BrightSpire Capital (BRSP) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 26, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	Colony Credit Real Estate, Inc.
Entity Central Index Key	1,717,547
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Type	10-K
Entity Common Stock, Shares Outstanding		127,809,820
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Public Float			$ 1,710

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 77,317	$ 25,204
Restricted cash	110,146	41,901
Loans and preferred equity held for investment, net	2,020,497	1,300,784
Real estate securities, available for sale, at fair value	228,185	0
Real estate, net	1,959,690	219,740
Investments in unconsolidated ventures ($160,851 and $24,417 at fair value, respectively)	903,037	203,720
Receivables, net	48,806	35,512
Deferred leasing costs and intangible assets, net	134,068	11,014
Other assets	62,006	1,527
Mortgage loans held in securitization trusts, at fair value	3,116,978	0
Total assets	8,660,730	1,839,402
Liabilities
Securitization bonds payable, net	81,372	108,679
Mortgage and other notes payable, net	1,173,019	280,982
Credit facilities	1,365,918	0
Due to related party (Note 11)	15,019	0
Accrued and other liabilities	106,187	5,175
Intangible liabilities, net	15,096	36
Escrow deposits payable	65,995	36,960
Dividends payable	18,986	0
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Total liabilities	5,815,528	431,832
Commitments and contingencies (Note 18)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2018 and 2017	0	0
Additional paid-in capital	2,899,353	821,031
Retained earnings (accumulated deficit)	(193,327)	258,777
Accumulated other comprehensive loss	(399)	0
Total stockholders’ equity	2,706,905	1,079,808
Noncontrolling interests in investment entities	72,683	327,762
Noncontrolling interests in the Operating Partnership	65,614	0
Total equity	2,845,202	1,407,570
Total liabilities and equity	8,660,730	1,839,402
Primary beneficiary
Assets
Cash and cash equivalents	12,561	1,320
Restricted cash	18,464	24,928
Loans and preferred equity held for investment, net	167,219	379,305
Real estate, net	547,444	8,073
Receivables, net	17,811	11,994
Deferred leasing costs and intangible assets, net	38,681	0
Other assets	1,698	38
Mortgage loans held in securitization trusts, at fair value	3,116,978	0
Total assets	3,920,856	425,658
Liabilities
Securitization bonds payable, net	43,870	108,679
Mortgage and other notes payable, net	325,187	0
Accrued and other liabilities	32,452	3,764
Intangible liabilities, net	11,993	0
Escrow deposits payable	9,603	24,928
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Total liabilities	3,397,041	137,371
Class A
Stockholders’ equity
Common stock	834	0
Class B-3
Stockholders’ equity
Common stock	$ 444	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments under fair value option	$ 160,851	$ 24,417
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A
Common stock, shares authorized (in shares)	905,000,000	905,000,000
Common stock, shares issued (in shares)	83,410,376	100
Common stock, shares outstanding (in shares)	83,410,376	100
Class B-3
Common stock, shares authorized (in shares)	45,000,000	45,000,000
Common stock, shares issued (in shares)	44,399,444	0
Common stock, shares outstanding (in shares)	44,399,444	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net interest income
Interest income	$ 151,653	$ 140,214	$ 140,529
Interest expense	(47,074)	(21,019)	(26,031)
Interest income on mortgage loans held in securitization trusts	143,371	0	0
Interest expense on mortgage obligations issued by securitization trusts	(132,411)	0	0
Net interest income	115,539	119,195	114,498
Property and other income
Property operating income	178,339	23,750	1,138
Other income	3,651	791	536
Total property and other income	181,990	24,541	1,674
Expenses
Management fee expense	43,190	0	0
Property operating expense	73,616	7,978	905
Transaction, investment and servicing expense	36,800	2,570	1,767
Interest expense on real estate	43,437	5,095	0
Depreciation and amortization	90,986	9,137	146
Provision for loan losses	113,911	518	3,386
Impairment of operating real estate	31,813	0	0
Administrative expense (including $7,113, $0, and $0 of equity-based compensation expense, respectively)	26,634	12,669	15,437
Total expenses	460,387	37,967	21,641
Other income (loss)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	5,003	0	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	(3,447)	0	0
Other loss, net	(2,766)	(390)	(56)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(164,068)	105,379	94,475
Equity in earnings of unconsolidated ventures	23,774	24,709	16,067
Income tax expense	(37,059)	(2,208)	(1,521)
Net income (loss)	(177,353)	127,880	109,021
Net (income) loss attributable to noncontrolling interests:
Investment entities	4,771	(39,376)	(32,970)
Operating Partnership	4,084	0	0
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders	$ (168,498)	$ 88,504	$ 76,051
Net income (loss) per common share - basic and diluted (Note 18) (in dollars per share)	$ (1.41)	$ 1.86	$ 1.60
Weighted average shares of common stock outstanding, basic and diluted (Note 18)	120,677	44,399	44,399

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Equity-based compensation expense	$ 7,113,000	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ (177,353)	$ 127,880	$ 109,021
Other comprehensive income (loss)
Unrealized loss on real estate securities, available for sale	(1,327)	0	0
Change in fair value of net investment hedges	11,305	0	0
Foreign currency translation loss	(10,387)	0	0
Total other comprehensive income	(409)	0	0
Comprehensive income (loss)	(177,762)	127,880	109,021
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive income (loss) attributable to common stockholders	(168,897)	88,504	76,051
