income (loss)	(31,599)	(74,976)				(74,976)
Net income (loss)								49,988
Net income (loss)									(6,611)
Other comprehensive income (loss)	(9,071)	8,045					8,045	(17,629)	513
Common stock repurchases	(3,167)	(3,167)		(7)	(3,160)
Redemption of OP Units for cash and class A common										$ 0	$ 33		$ 33	$ (33)
Equity-based compensation	6,541	6,350		27	6,323			191
Shares canceled for tax withholdings on vested stock awards	(3,007)	(3,007)		(6)	(3,001)
Contributions from noncontrolling interests	305,216							305,216
Distributions to noncontrolling interests	(110,827)							(107,377)	(3,450)
Preferred stock dividends	(27,137)	(27,137)				(27,137)
Common stock dividends declared	(53,410)	(53,410)				(53,410)
Reallocation of equity (Note 2 and 15)	0	12,827			12,733		94	(12,533)	(294)
Ending balance at Mar. 31, 2019		6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138
Ending balance at Mar. 31, 2019								3,996,206	350,530
Ending balance at Mar. 31, 2019	11,215,441
Beginning balance at Dec. 31, 2018		7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999
Beginning balance at Dec. 31, 2018								3,779,728	360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	10,537,098						26,967
Net income (loss)	36,574
Net income (loss)	(36,600)
Other comprehensive income (loss)	(435)
Ending balance at Jun. 30, 2019		6,361,718	1,407,495	4,877	7,621,655	(2,699,276)	26,967
Ending balance at Jun. 30, 2019								3,861,047	314,333
Ending balance at Jun. 30, 2019	10,537,098						26,967
Beginning balance at Dec. 31, 2018		7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999
Beginning balance at Dec. 31, 2018								3,779,728	360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	8,926,415						47,668								(5,113)
Redemption of OP Units for cash and class A common					(12,400)
Ending balance at Dec. 31, 2019	5,216,043	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668									(3,187)	(3,187)	$ 0
Ending balance at Dec. 31, 2019								3,254,188	456,184										(1,577)	(349)
Ending balance at Dec. 31, 2019	8,926,415						47,668								(5,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	11,215,441
Beginning balance at Mar. 31, 2019		6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138
Beginning balance at Mar. 31, 2019								3,996,206	350,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	10,537,098						26,967
Net income (loss)	(485,155)	(441,752)				(441,752)
Net income (loss)	(13,414)							(13,414)
Net income (loss)	(29,989)								(29,989)
Other comprehensive income (loss)	8,636	4,819					4,819	3,508	309
Redemption of OP Units for cash and class A common										0	2,063	$ 2	2,061	(2,063)
Equity-based compensation	7,937	7,740		20	7,720			197
Contributions from noncontrolling interests	87,304							87,304
Distributions to noncontrolling interests	(216,271)							(212,842)	(3,429)
Preferred stock dividends	(27,138)	(27,138)				(27,138)
Common stock dividends declared	(53,656)	(53,656)				(53,656)
Reallocation of equity (Note 2 and 15)	0	937			927		10	88	(1,025)
Ending balance at Jun. 30, 2019		6,361,718	1,407,495	4,877	7,621,655	(2,699,276)	26,967
Ending balance at Jun. 30, 2019								3,861,047	314,333
Ending balance at Jun. 30, 2019	10,537,098						26,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	10,537,098						26,967
Cumulative effect of adoption of new accounting pronouncement	8,926,415						47,668								$ (5,113)
Beginning balance at Dec. 31, 2019	5,216,043	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668									(3,187)	(3,187)	0
Beginning balance at Dec. 31, 2019								3,254,188	456,184										(1,577)	(349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	8,391,716
Net income (loss)	(403,509)	(342,159)				(342,159)
Net income (loss)								(21,749)
Net income (loss)									(39,601)
Other comprehensive income (loss)	(63,713)	(31,414)					(31,414)	(28,859)	(3,440)
Common stock repurchases	(24,749)	(24,749)		(127)	(24,622)
Equity-based compensation	12,774	12,190		76	12,114				584
Shares canceled for tax withholdings on vested stock awards	(5,069)	(5,069)		(18)	(5,051)
Contributions from noncontrolling interests	87,736							87,736
Distributions to noncontrolling interests	(61,686)							(55,829)	(5,857)
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Common stock dividends declared	(52,854)	(52,854)				(52,854)
Reallocation of equity (Note 2 and 15)	0	(3,859)			(3,827)		(32)		3,859
Ending balance at Mar. 31, 2020		4,746,426	999,490	4,809	7,532,213	(3,806,308)	16,222
Ending balance at Mar. 31, 2020								3,233,910	411,380
Ending balance at Mar. 31, 2020	8,391,716
Beginning balance at Dec. 31, 2019	5,216,043	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668									$ (3,187)	$ (3,187)	$ 0
Beginning balance at Dec. 31, 2019								3,254,188	456,184										$ (1,577)	$ (349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	5,704,569						44,367
Net income (loss)	(491,801)
Net income (loss)	(264,658)
Other comprehensive income (loss)	(10,872)
Ending balance at Jun. 30, 2020	2,739,777	2,739,777	999,490	4,821	7,540,197	(5,849,098)	44,367
Ending balance at Jun. 30, 2020								2,776,604	188,188
Ending balance at Jun. 30, 2020	5,704,569						44,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	8,391,716
Beginning balance at Mar. 31, 2020		4,746,426	999,490	4,809	7,532,213	(3,806,308)	16,222
Beginning balance at Mar. 31, 2020								3,233,910	411,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	5,704,569						44,367
Net income (loss)	(2,719,383)	(2,024,274)				(2,024,274)		(470,052)	(225,057)
Net income (loss)	(470,052)
Net income (loss)	(225,057)
Other comprehensive income (loss)	52,841	28,133					28,133	21,609	3,099
Redemption of OP Units for cash and class A common										$ 0	$ 1,423	$ 2	$ 1,421	$ (1,423)
Equity-based compensation	9,842	8,962		16	8,946			296	584
Shares canceled for tax withholdings on vested stock awards	(1,157)	(1,157)		(6)	(1,151)
Contributions from noncontrolling interests	112,721							112,721
Distributions to noncontrolling interests	(123,495)							(123,495)
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Reallocation of equity (Note 2 and 15)	0	(1,220)			(1,232)		12	1,615	(395)
Ending balance at Jun. 30, 2020	2,739,777	$ 2,739,777	$ 999,490	$ 4,821	$ 7,540,197	$ (5,849,098)	44,367
Ending balance at Jun. 30, 2020								$ 2,776,604	$ 188,188
Ending balance at Jun. 30, 2020	5,704,569						44,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	$ 5,704,569						$ 44,367

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net loss	$ (3,123,050)	$ (514,801)
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	(3,959)	(9,749)
Paid-in-kind interest added to loan principal, net of interest received	(30,834)	(25,028)
Straight-line rents	(7,381)	(12,502)
Amortization of above- and below-market lease values, net	(4,064)	(6,731)
Amortization of deferred financing costs and debt discount and premium	25,627	45,578
Equity method losses	277,732	219,137
Distributions of income from equity method investments	88,753	54,744
Provision for loan loss	0	18,614
Allowance for doubtful accounts	3,880	4,419
Impairment of real estate and related intangibles and right-of-use assets	1,794,825	110,317
Goodwill impairment	594,000	0
Depreciation and amortization	273,038	305,539
Equity-based compensation	18,671	14,929
Unrealized settlement loss	3,890	0
Gain on sales of real estate, net	(3,013)	(58,925)
Payment of cash collateral on derivative	(2,771)	(106,399)
Deferred income tax expense	577	247
Other loss, net	182,711	137,300
Decrease (increase) in other assets and due from affiliates	11,381	(16,351)
Decrease in accrued and other liabilities and due to affiliates	(54,187)	(16,978)
Other adjustments, net	(3,514)	(4,209)
Net cash provided by operating activities	42,312	139,151
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(159,925)	(116,520)
Return of capital from equity method investments	122,112	118,548
Acquisition of loans receivable and debt securities	0	(771)
Net disbursements on originated loans	(177,994)	(40,415)
Repayments of loans receivable	57,991	226,888
Proceeds from sales of loans receivable and debt securities	0	28,920
Cash receipts in excess of accretion on purchased credit-impaired loans	0	10,145
Acquisition of and additions to real estate, related intangibles and leasing commissions	(131,967)	(1,590,459)
Proceeds from sales of real estate	170,017	442,657
Proceeds from paydown and maturity of debt securities	3,172	6,038
Proceeds from sale of equity investments	241,508	28,163
Investment deposits	(6,627)	(20,253)
Net receipts on settlement of derivatives	27,097	29,793
Payment of deferred purchase price on DBH Acquisition (Note 3)	(32,500)	0
Other investing activities, net	1,681	19,076
Net cash provided by (used in) investing activities	114,565	(858,190)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(42,301)	(54,274)
Dividends paid to common stockholders	(106,510)	(106,836)
Repurchase of common stock	(24,749)	(10,734)
Borrowings from corporate credit facility	600,000	218,000
Repayment of borrowings from corporate credit facility	(200,000)	(133,000)
Borrowings from secured debt	8,922	3,026,410
Repayments of secured debt	(181,708)	(2,396,309)
Payment of deferred financing costs	(2,451)	(54,785)
Contributions from noncontrolling interests	226,179	446,936
Distributions to and redemptions of noncontrolling interests	(197,791)	(349,811)
Redemption of preferred stock	(402,855)	0
Shares canceled for tax withholdings on vested stock awards	(6,226)	(3,007)
Other financing activities, net	0	(2,855)
Net cash (used in) provided by financing activities	(329,490)	579,735
Effect of exchange rates on cash, cash equivalents and restricted cash	(2,468)	365
Net decrease in cash, cash equivalents and restricted cash	(175,081)	(138,939)
Cash, cash equivalents and restricted cash, beginning of period	1,424,698	832,730
Cash, cash equivalents and restricted cash, end of period	1,249,617	693,791
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash, cash equivalents and restricted cash, beginning of period	$ 1,249,617	$ 693,791

Business

Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") 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 previously disclosed, Marc C. Ganzi, who co-founded DBH, became the Chief Executive Officer ("CEO") of the Company effective July 1, 2020. In connection with Mr. Ganzi’s appointment as the Company’s CEO, on June 30, 2020, the Board of Directors of the Company (the "Board") appointed Mr. Ganzi to the Board and to serve as President of the Company (in addition to his role as CEO), also effective as of July 1, 2020. Thomas J. Barrack, Jr., who, prior to July 1, 2020, served as the Company’s CEO and President, continues to serve in his role as Executive Chairman of the Company and the Board. In addition, Jacky Wu was appointed as the Company’s Chief Financial Officer and Treasurer, effective July 1, 2020. Mark M. Hedstrom, who prior to July 1, 2020 served as the Company’s Chief Financial Officer and Treasurer, continues to serve in his role as Executive Vice President and Chief Operating Officer of the Company. At June 30, 2020 , the Company has approximately $46 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 36.4% interest in Colony Credit Real Estate, Inc. (NYSE: CLNC) and (e) interests in various other equity and debt investments, including general partner (“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 $16.3 billion of fee earning equity under management, including $7.8 billion in digital real estate investments and the remainder in traditional commercial real estate debt and equity investments. Organization 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"). The Company elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2017. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the "OP") . At June 30, 2020 , the Company owned 90% of the OP , as its sole managing member. The remaining 10% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Acceleration of Digital Transformation and COVID-19 Considerations The world continues to face significant healthcare and economic challenges arising from the coronavirus disease 2019, or COVID-19, global pandemic. Efforts to address the pandemic, such as social distancing, closures or reduced capacity of retail and service outlets, hotels, factories and public venues, often mandated by governments, are having a significant impact on the global economy and financial markets across major industries, including many sectors of real estate. In particular, the Company's real estate investments in the hospitality, healthcare and retail sectors have experienced a myriad of challenges, including, but not limited to: significant declines in operating cash flows at the Company's hotel and healthcare properties, which in turn, affect their ability to meet debt service and covenant requirements on investment-level debt (non-recourse to the Company) and ability to refinance or extend upcoming maturities (Note 10); flexible lease payment terms sought by tenants; incremental property operating costs such as labor and supplies in response to COVID-19; potential payment defaults on the Company's loans receivable; and a distressed market affecting real estate values in general. Such adverse impact may continue well beyond the containment of the COVID-19 pandemic. Furthermore, the COVID-19 crisis may also lead to heightened risk of litigation at the investment and corporate level, with an ensuing increase in litigation and related costs. The sharp decline and volatility in equity and debt markets, and the economic recession due to COVID-19 have adversely affected the valuation of certain of the Company's financial assets carried at fair value, and also resulted in impairment on certain non-financial assets. Such effects include the determination that the Company's equity method investment in CLNC was other-than-temporarily impaired at June 30, 2020 (Note 6), decreases in fair value of debt securities (Note 6) and loans receivable (Note 12), and impairment of real estate assets in the Company's healthcare, hospitality and other equity and debt segments (Note 4). Additionally, the COVID-19 crisis has reinforced the critical role and the resilience of the digital real estate and infrastructure sector in a global economy that is increasingly reliant on digital infrastructure. Accordingly, in the second quarter of 2020, the Company determined that it would accelerate its shift to a digitally-focused strategy in order to better position the Company for growth. This digital transformation would require a rotation of the Company's non-digital assets into digital-focused investments. As a result, the Company shortened its assumptions of holding periods on its non-digital assets, in particular its hotel and healthcare assets, which significantly reduced the undiscounted future net cash flows to be generated by these assets below their carrying values at June 30, 2020. The shortfall in estimated future net cash flows from these assets was further exacerbated by the negative effects of COVID-19 on property operations and market values, as noted above. As a result, significant impairment was recognized in the second quarter of 2020 on the Company's hotel and healthcare assets. The acceleration of the Company's digital transformation and the overall reduction in value of the Company's non-digital balance sheet also caused a shortfall in the fair value of the Company's other investment management reporting unit over its carrying value, resulting in significant impairment to the other investment management goodwill in the second quarter of 2020 (Note 7). The various impairment and fair value decreases collectively accounted for $2.6 billion of charges in the second quarter of 2020, in addition to an approximately $0.4 billion charge in the first quarter of 2020, of which $2.1 billion and $0.3 billion, respectively, were attributable to the OP. These amounts are reflected within impairment loss, other loss and equity method losses on the statement of operations. The Company believes that it has materially addressed overall recoverability in value across all of its non-digital assets as of June 30, 2020, applying the Company's best estimates and assumptions at this time based upon external factors known to date and the Company's expected digital transformation timeline. If the extent and duration of the economic effects of COVID-19 negatively affect the Company's financial condition and results of operations beyond the Company's current projections, the estimates and assumptions currently applied by the Company may change, which may lead to further impairment and fair value decreases in its non-digital assets that could be material in the future. Cooperation Agreement with Blackwells Capital In March 2020, the Company entered into a cooperation agreement with Blackwells Capital LLC ("Blackwells"), a stockholder of the Company. Pursuant to the cooperation agreement, Blackwells agreed to a standstill in its proxy contest with the Company, and to abide by certain voting commitments, including a standstill with respect to the Company until the expiration of the agreement in March 2030 and voting in favor of the Board of Director’s recommendations until the third anniversary of the agreement. Contemporaneously, the Company and Blackwells entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of CLNY common stock. Distributions to be made through the joint venture arrangement effectively represent a settlement of the proxy contest with Blackwells. At the inception of the arrangement, the fair value of future distributions to Blackwells was estimated at $3.9 million, included in other liabilities on the consolidated balance sheet, and as a settlement loss on the consolidated statement of operations, along with $1.2 million reimbursement of legal costs to Blackwells in March 2020 . The settlement liability is remeasured at fair value each quarter until such time final distributions are made to Blackwells. Refer to Note 12 for further description of the settlement liability.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 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. 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. 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. 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 in December 2019, 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 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 ). Reclassifications Interest receivable, which was included in other assets as of December 31, 2019, has been reclassified to be presented as part of loans receivable to conform to current period presentation. The reclassification did not affect the Company's financial position, results of operations or cash flows. Accounting Standards Adopted in 2020 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as Accounting Standards Codification ("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 available-for-sale ("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 other-than-temporary impairment ("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 of the CECL model for other than temporarily impaired debt securities and purchased credit-impaired assets. The Company adopted the new standard on January 1, 2020. The Company elected the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by $3.3 million . Under the fair value option, the loans receivable are measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in other gain (loss) on the consolidated statement of operations. The loans are no longer subject to evaluation for impairment through an allowance for loan loss as such losses are captured through fair value changes. Additionally, there is no longer an amortization of loan origination fees or discounts on purchased loans as additional interest income. The Company had no debt securities with unrealized loss in accumulated other comprehensive income ("AOCI") at December 31, 2019 and accordingly, there was no impact upon adoption of the new standard. As it relates to the Company's other accounts receivable that are subject to CECL, the effect of adoption was immaterial. The Company reflected the effect of adoption of CECL by its equity method investee, CLNC, through an adjustment to decrease beginning retained earnings by approximately $8.5 million on January 1, 2020, representing the Company's share of CLNC's cumulative effect adjustment. 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 net asset value ("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. The Company adopted ASU No. 2018-13 on January 1, 2020. Related Party Guidance for VIEs 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. The Company adopted ASU No. 2018-17 on January 1, 2020, with no transitional impact upon adoption. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions affected by the transition from interbank offered rates (such as the London Interbank Offered Rate ("LIBOR")) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as the Secured Overnight Financing Rate ("SOFR")). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company has elected to apply the hedge accounting expedients related to probability and assessment of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives, which preserves existing derivative treatment and presentation. The Company may elect other practical expedients or exceptions as applicable over time as reference rate reform activities occur. Future Application of Accounting Standards 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 January 1, 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. Accounting for Convertible Instruments and Contracts on Entity's Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. With respect to convertible instruments, under the new guidance, a convertible debt instrument will be accounted for wholly as debt, and convertible preferred stock wholly as preferred stock, that is, as a single unit of account, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under Topic 815 or (2) a convertible debt instrument that was issued at a substantial premium. Expanded disclosures are required, including, but not limited to, the terms and features of convertible instruments, and information about events, conditions, and circumstances that could affect assessment of the amount or timing of future cash flows related to those instruments. With respect to contracts on an entity's own equity, one of the requirements prescribed by the new guidance is to account for freestanding contracts on an entity’s own equity that do not qualify as equity under Subtopic ASC 815-40 at fair value, with changes in fair value recognized in earnings, irrespective of whether such contracts meet the definition of a derivative in Topic 815. The ASU also amends certain guidance on the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. In calculating diluted earnings per share, the new guidance (1) requires the if-converted method to be applied for all convertible instruments (the treasury stock method is no longer available), and (2) removes the ability to rebut the presumption of share settlement for contracts that may be settled in cash or stock. Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified financial instrument that is a convertible security. In the period of adoption, disclosure is required of (1) the nature of and reason for the change in accounting principle in both the interim and annual period of change, and (2) earnings per share transition information about the effect of the change on affected per-share amounts. Adoption of the new standard may be made either on a full or modified retrospective approach, with cumulative effect adjustment recorded to beginning retained earnings under the latter. ASU No. 2020-06 is effective January 1, 2022, with early adoption permitted in interim periods beginning January 1, 2021. The Company is currently evaluating the impact of this new guidance.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations DBH On July 25, 2019, the Company acquired DBH in a combination of: (a) cash, a portion of which was deferred until the expiration of certain customary seller indemnification obligations and was paid in full in May 2020 (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 acquired the fee streams but not the equity interests 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 Digital Colony Partners fund (“DCP”), 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% 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. 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. During the second quarter of 2020, certain measurement period adjustments were made to the purchase price allocation for DataBank, primarily (i) a reallocation of value to data center service contract intangible asset, (ii) changes in valuation and underlying assumptions pertaining to data center construction and market value of existing data center lease contracts, and (iii) the corresponding effect on deferred tax liabilities. DBH DataBank (In thousands) As Reported June 30, 2020 As Reported December 20, 2019 Measurement Period Adjustments As Reported June 30, 2020 Consideration Cash $ 181,167 $ 182,731 $ — $ 182,731 Deferred consideration 35,500 — — — OP Units issued 111,903 2,962 — 2,962 Total consideration for equity interest acquired 328,570 185,693 — 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — — — $ 379,970 $ 185,693 $ — $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 $ — $ 10,366 Real estate — 847,458 (8,405 ) 839,053 Assets held for sale — 29,114 152 29,266 Intangible assets 153,300 222,455 (2,804 ) 219,651 Other assets 13,008 106,648 2,248 108,896 Debt — (539,155 ) — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) 3,641 (109,587 ) Intangible and other liabilities (16,194 ) (132,480 ) 12,302 (120,178 ) Fair value of net assets acquired 132,722 431,178 7,134 438,312 Noncontrolling interests in investment entities — (724,567 ) — (724,567 ) Goodwill $ 247,248 $ 479,082 $ (7,134 ) $ 471,948 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 in future sponsored funds, 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 an estimated useful life of 10 years . • Other liabilities assumed were primarily deferred revenues and deferred tax liabilities recognized upon acquisition, representing the tax effect on the 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 data center service contracts, customer relationships and trade name. The value of data center service contracts was estimated based upon net cash flows generated from these contracts. 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 market rates and spreads that prevailed at the time of acquisition. • Noncontrolling interests in investment entities were valued based upon their proportionate share of net assets of DataBank at fair value.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate	Real Estate The following table summarizes the Company's real estate held for investment. Real estate held for sale is presented in Note 8 . (In thousands) June 30, 2020 December 31, 2019 Land $ 1,272,269 $ 1,360,435 Buildings and improvements 7,462,712 9,022,971 Tenant improvements 108,929 105,440 Data center infrastructure 633,329 595,603 Furniture, fixtures and equipment 581,285 511,329 Construction in progress 125,702 255,115 10,184,226 11,850,893 Less: Accumulated depreciation (1,196,324 ) (990,375 ) Real estate assets, net (1) $ 8,987,902 $ 10,860,518 __________ (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 (Note 3 ). Real Estate Sales Results from sales of real estate, including discontinued operations (Note 16 ), are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Proceeds from sales of real estate $ 43,276 $ 147,990 $ 170,017 $ 442,657 Gain (Loss) on sale of real estate (4,919 ) 6,624 3,013 58,925 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Six Months Ended June 30, 2020 Asset Acquisitions Various Hotel—France (2) 2 $ 4,609 $ 564 $ 6,763 $ — $ 2,586 $ — $ (5,304 ) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (3) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165 ) $ — October Healthcare—United Kingdom (4) 1 12,376 3,478 9,986 732 — (1,820 ) — Various Light industrial—Various in U.S. (5) 84 1,158,423 264,816 850,550 47,945 — (4,888 ) — $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ — $ (6,873 ) $ — __________ (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) Bids for hotels under receivership were accepted by the French courts in prior years, with the transactions closing in 2020. Amounts include acquisition of hotel operations pursuant to operating leases on real estate owned by third parties. Useful life of real estate acquired is 40 years for buildings, 15 years for site improvements, 7 years for furniture, fixtures, and equipment, and 6 years for right-of-use ("ROU") lease assets. (3) The bulk industrial portfolio was classified as held for sale in June 2019. (4) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (5) The entire light industrial portfolio was sold in December 2019. Depreciation and Impairment The following table summarizes real estate depreciation and impairment. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation of real estate held for investment $ 106,208 $ 92,677 $ 209,513 $ 184,915 Impairment of real estate and related asset group (1) Held for sale 20,061 42,998 27,638 68,181 Held for investment 1,454,199 41,048 1,754,890 41,487 __________ (1) Includes impairment of real estate intangibles of $2.3 million and $9.3 million and right-of-use asset on ground leases of $0.8 million and $13.9 million in the three and six months ended June 30, 2020 , respectively. Impairment of Real Estate Held for Sale Real estate held for sale is carried at the lower of amortized cost or fair value. Real estate carried at fair value totaled $197.8 million at June 30, 2020 and $253.4 million at December 31, 2019 based upon impairments recorded during the six months ended June 30, 2020 and year ended December 31, 2019 , respectively, generally representing Level 3 fair values. Real estate held for sale that was written down 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% . In 2020, the Company also considered the impact of a global economic downturn as a result of COVID-19, specifically as it affects real estate values, and where appropriate, factored in a reduction in potential sales prices, which resulted in additional impairment on real estate held for sale in 2020. Impairment of Real Estate Held for Investment Real estate held for investment that was written down to fair value during the six months ended June 30, 2020 and year ended December 31, 2019 had carrying values totaling $3.7 billion and $355.0 million , respectively, at the time of impairment, representing Level 3 fair values. Impairment was driven by shortened holding period assumptions made in connection with the preparation and review of the financial statements, particularly in the hotel and healthcare portfolios. The shortened holding period assumption is attributable to both the Company's accelerated digital transformation , and the risk that the Company is unable to obtain accommodation from lenders on non-recourse mortgage debt that is in default or at risk of default . The Company's assessment considered various strategic and financial alternatives to maximize the value of its non-digital real estate assets, while also balancing the need to preserve liquidity and prioritize the growth of its digital business. A shortened holding period was an indicator of impairment as it decreased the amount of carrying value recoverable from future cash flows, which was further exacerbated by a decline in property operating performance and market values as a result of the economic effects of COVID-19 . The Company compared the carrying values to the undiscounted future net cash flows expected to be generated by these properties over their holding periods. In performing this analysis, the Company considered the likelihood of possible outcomes under various holding period scenarios by applying a probability-weighted approach to different holding periods. For hotel properties, the Company applied a range of reductions to near term cash flow projections to account for uncertainties due to COVID-19. For properties for which undiscounted expected net cash flows over their respective holding periods fell short of carrying values, the Company expects that the carrying value of these properties would likely not be recoverable. Fair values were estimated for these properties based upon one or a combination of the following: (i) third party appraisals, (ii) broker opinions of value with discounts applied based upon management judgment, (iii) income capitalization approach, using net operating income for each property and applying capitalization rates between 10.0% and 12.0% ; or (iv) discounted cash flow analyses with terminal values determined using terminal capitalization rates between 7.0% and 11.25% , and discount rates between 8.5% and 12.0% . The Company considered the risk characteristics of each property in determining capitalization rates and where applicable, used higher capitalization rates or discount rates to reflect the inherent stress on real estate values in a deteriorating economic environment. Impairment was measured as the excess of carrying value over fair value for each of these properties. As of June 30, 2020 , the Company believes that it has materially addressed overall recoverability in the value of its non-digital real estate assets, applying the Company's best estimates and assumptions at this time based upon external factors known to date and the Company's expected digital transformation timeline. If the extent and duration of the economic effects of COVID-19 negatively affect the Company's real estate operations and its ability to meet its non-recourse mortgage debt obligations beyond the Company's current projections, the estimates and assumptions currently applied by the Company may change, which may lead to further impairment of its non-digital real estate assets, in particular, its healthcare and hospitality assets, that could be material in the future. Property Operating Income Following the acquisition of DataBank in December 2019, lease income includes: (i) fixed lease payments for colocation rent, interconnection services and a committed amount of power in connection with contracted leased space; and (ii) variable payments for additional metered power reimbursements based upon usage at prevailing rates. The Company also earns data center service revenue, primarily composed of cloud services, data storage, data protection, network services, software licensing, and other related information technology services, which are recognized as services are provided; and to a lesser extent, installation services that are recognized at a point in time upon completion of the installation and accompanying services. For the three and six months ended June 30, 2020 and 2019 , components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16 ). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Lease income: Fixed lease income $ 180,067 $ 164,940 $ 362,159 $ 335,354 Variable lease income 16,820 14,891 33,111 31,240 196,887 179,831 395,270 366,594 Hotel operating income 85,735 308,957 300,795 581,092 Data center service revenue 11,194 — 23,167 — $ 293,816 $ 488,788 $ 719,232 $ 947,686 Lease Concessions Related to COVID-19 As a result of the COVID-19 crisis, a number of tenants failed to make rent payments or make timely payments, and some sought more flexible payment terms or rent concessions. Local governments in certain jurisdictions have implemented or are considering implementing programs that permit or require forbearance of rent payments by tenants affected by COVID-19. The Company is currently engaged with affected tenants on a case-by-case basis to evaluate and respond to the current environment. For lease concessions resulting directly from the impact of COVID-19 that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee, for example, where total payments required by the modified contract will be substantially the same as or less than the original contract, the Company made a policy election to account for the concessions as though the enforceable rights and obligations for those concessions existed in the lease contracts, under a relief provided by the FASB. Under the relief, the concessions will not be treated as lease modifications that are accounted for over the remaining term of the respective leases, as the Company believes this would not accurately reflect the temporary economic effect of the concessions. Instead, (i) rent deferrals that meet the criteria will be treated as if no changes were made to the lease contract, with continued recognition of lease income and receivable under the original terms of the contract; and (ii) rent forgiveness that meets the criteria will be accounted for as variable lease payments in the affected periods. The Company has agreed to provide the affected tenants primarily with a deferral of full or partial rent for two to three months , generally with deferred rent to be repaid in monthly installments over periods of four to 18 months . This resulted in an increase in receivables totaling $0.7 million as of June 30, 2020 . All lease income receivable, including straight-line rents, are subject to the Company's policy for evaluation of collectability based upon creditworthiness of the lessee. In certain instances, the Company has also agreed to rent forgiveness, totaling $0.6 million for full year 2020, of which $0.2 million relates to the six months ended June 30, 2020 .

