DigitalBridge (DBRG) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		481,627,944
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	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 658,446	$ 1,205,190
Restricted cash	167,109	91,063
Real estate, net	7,860,474	6,218,196
Loans receivable (at fair value at September 30, 2020)	1,325,144	1,566,328
Equity and debt investments ($377,278 and $457,693 at fair value, respectively)	1,911,988	2,313,805
Goodwill	851,757	1,452,891
Deferred leasing costs and intangible assets, net	1,275,039	632,157
Assets held for disposition ($3,592,940 and $4,679,169 held for sale, respectively)	4,379,558	5,743,085
Other assets ($6,007 and $21,382 at fair value, respectively)	534,734	557,989
Due from affiliates	78,801	51,480
Total assets	19,043,050	19,832,184
Liabilities
Debt, net	7,085,994	5,517,918
Accrued and other liabilities ($107,698 and $127,531 at fair value, respectively)	789,866	887,519
Intangible liabilities, net	109,616	111,484
Liabilities related to assets held for disposition	3,908,474	3,862,521
Due to affiliates	1,279	34,064
Dividends and distributions payable	18,516	83,301
Preferred stock redemptions payable	0	402,855
Total liabilities	11,913,745	10,899,662
Commitments and contingencies (Note 21)
Redeemable noncontrolling interests	287,231	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	7,559,551	7,553,599
Accumulated deficit	(6,054,881)	(3,389,592)
Accumulated other comprehensive income	76,610	47,668
Total stockholders’ equity	2,585,594	5,216,043
Noncontrolling interests in investment entities	4,085,739	3,254,188
Noncontrolling interests in Operating Company	170,741	456,184
Total equity	6,842,074	8,926,415
Total liabilities, redeemable noncontrolling interests and equity	19,043,050	19,832,184
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	4,817	4,871
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Equity and debt investments, fair value disclosure	$ 377,278	$ 457,693
Assets held for sale	3,592,940	4,679,169
Other assets, fair value	6,007	21,382
Accrued and other liabilities, at fair value	$ 107,698	$ 127,531
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)	481,662,000	487,044,000
Common stock, shares outstanding (in shares)	481,662,000	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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Interest income	$ 14,816	$ 40,237	$ 70,060	$ 121,356
Total revenues	316,677	359,000	897,750	907,710
Expenses
Property operating expense	108,393	80,877	309,553	248,714
Interest expense	71,849	74,592	213,947	236,756
Investment and servicing expense	30,532	8,605	47,897	39,215
Transaction costs	3,310	100	3,806	2,922
Depreciation and amortization	125,733	116,932	301,605	242,490
Provision for loan loss	0	17,233	0	35,847
Impairment loss	36,169	533,031	1,444,908	635,869
Compensation expense—cash and equity-based	53,780	85,800	169,192	157,283
Compensation expense—carried interest and incentive fee	912	10,846	(9,431)	13,264
Administrative expenses	23,500	21,968	75,246	63,404
Settlement loss	0	0	5,090	0
Total expenses	454,178	949,984	2,561,813	1,675,764
Other income (loss)
Gain on sale of real estate	13,258	8,221	24,058	42,841
Other loss, net	(12,979)	(44,940)	(199,320)	(182,560)
Equity method earnings (losses)	(62,998)	46,777	(319,831)	(178,448)
Equity method earnings (losses)—carried interest	6,082	(474)	(14,653)	6,258
Loss from continuing operations before income taxes	(194,138)	(581,400)	(2,173,809)	(1,079,963)
Income tax benefit (expense)	9,922	(10,096)	(3,246)	(11,723)
Loss from continuing operations	(184,216)	(591,496)	(2,177,055)	(1,091,686)
Income (loss) from discontinued operations	(177,014)	25,654	(1,307,225)	11,043
Net loss	(361,230)	(565,842)	(3,484,280)	(1,080,643)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(2,158)	364	(2,316)	2,317
Investment entities	(149,154)	15,170	(640,955)	51,744
Operating Company	(22,651)	(53,560)	(287,309)	(90,160)
Net loss attributable to Colony Capital, Inc.	(187,267)	(527,816)	(2,553,700)	(1,044,544)
Preferred stock dividends	18,517	27,137	56,507	81,412
Net loss attributable to common stockholders	$ (205,784)	$ (554,953)	$ (2,610,207)	$ (1,125,956)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (0.22)	$ (1.16)	$ (3.35)	$ (2.30)
Net loss per basic common share (in dollars per share)	(0.44)	(1.16)	(5.51)	(2.35)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(0.22)	(1.16)	(3.35)	(2.30)
Net loss per diluted common share (in dollars per share)	$ (0.44)	$ (1.16)	$ (5.51)	$ (2.35)
Weighted average number of shares
Basic (in shares)	471,739	479,776	474,081	479,412
Diluted (in shares)	471,739	479,776	474,081	479,412
Dividends declared per common share (in dollars per share)	$ 0	$ 0.11	$ 0.11	$ 0.33
Property operating income
Revenues
Income	$ 246,122	$ 168,858	$ 666,657	$ 543,978
Fee income
Revenues
Income	43,919	111,854	130,964	178,315
Fee income | Affiliated Entity
Revenues
Income	43,527	111,359	129,765	175,477
Other income
Revenues
Income	11,820	38,051	30,069	64,061
Other income | Affiliated Entity
Revenues
Income	$ 5,528	$ 34,058	$ 16,537	$ 55,242

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fee income
Income	$ 43,919	$ 111,854	$ 130,964	$ 178,315
Other Income
Income	11,820	38,051	30,069	64,061
Affiliated Entity | Fee income
Income	43,527	111,359	129,765	175,477
Affiliated Entity | Other Income
Income	$ 5,528	$ 34,058	$ 16,537	$ 55,242

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net loss	$ (361,230)	$ (565,842)	$ (3,484,280)	$ (1,080,643)
Changes in accumulated other comprehensive income (loss) related to:
Investments in unconsolidated ventures, net	4,385	(2,721)	3,397	6,598
Available-for-sale debt securities	(2,446)	5,067	(3,535)	6,365
Cash flow hedges	(14)	(2,302)	(15)	(9,152)
Foreign currency translation	89,030	(78,729)	58,821	(99,401)
Net investment hedges	(414)	27,004	21,001	43,474
Other comprehensive income (loss)	90,541	(51,681)	79,669	(52,116)
Comprehensive loss	(270,689)	(617,523)	(3,404,611)	(1,132,759)
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive loss attributable to stockholders	(155,028)	(532,873)	(2,524,742)	(1,036,737)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(2,158)	364	(2,316)	2,317
Comprehensive income attributable to noncontrolling interests	(94,401)	(30,966)	(593,452)	(8,513)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (19,102)	$ (54,048)	$ (284,101)	$ (89,826)

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 pronouncementNoncontrolling Interests in Investment Entities	Cumulative effect of adoption of new accounting pronouncementNoncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2018	$ 11,146,370	$ 7,006,052	$ 1,407,495	$ 4,841	$ 7,598,019	$ (2,018,302)	$ 13,999	$ 3,779,728	$ 360,590						$ (4,468)	$ (2,905)	$ (2,905)	$ (1,378)	$ (185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31,599)	(74,976)				(74,976)		49,988	(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 class A common stock										$ 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 ($0.11 per share)	(53,410)	(53,410)				(53,410)
Reallocation of equity	0	12,827			12,733		94	(12,533)	(294)
Ending balance at Mar. 31, 2019	11,215,441	6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138	3,996,206	350,530
Beginning balance at Dec. 31, 2018	11,146,370	7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999	3,779,728	360,590						(4,468)	(2,905)	(2,905)	(1,378)	(185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(52,116)
Ending balance at Sep. 30, 2019	9,975,449	5,663,731	1,407,495	4,878	7,538,356	(3,307,886)	20,888	3,855,334	456,384
Beginning balance at Mar. 31, 2019	11,215,441	6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138	3,996,206	350,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(485,155)	(441,752)				(441,752)		(13,414)	(29,989)
Other comprehensive income (loss)	8,636	4,819					4,819	3,508	309
Redemption of OP Units for class A common stock										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 ($0.11 per share)	(53,656)	(53,656)				(53,656)
Reallocation of equity	0	937			927		10	88	(1,025)
Ending balance at Jun. 30, 2019	10,537,098	6,361,718	1,407,495	4,877	7,621,655	(2,699,276)	26,967	3,861,047	314,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(566,206)	(527,816)				(527,816)		15,170	(53,560)
Other comprehensive income (loss)	(51,681)	(5,057)					(5,057)	(46,136)	(488)
Redemption of OP Units for class A common stock										0	8	0	8	(8)
Equity-based compensation	9,762	9,571		2	9,569			191
Shares canceled for tax withholdings on vested stock awards	(394)	(394)		(1)	(393)
Contributions from noncontrolling interests	109,604							109,604
Distributions to noncontrolling interests	(93,843)							(88,052)	(5,791)
Preferred stock dividends	(27,137)	(27,137)				(27,137)
Common stock dividends declared ($0.11 per share)	(53,657)	(53,657)				(53,657)
Reallocation of equity	0	(93,505)			(92,483)		(1,022)	3,510	89,995
Ending balance at Sep. 30, 2019	9,975,449	5,663,731	1,407,495	4,878	7,538,356	(3,307,886)	20,888	3,855,334	456,384
Beginning balance at Dec. 31, 2019	8,926,415	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668	3,254,188	456,184						(5,113)	(3,187)	(3,187)	(1,577)	(349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(403,509)	(342,159)				(342,159)		(21,749)	(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)
Redemption of OP Units for class A common stock					(12,400)
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 ($0.11 per share)	(52,854)	(52,854)				(52,854)
Reallocation of equity	0	(3,859)			(3,827)		(32)		3,859
Ending balance at Mar. 31, 2020	8,391,716	4,746,426	999,490	4,809	7,532,213	(3,806,308)	16,222	3,233,910	411,380
Beginning balance at Dec. 31, 2019	8,926,415	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668	3,254,188	456,184						$ (5,113)	$ (3,187)	$ (3,187)	$ (1,577)	$ (349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	79,669
Ending balance at Sep. 30, 2020	6,842,074	2,585,594	999,490	4,824	7,559,551	(6,054,881)	76,610	4,085,739	170,741
Beginning balance at Mar. 31, 2020	8,391,716	4,746,426	999,490	4,809	7,532,213	(3,806,308)	16,222	3,233,910	411,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,719,383)	(2,024,274)				(2,024,274)		(470,052)	(225,057)
Other comprehensive income (loss)	52,841	28,133					28,133	21,609	3,099
Redemption of OP Units for class A common stock										$ 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	0	(1,220)			(1,232)		12	1,615	(395)
Ending balance at Jun. 30, 2020	5,704,569	2,739,777	999,490	4,821	7,540,197	(5,849,098)	44,367	2,776,604	188,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(359,072)	(187,267)				(187,267)		(149,154)	(22,651)
Other comprehensive income (loss)	90,541	32,239					32,239	54,753	3,549
Fair value of noncontrolling interest assumed in asset acquisition	366,136							366,136
Equity-based compensation	7,387	6,571		5	6,566			148	668
Shares canceled for tax withholdings on vested stock awards	(512)	(512)		(2)	(510)
Warrants issuance	20,240	20,240			20,240
Costs of noncontrolling interests	(6,287)	(6,287)			(6,287)
Contributions from noncontrolling interests	1,101,099							1,101,099
Distributions to noncontrolling interests	(63,511)							(63,511)
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Reallocation of equity	0	(651)			(655)		4	(336)	987
Ending balance at Sep. 30, 2020	$ 6,842,074	$ 2,585,594	$ 999,490	$ 4,824	$ 7,559,551	$ (6,054,881)	$ 76,610	$ 4,085,739	$ 170,741

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 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	$ 0.11	$ 0.33

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net loss	$ (3,484,280)	$ (1,080,643)
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	(5,090)	(15,215)
Paid-in-kind interest added to loan principal, net of interest received	(36,856)	(42,609)
Straight-line rents	(13,916)	(13,263)
Amortization of above- and below-market lease values, net	(5,503)	(9,982)
Amortization of deferred financing costs and debt discount and premium	31,061	61,779
Equity method losses	334,648	137,069
Distributions of income from equity method investments	92,445	78,219
Provision for loan losses	0	35,847
Allowance for doubtful accounts	8,655	4,221
Impairment of real estate and related intangibles and right-of-use assets	1,946,786	288,216
Goodwill impairment	594,000	387,000
Depreciation and amortization	439,463	476,886
Equity-based compensation	26,415	25,051
Unrealized settlement loss	3,890	0
Gain on sales of real estate, net	(15,261)	(71,824)
Payment of cash collateral on derivative	(771)	(223,886)
Deferred income tax expense	(10,602)	(1,778)
Other loss, net	195,805	181,847
Decrease (increase) in other assets and due from affiliates	10,344	(16,487)
(Increase) decrease in accrued and other liabilities and due to affiliates	(16,764)	39,038
Other adjustments, net	(4,583)	(4,896)
Net cash provided by operating activities	89,886	234,590
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(289,091)	(222,157)
Return of capital from equity method investments	123,952	176,508
Acquisition of loans receivable and debt securities	0	(771)
Net disbursements on originated loans	(180,756)	(94,816)
Repayments of loans receivable	131,368	228,480
Proceeds from sales of loans receivable and debt securities	0	66,249
Cash receipts in excess of accretion on purchased credit-impaired loans	0	18,886
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,278,957)	(1,798,039)
Proceeds from sales of real estate	258,440	659,245
Proceeds from paydown and maturity of debt securities	4,479	9,180
Proceeds from sale of equity investments	254,921	152,658
Investment deposits	(8,150)	(13,210)
Net receipts on settlement of derivatives	27,097	43,938
Acquisition of DBH, net of cash acquired, and payment of deferred purchase price (Note 3)	(32,500)	(181,167)
Other investing activities, net	7,274	17,349
Net cash used in investing activities	(981,923)	(937,667)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(60,817)	(81,411)
Dividends paid to common stockholders	(106,510)	(160,490)
Repurchase of common stock	(24,749)	(10,734)
Payments of Stock Issuance Costs	(2,962)	0
Proceeds from issuance of exchangeable senior notes	291,000	0
Repurchase of convertible senior notes	(370,998)	0
Borrowings from corporate credit facility	600,000	740,200
Repayment of borrowings from corporate credit facility	(600,000)	(556,000)
Borrowings from secured debt	33,407	3,269,413
Repayments of secured debt	(323,150)	(2,647,109)
Payment of deferred financing costs	(8,530)	(56,542)
Contributions from noncontrolling interests	1,353,866	557,065
Distributions to and redemptions of noncontrolling interests	(261,314)	(443,614)
Contribution from Wafra	253,575	0
Redemption of preferred stock	(402,855)	0
Shares canceled for tax withholdings on vested stock awards	(6,738)	(3,401)
Other financing activities, net	0	(1,504)
Net cash (used in) provided by financing activities	363,225	605,873
Effect of exchange rates on cash, cash equivalents and restricted cash	3,500	(6,449)
Net decrease in cash, cash equivalents and restricted cash	(525,312)	(103,653)
Cash, cash equivalents and restricted cash, beginning of period	1,424,698	832,730
Cash, cash equivalents and restricted cash, end of period	899,386	729,077
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash, cash equivalents and restricted cash	$ 899,386	$ 729,077

Business

Business	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a leading global investment firm with a focus on identifying and capitalizing on key secular trends in digital real estate. 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 real estate investment trust ("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. At September 30, 2020, the Company has $46.8 billion of assets under management, of which $23.3 billion is dedicated to digital real estate and infrastructure, managed on behalf of third party investors, and the Company's own balance sheet on behalf of its stockholders. 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 September 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, wellness infrastructure 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 wellness infrastructure 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 non-digital real estate assets (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 requires 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 wellness infrastructure 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 wellness infrastructure assets. In the third quarter of 2020, as the Company looks to exit its hospitality business through a sale of its hotel assets (as discussed further below), additional write-downs were recorded to align the hotel carrying values to the agreed upon selling price. 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 as a result of the acceleration of the Company's digital transformation collectively accounted for $3.2 billion of charges in the nine months ended September 30, 2020, of which $2.5 billion was attributable to the OP. These amounts are reflected within impairment loss, other loss, equity method losses and within impairment loss in discontinued operations 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 September 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. Exit of the Hospitality Business In September 2020, the Company entered into a definitive agreement with a third party to sell five of the six hotel portfolios in its Hospitality segment (the remaining portfolio is in receivership) and its 55.6% interest in the THL Hotel Portfolio in the Other segment (the remaining interests will continue to be held by investment vehicles managed by the Company), composed of 197 hotel properties in aggregate. Two of the hotel portfolios that are being sold in the Hospitality segment are held through joint ventures in which the Company holds a 90% and a 97.5% interest, respectively. The aggregate gross proceeds of $67.5 million, subject to certain adjustments as provided in the sale agreement, as amended, represents a transaction value of approximately $2.8 billion, with the acquirer's assumption of $2.7 billion of investment-level debt. Consummation of the sale is subject to customary closing conditions, including but not limited to, acquirer’s assumption of the outstanding mortgage notes encumbering the hotel properties and third party approvals. In October 2020, the parties amended the sale agreement to address certain payments made by the Company to lenders in order to cure certain defaults on the debt associated with a hotel portfolio, and, subject to the satisfaction of certain conditions, to provide the Company with a purchase price credit for a portion of such funded amount.The sale agreement provides that the closing will occur no earlier than January 15, 2021, which may be extended or accelerated by mutual agreement of the Company and the acquirer, provided that, if certain third party approvals have not been obtained by February 15, 2021, each of the Company and the acquirer has the right to extend the closing date until March 15, 2021. There can be no assurance that the sale will close in the timeframe contemplated or on the terms anticipated, if at all. The Company’s exit from the hospitality business represents a key milestone in its digital transformation. Accordingly, the sale of these hotel portfolios is a strategic shift that will have a significant effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations. For all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 8) and the related operating results are presented as loss from discontinued operations on the consolidated statements of operations (Note 16). 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 16) or have the ability to withdraw all or a portion of their interests from the consolidated open-end funds in cash with advance 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, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be 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 pending disposition of the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in the Other segment, and the disposition of the industrial business in December 2019, including its related management platform, represent strategic shifts that have major effects on the Company’s operations and financial results, and have met the criteria as held for sale and discontinued operations in September 2020 and June 2019, respectively. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statements of operations (Note 16). Reclassifications Reclassifications were made related to discontinued operations as discussed above and to prior period segment reporting presentation as discussed in Note 22. Additionally, 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. These 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 (1) simplifies an issuer’s accounting for convertible instruments as a single unit of account; (2) allows more contracts on an entity’s own equity to qualify for equity classification and more embedded derivatives meeting the derivative scope exception; and (3) simplifies diluted earnings per share (“EPS”) computation. • The guidance eliminates the requirement to separate embedded conversion features in convertible instruments, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument that was issued at a substantial premium. • Under the new guidance, certain conditions under Subtopic ASC 815-40 that may result in contracts being settled in cash rather than shares and therefore preclude (1) equity classification for contracts on an entity’s own equity; and (2) embedded derivatives from qualifying for the derivative scope exception, have been removed; for example, the requirement that equity contracts permit settlement in unregistered shares unless such contracts explicitly require settlement in cash if registered shares are unavailable. The guidance also clarifies that freestanding contracts on an entity’s own equity that do not qualify for equity classification under the indexation criteria (ASC 815-4015) or settlement criteria (ASC 815-40-25) are to be measured at fair value through earnings, even if they do not meet the definition of a derivative under ASC 815. • The ASU also amends certain guidance on computation of diluted EPS for convertible instruments and contracts on an entity’s own equity that results in a more dilutive EPS, including (1) requiring the if converted method to be applied for all convertible instruments (the treasury stock method is no longer available), and (2) removing the ability to rebut the presumption of share settlement for contracts that may be settled in cash or stock and that are not liability classified share based payments. • Expanded disclosures are required, including but not limited to, (1) terms and features of convertible instruments and contracts on entity’s own equity; and (2) information about events, conditions, and circumstances that could affect amount or timing of future cash flows related to these instruments or contracts; and in the period of adoption (3) nature of and reason for the change in accounting principle; and (4) effects of the change on EPS. Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified convertible securities. Adoption of the new standard may be made either on a full retrospective approach or a modified retrospective approach, with cumulative effect adjustment recorded to beginning retained earnings. ASU No. 2020-06 is effective January 1, 2022, with early adoption permitted on January 1, 2021. The Company is currently evaluating the effects of this new guidance.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 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 ("DCM"), previously an equity method joint venture with DBH, which manages DCP. Upon closing of the acquisition, the Company obtained a controlling interest in DCM 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 DCM, was recognized in other gain on the Company's statement of operations, as the Company's carrying value of its investment in DCM 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 the DBH principals, Marc Ganzi and Ben Jenkins, now the chief investment officer of the Company’s digital real estate platform, 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 $4.84 per share. The OP Units were issued to the DBH principals 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. DBH DataBank (In thousands) Final As Reported Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 839,053 Assets held for disposition — 29,266 Intangible assets 153,300 219,651 Other assets 13,008 108,896 Debt — (539,155) Tax liabilities (17,392) (109,587) Intangible and other liabilities (16,194) (120,178) Fair value of net assets acquired 132,722 438,312 Noncontrolling interests in investment entities — (724,567) Goodwill $ 247,248 $ 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 was valued based upon (i) current replacement cost for buildings, improvements and data center infrastructure assets; (ii) recent comparable sales or current listings for land; and (iii) contracted price net of selling cost for real estate held for sale. • Lease related intangibles include in-place leases, leasing commissions and tenant relationships which reflect the value of income foregone or cost incurred if the properties were otherwise vacant and the likelihood of lease renewal by existing tenants, as well as above- and below-market leases which represent the differential between market and contractual rents. • The remaining intangible assets acquired are data center service contracts, customer relationships and trade name. • The value of data center service contracts was estimated based upon net income generated from these services that would otherwise have been foregone if such customer contracts were not in place. • 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, discounted at 9.5%. • The trade name of DataBank was valued based upon estimated savings from avoided royalty at a royalty rate of 2%, discounted at 9.5%, with a 5 year useful life. • Other assets acquired and liabilities assumed include primarily right-of-use ("ROU") lease assets associated with leasehold data centers and corresponding lease liabilities. Deferred tax liabilities represent the tax effect on book-to-tax basis difference, primarily on real estate assets. • 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	9 Months Ended
	Sep. 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 disposition is presented in Note 8. (In thousands) September 30, 2020 December 31, 2019 Land $ 830,365 $ 716,340 Buildings and improvements 4,773,492 5,068,639 Tenant improvements 112,140 105,440 Data center infrastructure 2,593,494 595,603 Furniture, fixtures and equipment 87,744 98,839 Construction in progress 91,651 115,933 8,488,886 6,700,794 Less: Accumulated depreciation (628,412) (482,598) Real estate assets, net (1) $ 7,860,474 $ 6,218,196 __________ (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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Proceeds from sales of real estate $ 88,423 $ 216,588 $ 258,440 $ 659,245 Gain on sale of real estate 12,248 12,899 15,261 71,824 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired in 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, Improvements and Infrastructure Lease-Related Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Nine Months Ended September 30, 2020 Asset Acquisitions (2) Various Hotel—France (3) 6 $ 21,231 $ 2,955 $ 18,436 $ — $ 10,563 $ — $ (10,723) July Hyperscale data centers—U.S. and Canada 12 1,524,610 103,036 2,606,305 776,666 181,260 (26,723) (2,115,934) Various Easements—Various in U.S. — 2,586 2,586 — — — — — $ 1,548,427 $ 108,577 $ 2,624,741 $ 776,666 $ 191,823 $ (26,723) $ (2,126,657) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (4) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165) $ — October Wellness infrastructure—United Kingdom (5) 1 12,376 3,478 9,986 732 — (1,820) — Various Light industrial—Various in U.S. (6) 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) Useful life of real estate acquired ranges from 40 to 50 years for buildings, 12 to 21 years for site improvements, 12 to 19 years for data center infrastructure, 1 to 7 years for furniture, fixtures, and equipment, 2 to 15 years for lease intangibles, and 5 to 6 years for ROU lease assets. (3) 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. (4) The bulk industrial portfolio was classified as held for sale in June 2019. (5) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (6) The entire light industrial portfolio was sold in December 2019. Investment in Hyperscale Data Centers In July 2020 and following an additional investment in October 2020, the Company, alongside fee bearing third party capital, invested $1.36 billion for approximately 90% equity interest ($1.2 billion or approximately 80% at September 30, 2020) in entities that hold Vantage Data Centers' ("Vantage") portfolio of 12 stabilized hyperscale data centers in North America and $2.0 billion of secured indebtedness (“Vantage SDC”). The Company's balance sheet investment is approximately $200 million, representing approximately 13% equity interest (approximately 12% at September 30, 2020). Vantage SDC is a carve-out from Vantage's data center business, with the acquisition excluding Vantage's remaining portfolio of development-stage data centers and its employees, all of whom were retained by Vantage. The day-to-day operations of Vantage SDC will continue to be managed by Vantage's existing management company in exchange for management fees, and subject to certain approval rights held by the Company and the co-investors in connection with material actions. Additional purchase price of up to an estimated $240 million may be payable if Vantage SDC enters into additional leases for vacant inventory and expansion capacity. It is anticipated that all, if not most, of the additional purchase price will be funded by Vantage SDC from borrowings under its credit facilities and/or cash from operations. Depreciation and Impairment The following table summarizes real estate depreciation and impairment. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Depreciation of real estate held for investment $ 73,862 $ 42,549 $ 187,746 $ 132,844 Impairment of real estate and related asset group (1) Held for disposition 134,097 50,855 161,735 119,036 Held for investment (2) 9,345 127,044 1,764,235 168,531 __________ (1) Includes impairment of real estate intangibles of $9.3 million in the nine months ended September 30, 2020 and ROU on ground leases of $1.4 million and $15.1 million in the three and nine months ended September 30, 2020, respectively. For both the three and nine months ended September 30, 2019, amounts include impairment of real estate intangibles of $0.9 million. (2) Includes impairment of hotel properties prior to their reclassification as held for sale and discontinued operations. Impairment of Real Estate Held for Disposition Real estate held for disposition is carried at the lower of amortized cost or fair value. Real estate carried at fair value totaled $1.1 billion at September 30, 2020 and $253.4 million at December 31, 2019 based upon impairments recorded during the nine months ended September 30, 2020 and year ended December 31, 2019, respectively, generally representing Level 3 fair values. Real estate held for disposition 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 disposition is reduced for estimated selling costs ranging from 1% to 16%. 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 disposition in 2020. Impairment of Real Estate Held for Investment Real estate held for investment that was written down to fair value during the nine months ended September 30, 2020 and year ended December 31, 2019 had carrying values totaling $3.6 billion and $355.0 million, respectively, at the time of impairment (including properties in the Hospitality segment that were impaired in 2020 and 2019 prior to their reclassification as held for sale and discontinued operations, and similarly including properties in the THL Hotel Portfolio that were impaired in 2019), 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 wellness infrastructure 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 11.3%, 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. 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 wellness infrastructure assets, that could be material in the future. Property Operating Income Since December 2019, lease income includes: (i) fixed lease payments for interconnection services and a committed amount of power in connection with contracted data center leased space; and (ii) variable payments for additional metered power reimbursements based upon usage by data center tenants 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 to data center customers; 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 nine months ended September 30, 2020 and 2019, components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16). Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Lease income: Fixed lease income $ 193,873 $ 152,050 $ 555,979 $ 487,404 Variable lease income 37,827 13,641 70,934 44,881 231,700 165,691 626,913 532,285 Hotel operating income 2,860 3,167 5,015 11,693 Data center service revenue 11,562 — 34,729 — $ 246,122 $ 168,858 $ 666,657 $ 543,978 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 three