Noncontrolling Interests in Investment Entities
Net income (loss)	(4,771)	39,376	32,970
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	4,771	(39,376)	(32,970)
Noncontrolling Interests in the Operating Partnership
Net income (loss)	(4,084)
Other comprehensive income (loss)
Total other comprehensive income	(10)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	$ 4,094	$ 0	$ 0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Company’s Stockholders’ Equity	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in the Operating Partnership	Class ACommon Stock	Class B-3Common Stock
Beginning balance (in shares) at Dec. 31, 2015								0	0
Beginning balance at Dec. 31, 2015	$ 1,117,814	$ 817,774	$ 723,552	$ 94,222	$ 0	$ 300,040	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Contributions	208,642	113,024	113,024			95,618
Distributions	(199,913)	(122,133)	(122,133)			(77,780)
Other comprehensive income (loss)	0
Net income (loss)	109,021	76,051		76,051		32,970
Ending balance (in shares) at Dec. 31, 2016								0	0
Ending balance at Dec. 31, 2016	1,235,564	884,716	714,443	170,273	0	350,848	0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Equity contribution from the Combination	324,358	324,358	324,358
Contributions	132,052	81,549	81,549			50,503
Distributions	(412,284)	(299,319)	(299,319)			(112,965)
Other comprehensive income (loss)	0
Net income (loss)	127,880	88,504		88,504		39,376
Ending balance (in shares) at Dec. 31, 2017								0	0
Ending balance at Dec. 31, 2017	1,407,570	1,079,808	821,031	258,777	0	327,762	0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Contributions	290					290
Distributions	(20,104)					(20,104)
Combination consideration (in shares)								82,484	44,399
Adjustments related to the Combination	1,837,492	1,994,360	2,072,865	(79,774)		(230,494)	73,626	$ 825	$ 444
Issuance and amortization of equity-based compensation (in shares)								968
Issuance and amortization of equity-based compensation	7,113	7,113	7,103					$ 10
Other comprehensive income (loss)	(409)	(399)			(399)		(10)
Dividends and distributions declared ($1.60 per share)	(208,737)	(203,832)		(203,832)			(4,905)
Shares canceled for tax withholding on vested stock awards (in shares)								(42)
Shares canceled for tax withholding on vested stock awards	(660)	(660)	(659)					$ (1)
Reallocation of equity	0	(987)	(987)				987
Net income (loss)	(177,353)	(168,498)		(168,498)		(4,771)	(4,084)
Ending balance (in shares) at Dec. 31, 2018								83,410	44,399
Ending balance at Dec. 31, 2018	$ 2,845,202	$ 2,706,905	$ 2,899,353	$ (193,327)	$ (399)	$ 72,683	$ 65,614	$ 834	$ 444

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Dec. 17, 2018	Nov. 01, 2018	Oct. 17, 2018	Sep. 17, 2018	Aug. 01, 2018	Jul. 16, 2018	Jun. 14, 2018	May 07, 2018	Apr. 16, 2018	Mar. 15, 2018	Feb. 26, 2018	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 1.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (177,353)	$ 127,880	$ 109,021
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated ventures	(23,774)	(24,709)	(16,067)
Depreciation and amortization	90,986	9,137	146
Straight-line rental income	(6,520)	0	0
Amortization of above/below market lease values, net	(44)	0	0
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(7,907)	(8,551)	(8,112)
Amortization of deferred financing costs	4,794	3,637	5,975
Paid-in-kind interest	(5,837)	(1,802)	(7,884)
Distributions of cumulative earnings from unconsolidated ventures	43,481	7,563	1,058
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	(5,003)	0	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	3,447	0	0
Provision for loan losses	113,911	518	3,386
Impairment of operating real estate	31,813	0	0
Amortization of equity-based compensation	7,113	0	0
Mortgage notes above/below market value amortization	(576)	0	0
Deferred income tax expense	28,354	1,744	0
Other loss	114	0	0
Changes in assets and liabilities:
Receivables, net	11,062	0	0
Deferred costs and other assets	(27,931)	(7,743)	671
Due to related party	5,710	0	0
Other liabilities	14,882	(692)	314
Net cash provided by operating activities	100,722	106,982	88,508
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net	(919,461)	(200,203)	(257,641)
Repayment on loans and preferred equity held for investment	626,622	537,532	357,043
Proceeds from sale of loans and preferred equity held for investment	0	17,509	141,500
Cash and restricted cash received in the Combination	328,454	0	0
Cash and restricted cash received through the CLNY Merger	0	6,203	0
Cash and restricted cash decrease related to the deconsolidation of certain CLNY Contributed Portfolio investments	(26,112)	0	0
Cash received related to foreclosure of loans held for investment	4,900	0	0
Proceeds from sale of real estate	167,877	8,872	0
Acquisition of and additions to real estate, related intangibles and leasing commissions	(415,117)	(312)	(67)
Investments in unconsolidated ventures	(239,663)	(16,333)	(21,433)
Distributions in excess of cumulative earnings from unconsolidated ventures	98,501	55,107	1,331
Acquisition of real estate securities, available for sale	(58,665)	0	0
Cash received in excess of accretion on purchased credit impaired loans	0	52,435	18,121
Deposit on investments	(29,423)	0	0
Change in escrow deposits	(5,618)	(21,541)	(39,482)
Net cash provided by (used in) investing activities	(467,705)	439,269	199,372
Cash flows from financing activities:
Distributions paid on common stock	(185,291)	0	0
Distributions paid on common stock to noncontrolling interests	(4,460)	0	0
Shares canceled for tax withholding on vested stock awards	(659)	0	0
Borrowings from mortgage notes	246,365	72,189	81,077
Repayment of mortgage notes	(141,818)	(342,898)	(407,282)