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Receivable	Loans Receivable Effective January 1, 2020, the Company elected the fair value option for all of its outstanding loans receivable under a transitional relief upon adoption of ASC 326. The previous distinction of purchased credit-impaired ("PCI") loans and troubled debt restructurings ("TDR") are not applicable under fair value accounting. Refer to Note 12 for additional disclosures on loans receivable carried at fair value under the fair value option. Loans receivable carried at fair value at June 30, 2020 are as follows: June 30, 2020 ($ in thousands) Unpaid Principal Balance Fair Value Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Mortgage loans $ 1,602,093 $ 672,983 8.2 % 0.8 Mezzanine loans 610,073 348,579 12.6 % 0.7 Non-mortgage loans 182,974 167,583 13.8 % 4.7 2,395,140 1,189,145 Variable rate Mortgage loans 163,911 161,127 3.3 % 0.1 Mezzanine loans 47,815 47,815 12.5 % 1.1 211,726 208,942 Loans receivable $ 2,606,866 $ 1,398,087 Loans receivable carried at amortized cost at December 31, 2019 were as follows: December 31, 2019 ($ in thousands) Unpaid Principal Balance Amortized Cost Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 471,472 $ 492,709 10.7 % 1.6 Mezzanine loans 495,182 494,238 12.6 % 0.6 Non-mortgage loans 149,380 148,623 12.9 % 5.4 1,116,034 1,135,570 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 Mezzanine loans 44,887 44,637 12.7 % 1.6 216,735 216,906 1,332,769 1,352,476 PCI Loans Mortgage loans 1,165,804 248,535 Allowance for loan losses (48,187 ) 1,552,824 Interest receivable 13,504 Loans receivable $ 2,498,573 $ 1,566,328 Past Due and Nonaccrual Loans Loans 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 table below presents the fair value and unpaid principal balance by aging of loans receivable at June 30, 2020 for which fair value option was elected. June 30, 2020 (In thousands) Fair Value Unpaid Principal Balance Fair Value less Unpaid Principal Balance Loans receivable—fair value option Current or less than 30 days past due $ 687,273 $ 679,505 $ 7,768 30-59 days past due — — — 60-89 days past due — — — 90 days or more past due or nonaccrual 710,814 1,927,361 (1,216,547 ) $ 1,398,087 $ 2,606,866 $ (1,208,779 ) The following table provides an aging summary of non-PCI loans at carrying values before allowance for loan losses and interest receivable at December 31, 2019 : (In thousands) December 31, 2019 Non-PCI loans at carrying values before allowance for loan losses Current or less than 30 days past due $ 1,042,260 30-59 days past due — 60-89 days past due — 90 days or more past due or nonaccrual 310,216 $ 1,352,476 For the Three and Six Months Ended June 30, 2019 and as of December 31, 2019 Troubled Debt Restructuring During the three and six months ended June 30, 2019 , there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with concessions in interest rates, payment terms or default waivers. At December 31, 2019 , the Company had one existing TDR loan that was in maturity default with a carrying value before allowance for loan loss and interest receivable of $37.8 million and an allowance for loan loss of $37.8 million . The Company had no additional lending commitment on the 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 at December 31, 2019 : Gross Carrying Value before Interest Receivable (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 The average carrying value and interest income recognized on non-PCI impaired loans for the three and six months ended June 30, 2019 were as follows. (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average carrying value before allowance for loan losses and interest receivable $ 310,914 $ 298,092 Total interest income recognized during the period impaired 1,289 4,292 Cash basis interest income recognized — 447 Purchased Credit-Impaired Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. There were no PCI loans acquired in the six months ended June 30, 2019 . Changes in accretable yield of PCI loans for the six months ended June 30, 2019 were as follows: (In thousands) Six Months Ended June 30, 2019 Beginning accretable yield $ 9,620 Changes in accretable yield 407 Accretion recognized in earnings (5,924 ) Effect of changes in foreign exchange rates (15 ) Ending accretable yield $ 4,088 At December 31, 2019 , there were no PCI loans on the cash basis or cost recovery method for recognition of interest income. Allowance for Loan Losses Allowance for loan losses and related carrying values before interest receivable of loans held for investment at December 31, 2019 were as follows: December 31, 2019 (In thousands) Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 PCI loans 41 17,935 $ 48,187 $ 89,689 Changes in allowance for loan losses for the six months ended June 30, 2019 are presented below. (In thousands) Six Months Ended June 30, 2019 Allowance for loan losses at January 1 $ 32,940 Provision for loan losses, net 18,614 Charge-off (616 ) Allowance for loan losses at June 30 $ 50,938 Provision for loan losses by loan type was as follows: (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Non-PCI loans $ 12,807 $ 12,807 PCI loans 2,196 5,807 Total provision for loan losses, net $ 15,003 $ 18,614 Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At June 30, 2020 , total unfunded lending commitments was $140.6 million , of which the Company's share was $37.9 million , net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

Equity and Debt Investments	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Equity Investments Equity method investments Investment ventures $ 1,448,069 $ 1,845,129 Private funds 182,807 142,386 1,630,876 1,987,515 Other equity investments Marketable equity securities 116,911 138,586 Investment ventures 1,668 91,472 Private funds and non-traded REIT 42,044 38,641 Total equity investments 1,791,499 2,256,214 Debt Securities N-Star CDO bonds, available for sale 32,271 54,859 CMBS of consolidated fund, at fair value 1,678 2,732 Total debt securities 33,949 57,591 Equity and debt investments $ 1,825,448 $ 2,313,805 Equity Investments The Company's equity investments represent noncontrolling equity interests in various entities, including investments for which the Company has elected the fair value option. Equity Method Investments The Company owns a significant interest in CLNC, a publicly-traded REIT that it manages. The Company accounts for its investment under the equity method as it exercises significant influence over operating and financial policies of CLNC through a combination of its ownership interest, its role as the external manager and board representation, but does not control CLNC. 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: ($ in thousands) Carrying Value at Investments (1) Description June 30, 2020 December 31, 2019 Colony Credit Real Estate, Inc. (2) Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (36.4% ownership) $ 336,513 $ 725,443 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020) — 93,390 Preferred equity Preferred equity investments with underlying real estate 140,313 138,428 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 575,555 543,296 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) 179,270 115,055 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 393 21,940 Other investment ventures Interests in 11 investments at June 30, 2020 189,569 127,088 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds 209,263 222,875 $ 1,630,876 $ 1,987,515 __________ (1) 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) CLNC is governed by its board of directors. The Company's role as manager is under the supervision and direction of CLNC's board of directors, which includes representatives from the Company but the majority of whom are independent directors. Significant Sales of Equity Method Investments In February 2020, the Company sold its equity investment in RXR Realty, LLC for net proceeds after taxes of $179.1 million , recording a gain of $106.1 million , which is 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 impairment of $297.0 million and $247.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $297.8 million and $250.4 million for the six months ended June 30, 2020 and 2019 , respectively. Equity method investments that were written down to fair value during the six months ended June 30, 2020 and year ended December 31, 2019 had carrying values totaling $388.8 million and $745.3 million , respectively, at the time of impairment. Impairment charges were generally determined using recoverable values for investments resolved or sold, or investment values based upon projected exit strategies, other than for CLNC as discussed below. CLNC Other-Than-Temporary Impairment ("OTTI") —In the second quarter of 2020 and 2019, the Company determined that its investment in CLNC was other-than-temporarily impaired and recorded an impairment charge, included in equity method losses, of $274.7 million and $227.9 million , respectively. In each case, the OTTI charge was measured as the excess of carrying value over market value of its investment in CLNC based upon CLNC's closing stock price on the last trading day of the quarter of $7.02 per share on June 30, 2020 and $15.50 per share on June 28, 2019. At June 30, 2020 , the Company's investment in CLNC had a carrying value of $611.2 million prior to the OTTI charge, which was in excess of its market value of $336.5 million . In March and April 2020, there was a significant decrease in CLNC's stock price, which reflected the significant volatility in equity markets and the significant decline in equity prices, for mortgage REITs and across industries, due to the COVID-19 crisis. Along with other publicly traded mortgage REITs, CLNC has seen a rebound in its stock price in May and June 2020, but its stock continues to trade below pre-COVID-19 levels. As of June 30, 2020, there was not a large disparity between the Company's carrying value in CLNC and CLNC's internal estimated NAV. Nevertheless, with increasing uncertainty over the extent and duration of the COVID-19 crisis, and the timeline for a recovery in the U.S economy, the Company believes that it is unlikely that the CLNC stock will recover and trade closer to its NAV in the near term. Accordingly, the Company also believes that it would be unlikely that the shortfall in market value relative to carrying value of its investment in CLNC would recover in the near term. As a result, the Company recognized an other-than-temporary impairment on its investment in CLNC. Basis Difference —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 three and six months ended June 30, 2020 , the Company reduced its share of net loss from CLNC by $8.7 million and $27.9 million , respectively, representing the basis difference allocated to non-strategic assets realized by CLNC during these periods. The remaining basis difference at June 30, 2020 was $58.9 million . The impairment charge on its investment in CLNC in June 2020 will establish additional basis difference moving forward. Other Equity Investments Other equity investments 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 primarily in the U.S. and to a lesser extent, in Europe, and predominantly in the digital real estate and telecommunication sectors. Investment Ventures —In April 2020, the Company recapitalized its co-investment venture, which holds common equity in the Albertsons supermarket chain, and reduced its interest in the venture from 50% to 2% , generating total proceeds of $148.5 million and realizing a gain of $60.7 million to the venture, of which the Company's share is 50% . The interest recapitalized by the venture entitles the Company and its original co-investors to potential future profit allocation, which takes the form of an allocation of returns from the venture in excess of a minimum return threshold achieved by the new venture partner. The potential future profit allocation, of which the Company shares in 49% , is assigned a fair value each reporting period assuming a liquidation of the venture as of the reporting date. Such fair value may fluctuate over time based upon achievement of the minimum return threshold. Additionally, a portion of the venture's interest in Albertsons was monetized in conjunction with Albertsons' recapitalization and subsequent initial public offering in June 2020. The Company's remaining equity interest in the venture is valued based upon the publicly traded stock price of Albertsons Companies, Inc. ("ACI"), adjusted for liquidity restrictions attributable to lock-up provisions on the venture's holdings in ACI. 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 (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 June 30, 2020 , the Company’s share of these commitments was $49.7 million . Private Funds— At June 30, 2020 , the Company has unfunded commitments of $228.6 million to Company sponsored and third party sponsored funds. Debt Securities The Company's investment in debt securities is composed of available-for-sale N-Star CDO bonds and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company which is currently in liquidation. The CMBS held by the sponsored investment company were sold and liquidating distributions were made subsequent to June 30, 2020 . 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. Amortized Cost Without Allowance for Credit Loss Allowance for Credit Loss Gross Cumulative Unrealized (in thousands) Gains Losses Fair Value June 30, 2020 $ 46,922 $ (22,229 ) $ 7,578 $ — $ 32,271 December 31, 2019 46,002 NA 8,857 — 54,859 There were no sales of N-Star CDO bonds during the six months ended June 30, 2020 and year ended December 31, 2019 . At June 30, 2020 , the N-Star CDO bonds have contractual maturity ranging from approximately 17 to 21 years, and expected maturity of 7 months to 3.5 years based upon expected cash flows. Impairment of AFS Debt Securities AFS debt securities are considered to be impaired if their fair value is less than their amortized cost basis. • If the Company intends to sell or is more likely than not required to sell the debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings within other gain (loss) as a write-off of the amortized cost basis of the debt security. • If the Company does not intend to sell or is not more likely than not required to sell the debt security before recovery of its amortized cost: • Upon adoption of CECL effective January 1, 2020, the credit component of the loss is recognized in earnings within other gain (loss) as an allowance for credit loss, which may be subject to reversal for subsequent recoveries in fair value. The non-credit loss component is recognized in other comprehensive income or loss ("OCI"). The allowance is charged off against the amortized cost basis of the security if in a subsequent period, the Company intends to or is more likely than not required to sell the security, or if the Company deems the security to be uncollectible. • Prior to adoption of CECL on January 1, 2020, the Company evaluated if the decline in fair value is other than temporary, in which case, the credit loss component was recognized in earnings as a write-off of the amortized cost basis of the debt security that is not subject to subsequent reversal. The non-credit loss component was recognized in OCI. If the impairment is not other-than-temporary, the entire unrealized loss is recognized in OCI. For the three and six months ended June 30, 2020 , the Company recorded allowance for credit loss in other loss of $21.4 million and $22.2 million , respectively. The credit loss was determined based upon an analysis of the present value of contractual cash flows expected to be collected from the underlying collateral as compared to the amortized cost basis of the security. At June 30, 2020 , there were no AFS debt securities in unrealized loss positions without allowance for credit loss. For both three and six months ended June 30, 2019 , the Company recorded OTTI loss on AFS debt securities of $0.7 million in other loss. The losses were due to an adverse change in expected cash flows on N-Star CDO bonds. The Company believed that it was not likely that it would recover the full amortized cost on these securities, primarily based upon the performance and value of the underlying collateral. At December 31, 2019 , there were no AFS debt securities with unrealized loss in AOCI.

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	6 Months Ended
	Jun. 30, 2020
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 carrying value of goodwill. Six Months Ended June 30, (In thousands) 2020 2019 Beginning balance $ 1,452,891 $ 1,514,561 Business combination (Note 3) (1) (7,134 ) — Impairment (594,000 ) — Ending balance $ 851,757 $ 1,514,561 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. In the first quarter of 2020, $51.0 million of goodwill was reassigned from the other investment management segment to the digital reportable segment to reflect the value associated with certain existing investment vehicles that were repurposed to execute an investment strategy focused on the digital sector, as well as a team of professionals dedicated to the strategy. The amount that was reassigned to the digital segment was determined based upon the fair value of this digital strategy platform relative to the overall other investment management goodwill balance prior to the reassignment. Goodwill balance by reportable segment is as follows. (In thousands) June 30, 2020 December 31, 2019 Balance by reportable segment: Digital (1) $ 770,196 $ 726,330 Other investment management 81,561 726,561 $ 851,757 $ 1,452,891 __________ (1) At June 30, 2020 and December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes. Impairment of Goodwill Digital —The Company believes that the current shift and increased reliance on a digital economy positions the Company's digital real estate and digital investment management business for further growth. Therefore, the Company determined that there were no indicators of impairment on goodwill in the digital reportable segment. Other Investment Management —In connection with the review and preparation of the financial statements, the Company determined that the deterioration in economic conditions as a result of COVID-19 and the Company's acceleration of its digital transformation in the second quarter of 2020 represent indicators of impairment to its other investment management goodwill. Accordingly, 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 March 31, 2020 and at June 30, 2020 exceeded its estimated fair value at each balance sheet date. As a result, the Company recognized impairment loss on its other investment management goodwill of $79.0 million and $515.0 million in the first and second quarters of 2020, respectively. Valuation of the other investment management reporting unit contemplated a transition from certain of the Company's non-digital management business to a digitally-focused investment management business beginning in the fourth quarter of 2019. As discussed in Note 1, the Company determined in the second quarter of 2020 that it would accelerate the transition and focus on growing its digital investment management business. Consequently, as of June 30, 2020 , the Company did not ascribe any value to future capital raising potential of the other investment management reporting unit, which represents the credit and opportunity fund management business, as it is no longer part of the Company's long-term strategy. Regarding the CLNC management contract, the COVID-19 crisis has caused the Company to postpone its plan to sell the contract. At June 30, 2020 , the contract is valued based upon its contractual termination value, which the Company believes approximates fair value. As previously discussed, the acceleration of a digital strategy, combined with the negative economic effects of COVID-19 on property operations and market values in 2020, resulted in significant reduction in value of the Company's non-digital balance sheet. Such reduction in turn translated into a significant decrease in value of the other investment management reporting unit. The Company had previously 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. Under current circumstances, the Company determined that as of June 30, 2020 , the hypothetical contract would have inconsequential, if any, remaining value to a market participant, and wrote off the value of internally managing its non-digital balance sheet. The remaining balance of the goodwill in the other investment management segment of $81.6 million as of June 30, 2020 is expected to be fully written off in the near future when a runoff of the credit management business is substantially completed. 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. June 30, 2020 December 31, 2019 (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) $ 403,826 $ (158,178 ) $ 245,648 $ 425,106 $ (123,686 ) $ 301,420 Investment management intangibles (3) 285,233 (114,393 ) 170,840 285,233 (96,466 ) 188,767 Customer relationships (4) 73,400 (3,296 ) 70,104 71,000 (250 ) 70,750 Trade names (5) 39,601 (2,380 ) 37,221 39,600 (185 ) 39,415 Other (6) 48,565 (7,157 ) 41,408 41,211 (2,710 ) 38,501 Total deferred leasing costs and intangible assets $ 850,625 $ (285,404 ) $ 565,221 $ 862,150 $ (223,297 ) $ 638,853 Intangible Liabilities Lease intangible liabilities (2) $ 158,862 $ (71,667 ) $ 87,195 $ 174,208 $ (62,724 ) $ 111,484 __________ (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 (Note 3 ). 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. (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 DataBank data center service contracts and hotel franchise agreements which are amortized over the term of the respective contracts or agreements, and value of certificates of need associated with certain healthcare portfolios which are not amortized. Impairment of Identifiable Intangible Assets An investment management contract that was written down to fair value during the year ended December 31, 2019 had a carrying value of $62.4 million at the time of impairment. The fair value of the intangible asset was based upon revised future net cash flows to be generated over the remaining life of the contract, representing Level 3 fair value. Other than real estate intangibles which were impaired as part of the real estate asset group as discussed in Note 4 , there were no impairments of identifiable intangible assets in the three and six months ended June 30, 2020 and 2019 . 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 ): Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Net increase to rental income (1) $ 370 $ 1,838 $ 3,724 $ 3,741 Amortization expense Deferred leasing costs and lease intangibles $ 11,189 $ 7,874 $ 31,278 $ 16,545 Investment management intangibles 8,902 6,075 17,923 13,902 Customer relationships 1,572 836 3,046 1,672 Trade name 1,098 — 2,196 — Other 4,169 402 4,455 654 $ 26,930 $ 15,187 $ 58,898 $ 32,773 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives. 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) Remaining 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 2,867 $ 6,444 $ 6,077 $ 6,803 $ (5,634 ) $ (10,478 ) $ 6,079 Amortization expense 48,499 80,318 62,220 51,208 47,109 152,785 442,139

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Assets Restricted cash $ 4,921 $ 15,585 Real estate, net 652,040 799,415 Deferred leasing costs and intangible assets, net 29,899 33,236 Other assets 18,357 21,816 Total assets held for sale $ 705,217 $ 870,052 Liabilities Debt, net $ 233,394 $ 232,944 Lease intangibles and other liabilities, net 28,397 35,208 Total liabilities related to assets held for sale $ 261,791 $ 268,152 Assets and Liabilities Related to Discontinued Operations At June 30, 2020 and December 31, 2019 , the bulk industrial portfolio remained held for sale, with assets consisting primarily of real estate and related intangibles totaling $370.0 million and $372.0 million , respectively, and liabilities consisting primarily of debt totaling $235.6 million and $235.0 million In 2020, discontinued operations represent (i) results of operations of the bulk industrial portfolio; and (ii) in the second quarter of 2020, final adjustments to proceeds from the December 2019 sale of the light industrial portfolio upon release of escrowed funds, which resulted in a net loss of $7.4 million, including a corresponding effect on carried interest and related compensation. In 2019, discontinued operations encompassed predominantly results of the light industrial portfolio and the related management platform prior to its sale in December 2019 , and included (i) direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from general partner interest in the industrial open-end fund, predominantly carried interest, and compensation related to carried interest sharing, all of which were previously reported under the investment management segment. Noncontrolling interests in investment entities in 2019 also included the interests of all limited partners in the industrial closed-end and open-end funds. Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues Property operating income $ 4,924 $ 91,741 $ 10,303 $ 172,973 Fee income — 2,978 — 5,449 Interest and other income 56 1,228 73 2,368 Revenues from discontinued operations 4,980 95,947 10,376 180,790 Expenses Property operating expense 1,392 25,669 2,865 48,007 Interest expense 1,718 19,726 4,124 34,352 Investment and servicing expense — 8 — 538 Depreciation and amortization 642 45,360 1,275 84,805 Compensation expense—cash and equity-based (1) — 3,680 82 6,339 Compensation expense—carried interest (524 ) 561 (524 ) 340 Administrative expenses 301 1,386 633 3,016 Expenses from discontinued operations 3,529 96,390 8,455 177,397 Other income (loss) Gain (loss) on sale of real estate (7,787 ) 547 (7,787 ) 23,395 Other gain (loss), net (2 ) (49 ) 2 (57 ) Equity method losses, including carried interest (164 ) (173 ) (164 ) (644 ) Income (loss) from discontinued operations before income taxes (6,502 ) (118 ) (6,028 ) 26,087 Income tax expense — (386 ) — (298 ) Income (loss) from discontinued operations (6,502 ) (504 ) (6,028 ) 25,789 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (4,799 ) 674 (4,629 ) 17,983 Noncontrolling interests in Operating Company (169 ) (71 ) (139 ) 474 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,534 ) $ (1,107 ) $ (1,260 ) $ 7,332 __________ (1) Included equity-based compensation of $0.7 million and $1.4 million for the three and six months ended June 30, 2019

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2020
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Restricted Cash, Other Assets and Other Liabilities	Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: (In thousands) June 30, 2020 December 31, 2019 Capital expenditures reserves (1) $ 36,779 $ 89,901 Real estate escrow reserves (2) 33,811 38,326 Borrower escrow deposits 7,327 8,079 Lender restricted cash (3) 46,722 41,591 Other 20,590 26,026 Total restricted cash $ 145,229 $ 203,923 __________ (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 operating cash from the Company's investment properties that are restricted by lenders in accordance with respective debt agreements. Other Assets The following table summarizes the Company's other assets: (In thousands) June 30, 2020 December 31, 2019 Straight-line rents $ 45,061 $ 37,352 Hotel-related deposits and reserves (1) 17,718 18,065 Investment deposits and pending deal costs 33,876 32,994 Deferred financing costs, net (2) 3,158 2,794 Derivative assets (Note 11) 4,933 21,386 Prepaid taxes and deferred tax assets, net 52,591 82,344 Receivables from resolution of investments (3) 3,836 63,984 Operating lease right-of-use asset, net 200,854 220,560 Accounts receivable, net (4) 72,572 83,723 Prepaid expenses 32,004 30,761 Other assets 31,148 30,413 Fixed assets, net (5) 29,558 44,768 Total other assets $ 527,309 $ 669,144 __________ (1) Represents reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment ("FF&E") expenditures and to a lesser extent, working capital deposits. Funding of FF&E reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $6.4 million at June 30, 2020 and $2.8 million at December 31, 2019 . (5) Reflects impairment of $12.3 million on the corporate aircraft in the second quarter of 2020 to estimated recoverable value based upon a shortened holding period. Deferred Tax Asset Valuation Allowance —During the six months ended June 30, 2020 , there was a net increase in valuation allowance of $42.4 million , primarily as a result of uncertainties in future realization of tax benefit on net operating losses in the hospitality and healthcare segments, taking into consideration the impairment of assets in these segments. At June 30, 2020 , total valuation allowance was $70.3 million . Impact of CARES Act —The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. Among other things, the CARES Act temporarily removed the 80% limitation on the amount of taxable income that can be offset with a net operating loss (“NOL”) for 2019 and 2020, and allowed for a carryback of NOL generated in years 2018 through 2020 to the five taxable years preceding the taxable year of loss. The Company has approximately $28.1 million of NOL available for carryback under the CARES Act and recorded $3.3 million of income tax benefit to reflect the carryback. The Company also reclassified $8.8 million of deferred tax asset to current tax receivable as of June 30, 2020 , which reflects refunds received in July 2020 or expected to be received in the next twelve months as a result of the carryback. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2020 December 31, 2019 Tenant security deposits and payable $ 15,719 $ 15,293 Borrower escrow deposits 7,327 9,903 Deferred income (1) 33,787 32,318 Interest payable 63,972 38,487 Derivative liabilities (Note 11) 94,677 127,531 Current and deferred income tax liability 195,278 222,206 Operating lease liability 178,000 181,297 Accrued compensation 48,115 83,351 Accrued carried interest and incentive fee compensation 230 50,360 Accrued real estate and other taxes 42,967 39,923 Accounts payable and accrued expenses 131,047 143,852 Other liabilities 58,828 71,377 Total accrued and other liabilities $ 869,947 $ 1,015,898 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, and deferred management fees, primarily from digital investment vehicles. Deferred management fees totaling $17.7 million at June 30, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.5 years and 1.2 years , respectively. Deferred management fees recognized as income of $6.6 million and $0.4 million in the three months ended June 30, 2020 and 2019 , respectively, and $8.7 million and $0.7 million in the six months ended June 30, 2020 and 2019