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 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 September 30, 2020 are as follows: September 30, 2020 ($ in thousands) Unpaid Principal Balance Fair Value Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Mortgage loans $ 1,623,432 $ 659,673 7.7 % 0.7 Mezzanine loans 592,120 327,025 11.0 % 0.7 Non-mortgage loans 189,296 172,249 13.9 % 4.5 2,404,848 1,158,947 Variable rate Mortgage loans 167,161 166,197 3.3 % 0.0 Mezzanine loans — — — % 0.0 167,161 166,197 Loans receivable $ 2,572,009 $ 1,325,144 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 following table presents the fair value and unpaid principal balance by aging of loans held for investment at September 30, 2020 for which fair value option was elected. September 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 $ 350,372 $ 361,387 $ (11,015) 30-59 days past due — — — 60-89 days past due — — — 90 days or more past due or nonaccrual 974,772 2,210,622 (1,235,850) $ 1,325,144 $ 2,572,009 $ (1,246,865) 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 Nine Months Ended September 30, 2019 and as of December 31, 2019 Troubled Debt Restructuring During the three and nine months ended September 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 nine months ended September 30, 2019 were as follows. (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Average carrying value before allowance for loan losses and interest receivable $ 306,114 $ 298,925 Total interest income recognized during the period impaired 1,651 5,943 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 nine months ended September 30, 2019. Changes in accretable yield of PCI loans for the nine months ended September 30, 2019 were as follows: (In thousands) Nine Months Ended September 30, 2019 Beginning accretable yield $ 9,620 Changes in accretable yield 11,647 Accretion recognized in earnings (9,471) Effect of changes in foreign exchange rates (270) Ending accretable yield $ 11,526 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 nine months ended September 30, 2019 are presented below. (In thousands) Nine Months Ended September 30, 2019 Allowance for loan losses at January 1 $ 32,940 Provision for loan losses, net 35,847 Charge-off (16,929) Allowance for loan losses at September 30 $ 51,858 Provision for loan losses by loan type was as follows: (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Non-PCI loans $ 17,228 $ 30,035 PCI loans 5 5,812 Total provision for loan losses, net $ 17,233 $ 35,847 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 September 30, 2020, total unfunded lending commitments was $133.6 million, of which the Company's share was $29.5 million, net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

Equity and Debt Investments	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Equity Investments Equity method investments Investment ventures $ 1,462,730 $ 1,845,129 Private funds 237,750 142,386 1,700,480 1,987,515 Other equity investments Marketable equity securities 147,051 138,586 Investment ventures — 91,472 Private funds and non-traded REIT 36,559 38,641 Total equity investments 1,884,090 2,256,214 Debt Securities N-Star CDO bonds, available for sale 27,898 54,859 CMBS of consolidated fund, at fair value — 2,732 Total debt securities 27,898 57,591 Equity and debt investments $ 1,911,988 $ 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 September 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) $ 365,872 $ 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 126,706 138,428 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 625,999 543,296 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) 234,765 115,055 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 410 21,940 Other investment ventures Interests in 11 investments at September 30, 2020 180,958 127,088 Fair value option Interests in initial stage ventures, real estate development, hotel co-investments, and limited partnership interests in private equity funds 165,770 222,875 $ 1,700,480 $ 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 $26.0 million and $3.1 million for the three months ended September 30, 2020 and 2019, respectively, and $323.8 million and $253.5 million for the nine months ended September 30, 2020 and 2019, respectively. Equity method investments that were written down to fair value during the nine months ended September 30, 2020 and year ended December 31, 2019 had carrying values totaling $551.2 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 third quarter of 2020, the Company determined that the decline in CLNC's stock price, closing at $4.91 per share at September 30, 2020, does not represent further OTTI of its investment in CLNC. In the second quarters 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 OTTI on its investment in CLNC. Basis Difference —The impairment charges 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 impairment charges were generally allocated on a relative fair value basis across CLNC's various investments. Accordingly, for any future impairment charges taken by CLNC on these investments, 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 investments has been fully eliminated. For the three and nine months ended September 30, 2020, the Company reduced its share of net loss from CLNC by $21.9 million and $49.8 million, respectively, representing the basis difference allocated to investments that were resolved or impaired by CLNC during these periods. The remaining basis difference at September 30, 2020 was $311.7 million. 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 September 30, 2020, the Company’s share of these commitments was $18.9 million. Private Funds— At September 30, 2020, the Company has unfunded commitments of $147.7 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, which 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. Commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company, which is in the process of dissolution, were sold in the third quarter of 2020 and liquidating distributions made to its shareholders. AFS 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 September 30, 2020 $ 46,739 $ (23,973) $ 5,132 $ — $ 27,898 December 31, 2019 46,002 NA 8,857 — 54,859 There were no sales of N-Star CDO bonds during the nine months ended September 30, 2020 and year ended December 31, 2019. These CDOs have long dated stated maturities through 2037 and 2041, however, the Company expects the N-Star CDO bonds to have remaining future cash flows up to 3.3 years from September 30, 2020. 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. 2020— For the three and nine months ended September 30, 2020, the Company recorded allowance for credit loss in other loss of $1.7 million and $24.0 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 September 30, 2020, there were no AFS debt securities in unrealized loss positions without allowance for credit loss. 2019— The Company recorded OTTI loss on AFS debt securities of $6.4 million and $7.1 million in other loss for the three and nine months ended September 30, 2019, respectively. 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	9 Months Ended
	Sep. 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. Nine Months Ended September 30, (In thousands) 2020 2019 Beginning balance $ 1,452,891 $ 1,514,561 Business combination (Note 3) (1) (7,134) 247,248 Impairment (594,000) (387,000) Ending balance $ 851,757 $ 1,374,809 __________ (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 segment to the Digital Investment Management segment to reflect the value of expected future investment management economics 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 fair value of the other investment management reporting unit prior to the reassignment. Goodwill balance by reportable segment is as follows. (In thousands) September 30, 2020 December 31, 2019 Balance by reportable segment: Digital Operating $ 471,948 $ 479,082 Digital Investment Management (1) 298,248 247,248 Other 81,561 726,561 $ 851,757 $ 1,452,891 __________ (1) At September 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 Segments The Company believes that the current shift and increased reliance on a digital economy positions the Company's digital business for further growth. Therefore, the Company determined that there were no indicators of impairment on goodwill in the digital reportable segments. Other Segment Three Months Ended September 30, 2020 —The Company determined that there were no indicators of additional impairment in the third quarter of 2020 on the remaining balance of goodwill in its other investment management business. Six Months Ended June 30, 2020 —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 the goodwill in its other investment management business. 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 the respective 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 other investment management goodwill in the Other segment of $81.6 million as of September 30, 2020 is expected to be fully written off in the near future when a runoff of the credit management business is substantially completed. 2019 —In the third and fourth quarters of 2019, the Company recognized impairment losses to its other investment management goodwill of $387.0 million and $401.0 million, respectively, reflecting: • loss of future fee income from sale of the industrial business, and reduction in CLNC's fee base to reflect its reduced book value in the third quarter of 2019; and • beginning of the Company's transition to a digital focused investment management business in the fourth quarter of 2019. 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 disposition, are as follows. September 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 related intangible assets (2) $ 1,179,939 $ (196,594) $ 983,345 $ 424,987 $ (123,649) $ 301,338 Investment management intangibles (3) 277,761 (123,055) 154,706 285,233 (96,466) 188,767 Customer relationships (4) 73,400 (4,818) 68,582 71,000 (250) 70,750 Trade names (5) 39,600 (3,504) 36,096 39,600 (185) 39,415 Other (6) 38,325 (6,015) 32,310 32,285 (398) 31,887 Total deferred leasing costs and intangible assets $ 1,609,025 $ (333,986) $ 1,275,039 $ 853,105 $ (220,948) $ 632,157 Intangible Liabilities Lease intangible liabilities (2) $ 186,539 $ (76,923) $ 109,616 $ 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 wellness infrastructure portfolios which are not amortized. Impairment of Identifiable Intangible Assets In the three and nine months ended September 30, 2020 and in the fourth quarter of 2019, management contract intangible assets were impaired $8.2 million and $8.6 million, respectively, and written down to aggregate fair value of $12.4 million and $62.4 million at the time of impairment, respectively. Fair value was generally based upon revised future net cash flows to be generated over the remaining life of the respective management contracts, representing Level 3 fair value. Real estate intangibles are subject to impairment as part of the real estate asset group, as discussed in Note 4. 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net increase to rental income (1) $ 370 $ 1,921 $ 5,002 $ 5,662 Amortization expense Deferred leasing costs and lease intangibles $ 11,189 $ 7,580 $ 69,058 $ 24,119 Investment management intangibles 8,902 63,754 26,585 77,656 Customer relationships 1,572 1,327 4,569 2,999 Trade name 1,098 78 3,320 78 Other 4,169 80 5,617 184 $ 26,930 $ 72,819 $ 109,149 $ 105,036 __________ (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 disposition. Year Ending December 31, (In thousands) Remaining 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 123 $ 3,350 $ 4,671 $ 5,857 $ (6,380) $ (10,799) $ (3,178) Amortization expense 56,992 201,216 156,612 128,763 94,469 487,474 1,125,526

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Related Liabilities Held For Sale	Assets and Related Liabilities Held for Disposition Total assets and related liabilities held for disposition are summarized below. Assets and liabilities held for non-sale disposition in all periods presented represent a portfolio of 48 hotels in the Hospitality segment that has been placed in receivership following the lender's acceleration of the underlying debt that was defaulted in April 2020. Control over the operations and any eventual sale of these hotels has been transferred to the receivers, who are acting for the benefit of the lender. The Company has not been released from its debt obligations, however, the debt is non-recourse to the Company. September 30, 2020 December 31, 2019 (In thousands) Disposition by Sale Non-Sale Disposition Total Held for Disposition Disposition by Sale Non-Sale Disposition Total Held for Disposition Assets Restricted cash $ 59,802 $ 14,029 $ 73,831 $ 122,663 $ 5,782 $ 128,445 Real estate, net 3,385,797 751,430 4,137,227 4,421,888 1,019,849 5,441,737 Loans receivable 42,985 — 42,985 — — — Deferred leasing costs and intangible assets, net 29,919 437 30,356 37,399 2,533 39,932 Other assets 74,437 20,722 95,159 97,219 35,752 132,971 Total assets held for disposition $ 3,592,940 $ 786,618 $ 4,379,558 $ 4,679,169 $ 1,063,916 $ 5,743,085 Liabilities Debt, net (1) $ 2,932,982 $ 780,000 $ 3,712,982 $ 2,926,449 $ 772,485 $ 3,698,934 Lease intangibles and other liabilities 153,354 42,138 195,492 141,426 22,161 163,587 Total liabilities related to assets held for disposition $ 3,086,336 $ 822,138 $ 3,908,474 $ 3,067,875 $ 794,646 $ 3,862,521 __________ (1) Represents debt related to assets held for disposition if the debt is expected to be assumed by the acquirer upon sale or the debt is expected to be extinguished through lender's assumption of underlying collateral. Included in the table above are assets and liabilities held for sale and for non-sale disposition that are related to discontinued operations (Note 16), as follows: September 30, 2020 December 31, 2019 (In thousands) Hotel Industrial Hotel Industrial Assets Restricted cash $ 69,033 $ — $ 112,923 $ — Real estate, net 3,517,983 342,758 4,658,477 342,758 Deferred leasing costs and intangible assets, net 1,851 23,599 6,802 25,371 Other assets 80,198 4,247 111,229 3,917 Total assets held for disposition—discontinued operations $ 3,669,065 $ 370,604 $ 4,889,431 $ 372,046 Liabilities Debt, net $ 3,479,355 $ 233,627 $ 3,465,990 $ 232,944 Lease intangibles and other liabilities 165,010 2,230 128,155 2,090 Total liabilities related to assets held for disposition—discontinued operations $ 3,644,365 $ 235,857 $ 3,594,145 $ 235,034 Non-Recourse Investment-Level Debt in Default Investment-level secured debt, which is non-recourse to the Company, totaling $1.3 billion related to hotel assets held for disposition was in default as of the date of this filing, driven by the economic fallout from COVID-19. Of this amount, the Company is in negotiation with lenders to restructure $0.5 billion of defaulted hotel debt, which is expected to be assumed by the buyer upon sale of the underlying hotel assets. The remaining $0.8 billion of defaulted hotel debt relates to debt that has been accelerated by the lender, as discussed above. In August 2020, $0.8 billion of debt related to the THL Hotel Portfolio that is held for sale was modified in a troubled debt restructure with no resulting gain from the restructuring. The debt is no longer in default and will be assumed by the buyer upon sale of the THL Hotel Portfolio. Discontinued operations represent results of operations of the following: • Hotel —in 2020 and 2019, the Company's Hospitality segment and the THL Hotel Portfolio in the Other segment; and • Industrial —(i) light industrial portfolio and related management platform in 2019 prior to its sale in December 2019, which included fee income and general partner interest in the industrial open-end fund that earned carried interest, and interests of all limited partners in the industrial closed-end and open-end funds who represented noncontrolling interests, and (ii) bulk industrial portfolio in 2020 and 2019. In the second quarter of 2020, final adjustments were made to net sales proceeds from the light industrial business upon release of escrowed funds, resulting in a net loss of $7.4 million. In November 2020, the Company entered into an agreement to sell its 51% interest in the bulk industrial portfolio to its joint venture partner, with the sale expected to close by the end of 2020. Income (loss) from discontinued operations is presented below. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 144,130 $ 5,866 $ 149,996 $ 293,297 $ 97,188 $ 390,485 Fee income — — — — 3,400 3,400 Interest and other income 40 5 45 198 1,454 1,652 Revenues from discontinued operations 144,170 5,871 150,041 293,495 102,042 395,537 Expenses Property operating expense 119,868 1,712 121,580 193,474 26,051 219,525 Interest expense 34,747 1,530 36,277 55,442 21,130 76,572 Investment and servicing expense 6,053 20 6,073 4,491 54 4,545 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 39,978 639 40,617 42,073 12,342 54,415 Impairment loss 115,792 — 115,792 31,868 — 31,868 Compensation expense—cash and equity-based (1) 863 — 863 1,243 3,914 5,157 Compensation expense—carried interest — — — — 17,796 17,796 Administrative expenses 192 259 451 109 960 1,069 Expenses from discontinued operations 321,993 4,160 326,153 328,700 82,247 410,947 Other income (loss) Gain (loss) on sale of real estate (10) (1,000) (1,010) 3 4,675 4,678 Other gain (loss), net (113) (2) (115) 378 (12) 366 Equity method earnings, including carried interest — — — — 35,765 35,765 Income (loss) from discontinued operations before income taxes (177,946) 709 (177,237) (34,824) 60,223 25,399 Income tax benefit (expense) 225 (2) 223 128 127 255 Income (loss) from discontinued operations (177,721) 707 (177,014) (34,696) 60,350 25,654 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (60,938) 82 (60,856) (3,470) 27,728 24,258 Noncontrolling interests in Operating Company (11,581) 62 (11,519) (2,817) 2,870 53 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (105,202) $ 563 $ (104,639) $ (28,409) $ 29,752 $ 1,343 __________ (1) Includes equity-based compensation of $0.2 million and $1.0 million for the three months ended September 30, 2020 and 2019, respectively. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 442,827 $ 16,169 $ 458,996 $ 865,863 $ 270,161 $ 1,136,024 Fee income — — — — 8,849 8,849 Interest and other income 149 78 227 420 3,822 4,242 Revenues from discontinued operations 442,976 16,247 459,223 866,283 282,832 1,149,115 Expenses Property operating expense 375,984 4,577 380,561 575,619 74,058 649,677 Interest expense 122,834 5,654 128,488 169,905 55,482 225,387 Investment and servicing expense 12,514 20 12,534 12,347 592 12,939 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 135,944 1,914 137,858 137,249 97,147 234,396 Impairment loss 1,095,878 — 1,095,878 39,347 — 39,347 Compensation expense—cash and equity-based (1) 2,998 82 3,080 3,707 10,253 13,960 Compensation expense—carried interest — (524) (524) — 18,136 18,136 Administrative expenses 1,294 892 2,186 1,513 3,976 5,489 Expenses from discontinued operations 1,751,946 12,615 1,764,561 939,687 259,644 1,199,331 Other income (loss) Gain (loss) on sale of real estate (10) (8,787) (8,797) 913 28,070 28,983 Other gain (loss), net 9,727 — 9,727 (577) (69) (646) Equity method earnings (losses), including carried interest — (164) (164) — 35,121 35,121 Income (loss) from discontinued operations before income taxes (1,299,253) (5,319) (1,304,572) (73,068) 86,310 13,242 Income tax expense (2,651) (2) (2,653) (2,028) (171) (2,199) Income (loss) from discontinued operations (1,301,904) (5,321) (1,307,225) (75,096) 86,139 11,043 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (167,333) (4,547) (171,880) (10,455) 45,711 35,256 Noncontrolling interests in Operating Company (112,451) (77) (112,528) (4,872) 3,344 (1,528) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,022,120) $ (697) $ (1,022,817) $ (59,769) $ 37,084 $ (22,685) __________

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Capital expenditures reserves (1) $ 13,802 $ 18,314 Real estate escrow reserves (2) 21,247 15,455 Borrower escrow deposits 6,707 8,079 Lender restricted cash (3) 87,155 27,409 Other (4) 38,198 21,806 Total restricted cash $ 167,109 $ 91,063 __________ (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. (4) Includes investment sales proceeds held in escrow. Other Assets The following table summarizes the Company's other assets: (In thousands) September 30, 2020 December 31, 2019 Straight-line rents $ 52,878 $ 37,230 Investment deposits and pending deal costs 14,844 32,994 Prefunded capital expenditures for Vantage SDC 75,235 — Deferred financing costs, net (1) 2,448 2,794 Derivative assets (Note 11) 6,007 21,382 Prepaid taxes and deferred tax assets, net 53,171 69,328 Receivables from resolution of investments (2) 3,049 63,984 Operating lease right-of-use asset, net 178,603 180,486 Accounts receivable, net (3) 63,241 53,387 Prepaid expenses 33,491 22,417 Other assets 22,965 29,219 Fixed assets, net (4) 28,802 44,768 Total other assets $ 534,734 $ 557,989 __________ (1) Deferred financing costs relate to revolving credit arrangements. (2) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (3) Includes receivables from tenants, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $1.5 million at September 30, 2020 and $0.1 million at December 31, 2019. (4) 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 nine months ended September 30, 2020, a net valuation allowance of $60.3 million was established, including $26.7 million of allowance related to deferred tax asset in the Company's discontinued hotel operations (Note 16), primarily as a result of uncertainties in future realization of tax benefit on net operating losses in the hotel and healthcare businesses, taking into consideration impairment losses on these assets. At September 30, 2020, total valuation allowance was $92.4 million, of which $32.5 million related to deferred tax asset of the Company's hotel business that is held for disposition (Note 8). Effect 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 September 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) September 30, 2020 December 31, 2019 Tenant security deposits and payable $ 13,676 $ 12,457 Borrower escrow deposits 6,707 9,903 Deferred income (1) 40,067 30,040 Interest payable 28,072 28,902 Derivative liabilities (Note 11) 96,944 127,531 Current and deferred income tax liability 170,962 222,206 Operating lease liability 159,026 156,147 Accrued compensation 56,546 72,859 Accrued carried interest and incentive fee compensation 1,151 50,360 Accrued real estate and other taxes 34,444 22,091 Accounts payable and accrued expenses 111,840 91,614 Other liabilities 70,431 63,409 Total accrued and other liabilities $ 789,866 $ 887,519 __________