Borrowings from credit facilities	1,716,362	0	0
Repayment of credit facilities	(999,312)	(717)	(2,242)
Repayment of securitization bonds	(108,246)	0	0
Payment of deferred financing costs	(15,610)	0	0
Contributions from CLNY owners	0	81,549	113,024
Distributions to CLNY owners	0	(299,319)	(122,133)
Contributions from noncontrolling interests	290	50,503	95,618
Distributions to noncontrolling interests	(20,104)	(112,965)	(77,780)
Net cash provided by (used in) financing activities	487,517	(551,658)	(319,718)
Effect of exchange rates on cash, cash equivalents and restricted cash	(176)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	120,358	(5,407)	(31,838)
Cash, cash equivalents and restricted cash - beginning of period	67,105	72,512	104,350
Cash, cash equivalents and restricted cash - end of period	187,463	67,105	72,512
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash, cash equivalents and restricted cash - beginning of period	67,105	72,512	104,350
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	81,683	22,885	20,134
Cash paid for income taxes	27,178	10,497	1,292
Supplemental disclosure of non-cash investing and financing activities:
Noncontrolling interests assumed in the Combination (Note 3)	82,542	0	0
Common stock issued for acquisition of NorthStar I and NorthStar II (Note 3)	2,021,373	0	0
Deconsolidation of certain CLNY Contributed Portfolio investments (Note 2)	287,021	0	0
Secured Financing (Note 4)	50,314	0	0
Other Payables to Manager adjustment (Note 11)	2,934	0	0
Noncontrolling interests in the Operating Partnership	73,626	0	0
Consolidation of securitization trust (VIE asset / liability)	211,778	0	0
Accrual of distribution payable	18,986	0	0
Foreclosure of loans held for investment	117,878	20,204	0
Debt assumed related to acquisition of real estate	200,153	0	0
Deferred tax liabilities assumed related to acquisition of real estate	35,958	0	0
Loans held for investment payoff held by servicer	10,201	9,720	0
NorthStar I and NorthStar II
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired	6,651,614	0	0
Liabilities assumed	4,821,133	0	0
CLNY
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired	0	485,891	0
Liabilities assumed	$ 0	$ 161,533	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Credit Real Estate, Inc. (together with its consolidated subsidiaries, the “Company”) is a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. CRE debt investments include senior mortgage loans, mezzanine loans, preferred equity, and participations in such loans and preferred equity interests. CRE debt securities consist of commercial mortgage-backed securities (“CMBS”) (including “B-pieces” of a CMBS securitization pool). Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. The Company was organized in the state of Maryland on August 23, 2017. On September 15, 2017, Colony Capital, Inc., formerly Colony NorthStar, Inc. (“Colony Capital”), a publicly traded REIT listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “CLNY,” made an initial capital contribution of $1,000 to the Company. On January 31, 2018, the Company completed the transactions contemplated by that certain Master Combination Agreement, dated as of August 25, 2017, as amended and restated on November 20, 2017 (the “Combination Agreement,” as further discussed below). The Company intends to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2018 . Effective June 25, 2018 , the Company changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. Also on June 25, 2018 , Colony NorthStar, Inc. changed its name to Colony Capital, Inc. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Credit RE Operating Company, LLC (the “Operating Partnership” or “OP”). At December 31, 2018 , the Company owned 97.6% of the OP, as its sole managing member. The remaining 2.4% is owned by an affiliate of the Company as noncontrolling interests. The Company is externally managed and has no employees. The Company is managed by CLNC Manager, LLC (the “Manager”), a Delaware limited liability company and a wholly-owned and indirect subsidiary of Colony Capital Operating Company, LLC (“CLNY OP”), a Delaware limited liability company and the operating company of Colony Capital. Colony Capital manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded REITs and registered investment companies. The Combination Pursuant to the Combination Agreement, (i) CLNY OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the “CLNY OP Contributed Portfolio”) of CLNY OP (the “CLNY OP Contribution”), (ii) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNY OP (“RED REIT”) contributed and conveyed to the OP a select portfolio of assets and liabilities (the “RED REIT Contributed Portfolio” and, together with the CLNY OP Contributed Portfolio, the “CLNY Contributed Portfolio”) of RED REIT (the “RED REIT Contribution” and, together with the CLNY OP Contribution, the “CLNY Contributions”), (iii) NorthStar Real Estate Income Trust, Inc. (“NorthStar I”), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, merged with and into the Company, with the Company surviving the merger (the “NorthStar I Merger”), (iv) NorthStar Real Estate Income II, Inc. (“NorthStar II”), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, merged with and into the Company, with the Company surviving the merger (the “NorthStar II Merger” and, together with the NorthStar I Merger, the “Mergers”), and (v) immediately following the Mergers, the Company contributed and conveyed to the OP the CLNY OP Contributed Portfolio and the equity interests of each of NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I, and NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II, then-owned by the Company in exchange for units of membership interest in the OP (the “Company Contribution” and, collectively with the Mergers and the CLNY Contributions, the “Combination”). On January 18, 2018 , the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018 (the “Closing Date”) and the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”), began trading on the NYSE on February 1, 2018 under the symbol “CLNC.” The Combination is accounted for under the acquisition method for business combinations pursuant to Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , with the Company as the accounting acquirer. Details of the Combination are described more fully in Note 3, “Business Combinations” and the accounting treatment thereof in Note 2, “Summary of Significant Accounting Policies.