Debt

Debt	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Debt at amortized cost Principal $ 400,000 $ 616,105 $ 8,081,302 $ 280,117 $ 9,377,524 Premium (discount), net — 2,011 (14,569 ) (77,795 ) (90,353 ) Deferred financing costs — (3,078 ) (72,979 ) — (76,057 ) $ 400,000 $ 615,038 $ 7,993,754 $ 202,322 $ 9,211,114 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 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $449.7 million at June 30, 2020 and $515.6 million at December 31, 2019 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about debt carried at amortized cost. For information as of June 30, 2020 , weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the date of this filing, and the extension option is at the Company’s discretion. The Company is providing the updated information even if extension criteria had been met as of June 30, 2020 given the post period defaults as described below. For information as of December 31, 2019, weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of December 31, 2019 and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) June 30, 2020 Recourse Corporate credit facility $ — N/A N/A $ 400,000 2.69 % 1.5 $ 400,000 2.69 % 1.5 Convertible and exchangeable senior notes (1) 616,105 4.27 % 1.5 — N/A N/A 616,105 4.27 % 1.5 Junior subordinated debt (2) — N/A N/A 280,117 3.17 % 15.9 280,117 3.17 % 15.9 Secured debt (3) 33,949 5.02 % 5.4 — N/A N/A 33,949 5.02 % 5.4 650,054 680,117 1,330,171 Non-recourse Secured debt Digital — N/A N/A 515,007 5.47 % 4.4 515,007 5.47 % 4.4 Healthcare 404,423 4.55 % 4.6 2,518,019 3.78 % 3.7 2,922,442 3.88 % 3.9 Hospitality 14,271 12.74 % 0.1 2,653,103 3.23 % 0.8 2,667,374 3.29 % 0.8 Other Real Estate Equity 153,204 4.23 % 2.8 1,569,030 3.11 % 1.3 1,722,234 3.21 % 1.5 Real Estate Debt — N/A N/A 220,296 3.46 % 1.7 220,296 3.46 % 1.7 571,898 7,475,455 8,047,353 $ 1,221,952 $ 8,155,572 $ 9,377,524 December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes (1) 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt (2) — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (3) 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 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 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 __________ (1) The 5.375% exchangeable senior notes represent an obligation of a subsidiary of NRF as the issuer. The exchangeable notes may be exchanged for cash, Colony Capital, Inc.'s common stock or a combination thereof, at the issuer's election, as described further below. (2) Represents an obligation of NRF as the junior subordinated debt was issued by certain subsidiaries of NRF, as described further below. Accordingly, Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, are not guarantors on the junior subordinated debt. (3) The fixed rate recourse debt is secured by the Company's aircraft. (4) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date. (5) 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 as described above. Non-Recourse Investment-Level Debt in Default The Company has investment-level debt, which is non-recourse to the Company, with aggregate outstanding principal of $7.5 billion in the hospitality, healthcare and other equity and debt segments at June 30, 2020 . Of this amount, $3.28 billion , based on outstanding balance at June 30, 2020 , was in default as of the date of this filing. The majority of the defaulted debt was in the hospitality segment and the THL Hotel Portfolio in the other equity and debt segment for a combined total of $3.03 billion as a result of the economic fallout from COVID-19. The Company received notices of acceleration with respect to defaulted debt of $780.0 million in the hospitality segment and $842.7 million related to the THL Hotel Portfolio. The $780.0 million accelerated debt in the hospitality segment is secured by a portfolio of 48 hotels, and receivers have been or are expected to be appointed for all of these assets. In connection with the remaining defaulted hotel debt, the Company continues to be in active negotiations with the respective lenders or servicers to execute or extend forbearances, execute debt modifications, including extension of upcoming maturities in 2020, or make other arrangements, as appropriate. The remaining $482.4 million of debt in the hospitality segment was not in default. Other defaulted debt is composed of $203.0 million in the healthcare segment and $51.7 million in the other equity and debt segment based on outstanding balance at June 30, 2020 ( $235.6 million in total across both segments at December 31, 2019 ), the majority of which was in default prior to the COVID-19 crisis. In August 2020, the Company indirectly conveyed the equity of certain of its healthcare borrower subsidiaries, comprising 36 assets in its senior housing operating portfolio and $157.9 million of the aforementioned defaulted healthcare debt (based on outstanding balance at June 30, 2020 ), to an affiliate of the lender, which released the Company from all rights and obligations with respect to those healthcare assets and corresponding debt. In connection with the remaining defaulted debt in the healthcare segment of $45.1 million and also in the other equity and debt segment, the Company is negotiating with its lenders to restructure the debt or make other arrangements, as appropriate. There can be no assurance that the Company will be successful in any of the negotiations with its lenders or servicers with respect to the aforementioned non-recourse investment level debt that is in default. Corporate Credit Facility On June 29, 2020, the OP entered into the Fourth Amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of January 10, 2017 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent, and the several lenders from time to time party thereto. The Amendment modified the aggregate amount of revolving commitments available under the Credit Agreement to $500 million (previously $750 million ). The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options (representing no change to the overall term due to the Amendment), each subject to a fee of 0.10% of the commitment amount upon exercise. In the event that the Company exercises its first extension option, the aggregate amount of revolving commitments available under the Credit Agreement will be reduced to $400 million on March 31, 2021. Pursuant to the Amendment, advances under the Credit Agreement accrue interest at a per annum rate equal to, at the Company’s election, either LIBOR plus a margin of 2.50% (previously 2.25% ), or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.50% (previously 1.25% ). In the event that the OP exercises the first extension option, the foregoing rates will be permanently increased by 0.25% for periods from and after January 11, 2021. Unused amounts under the credit facility accrue a per annum commitment fee of 0.35% . The maximum amount available to be drawn at any time under the credit facility 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). In connection with the Amendment, the Company paid down $200 million of the $600 million previously drawn and outstanding on the credit facility and in July 2020, fully repaid all outstanding amounts. As of the date of this filing, the full $500 million is available to be drawn under the facility. The Amendment provided for modifications to the financial covenants and the borrowing base including, among other things: exclusion of certain non-recourse debt and related assets in the calculation of certain financial ratios (such assets, the “Specified Excluded Assets”), exclusion of EBITDA and fixed charges of Specified Excluded Assets in the calculation of the OP’s fixed charge coverage ratio, which must exceed 1.3 to 1.0 , reduction of the minimum tangible net worth covenant from $4.55 billion to $1.74 billion , which must exclude the net worth of Specified Excluded Assets, and modification to the borrowing base to increase capacity for digital investment management and include digital infrastructure investments. As of June 30, 2020 and through the date of this filing, the Company was in compliance with all of the financial covenants. The Credit Agreement also contains various additional 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. Further, as a result of modifications to the permitted investments and restricted payment provisions in the Amendment, during the term of the Credit Agreement, the Company is prohibited from, among other things, (i) making any investments other than (A) investments in digital infrastructure assets and (B) pre-existing obligations and protective investments in existing assets to preserve, administer or otherwise realize on such investment, (ii) repurchasing capital stock of the Company and (iii) paying dividends, other than for (A) paying dividends to maintain the Company’s status as a REIT, (B) reducing the payment of income taxes and (C) paying dividends on the Company’s preferred equity. Certain 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 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 The convertible senior notes and the 5.375% exchangeable senior notes were issued by Colony Capital, Inc. and by a subsidiary of NRF, respectively, representing senior unsecured obligations that are guaranteed on a senior unsecured basis by their respective issuers. Convertible and exchangeable senior notes issued by the Company and outstanding as of June 30, 2020 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 June 30, 2020 December 31, 2019 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, Colony Capital, Inc's common stock or a combination thereof, at the issuer'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 issuer to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. Issuance of Exchangeable Notes and Repurchase of Convertible Notes In July 2020, the OP issued $300.0 million of exchangeable notes with maturity in July 2025, bearing interest at 5.75% per annum, and exchangeable into shares of the Company's class A common stock at an initial exchange rate equal to 434.7826 shares of common stock per $1,000 principal amount of notes, equivalent to an exchange price of approximately $2.30 per share. The initial exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. Net proceeds from this issuance, after deducting underwriting discounts, commissions and offering expenses, were $291.0 million , which were applied to partially repurchase $289.7 million of the outstanding principal of the 3.875% convertible notes for total purchase price of $289.2 million , including accrued and unpaid interest. Secured Debt These are primarily investment level financing, which are non-recourse to the Company, and secured by underlying commercial real estate and mortgage loans receivable. Junior Subordinated Debt A subsidiary of the Company (the “Issuer”) assumed certain junior subordinated debt 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"). As Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, are not issuers of the junior subordinated debt, neither are obligors nor guarantors on the junior subordinated debt and TruPS. The Issuer may redeem the Junior Notes at par, in whole or in part, for cash, after five years . To the extent the Issuer 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 Issuer has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes issued to NorthStar Realty Finance Trust I through III 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.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2020
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 are as follows: June 30, 2020 December 31, 2019 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ — $ 990 $ 990 $ 15,307 $ 1,271 $ 16,578 Interest rate contracts 72 309 381 78 237 315 Performance swaps — 3,562 3,562 — 4,493 4,493 Included in other assets $ 72 $ 4,861 $ 4,933 $ 15,385 $ 6,001 $ 21,386 Derivative Liabilities Foreign exchange contracts $ — $ — $ — $ 8,134 $ 2,482 $ 10,616 Forward contracts — 94,677 94,677 — 116,915 116,915 Included in accrued and other liabilities $ — $ 94,677 $ 94,677 $ 8,134 $ 119,397 $ 127,531 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit, included in other assets, of $12.8 million and $10.0 million at June 30, 2020 and December 31, 2019 , respectively, all of which related to the forward contracts and performance swaps discussed below. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts and certain key terms of non-designated foreign exchange contracts in place at June 30, 2020 : Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates EUR Put options € 336,000 Min $0.95 / Max $1.00 November 2020 to May 2022 GBP Put options £ 64,000 Min $1.05 / Max $1.10 November 2020 to May 2021 The Company’s foreign denominated net investments in subsidiaries or joint ventures were €491.8 million and £267.6 million , or a total of $0.9 billion at June 30, 2020 , and €517.9 million and £275.5 million , or a total of $0.9 billion at December 31, 2019 . The Company enters into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Prior to the second quarter of 2020, the Company utilized primarily (i) forward contracts whereby the Company agreed to sell an amount of foreign currency for an agreed upon amount of U.S. dollars and (ii) costless collars consisting of caps and floors, which consisted of a combination of currency options with single date expirations. Both types of hedging strategies were designated as net investment hedges. During the second quarter of 2020, the Company unwound all of its existing foreign currency hedges and entered into foreign currency put options with upfront premiums whereby the Company gains protection against foreign currency weakening below a specified level. The put options are set to expire in increments according to the Company's expected monetization timeframe of the hedged investments, but the notional amounts are not identifiable to specific investments. Accordingly, the put options are not designated for hedge accounting purposes. Designated Net Investment Hedges 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Designated net investment hedges: Realized gain transferred from AOCI to earnings $ — $ 786 $ — $ 1,026 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 and on non-designated foreign exchange contracts are recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Dedesignated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (17 ) $ 19 $ 1,485 $ (400 ) Non-designated foreign exchange contracts: Unrealized gain (loss) in earnings (776 ) — (776 ) — 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 June 30, 2020 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 4,674,004 1-Month LIBOR 3.0% - 5.70% July 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 £ — £ 355,277 3-Month GBP LIBOR 1.5% - 2.25% November 2020 to October 2022 The following table summarizes amounts recorded in the income statements related to interest rate contracts. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Interest expense on designated interest rate contracts (1) $ 4 $ — $ 6 $ — Realized and unrealized gain (loss), net on non-designated interest rate contracts (2) (105 ) (89,610 ) 74 (149,136 ) __________ (1) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable rate debt. (2) For the three and six months ended June 30, 2019 , amounts include unrealized loss of $86.9 million and $146.1 million , respectively, on a $2.0 billion notional forward starting swap assumed through the Merger, which was settled at the end of 2019. Forward Contracts and Performance Swaps The Company has an equity investment in a third party managed real estate mutual fund, accounted for as marketable equity securities carried at fair value. The Company had previously entered into a series of forward contracts on its shares in the mutual fund in an aggregate notional amount of $100 million , equal to its initial investment in the fund, and concurrently, entered into a series of swap contracts with the same counterparty to pay the return of the Dow Jones U.S. Select REIT Total Return Index. The Company settled the forwards and swaps in cash upon expiration in January 2020, realizing a gain of $5.8 million . In January 2020, the Company entered into another series of forward and swap contracts with similar terms to the previous transaction. The forward contracts have a combined notional amount of $119 million and expire in January 2021, to be settled in cash or through delivery of the mutual fund shares at the election of the Company. The new forward and swap transactions required an initial combined collateral deposit of $14.3 million , subject to daily net settlements in net fair value changes in excess of a predetermined threshold. The forwards and swaps are not designated as hedges for accounting purposes. All realized and unrealized gains (losses) are recorded in other gain (loss) as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Realized and unrealized gain (loss), net on derivatives: Forward contracts $ (10,807 ) $ (1,089 ) $ 22,238 $ (12,373 ) Performance swaps 3,414 948 4,874 3,570 Unrealized gain (loss) on marketable equity securities held at period end: Real estate mutual fund 10,842 1,084 (22,273 ) 12,909 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 June 30, 2020 Derivative Assets Foreign exchange contracts $ 990 $ — $ — $ 990 Interest rate contracts 381 — — 381 Performance swaps 3,562 (3,562 ) — — $ 4,933 $ (3,562 ) $ — $ 1,371 Derivative Liabilities Forward contracts $ (94,677 ) $ 3,562 $ 12,752 $ (78,363 ) 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 contracts (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 )

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
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 that is prioritized based upon 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2020 Assets Marketable equity securities $ 116,911 $ — $ — $ 116,911 AFS debt securities — — 32,271 32,271 CMBS of consolidated fund — 1,678 — 1,678 Other assets—derivative assets — 4,933 — 4,933 Fair Value Option: Loans receivable — — 1,398,087 1,398,087 Equity method investments — — 209,263 209,263 Liabilities Other liabilities—settlement liability — — 9,148 9,148 December 31, 2019 Assets Marketable equity securities $ 138,586 $ — $ — $ 138,586 AFS debt securities — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Fair Value Option: Equity method investments — — 222,875 222,875 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330 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 in July 2017 of a portfolio of limited service hotels ("THL Hotel Portfolio"), 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. The contingent consideration is measured based upon the probability of the former preferred equity holder receiving such payment, classified as Level 3 fair value. At June 30, 2020 , the contingent consideration liability was determined to have zero value as it was no longer probable that such payment would be made following the adverse effect of COVID-19 on the operations and performance of the THL Hotel Portfolio. The liability, valued at $9.3 million at December 31, 2019 , was written off in the second quarter of 2020 as a gain, recorded in other gain (loss) on the consolidated statements of operations. Other Liabilities — Settlement Liability As discussed in Note 1 , in connection with the cooperation agreement entered into with Blackwells in March 2020, the Company and Blackwells contemporaneously entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of the Company's class A common stock. Pursuant to the arrangement, the Company contributed its class A common stock, valued at $14.7 million by the venture, and Blackwells contributed $1.47 million of cash that was then distributed to the Company, resulting in a net capital contribution of $13.23 million by the Company in the venture. All of the class A common stock held in the venture had been repurchased by the Company in March 2020 (Note 14 ). Blackwells may cause the arrangement to be dissolved and all underlying assets distributed at any time, and the Company may do the same after three years. Distributions to be made through the joint venture arrangement effectively represent a settlement of the proxy contest with Blackwells. At the inception of the arrangement, the fair value of future distributions to Blackwells was estimated at $3.9 million, included in other liabilities on the consolidated balance sheet, and as a settlement loss on the consolidated statement of operations, along with $1.2 million reimbursement of legal costs to Blackwells in March 2020 . The settlement liability is a fair value measure of the disproportionate allocation of future profits distribution to Blackwells pursuant to the joint venture arrangement. Such profits will be derived from dividend payments and any appreciation in value of the Company's class A common stock, allocated between the Company and Blackwells based upon specified return hurdles. The profits distribution is payable in cash, the Company's class A common stock or a combination of both at the Company's election. The settlement liability, classified as a Level 3 fair value, is measured using a Monte Carlo simulation under a risk-neutral premise, assuming that the final distribution occurs at the end of the third year in March 2023, and is remeasured at each reporting period. At June 30, 2020 , the settlement liability was valued at $9.1 million , applying the following assumptions: (a) expected volatility of the Company's class A common stock of 72.6% based upon a combination of historical and implied volatility of the Company's class A common stock; (b) zero expected dividend yield given the Company's suspension of its common stock dividend for the second quarter of 2020; and (c) risk free rate of 0.17% per annum based upon a compounded zero-coupon U.S. Treasury yield. The settlement liability increased $5.3 million from inception to June 30, 2020 , recorded as other loss on the consolidated statement of operations. Fair Value Option Loans Receivable Effective January 1, 2020, the Company elected the fair value option for all of its outstanding loans receivable. Loans receivable consist of mortgage loans, mezzanine loans and non-mortgage 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 and/or value of the underlying collateral. 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. Level 3 Recurring Fair Value Measurements Quantitative information about recurring Level 3 fair value assets, 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 (2) Financial Instrument Fair Value (In thousands) Weighted Average (1) (Range) June 30, 2020 AFS debt securities $ 32,271 Discounted cash flows Discount rate 28.4% Decrease Fair Value Option: Loans receivable 1,368,087 Discounted cash flows Discount rate 12.9% Decrease Loans receivable 30,000 Transaction price (5) N/A N/A N/A Equity method investments—third party private equity funds 3,144 NAV (3) N/A N/A N/A Equity method investments—other 17,816 Discounted cash flows Discount rate 13.8% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 4.1x (4) Equity method investments—other 163,303 Transaction price (5) N/A N/A N/A December 31, 2019 AFS debt securities $ 54,859 Discounted cash flows Discount rate 22.3% Decrease Fair Value Option: Equity method investments—third party private equity funds 5,391 NAV (3) 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 (4) Equity method investments—other 173,910 Transaction price (5) N/A N/A N/A __________ (1) Weighted average discount rates are calculated based upon undiscounted cash flows. (2) 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. (3) Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management. (4) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (5) Valued based upon transaction price of investments recently acquired or offer prices on loans, 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 assets, including realized and unrealized gains (losses) included in other gain (loss) on the consolidated statement of operations and in AOCI. Fair Value Option (In thousands) AFS Debt Securities Loans Receivable Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ — $ 81,085 Purchases, contributions and accretion 3,267 — 102,273 Paydowns, distributions and sales (5,582 ) — (8,005 ) Realized and unrealized gains (losses) in earnings, net (667 ) — 1,946 Other comprehensive income 1,297 — — Fair value at June 30, 2019 $ 62,442 $ — $ 177,299 Net unrealized gains (losses) in earnings on instruments held at June 30, 2019 $ — $ — $ 1,194 Fair value at December 31, 2019 $ 54,859 $ — $ 222,875 Election of fair value option on January 1, 2020 — 1,556,131 — Reclassification of accrued interest on January 1, 2020 — 13,504 — Purchases, drawdowns, contributions and accretion 1,849 153,418 771 Paydowns, distributions and sales (3,229 ) (62,302 ) (836 ) Interest accrual, including capitalization of paid-in-kind interest — 25,116 — Allowance for credit losses (22,229 ) — — Realized and unrealized gains (losses) in earnings, net — (281,266 ) (12,139 ) Other comprehensive income (loss) (1) 1,021 (6,514 ) (1,408 ) Fair value at June 30, 2020 $ 32,271 $ 1,398,087 $ 209,263 Net unrealized gains (losses) on instruments held at June 30, 2020: In earnings $ — $ (281,266 ) $ (12,139 ) In other comprehensive income (loss) $ 1,021 $ — $ — __________ (1) Amounts recorded in OCI for loans receivable and equity method investments represent foreign currency translation differences on the Company's foreign subsidiaries that hold the respective foreign currency denominated investments. 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. June 30, 2020 December 31, 2019 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 14,963 $ 9,137 $ 16,271 $ 11,058 Non-traded REIT—real estate 24,358 — 19,358 — Private fund—emerging market private equity 2,723 — 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. Impairments are discussed in Note 4 for real estate, Note 6 for equity method investments, and Note 7 for investment management intangible assets, including goodwill. 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, 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. There are no loans receivable carried at amortized cost in 2020 as the Company elected the fair value option for all loans receivable effective January 1, 2020. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2020 Liabilities Debt at amortized cost Corporate credit facility $ — $ 400,000 $ — $ 400,000 $ 400,000 Convertible and exchangeable senior notes 549,344 13,095 — 562,439 615,038 Secured debt — — 7,674,887 7,674,887 7,993,754 Secured debt related to assets held for sale — — 235,000 235,000 233,394 Junior subordinated debt — — 142,103 142,103 202,322 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 Debt —Fair value of convertible notes and exchangeable notes were determined using the last trade price in active markets and unadjusted quoted prices in non-active market, respectively. Fair values of the corporate credit facility and secured debt were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments, which 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. As a reaction to the COVID-19 crisis, the credit market has generally stalled refinancing for most product types except at the lowest leverage levels. While it is difficult to gauge market rates across the Company's portfolio for specific assets, fair value of debt associated with hospitality and healthcare assets presented as of June 30, 2020 incorporate a premium to nominal contractual rates to reflect the increased risk and lack of available financing in the current environment. Other —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	6 Months Ended
	Jun. 30, 2020
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 $17.4 million at June 30, 2020 and $18.5 million at December 31, 2019 . The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. At June 30, 2020 and December 31, 2019 , the consolidated private fund had total assets of $47.0 million and $24.7 million , respectively, and total liabilities of $0.6 million and $0.1 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 $179.7 million at June 30, 2020 and $137.0 million at December 31, 2019 , included within equity and debt investments and additionally at December 31, 2019 , within 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. 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 $24.7 million at June 30, 2020 and $46.0 million at December 31, 2019 . 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 June 30, 2020 and December 31, 2019 , 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	6 Months Ended
	Jun. 30, 2020
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, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 187 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,713 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at June 30, 2019 57,464 487,013 734 Shares outstanding at December 31, 2019 41,350 487,044 734 Shares issued upon redemption of OP Units — 184 — Repurchase of common stock, net (1) — (12,733 ) — Equity-based compensation, net of forfeitures — 9,273 — Shares canceled for tax withholding on vested stock awards — (2,377 ) — Shares outstanding at June 30, 2020 41,350 481,391 734 __________ (1) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in 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 June 30, 2020 : 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 Currently redeemable 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 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. In June 2020, the Board declared dividends on all series of preferred stock for the second quarter of 2020, which was paid in July 2020. In August 2020, the Board declared dividends on all series of preferred stock for the third quarter of 2020. Redemption of Preferred Stock The Company redeemed the remaining outstanding shares of Series B preferred stock and all outstanding shares of Series E preferred stock in December 2019, with settlement in January 2020, for $402.9 million , applying proceeds from the sale of its light industrial business. All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. Common Stock Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. The Company suspended dividends on its class A common stock beginning with the second quarter of 2020. Under the terms of the Company's amended credit facility, the Company is restricted from paying common dividends other than to maintain the Company’s status as a REIT or to reduce income tax payments. The Company will continue to monitor its financial performance and liquidity position, and as economic conditions improve, the Company will reevaluate its dividend policy in consultation with its revolver lending group. Common Stock Repurchases During the six months ended June 30, 2020 and for the year ended December 31, 2019 , the Company repurchased its class A common stock totaling 12,733,204 shares at a cost of $24.6 million and 652,311 shares at a cost of $3.2 million , respectively, or a weighted average price of $1.93 and $4.84 per share, respectively. All share repurchases were made pursuant to a $300 million share repurchase program which expired in May 2020. The Company is restricted from repurchasing additional common shares, subject to certain exceptions, under the terms of the amended credit facility. 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 in 2020 and 2019 . 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 AFS Debt 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, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 8,828 591 (2,063 ) (7,643 ) 14,766 14,479 Amounts reclassified from AOCI — 626 — (1,128 ) (1,009 ) (1,511 ) AOCI at June 30, 2019 $ 12,457 $ (1,958 ) $ (2,154 ) $ (2,153 ) $ 20,775 $ 26,967 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 Other comprehensive income (loss) before reclassifications (898 ) 2,557 — (16,929 ) 15,819 549 Amounts reclassified from AOCI — (3,544 ) — 246 (552 ) (3,850 ) AOCI at June 30, 2020 $ 8,383 $ 6,836 $ (226 ) $ (16,544 ) $ 45,918 $ 44,367 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2018 $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications (4,656 ) (10,840 ) 1,392 (14,104 ) Amounts reclassified from AOCI — (465 ) 448 (17 ) AOCI at June 30, 2019 $ (5,046 ) $ (11,905 ) $ 11,484 $ (5,467 ) AOCI at December 31, 2019 $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 ) Other comprehensive income (loss) before reclassifications (1 ) (11,689 ) 5,313 (6,377 ) Amounts reclassified from AOCI — — (873 ) (873 ) AOCI at June 30, 2020 $ (1,006 ) $ (29,602 ) $ 15,099 $ (15,509 ) Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Component of AOCI reclassified into earnings 2020 2019 2020 2019 Relief of basis of AFS debt securities $ 3,544 $ — $ 3,544 $ — Other gain (loss), net Other-than-temporary impairment — — — (626 ) Other gain (loss), net Release of foreign currency cumulative translation adjustments — 173 (246 ) 1,128 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (82 ) 22 552 46 Other gain (loss), net Realized gain on net investment hedges — 739 — 963 Other gain (loss), net

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company. Six Months Ended June 30, (In thousands) 2020 2019 Beginning balance $ 6,107 $ 9,385 Contributions 25,880 — Distributions and redemptions (2,763 ) (3,393 ) Net income (loss) (158 ) 1,953 Ending balance $ 29,066 $ 7,945 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 time as result of 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 year ended December 31, 2019 , 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 . 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 ). There were no OP Units issued in the six months ended June 30, 2020 . Redemption of OP Units —The Company redeemed 184,395 OP Units during the six months ended June 30, 2020 and 187,995 OP Units during the year ended December 31, 2019 , with the issuance of an equal number of shares of class A common stock on a one

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Assets Restricted cash $ 4,921 $ 15,585 Real estate, net 652,040 799,415 Deferred leasing costs and intangible assets, net 29,899 33,236 Other assets 18,357 21,816 Total assets held for sale $ 705,217 $ 870,052 Liabilities Debt, net $ 233,394 $ 232,944 Lease intangibles and other liabilities, net 28,397 35,208 Total liabilities related to assets held for sale $ 261,791 $ 268,152 Assets and Liabilities Related to Discontinued Operations At June 30, 2020 and December 31, 2019 , the bulk industrial portfolio remained held for sale, with assets consisting primarily of real estate and related intangibles totaling $370.0 million and $372.0 million , respectively, and liabilities consisting primarily of debt totaling $235.6 million and $235.0 million In 2020, discontinued operations represent (i) results of operations of the bulk industrial portfolio; and (ii) in the second quarter of 2020, final adjustments to proceeds from the December 2019 sale of the light industrial portfolio upon release of escrowed funds, which resulted in a net loss of $7.4 million, including a corresponding effect on carried interest and related compensation. In 2019, discontinued operations encompassed predominantly results of the light industrial portfolio and the related management platform prior to its sale in December 2019 , and included (i) direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from general partner interest in the industrial open-end fund, predominantly carried interest, and compensation related to carried interest sharing, all of which were previously reported under the investment management segment. Noncontrolling interests in investment entities in 2019 also included the interests of all limited partners in the industrial closed-end and open-end funds. Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues Property operating income $ 4,924 $ 91,741 $ 10,303 $ 172,973 Fee income — 2,978 — 5,449 Interest and other income 56 1,228 73 2,368 Revenues from discontinued operations 4,980 95,947 10,376 180,790 Expenses Property operating expense 1,392 25,669 2,865 48,007 Interest expense 1,718 19,726 4,124 34,352 Investment and servicing expense — 8 — 538 Depreciation and amortization 642 45,360 1,275 84,805 Compensation expense—cash and equity-based (1) — 3,680 82 6,339 Compensation expense—carried interest (524 ) 561 (524 ) 340 Administrative expenses 301 1,386 633 3,016 Expenses from discontinued operations 3,529 96,390 8,455 177,397 Other income (loss) Gain (loss) on sale of real estate (7,787 ) 547 (7,787 ) 23,395 Other gain (loss), net (2 ) (49 ) 2 (57 ) Equity method losses, including carried interest (164 ) (173 ) (164 ) (644 ) Income (loss) from discontinued operations before income taxes (6,502 ) (118 ) (6,028 ) 26,087 Income tax expense — (386 ) — (298 ) Income (loss) from discontinued operations (6,502 ) (504 ) (6,028 ) 25,789 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (4,799 ) 674 (4,629 ) 17,983 Noncontrolling interests in Operating Company (169 ) (71 ) (139 ) 474 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,534 ) $ (1,107 ) $ (1,260 ) $ 7,332 __________ (1) Included equity-based compensation of $0.7 million and $1.4 million for the three and six months ended June 30, 2019

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2020 2019 2020 2019 Net loss allocated to common stockholders Loss from continuing operations $ (2,712,491 ) $ (484,142 ) $ (3,117,022 ) $ (540,590 ) Loss from continuing operations attributable to noncontrolling interests 689,751 43,497 751,849 16,530 Loss from continuing operations attributable to Colony Capital, Inc. (2,022,740 ) (440,645 ) (2,365,173 ) (524,060 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (1,534 ) (1,107 ) (1,260 ) 7,332 Net loss attributable to Colony Capital, Inc. (2,024,274 ) (441,752 ) (2,366,433 ) (516,728 ) Preferred dividends (18,516 ) (27,138 ) (37,990 ) (54,275 ) Net loss attributable to common stockholders (2,042,790 ) (468,890 ) (2,404,423 ) (571,003 ) Net income allocated to participating securities — (953 ) (1,250 ) (1,673 ) Net loss allocated to common stockholders—basic (2,042,790 ) (469,843 ) (2,405,673 ) (572,676 ) Interest expense attributable to convertible and exchangeable notes (1) — — — — Net loss allocated to common stockholders—diluted $ (2,042,790 ) $ (469,843 ) $ (2,405,673 ) $ (572,676 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 471,253 479,228 475,187 479,577 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 471,253 479,228 475,187 479,577 Basic loss per share Loss from continuing operations $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.21 ) Income from discontinued operations — — — 0.02 Net loss attributable to common stockholders per basic common share $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.19 ) Diluted loss per share Loss from continuing operations $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.21 ) Income from discontinued operations — — — 0.02 Net loss attributable to common stockholders per diluted common share $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.19 ) __________ (1) For both the three months ended June 30, 2020 and 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive. For the six months ended June 30, 2020 and 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.2 million and $14.3 million , respectively, and 38,112,100 weighted average dilutive common share equivalents 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 92,700 and 115,200 for the three and six months ended June 30, 2019 , respectively, as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the six months ended June 30, 2020 . 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 6,047,300 and 459,800 for the three months ended June 30, 2020 and 2019 , respectively, and 3,784,000 and 755,700 for the six months ended June 30, 2020 and 2019 , respectively. (3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common stock on a one -for-one basis. At June 30, 2020 and 2019 there were 53,076,700 and 31,171,300 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income