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following components, excluding debt related to assets held for disposition that is expected to be assumed by the counterparty upon disposition, which is included in liabilities related to assets held for disposition (Note 8). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt September 30, 2020 Debt at amortized cost Principal $ — $ 545,107 $ 6,340,635 $ 280,117 $ 7,165,859 Premium (discount), net — (6,913) 47,648 (77,199) (36,464) Deferred financing costs — (2,598) (40,803) — (43,401) $ — $ 535,596 $ 6,347,480 $ 202,918 $ 7,085,994 December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 4,766,594 $ 280,117 $ 5,662,816 Premium (discount), net — 2,243 (12,598) (78,927) (89,282) Deferred financing costs — (4,296) (51,320) — (55,616) $ — $ 614,052 $ 4,702,676 $ 201,190 $ 5,517,918 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $180.2 million at September 30, 2020 and $265.6 million at December 31, 2019 relates to financing of assets held for disposition, and are expected to be repaid upon disposition of the respective underlying assets. Debt associated with assets held for disposition that is expected to be assumed by the counterparty upon disposition is included in liabilities related to assets held for disposition (Note 8). The following table summarizes certain information about debt carried at amortized cost. Fixed Rate Variable Rate Total ($ 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) September 30, 2020 Recourse Corporate credit facility $ — N/A N/A $ — N/A 1.3 $ — N/A 1.3 Convertible and exchangeable senior notes (1) 545,107 5.36 % 3.9 — N/A N/A 545,107 5.36 % 3.9 Junior subordinated debt (2) — N/A N/A 280,117 3.10 % 15.7 280,117 3.10 % 15.7 Secured debt (3) 33,388 5.02 % 5.2 — N/A N/A 33,388 5.02 % 5.2 578,495 280,117 858,612 Non-recourse (6) Secured debt Digital Operating 1,711,314 3.89 % 3.0 835,045 4.67 % 3.8 2,546,359 4.15 % 3.3 Wellness Infrastructure (7) 403,490 4.55 % 4.4 2,370,198 4.00 % 3.7 2,773,688 4.08 % 3.8 Other 154,850 4.20 % 2.6 832,350 2.97 % 2.2 987,200 3.17 % 2.3 2,269,654 4,037,593 6,307,247 $ 2,848,149 $ 4,317,710 $ 7,165,859 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 (6) Secured debt Digital Operating — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Wellness Infrastructure (7) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Other 151,777 4.26 % 3.4 1,086,884 3.24 % 2.6 1,238,661 3.37 % 2.7 557,757 4,173,765 4,731,522 $ 1,208,934 $ 4,453,882 $ 5,662,816 __________ (1) Includes the 5.375% exchangeable senior notes which is an obligation of NRF Holdco, LLC as the issuer, a subsidiary of Colony Capital, Inc., as described further below. (2) Represents an obligation of NRF Holdco, LLC as the junior subordinated debt was issued by certain of its subsidiaries, as described further below. Accordingly, Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, do not act as guarantors. (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. (6) Investment-level secured debt that is non-recourse to the Company of $45.0 million financing wellness infrastructure assets and $114.0 million financing the Other Equity and Debt portfolio in the Other segment based on outstanding balance at September 30, 2020 ($235.6 million in total across both segments at December 31, 2019), was in default as of the date of this filing. The wellness infrastructure debt is expected to be repaid through a sale of the underlying property that is currently under negotiation. Of the defaulted debt in the Other Equity and Debt portfolio, the Company has received notice of acceleration on $21.3 million of debt and the underlying property has been placed in receivership. In connection with the remaining defaulted debt, the Company is negotiating with its lenders to restructure the debt or make other arrangements, as appropriate, with no assurance that the Company will be successful in any of the negotiations. (7) Previously referred to as Healthcare. Conveyance to Lender In August 2020, the Company indirectly conveyed the equity of certain of its wellness infrastructure borrower subsidiaries, comprising 36 properties in its senior housing operating portfolio with a carrying value of $156.3 million and $157.5 million of outstanding principal ($156.7 million carrying value) of previously defaulted wellness infrastructure debt, to an affiliate of the lender, which released the Company from all rights and obligations with respect to those wellness infrastructure assets and corresponding debt. The conveyance of equity in full satisfaction of the outstanding debt was deemed to be a troubled debt restructuring that resulted in an immaterial gain. 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). 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 September 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 Convertible and exchangeable senior notes (collectively, the senior notes) outstanding as of September 30, 2020 are as follows, each representing senior unsecured obligations of the respective issuers of the senior notes: Description Issuance Date Due Date Interest Rate (per annum) 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 September 30, 2020 December 31, 2019 Issued by Colony Capital, Inc. 5.00% Convertible Senior Notes April 2013 April 15, 2023 5.00 % $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible senior Notes January and June 2014 January 15, 2021 3.875 % 16.57 60.3431 1,901 January 22, 2019 31,502 402,500 Issued by Colony Capital Operating Company, LLC 5.75% Exchangeable Senior Notes July 2020 July 15, 2025 5.750 % 2.30 434.7826 130,435 July 21, 2023 300,000 — Issued by NRF HoldCo, LLC 5.375% Exchangeable Senior Notes June 2013 June 15, 2033 5.375 % 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 545,107 $ 616,105 __________ (1) The conversion or exchange rate for the senior notes is subject to periodic adjustments to reflect certain 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 issuances of the respective senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each senior note. The senior notes mature on their respective due dates, unless earlier redeemed, repurchased, converted or exchanged, as applicable. The outstanding senior notes are convertible or exchangeable at any time by holders of such notes into shares of the Company’s common stock at the applicable conversion or exchange rate, which is subject to adjustment upon occurrence of certain events. In the case of the 5.375% exchangeable senior notes, NRF Holdco, LLC, a subsidiary of the Company, may elect to settle a holder’s exchange into cash, the Company’s common stock or a combination thereof. To the extent certain trading conditions of the Company’s common stock are met, the senior notes are redeemable by the applicable issuer thereof in whole or in part for cash at any time on or after their respective earliest redemption dates at a redemption price equal to 100% of the principal amount of such senior notes being redeemed, plus accrued and unpaid interest (if any) up to, but excluding, the redemption date. In addition, prior to June 15, 2023 and subject to certain trading conditions of the Company’s common stock, NRF Holdco, LLC may redeem its 5.375% exchangeable senior notes at a make-whole redemption price. In the event of certain change in control transactions and, for the 5.375% exchangeable senior notes only, on each of June 15, 2023 and June 15, 2028, holders of the senior notes have the right to require the applicable issuer to purchase all or part of such holder's senior notes for cash in accordance with terms of the governing documents of the respective senior notes. Issuance of Exchangeable Senior Notes In July 2020, the OP issued $300.0 million of exchangeable senior 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 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. Repurchase of Convertible Senior Notes The Company repurchased $371.0 million of the outstanding principal of the 3.875% convertible senior notes in the third quarter of 2020 for total purchase price of $371.1 million, including accrued and unpaid interest, funded with net proceeds from issuance of the 5.75% exchangeable senior notes in July 2020 and cash on hand through a tender offer of the 3.875% convertible senior notes completed in September 2020. 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. In October 2020, Vantage SDC in the Digital Operating segment raised $1.3 billion in aggregate across two tranches of securitized notes at a blended fixed rate of 1.8%, with a 6 year weighted average maturity. The proceeds were applied primarily to refinance outstanding debt, which will meaningfully reduce the cost of debt and extend debt maturities in Vantage SDC. 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	9 Months Ended
	Sep. 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: September 30, 2020 December 31, 2019 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ — $ 150 $ 150 $ 15,307 $ 1,271 $ 16,578 Interest rate contracts 55 127 182 78 237 315 Performance swaps — 5,675 5,675 — 4,493 4,493 Included in other assets $ 55 $ 5,952 $ 6,007 $ 15,385 $ 6,001 $ 21,386 Derivative Liabilities Foreign exchange contracts $ — $ — $ — $ 8,134 $ 2,482 $ 10,616 Forward contracts — 96,944 96,944 — 116,915 116,915 Included in accrued and other liabilities $ — $ 96,944 $ 96,944 $ 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 $10.8 million at September 30, 2020 and $10.0 million at December 31, 2019, 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 September 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 €485.3 million and £262.7 million, or a total of $0.9 billion at September 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Designated net investment hedges: Realized gain transferred from AOCI to earnings $ 414 $ — $ 414 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Dedesignated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ — $ 1,767 $ 1,485 $ 1,367 Non-designated foreign exchange contracts: Unrealized gain (loss) in earnings (840) — (1,616) — 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 September 30, 2020. Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 3,868,574 1-Month LIBOR 3.00% - 5.70% November 2020 to November 2021 Interest rate caps € 232,845 € 472,405 3-Month EURIBOR 0.25% - 1.50% January 2021 to June 2024 Interest rate caps £ — £ 354,581 3-Month GBP LIBOR 1.50% - 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest expense on designated interest rate contracts (1) $ 6 $ — $ 12 $ — Realized and unrealized gain (loss), net on non-designated interest rate contracts (2) (197) (91,574) (123) (240,710) __________ (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 nine months ended September 30, 2019, amounts include unrealized loss of $91.5 million and $237.6 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Realized and unrealized gain (loss), net on derivatives: Forward contracts $ (2,267) $ (8,191) $ 19,971 $ (20,564) Performance swaps 2,114 1,443 6,988 5,013 Unrealized gain (loss) on marketable equity securities held at period end: Real estate mutual fund 2,266 8,180 (20,007) 21,089 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 September 30, 2020 Derivative Assets Foreign exchange contracts $ 150 $ — $ — $ 150 Interest rate contracts 182 — — 182 Performance swaps 5,675 (5,675) — — $ 6,007 $ (5,675) $ — $ 332 Derivative Liabilities Forward contracts $ (96,944) $ 5,675 $ 10,752 $ (80,517) 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	9 Months Ended
	Sep. 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 September 30, 2020 Assets Marketable equity securities $ 147,051 $ — $ — $ 147,051 AFS debt securities — — 27,898 27,898 Other assets—derivative assets — 6,007 — 6,007 Fair Value Option: Loans held for investment — — 1,325,144 1,325,144 Loans held for disposition — — 42,985 42,985 Equity method investments — — 165,770 165,770 Liabilities Other liabilities — derivative liabilities — 96,944 — 96,944 Other liabilities—settlement liability — — 10,754 10,754 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 was determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy. These CMBS were fully disposed of in the third quarter of 2020. 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. 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 September 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) within income (loss) from discontinued operations (Note 16) 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 September 30, 2020, the settlement liability was valued at approximately $10.8 million, applying the following assumptions: (a) expected volatility of the Company's class A common stock of 70.6% 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 beginning the second quarter of 2020; and (c) risk free rate of 0.14% per annum based upon a compounded zero-coupon U.S. Treasury yield. The settlement liability increased approximately $6.9 million from inception to September 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 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) September 30, 2020 AFS debt securities $ 27,898 Discounted cash flows Discount rate 28.4% Decrease Fair Value Option: Loans held for investment 1,295,444 Discounted cash flows Discount rate 14.3% Decrease Loans held for investment 29,700 Transaction price (5) N/A N/A N/A Loans held for disposition 42,985 Transaction price (5) N/A N/A N/A Equity method investments—third party private equity funds 2,575 NAV (3) N/A N/A N/A Equity method investments—other 8,417 Discounted cash flows Discount rate 18.3% Decrease Equity method investments—other 14,710 Multiple Revenue multiple 4.1x (4) Equity method investments—other 140,068 Transaction price (5) N/A N/A N/A December 31, 2019 AFS debt securities $ 54,859 Discounted cash flows Discount rate 22.3% (16.8% - 65.0%) 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% (5.1% - 15.8%) 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, settlement amounts under contract, 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 Held for Investment Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ 81,085 Purchases, contributions and accretion 5,272 — 101,203 Paydowns, distributions and sales (8,727) — (8,082) Realized and unrealized gains (losses) in earnings, net (7,083) — (1,811) Other comprehensive income 6,364 — — Fair value at September 30, 2019 $ 59,953 $ — $ 172,395 Net unrealized gains (losses) in earnings on instruments held at September 30, 2019 $ (7,083) $ — $ (2,589) 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 2,979 156,179 4,614 Paydowns, distributions and sales (4,542) (131,365) (900) Interest accrual, including capitalization of paid-in-kind interest — 32,544 — Transfer to held for disposition — (42,985) — Allowance for credit losses (23,973) — — Realized and unrealized gains (losses) in earnings, net (1) — (289,283) (66,418) Other comprehensive income (loss) (2) (1,425) 30,419 5,599 Fair value at September 30, 2020 $ 27,898 $ 1,325,144 $ 165,770 Net unrealized gains (losses) on instruments held at September 30, 2020: In earnings $ — $ (280,822) $ (66,418) In other comprehensive income (loss) $ (1,425) N/A N/A __________ (1) Includes $4.8 million of unrealized losses on loans held for disposition with aggregate fair value of $43.0 million at September 30, 2020 . (2) 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. September 30, 2020 December 31, 2019 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 15,668 $ 9,137 $ 16,271 $ 11,058 Non-traded REIT—real estate 18,263 — 19,358 — Private fund—emerging market private equity 2,628 — 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 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 disposition 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 September 30, 2020 Liabilities Debt at amortized cost Convertible and exchangeable senior notes $ 671,421 $ 13,095 $ — $ 684,516 $ 535,596 Secured debt — — 6,113,253 6,113,253 6,347,480 Secured debt related to assets held for disposition — — 3,660,152 3,660,152 3,712,982 Junior subordinated debt — — 197,460 197,460 202,918 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 — — 4,747,560 4,747,560 4,702,676 Secured debt related to assets held for disposition — — 3,700,990 3,700,990 3,698,934 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. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Other —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	9 Months Ended
	Sep. 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 Funds —The Company currently consolidates sponsored private funds 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 funds of $42.7 million at September 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 funds. At September 30, 2020 and December 31, 2019, the consolidated private funds had total assets of $101.4 million and $24.7 million, respectively, and total liabilities of $2.1 million and $0.1 million, respectively. Assets and liabilities were made up primarily of cash, 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 $235.2 million at September 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 disposition, 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 $22.8 million at September 30, 2020 and $46.0 million at December 31, 2019. Trusts

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 — 188 — Repurchase of common stock — (652) — Equity-based compensation, net of forfeitures — 4,786 — Shares canceled for tax withholding on vested stock awards — (651) — Shares outstanding at September 30, 2019 57,464 487,018 734 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 — 9,721 — Shares canceled for tax withholding on vested stock awards — (2,554) — Shares outstanding at September 30, 2020 41,350 481,662 734 __________ (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 September 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. 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 first quarter of 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 its amended corporate 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 9,425 (606) (2,670) (36,511) 37,071 6,709 Amounts reclassified from AOCI (3,554) 6,479 — (1,128) (1,617) 180 AOCI at September 30, 2019 $ 9,500 $ 2,698 $ (2,761) $ (31,021) $ 42,472 $ 20,888 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226) $ 139 $ 30,651 $ 47,668 Other comprehensive income (loss) before reclassifications 3,053 395 (3) 13,961 15,821 33,227 Amounts reclassified from AOCI — (3,585) — 225 (925) (4,285) AOCI at September 30, 2020 $ 12,334 $ 4,633 $ (229) $ 14,325 $ 45,547 $ 76,610 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 (6,190) (57,492) 4,543 (59,139) Amounts reclassified from AOCI — (465) (653) (1,118) AOCI at September 30, 2019 $ (6,580) $ (58,557) $ 13,534 $ (51,603) AOCI at December 31, 2019 $ (1,005) $ (17,913) $ 10,659 $ (8,259) Other comprehensive income (loss) before reclassifications (12) 43,170 5,313 48,471 Amounts reclassified from AOCI — (95) (873) (968) AOCI at September 30, 2020 $ (1,017) $ 25,162 $ 15,099 $ 39,244 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 September 30, Nine Months Ended September 30, Affected Line Item in the Component of AOCI reclassified into earnings 2020 2019 2020 2019 Relief of basis of AFS debt securities $ 41 $ — $ 3,585 $ — Other gain (loss), net Other-than-temporary impairment — (5,853) — (6,479) Other gain (loss), net Release of foreign currency cumulative translation adjustments 21 — (225) 1,128 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges — 608 552 654 Other gain (loss), net Realized gain on net investment hedges 373 — 373 963 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — 3,554 — 3,554 Equity method earnings (losses)

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests The following table presents the activity in redeemable noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. Nine Months Ended September 30, (In thousands) 2020 2019 Beginning balance $ 6,107 $ 9,385 Contributions 286,215 — Distributions and redemptions (2,775) (5,715) Net income (loss) (2,316) 2,317 Ending balance $ 287,231 $ 5,987 Strategic Partnership in the Company's Digital Investment Management Business In July 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 substantially all of the Company's digital investment management business (as defined for purposes of this transaction, the "Digital IM Business"). The investment entitles Wafra to 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 at least $130.0 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 has 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. Wafra has customary minority rights and certain other structural protections designed to protect its interests, including redemption rights with respect to its investment in the Digital IM Business and its funded commitments in certain digital funds. Wafra's redemption rights will be triggered upon the occurrence of certain events, including key person or cause events under the governing documents of certain digital funds and for a limited period, upon Mr. Ganzi and Mr. Jenkins ceasing to fulfill certain time and attention commitments to the Digital IM business. To further enhance the alignment of interests, the Company entered into an amended and restated restrictive covenant agreement with each of Marc Ganzi and Ben Jenkins, pursuant to which each of Messrs. Ganzi and Jenkins agreed to certain enhanced non-solicitation provisions and extension of the term of existing non-competition agreements. Wafra’s investment provides the Company with permanent capital to pursue strategic digital infrastructure investments and grow the Digital IM Business. 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 nine months ended September 30, 2020.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Related Liabilities Held for Disposition Total assets and related liabilities held for disposition are summarized below. Assets and liabilities held for non-sale disposition in all periods presented represent a portfolio of 48 hotels in the Hospitality segment that has been placed in receivership following the lender's acceleration of the underlying debt that was defaulted in April 2020. Control over the operations and any eventual sale of these hotels has been transferred to the receivers, who are acting for the benefit of the lender. The Company has not been released from its debt obligations, however, the debt is non-recourse to the Company. September 30, 2020 December 31, 2019 (In thousands) Disposition by Sale Non-Sale Disposition Total Held for Disposition Disposition by Sale Non-Sale Disposition Total Held for Disposition Assets Restricted cash $ 59,802 $ 14,029 $ 73,831 $ 122,663 $ 5,782 $ 128,445 Real estate, net 3,385,797 751,430 4,137,227 4,421,888 1,019,849 5,441,737 Loans receivable 42,985 — 42,985 — — — Deferred leasing costs and intangible assets, net 29,919 437 30,356 37,399 2,533 39,932 Other assets 74,437 20,722 95,159 97,219 35,752 132,971 Total assets held for disposition $ 3,592,940 $ 786,618 $ 4,379,558 $ 4,679,169 $ 1,063,916 $ 5,743,085 Liabilities Debt, net (1) $ 2,932,982 $ 780,000 $ 3,712,982 $ 2,926,449 $ 772,485 $ 3,698,934 Lease intangibles and other liabilities 153,354 42,138 195,492 141,426 22,161 163,587 Total liabilities related to assets held for disposition $ 3,086,336 $ 822,138 $ 3,908,474 $ 3,067,875 $ 794,646 $ 3,862,521 __________ (1) Represents debt related to assets held for disposition if the debt is expected to be assumed by the acquirer upon sale or the debt is expected to be extinguished through lender's assumption of underlying collateral. Included in the table above are assets and liabilities held for sale and for non-sale disposition that are related to discontinued operations (Note 16), as follows: September 30, 2020 December 31, 2019 (In thousands) Hotel Industrial Hotel Industrial Assets Restricted cash $ 69,033 $ — $ 112,923 $ — Real estate, net 3,517,983 342,758 4,658,477 342,758 Deferred leasing costs and intangible assets, net 1,851 23,599 6,802 25,371 Other assets 80,198 4,247 111,229 3,917 Total assets held for disposition—discontinued operations $ 3,669,065 $ 370,604 $ 4,889,431 $ 372,046 Liabilities Debt, net $ 3,479,355 $ 233,627 $ 3,465,990 $ 232,944 Lease intangibles and other liabilities 165,010 2,230 128,155 2,090 Total liabilities related to assets held for disposition—discontinued operations $ 3,644,365 $ 235,857 $ 3,594,145 $ 235,034 Non-Recourse Investment-Level Debt in Default Investment-level secured debt, which is non-recourse to the Company, totaling $1.3 billion related to hotel assets held for disposition was in default as of the date of this filing, driven by the economic fallout from COVID-19. Of this amount, the Company is in negotiation with lenders to restructure $0.5 billion of defaulted hotel debt, which is expected to be assumed by the buyer upon sale of the underlying hotel assets. The remaining $0.8 billion of defaulted hotel debt relates to debt that has been accelerated by the lender, as discussed above. In August 2020, $0.8 billion of debt related to the THL Hotel Portfolio that is held for sale was modified in a troubled debt restructure with no resulting gain from the restructuring. The debt is no longer in default and will be assumed by the buyer upon sale of the THL Hotel Portfolio. Discontinued operations represent results of operations of the following: • Hotel —in 2020 and 2019, the Company's Hospitality segment and the THL Hotel Portfolio in the Other segment; and • Industrial —(i) light industrial portfolio and related management platform in 2019 prior to its sale in December 2019, which included fee income and general partner interest in the industrial open-end fund that earned carried interest, and interests of all limited partners in the industrial closed-end and open-end funds who represented noncontrolling interests, and (ii) bulk industrial portfolio in 2020 and 2019. In the second quarter of 2020, final adjustments were made to net sales proceeds from the light industrial business upon release of escrowed funds, resulting in a net loss of $7.4 million. In November 2020, the Company entered into an agreement to sell its 51% interest in the bulk industrial portfolio to its joint venture partner, with the sale expected to close by the end of 2020. Income (loss) from discontinued operations is presented below. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 144,130 $ 5,866 $ 149,996 $ 293,297 $ 97,188 $ 390,485 Fee income — — — — 3,400 3,400 Interest and other income 40 5 45 198 1,454 1,652 Revenues from discontinued operations 144,170 5,871 150,041 293,495 102,042 395,537 Expenses Property operating expense 119,868 1,712 121,580 193,474 26,051 219,525 Interest expense 34,747 1,530 36,277 55,442 21,130 76,572 Investment and servicing expense 6,053 20 6,073 4,491 54 4,545 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 39,978 639 40,617 42,073 12,342 54,415 Impairment loss 115,792 — 115,792 31,868 — 31,868 Compensation expense—cash and equity-based (1) 863 — 863 1,243 3,914 5,157 Compensation expense—carried interest — — — — 17,796 17,796 Administrative expenses 192 259 451 109 960 1,069 Expenses from discontinued operations 321,993 4,160 326,153 328,700 82,247 410,947 Other income (loss) Gain (loss) on sale of real estate (10) (1,000) (1,010) 3 4,675 4,678 Other gain (loss), net (113) (2) (115) 378 (12) 366 Equity method earnings, including carried interest — — — — 35,765 35,765 Income (loss) from discontinued operations before income taxes (177,946) 709 (177,237) (34,824) 60,223 25,399 Income tax benefit (expense) 225 (2) 223 128 127 255 Income (loss) from discontinued operations (177,721) 707 (177,014) (34,696) 60,350 25,654 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (60,938) 82 (60,856) (3,470) 27,728 24,258 Noncontrolling interests in Operating Company (11,581) 62 (11,519) (2,817) 2,870 53 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (105,202) $ 563 $ (104,639) $ (28,409) $ 29,752 $ 1,343 __________ (1) Includes equity-based compensation of $0.2 million and $1.0 million for the three months ended September 30, 2020 and 2019, respectively. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 442,827 $ 16,169 $ 458,996 $ 865,863 $ 270,161 $ 1,136,024 Fee income — — — — 8,849 8,849 Interest and other income 149 78 227 420 3,822 4,242 Revenues from discontinued operations 442,976 16,247 459,223 866,283 282,832 1,149,115 Expenses Property operating expense 375,984 4,577 380,561 575,619 74,058 649,677 Interest expense 122,834 5,654 128,488 169,905 55,482 225,387 Investment and servicing expense 12,514 20 12,534 12,347 592 12,939 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 135,944 1,914 137,858 137,249 97,147 234,396 Impairment loss 1,095,878 — 1,095,878 39,347 — 39,347 Compensation expense—cash and equity-based (1) 2,998 82 3,080 3,707 10,253 13,960 Compensation expense—carried interest — (524) (524) — 18,136 18,136 Administrative expenses 1,294 892 2,186 1,513 3,976 5,489 Expenses from discontinued operations 1,751,946 12,615 1,764,561 939,687 259,644 1,199,331 Other income (loss) Gain (loss) on sale of real estate (10) (8,787) (8,797) 913 28,070 28,983 Other gain (loss), net 9,727 — 9,727 (577) (69) (646) Equity method earnings (losses), including carried interest — (164) (164) — 35,121 35,121 Income (loss) from discontinued operations before income taxes (1,299,253) (5,319) (1,304,572) (73,068) 86,310 13,242 Income tax expense (2,651) (2) (2,653) (2,028) (171) (2,199) Income (loss) from discontinued operations (1,301,904) (5,321) (1,307,225) (75,096) 86,139 11,043 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (167,333) (4,547) (171,880) (10,455) 45,711 35,256 Noncontrolling interests in Operating Company (112,451) (77) (112,528) (4,872) 3,344 (1,528) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,022,120) $ (697) $ (1,022,817) $ (59,769) $ 37,084 $ (22,685) __________

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Net loss allocated to common stockholders Loss from continuing operations $ (184,216) $ (591,496) $ (2,177,055) $ (1,091,686) Loss from continuing operations attributable to noncontrolling interests 101,588 62,337 646,172 69,827 Loss from continuing operations attributable to Colony Capital, Inc. (82,628) (529,159) (1,530,883) (1,021,859) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (104,639) 1,343 (1,022,817) (22,685) Net loss attributable to Colony Capital, Inc. (187,267) (527,816) (2,553,700) (1,044,544) Preferred dividends (18,517) (27,137) (56,507) (81,412) Net loss attributable to common stockholders (205,784) (554,953) (2,610,207) (1,125,956) Net income allocated to participating securities — (948) (1,250) (2,621) Net loss allocated to common stockholders—basic (205,784) (555,901) (2,611,457) (1,128,577) Interest expense attributable to convertible and exchangeable notes (1) — — — — Net loss allocated to common stockholders—diluted $ (205,784) $ (555,901) $ (2,611,457) $ (1,128,577) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 471,739 479,776 474,081 479,412 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 471,739 479,776 474,081 479,412 Basic loss per share Loss from continuing operations $ (0.22) $ (1.16) $ (3.35) $ (2.30) Loss from discontinued operations (0.22) — (2.16) (0.05) Net loss attributable to common stockholders per basic common share $ (0.44) $ (1.16) $ (5.51) $ (2.35) Diluted loss per share Loss from continuing operations $ (0.22) $ (1.16) $ (3.35) $ (2.30) Loss from discontinued operations (0.22) — (2.16) (0.05) Net loss attributable to common stockholders per diluted common share $ (0.44) $ (1.16) $ (5.51) $ (2.35) __________ (1) For the three months ended September 30, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $8.2 million and $7.1 million, respectively, of interest expense and 126,454,900 and 38,112,100, respectively, 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 nine months ended September 30, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $22.4 million and $21.2 million, respectively, and 67,774,600 and 38,112,100, respectively, 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 67,300 and 99,100 for the three and nine months ended September 30, 2019, respectively, as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the nine months ended September 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 performance stock units (Note 19) of 5,183,400 and 2,451,400 for the three months ended September 30, 2020 and 2019, respectively, and 4,250,400 and 1,320,900 for the nine months ended September 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 September 30, 2020 and 2019 there were 53,076,700 and 52,649,000 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income

Fee Income	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Institutional funds and other investment vehicles $ 31,648 $ 26,612 $ 93,461 $ 50,283 Public companies (CLNC, and NRE prior to its sale in September 2019) 7,355 79,633 22,636 109,777 Non-traded REIT 4,431 4,994 13,293 15,089 Other 485 615 1,574 3,166 $ 43,919 $ 111,854 $ 130,964 $ 178,315 The following table presents the Company's fee income by type: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Base management fees ($42,009, $45,572, $124,457 and $108,192 from affiliates, respectively) $ 42,085 $ 45,763 $ 124,742 $ 108,739 Asset management fees ($525, $539, $1,784 and $1,775 from affiliates, respectively) 818 819 2,629 2,684 Incentive and termination fee—from affiliates — 64,555 — 64,555 Other fee income ($993, $693, $3,524 and $955 from affiliates, respectively) 1,016 717 3,593 2,337 Total fee income $ 43,919 $ 111,854 $ 130,964 $ 178,315 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 nine months ended September 30, 2020. Termination of the NRE management contract in September 2019 resulted in payment and recognition of a termination fee to the Company of $64.6 million, of which $21.5 million represents incentive fees earned for fiscal year 2019 through the date of termination.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 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 September 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 have either (1) a service condition only, valued based upon the Company's class A common stock price on grant date; or (2) both a service condition and a market condition based upon the Company's class A common stock achieving target closing prices over predetermined measurement periods subject to continuous employment to the time of vesting, valued using a Monte Carlo simulation. The following assumptions were applied in the Monte Carlo model under a risk-neutral premise: 2020 LTIP Grant 2019 LTIP Grant (1) Expected volatility of the Company's class A common stock (2) 43.1% 28.3% Expected dividend yield (3) 0.0% 8.1% Risk-free rate (per annum) (4) 0.2% 1.8% __________ (1) Represents 10 million LTIP units granted to Marc Ganzi in connection with the acquisition of DBH in July 2019, with vesting 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. (2) Based upon historical volatility of the Company's stock and those of a specified peer group. (3) 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. Expected dividend yield is zero for the 2020 LTIP award as the Company suspended common dividends beginning with the second quarter of 2020. (4) 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 either over (1) the service period for awards with a service condition only; or (2) the derived service period for awards with both a service condition and a market condition, irrespective of whether the market condition is satisfied. 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 and hotel businesses which are presented as discontinued operations (Note 16), is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Compensation expense (including $358, $345, $1,221 and $777 amortization of fair value of dividend equivalent rights) $ 7,542 $ 9,119 $ 25,794 $ 21,957 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 10,130,282 1,845,018 655,468 10,799,244 4,324,375 27,754,387 1.64 2.20 Vested (5,894,704) — (474,547) — — (6,369,251) — 5.19 Forfeited (575,304) — — (1,209,680) (53,220) (1,838,204) 4.27 3.78 Unvested shares and units at September 30, 2020 11,301,982 11,845,018 446,705 9,589,564 9,951,350 43,134,619 2.78 2.11 __________ (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 $1.4 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $14.8 million and $11.0 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, aggregate unrecognized compensation cost for all unvested equity awards was $65.5 million, which is expected to be recognized over a weighted average period of 2.6 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 an expense reversal of $0.9 million and $1.3 million for the three and nine months ended September 30, 2020, respectively, an expense of $24.3 million and $30.6 million for the three and nine months ended September 30, 2019, respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20). At September 30, 2020, aggregate unrecognized compensation cost for unvested managed company awards of CLNC was $2.3 million, which is expected to be recognized over a weighted average period of 1.1 years.