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company’s unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The consolidated financial statements include the results of operations of Colony Credit Real Estate, Inc. and certain consolidated investment entities contributed by CLNY (the “CLNY Investment Entities”) for periods on or prior to the closing of the Combination on January 31, 2018 and the combined operations of Colony Credit Real Estate, Inc., NorthStar I and NorthStar II beginning February 1, 2018 , following the closing of the Combination. The assets and liabilities contributed by CLNY to the Company consisted of its ownership interests in the CLNY Investment Entities, ranging from 38% to 100% . The remaining interests in the CLNY Investment Entities are owned by investment vehicles sponsored by Colony Capital or third parties and were not contributed to the Company. The CLNY Contributions were accounted for as a reorganization of entities under common control, since both the Company and the CLNY Investment Entities were under common control of Colony Capital at the time the contributions were made. Accordingly, the contributed assets and liabilities were recorded at carryover basis and the Company’s financial statements for prior periods were recast to reflect the consolidation of the CLNY Investment Entities as if the contribution had occurred on the date of the earliest period presented. The assets, liabilities and noncontrolling interests of the CLNY Investment Entities in the consolidated financial statements for periods prior to the Combination were carved out of the books and records of Colony Capital at their historical carrying amounts. Accordingly, the historical consolidated financial statements were prepared giving consideration to the rules and regulations of the Securities and Exchange Commission (“SEC”) and related guidance provided by the SEC Staff with respect to carve-out financial statements and reflect allocations of certain corporate costs from Colony Capital. These charges were based on either specifically identifiable costs incurred on behalf of the CLNY Investment Entities or an allocation of costs estimated to be applicable to the CLNY Investment Entities, primarily based on the relative assets under management of the CLNY Investment Entities to Colony Capital’s total assets under management. Such costs do not necessarily reflect what the actual costs would have been if the Company had been operating as a separate stand-alone public entity for periods prior to the Combination. Following the Combination, the Company reconsidered whether it was the primary beneficiary of certain variable interest entities (“VIEs”), which resulted in the deconsolidation of certain of the CLNY Investment Entities and the consolidation of certain securitization trusts in which NorthStar I or NorthStar II held an interest, as more fully described below. Accordingly, comparisons of financial information for periods prior to the Combination with subsequent periods may not be meaningful. The Combination The Combination is accounted for under the acquisition method for business combinations pursuant to ASC Topic 805, Business Combinations . In the Combination, the Company was considered to be the accounting acquirer so all of its assets and liabilities immediately prior to the closing of the Combination are reflected at their historical carrying values. The consideration transferred by the Company established a new accounting basis for the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II, which were measured at their respective fair values on the Closing Date. Formation of Colony Capital Colony Capital was formed through a tri-party merger (the “CLNY Merger”) among Colony Capital, NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. (“NRF”), which closed on January 10, 2017 (the “CLNY Merger Closing Date”). Colony Capital was determined to be the accounting acquirer in the CLNY Merger. Accordingly, the combined financial information of the CLNY Investment Entities included herein as of any date or for any periods on or prior to the CLNY Merger Closing Date represent the CLNY Investment Entities from Colony Capital. On the CLNY Merger Closing Date, the CLNY Investment Entities were reflected by Colony Capital at their pre-CLNY Merger carrying values, while the CLNY Investment Entities from NRF were reflected by Colony Capital at their CLNY Merger fair values. The results of operations of the CLNY Investment Entities from NRF are included in these pre-Combination financial statements effective from January 11, 2017 . Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a 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 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. As of December 31, 2018 , the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs The Company’s operating subsidiary, the 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 the OP, is the managing member of the OP and exercises full responsibility, discretion and control over the day-to-day management of the OP. The noncontrolling interests in the 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 the OP to be a VIE. The Company, as managing member, has the power to direct the core activities of the OP that most significantly affect the OP’s performance, and through its majority interest in the OP, has both the right to receive benefits from and the obligation to absorb losses of the OP. Accordingly, the Company is the primary beneficiary of the OP and consolidates the OP. As the Company conducts its business and holds its assets and liabilities through the OP, the total assets and liabilities of the OP represent substantially all of the total consolidated assets and liabilities of the Company . Other consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. The noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 20.0% . These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s investments in securitization financing entities (“Investing VIEs”) include subordinate first-loss tranches of securitization trusts, which represent interests in such VIEs. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the most subordinate tranches of the securitization trust. Generally, a securitization trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint and remove the special servicer for the trust, and as such may qualify as the primary beneficiary of the trust. If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss tranches of the securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidating parent entity of an Investing VIE, nor to any of the Company’s other consolidated entities. As of December 31, 2018 , the Company held subordinate tranches of securitization trusts in three Investing VIEs for which the Company has determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of the securitization trusts. The Company’s subordinate tranches of the securitization trusts, which represent the retained interest and related interest income, are eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trusts, less the Company’s retained interest from the subordinate tranches of the securitization trusts), income and expenses of the Investing VIEs are presented in the consolidated financial statements of the Company although the Company legally owns the subordinate tranches of the securitization trusts only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trusts. Refer to Note 6, “Real Estate Securities, Available for Sale” for further discussion. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIEs. Interest income and interest expense associated with the Investing VIEs are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIEs are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 15, “Fair Value” for further discussion. The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIEs, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIEs are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIEs. Refer to Note 15, “Fair Value” for further discussion. Unconsolidated VIEs As of December 31, 2018 , the Company identified unconsolidated VIEs related to its securities investments, indirect interests in real estate through real estate private equity funds (“PE Investments”) and CRE debt investments. Based on management’s analysis, the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2018 . Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2018 (dollars in thousands): Carrying Value Maximum Exposure to Loss Real estate securities, available for sale $ 228,185 $ 229,512 Investments in unconsolidated ventures 561,754 583,160 Loans and preferred equity held for investment, net 225,691 225,691 Total assets $ 1,015,630 $ 1,038,363 The Company did not provide financial support to the unconsolidated VIEs during the year ended December 31, 2018 . As of December 31, 2018 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs. The maximum exposure to loss of real estate securities, available for sale was determined as the amortized cost, which represents the purchase price of the investments adjusted by any unamortized premiums or discounts as of the reporting date. The maximum exposure to loss of investments in unconsolidated ventures and loans and preferred equity held for investment, net was determined as the carrying value plus any future funding commitments. Refer to Note 4, “Loans and Preferred Equity Held for Investment, net” and Note 18, “Commitments and Contingencies” for further discussion. Deconsolidation of the CLNY Investment Entities Certain CLNY Investment Entities were joint ventures between Colony Capital and private funds or other investment vehicles managed by Colony Capital (the “Co-Investment Funds”). Colony Capital consolidated such CLNY Investment Entities as it was deemed to have a controlling financial interest in these CLNY Investment Entities. After assuming Colony Capital’s ownership interests in these CLNY Investment Entities and upon the merger with NorthStar I and NorthStar II, the Company does not have a controlling financial interest in these CLNY Investment Entities. The Company does not have the ability to direct key decisions made by the directors of these entities nor is it the primary beneficiary of these entities as Colony Capital continues to be the investment manager of the Co-Investment Funds and the directors and officers of these entities continue to be employees of Colony Capital. The Company itself is managed by a subsidiary of Colony Capital and does not have any employees of its own. Therefore, upon closing of the Combination, the Company deconsolidated the CLNY Investment Entities that are joint ventures with Co-Investment Funds. The