Fee Income	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Fee Income	Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs, and other investment vehicles 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. Fee income as presented in 2019 excluded management fees from the Company's open-end light industrial fund which was included in income from discontinued operations (Note 16 ) prior to the sale of the Company's light industrial platform in December 2019. The Company's fee income is earned from the following sources: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Institutional funds and other investment vehicles $ 31,337 $ 13,033 $ 61,813 $ 23,671 Public companies (CLNC, and NRE prior to its sale in September 2019) 7,223 15,038 15,281 30,144 Non-traded REIT 4,431 4,989 8,862 10,095 Other 549 2,373 1,089 2,551 $ 43,540 $ 35,433 $ 87,045 $ 66,461 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Base management fees ($40,934, $32,418, $82,448 and $62,620 from affiliates, respectively) $ 41,038 $ 32,612 $ 82,657 $ 62,976 Asset management fees ($727, $601, $1,259 and $1,236 from affiliates, respectively) 1,002 1,230 1,811 1,865 Other fee income ($1,477, $248, $2,531 and $262 from affiliates, respectively) 1,500 1,591 2,577 1,620 Total fee income $ 43,540 $ 35,433 $ 87,045 $ 66,461 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs, and other investment vehicles, 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), with a reduction in fee base to reflect CLNC's reduced book value effective in the beginning of the fourth quarter of 2019; • Non-Traded REIT— 1.5% per annum of most recently published NAV (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare, with $2.5 million per quarter 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 • NorthStar Realty Europe ("NRE")—prior to termination of the 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 NAV ("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. Incentive Fees —The Company may earn incentive fees from CLNC, and prior to its termination, from NRE, 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. There were no incentive fees earned in the three and six months ended June 30, 2020 and 2019 . Other Fee Income

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 , an aggregate 64.1 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. Restricted Stock Units ("RSUs") — RSUs relating to the Company's class A common stock are subject to a performance condition. Vesting of performance-based RSUs occur upon achievement of certain Company-specific metrics over a performance measurement period. Only vested RSUs are entitled to dividends declared and paid on the Company's class A common stock. Fair value of RSUs are based on the Company's class A common stock price on grant date. Equity-based compensation expense is recognized when it becomes probable that the performance condition will be met. 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. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2020 PSU Grants 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 34.1% 26.2% 29.0% Expected annual dividend yield (2) 9.3% 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 0.4% 2.2% - 2.4% 2.1% __________ (1) Based upon the Company's historical stock volatility or in combination with historical stock volatility of a specified peer group, or 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 current annualized dividends. (3) Based upon the continuously compounded zero-coupon U.S. 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 Mr. Ganzi, co-founder and CEO of DBH and CEO 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: 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 in 2019 which is presented as discontinued operations (Note 16 ), is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Compensation expense (including $580, $315, $863 and $432 amortization of fair value of dividend equivalent rights) $ 10,422 $ 7,577 $ 18,671 $ 13,491 Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs RSUs (1) PSUs (2) Total PSUs All Other Awards 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 Granted 9,736,581 632,159 8,379,888 4,324,375 23,073,003 1.64 1.86 Vested (5,457,749 ) (370,019 ) — — (5,827,768 ) — 4.66 Forfeited (575,304 ) — — (53,220 ) (628,524 ) 4.27 6.17 Unvested shares and units at June 30, 2020 11,345,236 10,000,000 527,924 8,379,888 9,951,350 40,204,398 2.78 2.06 __________ (1) Represents the number of RSUs granted that are subject to vesting only upon achievement of performance condition. RSUs that do not meet the performance condition at the end of the measurement period will be forfeited. (2) 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 $3.3 million and $1.3 million for the three months ended June 30, 2020 and 2019 , respectively, and $13.4 million and $9.8 million for the six months ended June 30, 2020 and 2019 , respectively. At June 30, 2020 , aggregate unrecognized compensation cost for all unvested equity awards was $58.9 million , which is expected to be recognized over a weighted average period of 2.5 years . Awards Granted by Managed Companies CLNC and NRE, both managed by the Company prior to termination of NRE's management agreement concurrent with the sale of NRE in September 2019, 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 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 other assets 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, either directly 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 recognized related to managed company awards was $3.0 million and $3.6 million for the three months ended June 30, 2020 and 2019 , respectively, and an expense reversal of $0.4 million and an expense of $6.4 million for the six months ended June 30, 2020 and 2019 , respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20 ). At June 30, 2020 , aggregate unrecognized compensation cost for unvested managed company awards of CLNC was $4.3 million , which is expected to be recognized over a weighted average period of 1.3 years .

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from and due to affiliates consist of the following: (In thousands) June 30, 2020 December 31, 2019 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 31,002 $ 36,106 Cost reimbursements and recoverable expenses 11,275 14,624 Loan and interest receivable 35,107 — Employees and other affiliates 513 750 $ 77,897 $ 51,480 Due to Affiliates Employees and other affiliates $ 1,336 $ 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 concurrent with 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), 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, are as follows. Amounts related to NRE pertain to periods prior to termination of its management agreement in September 2019. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Retail companies $ 896 $ 689 $ 1,847 $ 1,427 Public companies (CLNC, NRE) 2,028 2,663 4,528 5,295 Private investment vehicles and other 2,288 4,344 5,234 7,879 Equity awards of CLNC and NRE (Note 19) 3,311 3,643 (600 ) 6,583 $ 8,523 $ 11,339 $ 11,009 $ 21,184 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 2021 (extended to December 2022 in July 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. In April 2020, the credit facility was drawn for the full amount of $35.0 million and remained outstanding a t June 30, 2020 . There were no amounts outstanding at December 31, 2019 . 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. Acquisition of DBH and DataBank— In connection with the acquisition of DBH in July 2019, payment of a portion of the cash consideration to the principals of DBH, including Mr. Ganzi, who became employees or affiliate of the Company post-acquisition, was deferred until the expiration of certain customary seller indemnification obligations (Note 3 ). The entire deferred consideration of $32.5 million was paid in May 2020. 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 Funds— The Company co-invests alongside its sponsored private funds 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 funds 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 funds such as financing and administrative costs. Such costs expensed during the three and six months ended June 30, 2020 and 2019 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 termination of the NRE management agreement) 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 June 30, 2020 and December 31, 2019 , such investments in consolidated investment vehicles and general partner entities totaled $7.9 million and $4.0 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. For the three months ended June 30, 2020 and 2019 , their share of net income was $0.3 million and $0.5 million , respectively. For the six months ended June 30, 2020 and 2019 , their share was a net loss of $0.2 million and net income of $1.0 million , 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, 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 $0.4 million during the three months ended June 30, 2019 , and $0.4 million and $0.6 million for the six months ended June 30, 2020 and 2019 , respectively. There were no reimbursements in the three months ended June 30, 2020 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of June 30, 2020 , the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's six reportable segments are as follows: • Digital Real Estate and Investment Management ("Digital")— The Company's digital segment is composed of balance sheet equity interests in digital infrastructure and real estate; and 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. • 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 non-digital real estate and real estate-related debt and equity investments, including 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 such investments, other real estate equity and debt investments and other real estate related securities, among other holdings. Over time, the Company expects to monetize the bulk of its existing portfolio as it completes its digital evolution. • Other Investment Management— This segment, which is separate from the digital investment management business that resides in the digital segment, encompasses primarily the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, and NorthStar Healthcare, a public non-traded healthcare REIT. 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 . Amounts not allocated to specific segments generally 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 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 results of operations of the Company's digital reportable segment is derived from its equity method investments in the DCP fund and its manager beginning in 2018, the DBH investment management business beginning in July 2019 and the DataBank data center business beginning in December 2019. Effective March 31, 2020, the digital segment also includes operating results from interests in certain existing Colony investment vehicles that were repurposed to execute an investment strategy focused around the digital sector. Beginning in 2020, the industrial segment no longer constitutes a reportable segment. 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 industrial segment. The Company continues to own the bulk industrial assets which remain held for sale. Current and prior period results of the industrial segment and the industrial investment management business which resides in the other investment management segment are presented as discontinued operations on the consolidated statements of operations (Note 16 ). The following table presents selected results of operations of the Company's reportable segments. (In thousands) Digital Healthcare Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2020 Total revenues $ 63,413 $ 142,680 $ 57,143 $ — $ 74,428 $ 30,198 $ 4,504 $ 372,366 Property operating expenses 18,055 74,752 63,733 — 37,103 — — 193,643 Interest expense 8,184 34,699 29,889 — 17,683 — 16,331 106,786 Depreciation and amortization 35,102 36,980 35,462 — 23,381 2,477 1,503 134,905 Impairment loss — 661,255 660,751 — 152,254 515,000 12,297 2,001,557 Gain on sale of real estate — — — — 2,868 — — 2,868 Equity method earnings (losses) 7,940 — — (350,241 ) (28,525 ) (1,709 ) — (372,535 ) Equity method losses—carried interest — — — — — (2,324 ) — (2,324 ) Income tax benefit (expense) 1,714 (12,136 ) (6,691 ) — 760 8,697 (64 ) (7,720 ) Loss from continuing operations (6,546 ) (680,140 ) (741,621 ) (350,241 ) (370,305 ) (496,361 ) (67,277 ) (2,712,491 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 8,519 (434,410 ) (633,863 ) (315,484 ) (141,671 ) (447,068 ) (58,763 ) (2,022,740 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,534 ) Net loss attributable to Colony Capital, Inc. $ (2,024,274 ) Three Months Ended June 30, 2019 Total revenues $ — $ 145,896 $ 227,080 $ — $ 152,066 $ 43,802 $ 4,595 $ 573,439 Property operating expenses — 63,924 144,691 — 70,625 — — 279,240 Interest expense — 57,135 41,591 — 29,216 — 13,796 141,738 Depreciation and amortization — 40,778 37,008 — 23,166 6,918 1,512 109,382 Provision for loan losses — — — — 15,003 — — 15,003 Impairment loss — 51,324 420 — 32,302 — 649 84,695 Gain on sale of real estate — — 140 — 5,937 — — 6,077 Equity method earnings (losses) 3,147 — — (267,912 ) 25,633 (20,156 ) — (259,288 ) Equity method earnings—carried interest — — — — — 1,836 — 1,836 Income tax benefit (expense) — (596 ) (2,006 ) — (406 ) 266 157 (2,585 ) Income (loss) from continuing operations 1,957 (81,520 ) (3,505 ) (267,912 ) (128 ) 17 (133,051 ) (484,142 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 1,839 (58,616 ) (3,330 ) (251,792 ) (5,957 ) 600 (123,389 ) (440,645 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,107 ) Net loss attributable to Colony Capital, Inc. $ (441,752 ) (In thousands) Digital Healthcare Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2020 Total revenues $ 127,919 $ 281,862 $ 210,669 $ — $ 195,547 $ 54,497 $ 9,385 $ 879,879 Property operating expenses 34,961 141,319 184,728 — 96,268 — — 457,276 Interest expense 17,586 74,565 69,678 — 38,271 — 30,099 230,199 Depreciation and amortization 71,735 74,440 71,906 — 45,601 5,068 3,013 271,763 Impairment loss — 709,787 910,913 — 161,828 594,000 12,297 2,388,825 Gain on sale of real estate — — — — 10,800 — — 10,800 Equity method earnings (losses) 8,408 — — (360,310 ) (10,824 ) 105,893 — (256,833 ) Equity method losses—carried interest — — — — — (20,735 ) — (20,735 ) Income tax benefit (expense) 7,051 (12,006 ) (4,812 ) — (583 ) (5,785 ) 91 (16,044 ) Loss from continuing operations (25,766 ) (744,285 ) (1,037,378 ) (360,310 ) (340,328 ) (478,231 ) (130,724 ) (3,117,022 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 4,761 (482,422 ) (875,095 ) (324,559 ) (143,123 ) (430,709 ) (114,026 ) (2,365,173 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,260 ) Net loss attributable to Colony Capital, Inc. $ (2,366,433 ) Six Months Ended June 30, 2019 Total revenues $ — $ 291,670 $ 423,695 $ — $ 314,754 $ 83,807 $ 7,572 $ 1,121,498 Property operating expenses — 128,226 281,036 — 140,720 — — 549,982 Interest expense — 104,662 83,656 — 61,069 — 27,240 276,627 Depreciation and amortization — 80,909 73,256 — 47,949 15,587 3,033 220,734 Provision for loan losses — — — — 18,614 — — 18,614 Impairment loss — 51,324 4,270 — 54,074 — 649 110,317 Gain on sale of real estate — — 279 — 35,251 — — 35,530 Equity method earnings (losses) 6,423 — — (262,399 ) 50,206 (19,455 ) — (225,225 ) Equity method earnings—carried interest — — — — — 6,732 — 6,732 Income tax benefit (expense) — 1,278 (2,842 ) — (2,480 ) 360 (99 ) (3,783 ) Income (loss) from continuing operations 4,973 (88,726 ) (29,582 ) (262,399 ) 59,400 17,674 (241,930 ) (540,590 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 4,672 (66,078 ) (26,311 ) (246,614 ) 17,932 16,337 (223,998 ) (524,060 ) Net income attributable to Colony Capital, Inc. from discontinued operations 7,332 Net loss attributable to Colony Capital, Inc. $ (516,728 ) Total assets and equity method investments excluding investments held for sale (Note 8 ) of the reportable segments are summarized as follows: June 30, 2020 December 31, 2019 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,354,689 $ 124,624 $ 2,160,402 $ 47,891 Healthcare 4,073,281 — 4,886,374 — Hospitality 2,781,311 — 3,789,098 — CLNC 336,513 336,513 725,443 725,443 Other Equity and Debt 5,098,852 1,142,366 5,749,455 1,070,462 Other Investment Management 274,646 23,631 1,085,234 139,977 Amounts not allocated to segments 894,210 3,742 977,505 3,742 Assets held for sale related to discontinued operations 370,032 — 458,673 — $ 16,183,534 $ 1,630,876 $ 19,832,184 $ 1,987,515 Geography Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Total income by geography: United States $ 236,647 $ 469,237 $ 794,468 $ 962,774 Europe 47,447 81,245 91,818 167,503 Other 1,932 1,978 2,809 1,978 Total (1) $ 286,026 $ 552,460 $ 889,095 $ 1,132,255 (In thousands) June 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 8,093,889 $ 9,956,282 Europe 1,410,584 1,508,347 Total (2) $ 9,504,473 $ 11,464,629 __________ (1) Total income includes the Company's share of earnings (loss) from its equity method investments (but excludes the Company's impairment of its equity method investments of $297.0 million and $247.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $297.8 million and $250.4 million for the six months ended June 30, 2020 and 2019 , respectively); and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations is generated in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease right-of-use assets 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 June 30, 2020 and December 31, 2019 included $431 million and $522 million located in the United States, respectively, and $252 million and $283 million

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Six Months Ended June 30, (In thousands) 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of amounts capitalized of $428 and $1,588 $ 182,062 $ 263,096 Cash received (paid) for income tax refunds (liabilities), net (8,099 ) 14,960 Cash paid for operating leases 13,860 7,652 Supplemental Disclosure of Cash Flows from Discontinued Operations Net cash provided by (used in) operating activities of discontinued operations $ (36,445 ) $ 95,142 Net cash provided by (used in) investing activities of discontinued operations 37,337 (1,315,308 ) Net cash provided by (used in) financing activities of discontinued operations (34,546 ) 1,165,015 Supplemental Disclosure of Cash Flows from Investing and Financing Activities Dividends and distributions payable $ 18,516 $ 84,221 Improvements in operating real estate in accrued and other liabilities 15,030 17,049 Proceeds from loan repayments and asset sales held in escrow 3,836 1,392 Right-of-use assets and operating lease liabilities established 4,973 129,488 Redemption of OP Units for common stock 1,423 2,096

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Path To Digital Strategic Partnership in the Company's Digital Investment Management Business On July 17, 2020, the Company formed a strategic partnership with affiliates of Wafra, Inc. (collectively, "Wafra"), a private investment firm and a global partner for alternative asset managers, in which Wafra made a minority investment in the Company's digital investment management business (the "Digital IM Business"). Wafra, through its investment, will participate in approximately 31.5% of the net management fees and carried interest generated by the Digital IM Business. Wafra has agreed to assume certain of the Company's existing commitments made to DCP and to make commitments to the successor fund to DCP and to the Company’s initial digital credit fund, in an aggregate amount of up to $150.0 million . Wafra has also agreed to make commitments to the Company's future digital funds and investment vehicles on a pro rata basis with the Company based on Wafra's percentage interest in the Digital IM Business, subject to certain caps. In addition, the Company issued Wafra five warrants to purchase up to an aggregate of 5% (on a fully-diluted, post-transaction basis) of the Company’s class A common stock. Each warrant entitles Wafra to purchase up to 5,352,000 shares of the Company's class A common stock, with staggered strike prices between $2.43 and $6.00 for each warrant, exercisable until July 17, 2026. Consideration paid by Wafra in exchange for its investment in the Digital IM Business and for the warrants is composed of: (i) cash consideration of $253.6 million paid at closing; and (ii) contingent consideration of approximately $29.9 million to be paid if the run-rate of earnings before interest, tax, depreciation and amortization ("EBITDA") of the digital investment management business, as defined, is equal to or greater than $72.0 million as of December 31, 2020. Under certain circumstances following such time as the Digital IM Business comprises 90% or more of the Company's assets, the Company agreed to use commercially reasonable efforts to facilitate the conversion of Wafra's interest into shares of the Company's class A common stock. There can be no assurances that such conversion would occur or on what terms and conditions such conversion would occur, including whether such conversion, if it did occur in the future, would have any adverse impact on the Company, the Company’s stock price, governance and other matters. In connection with Wafra's investment, the Company also entered into an amended and restated restrictive covenant agreement with each of Marc Ganzi, the Company’s CEO, and Ben Jenkins, the chairman and chief investment officer of the Company’s digital segment, pursuant to which each of Messrs. Ganzi and Jenkins agreed to certain enhanced non-solicitation provisions and the extension of the term of existing non-competition agreements. In the event that certain post-closing regulatory approvals are not received within 12 months following the consummation of Wafra's investment (which period may be extended for up to an additional three months under certain circumstances), the Company has the right to cause Wafra’s investment in the Digital IM Business to be redeemed, in which case Wafra's carried interest participation rights will terminate and the warrants will be canceled. If such redemption right is exercised, Wafra will have a redemption right with respect to limited partnership commitments previously made in any of the digital funds or investment vehicles. Wafra’s investment provides the Company with permanent capital to pursue strategic digital infrastructure investments and grow the Digital IM Business. Investment in Hyperscale Data Centers On July 22, 2020, the Company, alongside an approximate $1 billion of fee bearing third party capital that the Company raised, invested $1.21 billion for an approximate 80% equity stake in Vantage Data Center Holdings, LLC's ("Vantage") portfolio of 12 stabilized hyperscale data centers in North America (the “Stabilized VDC” and the related transactions, the “Investment Transactions”). The Company's balance sheet investment is $185.1 million , representing a 12.3% interest. The management team of Vantage will continue to manage the day-to-day operations of these data centers in exchange for management fees, and subject to certain approval rights held by the Company and the investor group in connection with material actions. In connection with the Investment Transactions, the Company entered into a series of agreements with Marc Ganzi, the Company’s CEO, and Ben Jenkins, the Chairman and Chief Investment Officer of the Company’s digital segment, and their respective affiliates, pursuant to which Messrs. Ganzi and Jenkins invested approximately $8 million and $2 million , respectively, in the Stabilized VDC alongside the Company and the co-investors on the same economic terms. Such amounts invested represented 40% of carried interest payments received by each of Messrs. Ganzi and Jenkins as a result of the Investment Transactions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 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.
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. 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.
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.
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 in December 2019, 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 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 ).
Reclassifications	Reclassifications Interest receivable, which was included in other assets as of December 31, 2019, has been reclassified to be presented as part of loans receivable to conform to current period presentation. The reclassification did not affect the Company's financial position, results of operations or cash flows.
Accounting Standards Adopted in 2020 and Future Application of Accounting Standards	Accounting Standards Adopted in 2020 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as Accounting Standards Codification ("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 available-for-sale ("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 other-than-temporary impairment ("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 of the CECL model for other than temporarily impaired debt securities and purchased credit-impaired assets. The Company adopted the new standard on January 1, 2020. The Company elected the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by $3.3 million . Under the fair value option, the loans receivable are measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in other gain (loss) on the consolidated statement of operations. The loans are no longer subject to evaluation for impairment through an allowance for loan loss as such losses are captured through fair value changes. Additionally, there is no longer an amortization of loan origination fees or discounts on purchased loans as additional interest income. The Company had no debt securities with unrealized loss in accumulated other comprehensive income ("AOCI") at December 31, 2019 and accordingly, there was no impact upon adoption of the new standard. As it relates to the Company's other accounts receivable that are subject to CECL, the effect of adoption was immaterial. The Company reflected the effect of adoption of CECL by its equity method investee, CLNC, through an adjustment to decrease beginning retained earnings by approximately $8.5 million on January 1, 2020, representing the Company's share of CLNC's cumulative effect adjustment. 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 net asset value ("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. The Company adopted ASU No. 2018-13 on January 1, 2020. Related Party Guidance for VIEs 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. The Company adopted ASU No. 2018-17 on January 1, 2020, with no transitional impact upon adoption. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions affected by the transition from interbank offered rates (such as the London Interbank Offered Rate ("LIBOR")) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as the Secured Overnight Financing Rate ("SOFR")). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company has elected to apply the hedge accounting expedients related to probability and assessment of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives, which preserves existing derivative treatment and presentation. The Company may elect other practical expedients or exceptions as applicable over time as reference rate reform activities occur. Future Application of Accounting Standards 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 January 1, 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. Accounting for Convertible Instruments and Contracts on Entity's Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. With respect to convertible instruments, under the new guidance, a convertible debt instrument will be accounted for wholly as debt, and convertible preferred stock wholly as preferred stock, that is, as a single unit of account, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under Topic 815 or (2) a convertible debt instrument that was issued at a substantial premium. Expanded disclosures are required, including, but not limited to, the terms and features of convertible instruments, and information about events, conditions, and circumstances that could affect assessment of the amount or timing of future cash flows related to those instruments. With respect to contracts on an entity's own equity, one of the requirements prescribed by the new guidance is to account for freestanding contracts on an entity’s own equity that do not qualify as equity under Subtopic ASC 815-40 at fair value, with changes in fair value recognized in earnings, irrespective of whether such contracts meet the definition of a derivative in Topic 815. The ASU also amends certain guidance on the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. In calculating diluted earnings per share, the new guidance (1) requires the if-converted method to be applied for all convertible instruments (the treasury stock method is no longer available), and (2) removes the ability to rebut the presumption of share settlement for contracts that may be settled in cash or stock. Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified financial instrument that is a convertible security. In the period of adoption, disclosure is required of (1) the nature of and reason for the change in accounting principle in both the interim and annual period of change, and (2) earnings per share transition information about the effect of the change on affected per-share amounts. Adoption of the new standard may be made either on a full or modified retrospective approach, with cumulative effect adjustment recorded to beginning retained earnings under the latter. ASU No. 2020-06 is effective January 1, 2022, with early adoption permitted in interim periods beginning January 1, 2021. The Company is currently evaluating the impact of this new guidance.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. 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. During the second quarter of 2020, certain measurement period adjustments were made to the purchase price allocation for DataBank, primarily (i) a reallocation of value to data center service contract intangible asset, (ii) changes in valuation and underlying assumptions pertaining to data center construction and market value of existing data center lease contracts, and (iii) the corresponding effect on deferred tax liabilities. DBH DataBank (In thousands) As Reported June 30, 2020 As Reported December 20, 2019 Measurement Period Adjustments As Reported June 30, 2020 Consideration Cash $ 181,167 $ 182,731 $ — $ 182,731 Deferred consideration 35,500 — — — OP Units issued 111,903 2,962 — 2,962 Total consideration for equity interest acquired 328,570 185,693 — 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — — — $ 379,970 $ 185,693 $ — $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 $ — $ 10,366 Real estate — 847,458 (8,405 ) 839,053 Assets held for sale — 29,114 152 29,266 Intangible assets 153,300 222,455 (2,804 ) 219,651 Other assets 13,008 106,648 2,248 108,896 Debt — (539,155 ) — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) 3,641 (109,587 ) Intangible and other liabilities (16,194 ) (132,480 ) 12,302 (120,178 ) Fair value of net assets acquired 132,722 431,178 7,134 438,312 Noncontrolling interests in investment entities — (724,567 ) — (724,567 ) Goodwill $ 247,248 $ 479,082 $ (7,134 ) $ 471,948 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Six Months Ended June 30, 2020 Asset Acquisitions Various Hotel—France (2) 2 $ 4,609 $ 564 $ 6,763 $ — $ 2,586 $ — $ (5,304 ) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (3) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165 ) $ — October Healthcare—United Kingdom (4) 1 12,376 3,478 9,986 732 — (1,820 ) — Various Light industrial—Various in U.S. (5) 84 1,158,423 264,816 850,550 47,945 — (4,888 ) — $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ — $ (6,873 ) $ — __________ (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) Bids for hotels under receivership were accepted by the French courts in prior years, with the transactions closing in 2020. Amounts include acquisition of hotel operations pursuant to operating leases on real estate owned by third parties. Useful life of real estate acquired is 40 years for buildings, 15 years for site improvements, 7 years for furniture, fixtures, and equipment, and 6 years for right-of-use ("ROU") lease assets. (3) The bulk industrial portfolio was classified as held for sale in June 2019. (4) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (5) The entire light industrial portfolio was sold in December 2019.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Components of Real Estates	The following table summarizes the Company's real estate held for investment. Real estate held for sale is presented in Note 8 . (In thousands) June 30, 2020 December 31, 2019 Land $ 1,272,269 $ 1,360,435 Buildings and improvements 7,462,712 9,022,971 Tenant improvements 108,929 105,440 Data center infrastructure 633,329 595,603 Furniture, fixtures and equipment 581,285 511,329 Construction in progress 125,702 255,115 10,184,226 11,850,893 Less: Accumulated depreciation (1,196,324 ) (990,375 ) Real estate assets, net (1) $ 8,987,902 $ 10,860,518 __________ (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 (Note 3 ).
Schedule of Proceeds From Sales of Real Estate	Results from sales of real estate, including discontinued operations (Note 16 ), are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Proceeds from sales of real estate $ 43,276 $ 147,990 $ 170,017 $ 442,657 Gain (Loss) on sale of real estate (4,919 ) 6,624 3,013 58,925
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. 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. During the second quarter of 2020, certain measurement period adjustments were made to the purchase price allocation for DataBank, primarily (i) a reallocation of value to data center service contract intangible asset, (ii) changes in valuation and underlying assumptions pertaining to data center construction and market value of existing data center lease contracts, and (iii) the corresponding effect on deferred tax liabilities. DBH DataBank (In thousands) As Reported June 30, 2020 As Reported December 20, 2019 Measurement Period Adjustments As Reported June 30, 2020 Consideration Cash $ 181,167 $ 182,731 $ — $ 182,731 Deferred consideration 35,500 — — — OP Units issued 111,903 2,962 — 2,962 Total consideration for equity interest acquired 328,570 185,693 — 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — — — $ 379,970 $ 185,693 $ — $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 $ — $ 10,366 Real estate — 847,458 (8,405 ) 839,053 Assets held for sale — 29,114 152 29,266 Intangible assets 153,300 222,455 (2,804 ) 219,651 Other assets 13,008 106,648 2,248 108,896 Debt — (539,155 ) — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) 3,641 (109,587 ) Intangible and other liabilities (16,194 ) (132,480 ) 12,302 (120,178 ) Fair value of net assets acquired 132,722 431,178 7,134 438,312 Noncontrolling interests in investment entities — (724,567 ) — (724,567 ) Goodwill $ 247,248 $ 479,082 $ (7,134 ) $ 471,948 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Six Months Ended June 30, 2020 Asset Acquisitions Various Hotel—France (2) 2 $ 4,609 $ 564 $ 6,763 $ — $ 2,586 $ — $ (5,304 ) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (3) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165 ) $ — October Healthcare—United Kingdom (4) 1 12,376 3,478 9,986 732 — (1,820 ) — Various Light industrial—Various in U.S. (5) 84 1,158,423 264,816 850,550 47,945 — (4,888 ) — $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ — $ (6,873 ) $ — __________ (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) Bids for hotels under receivership were accepted by the French courts in prior years, with the transactions closing in 2020. Amounts include acquisition of hotel operations pursuant to operating leases on real estate owned by third parties. Useful life of real estate acquired is 40 years for buildings, 15 years for site improvements, 7 years for furniture, fixtures, and equipment, and 6 years for right-of-use ("ROU") lease assets. (3) The bulk industrial portfolio was classified as held for sale in June 2019. (4) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (5) The entire light industrial portfolio was sold in December 2019.
Schedule of Real Estate Depreciation and Impairment	The following table summarizes real estate depreciation and impairment. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation of real estate held for investment $ 106,208 $ 92,677 $ 209,513 $ 184,915 Impairment of real estate and related asset group (1) Held for sale 20,061 42,998 27,638 68,181 Held for investment 1,454,199 41,048 1,754,890 41,487 __________ (1) Includes impairment of real estate intangibles of $2.3 million and $9.3 million and right-of-use asset on ground leases of $0.8 million and $13.9 million in the three and six months ended June 30, 2020 , respectively.
Schedule of Components of Property Operating Income	For the three and six months ended June 30, 2020 and 2019 , components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16 ). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Lease income: Fixed lease income $ 180,067 $ 164,940 $ 362,159 $ 335,354 Variable lease income 16,820 14,891 33,111 31,240 196,887 179,831 395,270 366,594 Hotel operating income 85,735 308,957 300,795 581,092 Data center service revenue 11,194 — 23,167 — $ 293,816 $ 488,788 $ 719,232 $ 947,686