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with AffiliatesAffiliates 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) September 30, 2020 December 31, 2019 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 32,633 $ 36,106 Cost reimbursements and recoverable expenses 10,571 14,624 Loan and interest receivable 35,000 — Employees and other affiliates 597 750 $ 78,801 $ 51,480 Due to Affiliates Employees and other affiliates $ 1,279 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Retail companies $ 771 $ 681 $ 2,618 $ 2,108 Public companies (CLNC, NRE) 1,479 6,592 6,007 11,887 Private investment vehicles and other 4,283 2,736 9,517 10,615 Equity awards of CLNC and NRE (Note 19) (1,005) 24,049 (1,605) 30,632 $ 5,528 $ 34,058 $ 16,537 $ 55,242 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 September 30, 2020 . There were no amounts outstanding at December 31, 2019 . Liquidating Trust— In the formation of CLNC through a merger with NorthStar Real Estate Income Trust, Inc. ("NorthStar I") and NorthStar Real Estate Income II, Inc., non-traded REITs previously sponsored by the Company, 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. In October 2020, the loan was paid off at a discount and the liquidating trust is expected to be liquidated by the end of the year. Deferred Consideration— In the acquisition of DBH in July 2019 (Note 3), payment of a portion of the cash consideration to the principals of DBH, including Marc Ganzi, who became employees or affiliate of the Company post-acquisition, was deferred until the expiration of certain customary seller indemnification obligations. The entire deferred consideration of $32.5 million was paid in May 2020. Digital Real Estate Acquisitions— In connection with the acquisition of third party interests in DataBank in December 2019 (Note 3) , Marc Ganzi and Ben Jenkins entered into voting agreements with the Company, which provided the Company with majority voting power over DataBank's board of directors. 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 Messrs. Ganzi and Jenkins with respect to the Company's investment in DataBank. In connection with acquisition of Vantage SDC in July 2020 (Note 4), the Company entered into a series of agreements with Messrs. Ganzi and Jenkins, and their respective affiliates, pursuant to which Messrs. Ganzi and Jenkins invested $8.7 million and $2.1 million, respectively, in Vantage SDC 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 in connection with Vantage SDC acquisition as a result of their respective personal investments in Vantage made prior to the Company’s acquisition of DBH (such carried interest was determined excluding any additional purchase price that may be payable if certain leasing milestones are achieved). Additionally, the day-to-day operations of Vantage SDC will continue to be managed by Vantage's existing management company, in which Messrs. Ganzi and Jenkins own a 50% interest in the aggregate. Fees paid to Vantage's management company for Vantage SDC was $2.3 million for the three and nine months ended September 30, 2020. In the aforementioned transactions, t he Company took a series of steps to mitigate conflicts in the transactions, including receiving fairness opinions on the purchase price from a nationally recognized third party valuation firm. Additionally, the transactions, specifically the related party aspects of the transactions, were subjected to the approval of either the Company's board of directors or the audit committee of the 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 nine months ended September 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 September 30, 2020 and December 31, 2019, such investments in consolidated investment vehicles and general partner entities totaled $13.2 million and $4.0 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $4.4 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively, and $4.2 million and $1.3 million for the nine months ended September 30, 2020 and 2019, respectively. 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 reimbursed the Company $0.2 million for both the three months ended September 30, 2020 and 2019, and $0.6 million and $0.8 million for the nine months ended September 30, 2020 and 2019, respectively. Separately, pursuant to Mr. Ganzi’s employment agreement, the Company has agreed to reimburse Mr. Ganzi for certain variable operational costs of business travel on a chartered or private jet (including any aircraft that Mr. Ganzi may partially or fully own); provided that the Company will not reimburse the allocable share (based on the number of passengers) of variable operational costs for any passenger on such flight who is not traveling on Company business. The Company reimbursed Mr. Ganzi $39,000 and $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $0.4 million and $0.1 million for the

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's five reportable segments are as follows: • Digital Investment Management ("Digital IM")— This business encompasses the investment and stewardship of third party capital in digital infrastructure and real estate. The Company's flagship opportunistic strategy is conducted through DCP and separately capitalized vehicles while other strategies, including digital credit and public equities, will be or are conducted through other investment vehicles. The Company earns 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 achievement of minimum return hurdles. • Digital Operating— This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earns rental income from providing use of space and/or capacity in or on digital assets through leases, services and other agreements. The Company currently owns interests in two companies, DataBank's edge colocation data centers and Vantage stabilized hyperscale data centers, which are also portfolio companies under Digital IM for the equity interests owned by third party capital. • Digital Other— This segment is composed of equity interests in digital investment vehicles, the largest of which is the Company’s investment and commitment to DCP. This segment also includes the Company’s investment and commitment to the digital liquid strategies and seed investments for future digital investment vehicles. • Wellness Infrastructure (previously referred to as Healthcare)— This 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. • Other— This segment is composed of other equity and debt investments ("OED") and non-digital investment management business ("Other IM"). OED encompasses a diversified group of non-digital real estate and real estate-related equity and debt 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 (including CLNC), 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 OED portfolio as it completes its digital evolution. Other IM, which is separate from Digital IM, encompasses 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. Many of the investments underlying these vehicles are co-owned by the Company’s balance sheet and categorized under OED. 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 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. 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. In the third quarter of 2020, the Company applied a more specific identification of individual compensation and administrative costs to more precisely attribute these costs to the respective reportable segments. The more refined cost attribution methodology is a better reflection of the underlying cost of operations of the individual reportable segments and was retrospectively applied to prior periods. Aligned with the Company's acceleration of its digital transformation, the Company disaggregated its digital operating segments and beginning the third quarter of 2020, presents three digital reportable segments, as described further below. Concurrently, the Company aggregated three of its non-digital operating segments, that is CLNC, OED and Other IM, and presents a single reportable segment, renamed as Other. These changes reflect the different business strategies for the various digital operating segments and collectively, for the non-digital operating segments, and also reflect the Company's focus on its digital business which represents the future growth of the Company. Additionally, effective the first and third quarters of 2020, the Industrial segment and the Hospitality segment, respectively, no longer constitute reportable segments. 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. In September 2020, the Company entered into a definitive agreement to sell five of the six hotel portfolios in its Hospitality segment (remaining portfolio is in receivership) and the THL Hotel Portfolio in the Other segment. Current and prior period results of the Industrial segment, Hospitality segment and THL Hotel Portfolio in the Other segment are presented as discontinued operations on the consolidated statements of operations (Note 16). Segment Results of Operations The following table presents results of operations of the Company's reportable segments. (In thousands) Digital Operating Digital Investment Management Digital Other Wellness Infrastructure Other Amounts Not Allocated to Segments Total Three Months Ended September 30, 2020 Total revenues $ 98,549 $ 20,137 $ 736 $ 124,193 $ 69,298 $ 3,764 $ 316,677 Income (loss) from continuing operations (38,479) 3,539 6,757 (6,969) (101,128) (47,936) (184,216) Net income (loss) from continuing operations attributable to Colony Capital, Inc. (4,797) 1,730 5,616 (11,349) (32,481) (41,347) (82,628) Net loss from discontinued operations attributable to Colony Capital, Inc. (104,639) Net loss attributable to Colony Capital, Inc. $ (187,267) Three Months Ended September 30, 2019 Total revenues $ — $ 14,517 $ — $ 136,091 $ 205,706 $ 2,686 $ 359,000 Income (loss) from continuing operations — 41,841 (251) (114,154) (369,511) (149,421) (591,496) Net income (loss) from continuing operations attributable to Colony Capital, Inc. — 38,160 (229) (84,222) (348,898) (133,970) (529,159) Net income from discontinued operations attributable to Colony Capital, Inc. 1,343 Net loss attributable to Colony Capital, Inc. $ (527,816) Nine Months Ended September 30, 2020 Total revenues $ 185,737 $ 60,045 $ 1,559 $ 406,055 $ 231,205 $ 13,149 $ 897,750 Income (loss) from continuing operations (77,916) 7,953 16,014 (755,254) (1,192,092) (175,760) (2,177,055) Net income (loss) from continuing operations attributable to Colony Capital, Inc. (12,384) 5,597 14,097 (497,371) (888,049) (152,773) (1,530,883) Net loss from discontinued operations attributable to Colony Capital, Inc. (1,022,817) Net loss attributable to Colony Capital, Inc. $ (2,553,700) Nine Months Ended September 30, 2019 Total revenues $ — $ 14,517 $ — $ 427,761 $ 455,174 $ 10,258 $ 907,710 Income (loss) from continuing operations — 46,655 (92) (205,080) (548,218) (384,951) (1,091,686) Net income (loss) from continuing operations attributable to Colony Capital, Inc. — 42,683 (80) (152,375) (559,982) (352,105) (1,021,859) Net loss from discontinued operations attributable to Colony Capital, Inc. (22,685) Net loss attributable to Colony Capital, Inc. $ (1,044,544) The following table presents selected income and expense items of reportable segments. (In thousands) Digital Operating Digital Investment Management Digital Other Wellness Infrastructure Other Amounts Not Allocated to Segments Total Three Months Ended September 30, 2020 Interest income $ — $ 2 $ 2 $ 992 $ 12,566 $ 1,254 $ 14,816 Interest expense 18,589 — — 32,310 6,479 14,471 71,849 Depreciation and amortization 73,032 6,427 — 31,961 13,208 1,105 125,733 Impairment loss — 3,832 — 2,451 29,886 — 36,169 Gain on sale of real estate — — — 186 13,072 — 13,258 Equity method earnings (losses), including carried interest — 6,134 4,400 — (67,450) — (56,916) Income tax benefit (expense) 6,091 (144) (73) (5,868) 10,053 (137) 9,922 Three Months Ended September 30, 2019 Interest income $ — $ 7 $ — $ 956 $ 38,828 $ 446 $ 40,237 Interest expense — 1,585 — 46,029 12,627 14,351 74,592 Depreciation and amortization — 4,753 — 38,998 71,678 1,503 116,932 Impairment loss — — — 92,885 440,146 — 533,031 Gain on sale of real estate — — — 833 7,388 — 8,221 Equity method earnings (losses), including carried interest — 848 (251) — 45,706 — 46,303 Income tax benefit (expense) — (13,090) — 566 2,717 (289) (10,096) Nine Months Ended September 30, 2020 Interest income $ — $ 36 $ 11 $ 2,967 $ 61,972 $ 5,074 $ 70,060 Interest expense 36,161 — — 106,875 26,341 44,570 213,947 Depreciation and amortization 131,634 19,635 — 106,401 39,817 4,118 301,605 Impairment loss — 3,832 — 712,238 716,541 12,297 1,444,908 Gain on sale of real estate — — — 186 23,872 — 24,058 Equity method earnings (losses), including carried interest — 6,295 12,647 — (353,426) — (334,484) Income tax benefit (expense) 14,494 (817) (752) (17,874) 1,749 (46) (3,246) Nine Months Ended September 30, 2019 Interest income $ — $ 7 $ — $ 2,833 $ 116,579 $ 1,937 $ 121,356 Interest expense — 1,585 — 150,691 42,889 41,591 236,756 Depreciation and amortization — 4,753 — 119,907 113,294 4,536 242,490 Impairment loss — — — 144,209 491,011 649 635,869 Gain on sale of real estate — — — 833 42,008 — 42,841 Equity method earnings (losses), including carried interest — 7,112 (92) — (179,210) — (172,190) Income tax benefit (expense) — (13,090) — 1,844 (89) (388) (11,723) Total assets and equity method investments of the reportable segments are summarized as follows: September 30, 2020 December 31, 2019 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital Operating $ 5,314,920 $ — $ 1,684,867 $ — Digital Investment Management 487,898 11,640 428,703 1,059 Digital Other 396,429 177,745 46,832 46,832 Wellness Infrastructure 3,930,425 — 4,886,374 — Other 4,516,516 1,507,353 6,403,002 1,935,882 Amounts not allocated to segments 357,193 3,742 1,120,929 3,742 Assets held for disposition related to discontinued operations 4,039,669 — 5,261,477 — $ 19,043,050 $ 1,700,480 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Total income by geography: United States $ 271,480 $ 283,323 $ 767,141 $ 673,309 Europe 7,022 88,561 98,840 256,064 Other 1,744 2,472 4,554 4,450 Total (1) $ 280,246 $ 374,356 $ 870,535 $ 933,823 (In thousands) September 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 7,663,900 $ 5,267,189 Europe 1,418,881 1,508,347 Total (2) $ 9,082,781 $ 6,775,536 __________ (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 $26.0 million and $3.1 million for the three months ended September 30, 2020 and 2019, respectively, and $323.8 million and $253.5 million for the nine months ended September 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)

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Nine Months Ended September 30, (In thousands) 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of amounts capitalized of $655 and $2,569 $ 258,508 $ 397,475 Cash paid for income taxes, net 36,098 6,377 Cash paid for operating leases 21,022 11,777 Supplemental Disclosure of Cash Flows from Discontinued Operations Hotel: Net cash provided by (used in) operating activities of discontinued operations $ 9,989 $ 130,039 Net cash provided by (used in) investing activities of discontinued operations (79,173) (70,802) Net cash provided by (used in) financing activities of discontinued operations 1,280 (28,211) Industrial: Net cash provided by (used in) operating activities of discontinued operations (35,073) 142,635 Net cash provided by (used in) investing activities of discontinued operations 37,074 (1,434,477) Net cash provided by (used in) financing activities of discontinued operations (34,546) 1,271,866 Supplemental Disclosure of Cash Flows from Investing and Financing Activities Dividends and distributions payable $ 18,516 $ 86,588 Improvements in operating real estate in accrued and other liabilities 19,806 22,253 Proceeds from loan repayments and asset sales held in escrow 3,049 16,692 Right-of-use assets and operating lease liabilities established 14,683 138,731 Redemption of OP Units for common stock 1,423 2,104 Assets and liabilities of investment entities deconsolidated 172,927 — Assets consolidated in real estate acquisition, net of cash and restricted cash 3,597,271 — Liabilities assumed in real estate acquisition 2,142,657 — Noncontrolling interests assumed in real estate acquisition 366,136 — Deferred cash consideration for acquisition of DBH (Note 3) — 35,500 Issuance of OP Units for business combinations (Note 3) — 111,903 Foreclosures and exchanges of loans receivable for real estate — 16,000 Financing provided to buyer in sale of real estate — 4,000 Fair value of Digital Colony Manager contract intangible consolidated (Note 3) — 51,400

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 16) or have the ability to withdraw all or a portion of their interests from the consolidated open-end funds in cash with advance 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, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be 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.
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.
Reclassifications	Reclassifications Reclassifications were made related to discontinued operations as discussed above and to prior period segment reporting presentation as discussed in Note 22. Additionally, 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. These 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 (1) simplifies an issuer’s accounting for convertible instruments as a single unit of account; (2) allows more contracts on an entity’s own equity to qualify for equity classification and more embedded derivatives meeting the derivative scope exception; and (3) simplifies diluted earnings per share (“EPS”) computation. • The guidance eliminates the requirement to separate embedded conversion features in convertible instruments, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument that was issued at a substantial premium. • Under the new guidance, certain conditions under Subtopic ASC 815-40 that may result in contracts being settled in cash rather than shares and therefore preclude (1) equity classification for contracts on an entity’s own equity; and (2) embedded derivatives from qualifying for the derivative scope exception, have been removed; for example, the requirement that equity contracts permit settlement in unregistered shares unless such contracts explicitly require settlement in cash if registered shares are unavailable. The guidance also clarifies that freestanding contracts on an entity’s own equity that do not qualify for equity classification under the indexation criteria (ASC 815-4015) or settlement criteria (ASC 815-40-25) are to be measured at fair value through earnings, even if they do not meet the definition of a derivative under ASC 815. • The ASU also amends certain guidance on computation of diluted EPS for convertible instruments and contracts on an entity’s own equity that results in a more dilutive EPS, including (1) requiring the if converted method to be applied for all convertible instruments (the treasury stock method is no longer available), and (2) removing the ability to rebut the presumption of share settlement for contracts that may be settled in cash or stock and that are not liability classified share based payments. • Expanded disclosures are required, including but not limited to, (1) terms and features of convertible instruments and contracts on entity’s own equity; and (2) information about events, conditions, and circumstances that could affect amount or timing of future cash flows related to these instruments or contracts; and in the period of adoption (3) nature of and reason for the change in accounting principle; and (4) effects of the change on EPS. Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified convertible securities. Adoption of the new standard may be made either on a full retrospective approach or a modified retrospective approach, with cumulative effect adjustment recorded to beginning retained earnings. ASU No. 2020-06 is effective January 1, 2022, with early adoption permitted on January 1, 2021. The Company is currently evaluating the effects of this new guidance.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 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. DBH DataBank (In thousands) Final As Reported Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 839,053 Assets held for disposition — 29,266 Intangible assets 153,300 219,651 Other assets 13,008 108,896 Debt — (539,155) Tax liabilities (17,392) (109,587) Intangible and other liabilities (16,194) (120,178) Fair value of net assets acquired 132,722 438,312 Noncontrolling interests in investment entities — (724,567) Goodwill $ 247,248 $ 471,948 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired in 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, Improvements and Infrastructure Lease-Related Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Nine Months Ended September 30, 2020 Asset Acquisitions (2) Various Hotel—France (3) 6 $ 21,231 $ 2,955 $ 18,436 $ — $ 10,563 $ — $ (10,723) July Hyperscale data centers—U.S. and Canada 12 1,524,610 103,036 2,606,305 776,666 181,260 (26,723) (2,115,934) Various Easements—Various in U.S. — 2,586 2,586 — — — — — $ 1,548,427 $ 108,577 $ 2,624,741 $ 776,666 $ 191,823 $ (26,723) $ (2,126,657) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (4) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165) $ — October Wellness infrastructure—United Kingdom (5) 1 12,376 3,478 9,986 732 — (1,820) — Various Light industrial—Various in U.S. (6) 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) Useful life of real estate acquired ranges from 40 to 50 years for buildings, 12 to 21 years for site improvements, 12 to 19 years for data center infrastructure, 1 to 7 years for furniture, fixtures, and equipment, 2 to 15 years for lease intangibles, and 5 to 6 years for ROU lease assets. (3) 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. (4) The bulk industrial portfolio was classified as held for sale in June 2019. (5) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (6) The entire light industrial portfolio was sold in December 2019.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 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 disposition is presented in Note 8. (In thousands) September 30, 2020 December 31, 2019 Land $ 830,365 $ 716,340 Buildings and improvements 4,773,492 5,068,639 Tenant improvements 112,140 105,440 Data center infrastructure 2,593,494 595,603 Furniture, fixtures and equipment 87,744 98,839 Construction in progress 91,651 115,933 8,488,886 6,700,794 Less: Accumulated depreciation (628,412) (482,598) Real estate assets, net (1) $ 7,860,474 $ 6,218,196 __________ (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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Proceeds from sales of real estate $ 88,423 $ 216,588 $ 258,440 $ 659,245 Gain on sale of real estate 12,248 12,899 15,261 71,824
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. DBH DataBank (In thousands) Final As Reported Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 839,053 Assets held for disposition — 29,266 Intangible assets 153,300 219,651 Other assets 13,008 108,896 Debt — (539,155) Tax liabilities (17,392) (109,587) Intangible and other liabilities (16,194) (120,178) Fair value of net assets acquired 132,722 438,312 Noncontrolling interests in investment entities — (724,567) Goodwill $ 247,248 $ 471,948 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired in 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, Improvements and Infrastructure Lease-Related Intangible Assets ROU Lease and Other Assets Lease Intangible Liabilities Debt, Lease and Other Liabilities Nine Months Ended September 30, 2020 Asset Acquisitions (2) Various Hotel—France (3) 6 $ 21,231 $ 2,955 $ 18,436 $ — $ 10,563 $ — $ (10,723) July Hyperscale data centers—U.S. and Canada 12 1,524,610 103,036 2,606,305 776,666 181,260 (26,723) (2,115,934) Various Easements—Various in U.S. — 2,586 2,586 — — — — — $ 1,548,427 $ 108,577 $ 2,624,741 $ 776,666 $ 191,823 $ (26,723) $ (2,126,657) Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. (4) 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ — $ (165) $ — October Wellness infrastructure—United Kingdom (5) 1 12,376 3,478 9,986 732 — (1,820) — Various Light industrial—Various in U.S. (6) 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) Useful life of real estate acquired ranges from 40 to 50 years for buildings, 12 to 21 years for site improvements, 12 to 19 years for data center infrastructure, 1 to 7 years for furniture, fixtures, and equipment, 2 to 15 years for lease intangibles, and 5 to 6 years for ROU lease assets. (3) 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. (4) The bulk industrial portfolio was classified as held for sale in June 2019. (5) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. (6) 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Depreciation of real estate held for investment $ 73,862 $ 42,549 $ 187,746 $ 132,844 Impairment of real estate and related asset group (1) Held for disposition 134,097 50,855 161,735 119,036 Held for investment (2) 9,345 127,044 1,764,235 168,531 __________ (1) Includes impairment of real estate intangibles of $9.3 million in the nine months ended September 30, 2020 and ROU on ground leases of $1.4 million and $15.1 million in the three and nine months ended September 30, 2020, respectively. For both the three and nine months ended September 30, 2019, amounts include impairment of real estate intangibles of $0.9 million. (2) Includes impairment of hotel properties prior to their reclassification as held for sale and discontinued operations.
Schedule of Components of Property Operating Income	For the three and nine months ended September 30, 2020 and 2019, components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16). Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Lease income: Fixed lease income $ 193,873 $ 152,050 $ 555,979 $ 487,404 Variable lease income 37,827 13,641 70,934 44,881 231,700 165,691 626,913 532,285 Hotel operating income 2,860 3,167 5,015 11,693 Data center service revenue 11,562 — 34,729 — $ 246,122 $ 168,858 $ 666,657 $ 543,978

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Company Loans Receivable	Loans receivable carried at fair value at September 30, 2020 are as follows: September 30, 2020 ($ in thousands) Unpaid Principal Balance Fair Value Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Mortgage loans $ 1,623,432 $ 659,673 7.7 % 0.7 Mezzanine loans 592,120 327,025 11.0 % 0.7 Non-mortgage loans 189,296 172,249 13.9 % 4.5 2,404,848 1,158,947 Variable rate Mortgage loans 167,161 166,197 3.3 % 0.0 Mezzanine loans — — — % 0.0 167,161 166,197 Loans receivable $ 2,572,009 $ 1,325,144 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 following table presents the fair value and unpaid principal balance by aging of loans held for investment at September 30, 2020 for which fair value option was elected. September 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 $ 350,372 $ 361,387 $ (11,015) 30-59 days past due — — — 60-89 days past due — — — 90 days or more past due or nonaccrual 974,772 2,210,622 (1,235,850) $ 1,325,144 $ 2,572,009 $ (1,246,865) 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 nine months ended September 30, 2019 were as follows. (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Average carrying value before allowance for loan losses and interest receivable $ 306,114 $ 298,925 Total interest income recognized during the period impaired 1,651 5,943 Cash basis interest income recognized — 447
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans for the nine months ended September 30, 2019 were as follows: (In thousands) Nine Months Ended September 30, 2019 Beginning accretable yield $ 9,620 Changes in accretable yield 11,647 Accretion recognized in earnings (9,471) Effect of changes in foreign exchange rates (270) Ending accretable yield $ 11,526
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 nine months ended September 30, 2019 are presented below. (In thousands) Nine Months Ended September 30, 2019 Allowance for loan losses at January 1 $ 32,940 Provision for loan losses, net 35,847 Charge-off (16,929) Allowance for loan losses at September 30 $ 51,858
Provision for Loan Losses By Loan Type	Provision for loan losses by loan type was as follows: (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Non-PCI loans $ 17,228 $ 30,035 PCI loans 5 5,812 Total provision for loan losses, net $ 17,233 $ 35,847

Equity and Debt Investments (Ta

Equity and Debt Investments (Tables)	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Equity Investments Equity method investments Investment ventures $ 1,462,730 $ 1,845,129 Private funds 237,750 142,386 1,700,480 1,987,515 Other equity investments Marketable equity securities 147,051 138,586 Investment ventures — 91,472 Private funds and non-traded REIT 36,559 38,641 Total equity investments 1,884,090 2,256,214 Debt Securities N-Star CDO bonds, available for sale 27,898 54,859 CMBS of consolidated fund, at fair value — 2,732 Total debt securities 27,898 57,591 Equity and debt investments $ 1,911,988 $ 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 September 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) $ 365,872 $ 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 126,706 138,428 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 625,999 543,296 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) 234,765 115,055 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 410 21,940 Other investment ventures Interests in 11 investments at September 30, 2020 180,958 127,088 Fair value option Interests in initial stage ventures, real estate development, hotel co-investments, and limited partnership interests in private equity funds 165,770 222,875 $ 1,700,480 $ 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.
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 September 30, 2020 $ 46,739 $ (23,973) $ 5,132 $ — $ 27,898 December 31, 2019 46,002 NA 8,857 — 54,859 There were no sales of N-Star CDO bonds during the nine months ended September 30, 2020 and year ended December 31, 2019.

Goodwill, Deferred Leasing Co_2

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents changes in the carrying value of goodwill. Nine Months Ended September 30, (In thousands) 2020 2019 Beginning balance $ 1,452,891 $ 1,514,561 Business combination (Note 3) (1) (7,134) 247,248 Impairment (594,000) (387,000) Ending balance $ 851,757 $ 1,374,809 __________ (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) September 30, 2020 December 31, 2019 Balance by reportable segment: Digital Operating $ 471,948 $ 479,082 Digital Investment Management (1) 298,248 247,248 Other 81,561 726,561 $ 851,757 $ 1,452,891 __________
Schedule of Deferred Leasing Costs and Other Intangibles	Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows. September 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 related intangible assets (2) $ 1,179,939 $ (196,594) $ 983,345 $ 424,987 $ (123,649) $ 301,338 Investment management intangibles (3) 277,761 (123,055) 154,706 285,233 (96,466) 188,767 Customer relationships (4) 73,400 (4,818) 68,582 71,000 (250) 70,750 Trade names (5) 39,600 (3,504) 36,096 39,600 (185) 39,415 Other (6) 38,325 (6,015) 32,310 32,285 (398) 31,887 Total deferred leasing costs and intangible assets $ 1,609,025 $ (333,986) $ 1,275,039 $ 853,105 $ (220,948) $ 632,157 Intangible Liabilities Lease intangible liabilities (2) $ 186,539 $ (76,923) $ 109,616 $ 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.
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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net increase to rental income (1) $ 370 $ 1,921 $ 5,002 $ 5,662 Amortization expense Deferred leasing costs and lease intangibles $ 11,189 $ 7,580 $ 69,058 $ 24,119 Investment management intangibles 8,902 63,754 26,585 77,656 Customer relationships 1,572 1,327 4,569 2,999 Trade name 1,098 78 3,320 78 Other 4,169 80 5,617 184 $ 26,930 $ 72,819 $ 109,149 $ 105,036 __________ (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 disposition. Year Ending December 31, (In thousands) Remaining 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 123 $ 3,350 $ 4,671 $ 5,857 $ (6,380) $ (10,799) $ (3,178) Amortization expense 56,992 201,216 156,612 128,763 94,469 487,474 1,125,526

Assets and Related Liabilitie_2

Assets and Related Liabilities Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets and Liabilities Held-for-sale	Total assets and related liabilities held for disposition are summarized below. Assets and liabilities held for non-sale disposition in all periods presented represent a portfolio of 48 hotels in the Hospitality segment that has been placed in receivership following the lender's acceleration of the underlying debt that was defaulted in April 2020. Control over the operations and any eventual sale of these hotels has been transferred to the receivers, who are acting for the benefit of the lender. The Company has not been released from its debt obligations, however, the debt is non-recourse to the Company. September 30, 2020 December 31, 2019 (In thousands) Disposition by Sale Non-Sale Disposition Total Held for Disposition Disposition by Sale Non-Sale Disposition Total Held for Disposition Assets Restricted cash $ 59,802 $ 14,029 $ 73,831 $ 122,663 $ 5,782 $ 128,445 Real estate, net 3,385,797 751,430 4,137,227 4,421,888 1,019,849 5,441,737 Loans receivable 42,985 — 42,985 — — — Deferred leasing costs and intangible assets, net 29,919 437 30,356 37,399 2,533 39,932 Other assets 74,437 20,722 95,159 97,219 35,752 132,971 Total assets held for disposition $ 3,592,940 $ 786,618 $ 4,379,558 $ 4,679,169 $ 1,063,916 $ 5,743,085 Liabilities Debt, net (1) $ 2,932,982 $ 780,000 $ 3,712,982 $ 2,926,449 $ 772,485 $ 3,698,934 Lease intangibles and other liabilities 153,354 42,138 195,492 141,426 22,161 163,587 Total liabilities related to assets held for disposition $ 3,086,336 $ 822,138 $ 3,908,474 $ 3,067,875 $ 794,646 $ 3,862,521 __________ (1) Represents debt related to assets held for disposition if the debt is expected to be assumed by the acquirer upon sale or the debt is expected to be extinguished through lender's assumption of underlying collateral. Included in the table above are assets and liabilities held for sale and for non-sale disposition that are related to discontinued operations (Note 16), as follows: September 30, 2020 December 31, 2019 (In thousands) Hotel Industrial Hotel Industrial Assets Restricted cash $ 69,033 $ — $ 112,923 $ — Real estate, net 3,517,983 342,758 4,658,477 342,758 Deferred leasing costs and intangible assets, net 1,851 23,599 6,802 25,371 Other assets 80,198 4,247 111,229 3,917 Total assets held for disposition—discontinued operations $ 3,669,065 $ 370,604 $ 4,889,431 $ 372,046 Liabilities Debt, net $ 3,479,355 $ 233,627 $ 3,465,990 $ 232,944 Lease intangibles and other liabilities 165,010 2,230 128,155 2,090 Total liabilities related to assets held for disposition—discontinued operations $ 3,644,365 $ 235,857 $ 3,594,145 $ 235,034