deconsolidation of these CLNY Investment Entities did not result in any gain or loss to the Company. The following table presents the deconsolidation of the assets and liabilities of certain of the CLNY Investment Entities, and accounting for the Company’s interests in these CLNY Investment Entities as equity method investments as of the Closing Date (dollars in thousands): As of the Closing Date Assets Cash and cash equivalents $ (11,408 ) Restricted cash (14,704 ) Loans and preferred equity held for investment, net (553,678 ) Investments in unconsolidated ventures 127,062 Receivables, net (4,344 ) Other assets (114 ) Total assets $ (457,186 ) Liabilities Mortgage and other notes payable, net $ (128,709 ) Accrued and other liabilities (640 ) Escrow deposits payable (14,704 ) Total liabilities (144,053 ) Stockholders’ equity (313,133 ) Total liabilities and equity $ (457,186 ) Prior to the deconsolidation of the CLNY Investment Entities, noncontrolling interest as recorded in the CLNY Investment Entities combined financial statements consisted of interests in the held by third party joint ventures. Following the deconsolidation of the CLNY Investment Entities, the noncontrolling interest in the Company’s consolidated financial statements additionally consists of Colony Capital ownership interests in joint ventures. These interests were previously classified as other owners in the CLNY Investment Entities combined financial statements, but have been reclassified to noncontrolling interests in the Company’s consolidated financial statements. Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners and prior to the closing of the Combination, such interests held by private funds managed by Colony Capital. 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 the Operating Partnership— This represents membership interests in the OP held by RED REIT. Noncontrolling interests in the OP are allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP have the right to require the OP to redeem part or all of the membership units in the OP 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 the OP, through the issuance of shares of Class A common stock on a one -for-one basis. Refer to Note 3, “Business Combinations,” for further discussion of OP membership units. At the end of each reporting period, noncontrolling interests in the OP is adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for PE Investments. The Company has also elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted guidance issued by the FASB allowing the Company to measure both the financial assets and liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. Business Combinations Definition of a Business— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the 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 the 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. Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at December 31, 2018 or December 31, 2017 . The Company’s cash is held with major financial institutions and may at times exceed federally insured limits. Restricted Cash Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves. Loans and Preferred Equity Held for Investment The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans and Preferred Equity Held for Investment Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and Allowance for Loan Losses— On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and preferred equity investment and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan or preferred equity investment, liquidation value of collateral properties, and financial wherewithal of any loan guarantors, as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. During the year ended December 31, 2018 , the Company recorded $113.9 million of provision for loan loss. See Note 4, “Loans and Preferred Equity Held for Investment, net” for further detail. Loans and preferred equity investments are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans and preferred equity inv

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combination	Business Combination Business Combination On the Closing Date, the Combination of the CLNY Contributed Portfolio, NorthStar I and NorthStar II was completed, creating the Company. In consideration for the contribution of the CLNY Contributed Portfolio, CLNY OP received approximately 44.4 million shares of the Company’s Class B-3 common stock, par value $0.01 per share (the “Class B-3 common stock”), and a subsidiary of CLNY OP received approximately 3.1 million common membership units in the OP (“CLNC OP Units”). The Class B-3 common stock automatically converted to Class A common stock of the Company on a one -for-one basis upon the close of trading on February 1, 2019 . The CLNC OP Units are redeemable for cash, or, at the Company’s election, the Class A common stock on a one -for-one basis, in the sole discretion of the Company. Subject to certain limited exceptions, CLNY OP has agreed that it and its affiliates will not make any transfers of the CLNC OP Units to non-affiliates of CLNY OP until the one year anniversary of the closing of the Combination, unless such transfer is approved by a majority of the Company’s board of directors, including a majority of the independent directors. In connection with the merger of NorthStar I and NorthStar II into the Company, their respective stockholders received shares of the Class A common stock based on pre-determined exchange ratios. Following the foregoing transaction, the Company contributed the CLNY Contributed Portfolio and the operating partnerships of NorthStar I and NorthStar II to the OP in exchange for ownership interests in the OP. Upon the closing of the