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Company Loans Receivable	Loans receivable carried at fair value at June 30, 2020 are as follows: June 30, 2020 ($ in thousands) Unpaid Principal Balance Fair Value Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Mortgage loans $ 1,602,093 $ 672,983 8.2 % 0.8 Mezzanine loans 610,073 348,579 12.6 % 0.7 Non-mortgage loans 182,974 167,583 13.8 % 4.7 2,395,140 1,189,145 Variable rate Mortgage loans 163,911 161,127 3.3 % 0.1 Mezzanine loans 47,815 47,815 12.5 % 1.1 211,726 208,942 Loans receivable $ 2,606,866 $ 1,398,087 Loans receivable carried at amortized cost at December 31, 2019 were as follows: December 31, 2019 ($ in thousands) Unpaid Principal Balance Amortized Cost Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 471,472 $ 492,709 10.7 % 1.6 Mezzanine loans 495,182 494,238 12.6 % 0.6 Non-mortgage loans 149,380 148,623 12.9 % 5.4 1,116,034 1,135,570 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 Mezzanine loans 44,887 44,637 12.7 % 1.6 216,735 216,906 1,332,769 1,352,476 PCI Loans Mortgage loans 1,165,804 248,535 Allowance for loan losses (48,187 ) 1,552,824 Interest receivable 13,504 Loans receivable $ 2,498,573 $ 1,566,328
Summary of Past Due Loans	The table below presents the fair value and unpaid principal balance by aging of loans receivable at June 30, 2020 for which fair value option was elected. June 30, 2020 (In thousands) Fair Value Unpaid Principal Balance Fair Value less Unpaid Principal Balance Loans receivable—fair value option Current or less than 30 days past due $ 687,273 $ 679,505 $ 7,768 30-59 days past due — — — 60-89 days past due — — — 90 days or more past due or nonaccrual 710,814 1,927,361 (1,216,547 ) $ 1,398,087 $ 2,606,866 $ (1,208,779 ) The following table provides an aging summary of non-PCI loans at carrying values before allowance for loan losses and interest receivable at December 31, 2019 : (In thousands) December 31, 2019 Non-PCI loans at carrying values before allowance for loan losses Current or less than 30 days past due $ 1,042,260 30-59 days past due — 60-89 days past due — 90 days or more past due or nonaccrual 310,216 $ 1,352,476
Non-PCI Impaired Loans	The following table summarizes the non-PCI impaired loans at December 31, 2019 : Gross Carrying Value before Interest Receivable (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 The average carrying value and interest income recognized on non-PCI impaired loans for the three and six months ended June 30, 2019 were as follows. (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average carrying value before allowance for loan losses and interest receivable $ 310,914 $ 298,092 Total interest income recognized during the period impaired 1,289 4,292 Cash basis interest income recognized — 447
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans for the six months ended June 30, 2019 were as follows: (In thousands) Six Months Ended June 30, 2019 Beginning accretable yield $ 9,620 Changes in accretable yield 407 Accretion recognized in earnings (5,924 ) Effect of changes in foreign exchange rates (15 ) Ending accretable yield $ 4,088
Impairment and Allowance for Loan Losses	Allowance for loan losses and related carrying values before interest receivable of loans held for investment at December 31, 2019 were as follows: December 31, 2019 (In thousands) Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 PCI loans 41 17,935 $ 48,187 $ 89,689 Changes in allowance for loan losses for the six months ended June 30, 2019 are presented below. (In thousands) Six Months Ended June 30, 2019 Allowance for loan losses at January 1 $ 32,940 Provision for loan losses, net 18,614 Charge-off (616 ) Allowance for loan losses at June 30 $ 50,938
Provision for Loan Losses By Loan Type	Provision for loan losses by loan type was as follows: (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Non-PCI loans $ 12,807 $ 12,807 PCI loans 2,196 5,807 Total provision for loan losses, net $ 15,003 $ 18,614

Equity and Debt Investments (Ta

Equity and Debt Investments (Tables)	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Equity Investments Equity method investments Investment ventures $ 1,448,069 $ 1,845,129 Private funds 182,807 142,386 1,630,876 1,987,515 Other equity investments Marketable equity securities 116,911 138,586 Investment ventures 1,668 91,472 Private funds and non-traded REIT 42,044 38,641 Total equity investments 1,791,499 2,256,214 Debt Securities N-Star CDO bonds, available for sale 32,271 54,859 CMBS of consolidated fund, at fair value 1,678 2,732 Total debt securities 33,949 57,591 Equity and debt investments $ 1,825,448 $ 2,313,805
Equity Method Investments	The Company’s investments accounted for under the equity method are summarized below: ($ in thousands) Carrying Value at Investments (1) Description June 30, 2020 December 31, 2019 Colony Credit Real Estate, Inc. (2) Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (36.4% ownership) $ 336,513 $ 725,443 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020) — 93,390 Preferred equity Preferred equity investments with underlying real estate 140,313 138,428 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 575,555 543,296 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) 179,270 115,055 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 393 21,940 Other investment ventures Interests in 11 investments at June 30, 2020 189,569 127,088 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds 209,263 222,875 $ 1,630,876 $ 1,987,515 __________ (1) 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) CLNC is governed by its board of directors. The Company's role as manager is under the supervision and direction of CLNC's board of directors, which includes representatives from the Company but the majority of whom are independent directors.
Schedule of Available-for-sale Debt Securities	The following tables summarize the balance and activities of the N-Star CDO bonds. Amortized Cost Without Allowance for Credit Loss Allowance for Credit Loss Gross Cumulative Unrealized (in thousands) Gains Losses Fair Value June 30, 2020 $ 46,922 $ (22,229 ) $ 7,578 $ — $ 32,271 December 31, 2019 46,002 NA 8,857 — 54,859 There were no sales of N-Star CDO bonds during the six months ended June 30, 2020 and year ended December 31, 2019 .

Goodwill, Deferred Leasing Co_2

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents changes in the carrying value of goodwill. Six Months Ended June 30, (In thousands) 2020 2019 Beginning balance $ 1,452,891 $ 1,514,561 Business combination (Note 3) (1) (7,134 ) — Impairment (594,000 ) — Ending balance $ 851,757 $ 1,514,561 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. Goodwill balance by reportable segment is as follows. (In thousands) June 30, 2020 December 31, 2019 Balance by reportable segment: Digital (1) $ 770,196 $ 726,330 Other investment management 81,561 726,561 $ 851,757 $ 1,452,891 __________ (1) At June 30, 2020 and December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes.
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. June 30, 2020 December 31, 2019 (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) $ 403,826 $ (158,178 ) $ 245,648 $ 425,106 $ (123,686 ) $ 301,420 Investment management intangibles (3) 285,233 (114,393 ) 170,840 285,233 (96,466 ) 188,767 Customer relationships (4) 73,400 (3,296 ) 70,104 71,000 (250 ) 70,750 Trade names (5) 39,601 (2,380 ) 37,221 39,600 (185 ) 39,415 Other (6) 48,565 (7,157 ) 41,408 41,211 (2,710 ) 38,501 Total deferred leasing costs and intangible assets $ 850,625 $ (285,404 ) $ 565,221 $ 862,150 $ (223,297 ) $ 638,853 Intangible Liabilities Lease intangible liabilities (2) $ 158,862 $ (71,667 ) $ 87,195 $ 174,208 $ (62,724 ) $ 111,484 __________ (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 (Note 3 ). 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. (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 DataBank data center service contracts and hotel franchise agreements which are amortized over the term of the respective contracts or agreements, and value of certificates of need associated with certain healthcare portfolios which are not amortized.
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 ): Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Net increase to rental income (1) $ 370 $ 1,838 $ 3,724 $ 3,741 Amortization expense Deferred leasing costs and lease intangibles $ 11,189 $ 7,874 $ 31,278 $ 16,545 Investment management intangibles 8,902 6,075 17,923 13,902 Customer relationships 1,572 836 3,046 1,672 Trade name 1,098 — 2,196 — Other 4,169 402 4,455 654 $ 26,930 $ 15,187 $ 58,898 $ 32,773 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives.
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) Remaining 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 2,867 $ 6,444 $ 6,077 $ 6,803 $ (5,634 ) $ (10,478 ) $ 6,079 Amortization expense 48,499 80,318 62,220 51,208 47,109 152,785 442,139

Assets and Related Liabilitie_2

Assets and Related Liabilities Held For Sale (Tables)	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Assets Restricted cash $ 4,921 $ 15,585 Real estate, net 652,040 799,415 Deferred leasing costs and intangible assets, net 29,899 33,236 Other assets 18,357 21,816 Total assets held for sale $ 705,217 $ 870,052 Liabilities Debt, net $ 233,394 $ 232,944 Lease intangibles and other liabilities, net 28,397 35,208 Total liabilities related to assets held for sale $ 261,791 $ 268,152

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: (In thousands) June 30, 2020 December 31, 2019 Capital expenditures reserves (1) $ 36,779 $ 89,901 Real estate escrow reserves (2) 33,811 38,326 Borrower escrow deposits 7,327 8,079 Lender restricted cash (3) 46,722 41,591 Other 20,590 26,026 Total restricted cash $ 145,229 $ 203,923 __________ (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 operating cash from the Company's investment properties that are restricted by lenders in accordance with respective debt agreements.
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) June 30, 2020 December 31, 2019 Straight-line rents $ 45,061 $ 37,352 Hotel-related deposits and reserves (1) 17,718 18,065 Investment deposits and pending deal costs 33,876 32,994 Deferred financing costs, net (2) 3,158 2,794 Derivative assets (Note 11) 4,933 21,386 Prepaid taxes and deferred tax assets, net 52,591 82,344 Receivables from resolution of investments (3) 3,836 63,984 Operating lease right-of-use asset, net 200,854 220,560 Accounts receivable, net (4) 72,572 83,723 Prepaid expenses 32,004 30,761 Other assets 31,148 30,413 Fixed assets, net (5) 29,558 44,768 Total other assets $ 527,309 $ 669,144 __________ (1) Represents reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment ("FF&E") expenditures and to a lesser extent, working capital deposits. Funding of FF&E reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $6.4 million at June 30, 2020 and $2.8 million at December 31, 2019 . (5) Reflects impairment of $12.3 million on the corporate aircraft in the second quarter of 2020 to estimated recoverable value based upon a shortened holding period.
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2020 December 31, 2019 Tenant security deposits and payable $ 15,719 $ 15,293 Borrower escrow deposits 7,327 9,903 Deferred income (1) 33,787 32,318 Interest payable 63,972 38,487 Derivative liabilities (Note 11) 94,677 127,531 Current and deferred income tax liability 195,278 222,206 Operating lease liability 178,000 181,297 Accrued compensation 48,115 83,351 Accrued carried interest and incentive fee compensation 230 50,360 Accrued real estate and other taxes 42,967 39,923 Accounts payable and accrued expenses 131,047 143,852 Other liabilities 58,828 71,377 Total accrued and other liabilities $ 869,947 $ 1,015,898 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, and deferred management fees, primarily from digital investment vehicles. Deferred management fees totaling $17.7 million at June 30, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.5 years and 1.2 years , respectively. Deferred management fees recognized as income of $6.6 million and $0.4 million in the three months ended June 30, 2020 and 2019 , respectively, and $8.7 million and $0.7 million in the six months ended June 30, 2020 and 2019

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Debt at amortized cost Principal $ 400,000 $ 616,105 $ 8,081,302 $ 280,117 $ 9,377,524 Premium (discount), net — 2,011 (14,569 ) (77,795 ) (90,353 ) Deferred financing costs — (3,078 ) (72,979 ) — (76,057 ) $ 400,000 $ 615,038 $ 7,993,754 $ 202,322 $ 9,211,114 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 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $449.7 million at June 30, 2020 and $515.6 million at December 31, 2019 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about debt carried at amortized cost. For information as of June 30, 2020 , weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the date of this filing, and the extension option is at the Company’s discretion. The Company is providing the updated information even if extension criteria had been met as of June 30, 2020 given the post period defaults as described below. For information as of December 31, 2019, weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of December 31, 2019 and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) Outstanding Principal Weighted Average Interest Rate (Per Annum) (4) Weighted Average Years Remaining to Maturity (5) June 30, 2020 Recourse Corporate credit facility $ — N/A N/A $ 400,000 2.69 % 1.5 $ 400,000 2.69 % 1.5 Convertible and exchangeable senior notes (1) 616,105 4.27 % 1.5 — N/A N/A 616,105 4.27 % 1.5 Junior subordinated debt (2) — N/A N/A 280,117 3.17 % 15.9 280,117 3.17 % 15.9 Secured debt (3) 33,949 5.02 % 5.4 — N/A N/A 33,949 5.02 % 5.4 650,054 680,117 1,330,171 Non-recourse Secured debt Digital — N/A N/A 515,007 5.47 % 4.4 515,007 5.47 % 4.4 Healthcare 404,423 4.55 % 4.6 2,518,019 3.78 % 3.7 2,922,442 3.88 % 3.9 Hospitality 14,271 12.74 % 0.1 2,653,103 3.23 % 0.8 2,667,374 3.29 % 0.8 Other Real Estate Equity 153,204 4.23 % 2.8 1,569,030 3.11 % 1.3 1,722,234 3.21 % 1.5 Real Estate Debt — N/A N/A 220,296 3.46 % 1.7 220,296 3.46 % 1.7 571,898 7,475,455 8,047,353 $ 1,221,952 $ 8,155,572 $ 9,377,524 December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes (1) 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt (2) — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (3) 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 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 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 __________ (1) The 5.375% exchangeable senior notes represent an obligation of a subsidiary of NRF as the issuer. The exchangeable notes may be exchanged for cash, Colony Capital, Inc.'s common stock or a combination thereof, at the issuer's election, as described further below. (2) Represents an obligation of NRF as the junior subordinated debt was issued by certain subsidiaries of NRF, as described further below. Accordingly, Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, are not guarantors on the junior subordinated debt. (3) The fixed rate recourse debt is secured by the Company's aircraft. (4) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date. (5) 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 as described above.
Convertible Senior Notes Issued	Convertible and exchangeable senior notes issued by the Company and outstanding as of June 30, 2020 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 June 30, 2020 December 31, 2019 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.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative assets and liabilities	Fair value of derivative assets and derivative liabilities are as follows: June 30, 2020 December 31, 2019 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ — $ 990 $ 990 $ 15,307 $ 1,271 $ 16,578 Interest rate contracts 72 309 381 78 237 315 Performance swaps — 3,562 3,562 — 4,493 4,493 Included in other assets $ 72 $ 4,861 $ 4,933 $ 15,385 $ 6,001 $ 21,386 Derivative Liabilities Foreign exchange contracts $ — $ — $ — $ 8,134 $ 2,482 $ 10,616 Forward contracts — 94,677 94,677 — 116,915 116,915 Included in accrued and other liabilities $ — $ 94,677 $ 94,677 $ 8,134 $ 119,397 $ 127,531
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts and certain key terms of non-designated foreign exchange contracts in place at June 30, 2020 : Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates EUR Put options € 336,000 Min $0.95 / Max $1.00 November 2020 to May 2022 GBP Put options £ 64,000 Min $1.05 / Max $1.10 November 2020 to May 2021
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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Designated net investment hedges: Realized gain transferred from AOCI to earnings $ — $ 786 $ — $ 1,026 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 and on non-designated foreign exchange contracts are recorded in other gain (loss). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Dedesignated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (17 ) $ 19 $ 1,485 $ (400 ) Non-designated foreign exchange contracts: Unrealized gain (loss) in earnings (776 ) — (776 ) —
Schedule of interest rate derivatives	The following table summarizes the interest rate contracts held by the Company at June 30, 2020 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 4,674,004 1-Month LIBOR 3.0% - 5.70% July 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 £ — £ 355,277 3-Month GBP LIBOR 1.5% - 2.25% November 2020 to October 2022 The following table summarizes amounts recorded in the income statements related to interest rate contracts. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Interest expense on designated interest rate contracts (1) $ 4 $ — $ 6 $ — Realized and unrealized gain (loss), net on non-designated interest rate contracts (2) (105 ) (89,610 ) 74 (149,136 ) __________ (1) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable rate debt. (2) For the three and six months ended June 30, 2019 , amounts include unrealized loss of $86.9 million and $146.1 million , respectively, on a $2.0 billion notional forward starting swap assumed through the Merger, which was settled at the end of 2019.
Schedule of realized and unrealized gains and losses on derivatives not designated as hedges	The forwards and swaps are not designated as hedges for accounting purposes. All realized and unrealized gains (losses) are recorded in other gain (loss) as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Realized and unrealized gain (loss), net on derivatives: Forward contracts $ (10,807 ) $ (1,089 ) $ 22,238 $ (12,373 ) Performance swaps 3,414 948 4,874 3,570 Unrealized gain (loss) on marketable equity securities held at period end: Real estate mutual fund 10,842 1,084 (22,273 ) 12,909
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 June 30, 2020 Derivative Assets Foreign exchange contracts $ 990 $ — $ — $ 990 Interest rate contracts 381 — — 381 Performance swaps 3,562 (3,562 ) — — $ 4,933 $ (3,562 ) $ — $ 1,371 Derivative Liabilities Forward contracts $ (94,677 ) $ 3,562 $ 12,752 $ (78,363 ) 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 contracts (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 )
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 June 30, 2020 Derivative Assets Foreign exchange contracts $ 990 $ — $ — $ 990 Interest rate contracts 381 — — 381 Performance swaps 3,562 (3,562 ) — — $ 4,933 $ (3,562 ) $ — $ 1,371 Derivative Liabilities Forward contracts $ (94,677 ) $ 3,562 $ 12,752 $ (78,363 ) 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 contracts (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
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 that is prioritized based upon 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2020 Assets Marketable equity securities $ 116,911 $ — $ — $ 116,911 AFS debt securities — — 32,271 32,271 CMBS of consolidated fund — 1,678 — 1,678 Other assets—derivative assets — 4,933 — 4,933 Fair Value Option: Loans receivable — — 1,398,087 1,398,087 Equity method investments — — 209,263 209,263 Liabilities Other liabilities—settlement liability — — 9,148 9,148 December 31, 2019 Assets Marketable equity securities $ 138,586 $ — $ — $ 138,586 AFS debt securities — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Fair Value Option: Equity method investments — — 222,875 222,875 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330
Schedule of Fair Value Assumptions Related to Contingent Consideration	Quantitative information about recurring Level 3 fair value assets, 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 (2) Financial Instrument Fair Value (In thousands) Weighted Average (1) (Range) June 30, 2020 AFS debt securities $ 32,271 Discounted cash flows Discount rate 28.4% Decrease Fair Value Option: Loans receivable 1,368,087 Discounted cash flows Discount rate 12.9% Decrease Loans receivable 30,000 Transaction price (5) N/A N/A N/A Equity method investments—third party private equity funds 3,144 NAV (3) N/A N/A N/A Equity method investments—other 17,816 Discounted cash flows Discount rate 13.8% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 4.1x (4) Equity method investments—other 163,303 Transaction price (5) N/A N/A N/A December 31, 2019 AFS debt securities $ 54,859 Discounted cash flows Discount rate 22.3% Decrease Fair Value Option: Equity method investments—third party private equity funds 5,391 NAV (3) 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 (4) Equity method investments—other 173,910 Transaction price (5) N/A N/A N/A __________ (1) Weighted average discount rates are calculated based upon undiscounted cash flows. (2) 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. (3) Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management. (4) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (5) Valued based upon transaction price of investments recently acquired or offer prices on loans, 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 assets, including realized and unrealized gains (losses) included in other gain (loss) on the consolidated statement of operations and in AOCI. Fair Value Option (In thousands) AFS Debt Securities Loans Receivable Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ — $ 81,085 Purchases, contributions and accretion 3,267 — 102,273 Paydowns, distributions and sales (5,582 ) — (8,005 ) Realized and unrealized gains (losses) in earnings, net (667 ) — 1,946 Other comprehensive income 1,297 — — Fair value at June 30, 2019 $ 62,442 $ — $ 177,299 Net unrealized gains (losses) in earnings on instruments held at June 30, 2019 $ — $ — $ 1,194 Fair value at December 31, 2019 $ 54,859 $ — $ 222,875 Election of fair value option on January 1, 2020 — 1,556,131 — Reclassification of accrued interest on January 1, 2020 — 13,504 — Purchases, drawdowns, contributions and accretion 1,849 153,418 771 Paydowns, distributions and sales (3,229 ) (62,302 ) (836 ) Interest accrual, including capitalization of paid-in-kind interest — 25,116 — Allowance for credit losses (22,229 ) — — Realized and unrealized gains (losses) in earnings, net — (281,266 ) (12,139 ) Other comprehensive income (loss) (1) 1,021 (6,514 ) (1,408 ) Fair value at June 30, 2020 $ 32,271 $ 1,398,087 $ 209,263 Net unrealized gains (losses) on instruments held at June 30, 2020: In earnings $ — $ (281,266 ) $ (12,139 ) In other comprehensive income (loss) $ 1,021 $ — $ — __________ (1) Amounts recorded in OCI for loans receivable and equity method investments represent foreign currency translation differences on the Company's foreign subsidiaries that hold the respective foreign currency denominated investments.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value assets, including realized and unrealized gains (losses) included in other gain (loss) on the consolidated statement of operations and in AOCI. Fair Value Option (In thousands) AFS Debt Securities Loans Receivable Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ — $ 81,085 Purchases, contributions and accretion 3,267 — 102,273 Paydowns, distributions and sales (5,582 ) — (8,005 ) Realized and unrealized gains (losses) in earnings, net (667 ) — 1,946 Other comprehensive income 1,297 — — Fair value at June 30, 2019 $ 62,442 $ — $ 177,299 Net unrealized gains (losses) in earnings on instruments held at June 30, 2019 $ — $ — $ 1,194 Fair value at December 31, 2019 $ 54,859 $ — $ 222,875 Election of fair value option on January 1, 2020 — 1,556,131 — Reclassification of accrued interest on January 1, 2020 — 13,504 — Purchases, drawdowns, contributions and accretion 1,849 153,418 771 Paydowns, distributions and sales (3,229 ) (62,302 ) (836 ) Interest accrual, including capitalization of paid-in-kind interest — 25,116 — Allowance for credit losses (22,229 ) — — Realized and unrealized gains (losses) in earnings, net — (281,266 ) (12,139 ) Other comprehensive income (loss) (1) 1,021 (6,514 ) (1,408 ) Fair value at June 30, 2020 $ 32,271 $ 1,398,087 $ 209,263 Net unrealized gains (losses) on instruments held at June 30, 2020: In earnings $ — $ (281,266 ) $ (12,139 ) In other comprehensive income (loss) $ 1,021 $ — $ — __________ (1) Amounts recorded in OCI for loans receivable and equity method investments represent foreign currency translation differences on the Company's foreign subsidiaries that hold the respective foreign currency denominated investments.
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. June 30, 2020 December 31, 2019 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 14,963 $ 9,137 $ 16,271 $ 11,058 Non-traded REIT—real estate 24,358 — 19,358 — Private fund—emerging market private equity 2,723 — 3,012 —
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, 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. There are no loans receivable carried at amortized cost in 2020 as the Company elected the fair value option for all loans receivable effective January 1, 2020. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2020 Liabilities Debt at amortized cost Corporate credit facility $ — $ 400,000 $ — $ 400,000 $ 400,000 Convertible and exchangeable senior notes 549,344 13,095 — 562,439 615,038 Secured debt — — 7,674,887 7,674,887 7,993,754 Secured debt related to assets held for sale — — 235,000 235,000 233,394 Junior subordinated debt — — 142,103 142,103 202,322 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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the preferred stock issued and outstanding at June 30, 2020 : 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 Currently redeemable 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 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, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 187 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,713 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at June 30, 2019 57,464 487,013 734 Shares outstanding at December 31, 2019 41,350 487,044 734 Shares issued upon redemption of OP Units — 184 — Repurchase of common stock, net (1) — (12,733 ) — Equity-based compensation, net of forfeitures — 9,273 — Shares canceled for tax withholding on vested stock awards — (2,377 ) — Shares outstanding at June 30, 2020 41,350 481,391 734 __________ (1) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in 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 AFS Debt 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, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 8,828 591 (2,063 ) (7,643 ) 14,766 14,479 Amounts reclassified from AOCI — 626 — (1,128 ) (1,009 ) (1,511 ) AOCI at June 30, 2019 $ 12,457 $ (1,958 ) $ (2,154 ) $ (2,153 ) $ 20,775 $ 26,967 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 Other comprehensive income (loss) before reclassifications (898 ) 2,557 — (16,929 ) 15,819 549 Amounts reclassified from AOCI — (3,544 ) — 246 (552 ) (3,850 ) AOCI at June 30, 2020 $ 8,383 $ 6,836 $ (226 ) $ (16,544 ) $ 45,918 $ 44,367 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2018 $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications (4,656 ) (10,840 ) 1,392 (14,104 ) Amounts reclassified from AOCI — (465 ) 448 (17 ) AOCI at June 30, 2019 $ (5,046 ) $ (11,905 ) $ 11,484 $ (5,467 ) AOCI at December 31, 2019 $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 ) Other comprehensive income (loss) before reclassifications (1 ) (11,689 ) 5,313 (6,377 ) Amounts reclassified from AOCI — — (873 ) (873 ) AOCI at June 30, 2020 $ (1,006 ) $ (29,602 ) $ 15,099 $ (15,509 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Component of AOCI reclassified into earnings 2020 2019 2020 2019 Relief of basis of AFS debt securities $ 3,544 $ — $ 3,544 $ — Other gain (loss), net Other-than-temporary impairment — — — (626 ) Other gain (loss), net Release of foreign currency cumulative translation adjustments — 173 (246 ) 1,128 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (82 ) 22 552 46 Other gain (loss), net Realized gain on net investment hedges — 739 — 963 Other gain (loss), net

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company. Six Months Ended June 30, (In thousands) 2020 2019 Beginning balance $ 6,107 $ 9,385 Contributions 25,880 — Distributions and redemptions (2,763 ) (3,393 ) Net income (loss) (158 ) 1,953 Ending balance $ 29,066 $ 7,945

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues Property operating income $ 4,924 $ 91,741 $ 10,303 $ 172,973 Fee income — 2,978 — 5,449 Interest and other income 56 1,228 73 2,368 Revenues from discontinued operations 4,980 95,947 10,376 180,790 Expenses Property operating expense 1,392 25,669 2,865 48,007 Interest expense 1,718 19,726 4,124 34,352 Investment and servicing expense — 8 — 538 Depreciation and amortization 642 45,360 1,275 84,805 Compensation expense—cash and equity-based (1) — 3,680 82 6,339 Compensation expense—carried interest (524 ) 561 (524 ) 340 Administrative expenses 301 1,386 633 3,016 Expenses from discontinued operations 3,529 96,390 8,455 177,397 Other income (loss) Gain (loss) on sale of real estate (7,787 ) 547 (7,787 ) 23,395 Other gain (loss), net (2 ) (49 ) 2 (57 ) Equity method losses, including carried interest (164 ) (173 ) (164 ) (644 ) Income (loss) from discontinued operations before income taxes (6,502 ) (118 ) (6,028 ) 26,087 Income tax expense — (386 ) — (298 ) Income (loss) from discontinued operations (6,502 ) (504 ) (6,028 ) 25,789 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (4,799 ) 674 (4,629 ) 17,983 Noncontrolling interests in Operating Company (169 ) (71 ) (139 ) 474 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,534 ) $ (1,107 ) $ (1,260 ) $ 7,332 __________ (1) Included equity-based compensation of $0.7 million and $1.4 million for the three and six months ended June 30, 2019