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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) September 30, 2020 December 31, 2019 Capital expenditures reserves (1) $ 13,802 $ 18,314 Real estate escrow reserves (2) 21,247 15,455 Borrower escrow deposits 6,707 8,079 Lender restricted cash (3) 87,155 27,409 Other (4) 38,198 21,806 Total restricted cash $ 167,109 $ 91,063 __________ (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) September 30, 2020 December 31, 2019 Straight-line rents $ 52,878 $ 37,230 Investment deposits and pending deal costs 14,844 32,994 Prefunded capital expenditures for Vantage SDC 75,235 — Deferred financing costs, net (1) 2,448 2,794 Derivative assets (Note 11) 6,007 21,382 Prepaid taxes and deferred tax assets, net 53,171 69,328 Receivables from resolution of investments (2) 3,049 63,984 Operating lease right-of-use asset, net 178,603 180,486 Accounts receivable, net (3) 63,241 53,387 Prepaid expenses 33,491 22,417 Other assets 22,965 29,219 Fixed assets, net (4) 28,802 44,768 Total other assets $ 534,734 $ 557,989 __________ (1) Deferred financing costs relate to revolving credit arrangements. (2) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (3) Includes receivables from tenants, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $1.5 million at September 30, 2020 and $0.1 million at December 31, 2019. (4) 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) September 30, 2020 December 31, 2019 Tenant security deposits and payable $ 13,676 $ 12,457 Borrower escrow deposits 6,707 9,903 Deferred income (1) 40,067 30,040 Interest payable 28,072 28,902 Derivative liabilities (Note 11) 96,944 127,531 Current and deferred income tax liability 170,962 222,206 Operating lease liability 159,026 156,147 Accrued compensation 56,546 72,859 Accrued carried interest and incentive fee compensation 1,151 50,360 Accrued real estate and other taxes 34,444 22,091 Accounts payable and accrued expenses 111,840 91,614 Other liabilities 70,431 63,409 Total accrued and other liabilities $ 789,866 $ 887,519 __________

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components, excluding debt related to assets held for disposition that is expected to be assumed by the counterparty upon disposition, which is included in liabilities related to assets held for disposition (Note 8). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt September 30, 2020 Debt at amortized cost Principal $ — $ 545,107 $ 6,340,635 $ 280,117 $ 7,165,859 Premium (discount), net — (6,913) 47,648 (77,199) (36,464) Deferred financing costs — (2,598) (40,803) — (43,401) $ — $ 535,596 $ 6,347,480 $ 202,918 $ 7,085,994 December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 4,766,594 $ 280,117 $ 5,662,816 Premium (discount), net — 2,243 (12,598) (78,927) (89,282) Deferred financing costs — (4,296) (51,320) — (55,616) $ — $ 614,052 $ 4,702,676 $ 201,190 $ 5,517,918 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $180.2 million at September 30, 2020 and $265.6 million at December 31, 2019 relates to financing of assets held for disposition, and are expected to be repaid upon disposition of the respective underlying assets. Debt associated with assets held for disposition that is expected to be assumed by the counterparty upon disposition is included in liabilities related to assets held for disposition (Note 8). The following table summarizes certain information about debt carried at amortized cost. Fixed Rate Variable Rate Total ($ 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) September 30, 2020 Recourse Corporate credit facility $ — N/A N/A $ — N/A 1.3 $ — N/A 1.3 Convertible and exchangeable senior notes (1) 545,107 5.36 % 3.9 — N/A N/A 545,107 5.36 % 3.9 Junior subordinated debt (2) — N/A N/A 280,117 3.10 % 15.7 280,117 3.10 % 15.7 Secured debt (3) 33,388 5.02 % 5.2 — N/A N/A 33,388 5.02 % 5.2 578,495 280,117 858,612 Non-recourse (6) Secured debt Digital Operating 1,711,314 3.89 % 3.0 835,045 4.67 % 3.8 2,546,359 4.15 % 3.3 Wellness Infrastructure (7) 403,490 4.55 % 4.4 2,370,198 4.00 % 3.7 2,773,688 4.08 % 3.8 Other 154,850 4.20 % 2.6 832,350 2.97 % 2.2 987,200 3.17 % 2.3 2,269,654 4,037,593 6,307,247 $ 2,848,149 $ 4,317,710 $ 7,165,859 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 (6) Secured debt Digital Operating — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Wellness Infrastructure (7) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Other 151,777 4.26 % 3.4 1,086,884 3.24 % 2.6 1,238,661 3.37 % 2.7 557,757 4,173,765 4,731,522 $ 1,208,934 $ 4,453,882 $ 5,662,816 __________ (1) Includes the 5.375% exchangeable senior notes which is an obligation of NRF Holdco, LLC as the issuer, a subsidiary of Colony Capital, Inc., as described further below. (2) Represents an obligation of NRF Holdco, LLC as the junior subordinated debt was issued by certain of its subsidiaries, as described further below. Accordingly, Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, do not act as guarantors. (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. (6) Investment-level secured debt that is non-recourse to the Company of $45.0 million financing wellness infrastructure assets and $114.0 million financing the Other Equity and Debt portfolio in the Other segment based on outstanding balance at September 30, 2020 ($235.6 million in total across both segments at December 31, 2019), was in default as of the date of this filing. The wellness infrastructure debt is expected to be repaid through a sale of the underlying property that is currently under negotiation. Of the defaulted debt in the Other Equity and Debt portfolio, the Company has received notice of acceleration on $21.3 million of debt and the underlying property has been placed in receivership. In connection with the remaining defaulted debt, the Company is negotiating with its lenders to restructure the debt or make other arrangements, as appropriate, with no assurance that the Company will be successful in any of the negotiations. (7) Previously referred to as Healthcare.
Convertible Senior Notes Issued	Convertible and exchangeable senior notes (collectively, the senior notes) outstanding as of September 30, 2020 are as follows, each representing senior unsecured obligations of the respective issuers of the senior notes: Description Issuance Date Due Date Interest Rate (per annum) 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 September 30, 2020 December 31, 2019 Issued by Colony Capital, Inc. 5.00% Convertible Senior Notes April 2013 April 15, 2023 5.00 % $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible senior Notes January and June 2014 January 15, 2021 3.875 % 16.57 60.3431 1,901 January 22, 2019 31,502 402,500 Issued by Colony Capital Operating Company, LLC 5.75% Exchangeable Senior Notes July 2020 July 15, 2025 5.750 % 2.30 434.7826 130,435 July 21, 2023 300,000 — Issued by NRF HoldCo, LLC 5.375% Exchangeable Senior Notes June 2013 June 15, 2033 5.375 % 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 545,107 $ 616,105 __________

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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: September 30, 2020 December 31, 2019 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ — $ 150 $ 150 $ 15,307 $ 1,271 $ 16,578 Interest rate contracts 55 127 182 78 237 315 Performance swaps — 5,675 5,675 — 4,493 4,493 Included in other assets $ 55 $ 5,952 $ 6,007 $ 15,385 $ 6,001 $ 21,386 Derivative Liabilities Foreign exchange contracts $ — $ — $ — $ 8,134 $ 2,482 $ 10,616 Forward contracts — 96,944 96,944 — 116,915 116,915 Included in accrued and other liabilities $ — $ 96,944 $ 96,944 $ 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 September 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Designated net investment hedges: Realized gain transferred from AOCI to earnings $ 414 $ — $ 414 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Dedesignated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ — $ 1,767 $ 1,485 $ 1,367 Non-designated foreign exchange contracts: Unrealized gain (loss) in earnings (840) — (1,616) —
Schedule of interest rate derivatives	The following table summarizes the interest rate contracts held by the Company at September 30, 2020. Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 3,868,574 1-Month LIBOR 3.00% - 5.70% November 2020 to November 2021 Interest rate caps € 232,845 € 472,405 3-Month EURIBOR 0.25% - 1.50% January 2021 to June 2024 Interest rate caps £ — £ 354,581 3-Month GBP LIBOR 1.50% - 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest expense on designated interest rate contracts (1) $ 6 $ — $ 12 $ — Realized and unrealized gain (loss), net on non-designated interest rate contracts (2) (197) (91,574) (123) (240,710) __________ (1) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable rate debt.
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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Realized and unrealized gain (loss), net on derivatives: Forward contracts $ (2,267) $ (8,191) $ 19,971 $ (20,564) Performance swaps 2,114 1,443 6,988 5,013 Unrealized gain (loss) on marketable equity securities held at period end: Real estate mutual fund 2,266 8,180 (20,007) 21,089
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 September 30, 2020 Derivative Assets Foreign exchange contracts $ 150 $ — $ — $ 150 Interest rate contracts 182 — — 182 Performance swaps 5,675 (5,675) — — $ 6,007 $ (5,675) $ — $ 332 Derivative Liabilities Forward contracts $ (96,944) $ 5,675 $ 10,752 $ (80,517) 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 September 30, 2020 Derivative Assets Foreign exchange contracts $ 150 $ — $ — $ 150 Interest rate contracts 182 — — 182 Performance swaps 5,675 (5,675) — — $ 6,007 $ (5,675) $ — $ 332 Derivative Liabilities Forward contracts $ (96,944) $ 5,675 $ 10,752 $ (80,517) 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)	9 Months Ended
	Sep. 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 September 30, 2020 Assets Marketable equity securities $ 147,051 $ — $ — $ 147,051 AFS debt securities — — 27,898 27,898 Other assets—derivative assets — 6,007 — 6,007 Fair Value Option: Loans held for investment — — 1,325,144 1,325,144 Loans held for disposition — — 42,985 42,985 Equity method investments — — 165,770 165,770 Liabilities Other liabilities — derivative liabilities — 96,944 — 96,944 Other liabilities—settlement liability — — 10,754 10,754 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 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) September 30, 2020 AFS debt securities $ 27,898 Discounted cash flows Discount rate 28.4% Decrease Fair Value Option: Loans held for investment 1,295,444 Discounted cash flows Discount rate 14.3% Decrease Loans held for investment 29,700 Transaction price (5) N/A N/A N/A Loans held for disposition 42,985 Transaction price (5) N/A N/A N/A Equity method investments—third party private equity funds 2,575 NAV (3) N/A N/A N/A Equity method investments—other 8,417 Discounted cash flows Discount rate 18.3% Decrease Equity method investments—other 14,710 Multiple Revenue multiple 4.1x (4) Equity method investments—other 140,068 Transaction price (5) N/A N/A N/A December 31, 2019 AFS debt securities $ 54,859 Discounted cash flows Discount rate 22.3% (16.8% - 65.0%) 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% (5.1% - 15.8%) 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.
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 Held for Investment Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ 81,085 Purchases, contributions and accretion 5,272 — 101,203 Paydowns, distributions and sales (8,727) — (8,082) Realized and unrealized gains (losses) in earnings, net (7,083) — (1,811) Other comprehensive income 6,364 — — Fair value at September 30, 2019 $ 59,953 $ — $ 172,395 Net unrealized gains (losses) in earnings on instruments held at September 30, 2019 $ (7,083) $ — $ (2,589) 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 2,979 156,179 4,614 Paydowns, distributions and sales (4,542) (131,365) (900) Interest accrual, including capitalization of paid-in-kind interest — 32,544 — Transfer to held for disposition — (42,985) — Allowance for credit losses (23,973) — — Realized and unrealized gains (losses) in earnings, net (1) — (289,283) (66,418) Other comprehensive income (loss) (2) (1,425) 30,419 5,599 Fair value at September 30, 2020 $ 27,898 $ 1,325,144 $ 165,770 Net unrealized gains (losses) on instruments held at September 30, 2020: In earnings $ — $ (280,822) $ (66,418) In other comprehensive income (loss) $ (1,425) N/A N/A __________ (1) Includes $4.8 million of unrealized losses on loans held for disposition with aggregate fair value of $43.0 million at September 30, 2020 .
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 Held for Investment Equity Method Investments Fair value at December 31, 2018 $ 64,127 $ 81,085 Purchases, contributions and accretion 5,272 — 101,203 Paydowns, distributions and sales (8,727) — (8,082) Realized and unrealized gains (losses) in earnings, net (7,083) — (1,811) Other comprehensive income 6,364 — — Fair value at September 30, 2019 $ 59,953 $ — $ 172,395 Net unrealized gains (losses) in earnings on instruments held at September 30, 2019 $ (7,083) $ — $ (2,589) 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 2,979 156,179 4,614 Paydowns, distributions and sales (4,542) (131,365) (900) Interest accrual, including capitalization of paid-in-kind interest — 32,544 — Transfer to held for disposition — (42,985) — Allowance for credit losses (23,973) — — Realized and unrealized gains (losses) in earnings, net (1) — (289,283) (66,418) Other comprehensive income (loss) (2) (1,425) 30,419 5,599 Fair value at September 30, 2020 $ 27,898 $ 1,325,144 $ 165,770 Net unrealized gains (losses) on instruments held at September 30, 2020: In earnings $ — $ (280,822) $ (66,418) In other comprehensive income (loss) $ (1,425) N/A N/A __________ (1) Includes $4.8 million of unrealized losses on loans held for disposition with aggregate fair value of $43.0 million at September 30, 2020 .
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. September 30, 2020 December 31, 2019 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 15,668 $ 9,137 $ 16,271 $ 11,058 Non-traded REIT—real estate 18,263 — 19,358 — Private fund—emerging market private equity 2,628 — 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 September 30, 2020 Liabilities Debt at amortized cost Convertible and exchangeable senior notes $ 671,421 $ 13,095 $ — $ 684,516 $ 535,596 Secured debt — — 6,113,253 6,113,253 6,347,480 Secured debt related to assets held for disposition — — 3,660,152 3,660,152 3,712,982 Junior subordinated debt — — 197,460 197,460 202,918 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 — — 4,747,560 4,747,560 4,702,676 Secured debt related to assets held for disposition — — 3,700,990 3,700,990 3,698,934 Junior subordinated debt — — 225,835 225,835 201,190

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock. Number of Shares (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 — 188 — Repurchase of common stock — (652) — Equity-based compensation, net of forfeitures — 4,786 — Shares canceled for tax withholding on vested stock awards — (651) — Shares outstanding at September 30, 2019 57,464 487,018 734 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 — 9,721 — Shares canceled for tax withholding on vested stock awards — (2,554) — Shares outstanding at September 30, 2020 41,350 481,662 734 __________ (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. The table below summarizes the preferred stock issued and outstanding at September 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
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 9,425 (606) (2,670) (36,511) 37,071 6,709 Amounts reclassified from AOCI (3,554) 6,479 — (1,128) (1,617) 180 AOCI at September 30, 2019 $ 9,500 $ 2,698 $ (2,761) $ (31,021) $ 42,472 $ 20,888 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226) $ 139 $ 30,651 $ 47,668 Other comprehensive income (loss) before reclassifications 3,053 395 (3) 13,961 15,821 33,227 Amounts reclassified from AOCI — (3,585) — 225 (925) (4,285) AOCI at September 30, 2020 $ 12,334 $ 4,633 $ (229) $ 14,325 $ 45,547 $ 76,610 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 (6,190) (57,492) 4,543 (59,139) Amounts reclassified from AOCI — (465) (653) (1,118) AOCI at September 30, 2019 $ (6,580) $ (58,557) $ 13,534 $ (51,603) AOCI at December 31, 2019 $ (1,005) $ (17,913) $ 10,659 $ (8,259) Other comprehensive income (loss) before reclassifications (12) 43,170 5,313 48,471 Amounts reclassified from AOCI — (95) (873) (968) AOCI at September 30, 2020 $ (1,017) $ 25,162 $ 15,099 $ 39,244
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 September 30, Nine Months Ended September 30, Affected Line Item in the Component of AOCI reclassified into earnings 2020 2019 2020 2019 Relief of basis of AFS debt securities $ 41 $ — $ 3,585 $ — Other gain (loss), net Other-than-temporary impairment — (5,853) — (6,479) Other gain (loss), net Release of foreign currency cumulative translation adjustments 21 — (225) 1,128 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges — 608 552 654 Other gain (loss), net Realized gain on net investment hedges 373 — 373 963 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — 3,554 — 3,554 Equity method earnings (losses)

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the activity in redeemable noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. Nine Months Ended September 30, (In thousands) 2020 2019 Beginning balance $ 6,107 $ 9,385 Contributions 286,215 — Distributions and redemptions (2,775) (5,715) Net income (loss) (2,316) 2,317 Ending balance $ 287,231 $ 5,987

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 Three Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 144,130 $ 5,866 $ 149,996 $ 293,297 $ 97,188 $ 390,485 Fee income — — — — 3,400 3,400 Interest and other income 40 5 45 198 1,454 1,652 Revenues from discontinued operations 144,170 5,871 150,041 293,495 102,042 395,537 Expenses Property operating expense 119,868 1,712 121,580 193,474 26,051 219,525 Interest expense 34,747 1,530 36,277 55,442 21,130 76,572 Investment and servicing expense 6,053 20 6,073 4,491 54 4,545 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 39,978 639 40,617 42,073 12,342 54,415 Impairment loss 115,792 — 115,792 31,868 — 31,868 Compensation expense—cash and equity-based (1) 863 — 863 1,243 3,914 5,157 Compensation expense—carried interest — — — — 17,796 17,796 Administrative expenses 192 259 451 109 960 1,069 Expenses from discontinued operations 321,993 4,160 326,153 328,700 82,247 410,947 Other income (loss) Gain (loss) on sale of real estate (10) (1,000) (1,010) 3 4,675 4,678 Other gain (loss), net (113) (2) (115) 378 (12) 366 Equity method earnings, including carried interest — — — — 35,765 35,765 Income (loss) from discontinued operations before income taxes (177,946) 709 (177,237) (34,824) 60,223 25,399 Income tax benefit (expense) 225 (2) 223 128 127 255 Income (loss) from discontinued operations (177,721) 707 (177,014) (34,696) 60,350 25,654 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (60,938) 82 (60,856) (3,470) 27,728 24,258 Noncontrolling interests in Operating Company (11,581) 62 (11,519) (2,817) 2,870 53 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (105,202) $ 563 $ (104,639) $ (28,409) $ 29,752 $ 1,343 __________ (1) Includes equity-based compensation of $0.2 million and $1.0 million for the three months ended September 30, 2020 and 2019, respectively. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (In thousands) Hotel Industrial Total Hotel Industrial Total Revenues Property operating income $ 442,827 $ 16,169 $ 458,996 $ 865,863 $ 270,161 $ 1,136,024 Fee income — — — — 8,849 8,849 Interest and other income 149 78 227 420 3,822 4,242 Revenues from discontinued operations 442,976 16,247 459,223 866,283 282,832 1,149,115 Expenses Property operating expense 375,984 4,577 380,561 575,619 74,058 649,677 Interest expense 122,834 5,654 128,488 169,905 55,482 225,387 Investment and servicing expense 12,514 20 12,534 12,347 592 12,939 Transaction costs 4,500 — 4,500 — — — Depreciation and amortization 135,944 1,914 137,858 137,249 97,147 234,396 Impairment loss 1,095,878 — 1,095,878 39,347 — 39,347 Compensation expense—cash and equity-based (1) 2,998 82 3,080 3,707 10,253 13,960 Compensation expense—carried interest — (524) (524) — 18,136 18,136 Administrative expenses 1,294 892 2,186 1,513 3,976 5,489 Expenses from discontinued operations 1,751,946 12,615 1,764,561 939,687 259,644 1,199,331 Other income (loss) Gain (loss) on sale of real estate (10) (8,787) (8,797) 913 28,070 28,983 Other gain (loss), net 9,727 — 9,727 (577) (69) (646) Equity method earnings (losses), including carried interest — (164) (164) — 35,121 35,121 Income (loss) from discontinued operations before income taxes (1,299,253) (5,319) (1,304,572) (73,068) 86,310 13,242 Income tax expense (2,651) (2) (2,653) (2,028) (171) (2,199) Income (loss) from discontinued operations (1,301,904) (5,321) (1,307,225) (75,096) 86,139 11,043 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (167,333) (4,547) (171,880) (10,455) 45,711 35,256 Noncontrolling interests in Operating Company (112,451) (77) (112,528) (4,872) 3,344 (1,528) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,022,120) $ (697) $ (1,022,817) $ (59,769) $ 37,084 $ (22,685) __________

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Net loss allocated to common stockholders Loss from continuing operations $ (184,216) $ (591,496) $ (2,177,055) $ (1,091,686) Loss from continuing operations attributable to noncontrolling interests 101,588 62,337 646,172 69,827 Loss from continuing operations attributable to Colony Capital, Inc. (82,628) (529,159) (1,530,883) (1,021,859) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (104,639) 1,343 (1,022,817) (22,685) Net loss attributable to Colony Capital, Inc. (187,267) (527,816) (2,553,700) (1,044,544) Preferred dividends (18,517) (27,137) (56,507) (81,412) Net loss attributable to common stockholders (205,784) (554,953) (2,610,207) (1,125,956) Net income allocated to participating securities — (948) (1,250) (2,621) Net loss allocated to common stockholders—basic (205,784) (555,901) (2,611,457) (1,128,577) Interest expense attributable to convertible and exchangeable notes (1) — — — — Net loss allocated to common stockholders—diluted $ (205,784) $ (555,901) $ (2,611,457) $ (1,128,577) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 471,739 479,776 474,081 479,412 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 471,739 479,776 474,081 479,412 Basic loss per share Loss from continuing operations $ (0.22) $ (1.16) $ (3.35) $ (2.30) Loss from discontinued operations (0.22) — (2.16) (0.05) Net loss attributable to common stockholders per basic common share $ (0.44) $ (1.16) $ (5.51) $ (2.35) Diluted loss per share Loss from continuing operations $ (0.22) $ (1.16) $ (3.35) $ (2.30) Loss from discontinued operations (0.22) — (2.16) (0.05) Net loss attributable to common stockholders per diluted common share $ (0.44) $ (1.16) $ (5.51) $ (2.35) __________ (1) For the three months ended September 30, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $8.2 million and $7.1 million, respectively, of interest expense and 126,454,900 and 38,112,100, respectively, 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 nine months ended September 30, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $22.4 million and $21.2 million, respectively, and 67,774,600 and 38,112,100, respectively, 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 67,300 and 99,100 for the three and nine months ended September 30, 2019, respectively, as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the nine months ended September 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 performance stock units (Note 19) of 5,183,400 and 2,451,400 for the three months ended September 30, 2020 and 2019, respectively, and 4,250,400 and 1,320,900 for the nine months ended September 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 September 30, 2020 and 2019 there were 53,076,700 and 52,649,000 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income (Tables)

Fee Income (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Institutional funds and other investment vehicles $ 31,648 $ 26,612 $ 93,461 $ 50,283 Public companies (CLNC, and NRE prior to its sale in September 2019) 7,355 79,633 22,636 109,777 Non-traded REIT 4,431 4,994 13,293 15,089 Other 485 615 1,574 3,166 $ 43,919 $ 111,854 $ 130,964 $ 178,315 The following table presents the Company's fee income by type: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Base management fees ($42,009, $45,572, $124,457 and $108,192 from affiliates, respectively) $ 42,085 $ 45,763 $ 124,742 $ 108,739 Asset management fees ($525, $539, $1,784 and $1,775 from affiliates, respectively) 818 819 2,629 2,684 Incentive and termination fee—from affiliates — 64,555 — 64,555 Other fee income ($993, $693, $3,524 and $955 from affiliates, respectively) 1,016 717 3,593 2,337 Total fee income $ 43,919 $ 111,854 $ 130,964 $ 178,315

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Components of Share-Based Compensation	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. The following assumptions were applied in the Monte Carlo model under a risk-neutral premise: 2020 LTIP Grant 2019 LTIP Grant (1) Expected volatility of the Company's class A common stock (2) 43.1% 28.3% Expected dividend yield (3) 0.0% 8.1% Risk-free rate (per annum) (4) 0.2% 1.8% __________ (1) Represents 10 million LTIP units granted to Marc Ganzi in connection with the acquisition of DBH in July 2019, with vesting 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. (2) Based upon historical volatility of the Company's stock and those of a specified peer group. (3) 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. Expected dividend yield is zero for the 2020 LTIP award as the Company suspended common dividends beginning with the second quarter of 2020. (4) 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 and hotel businesses which are presented as discontinued operations (Note 16), is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Compensation expense (including $358, $345, $1,221 and $777 amortization of fair value of dividend equivalent rights) $ 7,542 $ 9,119 $ 25,794 $ 21,957
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 10,130,282 1,845,018 655,468 10,799,244 4,324,375 27,754,387 1.64 2.20 Vested (5,894,704) — (474,547) — — (6,369,251) — 5.19 Forfeited (575,304) — — (1,209,680) (53,220) (1,838,204) 4.27 3.78 Unvested shares and units at September 30, 2020 11,301,982 11,845,018 446,705 9,589,564 9,951,350 43,134,619 2.78 2.11 __________ (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)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Amounts due from and due to affiliates consist of the following: (In thousands) September 30, 2020 December 31, 2019 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 32,633 $ 36,106 Cost reimbursements and recoverable expenses 10,571 14,624 Loan and interest receivable 35,000 — Employees and other affiliates 597 750 $ 78,801 $ 51,480 Due to Affiliates Employees and other affiliates $ 1,279 $ 34,064 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Retail companies $ 771 $ 681 $ 2,618 $ 2,108 Public companies (CLNC, NRE) 1,479 6,592 6,007 11,887 Private investment vehicles and other 4,283 2,736 9,517 10,615 Equity awards of CLNC and NRE (Note 19) (1,005) 24,049 (1,605) 30,632 $ 5,528 $ 34,058 $ 16,537 $ 55,242