Combination, CLNY OP and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of the Company on a fully diluted basis. Prior to the closing of the Combination, a special dividend was declared by NorthStar I, which generated the lesser amount of cash leakage, in order to true up the agreed contribution values of NorthStar I and NorthStar II in relation to each other. In addition, following the CLNY Contributions, but prior to the effective time of the Combination, there was a cash settlement between the Company and Colony Capital for the difference between (i) the sum of (a) the loss in value of NorthStar I and NorthStar II as a result of the distributions made by NorthStar I and NorthStar II in excess of funds from operations (“FFO”) (as such term is defined in the Combination Agreement) from July 1, 2017 through the day immediately preceding the Closing Date (excluding the dividend payment made by each of NorthStar I and NorthStar II on July 1, 2017 ), (b) FFO for the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, (c) cash contributions or contributions of certain intercompany receivables made to the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, and (d) the expected present value of certain unreimbursed operating expenses of NorthStar I and NorthStar II paid on each company’s behalf by their respective advisors, and (ii) cash distributions made by the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, excluding that certain distribution made by the CLNY Investment Entities in July 2017 relating to the partial repayment of a certain investment (collectively, “CLNY true-up adjustment”). The settlement of the CLNY true-up adjustment resulted in a payment of approximately $55 million from Colony Capital to the Company. The Combination is accounted under the acquisition method for business combinations with the CLNY Investment Entities as the accounting acquirer for purposes of the financial information set forth herein. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on the accounting treatment of the Combination. Combination Consideration Each share of NorthStar I and NorthStar II common stock issued and outstanding immediately prior to the effective time of the Combination was converted into the right to receive 0.3532 shares (the “NorthStar I Exchange Ratio”) and 0.3511 shares (the “NorthStar II Exchange Ratio”), respectively, of the Class A common stock, plus cash in lieu of fractional shares. Approximately 21,000 shares of NorthStar I restricted common stock and 25,000 shares of NorthStar II restricted common stock automatically vested in connection with the Combination and the holders thereof were entitled to receive the same equity exchange as the other holders of NorthStar I and NorthStar II common stock, respectively. The Company acquired all of the common stock of NorthStar I and NorthStar II through the exchange of all such outstanding shares into shares of Class A common stock based on the pre-determined NorthStar I Exchange Ratio and NorthStar II Exchange Ratio, respectively. As the Combination was a stock-for-stock exchange (except for cash consideration for fractional shares), fair value of the consideration to be transferred was dependent upon the fair value of the Company at the Closing Date. Fair value of the merger consideration was determined as follows (in thousands, except exchange ratio and price per share): NorthStar I NorthStar II Total Outstanding shares of common stock at January 31, 2018 (1) 119,333 114,943 Exchange ratio (2) 0.3532 0.3511 Shares of Class A common stock issued in the mergers (3) 42,149 40,356 82,505 Fair value consideration per share (4) $ 24.50 $ 24.50 $ 24.50 Fair value of NorthStar I and NorthStar II consideration $ 1,032,651 $ 988,722 $ 2,021,373 _________________________________________ (1) Includes 21,000 and 25,000 shares of common stock of NorthStar I and NorthStar II equity awards, respectively, that vested in connection with the consummation of the Combination. (2) Represents the pre-determined exchange ratio of 0.3532 NorthStar I shares and 0.3511 NorthStar II shares per one share of the Class A common stock. (3) Includes the issuance of fractional shares, aggregating to approximately 21,000 shares, for which holders received cash in lieu of the fractional shares. (4) Represents the estimated per share fair value of the Company at the Closing Date. The following table presents an allocation of the Combination consideration to assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II based on their respective estimated fair values. The estimated fair values and allocation of the Combination consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the measurement period, no material adjustments were made to the allocation of the Combination consideration. Final adjusted fair values assigned to the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II were as follows (dollars in thousands): Final Adjusted Amounts at December 31, 2018 NorthStar I NorthStar II Total Merger consideration $ 1,032,651 $ 988,722 $ 2,021,373 Allocation of merger consideration: Assets acquired Cash and cash equivalents $ 130,197 $ 51,360 $ 181,557 Restricted cash 30,564 61,313 91,877 Loans and preferred equity held for investment 521,462 728,271 1,249,733 Real estate securities, available for sale, at fair value 100,731 64,793 165,524 Real estate, net 792,999 494,324 1,287,323 Investments in unconsolidated ventures 67,899 375,694 443,593 Receivables, net 12,363 11,479 23,842 Deferred leasing costs and intangible assets, net 74,243 37,090 111,333 Other assets 18,666 24,401 43,067 Mortgage loans held in securitization trusts, at fair value 1,894,404 1,432,795 3,327,199 Total assets acquired 3,643,528 