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	The following table provides the basic and diluted earnings per common share computations: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2020 2019 2020 2019 Net loss allocated to common stockholders Loss from continuing operations $ (2,712,491 ) $ (484,142 ) $ (3,117,022 ) $ (540,590 ) Loss from continuing operations attributable to noncontrolling interests 689,751 43,497 751,849 16,530 Loss from continuing operations attributable to Colony Capital, Inc. (2,022,740 ) (440,645 ) (2,365,173 ) (524,060 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (1,534 ) (1,107 ) (1,260 ) 7,332 Net loss attributable to Colony Capital, Inc. (2,024,274 ) (441,752 ) (2,366,433 ) (516,728 ) Preferred dividends (18,516 ) (27,138 ) (37,990 ) (54,275 ) Net loss attributable to common stockholders (2,042,790 ) (468,890 ) (2,404,423 ) (571,003 ) Net income allocated to participating securities — (953 ) (1,250 ) (1,673 ) Net loss allocated to common stockholders—basic (2,042,790 ) (469,843 ) (2,405,673 ) (572,676 ) Interest expense attributable to convertible and exchangeable notes (1) — — — — Net loss allocated to common stockholders—diluted $ (2,042,790 ) $ (469,843 ) $ (2,405,673 ) $ (572,676 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 471,253 479,228 475,187 479,577 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 471,253 479,228 475,187 479,577 Basic loss per share Loss from continuing operations $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.21 ) Income from discontinued operations — — — 0.02 Net loss attributable to common stockholders per basic common share $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.19 ) Diluted loss per share Loss from continuing operations $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.21 ) Income from discontinued operations — — — 0.02 Net loss attributable to common stockholders per diluted common share $ (4.33 ) $ (0.98 ) $ (5.06 ) $ (1.19 ) __________ (1) For both the three months ended June 30, 2020 and 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive. For the six months ended June 30, 2020 and 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.2 million and $14.3 million , respectively, and 38,112,100 weighted average dilutive common share equivalents 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 92,700 and 115,200 for the three and six months ended June 30, 2019 , respectively, as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the six months ended June 30, 2020 . 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 6,047,300 and 459,800 for the three months ended June 30, 2020 and 2019 , respectively, and 3,784,000 and 755,700 for the six months ended June 30, 2020 and 2019 , respectively. (3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common stock on a one -for-one basis. At June 30, 2020 and 2019 there were 53,076,700 and 31,171,300 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income (Tables)

Fee Income (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	The Company's fee income is earned from the following sources: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Institutional funds and other investment vehicles $ 31,337 $ 13,033 $ 61,813 $ 23,671 Public companies (CLNC, and NRE prior to its sale in September 2019) 7,223 15,038 15,281 30,144 Non-traded REIT 4,431 4,989 8,862 10,095 Other 549 2,373 1,089 2,551 $ 43,540 $ 35,433 $ 87,045 $ 66,461 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Base management fees ($40,934, $32,418, $82,448 and $62,620 from affiliates, respectively) $ 41,038 $ 32,612 $ 82,657 $ 62,976 Asset management fees ($727, $601, $1,259 and $1,236 from affiliates, respectively) 1,002 1,230 1,811 1,865 Other fee income ($1,477, $248, $2,531 and $262 from affiliates, respectively) 1,500 1,591 2,577 1,620 Total fee income $ 43,540 $ 35,433 $ 87,045 $ 66,461

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
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: 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 in 2019 which is presented as discontinued operations (Note 16 ), is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Compensation expense (including $580, $315, $863 and $432 amortization of fair value of dividend equivalent rights) $ 10,422 $ 7,577 $ 18,671 $ 13,491 Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2020 PSU Grants 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 34.1% 26.2% 29.0% Expected annual dividend yield (2) 9.3% 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 0.4% 2.2% - 2.4% 2.1% __________ (1) Based upon the Company's historical stock volatility or in combination with historical stock volatility of a specified peer group, or 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 current annualized dividends. (3) Based upon the continuously compounded zero-coupon U.S. 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 RSUs (1) PSUs (2) Total PSUs All Other Awards 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 Granted 9,736,581 632,159 8,379,888 4,324,375 23,073,003 1.64 1.86 Vested (5,457,749 ) (370,019 ) — — (5,827,768 ) — 4.66 Forfeited (575,304 ) — — (53,220 ) (628,524 ) 4.27 6.17 Unvested shares and units at June 30, 2020 11,345,236 10,000,000 527,924 8,379,888 9,951,350 40,204,398 2.78 2.06 __________ (1) Represents the number of RSUs granted that are subject to vesting only upon achievement of performance condition. RSUs that do not meet the performance condition at the end of the measurement period will be forfeited. (2) 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)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Cost reimbursements, included in other income, are as follows. Amounts related to NRE pertain to periods prior to termination of its management agreement in September 2019. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Retail companies $ 896 $ 689 $ 1,847 $ 1,427 Public companies (CLNC, NRE) 2,028 2,663 4,528 5,295 Private investment vehicles and other 2,288 4,344 5,234 7,879 Equity awards of CLNC and NRE (Note 19) 3,311 3,643 (600 ) 6,583 $ 8,523 $ 11,339 $ 11,009 $ 21,184 Amounts due from and due to affiliates consist of the following: (In thousands) June 30, 2020 December 31, 2019 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 31,002 $ 36,106 Cost reimbursements and recoverable expenses 11,275 14,624 Loan and interest receivable 35,107 — Employees and other affiliates 513 750 $ 77,897 $ 51,480 Due to Affiliates Employees and other affiliates $ 1,336 $ 34,064

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
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. (In thousands) Digital Healthcare Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2020 Total revenues $ 63,413 $ 142,680 $ 57,143 $ — $ 74,428 $ 30,198 $ 4,504 $ 372,366 Property operating expenses 18,055 74,752 63,733 — 37,103 — — 193,643 Interest expense 8,184 34,699 29,889 — 17,683 — 16,331 106,786 Depreciation and amortization 35,102 36,980 35,462 — 23,381 2,477 1,503 134,905 Impairment loss — 661,255 660,751 — 152,254 515,000 12,297 2,001,557 Gain on sale of real estate — — — — 2,868 — — 2,868 Equity method earnings (losses) 7,940 — — (350,241 ) (28,525 ) (1,709 ) — (372,535 ) Equity method losses—carried interest — — — — — (2,324 ) — (2,324 ) Income tax benefit (expense) 1,714 (12,136 ) (6,691 ) — 760 8,697 (64 ) (7,720 ) Loss from continuing operations (6,546 ) (680,140 ) (741,621 ) (350,241 ) (370,305 ) (496,361 ) (67,277 ) (2,712,491 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 8,519 (434,410 ) (633,863 ) (315,484 ) (141,671 ) (447,068 ) (58,763 ) (2,022,740 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,534 ) Net loss attributable to Colony Capital, Inc. $ (2,024,274 ) Three Months Ended June 30, 2019 Total revenues $ — $ 145,896 $ 227,080 $ — $ 152,066 $ 43,802 $ 4,595 $ 573,439 Property operating expenses — 63,924 144,691 — 70,625 — — 279,240 Interest expense — 57,135 41,591 — 29,216 — 13,796 141,738 Depreciation and amortization — 40,778 37,008 — 23,166 6,918 1,512 109,382 Provision for loan losses — — — — 15,003 — — 15,003 Impairment loss — 51,324 420 — 32,302 — 649 84,695 Gain on sale of real estate — — 140 — 5,937 — — 6,077 Equity method earnings (losses) 3,147 — — (267,912 ) 25,633 (20,156 ) — (259,288 ) Equity method earnings—carried interest — — — — — 1,836 — 1,836 Income tax benefit (expense) — (596 ) (2,006 ) — (406 ) 266 157 (2,585 ) Income (loss) from continuing operations 1,957 (81,520 ) (3,505 ) (267,912 ) (128 ) 17 (133,051 ) (484,142 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 1,839 (58,616 ) (3,330 ) (251,792 ) (5,957 ) 600 (123,389 ) (440,645 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,107 ) Net loss attributable to Colony Capital, Inc. $ (441,752 ) (In thousands) Digital Healthcare Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2020 Total revenues $ 127,919 $ 281,862 $ 210,669 $ — $ 195,547 $ 54,497 $ 9,385 $ 879,879 Property operating expenses 34,961 141,319 184,728 — 96,268 — — 457,276 Interest expense 17,586 74,565 69,678 — 38,271 — 30,099 230,199 Depreciation and amortization 71,735 74,440 71,906 — 45,601 5,068 3,013 271,763 Impairment loss — 709,787 910,913 — 161,828 594,000 12,297 2,388,825 Gain on sale of real estate — — — — 10,800 — — 10,800 Equity method earnings (losses) 8,408 — — (360,310 ) (10,824 ) 105,893 — (256,833 ) Equity method losses—carried interest — — — — — (20,735 ) — (20,735 ) Income tax benefit (expense) 7,051 (12,006 ) (4,812 ) — (583 ) (5,785 ) 91 (16,044 ) Loss from continuing operations (25,766 ) (744,285 ) (1,037,378 ) (360,310 ) (340,328 ) (478,231 ) (130,724 ) (3,117,022 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 4,761 (482,422 ) (875,095 ) (324,559 ) (143,123 ) (430,709 ) (114,026 ) (2,365,173 ) Net loss attributable to Colony Capital, Inc. from discontinued operations (1,260 ) Net loss attributable to Colony Capital, Inc. $ (2,366,433 ) Six Months Ended June 30, 2019 Total revenues $ — $ 291,670 $ 423,695 $ — $ 314,754 $ 83,807 $ 7,572 $ 1,121,498 Property operating expenses — 128,226 281,036 — 140,720 — — 549,982 Interest expense — 104,662 83,656 — 61,069 — 27,240 276,627 Depreciation and amortization — 80,909 73,256 — 47,949 15,587 3,033 220,734 Provision for loan losses — — — — 18,614 — — 18,614 Impairment loss — 51,324 4,270 — 54,074 — 649 110,317 Gain on sale of real estate — — 279 — 35,251 — — 35,530 Equity method earnings (losses) 6,423 — — (262,399 ) 50,206 (19,455 ) — (225,225 ) Equity method earnings—carried interest — — — — — 6,732 — 6,732 Income tax benefit (expense) — 1,278 (2,842 ) — (2,480 ) 360 (99 ) (3,783 ) Income (loss) from continuing operations 4,973 (88,726 ) (29,582 ) (262,399 ) 59,400 17,674 (241,930 ) (540,590 ) Net income (loss) attributable to Colony Capital, Inc. from continuing operations 4,672 (66,078 ) (26,311 ) (246,614 ) 17,932 16,337 (223,998 ) (524,060 ) Net income attributable to Colony Capital, Inc. from discontinued operations 7,332 Net loss attributable to Colony Capital, Inc. $ (516,728 )
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: June 30, 2020 December 31, 2019 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,354,689 $ 124,624 $ 2,160,402 $ 47,891 Healthcare 4,073,281 — 4,886,374 — Hospitality 2,781,311 — 3,789,098 — CLNC 336,513 336,513 725,443 725,443 Other Equity and Debt 5,098,852 1,142,366 5,749,455 1,070,462 Other Investment Management 274,646 23,631 1,085,234 139,977 Amounts not allocated to segments 894,210 3,742 977,505 3,742 Assets held for sale related to discontinued operations 370,032 — 458,673 — $ 16,183,534 $ 1,630,876 $ 19,832,184 $ 1,987,515
Revenue by Geographic Areas	Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Total income by geography: United States $ 236,647 $ 469,237 $ 794,468 $ 962,774 Europe 47,447 81,245 91,818 167,503 Other 1,932 1,978 2,809 1,978 Total (1) $ 286,026 $ 552,460 $ 889,095 $ 1,132,255 (In thousands) June 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 8,093,889 $ 9,956,282 Europe 1,410,584 1,508,347 Total (2) $ 9,504,473 $ 11,464,629 __________ (1) Total income includes the Company's share of earnings (loss) from its equity method investments (but excludes the Company's impairment of its equity method investments of $297.0 million and $247.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $297.8 million and $250.4 million for the six months ended June 30, 2020 and 2019 , respectively); and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations is generated in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease right-of-use assets 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 June 30, 2020 and December 31, 2019 included $431 million and $522 million located in the United States, respectively, and $252 million and $283 million
Long-lived Assets by Geographic Areas	(In thousands) June 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 8,093,889 $ 9,956,282 Europe 1,410,584 1,508,347 Total (2) $ 9,504,473 $ 11,464,629 __________ (1) Total income includes the Company's share of earnings (loss) from its equity method investments (but excludes the Company's impairment of its equity method investments of $297.0 million and $247.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $297.8 million and $250.4 million for the six months ended June 30, 2020 and 2019 , respectively); and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations is generated in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease right-of-use assets 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 June 30, 2020 and December 31, 2019 included $431 million and $522 million located in the United States, respectively, and $252 million and $283 million

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Six Months Ended June 30, (In thousands) 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of amounts capitalized of $428 and $1,588 $ 182,062 $ 263,096 Cash received (paid) for income tax refunds (liabilities), net (8,099 ) 14,960 Cash paid for operating leases 13,860 7,652 Supplemental Disclosure of Cash Flows from Discontinued Operations Net cash provided by (used in) operating activities of discontinued operations $ (36,445 ) $ 95,142 Net cash provided by (used in) investing activities of discontinued operations 37,337 (1,315,308 ) Net cash provided by (used in) financing activities of discontinued operations (34,546 ) 1,165,015 Supplemental Disclosure of Cash Flows from Investing and Financing Activities Dividends and distributions payable $ 18,516 $ 84,221 Improvements in operating real estate in accrued and other liabilities 15,030 17,049 Proceeds from loan repayments and asset sales held in escrow 3,836 1,392 Right-of-use assets and operating lease liabilities established 4,973 129,488 Redemption of OP Units for common stock 1,423 2,096

Business (Details)

Business (Details) - USD ($) $ in Thousands	Dec. 20, 2019	Mar. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Assets under management			$ 46,000,000			$ 46,000,000
Impairment loss			2,001,557		$ 84,695	$ 2,388,825	$ 110,317
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent						90.00%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent						10.00%
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			16,300,000			16,300,000
Digital Real Estate | Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management			$ 7,800,000			$ 7,800,000
DatabaBank
Business Acquisition [Line Items]
Ownership percentage	20.00%					20.00%
Colony Credit Real Estate, Inc.
Business Acquisition [Line Items]
Ownership percentage			36.40%			36.40%
Blackwell Capital LLC Joint Venture
Business Acquisition [Line Items]
Voting term		3 years
Settlement liability		$ 3,900		$ 3,900
Blackwell Capital LLC Joint Venture | Blackwells Capital LLC
Business Acquisition [Line Items]
Legal fees		$ 1,200
Unusual or Infrequent Item, or Both
Business Acquisition [Line Items]
Impairment loss			$ 2,600,000	400,000
Noncontrolling Interests in Operating Company
Business Acquisition [Line Items]
Impairment loss			$ 2,100,000	$ 300,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)security	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Units to common stock, conversion ratio	1
Cumulative effect of adoption of new accounting pronouncement	$ 5,704,569	$ 8,391,716		$ 8,926,415	$ 10,537,098	$ 11,215,441	$ 11,146,370
Number of AFS debt securities with unrealized loss in AOCI | security				0
Accounting Standards Update 2016-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of adoption of new accounting pronouncement			$ (8,500)
Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of adoption of new accounting pronouncement			$ 3,300	$ (5,113)			$ (4,468)

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2020USD ($)	Dec. 20, 2019USD ($)$ / sharesshares	Jul. 25, 2019USD ($)portfolio_companyshares	Jul. 24, 2019$ / shares	Dec. 31, 2019shares	Jul. 31, 2019shares	Jun. 30, 2020shares
OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) | shares							0
DBH
Business Acquisition [Line Items]
Shares issued (USD per share) | $ / shares				$ 5.21
Number of portfolio companies managed by DBH | portfolio_company			6
Outstanding ownership percentage before acquisition (percentage)			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 (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
DatabaBank
Business Acquisition [Line Items]
Shares issued (USD per share) | $ / shares		$ 4.85
Outstanding ownership percentage before acquisition (percentage)		20.00%					20.00%
Fair value of equity interest in Digital Colony Manager | $	$ 0	$ 0
Royalty rate (percentage)		2.00%
DatabaBank | OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) | shares		612,072			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	Jun. 30, 2020	Dec. 20, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 851,757		$ 1,452,891	$ 851,757	$ 851,757	$ 1,514,561	$ 1,514,561
DBH
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
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	0
Real estate	0			0	0
Assets held for sale	0			0	0
Intangible assets	153,300			153,300	153,300
Other assets	13,008			13,008	13,008
Debt	0			0	0
Tax liabilities, net	(17,392)			(17,392)	(17,392)
Intangible and other liabilities	(16,194)			(16,194)	(16,194)
Fair value of net assets acquired	132,722			132,722	132,722
Goodwill	247,248			247,248	247,248
DataBank
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash	182,731	$ 182,731
Deferred consideration	0	0
OP Units issued	2,962	2,962	$ 3,000
Total consideration for equity interest acquired	185,693	185,693
Fair value of equity interest in Digital Colony Manager	0	0
Fair value of equity interest	185,693	185,693
Cash	10,366	10,366		10,366	10,366
Real estate	839,053	847,458		839,053	839,053
Assets held for sale	29,266	29,114		29,266	29,266
Intangible assets	219,651	222,455		219,651	219,651
Other assets	108,896	106,648		108,896	108,896
Debt	(539,155)	(539,155)		(539,155)	(539,155)
Tax liabilities, net	(109,587)	(113,228)		(109,587)	(109,587)
Intangible and other liabilities	(120,178)	(132,480)		(120,178)	(120,178)
Fair value of net assets acquired	438,312	431,178		438,312	438,312
Noncontrolling interests in investment entities	(724,567)	(724,567)		(724,567)	(724,567)
Goodwill	$ 471,948	$ 479,082		471,948	471,948
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Cash					0
Real estate					(8,405)
Assets held for sale					152
Intangible assets					(2,804)
Other assets					2,248
Debt					0
Tax liabilities, net					3,641
Intangible and other liabilities					12,302
Fair value of net assets acquired					$ 7,134
Goodwill				$ (7,134)

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 1,272,269	$ 1,360,435
Buildings and improvements	7,462,712	9,022,971
Tenant improvements	108,929	105,440
Data center infrastructure	633,329	595,603
Furniture, fixtures and equipment	581,285	511,329
Construction in progress	125,702	255,115
Real estate held for investment, gross	10,184,226	11,850,893
Less: Accumulated depreciation	(1,196,324)	(990,375)
Real estate assets, net	$ 8,987,902	$ 10,860,518

Real Estate - Real Estate Sales

Real Estate - Real Estate Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Proceeds from sales of real estate	$ 43,276	$ 147,990	$ 170,017	$ 442,657
Gain (Loss) on sale of real estate	$ (4,919)	$ 6,624	$ 3,013	$ 58,925

Real Estate - Real Estate Acqui

Real Estate - Real Estate Acquisitions (Details) $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Oct. 31, 2019USD ($)property	Feb. 28, 2019USD ($)property	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)property
Asset Acquisitions
Business Acquisition [Line Items]
Purchase price				$ 1,543,981
Land				317,740
Buildings and Improvements				1,156,884
Lease Intangible Assets				76,230
ROU Lease and Other Assets				0
Lease Intangible Liabilities				(6,873)
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Liabilities				$ 0
Asset Acquisitions | Hotel | France
Business Acquisition [Line Items]
Number of Buildings | property			2
Purchase price			$ 4,609
Land			564
Buildings and Improvements			6,763
Lease Intangible Assets			0
ROU Lease and Other Assets			2,586
Lease Intangible Liabilities			0
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Liabilities			$ (5,304)
Asset Acquisitions | Bulk Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property		6
Purchase price		$ 373,182
Land		49,446
Buildings and Improvements		296,348
Lease Intangible Assets		27,553
ROU Lease and Other Assets		0
Lease Intangible Liabilities		(165)
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Liabilities		$ 0
Asset Acquisitions | Healthcare | United Kingdom
Business Acquisition [Line Items]
Number of Buildings | property	1
Purchase price	$ 12,376
Land	3,478
Buildings and Improvements	9,986
Lease Intangible Assets	732
ROU Lease and Other Assets	0
Lease Intangible Liabilities	(1,820)
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Liabilities	$ 0
Asset Acquisitions | Light industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property				84
Purchase price				$ 1,158,423
Land				264,816
Buildings and Improvements				850,550
Lease Intangible Assets				47,945
ROU Lease and Other Assets				0
Lease Intangible Liabilities				(4,888)
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Liabilities				$ 0
Building
Business Acquisition [Line Items]
Property, plant and equipment, useful life			40 years
Land Improvements
Business Acquisition [Line Items]
Property, plant and equipment, useful life			15 years
Furniture, Fixtures and Equipment
Business Acquisition [Line Items]
Property, plant and equipment, useful life			7 years
Right-Of-Use Assets
Business Acquisition [Line Items]
Property, plant and equipment, useful life			6 years

Real Estate - Depreciation and

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Real Estate [Line Items]
Impairment of real estate and related asset group (1)	$ 2,001,557	$ 84,695	$ 2,388,825	$ 110,317
Real estate impairment	2,300		9,300
Held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group (1)	1,454,199	41,048	1,754,890	41,487
Held for investment | Real Estate
Real Estate [Line Items]
Depreciation of real estate held for investment	106,208	92,677	209,513	184,915
Nonrecurring | Held for sale
Real Estate [Line Items]
Impairment of real estate and related asset group (1)	20,061	$ 42,998	27,638	$ 68,181
Nonrecurring | Level 3 | Held for sale
Real Estate [Line Items]
Real estate	197,800		197,800		$ 253,400
Nonrecurring | Level 3 | Held for investment
Real Estate [Line Items]
Carrying value of real estate	3,700,000		$ 3,700,000		$ 355,000
Minimum | Held for sale
Real Estate [Line Items]
Selling costs (percentage)			1.00%
Maximum | Held for sale
Real Estate [Line Items]
Selling costs (percentage)			3.00%
Ground Leases
Real Estate [Line Items]
Impairment of real estate and related asset group (1)	$ 800		$ 13,900
Healthcare Segment | Minimum
Real Estate [Line Items]
Capitalization rate (percentage)			10.00%
Terminal capitalization rate (percentage)			7.00%
Discount rate (percentage)			8.50%
Healthcare Segment | Maximum
Real Estate [Line Items]
Capitalization rate (percentage)			12.00%
Terminal capitalization rate (percentage)			11.25%
Discount rate (percentage)			12.00%

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property operating income
Revenue from External Customer [Line Items]
Income	$ 293,816	$ 488,788	$ 719,232	$ 947,686
Lease income:
Revenue from External Customer [Line Items]
Income	196,887	179,831	395,270	366,594
Fixed lease income
Revenue from External Customer [Line Items]
Income	180,067	164,940	362,159	335,354
Variable lease income
Revenue from External Customer [Line Items]
Income	16,820	14,891	33,111	31,240
Hotel operating income
Revenue from External Customer [Line Items]
Income	85,735	308,957	300,795	581,092
Data center service revenue
Revenue from External Customer [Line Items]
Income	$ 11,194	$ 0	$ 23,167	$ 0

Real Estate - Lease Concessions

Real Estate - Lease Concessions Related to COVID-19 (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
COVID-19 Pandemic
Unusual or Infrequent Item, or Both [Line Items]
Deferred rent receivables	$ 0.7
Forgiveness of rent	$ 0.2
Forecast | COVID-19 Pandemic
Unusual or Infrequent Item, or Both [Line Items]
Forgiveness of rent		$ 0.6
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Term for deferred rent	2 months
Term for repayment of deferred rent	4 months
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Term for deferred rent	3 months
Term for repayment of deferred rent	18 months

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, fair value	$ 1,398,087
Allowance for loan losses			$ (50,938)	$ (32,940)
Loans receivable	1,398,087	$ 1,566,328
Fair Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,606,866
Loans receivable, fair value	1,398,087	1,557,850
Fair Value | Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,395,140
Loans receivable, fair value	1,189,145
Fair Value | Fixed rate | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,602,093
Loans receivable, fair value	$ 672,983
Weighted Average Coupon, percentage	8.20%
Weighted Average Maturity in Years	24 days
Fair Value | Fixed rate | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 610,073
Loans receivable, fair value	$ 348,579
Weighted Average Coupon, percentage	12.60%
Weighted Average Maturity in Years	21 days
Fair Value | Fixed rate | Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 182,974
Loans receivable, fair value	$ 167,583
Weighted Average Coupon, percentage	13.80%
Weighted Average Maturity in Years	4 years 8 months 12 days
Fair Value | Variable rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 211,726
Loans receivable, fair value	208,942
Fair Value | Variable rate | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	163,911
Loans receivable, fair value	$ 161,127
Weighted Average Coupon, percentage	3.30%
Weighted Average Maturity in Years	3 days
Fair Value | Variable rate | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 47,815
Loans receivable, fair value	$ 47,815
Weighted Average Coupon, percentage	12.50%
Weighted Average Maturity in Years	1 year 1 month 6 days
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		2,498,573
Loans receivable, fair value		1,552,824
Interest receivable		13,504
Loans receivable		1,566,328
Carrying Value | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,332,769
Amortized Cost		1,352,476
Carrying Value | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance
Amortized Cost		1,552,824
Allowance for loan losses		(48,187)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,165,804
Amortized Cost		248,535
Carrying Value | Fixed rate | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,116,034
Amortized Cost		1,135,570
Carrying Value | Fixed rate | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		471,472
Amortized Cost		$ 492,709
Weighted Average Coupon, percentage		10.70%
Weighted Average Maturity in Years		1 year 7 months 6 days
Carrying Value | Fixed rate | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 495,182
Amortized Cost		$ 494,238
Weighted Average Coupon, percentage		12.60%
Weighted Average Maturity in Years		7 months 6 days
Carrying Value | Fixed rate | Non-PCI Loans | Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 149,380
Amortized Cost		$ 148,623
Weighted Average Coupon, percentage		12.90%
Weighted Average Maturity in Years		5 years 4 months 24 days
Carrying Value | Variable rate | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 216,735
Amortized Cost		216,906
Carrying Value | Variable rate | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		171,848
Amortized Cost		$ 172,269
Weighted Average Coupon, percentage		4.10%
Weighted Average Maturity in Years		3 months 18 days
Carrying Value | Variable rate | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 44,887
Amortized Cost		$ 44,637
Weighted Average Coupon, percentage		12.70%
Weighted Average Maturity in Years		1 year 7 months 6 days

Loans Receivable - Aging Summar

Loans Receivable - Aging Summary of Non-PCI Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ (1,208,779)
Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	7,768
30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	(1,216,547)
Non-PCI Loans
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 1,352,476
Non-PCI Loans | Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		1,042,260
Non-PCI Loans | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans | 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 310,216
Fair Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	1,398,087
Fair Value | Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	687,273
Fair Value | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value | 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	710,814
Carrying Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	2,606,866
Carrying Value | Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	679,505
Carrying Value | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value | 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	$ 1,927,361

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019loan	Jun. 30, 2019loan	Dec. 31, 2019USD ($)loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of outstanding TDR loans			1
Carrying value of loans before allowance for loan losses | $			$ 37.8
Troubled debt restructuring, allowance for loan loss | $			$ 37.8
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

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			$ 1,398,087	$ 1,566,328
Allowance for Loan Losses	$ 50,938	$ 50,938			$ 32,940
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance				326,151
Average carrying value before allowance for loan losses and interest receivable	310,914	298,092
Total interest income recognized during the period impaired	1,289	4,292
Cash basis interest income recognized	$ 0	$ 447
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable				89,689
Allowance for Loan Losses				48,187
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable				71,754
Without Allowance for Loan Losses				259,011
Total				330,765
Allowance for Loan Losses				$ 48,146

Loans Receivable - Purchase Cre

Loans Receivable - Purchase Credit-Impaired Loans (Details)	6 Months Ended
	Jun. 30, 2019loan
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts acquired	0