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The following table presents results of operations of the Company's reportable segments. (In thousands) Digital Operating Digital Investment Management Digital Other Wellness Infrastructure Other Amounts Not Allocated to Segments Total Three Months Ended September 30, 2020 Total revenues $ 98,549 $ 20,137 $ 736 $ 124,193 $ 69,298 $ 3,764 $ 316,677 Income (loss) from continuing operations (38,479) 3,539 6,757 (6,969) (101,128) (47,936) (184,216) Net income (loss) from continuing operations attributable to Colony Capital, Inc. (4,797) 1,730 5,616 (11,349) (32,481) (41,347) (82,628) Net loss from discontinued operations attributable to Colony Capital, Inc. (104,639) Net loss attributable to Colony Capital, Inc. $ (187,267) Three Months Ended September 30, 2019 Total revenues $ — $ 14,517 $ — $ 136,091 $ 205,706 $ 2,686 $ 359,000 Income (loss) from continuing operations — 41,841 (251) (114,154) (369,511) (149,421) (591,496) Net income (loss) from continuing operations attributable to Colony Capital, Inc. — 38,160 (229) (84,222) (348,898) (133,970) (529,159) Net income from discontinued operations attributable to Colony Capital, Inc. 1,343 Net loss attributable to Colony Capital, Inc. $ (527,816) Nine Months Ended September 30, 2020 Total revenues $ 185,737 $ 60,045 $ 1,559 $ 406,055 $ 231,205 $ 13,149 $ 897,750 Income (loss) from continuing operations (77,916) 7,953 16,014 (755,254) (1,192,092) (175,760) (2,177,055) Net income (loss) from continuing operations attributable to Colony Capital, Inc. (12,384) 5,597 14,097 (497,371) (888,049) (152,773) (1,530,883) Net loss from discontinued operations attributable to Colony Capital, Inc. (1,022,817) Net loss attributable to Colony Capital, Inc. $ (2,553,700) Nine Months Ended September 30, 2019 Total revenues $ — $ 14,517 $ — $ 427,761 $ 455,174 $ 10,258 $ 907,710 Income (loss) from continuing operations — 46,655 (92) (205,080) (548,218) (384,951) (1,091,686) Net income (loss) from continuing operations attributable to Colony Capital, Inc. — 42,683 (80) (152,375) (559,982) (352,105) (1,021,859) Net loss from discontinued operations attributable to Colony Capital, Inc. (22,685) Net loss attributable to Colony Capital, Inc. $ (1,044,544) The following table presents selected income and expense items of reportable segments. (In thousands) Digital Operating Digital Investment Management Digital Other Wellness Infrastructure Other Amounts Not Allocated to Segments Total Three Months Ended September 30, 2020 Interest income $ — $ 2 $ 2 $ 992 $ 12,566 $ 1,254 $ 14,816 Interest expense 18,589 — — 32,310 6,479 14,471 71,849 Depreciation and amortization 73,032 6,427 — 31,961 13,208 1,105 125,733 Impairment loss — 3,832 — 2,451 29,886 — 36,169 Gain on sale of real estate — — — 186 13,072 — 13,258 Equity method earnings (losses), including carried interest — 6,134 4,400 — (67,450) — (56,916) Income tax benefit (expense) 6,091 (144) (73) (5,868) 10,053 (137) 9,922 Three Months Ended September 30, 2019 Interest income $ — $ 7 $ — $ 956 $ 38,828 $ 446 $ 40,237 Interest expense — 1,585 — 46,029 12,627 14,351 74,592 Depreciation and amortization — 4,753 — 38,998 71,678 1,503 116,932 Impairment loss — — — 92,885 440,146 — 533,031 Gain on sale of real estate — — — 833 7,388 — 8,221 Equity method earnings (losses), including carried interest — 848 (251) — 45,706 — 46,303 Income tax benefit (expense) — (13,090) — 566 2,717 (289) (10,096) Nine Months Ended September 30, 2020 Interest income $ — $ 36 $ 11 $ 2,967 $ 61,972 $ 5,074 $ 70,060 Interest expense 36,161 — — 106,875 26,341 44,570 213,947 Depreciation and amortization 131,634 19,635 — 106,401 39,817 4,118 301,605 Impairment loss — 3,832 — 712,238 716,541 12,297 1,444,908 Gain on sale of real estate — — — 186 23,872 — 24,058 Equity method earnings (losses), including carried interest — 6,295 12,647 — (353,426) — (334,484) Income tax benefit (expense) 14,494 (817) (752) (17,874) 1,749 (46) (3,246) Nine Months Ended September 30, 2019 Interest income $ — $ 7 $ — $ 2,833 $ 116,579 $ 1,937 $ 121,356 Interest expense — 1,585 — 150,691 42,889 41,591 236,756 Depreciation and amortization — 4,753 — 119,907 113,294 4,536 242,490 Impairment loss — — — 144,209 491,011 649 635,869 Gain on sale of real estate — — — 833 42,008 — 42,841 Equity method earnings (losses), including carried interest — 7,112 (92) — (179,210) — (172,190) Income tax benefit (expense) — (13,090) — 1,844 (89) (388) (11,723)
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of the reportable segments are summarized as follows: September 30, 2020 December 31, 2019 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital Operating $ 5,314,920 $ — $ 1,684,867 $ — Digital Investment Management 487,898 11,640 428,703 1,059 Digital Other 396,429 177,745 46,832 46,832 Wellness Infrastructure 3,930,425 — 4,886,374 — Other 4,516,516 1,507,353 6,403,002 1,935,882 Amounts not allocated to segments 357,193 3,742 1,120,929 3,742 Assets held for disposition related to discontinued operations 4,039,669 — 5,261,477 — $ 19,043,050 $ 1,700,480 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Total income by geography: United States $ 271,480 $ 283,323 $ 767,141 $ 673,309 Europe 7,022 88,561 98,840 256,064 Other 1,744 2,472 4,554 4,450 Total (1) $ 280,246 $ 374,356 $ 870,535 $ 933,823 (In thousands) September 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 7,663,900 $ 5,267,189 Europe 1,418,881 1,508,347 Total (2) $ 9,082,781 $ 6,775,536 __________ (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 $26.0 million and $3.1 million for the three months ended September 30, 2020 and 2019, respectively, and $323.8 million and $253.5 million for the nine months ended September 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 by Geographic Areas	(In thousands) September 30, 2020 December 31, 2019 Long-lived assets by geography: United States $ 7,663,900 $ 5,267,189 Europe 1,418,881 1,508,347 Total (2) $ 9,082,781 $ 6,775,536 __________ (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 $26.0 million and $3.1 million for the three months ended September 30, 2020 and 2019, respectively, and $323.8 million and $253.5 million for the nine months ended September 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)

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Nine Months Ended September 30, (In thousands) 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of amounts capitalized of $655 and $2,569 $ 258,508 $ 397,475 Cash paid for income taxes, net 36,098 6,377 Cash paid for operating leases 21,022 11,777 Supplemental Disclosure of Cash Flows from Discontinued Operations Hotel: Net cash provided by (used in) operating activities of discontinued operations $ 9,989 $ 130,039 Net cash provided by (used in) investing activities of discontinued operations (79,173) (70,802) Net cash provided by (used in) financing activities of discontinued operations 1,280 (28,211) Industrial: Net cash provided by (used in) operating activities of discontinued operations (35,073) 142,635 Net cash provided by (used in) investing activities of discontinued operations 37,074 (1,434,477) Net cash provided by (used in) financing activities of discontinued operations (34,546) 1,271,866 Supplemental Disclosure of Cash Flows from Investing and Financing Activities Dividends and distributions payable $ 18,516 $ 86,588 Improvements in operating real estate in accrued and other liabilities 19,806 22,253 Proceeds from loan repayments and asset sales held in escrow 3,049 16,692 Right-of-use assets and operating lease liabilities established 14,683 138,731 Redemption of OP Units for common stock 1,423 2,104 Assets and liabilities of investment entities deconsolidated 172,927 — Assets consolidated in real estate acquisition, net of cash and restricted cash 3,597,271 — Liabilities assumed in real estate acquisition 2,142,657 — Noncontrolling interests assumed in real estate acquisition 366,136 — Deferred cash consideration for acquisition of DBH (Note 3) — 35,500 Issuance of OP Units for business combinations (Note 3) — 111,903 Foreclosures and exchanges of loans receivable for real estate — 16,000 Financing provided to buyer in sale of real estate — 4,000 Fair value of Digital Colony Manager contract intangible consolidated (Note 3) — 51,400

Business (Details)

Business (Details) $ in Thousands	Dec. 20, 2019	Sep. 30, 2020USD ($)numberOfHotelPortfoliossecurityhotel	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Assets under management		$ 46,800,000		$ 46,800,000		$ 46,800,000
Impairment loss				$ 36,169	$ 533,031	$ 1,444,908	$ 635,869
Hotel
Business Acquisition [Line Items]
Number of hotel portfolios owned prior to sale | security		6		6		6
Exit of Hospitality Business | Hotel | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Number of hotel portfolios sold | security		5		5		5
THL Hotel Portfolio | Exit of Hospitality Business | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Interest sold (in percent)		55.60%
Number of hotel properties sold | hotel		197
Hotel portfolios held through joint ventures | numberOfHotelPortfolios		2
Transaction value		$ 2,800,000
Gross selling price		67,500
Debt assumed by acquirer		2,700,000
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%
Digital Real Estate | Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management		3,800,000		$ 3,800,000		$ 3,800,000
Digital Operating
Business Acquisition [Line Items]
Assets under management		$ 23,300,000		$ 23,300,000		$ 23,300,000
DatabaBank
Business Acquisition [Line Items]
Ownership percentage	20.00%
Colony Credit Real Estate, Inc.
Business Acquisition [Line Items]
Ownership percentage		36.40%		36.40%		36.40%
Blackwell Capital LLC Joint Venture
Business Acquisition [Line Items]
Voting term			3 years
Settlement liability			$ 3,900
Blackwell Capital LLC Joint Venture | Blackwells Capital LLC
Business Acquisition [Line Items]
Legal fees			$ 1,200
Joint Venture 1 | THL Hotel Portfolio | Exit of Hospitality Business | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Ownership interest in joint venture (in percent)		90.00%
Joint Venture 2 | THL Hotel Portfolio | Exit of Hospitality Business | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Ownership interest in joint venture (in percent)		97.50%
Impairment and fair value decline
Business Acquisition [Line Items]
Impairment loss						$ 3,200,000
Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Impairment loss						$ 2,500,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)security	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity	$ 6,842,074	$ 5,704,569	$ 8,391,716		$ 8,926,415	$ 9,975,449	$ 10,537,098	$ 11,215,441	$ 11,146,370
Number of AFS debt securities with unrealized loss in AOCI | security					0
Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity					$ (5,113)				(4,468)
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity	$ (6,054,881)	$ (5,849,098)	$ (3,806,308)		(3,389,592)	$ (3,307,886)	$ (2,699,276)	$ (2,176,730)	(2,018,302)
Retained Earnings | Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				$ 3,300	$ (3,187)				$ (2,905)
Retained Earnings | Cumulative effect of adoption of new accounting pronouncement | CLNC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				$ 8,500

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2020USD ($)	Dec. 20, 2019$ / sharesshares	Jul. 25, 2019USD ($)portfolio_companyshares	Jul. 24, 2019$ / shares	Dec. 31, 2019shares	Jul. 31, 2019shares	Sep. 30, 2020shares
OP Unit issuance
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			50.00%
Ownership percentage			50.00%
Fair value of equity interest in Digital Colony Manager | $			$ 51,400
Discount rate for future fee income			8.00%
Discount rate used for calculating future fee income			11.50%
Potential carried interest, discount rate			25.00%
Royalty rate			1.00%
Discount rate for projected future royalty fees			11.50%
DBH | OP Unit issuance
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		$ 4.84
Outstanding ownership percentage before acquisition		20.00%
Fair value of equity interest in Digital Colony Manager | $	$ 0
Royalty rate		2.00%
Discount rate for projected future royalty fees			9.50%
Discount rate for projected net cash flow			9.50%
DatabaBank | OP Unit issuance
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
Trade name | DatabaBank
Business Acquisition [Line Items]
Useful life			5 years

Business Combinations - Schedul

Business Combinations - Schedule of DBH and DataBank Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jul. 25, 2019	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Deferred consideration				$ 0	$ 35,500
OP Units issued				0	111,903
Goodwill			$ 1,452,891	$ 851,757	$ 1,374,809	$ 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
Real estate		0
Assets held for disposition		0
Intangible assets		153,300
Other assets		13,008
Debt		0
Tax liabilities		(17,392)
Intangible and other liabilities		(16,194)
Fair value of net assets acquired		132,722
Noncontrolling interests in investment entities		0
Goodwill		$ 247,248
DataBank
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash	$ 182,731
Deferred consideration	0
OP Units issued	2,962		$ 3,000
Total consideration for equity interest acquired	185,693
Fair value of equity interest in Digital Colony Manager	0
Fair value of equity interest	185,693
Cash	10,366
Real estate	839,053
Assets held for disposition	29,266
Intangible assets	219,651
Other assets	108,896
Debt	(539,155)
Tax liabilities	(109,587)
Intangible and other liabilities	(120,178)
Fair value of net assets acquired	438,312
Noncontrolling interests in investment entities	(724,567)
Goodwill	$ 471,948

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 830,365	$ 716,340
Buildings and improvements	4,773,492	5,068,639
Tenant improvements	112,140	105,440
Data center infrastructure	2,593,494	595,603
Furniture, fixtures and equipment	87,744	98,839
Construction in progress	91,651	115,933
Real estate held for investment, gross	8,488,886	6,700,794
Less: Accumulated depreciation	(628,412)	(482,598)
Real estate assets, net	$ 7,860,474	$ 6,218,196

Real Estate - Real Estate Sales

Real Estate - Real Estate Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Abstract]
Proceeds from sales of real estate	$ 88,423	$ 216,588	$ 258,440	$ 659,245
Gain on sale of real estate	$ 12,248	$ 12,899	$ 15,261	$ 71,824

Real Estate - Real Estate Acqui

Real Estate - Real Estate Acquisitions (Details) $ in Thousands	Sep. 30, 2020USD ($)property	Oct. 31, 2020USD ($)	Jul. 31, 2020USD ($)hyperspace_data_center	Oct. 31, 2019USD ($)property	Feb. 28, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)property
Business Acquisition [Line Items]
Liabilities assumed in real estate acquisition						$ 2,142,657	$ 0
Asset Acquisitions
Business Acquisition [Line Items]
Purchase price						1,548,427		$ 1,543,981
Land	$ 108,577					108,577		317,740
Buildings, Improvements and Infrastructure	2,624,741					2,624,741		1,156,884
Lease-Related Intangible Assets	776,666					776,666		76,230
ROU Lease and Other Assets	191,823					191,823		0
Lease Intangible Liabilities	(26,723)					(26,723)		(6,873)
Debt, Lease and Other Liabilities	$ (2,126,657)					$ (2,126,657)		$ 0
Asset Acquisitions | Hotel | France
Business Acquisition [Line Items]
Number of Buildings | property	6					6
Purchase price						$ 21,231
Land	$ 2,955					2,955
Buildings, Improvements and Infrastructure	18,436					18,436
Lease-Related Intangible Assets	0					0
ROU Lease and Other Assets	10,563					10,563
Lease Intangible Liabilities	0					0
Debt, Lease and Other Liabilities	$ (10,723)					$ (10,723)
Asset Acquisitions | Bulk Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property					6
Purchase price					$ 373,182
Land					49,446
Buildings, Improvements and Infrastructure					296,348
Lease-Related Intangible Assets					27,553
ROU Lease and Other Assets					0
Lease Intangible Liabilities					(165)
Debt, Lease and 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, Improvements and Infrastructure				9,986
Lease-Related Intangible Assets				732
ROU Lease and Other Assets				0
Lease Intangible Liabilities				(1,820)
Debt, Lease and 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, Improvements and Infrastructure								850,550
Lease-Related Intangible Assets								47,945
ROU Lease and Other Assets								0
Lease Intangible Liabilities								(4,888)
Debt, Lease and Other Liabilities								$ 0
Asset Acquisitions | Easements | United States
Business Acquisition [Line Items]
Number of Buildings | property	0					0
Purchase price						$ 2,586
Land	$ 2,586					2,586
Buildings, Improvements and Infrastructure	0					0
Lease-Related Intangible Assets	0					0
ROU Lease and Other Assets	0					0
Lease Intangible Liabilities	0					0
Debt, Lease and Other Liabilities	0					$ 0
VDC
Business Acquisition [Line Items]
Purchase price	$ 1,200,000
Ownership interest acquired (percent)	80.00%					80.00%
Number of stabilized hyperspace date centers | hyperspace_data_center			12
Liabilities assumed in real estate acquisition			$ 2,000,000
Interest (in percent)	12.00%					12.00%
Contingent consideration, liability			$ 240,000
VDC | Subsequent Event
Business Acquisition [Line Items]
Purchase price		$ 1,360,000
Ownership interest acquired (percent)		90.00%
Balance sheet investment		$ 200,000
Interest (in percent)		13.00%
VDC | Hyperscale | United States and Canada
Business Acquisition [Line Items]
Number of Buildings | property	12					12
Purchase price						$ 1,524,610
Land	$ 103,036					103,036
Buildings, Improvements and Infrastructure	2,606,305					2,606,305
Lease-Related Intangible Assets	776,666					776,666
ROU Lease and Other Assets	181,260					181,260
Lease Intangible Liabilities	(26,723)					(26,723)
Debt, Lease and Other Liabilities	$ (2,115,934)					$ (2,115,934)
Building | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						40 years
Building | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						50 years
Land Improvements | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						12 years
Land Improvements | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						21 years
Furniture, Fixtures and Equipment | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						1 year
Furniture, Fixtures and Equipment | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						7 years
Data Center Infrastructure | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						12 years
Data Center Infrastructure | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						19 years
Right-Of-Use Assets | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						5 years
Right-Of-Use Assets | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						6 years
Lease Intangibles | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						2 years
Lease Intangibles | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life						15 years

Real Estate - Depreciation and

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 36,169	$ 533,031	$ 1,444,908	$ 635,869
Real estate impairment		900	9,300	900
Held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group	9,345	127,044	1,764,235	168,531
Held for investment | Real Estate
Real Estate [Line Items]
Depreciation of real estate held for investment	73,862	42,549	187,746	132,844
Nonrecurring | Held for disposition
Real Estate [Line Items]
Impairment of real estate and related asset group	134,097	$ 50,855	161,735	$ 119,036
Nonrecurring | Level 3 | Held for disposition
Real Estate [Line Items]
Real estate	1,100,000		1,100,000		$ 253,400
Nonrecurring | Level 3 | Held for investment
Real Estate [Line Items]
Carrying value of real estate	3,600,000		$ 3,600,000		$ 355,000
Minimum
Real Estate [Line Items]
Capitalization rate			10.00%
Terminal capitalization rate			7.00%
Discount rate			8.50%
Minimum | Held for disposition
Real Estate [Line Items]
Selling costs (percentage)			1.00%
Maximum
Real Estate [Line Items]
Capitalization rate			12.00%
Terminal capitalization rate			11.30%
Discount rate			12.00%
Maximum | Held for disposition
Real Estate [Line Items]
Selling costs (percentage)			16.00%
Ground Leases
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 1,400		$ 15,100

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property operating income
Revenue from External Customer [Line Items]
Income	$ 246,122	$ 168,858	$ 666,657	$ 543,978
Lease income:
Revenue from External Customer [Line Items]
Income	231,700	165,691	626,913	532,285
Fixed lease income
Revenue from External Customer [Line Items]
Income	193,873	152,050	555,979	487,404
Variable lease income
Revenue from External Customer [Line Items]
Income	37,827	13,641	70,934	44,881
Hotel operating income
Revenue from External Customer [Line Items]
Income	2,860	3,167	5,015	11,693
Data center service revenue
Revenue from External Customer [Line Items]
Income	$ 11,562	$ 0	$ 34,729	$ 0

Real Estate - Lease Concessions

Real Estate - Lease Concessions Related to COVID-19 (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020
COVID-19 Pandemic
Unusual or Infrequent Item, or Both [Line Items]
Deferred rent receivables	$ 0.4
Forgiveness of rent	$ 0.6
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	3 months
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Term for deferred rent	3 months
Term for repayment of deferred rent	17 months

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Fair Value	$ 1,325,144
Allowance for loan losses			$ (51,858)	$ (32,940)
Loans receivable	1,325,144	$ 1,566,328
Fair Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,572,009
Fair Value	1,325,144	1,557,850
Fair Value | Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,404,848
Fair Value	1,158,947
Fair Value | Fixed rate | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,623,432
Fair Value	$ 659,673
Weighted Average Coupon	7.70%
Weighted Average Maturity in Years	8 months 12 days
Fair Value | Fixed rate | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 592,120
Fair Value	$ 327,025
Weighted Average Coupon	11.00%
Weighted Average Maturity in Years	8 months 12 days
Fair Value | Fixed rate | Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 189,296
Fair Value	$ 172,249
Weighted Average Coupon	13.90%
Weighted Average Maturity in Years	4 years 6 months
Fair Value | Variable rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 167,161
Fair Value	166,197
Fair Value | Variable rate | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	167,161
Fair Value	$ 166,197
Weighted Average Coupon	3.30%
Weighted Average Maturity in Years	0 years
Fair Value | Variable rate | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 0
Fair Value	$ 0
Weighted Average Coupon	0.00%
Weighted Average Maturity in Years	0 years
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		2,498,573
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]
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		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		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		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		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		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	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	$ (1,246,865)
Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Not past due	(11,015)
30-59 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	0
60-89 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	0
90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	(1,235,850)
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	1,325,144
Fair Value | Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	350,372
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]
Loan receivable past due	974,772
Carrying Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	2,572,009
Carrying Value | Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	361,387
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]
Loan receivable past due	$ 2,210,622

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019loan	Sep. 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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (51,858)	$ (51,858)		$ (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	306,114	298,925
Total interest income recognized during the period impaired	1,651	5,943
Cash basis interest income recognized	$ 0	$ 447
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses			(48,187)
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Allowance for Loan Losses			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)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	11,647
Accretion recognized in earnings	(9,471)
Effect of changes in foreign exchange rates	(270)
Ending accretable yield	$ 11,526

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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses	$ 51,858	$ 51,858
Loans receivable			$ 1,325,144	$ 1,566,328
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses, beginning balance		32,940
Provision for loan losses, net		35,847
Charge-off		(16,929)
Allowance for loan losses, ending balance	51,858	51,858
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	17,233	35,847
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses				48,146
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses, net	17,228	30,035
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	$ 5	$ 5,812

Loans Receivable - Lending Comm

Loans Receivable - Lending Commitments (Details) - Investment Commitments - Consolidated Real Estate Debt Investments $ in Millions	Sep. 30, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 133.6
Parent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 29.5

Equity and Debt Investments - I

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Equity Investments
Equity method investments	$ 1,700,480	$ 1,987,515
Total equity investments	1,884,090	2,256,214
Debt Securities
Total debt securities	27,898	57,591
Equity and debt investments	1,911,988	2,313,805
Investment ventures
Equity Investments
Equity method investments	1,462,730	1,845,129
Investment ventures and Private funds and non-traded REIT	0	91,472
Private funds
Equity Investments
Equity method investments	237,750	142,386
Investment ventures and Private funds and non-traded REIT	36,559	38,641
N-Star CDO bonds, available for sale
Debt Securities
N-Star CDO bonds, available for sale	27,898	54,859
CMBS of consolidated fund, at fair value
Debt Securities
CMBS of consolidated fund, at fair value	0	2,732
Level 1 | Marketable equity securities
Equity Investments
Marketable equity securities	$ 147,051	$ 138,586

Equity and Debt Investments - E

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	Sep. 30, 2020USD ($)investment	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 1,700,480		$ 1,987,515
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value	365,872	$ 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	126,706		138,428
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	625,999		543,296
Private funds
Schedule of Equity Method Investments [Line Items]
Carrying value	234,765		115,055
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	410		21,940
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 180,958		127,088
Number of equity method investments | investment	11
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 165,770		$ 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				9 Months Ended
	Apr. 30, 2020	Feb. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 01, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 28, 2019
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments							$ 254,921	$ 152,658
Impairment loss			$ 36,169		$ 533,031		1,444,908	635,869
Equity method investments			1,700,480				1,700,480				$ 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			365,872	$ 611,200			365,872				725,443
Proportionate share of loan loss provisions and impairments not recognized			21,900				49,800
Basis difference			311,700				311,700
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			625,999				625,999				543,296
Lending commitments							18,900
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			$ 147,700				$ 147,700
Class A Common Stock | Common Stock | Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)			$ 4.91	$ 7.02			$ 4.91					$ 15.50
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss			$ 26,000		$ 3,100		$ 323,800	$ 253,500
Equity Method Investment | Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value				$ 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			$ 551,200				$ 551,200				$ 745,300

Equity and Debt Investments - D

Equity and Debt Investments - Debt Securities (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss recorded	$ 1,700,000		$ 24,000,000
Number of AFS debt securities with unrealized loss without allowance for credit loss | security	0		0
OTTI loss		$ 6,400,000		$ 7,100,000
Number of AFS debt securities with unrealized loss in AOCI | security					0
N-Star CDO bonds, available for sale
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Without Allowance for Credit Loss	$ 46,739,000		$ 46,739,000		$ 46,002,000
Allowance for Credit Loss	(23,973,000)		(23,973,000)
Gross cumulative unrealized gains	5,132,000		5,132,000		8,857,000
Gross cumulative unrealized loss	0		0		0
Fair Value	$ 27,898,000		27,898,000		$ 54,859,000
Colony | CMBS of consolidated fund, at fair value
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale			$ 0	$ 0
Maximum
Debt Securities, Available-for-sale [Line Items]
Expected maturity period			3 years 3 months 18 days

Goodwill, Deferred Leasing Co_3

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Beginning balance	$ 1,374,809	$ 1,452,891	$ 1,514,561
Business combination		(7,134)	247,248
Impairment		(594,000)	(387,000)
Ending balance	$ 1,452,891	$ 851,757	$ 1,374,809

Goodwill, Deferred Leasing Co_4

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill and Impairment of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Impairment					$ 594,000	$ 387,000
Goodwill			$ 1,452,891	$ 1,374,809	851,757	$ 1,374,809	$ 1,514,561
Other
Goodwill [Line Items]
Transfer of goodwill		$ 51,000
Digital Operating
Goodwill [Line Items]
Transfer of goodwill		(51,000)
Other
Goodwill [Line Items]
Impairment	$ 515,000	$ 79,000	401,000	$ 387,000
Goodwill			$ 726,561		$ 81,561

Goodwill, Deferred Leasing Co_5

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 851,757	$ 1,452,891	$ 1,374,809	$ 1,514,561
Goodwill deductible for tax purposes	140,500	140,500
Digital Operating
Goodwill [Line Items]
Goodwill	471,948	479,082
Digital Investment Management
Goodwill [Line Items]
Goodwill	298,248	247,248
Other
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	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,609,025	$ 853,105
Deferred leasing and other intangible assets, accumulated amortization	(333,986)	(220,948)
Deferred leasing and other intangible assets, net carrying amount	1,275,039	632,157
Intangible Liabilities
Intangible liabilities, carrying amount	186,539	174,208
Intangible liabilities, accumulated amortization	(76,923)	(62,724)
Intangible liabilities, gross	109,616	111,484
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	1,179,939	424,987
Deferred leasing and other intangible assets, accumulated amortization	(196,594)	(123,649)
Deferred leasing and other intangible assets, net carrying amount	983,345	301,338
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	277,761	285,233
Deferred leasing and other intangible assets, accumulated amortization	(123,055)	(96,466)
Deferred leasing and other intangible assets, net carrying amount	154,706	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	(4,818)	(250)
Deferred leasing and other intangible assets, net carrying amount	68,582	70,750
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	39,600	39,600
Deferred leasing and other intangible assets, accumulated amortization	(3,504)	(185)
Deferred leasing and other intangible assets, net carrying amount	36,096	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	38,325	32,285
Deferred leasing and other intangible assets, accumulated amortization	(6,015)	(398)
Deferred leasing and other intangible assets, net carrying amount	$ 32,310	$ 31,887
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			9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment			$ 0	$ 0	$ 0
Carrying value	$ 1,275,039,000	$ 632,157,000		1,275,039,000
Goodwill	851,757,000	1,452,891,000	$ 1,374,809,000	851,757,000	1,374,809,000	$ 1,514,561,000
Goodwill impairment				594,000,000	$ 387,000,000
Digital Investment Management
Finite-Lived Intangible Assets [Line Items]
Goodwill	298,248,000	247,248,000		298,248,000
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment	8,200,000	8,600,000		8,200,000
Carrying value	$ 12,400,000	$ 62,400,000		$ 12,400,000

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ 370	$ 1,921	$ 5,002	$ 5,662
Amortization expense	26,930	72,819	109,149	105,036
Deferred leasing costs and lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	11,189	7,580	69,058	24,119
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	8,902	63,754	26,585	77,656
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,572	1,327	4,569	2,999
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,098	78	3,320	78
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4,169	$ 80	$ 5,617	$ 184

Goodwill, Deferred Leasing Co_9

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2020USD ($)
Net increase (decrease) to rental income
Remaining 2020	$ 123
2021	3,350
2022	4,671
2023	5,857
2024	(6,380)
2025 and Thereafter	(10,799)
Total	(3,178)
Amortization expense
Remaining 2020	56,992
2021	201,216
2022	156,612
2023	128,763
2024	94,469
2025 and Thereafter	487,474
Total	$ 1,125,526

Assets and Related Liabilitie_3

Assets and Related Liabilities Held For Sale (Details)	1 Months Ended
	Aug. 31, 2020USD ($)	Apr. 30, 2020hotel	Oct. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hotel placed in receivership following lender's acceleration | hotel		48
Assets
Restricted cash				$ 73,831,000	$ 128,445,000
Real estate, net				4,137,227,000	5,441,737,000
Loans receivable				42,985,000	0
Deferred leasing costs and intangible assets, net				30,356,000	39,932,000
Other assets				95,159,000	132,971,000
Total assets held for disposition				4,379,558,000	5,743,085,000
Liabilities
Debt, net				3,712,982,000	3,698,934,000
Lease intangibles and other liabilities				195,492,000	163,587,000
Total liabilities related to assets held for disposition				3,908,474,000	3,862,521,000
Gains (Losses) on Restructuring of Debt	$ 0
Hotel
Assets
Restricted cash				69,033,000	112,923,000
Real estate, net				3,517,983,000	4,658,477,000
Deferred leasing costs and intangible assets, net				1,851,000	6,802,000
Other assets				80,198,000	111,229,000
Total assets held for disposition				3,669,065,000	4,889,431,000
Liabilities
Debt, net				3,479,355,000	3,465,990,000
Lease intangibles and other liabilities				165,010,000	128,155,000
Total liabilities related to assets held for disposition				3,644,365,000	3,594,145,000
Industrial
Assets
Restricted cash				0	0
Real estate, net				342,758,000	342,758,000
Deferred leasing costs and intangible assets, net				23,599,000	25,371,000
Other assets				4,247,000	3,917,000
Total assets held for disposition				370,604,000	372,046,000
Liabilities
Debt, net				233,627,000	232,944,000
Lease intangibles and other liabilities				2,230,000	2,090,000
Total liabilities related to assets held for disposition				235,857,000	235,034,000
Disposition by Sale
Assets
Restricted cash				59,802,000	122,663,000
Real estate, net				3,385,797,000	4,421,888,000
Loans receivable				42,985,000	0
Deferred leasing costs and intangible assets, net				29,919,000	37,399,000
Other assets				74,437,000	97,219,000
Total assets held for disposition				3,592,940,000	4,679,169,000
Liabilities
Debt, net				2,932,982,000	2,926,449,000
Lease intangibles and other liabilities				153,354,000	141,426,000
Total liabilities related to assets held for disposition				3,086,336,000	3,067,875,000
Non-Sale Disposition
Assets
Restricted cash				14,029,000	5,782,000
Real estate, net				751,430,000	1,019,849,000
Loans receivable				0	0
Deferred leasing costs and intangible assets, net				437,000	2,533,000
Other assets				20,722,000	35,752,000
Total assets held for disposition				786,618,000	1,063,916,000
Liabilities
Debt, net				780,000,000	772,485,000
Lease intangibles and other liabilities				42,138,000	22,161,000
Total liabilities related to assets held for disposition				822,138,000	$ 794,646,000
Discontinued Operations, Held-for-sale | THL Hotel Portfolio
Liabilities
Debt restructured	$ 800,000,000
Discontinued Operations, Held-for-sale | Nonrecourse [Member] | Hotel
Liabilities
Carrying value of defaulted debt				1,300,000,000
Notices of acceleration, amount				$ 800,000,000
Discontinued Operations, Held-for-sale | Nonrecourse [Member] | Hotel | Forecast
Liabilities
Carrying value of defaulted debt			$ 500,000,000

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 167,109	$ 91,063	$ 113,897	$ 135,650
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,802	18,314
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	21,247	15,455
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,707	8,079
Lender restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	87,155	27,409
Other (4)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 38,198	$ 21,806

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	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Straight-line rents		$ 52,878	$ 37,230
Investment deposits and pending deal costs		14,844	32,994
Prefunded capital expenditures for Vantage SDC		75,235	0
Deferred financing costs, net		2,448	2,794
Derivative asset		6,007	21,382
Prepaid taxes and deferred tax assets, net		53,171	69,328
Receivables from resolution of investments		3,049	63,984
Operating lease right-of-use asset, net		178,603	180,486
Accounts receivable, net		63,241	53,387
Prepaid expenses		33,491	22,417
Other assets		22,965	29,219
Fixed assets, net		28,802	44,768
Other assets		534,734	557,989
Allowance of doubtful accounts		$ 1,500	$ 100
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	9 Months Ended
	Sep. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in valuation allowance	$ 60.3
Valuation allowance	92.4
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in valuation allowance	26.7
Valuation allowance	$ 32.5

Restricted Cash, Other Assets_6

Restricted Cash, Other Assets and Other Liabilities - Impact of CARES Act (Details) $ in Millions	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits and payable	$ 13,676		$ 13,676		$ 12,457
Borrower escrow deposits	6,707		6,707		9,903
Deferred income	40,067		40,067		30,040
Interest payable	28,072		28,072		28,902
Derivative liabilities (Note 11)	96,944		96,944		127,531
Current and deferred income tax liability	170,962		170,962		222,206
Operating lease liability	159,026		159,026		156,147
Accrued compensation	56,546		56,546		72,859
Accrued carried interest and incentive fee compensation	1,151		1,151		50,360
Accrued real estate and other taxes	34,444		34,444		22,091
Accounts payable and accrued expenses	111,840		111,840		91,614
Other liabilities	70,431		70,431		63,409
Total accrued and other liabilities	789,866		789,866		887,519
Deferred asset management fee income	13,400		13,400		$ 18,300
Deferred asset management fee income recognized	$ 6,200	$ 300	$ 12,000	$ 1,000
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 7 months 6 days		1 year 7 months 6 days

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 7,165,859	$ 5,662,816
Long-term debt	7,085,994	5,517,918
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	180,200	265,600
Corporate credit facility
Debt Instrument [Line Items]
Long-term debt	0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	535,596
Secured debt
Debt Instrument [Line Items]
Long-term debt	6,347,480
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	202,918
Carrying Value
Debt Instrument [Line Items]
Principal	7,165,859	5,662,816
Premium (discount), net	(36,464)	(89,282)
Deferred financing costs	(43,401)	(55,616)
Long-term debt		5,517,918
Carrying Value | Corporate credit facility
Debt Instrument [Line Items]
Principal	0	0
Premium (discount), net	0	0
Deferred financing costs	0	0
Long-term debt		0
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	545,107	616,105
Premium (discount), net	(6,913)	2,243
Deferred financing costs	(2,598)	(4,296)
Long-term debt		614,052
Carrying Value | Secured debt
Debt Instrument [Line Items]
Principal	6,340,635	4,766,594
Premium (discount), net	47,648	(12,598)
Deferred financing costs	(40,803)	(51,320)
Long-term debt		4,702,676
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(77,199)	(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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Principal	$ 7,165,859	$ 5,662,816
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	2,848,149	1,208,934
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 4,317,710	4,453,882
5.375% Exchangeable Senior Notes | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.375%
Recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 858,612	931,294
Recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	578,495	651,177
Recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	280,117	280,117
Recourse | Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Years Remaining to Maturity	1 year 3 months 18 days	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	$ 0	$ 0
Weighted Average Years Remaining to Maturity	1 year 3 months 18 days	2 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	$ 545,107	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)	5.36%	4.27%
Weighted Average Years Remaining to Maturity	3 years 10 months 24 days	2 years
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 545,107	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)	5.36%	4.27%
Weighted Average Years Remaining to Maturity	3 years 10 months 24 days	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	$ 33,388	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 2 months 12 days	5 years 10 months 24 days
Recourse | Secured debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 33,388	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 2 months 12 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)	3.10%	4.77%
Weighted Average Years Remaining to Maturity	15 years 8 months 12 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)	3.10%	4.77%
Weighted Average Years Remaining to Maturity	15 years 8 months 12 days	16 years 4 months 24 days
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 6,307,247	$ 4,731,522
Non-recourse | Wellness Infrastructure
Debt Instrument [Line Items]
Carrying value of defaulted debt	45,000
Non-recourse | Healthcare And Other Equity And Debt
Debt Instrument [Line Items]
Carrying value of defaulted debt		235,600
Non-recourse | Other
Debt Instrument [Line Items]
Carrying value of defaulted debt	114,000
Notices of acceleration, amount	21,300
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	2,269,654	557,757
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	4,037,593	4,173,765
Non-recourse | Secured debt | Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal	$ 2,773,688	$ 2,953,706
Weighted Average Interest Rate (Per Annum) (percent)	4.08%	5.13%
Weighted Average Years Remaining to Maturity	3 years 9 months 18 days	4 years 4 months 24 days
Non-recourse | Secured debt | Digital Operating
Debt Instrument [Line Items]
Outstanding Principal	$ 2,546,359	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	4.15%	6.98%
Weighted Average Years Remaining to Maturity	3 years 3 months 18 days	4 years 9 months 18 days
Non-recourse | Secured debt | Other
Debt Instrument [Line Items]
Outstanding Principal	$ 987,200	$ 1,238,661
Weighted Average Interest Rate (Per Annum) (percent)	3.17%	3.37%
Weighted Average Years Remaining to Maturity	2 years 3 months 18 days	2 years 8 months 12 days
Non-recourse | Secured debt | Fixed Rate | Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal	$ 403,490	$ 405,980
Weighted Average Interest Rate (Per Annum) (percent)	4.55%	4.55%
Weighted Average Years Remaining to Maturity	4 years 4 months 24 days	5 years 1 month 6 days
Non-recourse | Secured debt | Fixed Rate | Digital Operating
Debt Instrument [Line Items]
Outstanding Principal	$ 1,711,314	$ 0
Weighted Average Interest Rate (Per Annum) (percent)	3.89%
Weighted Average Years Remaining to Maturity	3 years
Non-recourse | Secured debt | Fixed Rate | Other
Debt Instrument [Line Items]
Outstanding Principal	$ 154,850	$ 151,777
Weighted Average Interest Rate (Per Annum) (percent)	4.20%	4.26%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	3 years 4 months 24 days
Non-recourse | Secured debt | Variable Rate | Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal	$ 2,370,198	$ 2,547,726
Weighted Average Interest Rate (Per Annum) (percent)	4.00%	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 | Digital Operating
Debt Instrument [Line Items]
Outstanding Principal	$ 835,045	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	4.67%	6.98%
Weighted Average Years Remaining to Maturity	3 years 9 months 18 days	4 years 9 months 18 days
Non-recourse | Secured debt | Variable Rate | Other
Debt Instrument [Line Items]
Outstanding Principal	$ 832,350	$ 1,086,884
Weighted Average Interest Rate (Per Annum) (percent)	2.97%	3.24%
Weighted Average Years Remaining to Maturity	2 years 2 months 12 days	2 years 7 months 6 days

Debt - Conveyance to Lender (De

Debt - Conveyance to Lender (Details) $ in Millions	1 Months Ended
	Aug. 31, 2020USD ($)Property
Debt Disclosure [Abstract]
Properties conveyed to lender | Property	36
Carrying value of property conveyed to lender	$ 156.3
Principal amount of defaulted debt	157.5
Carrying value of defaulted debt	$ 156.7

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jun. 29, 2020USD ($)	Jun. 28, 2020USD ($)	Sep. 30, 2020USD ($)Extension_Option	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 500,000,000	$ 750,000,000
Number of extension options | Extension_Option			2
Extension term			6 months
Extension commitment fee (percentage)			0.10%
Percentage of unused amount	0.35%
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	2.50%	2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	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	0.25%

Debt - Convertible and Exchange

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	1 Months Ended	9 Months Ended
	Jul. 31, 2020USD ($)$ / shares	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal		$ 545,107,000	$ 616,105,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount		100.00%
Convertible and Exchangeable Senior Notes | 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Interest Rate		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 | shares		12,694
Convertible and exchangeable senior notes, outstanding principal		$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes | 3.875% Convertible senior Notes
Debt Instrument [Line Items]
Interest Rate		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 | shares		1,901
Convertible and exchangeable senior notes, outstanding principal		$ 31,502,000	402,500,000
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate		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 | shares		1,130
Convertible and exchangeable senior notes, outstanding principal		$ 13,605,000	13,605,000
Convertible and Exchangeable Senior Notes | 5.75% Convertible Notes Due 2025
Debt Instrument [Line Items]
Interest Rate		5.75%
Conversion or Exchange Price (in USD per share of common stock) | $ / shares		$ 2.30
Conversion or Exchange Ratio (In shares per $1,000)		434.7826
Conversion or Exchange Shares | shares		130,435
Convertible and exchangeable senior notes, outstanding principal		$ 300,000,000	$ 0
Convertible and exchangeable senior notes | 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Converted instrument, amount		$ 1,000
Colony Capital Operating Company, LLC | Convertible and Exchangeable Senior Notes | 3.875% Convertible senior Notes
Debt Instrument [Line Items]
Interest Rate		3.875%
Repayments of convertible debt	$ 371,000,000
Colony Capital Operating Company, LLC | Convertible and exchangeable senior notes | 3.875% Convertible senior Notes
Debt Instrument [Line Items]
Repayments of convertible debt	$ 371,100,000
Colony Capital Operating Company, LLC | Convertible and exchangeable senior notes | 5.75% Convertible Notes Due 2025
Debt Instrument [Line Items]
Interest Rate	5.75%
Conversion or Exchange Price (in USD per share of common stock) | $ / shares	$ 2.30
Conversion or Exchange Ratio (In shares per $1,000)	0.4347826
Debt instrument, face amount	$ 300,000,000
Proceeds from Convertible Debt	$ 291,000,000

Debt - Secured Debt (Details)

Debt - Secured Debt (Details) - Subsequent Event - Secured debt - Securitized Notes - Digital Operating	1 Months Ended
	Oct. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,300,000,000
Interest Rate	1.80%
Weighted Average Years Remaining to Maturity	6 years

Debt - Junior Subordinated Debt

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	9 Months Ended
	Sep. 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	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 6,007	$ 21,386
Derivative Liabilities		127,531
Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	6,007	21,386
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	96,944	127,531
Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	55	15,385
Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Non-Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	5,952	6,001
Non-Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	96,944	119,397
Foreign exchange contracts | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	150	16,578
Foreign exchange contracts | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	10,616
Foreign exchange contracts | Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	15,307
Foreign exchange contracts | Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Foreign exchange contracts | Non-Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	150	1,271
Foreign exchange contracts | Non-Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	2,482
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	182	315
Interest rate contracts | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	182	315
Interest rate contracts | Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	55	78
Interest rate contracts | Non-Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	127	237
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	5,675	4,493
Performance swaps | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	5,675	4,493
Performance swaps | Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Performance swaps | Non-Designated Hedges | Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	5,675	4,493
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	96,944	116,915
Forward contracts | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	96,944	116,915
Forward contracts | Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Forward contracts | Non-Designated Hedges | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 96,944	$ 116,915

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) € in Millions, £ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2020GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Jan. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures				$ 1,884,090,000			$ 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	€ 485.3	£ 262.7	900,000,000	€ 517.9	£ 275.5
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				$ 10,800,000			10,000,000
Gain on derivative	$ 5,800,000
Non-Designated Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on notional forward starting swap		$ 91,500,000	$ 237,600,000
Notional amount							$ 2,000,000,000

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2020$ / €	Sep. 30, 2020GBP (£)	Sep. 30, 2020$ / £
Non-Designated Hedges | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) transferred from AOCI to earnings	$ 0	$ 1,767	$ 1,485	$ 1,367
Unrealized gain (loss) in earnings	(840)	0	(1,616)	0
Designated Hedges | Net Investment Hedging | Other gain (loss), net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain transferred from AOCI to earnings	$ 414	$ 0	$ 414	$ 1,026
Put options | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
FX Rates (in $ per unit of foreign currency)						0.95		1.05
Put options | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
FX Rates (in $ per unit of foreign currency)						1		1.10
Put options | Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount					€ 336,000		£ 64,000

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2020GBP (£)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Cash Flow Hedging
Derivative [Line Items]
Interest expense on designated interest rate contracts	$ 6,000	$ 0	$ 12,000	$ 0
Interest rate contracts
Derivative [Line Items]
Realized and unrealized gain (loss) net on non-designated interest rate contracts	$ (197,000)	(91,574,000)	$ (123,000)	(240,710,000)
Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional Amount							$ 0
Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional Amount | €					€ 232,845
Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional Amount | £						£ 0
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional Amount							$ 3,868,574,000
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					3.00%	3.00%	3.00%
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					5.70%	5.70%	5.70%
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional Amount | €					€ 472,405
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Minimum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					0.25%	0.25%	0.25%
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					1.50%	1.50%	1.50%
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional Amount | £						£ 354,581
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					1.50%	1.50%	1.50%
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum
Derivative [Line Items]
Strike Rate / Forward Rate (in percent)					2.25%	2.25%	2.25%
Non-Designated Hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount								$ 2,000,000,000
Unrealized loss on notional forward starting swap		$ (91,500,000)		$ (237,600,000)

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on marketable equity securities held at period end	$ 2,266	$ 8,180	$ (20,007)	$ 21,089
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss), net on derivatives	(2,267)	(8,191)	19,971	(20,564)
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss), net on derivatives	$ 2,114	$ 1,443	$ 6,988	$ 5,013

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	$ 6,007		$ 21,386
(Assets) Liabilities	(5,675)		(8,878)
Cash Collateral Pledged	0	$ 14,300	0
Net Amounts of Assets (Liabilities)	332		12,508
Gross Assets (Liabilities) 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 Assets (Liabilities) on Consolidated Balance Sheets	150		16,578
(Assets) Liabilities	0		(4,385)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	150		12,193
Gross Assets (Liabilities) 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 Assets (Liabilities) on Consolidated Balance Sheets	182		315
(Assets) Liabilities	0		0
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	182		315
Performance swaps
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	5,675		4,493
(Assets) Liabilities	(5,675)		(4,493)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	0		0
Forward contracts
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	(96,944)		(116,915)
(Assets) Liabilities	5,675		4,493
Cash Collateral Pledged	10,752		9,981
Net Amounts of Assets (Liabilities)	$ (80,517)		$ (102,441)

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	$ 6,007	$ 21,382
Fair Value	1,325,144
Loans held for disposition	42,985
Equity method investments	165,770	222,875
Other liabilities—derivative liabilities	96,944	127,531
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Loans held for disposition	0
Equity method investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Loans held for disposition	0
Equity method investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,325,144	1,557,850
Loans held for disposition	42,985
Equity method investments	165,770	222,875
N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	27,898	54,859
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	147,051	138,586
Other assets—derivative assets	6,007	21,386
Other liabilities—derivative liabilities	96,944	127,531
Other liabilities—settlement liability	10,754
Other liabilities—contingent consideration for THL Hotel Portfolio		9,330
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	147,051	138,586
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	0
Other liabilities—contingent consideration for THL Hotel Portfolio		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	6,007	21,386
Other liabilities—derivative liabilities	96,944	127,531
Other liabilities—settlement liability	0
Other liabilities—contingent consideration for THL Hotel Portfolio		0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	10,754
Other liabilities—contingent consideration for THL Hotel Portfolio		9,330
Recurring | N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	27,898	54,859
Recurring | N-Star CDO bonds, available for sale | 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, available for sale | 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, available for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	$ 27,898	54,859
Recurring | CMBS of consolidated fund, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		2,732
Recurring | CMBS of consolidated fund, at fair value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		0
Recurring | CMBS of consolidated fund, at fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		2,732
Recurring | CMBS of consolidated fund, at fair value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		$ 0

Fair Value - Recurring Fair V_2

Fair Value - Recurring Fair Value Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 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		$ 10,754,000
Expected volatility (percent)		70.60%
Risk-free rate		0.14%
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		$ 10,754,000
Settlement liability, increase in value from inception		$ 6,900,000
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	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for disposition	$ 42,985
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for disposition	42,985
N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,898	$ 54,859
N-Star CDO bonds, available for sale | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,898	54,859
N-Star CDO bonds, available for sale | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,898	54,859
Discounted Cash Flows | N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		54,859
Recent Transaction Price | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for disposition	42,985
Loan and interest receivable | Discounted Cash Flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	1,295,444
Loan and interest receivable | Recent Transaction Price | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	29,700
Private funds | Asset Based Approach | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	2,575	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:	8,417	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:	$ 14,710	$ 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:	$ 140,068	$ 173,910
Discount rate | N-Star CDO bonds, available for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.284	0.223
Discount rate | Loan and interest receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.143
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.183	0.101
Discount rate | Minimum | N-Star CDO bonds, available for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.183	0.168
Discount rate | Minimum | Loan and interest receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.081
Discount rate | Minimum | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.181	0.051
Discount rate | Maximum | N-Star CDO bonds, available for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.578	0.650
Discount rate | Maximum | Loan and interest receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.267
Discount rate | Maximum | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.200	0.158

Fair Value - Changes in Level 3

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020
AFS Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 54,859	$ 64,127
Purchases, drawdowns, contributions and accretion	2,979	5,272
Paydowns, distributions and sales	(4,542)	(8,727)
Allowance for credit losses	(23,973)
Realized and unrealized gains (losses) in earnings, net		(7,083)
Other comprehensive income (loss)	(1,425)	6,364
Fair value, ending	27,898	59,953
Net unrealized gains (losses) in earnings on instruments held	0	(7,083)
Loans Held for Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
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	156,179
Paydowns, distributions and sales	(131,365)
Interest accrual, including capitalization of paid-in-kind interest	32,544
Transfer to held for disposition	42,985
Realized and unrealized gains (losses) in earnings, net	(289,283)
Other comprehensive income (loss)	30,419
Fair value, ending	1,325,144	0
Net unrealized gains (losses) in earnings on instruments held	(280,822)	0
Unrealized loss on loans held-for-sale	4,800
Equity Method Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	222,875	81,085
Purchases, drawdowns, contributions and accretion	4,614	101,203
Paydowns, distributions and sales	(900)	(8,082)
Realized and unrealized gains (losses) in earnings, net	(66,418)	(1,811)
Other comprehensive income (loss)	5,599
Fair value, ending	165,770	172,395
Net unrealized gains (losses) in earnings on instruments held	(66,418)	$ (2,589)
In other comprehensive income (loss) | AFS Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held	$ (1,425)

Fair Value - Investments Carrie

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	$ 15,668	$ 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	18,263	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	2,628	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	Sep. 30, 2020	Dec. 31, 2019
Liabilities
Secured and unsecured debt	$ 3,712,982
Assets
Loans at amortized cost	1,325,144
Level 1
Assets
Loans at amortized cost	0	$ 0
Level 1 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	671,421	602,000
Level 1 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Secured debt related to assets held for disposition
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 | 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 disposition
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	1,325,144	1,557,850
Level 3 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured debt
Liabilities
Secured and unsecured debt	6,113,253	4,747,560
Level 3 | Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	3,660,152	3,700,990
Level 3 | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	197,460	225,835
Fair Value
Assets
Loans at amortized cost	1,325,144	1,557,850
Fair Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	684,516	615,095
Fair Value | Secured debt
Liabilities
Secured and unsecured debt	6,113,253	4,747,560
Fair Value | Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	3,660,152	3,700,990
Fair Value | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	197,460	225,835
Carrying Value
Assets
Loans at amortized cost		1,552,824
Carrying Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	535,596	614,052
Carrying Value | Secured debt
Liabilities
Secured and unsecured debt	6,347,480	4,702,676
Carrying Value | Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt		3,698,934
Carrying Value | Junior subordinated debt (2)
Liabilities
Secured and unsecured debt	$ 202,918	$ 201,190

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 19,043,050	$ 19,832,184
Total liabilities of consolidated private fund	11,913,745	10,899,662
Variable Interest Entity, Not Primary Beneficiary | Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	235,200	137,000
Variable Interest Entity, Not Primary Beneficiary | The Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	3,700	3,700
Variable Interest Entity, Not Primary Beneficiary | Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	22,800	46,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	42,700	18,500
Total assets of consolidated private fund	101,400	24,700
Total liabilities of consolidated private fund	$ 2,100	$ 100

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 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)	9,721,000	4,786,000
Shares canceled for tax withholding on vested stock awards (in shares)	(2,554,000)	(651,000)
Common stock, shares outstanding (in shares)	481,662,000	487,018,000
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	188,000
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	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)$ / shares	Apr. 30, 2015	Sep. 30, 2020USD ($)votequarterdirector$ / sharesshares	Sep. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)$ / sharesshares
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	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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,926,415	$ 11,146,370
Ending balance	6,842,074	9,975,449
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	33,227	6,709
Amounts reclassified from AOCI	(4,285)	180
Ending balance	76,610	20,888
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	3,053	9,425
Amounts reclassified from AOCI	0	(3,554)
Ending balance	12,334	9,500
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	395	(606)
Amounts reclassified from AOCI	(3,585)	6,479
Ending balance	4,633	2,698
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	(3)	(2,670)
Amounts reclassified from AOCI	0	0
Ending balance	(229)	(2,761)
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	13,961	(36,511)
Amounts reclassified from AOCI	225	(1,128)
Ending balance	14,325	(31,021)
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	15,821	37,071
Amounts reclassified from AOCI	(925)	(1,617)
Ending balance	45,547	42,472
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	48,471	(59,139)
Amounts reclassified from AOCI	(968)	(1,118)
Ending balance	39,244	(51,603)
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	(12)	(6,190)
Amounts reclassified from AOCI	0	0
Ending balance	(1,017)	(6,580)
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	43,170	(57,492)
Amounts reclassified from AOCI	(95)	(465)
Ending balance	25,162	(58,557)
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	4,543
Amounts reclassified from AOCI	(873)	(653)
Ending balance	$ 15,099	$ 13,534

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (12,979)	$ (44,940)	$ (199,320)	$ (182,560)
Equity method earnings (losses)	(62,998)	46,777	(319,831)	(178,448)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity method earnings (losses)	0	3,554	0	3,554
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	41	0	3,585	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	(5,853)	0	(6,479)
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	21	0	(225)	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	0	608	552	654
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	$ 373	$ 0	$ 373	$ 963

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance			$ 6,107			$ 9,385	$ 6,107	$ 9,385
Distributions and redemptions	$ (63,511)	$ (123,495)	$ (61,686)	$ (93,843)	$ (216,271)	$ (110,827)
Ending balance	$ 287,231			$ 5,987			287,231	5,987
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions							286,215	0
Distributions and redemptions							(2,775)	(5,715)
Net income (loss)							$ (2,316)	$ 2,317

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)

Jul. 17, 2020USD ($)security$ / sharesshares

Jun. 30, 2020USD ($)

Dec. 20, 2019shares

Jul. 25, 2019USD ($)shares

Dec. 31, 2019USD ($)shares

Jul. 31, 2019USD ($)shares

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Sep. 30, 2020USD ($)shares

Sep. 30, 2019USD ($)

Dec. 31, 2019shares

Noncontrolling Interest [Line Items]

OP Units to common stock, conversion ratio

1

OP Units issued

$ 0

$ 111,903,000

Digital IM Business

Noncontrolling Interest [Line Items]

Percent of total asset threshold

90.00%

Digital IM Business | Wafra, Inc.