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield of PCI Loans (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620
Changes in accretable yield	407
Accretion recognized in earnings	(5,924)
Effect of changes in foreign exchange rates	(15)
Ending accretable yield	$ 4,088

Loans Receivable - Purchase C_2

Loans Receivable - Purchase Credit-Impaired Loans for Recognition of Interest Income (Details)	Dec. 31, 2019USD ($)
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 0

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses	$ 50,938	$ 50,938
Loans receivable			$ 1,398,087	$ 1,566,328
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses, beginning balance		32,940
Provision for loan losses, net		18,614
Charge-off		(616)
Allowance for loan losses, ending balance	50,938	50,938
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses				48,187
Loans receivable				89,689
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses, net	15,003	18,614
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses				48,146
Loans receivable				71,754
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses, net	12,807	12,807
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses				41
Loans receivable				$ 17,935
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses, net	$ 2,196	$ 5,807

Loans Receivable - Lending Comm

Loans Receivable - Lending Commitments (Details) - Investment Commitments - Consolidated Real Estate Debt Investments $ in Millions	Jun. 30, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 140.6
Parent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 37.9

Equity and Debt Investments - I

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Equity Investments
Equity method investments	$ 1,630,876	$ 1,987,515
Total equity investments	1,791,499	2,256,214
Debt Securities
Total debt securities	33,949	57,591
Equity and debt investments	1,825,448	2,313,805
Investment ventures
Equity Investments
Equity method investments	1,448,069	1,845,129
Investment ventures and Private funds and non-traded REIT	1,668	91,472
Private funds
Equity Investments
Equity method investments	182,807	142,386
Investment ventures and Private funds and non-traded REIT	42,044	38,641
N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	32,271	54,859
CMBS of consolidated fund
Debt Securities
CMBS of consolidated fund, at fair value	1,678	2,732
Level 1 | Marketable equity securities
Equity Investments
Marketable equity securities	$ 116,911	$ 138,586

Equity and Debt Investments - E

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	Jun. 30, 2020USD ($)investment	Jun. 29, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 1,630,876		$ 1,987,515
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value	336,513	$ 611,200	725,443
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Carrying value	0		93,390
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	140,313		138,428
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	575,555		543,296
Private funds
Schedule of Equity Method Investments [Line Items]
Carrying value	179,270		115,055
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	393		21,940
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 189,569		127,088
Number of equity method investments | investment	11
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 209,263		$ 222,875
Colony Credit Real Estate, Inc.
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, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 29, 2020	Apr. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments					$ 241,508	$ 28,163
Impairment loss			$ 2,001,557	$ 84,695	2,388,825	$ 110,317
Equity method investments			1,630,876		1,630,876					$ 1,987,515
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments		$ 179,100
Equity method investment, gain on sale		$ 106,100
Equity method investments			0		0					93,390
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments			336,513		336,513		$ 611,200			725,443
Proportionate share of loan loss provisions and impairments not recognized			8,700		27,900
Basis difference			58,900		58,900
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			575,555		575,555					543,296
Lending commitments					49,700
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			$ 228,600		$ 228,600
Class A Common Stock | Common Stock | Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)			$ 7.02	$ 15.50	$ 7.02	$ 15.50
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss			$ 297,000	$ 247,800	$ 297,800	$ 250,400
Equity Method Investment | Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value			336,500		$ 336,500
Adjustments for any impairment or observable price changes			274,700	$ 227,900
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments	$ 148,500
Equity method investment, gain on sale	$ 60,700
Ownership percentage by co-investment partner (percentage)								2.00%	50.00%
Potential future profit share allocation (in percentage)					49.00%
Level 3
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value			$ 388,800		$ 388,800					$ 745,300

Equity and Debt Investments - D

Equity and Debt Investments - Debt Securities (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss recorded	$ 21,400,000		$ 22,200,000
Number of AFS debt securities with unrealized loss without allowance for credit loss | security	0		0
OTTI loss		$ 700,000		$ 700,000
Number of AFS debt securities with unrealized loss in AOCI | security					0
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 46,922,000		$ 46,922,000		$ 46,002,000
Allowance for Credit Loss	(22,229,000)		(22,229,000)
Gross cumulative unrealized gains	7,578,000		7,578,000		8,857,000
Gross cumulative unrealized loss	0		0		0
Fair Value	$ 32,271,000		32,271,000		54,859,000
Colony | CMBS of consolidated fund
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale			$ 0		$ 0
Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period			17 years
Available For Sale Securities Expected Maturity Period			7 months
Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period			21 years
Available For Sale Securities Expected Maturity Period			3 years 6 months

Goodwill, Deferred Leasing Co_3

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Goodwill [Roll Forward]
Beginning balance	$ 1,452,891	$ 1,514,561
Business combination	(7,134)	0
Impairment	(594,000)	0
Ending balance	$ 851,757	$ 1,514,561

Goodwill, Deferred Leasing Co_4

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill and Impairment of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Impairment			$ 594,000	$ 0
Goodwill	$ 851,757		851,757	$ 1,514,561	$ 1,452,891	$ 1,514,561
Other investment management
Goodwill [Line Items]
Goodwill transferred between reporting units		$ 51,000
Impairment	515,000	79,000
Goodwill	81,561		81,561		726,561
Digital
Goodwill [Line Items]
Goodwill transferred between reporting units		$ (51,000)
Goodwill	$ 770,196		$ 770,196		$ 726,330

Goodwill, Deferred Leasing Co_5

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 851,757	$ 1,452,891	$ 1,514,561	$ 1,514,561
Goodwill deductible for tax purposes	140,500	140,500
Digital
Goodwill [Line Items]
Goodwill	770,196	726,330
Other investment management
Goodwill [Line Items]
Goodwill	$ 81,561	$ 726,561

Goodwill, Deferred Leasing Co_6

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 850,625	$ 862,150
Deferred leasing and other intangible assets, accumulated amortization	(285,404)	(223,297)
Deferred leasing and other intangible assets, net carrying amount	565,221	638,853
Intangible Liabilities
Intangible liabilities, carrying amount	158,862	174,208
Intangible liabilities, accumulated amortization	(71,667)	(62,724)
Intangible liabilities, gross	87,195	111,484
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	403,826	425,106
Deferred leasing and other intangible assets, accumulated amortization	(158,178)	(123,686)
Deferred leasing and other intangible assets, net carrying amount	245,648	301,420
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	285,233	285,233
Deferred leasing and other intangible assets, accumulated amortization	(114,393)	(96,466)
Deferred leasing and other intangible assets, net carrying amount	170,840	188,767
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	73,400	71,000
Deferred leasing and other intangible assets, accumulated amortization	(3,296)	(250)
Deferred leasing and other intangible assets, net carrying amount	70,104	70,750
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	39,601	39,600
Deferred leasing and other intangible assets, accumulated amortization	(2,380)	(185)
Deferred leasing and other intangible assets, net carrying amount	37,221	39,415
Intangible Liabilities
Colony trade name, indefinite intangible asset	15,500
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	48,565	41,211
Deferred leasing and other intangible assets, accumulated amortization	(7,157)	(2,710)
Deferred leasing and other intangible assets, net carrying amount	$ 41,408	$ 38,501
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Carrying value	$ 565,221,000		$ 565,221,000		$ 638,853,000
Intangible asset impairment	$ 0	$ 0	$ 0	$ 0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Carrying value					$ 62,400,000

Goodwill, Deferred Leasing Co_8

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ 370	$ 1,838	$ 3,724	$ 3,741
Amortization expense	26,930	15,187	58,898	32,773
Deferred leasing costs and lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	11,189	7,874	31,278	16,545
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	8,902	6,075	17,923	13,902
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,572	836	3,046	1,672
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,098	0	2,196	0
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4,169	$ 402	$ 4,455	$ 654

Goodwill, Deferred Leasing Co_9

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2020USD ($)
Net increase (decrease) to rental income
Remaining 2020	$ 2,867
2021	6,444
2022	6,077
2023	6,803
2024	(5,634)
2025 and Thereafter	(10,478)
Total	6,079
Amortization expense
Remaining 2020	48,499
2021	80,318
2022	62,220
2023	51,208
2024	47,109
2025 and Thereafter	152,785
Total	$ 442,139

Assets and Related Liabilitie_3

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Restricted cash	$ 4,921	$ 15,585
Real estate, net	652,040	799,415
Deferred leasing costs and intangible assets, net	29,899	33,236
Other assets	18,357	21,816
Total assets held for sale	705,217	870,052
Liabilities
Debt, net	233,394	232,944
Lease intangibles and other liabilities, net	28,397	35,208
Total liabilities related to assets held for sale	261,791	268,152
Industrial
Assets
Total assets held for sale	370,000	372,000
Liabilities
Total liabilities related to assets held for sale	$ 235,600	$ 235,000

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 145,229	$ 203,923	$ 336,491	$ 364,605
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	36,779	89,901
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	33,811	38,326
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,327	8,079
Lender restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	46,722	41,591
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 20,590	$ 26,026

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Accounts Receivable, Allowance for Credit Loss, Current	$ 6,400	$ 2,800
Straight-line rents	45,061	37,352
Hotel-related deposits and reserves	17,718	18,065
Investment deposits and pending deal costs	33,876	32,994
Deferred financing costs, net	3,158	2,794
Derivative assets	4,933	21,386
Prepaid taxes and deferred tax assets, net	52,591	82,344
Receivables from resolution of investments	3,836	63,984
Operating lease right-of-use asset, net	200,854	220,560
Accounts receivable, net	72,572	83,723
Prepaid expenses	32,004	30,761
Other assets	31,148	30,413
Fixed assets, net	29,558	44,768
Total other assets	527,309	$ 669,144
Aircraft
Property, Plant and Equipment [Line Items]
Impairment on corporate aircraft	$ 12,300

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Other Liabilities - Deferred Tax Asset (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Increase in valuation allowance	$ 42.4
Valuation allowance	$ 70.3

Restricted Cash, Other Assets_6

Restricted Cash, Other Assets and Other Liabilities - Impact of CARES Act (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Operating loss carryforwards	$ 28.1
Income tax benefit	3.3
Current tax receivable	$ 8.8

Restricted Cash, Other Assets_7

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits and payable	$ 15,719		$ 15,719		$ 15,293
Borrower escrow deposits	7,327		7,327		9,903
Deferred income	33,787		33,787		32,318
Interest payable	63,972		63,972		38,487
Derivative liabilities (Note 11)	94,677		94,677		127,531
Current and deferred income tax liability	195,278		195,278		222,206
Operating lease liability	178,000		178,000		181,297
Accrued compensation	48,115		48,115		83,351
Accrued carried interest and incentive fee compensation	230		230		50,360
Accrued real estate and other taxes	42,967		42,967		39,923
Accounts payable and accrued expenses	131,047		131,047		143,852
Other liabilities	58,828		58,828		71,377
Total accrued and other liabilities	869,947		869,947		1,015,898
Deferred asset management fee income	17,700		17,700		$ 18,300
Deferred asset management fee income recognized	$ 6,600	$ 400	$ 8,700	$ 700
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	1 year 6 months		1 year 6 months

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 9,377,524	$ 9,172,842
Long-term debt	9,211,114	8,983,908
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	449,700	515,600
Corporate credit facility
Debt Instrument [Line Items]
Long-term debt	400,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	615,038
Secured debt
Debt Instrument [Line Items]
Long-term debt	7,993,754
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	202,322
Carrying Value
Debt Instrument [Line Items]
Principal	9,377,524	9,172,842
Premium (discount), net	(90,353)	(93,810)
Deferred financing costs	(76,057)	(95,124)
Long-term debt		8,983,908
Carrying Value | Corporate credit facility
Debt Instrument [Line Items]
Principal	400,000	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	2,011	2,243
Deferred financing costs	(3,078)	(4,296)
Long-term debt		614,052
Carrying Value | Secured debt
Debt Instrument [Line Items]
Principal	8,081,302	8,276,620
Premium (discount), net	(14,569)	(17,126)
Deferred financing costs	(72,979)	(90,828)
Long-term debt		8,168,666
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(77,795)	(78,927)
Deferred financing costs	$ 0	0
Long-term debt		$ 201,190

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Principal	$ 9,377,524	$ 9,172,842
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	1,221,952	1,222,428
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 8,155,572	7,950,414
5.375% Exchangeable Notes | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	5.375%
Recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 1,330,171	931,294
Recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	650,054	651,177
Recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	680,117	280,117
Recourse | Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal	$ 400,000	$ 0
Weighted Average Interest Rate (Per Annum) (percent)	2.69%
Weighted Average Years Remaining to Maturity	1 year 6 months	2 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	$ 400,000	$ 0
Weighted Average Interest Rate (Per Annum) (percent)	2.69%
Weighted Average Years Remaining to Maturity	1 year 6 months	2 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	1 year 6 months	2 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) (percent)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	1 year 6 months	2 years
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse | Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 33,949	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 4 months 24 days	5 years 10 months 24 days
Recourse | Secured debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 33,949	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 4 months 24 days	5 years 10 months 24 days
Recourse | Secured debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse-NRF | Junior subordinated debt (2)
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)	3.17%	4.77%
Weighted Average Years Remaining to Maturity	15 years 10 months 24 days	16 years 4 months 24 days
Recourse-NRF | Junior subordinated debt (2) | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse-NRF | Junior subordinated debt (2) | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)	3.17%	4.77%
Weighted Average Years Remaining to Maturity	15 years 10 months 24 days	16 years 4 months 24 days
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 8,047,353	$ 8,241,548
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	571,898	571,251
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	7,475,455	7,670,297
Non-recourse | Secured debt | Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 515,007	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	5.47%	6.98%
Weighted Average Years Remaining to Maturity	4 years 4 months 24 days	4 years 9 months 18 days
Non-recourse | Secured debt | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,922,442	$ 2,953,706
Weighted Average Interest Rate (Per Annum) (percent)	3.88%	5.13%
Weighted Average Years Remaining to Maturity	3 years 10 months 24 days	4 years 4 months 24 days
Non-recourse | Secured debt | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,667,374	$ 2,667,347
Weighted Average Interest Rate (Per Annum) (percent)	3.29%	4.87%
Weighted Average Years Remaining to Maturity	24 days	4 years 7 months 6 days
Non-recourse | Secured debt | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,722,234	$ 1,804,647
Weighted Average Interest Rate (Per Annum) (percent)	3.21%	4.09%
Weighted Average Years Remaining to Maturity	1 year 6 months	2 years 10 months 24 days
Non-recourse | Secured debt | Fixed Rate | Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse | Secured debt | Fixed Rate | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 404,423	$ 405,980
Weighted Average Interest Rate (Per Annum) (percent)	4.55%	4.55%
Weighted Average Years Remaining to Maturity	4 years 7 months 6 days	5 years 1 month 6 days
Non-recourse | Secured debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 14,271	$ 13,494
Weighted Average Interest Rate (Per Annum) (percent)	12.74%	12.71%
Weighted Average Years Remaining to Maturity	3 days	1 year 7 months 6 days
Non-recourse | Secured debt | Fixed Rate | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 153,204	$ 151,777
Weighted Average Interest Rate (Per Annum) (percent)	4.23%	4.26%
Weighted Average Years Remaining to Maturity	2 years 9 months 18 days	3 years 4 months 24 days
Non-recourse | Secured debt | Variable Rate | Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 515,007	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	5.47%	6.98%
Weighted Average Years Remaining to Maturity	4 years 4 months 24 days	4 years 9 months 18 days
Non-recourse | Secured debt | Variable Rate | Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,518,019	$ 2,547,726
Weighted Average Interest Rate (Per Annum) (percent)	3.78%	5.22%
Weighted Average Years Remaining to Maturity	3 years 8 months 12 days	4 years 3 months 18 days
Non-recourse | Secured debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,653,103	$ 2,653,853
Weighted Average Interest Rate (Per Annum) (percent)	3.23%	4.83%
Weighted Average Years Remaining to Maturity	24 days	4 years 7 months 6 days
Non-recourse | Secured debt | Variable Rate | Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,569,030	$ 1,652,870
Weighted Average Interest Rate (Per Annum) (percent)	3.11%	4.08%
Weighted Average Years Remaining to Maturity	1 year 3 months 18 days	2 years 9 months 18 days
Non-recourse, real estate debt | Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 220,296	$ 276,693
Weighted Average Interest Rate (Per Annum) (percent)	3.46%	3.72%
Weighted Average Years Remaining to Maturity	1 year 8 months 12 days	1 year 9 months 18 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	$ 220,296	$ 276,693
Weighted Average Interest Rate (Per Annum) (percent)	3.46%	3.72%
Weighted Average Years Remaining to Maturity	1 year 8 months 12 days	1 year 9 months 18 days

Debt - Investment Level Debt In

Debt - Investment Level Debt In Default (Details) $ in Thousands	Aug. 31, 2020USD ($)asset	Aug. 20, 2020USD ($)	Jun. 30, 2020USD ($)hotel	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal			$ 9,377,524	$ 9,172,842
Non-recourse
Debt Instrument [Line Items]
Principal			8,047,353	8,241,548
Hospitality, Healthcare And Other Real Estate | Non-recourse
Debt Instrument [Line Items]
Principal			7,500,000
Carrying value of defaulted debt			3,280,000
Hospitality And Other Equity And Debt | Non-recourse
Debt Instrument [Line Items]
Carrying value of defaulted debt			3,030,000
Hospitality | Non-recourse
Debt Instrument [Line Items]
Notices of acceleration, amount			$ 780,000
Number of hotels | hotel			48
Portion of debt instrument not in default			$ 482,400
Healthcare Segment | Non-recourse
Debt Instrument [Line Items]
Carrying value of defaulted debt			203,000
Other Equity And Debt | Non-recourse
Debt Instrument [Line Items]
Carrying value of defaulted debt			51,700
Healthcare And Other Equity And Debt | Non-recourse
Debt Instrument [Line Items]
Carrying value of defaulted debt				$ 235,600
THL Hotel Portfolio | Non-recourse
Debt Instrument [Line Items]
Notices of acceleration, amount			$ 842,700
Forecast | Healthcare Segment | Non-recourse
Debt Instrument [Line Items]
Carrying value of defaulted debt	$ 157,900	$ 45,100
Forecast | Senior Housing
Debt Instrument [Line Items]
Number of Assets | asset	36

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jun. 29, 2020USD ($)	Jun. 28, 2020USD ($)	Jun. 30, 2020USD ($)extension	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 500,000,000	$ 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%
Amount drawn	$ 600,000,000
Repayments on line of credit	$ 200,000,000
Amount available to be drawn			$ 500,000,000
Minimum fixed coverage charge ratio	1	1.3
Minimum tangible net worth	$ 1,740,000,000	$ 4,550,000,000
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.50%	2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.50%	1.25%
Forecast
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility				$ 400,000,000
From and after January 11, 2021
Line of Credit Facility [Line Items]
Variable rate increase from extension (in percent)	0.25%

Debt - Convertible and Exchange

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)d$ / sharesshares	Dec. 31, 2019USD ($)
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
Colony Capital Operating Company, LLC | Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate (percentage)		3.875%
Colony Capital Operating Company, LLC | Subsequent Event | Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Repayments of convertible debt	$ 289,700,000
Colony Capital Operating Company, LLC | Subsequent Event | Convertible and exchangeable senior notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Repayments of convertible debt	$ 289,200,000
Colony Capital Operating Company, LLC | Subsequent Event | Convertible and exchangeable senior notes | 5.75% Convertible Notes Due 2025
Debt Instrument [Line Items]
Interest Rate (percentage)	5.75%
Conversion or Exchange Price (in USD per share of common stock) | $ / shares	$ 2.30
Proceeds from Convertible Debt	$ 291,000,000
Conversion or Exchange Ratio (In shares per $1,000)	0.4347826
Debt instrument, face amount	$ 300,000,000

Debt - Junior Subordinated Debt

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	6 Months Ended
	Jun. 30, 2020quarter
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters	6

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 4,933	$ 21,386
Derivative Liabilities		127,531
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,933	21,386
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	94,677	127,531
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	72	15,385
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,861	6,001
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	94,677	119,397
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	990	16,578
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	10,616
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	15,307
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	990	1,271
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	2,482
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	381	315
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	381	315
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	72	78
Interest rate contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	309	237
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	3,562	4,493
Performance swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	3,562	4,493
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	3,562	4,493
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	94,677	116,915
Forward contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	94,677	116,915
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	$ 94,677	$ 116,915

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) € in Millions, £ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)	Jan. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures				$ 1,791,499,000			$ 2,256,214,000
Cash Collateral Pledged	$ 14,300,000			0			0
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures				900,000,000	£ 267.6	€ 491.8	900,000,000	£ 275.5	€ 517.9
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	119,000,000									$ 100,000,000
Forward Contracts and Performance Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets				$ 12,800,000			$ 10,000,000
Gain on derivative	$ 5,800,000
Three-Month LIBOR [Member] | Non-Designated Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on notional forward starting swap		$ 86,900,000	$ 146,100,000
Notional amount		$ 2,000,000,000	$ 2,000,000,000

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / €	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / €	Jun. 30, 2019USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020EUR (€)	Jun. 30, 2020$ / £
Put options | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	0.95		0.95				1.05
Put options | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1		1				1.1
Non-Designated Hedges | Put options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount					£ 64,000	€ 336,000
Net Investment Hedging | Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) transferred from AOCI to earnings	$ (17)	$ 19	$ 1,485	$ (400)
Unrealized gain (loss) in earnings	(776)	0	(776)	0
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	$ 0	$ 786	$ 0	$ 1,026

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020	Jun. 30, 2020$ / €	Jun. 30, 2020GBP (£)	Jun. 30, 2020EUR (€)	Jun. 30, 2020$ / £
Put options | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)						0.95			1.05
Put options | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)						1			1.1
Interest rate contracts
Derivative [Line Items]
Realized and unrealized gain (loss) net on non-designated interest rate contracts	$ (105,000)	$ (89,610,000)	$ 74,000	$ (149,136,000)
Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	0		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 | Put options
Derivative [Line Items]
Notional amount							64,000	336,000
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	4,674,004,000		4,674,004,000
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					3.00%
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					5.70%
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]
Strike Rate / Forward Rate (in percent)					1.00%
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					1.50%
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £							£ 355,277
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					1.50%
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					2.25%
Non-Designated Hedges | Interest rate swaps | 3-Month LIBOR
Derivative [Line Items]
Notional amount		2,000,000,000		2,000,000,000
Unrealized loss on notional forward starting swap		86,900,000		146,100,000
Cash Flow Hedging
Derivative [Line Items]
Interest expense on designated interest rate contracts	$ 4,000	$ 0	$ 6,000	$ 0

Derivatives - Schedule of Reali

Derivatives - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on investments	$ 10,842	$ 1,084	$ (22,273)	$ 12,909
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) in earnings	(10,807)	(1,089)	22,238	(12,373)
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) in earnings	$ 3,414	$ 948	$ 4,874	$ 3,570

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 4,933		$ 21,386
(Assets) Liabilities	(3,562)		(8,878)
Cash Collateral Pledged	0	$ 14,300	0
Net Amounts of Assets (Liabilities)	1,371		12,508
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			(127,531)
(Assets) Liabilities			8,878
Cash Collateral Pledged			9,981
Net Amounts of Assets (Liabilities)			(108,672)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	990		16,578
(Assets) Liabilities	0		(4,385)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	990		12,193
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			(10,616)
(Assets) Liabilities			4,385
Cash Collateral Pledged			0
Net Amounts of Assets (Liabilities)			(6,231)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	381		315
(Assets) Liabilities	0		0
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	381		315
Performance swaps
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	3,562		4,493
(Assets) Liabilities	(3,562)		(4,493)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	0		0
Forward contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(94,677)		(116,915)
(Assets) Liabilities	3,562		4,493
Cash Collateral Pledged	12,752		9,981
Net Amounts of Assets (Liabilities)	$ (78,363)		$ (102,441)

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Values (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	$ 4,933,000	$ 21,386,000
Loans receivable, fair value	1,398,087,000
Equity method investments	209,263,000	222,875,000
Other liabilities—derivative liabilities	94,677,000	127,531,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	0	0
Equity method investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	0	0
Equity method investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	1,398,087,000	1,557,850,000
Equity method investments	209,263,000	222,875,000
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	32,271,000	54,859,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	116,911,000	138,586,000
Other assets—derivative assets	4,933,000	21,386,000
Other liabilities—derivative liabilities		127,531,000
Contingent consideration—THL Hotel Portfolio (Note 12)		9,330,000
Other liabilities—settlement liability	9,148,000
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	116,911,000	138,586,000
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities		0
Contingent consideration—THL Hotel Portfolio (Note 12)		0
Other liabilities—settlement liability	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	4,933,000	21,386,000
Other liabilities—derivative liabilities		127,531,000
Contingent consideration—THL Hotel Portfolio (Note 12)		0
Other liabilities—settlement liability	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
Contingent consideration—THL Hotel Portfolio (Note 12)		9,330,000
Other liabilities—settlement liability	9,148,000
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	32,271,000	54,859,000
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	32,271,000	54,859,000
Recurring | CMBS of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	1,678,000	2,732,000
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	1,678,000	2,732,000
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 - Recurring Fair V_2

Fair Value - Recurring Fair Value Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability (up to)		$ 13,000,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			$ 9,330,000
Other liabilities—settlement liability		$ 9,148,000
Expected volatility (percent)		72.60%
Risk-free rate (percent)		0.17%
Recurring | THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			9,300,000
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			$ 9,330,000
Other liabilities—settlement liability		$ 9,148,000
Settlement liability, increase in value from inception		$ 5,300,000
Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	$ 13,230,000
Other liabilities—settlement liability	3,900,000
Blackwell Capital LLC Joint Venture | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities—settlement liability	3,900,000
Colony Capital, Inc. | Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	14,700,000
Blackwells Capital LLC | Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	1,470,000
Legal fees	$ 1,200,000

Fair Value - Level 3 Valuation

Fair Value - Level 3 Valuation Technique and Inputs (Details) $ in Thousands	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 32,271	$ 54,859
N-Star CDO bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	32,271	54,859
N-Star CDO bonds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	32,271	54,859
Discounted Cash Flows | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		54,859
Loans receivable | Discounted Cash Flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	1,368,087
Loans receivable | Recent Transaction Price | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	30,000
Private funds | Asset Based Approach | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	3,144	5,391
Other investment ventures | Discounted Cash Flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	17,816	18,574
Other investment ventures | Multiple Valuation Technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	$ 25,000	$ 25,000
Measurement input	4.1	3.7
Other investment ventures | Recent Transaction Price | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	$ 163,303	$ 173,910
Discount rate | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.284	0.223
Discount rate | Loans receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.129
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.138	0.101
Discount rate | Minimum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.183	0.168
Discount rate | Minimum | Loans receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.073
Discount rate | Minimum | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.070	0.051
Discount rate | Maximum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.578	0.650
Discount rate | Maximum | Loans receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.257
Discount rate | Maximum | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.172	0.158

Fair Value - Changes in Level 3

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jan. 01, 2020
AFS Debt Securities
Level 3 Assets
Fair value, beginning	$ 54,859	$ 64,127
Purchases, drawdowns, contributions and accretion	1,849	3,267
Paydowns, distributions and sales	(3,229)	(5,582)
Allowance for credit losses	(22,229)
Realized and unrealized gains (losses) in earnings, net		(667)
Other comprehensive income (loss)	1,021	1,297
Fair value, ending	32,271	62,442
Net unrealized gains (losses) in earnings on instruments held	0	0
Loans Receivable
Level 3 Assets
Fair value, beginning	0
Election of fair value option on January 1, 2020			$ 1,556,131
Reclassification of accrued interest on January 1, 2020			$ 13,504
Purchases, drawdowns, contributions and accretion	153,418
Paydowns, distributions and sales	(62,302)
Interest accrual, including capitalization of paid-in-kind interest	25,116
Realized and unrealized gains (losses) in earnings, net	(281,266)
Other comprehensive income (loss)	(6,514)
Fair value, ending	1,398,087	0
Net unrealized gains (losses) in earnings on instruments held	(281,266)	0
Equity Method Investments
Level 3 Assets
Fair value, beginning	222,875	81,085
Purchases, drawdowns, contributions and accretion	771	102,273
Paydowns, distributions and sales	(836)	(8,005)
Realized and unrealized gains (losses) in earnings, net	(12,139)	1,946
Other comprehensive income (loss)	(1,408)
Fair value, ending	209,263	177,299
Net unrealized gains (losses) in earnings on instruments held	(12,139)	$ 1,194
In other comprehensive income (loss) | AFS Debt Securities
Level 3 Assets
Net unrealized gains (losses) in earnings on instruments held	1,021
In other comprehensive income (loss) | Loans Receivable
Level 3 Assets
Net unrealized gains (losses) in earnings on instruments held	0
In other comprehensive income (loss) | Equity Method Investments
Level 3 Assets
Net unrealized gains (losses) in earnings on instruments held	$ 0

Fair Value - Investments Carrie

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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	$ 14,963	$ 16,271
Unfunded Commitments	9,137	11,058
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	24,358	19,358
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	2,723	3,012
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 - Estimated Fair Val

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities
Secured and unsecured debt	$ 233,394
Assets
Loans at amortized cost	1,398,087
Level 1
Assets
Loans at amortized cost	0	$ 0
Level 1 | Corporate credit facility
Liabilities
Secured and unsecured debt	0
Level 1 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	549,344	602,000
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 (2)
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Level 2 | Corporate credit facility
Liabilities
Secured and unsecured debt	400,000
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 (2)
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,398,087	1,557,850
Level 3 | Corporate credit facility
Liabilities
Secured and unsecured debt	0
Level 3 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured debt
Liabilities
Secured and unsecured debt	7,674,887	8,213,550
Level 3 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	235,000
Level 3 | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	142,103	225,835
Fair Value
Assets
Loans at amortized cost	1,398,087	1,557,850
Fair Value | Corporate credit facility
Liabilities
Secured and unsecured debt	400,000
Fair Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	562,439	615,095
Fair Value | Secured debt
Liabilities
Secured and unsecured debt	7,674,887	8,213,550
Fair Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	235,000
Fair Value | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	142,103	225,835
Carrying Value
Assets
Loans at amortized cost		1,552,824
Carrying Value | Corporate credit facility
Liabilities
Secured and unsecured debt	400,000
Carrying Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	615,038	614,052
Carrying Value | Secured debt
Liabilities
Secured and unsecured debt	7,993,754	8,168,666
Carrying Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt		232,944
Carrying Value | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	$ 202,322	$ 201,190

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 16,183,534	$ 19,832,184
Total liabilities of consolidated private fund	10,449,899	10,899,662
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	47,000	24,700
Total liabilities of consolidated private fund	600	100
Company sponsored funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	17,400	18,500
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	179,700	137,000
Variable Interest Entity, Unconsolidated | Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	24,700	46,000
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 3,700	$ 3,700

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	487,044,000	483,347,000
Repurchase of common stock (in shares)	(12,733,000)	(652,000)
Equity-based compensation, net of forfeitures (in shares)	9,273,000	4,713,000
Shares canceled for tax withholding on vested stock awards (in shares)	(2,377,000)	(582,000)
Common stock, shares outstanding (in shares)	481,391,000	487,013,000
Reissuance of shares (in shares)	964,160
Class A Common Stock | OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)	184,000	187,000
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

Stockholders' Equity - Prefer_2

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	41,350	41,350
Preferred stock, par value (in dollars per share)	$ 414
Preferred stock, liquidation preference	$ 1,033,750	$ 1,033,750
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%
Preferred stock, shares outstanding (in shares)	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%
Preferred stock, shares outstanding (in shares)	12,600
Preferred stock, par value (in dollars per share)	$ 126
Preferred stock, liquidation preference	$ 315,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	1 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)$ / shares	Apr. 30, 2015	Jun. 30, 2020USD ($)votequarterdirector$ / sharesshares	Jun. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)$ / sharesshares	May 31, 2018USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)			$ 25
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter			6
Number of directors vote entitles | director			2
Minimum affirmative vote required for changes to any series of preferred stock			66.67%
Redemption of preferred stock | $	$ 402,900,000		$ 402,855,000	$ 0
Common stock conversion ratio for Class A to Class B / OP Units		1
Class A common stock acquired under the DRIP Plan (in shares) | shares			0	0
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)	$ 25
Liquidation preference per share (in dollars per share)	$ 25
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote			1
Shares repurchased (in shares) | shares			12,733,204		652,311
Value of shares repurchased | $			$ 24,600,000		$ 3,200,000
Weighted average price per share (in dollars per share)			$ 1.93		$ 4.84
Stock repurchase, authorized amount | $						$ 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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,926,415	$ 11,146,370
Ending balance	5,704,569	10,537,098
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,668	13,999
Other comprehensive income (loss) before reclassifications	549	14,479
Amounts reclassified from AOCI	(3,850)	(1,511)
Ending balance	44,367	26,967
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,281	3,629
Other comprehensive income (loss) before reclassifications	(898)	8,828
Amounts reclassified from AOCI	0	0
Ending balance	8,383	12,457
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,823	(3,175)
Other comprehensive income (loss) before reclassifications	2,557	591
Amounts reclassified from AOCI	(3,544)	626
Ending balance	6,836	(1,958)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(226)	(91)
Other comprehensive income (loss) before reclassifications	0	(2,063)
Amounts reclassified from AOCI	0	0
Ending balance	(226)	(2,154)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	139	6,618
Other comprehensive income (loss) before reclassifications	(16,929)	(7,643)
Amounts reclassified from AOCI	246	(1,128)
Ending balance	(16,544)	(2,153)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	30,651	7,018
Other comprehensive income (loss) before reclassifications	15,819	14,766
Amounts reclassified from AOCI	(552)	(1,009)
Ending balance	45,918	20,775
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8,259)	8,654
Other comprehensive income (loss) before reclassifications	(6,377)	(14,104)
Amounts reclassified from AOCI	(873)	(17)
Ending balance	(15,509)	(5,467)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,005)	(390)
Other comprehensive income (loss) before reclassifications	(1)	(4,656)
Amounts reclassified from AOCI	0	0
Ending balance	(1,006)	(5,046)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(17,913)	(600)
Other comprehensive income (loss) before reclassifications	(11,689)	(10,840)
Amounts reclassified from AOCI	0	(465)
Ending balance	(29,602)	(11,905)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10,659	9,644
Other comprehensive income (loss) before reclassifications	5,313	1,392
Amounts reclassified from AOCI	(873)	448
Ending balance	$ 15,099	$ 11,484

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (173,030)	$ (89,506)	$ (176,501)	$ (138,575)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Relief of basis of AFS debt securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	3,544	0	3,544	0
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	0	0	(626)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Release of foreign currency cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	173	(246)	1,128
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]
Amount reclassified into earnings	(82)	22	552	46
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ 0	$ 739	$ 0	$ 963

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 6,107		$ 9,385	$ 6,107	$ 9,385
Distributions and redemptions	$ (123,495)	$ (61,686)	$ (216,271)	$ (110,827)
Ending balance	$ 29,066		$ 7,945		29,066	7,945
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions					25,880	0
Distributions and redemptions					(2,763)	(3,393)
Net income (loss)					$ (158)	$ 1,953

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands	Jun. 30, 2020USD ($)	Dec. 20, 2019USD ($)shares	Jul. 25, 2019shares	Dec. 31, 2019USD ($)shares	Jul. 31, 2019USD ($)shares	Jun. 30, 2020shares	Dec. 31, 2019USD ($)shares
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
Issuance of shares (in shares) | shares						0
OP units redeemed (in shares) | shares						184,395	187,995
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Net increase to additional paid-in capital							$ 12,400
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
DatabaBank
Noncontrolling Interest [Line Items]
OP Units issued	$ 2,962	$ 2,962		$ 3,000
DatabaBank | OP Units
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) | shares		612,072		612,072
OP Units issued				$ 3,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Property operating income	$ 4,924	$ 91,741	$ 10,303	$ 172,973
Fee income	0	2,978	0	5,449
Interest and other income	56	1,228	73	2,368
Revenues from discontinued operations	4,980	95,947	10,376	180,790
Expenses
Property operating expenses	1,392	25,669	2,865	48,007
Interest expense	1,718	19,726	4,124	34,352
Investment and servicing expense	0	8	0	538
Depreciation and amortization	642	45,360	1,275	84,805
Compensation expense—cash and equity-based	0	3,680	82	6,339
Compensation expense—carried interest	(524)	561	(524)	340
Administrative expenses	301	1,386	633	3,016
Expenses from discontinued operations	3,529	96,390	8,455	177,397
Other income (loss)
Gain (loss) on sale of real estate	(7,787)	547	(7,787)	23,395
Other gain (loss), net	(2)	(49)	2	(57)
Equity method losses, including carried interest	(164)	(173)	(164)	(644)
Income (loss) from discontinued operations before income taxes	(6,502)	(118)	(6,028)	26,087
Income tax expense	0	(386)	0	(298)
Income (loss) from discontinued operations	(6,502)	(504)	(6,028)	25,789
Income from discontinued operations attributable to Colony Capital, Inc.	(1,534)	(1,107)	(1,260)	7,332
Equity-based compensation		700		1,400
Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:	(4,799)	674	(4,629)	17,983
Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:	(169)	$ (71)	$ (139)	$ 474
Light industrial
Other income (loss)
Gain (loss) on sale of real estate	$ 7,400

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares
Net loss allocated to common stockholders
Loss from continuing operations	$ (2,712,491)	$ (484,142)	$ (3,117,022)	$ (540,590)
Loss from continuing operations attributable to noncontrolling interests	689,751	43,497	751,849	16,530
Loss from continuing operations attributable to Colony Capital, Inc.	(2,022,740)	(440,645)	(2,365,173)	(524,060)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	(1,534)	(1,107)	(1,260)	7,332
Net loss attributable to Colony Capital, Inc.	(2,024,274)	(441,752)	(2,366,433)	(516,728)
Preferred dividends	(18,516)	(27,138)	(37,990)	(54,275)
Net loss attributable to common stockholders	(2,042,790)	(468,890)	(2,404,423)	(571,003)
Net income allocated to participating securities	0	(953)	(1,250)	(1,673)
Net loss allocated to common stockholders—basic	(2,042,790)	(469,843)	(2,405,673)	(572,676)
Interest expense attributable to convertible senior notes	0	0	0	0
Net loss allocated to common stockholders—diluted	$ (2,042,790)	$ (469,843)	$ (2,405,673)	$ (572,676)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) | shares	471,253,000	479,228,000	475,187,000	479,577,000
Weighted average effect of dilutive shares (in shares) | shares	0	0	0	0
Weighted average number of common shares outstanding - diluted (in shares) | shares	471,253,000	479,228,000	475,187,000	479,577,000
Basic loss per share
Loss from continuing operations (in dollars per share) | $ / shares	$ (4.33)	$ (0.98)	$ (5.06)	$ (1.21)
Income from discontinued operations (in dollars per share) | $ / shares	0	0	0	0.02
Net loss attributable to common stockholders per basic common share (in dollars per share) | $ / shares	(4.33)	(0.98)	(5.06)	(1.19)
Diluted loss per share
Loss from continuing operations (in dollars per share) | $ / shares	(4.33)	(0.98)	(5.06)	(1.21)
Income from discontinued operations (in dollars per share) | $ / shares	0	0	0	0.02
Net loss attributable to common stockholders per diluted common share (in dollars per share) | $ / shares	$ (4.33)	$ (0.98)	$ (5.06)	$ (1.19)
Conversion ratio			1
Convertible Debt Securities
Diluted loss per share
Interest expense on convertible note excluded from diluted EPS	$ 7,100	$ 7,100	$ 14,200	$ 14,300
Weighted average dilutive common share (in shares) | shares	38,112,100	38,112,100	38,112,100	38,112,100
Restricted Stock
Diluted loss per share
Weighted average dilutive common share (in shares) | shares		92,700		115,200
Performance Shares
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	6,047,300	459,800	3,784,000	755,700
OP Units
Diluted loss per share
Weighted average dilutive common share (in shares) | shares			53,076,700	31,171,300

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 43,540	$ 35,433	$ 87,045	$ 66,461
Base management fees ($40,934, $32,418, $82,448 and $62,620 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	41,038	32,612	82,657	62,976
Asset management fees ($727, $601, $1,259 and $1,236 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,002	1,230	1,811	1,865
Other fee income ($1,477, $248, $2,531 and $262 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,500	1,591	2,577	1,620
Institutional funds and other investment vehicles | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	31,337	13,033	61,813	23,671
Public companies (CLNC, and NRE prior to its sale in September 2019) | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	7,223	15,038	15,281	30,144
Non-traded REIT | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	4,431	4,989	8,862	10,095
Other | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	549	2,373	1,089	2,551
Affiliated Entity | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	43,138	33,267	86,238	64,118
Affiliated Entity | Base management fees ($40,934, $32,418, $82,448 and $62,620 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	40,934	32,418	82,448	62,620
Affiliated Entity | Asset management fees ($727, $601, $1,259 and $1,236 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	727	601	1,259	1,236
Affiliated Entity | Other fee income ($1,477, $248, $2,531 and $262 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 1,477	$ 248	$ 2,531	$ 262

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer	$ 41,038,000	$ 32,612,000	$ 82,657,000	$ 62,976,000
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 REIT | Fee income
Management Fee Income [Line Items]
Revenue from contract with customer			$ 2,500,000
Base Management Fees | Non-traded REIT | Fee income | Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity (as a percentage)			1.50%
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					$ 2,000,000,000
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	1,002,000	1,230,000	$ 1,811,000	1,865,000
Asset Management Fees | Asset management fees
Management Fee Income [Line Items]
Limited partner net funded capital (as a percentage)			0.50%
Incentive Fees
Management Fee Income [Line Items]
Revenue from contract with customer		$ 0	$ 0	$ 0
Termination fee	$ 0
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%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2019$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)				1
LTIP units issued (in shares)				23,073,003
Fair value of shares vested | $		$ 3.3	$ 1.3	$ 13.4	$ 9.8
Aggregate unrecognized compensation cost related to restricted stock granted | $		$ 58.9		$ 58.9
Weighted average period of expected cost				2 years 6 months
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)	10,000,000
Target share price for LTIP vesting (in usd per share) | $ / shares	$ 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%		2.00%
Common stock, shares reserved for future issuance (in shares)		64,100,000		64,100,000
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)				9,736,581
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)				4,324,375
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
LTIP units issued (in shares)				632,159
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted | $		$ 4.3		$ 4.3
Weighted average period of expected cost				1 year 3 months 18 days
Share-based compensation expenses (reversals) | $		$ 3	$ 3.6	$ (0.4)	$ 6.4
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)				200.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details)	6 Months Ended
	Jun. 30, 2020
2020 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	34.10%
Expected annual dividend yield (percentage)	9.30%
Risk-free rate (per annum) (percentage)	0.40%
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%
LTIP Units
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) - Compensation expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $580, $315, $863 and $432 amortization of fair value of dividend equivalent rights)	$ 10,422	$ 7,577	$ 18,671	$ 13,491
Amortization of fair value of dividend equivalent right	$ 580	$ 315	$ 863	$ 432

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jul. 31, 2019	Jun. 30, 2020
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		23,587,687
Granted (shares)		23,073,003
Vested (shares)		(5,827,768)
Forfeited (shares)		(628,524)
Nonvested shares at period end (shares)		40,204,398
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.25
Granted (USD per share)		1.86
Vested (USD per share)		4.66
Forfeited (USD per share)		6.17
Nonvested shares at period end (USD per share)		$ 2.06
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		7,641,708
Granted (shares)		9,736,581
Vested (shares)		(5,457,749)
Forfeited (shares)		(575,304)
Nonvested shares at period end (shares)		11,345,236
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		10,000,000
Granted (shares)	10,000,000
Vested (shares)
Forfeited (shares)
Nonvested shares at period end (shares)		10,000,000
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		265,784
Granted (shares)		632,159
Vested (shares)		(370,019)
Forfeited (shares)		0
Nonvested shares at period end (shares)		527,924
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Granted (shares)		8,379,888
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		8,379,888
PSU
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		5,680,195
Granted (shares)		4,324,375
Vested (shares)		0
Forfeited (shares)		(53,220)
Nonvested shares at period end (shares)		9,951,350
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.66
Granted (USD per share)		1.64
Vested (USD per share)		0
Forfeited (USD per share)		4.27
Nonvested shares at period end (USD per share)		$ 2.78

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from affiliates	$ 77,897	$ 51,480
Due to affiliates	1,336	34,064
Fee income
Related Party Transaction [Line Items]
Due from affiliates	31,002	36,106
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	11,275	14,624
Loans receivable
Related Party Transaction [Line Items]
Due from affiliates	35,107	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	513	750
Due to affiliates	$ 1,336	$ 34,064

Transactions with Affiliates _2

Transactions with Affiliates - Narrative (Details) - USD ($)	Jun. 30, 2020	Dec. 20, 2019	Apr. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Related Party Transaction [Line Items]
Borrowings from corporate credit facility							$ 600,000,000	$ 218,000,000
Non-traded REIT
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%
Liquidating Trust
Related Party Transaction [Line Items]
Management fee, percent of net asset value, (percentage)							1.25%
Maximum | Non-traded REIT
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs (percentage)							1.00%
Cost reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer					$ 0	$ 400,000	$ 400,000	600,000
Cost reimbursements | Non-traded REIT
Related Party Transaction [Line Items]
Revenue from contract with customer					896,000	689,000	1,847,000	1,427,000
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer					8,523,000	11,339,000	11,009,000	21,184,000
Investment Vehicles | Redeemable noncontrolling interests | Affiliated Entity
Related Party Transaction [Line Items]
Investments	$ 7,900,000			$ 4,000,000	7,900,000		7,900,000
Net income attributable to noncontrolling interest					300,000	$ 500,000	(200,000)	$ 1,000,000
DBH
Related Party Transaction [Line Items]
Deferred consideration	32,500,000				32,500,000		32,500,000
OP Units issued	111,903,000
DatabaBank
Related Party Transaction [Line Items]
OP Units issued	2,962,000	$ 2,962,000		3,000,000
NorthStar Healthcare | Colony Capital, Inc. | 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		$ 35,000,000
Extension option, term							6 months
Commitment fee on unused portion of facility							$ 0
Outstanding advances	$ 35,000,000			$ 0	$ 35,000,000		$ 35,000,000
Borrowings from corporate credit facility			$ 35,000,000
NorthStar Healthcare | LIBOR | Colony Capital, Inc. | Revolving Credit Facility | Corporate credit facility | Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate (percentage)							3.50%

Transactions with Affiliates _3

Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 896	$ 689	$ 1,847	$ 1,427
Public companies (CLNC, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	2,028	2,663	4,528	5,295
Private investment vehicles and other
Related Party Transaction [Line Items]
Revenue from contract with customer	2,288	4,344	5,234	7,879
Equity awards of CLNC and NRE (Note 19)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,311	3,643	(600)	6,583
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 8,523	$ 11,339	$ 11,009	$ 21,184

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			6
Total revenues	$ 372,366	$ 573,439	$ 879,879	$ 1,121,498
Property operating expenses	193,643	279,240	457,276	549,982
Interest expense	106,786	141,738	230,199	276,627
Depreciation and amortization	134,905	109,382	271,763	220,734
Provision for loan losses	0	15,003	0	18,614
Impairment loss	2,001,557	84,695	2,388,825	110,317
Gain on sale of real estate	2,868	6,077	10,800	35,530
Equity method losses	(372,535)	(259,288)	(256,833)	(225,225)
Equity method losses—carried interest	(2,324)	1,836	(20,735)	6,732
Income tax benefit (expense)	(7,720)	(2,585)	(16,044)	(3,783)
Loss from continuing operations	(2,712,491)	(484,142)	(3,117,022)	(540,590)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(2,022,740)	(440,645)	(2,365,173)	(524,060)
Net loss attributable to Colony Capital, Inc. from discontinued operations	(1,534)	(1,107)	(1,260)	7,332
Net loss attributable to Colony Capital, Inc.	(2,024,274)	(441,752)	(2,366,433)	(516,728)
Operating segments | Digital
Segment Reporting Information [Line Items]
Total revenues	63,413	0	127,919	0
Property operating expenses	18,055	0	34,961	0
Interest expense	8,184	0	17,586	0
Depreciation and amortization	35,102	0	71,735	0
Provision for loan losses		0		0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Equity method losses	7,940	3,147	8,408	6,423
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	1,714	0	7,051	0
Loss from continuing operations	(6,546)	1,957	(25,766)	4,973
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	8,519	1,839	4,761	4,672
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	142,680	145,896	281,862	291,670
Property operating expenses	74,752	63,924	141,319	128,226
Interest expense	34,699	57,135	74,565	104,662
Depreciation and amortization	36,980	40,778	74,440	80,909
Provision for loan losses		0		0
Impairment loss	661,255	51,324	709,787	51,324
Gain on sale of real estate	0	0	0	0
Equity method losses	0	0	0	0
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	(12,136)	(596)	(12,006)	1,278
Loss from continuing operations	(680,140)	(81,520)	(744,285)	(88,726)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(434,410)	(58,616)	(482,422)	(66,078)
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	57,143	227,080	210,669	423,695
Property operating expenses	63,733	144,691	184,728	281,036
Interest expense	29,889	41,591	69,678	83,656
Depreciation and amortization	35,462	37,008	71,906	73,256
Provision for loan losses		0		0
Impairment loss	660,751	420	910,913	4,270
Gain on sale of real estate	0	140	0	279
Equity method losses	0	0	0	0
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	(6,691)	(2,006)	(4,812)	(2,842)
Loss from continuing operations	(741,621)	(3,505)	(1,037,378)	(29,582)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(633,863)	(3,330)	(875,095)	(26,311)
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Property operating expenses	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	0	0	0	0
Provision for loan losses		0		0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Equity method losses	(350,241)	(267,912)	(360,310)	(262,399)
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Loss from continuing operations	(350,241)	(267,912)	(360,310)	(262,399)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(315,484)	(251,792)	(324,559)	(246,614)
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	74,428	152,066	195,547	314,754
Property operating expenses	37,103	70,625	96,268	140,720
Interest expense	17,683	29,216	38,271	61,069
Depreciation and amortization	23,381	23,166	45,601	47,949
Provision for loan losses		15,003		18,614
Impairment loss	152,254	32,302	161,828	54,074
Gain on sale of real estate	2,868	5,937	10,800	35,251
Equity method losses	(28,525)	25,633	(10,824)	50,206
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	760	(406)	(583)	(2,480)
Loss from continuing operations	(370,305)	(128)	(340,328)	59,400
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(141,671)	(5,957)	(143,123)	17,932
Operating segments | Other Investment Management
Segment Reporting Information [Line Items]
Total revenues	30,198	43,802	54,497	83,807
Property operating expenses	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	2,477	6,918	5,068	15,587
Provision for loan losses		0		0
Impairment loss	515,000	0	594,000	0
Gain on sale of real estate	0	0	0	0
Equity method losses	(1,709)	(20,156)	105,893	(19,455)
Equity method losses—carried interest	(2,324)	1,836	(20,735)	6,732
Income tax benefit (expense)	8,697	266	(5,785)	360
Loss from continuing operations	(496,361)	17	(478,231)	17,674
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(447,068)	600	(430,709)	16,337
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	4,504	4,595	9,385	7,572
Property operating expenses	0	0	0	0
Interest expense	16,331	13,796	30,099	27,240
Depreciation and amortization	1,503	1,512	3,013	3,033
Provision for loan losses		0		0
Impairment loss	12,297	649	12,297	649
Gain on sale of real estate	0	0	0	0
Equity method losses	0	0	0	0
Equity method losses—carried interest	0	0	0	0
Income tax benefit (expense)	(64)	157	91	(99)
Loss from continuing operations	(67,277)	(133,051)	(130,724)	(241,930)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	$ (58,763)	$ (123,389)	$ (114,026)	$ (223,998)
Colony Credit Real Estate, Inc.
Segment Reporting Information [Line Items]
Ownership percentage	36.40%		36.40%

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 16,183,534	$ 19,832,184
Equity method investments	1,630,876	1,987,515
Operating segments | Digital
Segment Reporting Information [Line Items]
Total Assets	2,354,689	2,160,402
Equity method investments	124,624	47,891
Operating segments | Healthcare Segment
Segment Reporting Information [Line Items]
Total Assets	4,073,281	4,886,374
Equity method investments	0	0
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total Assets	2,781,311	3,789,098
Equity method investments	0	0
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total Assets	336,513	725,443
Equity method investments	336,513	725,443
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total Assets	5,098,852	5,749,455
Equity method investments	1,142,366	1,070,462
Operating segments | Other Investment Management
Segment Reporting Information [Line Items]
Total Assets	274,646	1,085,234
Equity method investments	23,631	139,977
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total Assets	370,032	458,673
Equity method investments	0	0
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total Assets	894,210	977,505
Equity method investments	$ 3,742	$ 3,742

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total income by geography:	$ 286,026	$ 552,460	$ 889,095	$ 1,132,255
Long-lived assets by geography:	9,504,473		9,504,473		$ 11,464,629
Impairment loss	2,001,557	84,695	2,388,825	110,317
Assets held for sale	705,217		705,217		870,052
United States
Segment Reporting Information [Line Items]
Total income by geography:	236,647	469,237	794,468	962,774
Long-lived assets by geography:	8,093,889		8,093,889		9,956,282
Europe
Segment Reporting Information [Line Items]
Total income by geography:	47,447	81,245	91,818	167,503
Long-lived assets by geography:	1,410,584		1,410,584		1,508,347
Other
Segment Reporting Information [Line Items]
Total income by geography:	1,932	1,978	2,809	1,978
Disposal Group, Held-for-sale, Not Discontinued Operations | United States
Segment Reporting Information [Line Items]
Assets held for sale	431,000		431,000		522,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Europe
Segment Reporting Information [Line Items]
Assets held for sale	252,000		252,000		$ 283,000
Equity Method Investments | Nonrecurring
Segment Reporting Information [Line Items]
Impairment loss	$ 297,000	$ 247,800	$ 297,800	$ 250,400

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $428 and $1,588	$ 182,062	$ 263,096
Interest capitalized	428	1,588
Cash received (paid) for income tax refunds (liabilities), net	(8,099)	14,960
Cash paid for operating leases	13,860	7,652
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(36,445)	95,142
Net cash provided by (used in) investing activities of discontinued operations	37,337	(1,315,308)
Net cash provided by (used in) financing activities of discontinued operations	(34,546)	1,165,015
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	18,516	84,221	$ 83,301
Improvements in operating real estate in accrued and other liabilities	15,030	17,049
Proceeds from loan repayments and asset sales held in escrow	3,836	1,392
Right-of-use assets and operating lease liabilities established	4,973	129,488
Redemption of OP Units for common stock	$ 1,423	$ 2,096

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Jul. 22, 2020USD ($)hyperspace_data_center	Jul. 17, 2020USD ($)warrant$ / sharesshares
Digital IM Business
Subsequent Event [Line Items]
Percent of total asset threshold (in percent)		90.00%
Wafra, Inc. | Partnership
Subsequent Event [Line Items]
Participation in net management fees and carried interest (in percent)		31.50%
Commitments to DCP and Digital Credit Fund | Wafra, Inc. | Partnership
Subsequent Event [Line Items]
Aggregate amount of commitments		$ 150,000,000
Wafra, Inc. | Digital IM Business
Subsequent Event [Line Items]
Cash consideration		253,600,000
Contingent consideration		29,900,000
Run-Rate of EBITDA threshold for contingent consideration		$ 72,000,000
Vantage Data Center Holdings, LLC's
Subsequent Event [Line Items]
Fee bearing third party capital	$ 1,000,000,000
Acquisition price	$ 1,210,000,000
Ownership interest acquired (percent)	80.00%
Number of stabilized hyperspace date centers | hyperspace_data_center	12
Balance sheet investment	$ 185,100,000
Interest (in percent)	12.30%
Chief Executive Officer | Vantage Data Center Holdings, LLC's
Subsequent Event [Line Items]
Invested by related party	$ 8,000,000
Percent of carried interest payments	40.00%
Chief Investment Officer | Vantage Data Center Holdings, LLC's
Subsequent Event [Line Items]
Invested by related party	$ 2,000,000
Percent of carried interest payments	40.00%
Class A Common Stock | Common Stock Warrants
Subsequent Event [Line Items]
Number of warrants issued | warrant		5
Aggregate percentage of common stock		5.00%
Number of shares called by each warrant (in shares) | shares		5,352,000
Class A Common Stock | Minimum | Common Stock Warrants
Subsequent Event [Line Items]
Strike price (in dollars per share) | $ / shares		$ 2.43
Class A Common Stock | Maximum | Common Stock Warrants
Subsequent Event [Line Items]
Strike price (in dollars per share) | $ / shares		$ 6

Uncategorized Items - clny2020q

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 4,921,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	3,316,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	15,585,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 6,213,000