Noncontrolling Interest [Line Items]

Cash consideration

$ 253,600,000

Contingent consideration

29,900,000

Run-Rate of EBITDA threshold for contingent consideration

$ 72,000,000

Wafra, Inc. | Partnership

Noncontrolling Interest [Line Items]

Participation in net management fees and carried interest (in percent)

31.50%

Wafra, Inc. | Partnership | Commitments to DCP and Digital Credit Fund

Noncontrolling Interest [Line Items]

Other commitments

$ 130,000,000

Other commitments

$ 130,000,000

OP Unit issuance

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

Class A Common Stock

Noncontrolling Interest [Line Items]

Redemption of OP Units for class A common stock

$ 0

$ 0

$ 0

$ 0

Class A Common Stock | Common Stock Warrants

Noncontrolling Interest [Line Items]

Number of warrants issued | security

5

Aggregate percentage of common stock

5.00%

Number of shares called by each warrant | shares

5,352,000

Class A Common Stock | Common Stock Warrants | Minimum

Noncontrolling Interest [Line Items]

Strike price (in dollars per share) | $ / shares

$ 2.43

Class A Common Stock | Common Stock Warrants | Maximum

Noncontrolling Interest [Line Items]

Strike price (in dollars per share) | $ / shares

$ 6

Additional Paid-in Capital

Noncontrolling Interest [Line Items]

Redemption of OP Units for class A common stock

$ 12,400,000

Additional Paid-in Capital | Class A Common Stock

Noncontrolling Interest [Line Items]

Redemption of OP Units for class A common stock

$ (1,421,000)

$ (8,000)

$ (2,061,000)

$ (33,000)

DBH

Noncontrolling Interest [Line Items]

OP Units issued

$ 111,903,000

DBH | OP Unit issuance

Noncontrolling Interest [Line Items]

Issuance of shares (in shares) | shares

21,478,515

21,478,515

OP Units issued

$ 111,900,000

DatabaBank

Noncontrolling Interest [Line Items]

OP Units issued

$ 2,962,000

$ 3,000,000

DatabaBank | OP Unit issuance

Noncontrolling Interest [Line Items]

Issuance of shares (in shares) | shares

612,072

612,072

OP Units issued

$ 3,000,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	Nov. 09, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Property operating income		$ 149,996		$ 390,485	$ 458,996	$ 1,136,024
Fee income		0		3,400	0	8,849
Interest and other income		45		1,652	227	4,242
Revenues from discontinued operations		150,041		395,537	459,223	1,149,115
Expenses
Property operating expense		121,580		219,525	380,561	649,677
Interest expense		36,277		76,572	128,488	225,387
Investment and servicing expense		6,073		4,545	12,534	12,939
Transaction costs		4,500		0	4,500	0
Depreciation and amortization		40,617		54,415	137,858	234,396
Impairment loss		115,792		31,868	1,095,878	39,347
Compensation expense—cash and equity-based		863		5,157	3,080	13,960
Compensation expense—carried interest		0		17,796	(524)	18,136
Administrative expenses		451		1,069	2,186	5,489
Expenses from discontinued operations		326,153		410,947	1,764,561	1,199,331
Other income (loss)
Gain (loss) on sale of real estate		(1,010)		4,678	(8,797)	28,983
Other gain (loss), net		(115)		366	9,727	(646)
Equity method earnings, including carried interest		0		35,765	(164)	35,121
Income (loss) from discontinued operations before income taxes		(177,237)		25,399	(1,304,572)	13,242
Income tax benefit (expense)		223		255	(2,653)	(2,199)
Income (loss) from discontinued operations		(177,014)		25,654	(1,307,225)	11,043
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(104,639)		1,343	(1,022,817)	(22,685)
Equity-based compensation		200		1,000	600	3,100
Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		(60,856)		24,258	(171,880)	35,256
Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		(11,519)		53	(112,528)	(1,528)
Light industrial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss of sale of portfolio			$ 7,400
Bulk Industrial | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of portfolio sold	51.00%
Hotel
Revenues
Property operating income		144,130		293,297	442,827	865,863
Fee income		0		0	0	0
Interest and other income		40		198	149	420
Revenues from discontinued operations		144,170		293,495	442,976	866,283
Expenses
Property operating expense		119,868		193,474	375,984	575,619
Interest expense		34,747		55,442	122,834	169,905
Investment and servicing expense		6,053		4,491	12,514	12,347
Transaction costs		4,500		0	4,500	0
Depreciation and amortization		39,978		42,073	135,944	137,249
Impairment loss		115,792		31,868	1,095,878	39,347
Compensation expense—cash and equity-based		863		1,243	2,998	3,707
Compensation expense—carried interest		0		0	0	0
Administrative expenses		192		109	1,294	1,513
Expenses from discontinued operations		321,993		328,700	1,751,946	939,687
Other income (loss)
Gain (loss) on sale of real estate		(10)		3	(10)	913
Other gain (loss), net		(113)		378	9,727	(577)
Equity method earnings, including carried interest		0		0	0	0
Income (loss) from discontinued operations before income taxes		(177,946)		(34,824)	(1,299,253)	(73,068)
Income tax benefit (expense)		225		128	(2,651)	(2,028)
Income (loss) from discontinued operations		(177,721)		(34,696)	(1,301,904)	(75,096)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(105,202)		(28,409)	(1,022,120)	(59,769)
Hotel | Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		(60,938)		(3,470)	(167,333)	(10,455)
Hotel | Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		(11,581)		(2,817)	(112,451)	(4,872)
Industrial
Revenues
Property operating income		5,866		97,188	16,169	270,161
Fee income		0		3,400	0	8,849
Interest and other income		5		1,454	78	3,822
Revenues from discontinued operations		5,871		102,042	16,247	282,832
Expenses
Property operating expense		1,712		26,051	4,577	74,058
Interest expense		1,530		21,130	5,654	55,482
Investment and servicing expense		20		54	20	592
Transaction costs		0		0	0	0
Depreciation and amortization		639		12,342	1,914	97,147
Impairment loss		0		0	0	0
Compensation expense—cash and equity-based		0		3,914	82	10,253
Compensation expense—carried interest		0		17,796	(524)	18,136
Administrative expenses		259		960	892	3,976
Expenses from discontinued operations		4,160		82,247	12,615	259,644
Other income (loss)
Gain (loss) on sale of real estate		(1,000)		4,675	(8,787)	28,070
Other gain (loss), net		(2)		(12)	0	(69)
Equity method earnings, including carried interest		0		35,765	(164)	35,121
Income (loss) from discontinued operations before income taxes		709		60,223	(5,319)	86,310
Income tax benefit (expense)		(2)		127	(2)	(171)
Income (loss) from discontinued operations		707		60,350	(5,321)	86,139
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		563		29,752	(697)	37,084
Industrial | Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		82		27,728	(4,547)	45,711
Industrial | Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		$ 62		$ 2,870	$ (77)	$ 3,344

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019shares
Net loss allocated to common stockholders
Loss from continuing operations	$ (184,216)	$ (591,496)	$ (2,177,055)	$ (1,091,686)
Loss from continuing operations attributable to noncontrolling interests	101,588	62,337	646,172	69,827
Loss from continuing operations attributable to Colony Capital, Inc.	(82,628)	(529,159)	(1,530,883)	(1,021,859)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	(104,639)	1,343	(1,022,817)	(22,685)
Net loss attributable to Colony Capital, Inc.	(187,267)	(527,816)	(2,553,700)	(1,044,544)
Preferred dividends	(18,517)	(27,137)	(56,507)	(81,412)
Net loss attributable to common stockholders	(205,784)	(554,953)	(2,610,207)	(1,125,956)
Net income allocated to participating securities	0	(948)	(1,250)	(2,621)
Net loss allocated to common stockholders—basic	(205,784)	(555,901)	(2,611,457)	(1,128,577)
Interest expense attributable to convertible senior notes	0	0	0	0
Net loss allocated to common stockholders—diluted	$ (205,784)	$ (555,901)	$ (2,611,457)	$ (1,128,577)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) | shares	471,739,000	479,776,000	474,081,000	479,412,000
Weighted average effect of dilutive shares (in shares) | shares	0	0	0	0
Weighted average number of common shares outstanding - diluted (in shares) | shares	471,739,000	479,776,000	474,081,000	479,412,000
Basic loss per share
Loss from continuing operations (in dollars per share) | $ / shares	$ (0.22)	$ (1.16)	$ (3.35)	$ (2.30)
Loss from discontinued operations (in dollars per share) | $ / shares	(0.22)	0	(2.16)	(0.05)
Net loss attributable to common stockholders per basic common share (in dollars per share) | $ / shares	(0.44)	(1.16)	(5.51)	(2.35)
Diluted loss per share
Loss from continuing operations (in dollars per share) | $ / shares	(0.22)	(1.16)	(3.35)	(2.30)
Loss from discontinued operations (in dollars per share) | $ / shares	(0.22)	0	(2.16)	(0.05)
Net loss attributable to common stockholders per diluted common share (in dollars per share) | $ / shares	$ (0.44)	$ (1.16)	$ (5.51)	$ (2.35)
Nonvested shares outstanding | shares	43,134,619		43,134,619		23,587,687
Conversion ratio			1
Convertible Debt Securities
Diluted loss per share
Interest expense on convertible note excluded from diluted EPS	$ 8,200	$ 7,100	$ 22,400	$ 21,200
Weighted average dilutive common share (in shares) | shares	126,454,900	38,112,100	67,774,600	38,112,100
Restricted Stock
Diluted loss per share
Weighted average dilutive common share (in shares) | shares		67,300		99,100
Nonvested shares outstanding | shares	0		0
Performance Shares
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	5,183,400	2,451,400	4,250,400	1,320,900
OP Units
Diluted loss per share
Weighted average dilutive common share (in shares) | shares			53,076,700	52,649,000

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 43,919	$ 111,854	$ 130,964	$ 178,315
Base management fees ($42,009, $45,572, $124,457 and $108,192 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	42,085	45,763	124,742	108,739
Asset management fees ($525, $539, $1,784 and $1,775 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	818	819	2,629	2,684
Other fee income ($993, $693, $3,524 and $955 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,016	717	3,593	2,337
Institutional funds and other investment vehicles | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	31,648	26,612	93,461	50,283
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	7,355	79,633	22,636	109,777
Non-traded REIT | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	4,431	4,994	13,293	15,089
Other | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	485	615	1,574	3,166
Affiliated Entity | Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	43,527	111,359	129,765	175,477
Affiliated Entity | Base management fees ($42,009, $45,572, $124,457 and $108,192 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	42,009	45,572	124,457	108,192
Affiliated Entity | Asset management fees ($525, $539, $1,784 and $1,775 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	525	539	1,784	1,775
Affiliated Entity | Incentive and termination fee
Related Party Transaction [Line Items]
Revenue from contract with customer	0	64,555	0	64,555
Affiliated Entity | Other fee income ($993, $693, $3,524 and $955 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 993	$ 693	$ 3,524	$ 955

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Management Fee Income [Line Items]
Termination fee				$ 64,600,000
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer	$ 42,085,000	$ 45,763,000	$ 124,742,000	108,739,000
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			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			1.50%
Base Management Fees | NorthStar Realty Europe Corp. | Fee income
Management Fee Income [Line Items]
Management fee, percent of net asset value,					1.50%
Management fee, threshold amount					$ 2,000,000,000
Percent of net asset value in excess of fixed fee amount					1.25%
Asset Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer	818,000	$ 819,000	$ 2,629,000	2,684,000
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]
Termination fee	$ 0		$ 0	$ 21,500,000
Incentive Fees | Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees			40.00%
Incentive Fees | Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees			50.00%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)			1
Fair value of shares vested	$ 1.4	$ 1.2	$ 14.8	$ 11
Aggregate unrecognized compensation cost related to restricted stock granted	$ 65.5		$ 65.5
Weighted average period of expected cost			2 years 7 months 6 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) | shares	64.1		64.1
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
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted	$ 2.3		$ 2.3
Weighted average period of expected cost			1 year 1 month 6 days
Share-based compensation expenses (reversals)	$ (0.9)	$ 24.3	$ (1.3)	$ 30.6
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			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			200.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Sep. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)			27,754,387
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 issued (in shares)			4,324,375
LTIP Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		10,000,000	1,845,018
Target share price for LTIP vesting (in usd per share)		$ 10
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units | 2020 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)			43.10%
Expected annual dividend yield (percentage)			0.00%
Risk-free rate (per annum) (percentage)			0.20%
LTIP Units | 2019 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)			28.30%
Expected annual dividend yield (percentage)			8.10%
Risk-free rate (per annum) (percentage)			1.80%
Minimum | 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)			8.50%
Risk-free rate (per annum) (percentage)			2.20%
Maximum | 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)			8.70%
Risk-free rate (per annum) (percentage)			2.40%

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $358, $345, $1,221 and $777 amortization of fair value of dividend equivalent rights)	$ 7,542	$ 9,119	$ 25,794	$ 21,957
Amortization of fair value of dividend equivalent right	$ 358	$ 345	$ 1,221	$ 777

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	9 Months Ended
	Jul. 31, 2019	Sep. 30, 2020
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		23,587,687
Granted (shares)		27,754,387
Vested (shares)		(6,369,251)
Forfeited (shares)		(1,838,204)
Nonvested shares at period end (shares)		43,134,619
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.25
Granted (USD per share)		2.20
Vested (USD per share)		5.19
Forfeited (USD per share)		3.78
Nonvested shares at period end (USD per share)		$ 2.11
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		7,641,708
Granted (shares)		10,130,282
Vested (shares)		(5,894,704)
Forfeited (shares)		(575,304)
Nonvested shares at period end (shares)		11,301,982
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		10,000,000
Granted (shares)	10,000,000	1,845,018
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		11,845,018
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		265,784
Granted (shares)		655,468
Vested (shares)		(474,547)
Forfeited (shares)		0
Nonvested shares at period end (shares)		446,705
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Granted (shares)		10,799,244
Vested (shares)		0
Forfeited (shares)		(1,209,680)
Nonvested shares at period end (shares)		9,589,564
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	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from affiliates	$ 78,801	$ 51,480
Due to affiliates	1,279	34,064
Fee income
Related Party Transaction [Line Items]
Due from affiliates	32,633	36,106
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	10,571	14,624
Loan and interest receivable
Related Party Transaction [Line Items]
Due from affiliates	35,000	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	597	750
Due to affiliates	$ 1,279	$ 34,064

Transactions with Affiliates _2

Transactions with Affiliates - Narrative (Details) - USD ($)	Jun. 30, 2020	Jul. 25, 2019	Jul. 31, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 31, 2020
Related Party Transaction [Line Items]
Borrowings from corporate credit facility								$ 600,000,000	$ 740,200,000
OP Units issued								0	111,903,000
Cost reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer						$ 200,000	$ 200,000	600,000	800,000
DBH
Related Party Transaction [Line Items]
Deferred consideration										$ 32,500,000
OP Units issued		$ 111,903,000
DatabaBank
Related Party Transaction [Line Items]
OP Units issued	$ 2,962,000				$ 3,000,000
VDC
Related Party Transaction [Line Items]
Management Fee Expense						2,300,000		$ 2,300,000
Non-traded REIT
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs								2.00%
Expected reimbursable direct and indirect operating costs, percent of net income								25.00%
Non-traded REIT | Cost reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer						771,000	681,000	$ 2,618,000	$ 2,108,000
Non-traded REIT | Maximum
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs								1.00%
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs									20.00%
Affiliated Entity | Cost reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer						5,528,000	34,058,000	$ 16,537,000	$ 55,242,000
Affiliated Entity | Investment Vehicles | Redeemable noncontrolling interests
Related Party Transaction [Line Items]
Investments					4,000,000	13,200,000		13,200,000
Net income (loss) attributable to noncontrolling interest						4,400,000	300,000	4,200,000	1,300,000
Affiliated Entity | NorthStar Healthcare | Colony Capital, Inc. | Corporate credit facility | Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum principal amount of credit facility						35,000,000		$ 35,000,000
Extension option, term								6 months
Commitment fee on unused portion of facility								$ 0
Borrowings from corporate credit facility				$ 35,000,000
Outstanding advances					$ 0	35,000,000		$ 35,000,000
Affiliated Entity | NorthStar Healthcare | Colony Capital, Inc. | Corporate credit facility | Revolving Credit Facility | LIBOR
Related Party Transaction [Line Items]
Basis spread on variable rate								3.50%
Liquidating Trust
Related Party Transaction [Line Items]
Management fee, percent of net asset value,								1.25%
Chief Executive Officer | Cost reimbursements
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost						$ 39,000	$ 100,000	$ 400,000	$ 100,000
Chief Executive Officer | VDC
Related Party Transaction [Line Items]
Invested by related party			$ 8,700,000
Percent of carried interest payments			40.00%
Chief Investment Officer | VDC
Related Party Transaction [Line Items]
Invested by related party			$ 2,100,000
Percent of carried interest payments			40.00%
CEO and CIO | VDC
Related Party Transaction [Line Items]
Aggregate interest in management company			50.00%

Transactions with Affiliates _3

Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 771	$ 681	$ 2,618	$ 2,108
Public companies (CLNC, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,479	6,592	6,007	11,887
Private investment vehicles and other
Related Party Transaction [Line Items]
Revenue from contract with customer	4,283	2,736	9,517	10,615
Equity awards of CLNC and NRE (Note 19)
Related Party Transaction [Line Items]
Revenue from contract with customer	(1,005)	24,049	(1,605)	30,632
Affiliated entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 5,528	$ 34,058	$ 16,537	$ 55,242

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2020portfolio_companysecuritysegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Number of companies in which the company has equity interest | portfolio_company	2
Digital Operating
Segment Reporting Information [Line Items]
Number of reportable segments	3
Non-Digital Operating
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 316,677	$ 359,000	$ 897,750	$ 907,710
Loss from continuing operations	(184,216)	(591,496)	(2,177,055)	(1,091,686)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(82,628)	(529,159)	(1,530,883)	(1,021,859)
Net loss from discontinued operations attributable to Colony Capital, Inc.	(104,639)	1,343	(1,022,817)	(22,685)
Net loss attributable to Colony Capital, Inc.	(187,267)	(527,816)	(2,553,700)	(1,044,544)
Interest income	14,816	40,237	70,060	121,356
Interest expense	71,849	74,592	213,947	236,756
Depreciation and amortization	125,733	116,932	301,605	242,490
Impairment loss	36,169	533,031	1,444,908	635,869
Gain on sale of real estate	13,258	8,221	24,058	42,841
Equity method earnings (losses), including carried interest	(56,916)	46,303	(334,484)	(172,190)
Income tax benefit (expense)	9,922	(10,096)	(3,246)	(11,723)
Operating Segments | Wellness Infrastructure
Segment Reporting Information [Line Items]
Total revenues	124,193	136,091	406,055	427,761
Loss from continuing operations	(6,969)	(114,154)	(755,254)	(205,080)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(11,349)	(84,222)	(497,371)	(152,375)
Interest income	992	956	2,967	2,833
Interest expense	32,310	46,029	106,875	150,691
Depreciation and amortization	31,961	38,998	106,401	119,907
Impairment loss	2,451	92,885	712,238	144,209
Gain on sale of real estate	186	833	186	833
Equity method earnings (losses), including carried interest	0	0	0	0
Income tax benefit (expense)	(5,868)	566	(17,874)	1,844
Operating Segments | Digital Operating
Segment Reporting Information [Line Items]
Total revenues	98,549	0	185,737	0
Loss from continuing operations	(38,479)	0	(77,916)	0
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(4,797)	0	(12,384)	0
Interest income	0	0	0	0
Interest expense	18,589	0	36,161	0
Depreciation and amortization	73,032	0	131,634	0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Equity method earnings (losses), including carried interest	0	0	0	0
Income tax benefit (expense)	6,091	0	14,494	0
Operating Segments | Digital Investment Management
Segment Reporting Information [Line Items]
Total revenues	20,137	14,517	60,045	14,517
Loss from continuing operations	3,539	41,841	7,953	46,655
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	1,730	38,160	5,597	42,683
Interest income	2	7	36	7
Interest expense	0	1,585	0	1,585
Depreciation and amortization	6,427	4,753	19,635	4,753
Impairment loss	3,832	0	3,832	0
Gain on sale of real estate	0	0	0	0
Equity method earnings (losses), including carried interest	6,134	848	6,295	7,112
Income tax benefit (expense)	(144)	(13,090)	(817)	(13,090)
Operating Segments | Digital Other
Segment Reporting Information [Line Items]
Total revenues	736	0	1,559	0
Loss from continuing operations	6,757	(251)	16,014	(92)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	5,616	(229)	14,097	(80)
Interest income	2	0	11	0
Interest expense	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate	0	0	0	0
Equity method earnings (losses), including carried interest	4,400	(251)	12,647	(92)
Income tax benefit (expense)	(73)	0	(752)	0
Operating Segments | Other
Segment Reporting Information [Line Items]
Total revenues	69,298	205,706	231,205	455,174
Loss from continuing operations	(101,128)	(369,511)	(1,192,092)	(548,218)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(32,481)	(348,898)	(888,049)	(559,982)
Interest income	12,566	38,828	61,972	116,579
Interest expense	6,479	12,627	26,341	42,889
Depreciation and amortization	13,208	71,678	39,817	113,294
Impairment loss	29,886	440,146	716,541	491,011
Gain on sale of real estate	13,072	7,388	23,872	42,008
Equity method earnings (losses), including carried interest	(67,450)	45,706	(353,426)	(179,210)
Income tax benefit (expense)	10,053	2,717	1,749	(89)
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total revenues	3,764	2,686	13,149	10,258
Loss from continuing operations	(47,936)	(149,421)	(175,760)	(384,951)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(41,347)	(133,970)	(152,773)	(352,105)
Interest income	1,254	446	5,074	1,937
Interest expense	14,471	14,351	44,570	41,591
Depreciation and amortization	1,105	1,503	4,118	4,536
Impairment loss	0	0	12,297	649
Gain on sale of real estate	0	0	0	0
Equity method earnings (losses), including carried interest	0	0	0	0
Income tax benefit (expense)	$ (137)	$ (289)	$ (46)	$ (388)

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 19,043,050	$ 19,832,184
Equity Method Investments	1,700,480	1,987,515
Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Total Assets	4,039,669	5,261,477
Equity Method Investments	0	0
Operating Segments | Wellness Infrastructure
Segment Reporting Information [Line Items]
Total Assets	3,930,425	4,886,374
Equity Method Investments	0	0
Operating Segments | Digital Operating
Segment Reporting Information [Line Items]
Total Assets	5,314,920	1,684,867
Equity Method Investments	0	0
Operating Segments | Digital Investment Management
Segment Reporting Information [Line Items]
Total Assets	487,898	428,703
Equity Method Investments	11,640	1,059
Operating Segments | Digital Other
Segment Reporting Information [Line Items]
Total Assets	396,429	46,832
Equity Method Investments	177,745	46,832
Operating Segments | Other
Segment Reporting Information [Line Items]
Total Assets	4,516,516	6,403,002
Equity Method Investments	1,507,353	1,935,882
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total Assets	357,193	1,120,929
Equity Method Investments	$ 3,742	$ 3,742

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total income by geography	$ 280,246	$ 374,356	$ 870,535	$ 933,823
Long-lived assets by geography	9,082,781		9,082,781		$ 6,775,536
Impairment loss	36,169	533,031	1,444,908	635,869
Assets held for sale	4,379,558		4,379,558		5,743,085
Equity Method Investments | Nonrecurring
Segment Reporting Information [Line Items]
Impairment loss	26,000	3,100	323,800	253,500
United States
Segment Reporting Information [Line Items]
Total income by geography	271,480	283,323	767,141	673,309
Long-lived assets by geography	7,663,900		7,663,900		5,267,189
United States | Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Assets held for sale	4,000,000		4,000,000		5,200,000
Europe
Segment Reporting Information [Line Items]
Total income by geography	7,022	88,561	98,840	256,064
Long-lived assets by geography	1,418,881		1,418,881		1,508,347
Europe | Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Assets held for sale	200,000		200,000		$ 300,000
Other
Segment Reporting Information [Line Items]
Total income by geography	$ 1,744	$ 2,472	$ 4,554	$ 4,450

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $655 and $2,569	$ 258,508	$ 397,475
Interest capitalized	655	2,569
Cash paid for income taxes, net	36,098	6,377
Cash paid for operating leases	21,022	11,777
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	18,516	86,588	$ 83,301
Improvements in operating real estate in accrued and other liabilities	19,806	22,253
Proceeds from loan repayments and asset sales held in escrow	3,049	16,692
Right-of-use assets and operating lease liabilities established	14,683	138,731
Redemption of OP Units for common stock	1,423	2,104
Assets and liabilities of investment entities deconsolidated	172,927	0
Assets consolidated in real estate acquisition, net of cash and restricted cash	3,597,271	0
Liabilities assumed in real estate acquisition	2,142,657	0
Noncontrolling interests assumed in real estate acquisition	366,136	0
Deferred consideration	0	35,500
OP Units issued	0	111,903
Foreclosures and exchanges of loans receivable for real estate	0	16,000
Financing provided to buyer in sale of real estate	0	4,000
Fair value of Digital Colony Manager contract intangible consolidated	0	51,400
Hotel
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	9,989	130,039
Net cash provided by (used in) investing activities of discontinued operations	(79,173)	(70,802)
Net cash provided by (used in) financing activities of discontinued operations	1,280	(28,211)
Industrial
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(35,073)	142,635
Net cash provided by (used in) investing activities of discontinued operations	37,074	(1,434,477)
Net cash provided by (used in) financing activities of discontinued operations	$ (34,546)	$ 1,271,866

Uncategorized Items - clny-2020

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 128,445,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	235,168,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	73,831,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	159,850,000
OP Units [Member]
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	111,903,000
OP Units [Member] | Noncontrolling Interests in Operating Company [Member]
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	$ 111,903,000