3,281,520 6,925,048 Liabilities assumed Securitization bonds payable, net — 80,825 80,825 Mortgage and other notes payable, net 399,131 382,485 781,616 Credit facilities 293,340 355,529 648,869 Due to related party 4,533 1,842 6,375 Accrued and other liabilities 25,680 22,959 48,639 Intangible liabilities, net 17,931 1,808 19,739 Escrow deposits payable 12,994 36,362 49,356 Mortgage obligations issued by securitization trusts, at fair value 1,784,223 1,401,491 3,185,714 Total liabilities assumed 2,537,832 2,283,301 4,821,133 Noncontrolling interests 73,045 9,497 82,542 Fair value of net assets acquired $ 1,032,651 $ 988,722 $ 2,021,373 Fair value of other assets acquired, liabilities assumed and noncontrolling interests were estimated as follows: Real Estate and Related Intangibles —Fair value is based on the income approach which includes a direct capitalization method with overall capitalization rates ranging between 6.5% and 8.3% . Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, and in-place lease value. Useful lives of the intangibles acquired range from 1 year to 10 years. Loans and preferred equity held for investment —Fair value is determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans and preferred equity held for investment, NorthStar II has a contractual right to equity-like participation or other ownership interests in the underlying collateral which was considered in calculating the fair value of the loans and preferred equity held for investment. Investments in Unconsolidated Ventures —Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees. Investments in unconsolidated ventures includes a preferred equity investment, as well as an investment in a joint venture which holds a mezzanine loan. The fair value for both investments was based on the outstanding principal value plus the undiscounted value of any applicable contractual exit fees associated with the investments. The preferred equity investment has an equity-like participation which was considered in its fair value. The capitalization rate used was 6.8% . Securities —Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities. Debt —The fair value of debt was determined by either comparing the contractual interest rate to the interest rate for newly originated debt with similar credit risk or the market rate at which a third party might expect to assume such debt or based on discounted cash flow (“DCF”) projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. All of the debt was priced consistent with current interest rates attainable for similarly situated investments, and therefore was attributed a value equal to each debt’s outstanding principal amount less any applicable premium or discount on the secured debt. Noncontrolling Interests —NorthStar I’s noncontrolling interests are attributable to the minority ownership interests of its operating partners in its CRE properties. The estimated value of NorthStar I’s noncontrolling interests represents the minority owner’s pro rata share of the estimated net book value of the CRE properties, as determined in accordance with the above description of the valuation process for real estate and related intangibles. NorthStar II’s noncontrolling interest is attributable to the minority ownership interest of its operating partner in its Bothell, Washington office portfolio. The estimated value of NorthStar II’s noncontrolling interest represents the operating partner’s pro rata share of the estimated net book value of the portfolio, as determined in accordance with the above description of the valuation process for real estate and related intangibles. The major classes of intangible assets and liabilities include leasing commissions, above- and below-market lease values and in-place lease values. Results of NorthStar I and NorthStar II For the period from February 1, 2018 (the Closing Date) through December 31, 2018 , the Company’s results of operations included contributions from the acquired business of NorthStar I and NorthStar II as follows (dollars in thousands): February 1, 2018 to December 31, 2018 NorthStar I NorthStar II Total Total revenues $ 200,582 $ 160,917 $ 361,499 Net income (loss) attributable to common stockholders (1) (37,480 ) (31,791 ) (69,271 ) ______________________________ (1) Includes $24.7 million of impairment of operating real estate, $18.8 million provision for loan loss, and $45.0 million of mark-to-market adjustments on PE Investments recorded from the Closing Date through December 31, 2018 . Combination-Related Costs Transaction costs of $31.9 million were incurred in connection with the Combination in the year ended December 31, 2018 , consisting largely of professional fees for legal, financial advisory, accounting and consulting services. Approximately $24.3 million of the transaction costs for the year ended December 31, 2018 represent fees paid to investment bankers that were contingent upon consummation of the Combination. Combination-related costs are expensed as incurred and such costs expensed by NorthStar I and NorthStar II prior to the Closing Date were excluded from the Company's results of operations. Pro Forma Financial Information (Unaudited) The following table presents pro forma financial information of the Company as if the Combination had been consummated on January 1, 2017 . The pro forma financial information includes the pro forma impact of purchase accounting adjustments primarily related to fair value adjustments and depreciation and amortization, and excludes Combination-related transaction costs of $31.9 million for the year ended December 31, 2018 . The pro forma financial information, however, does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Combination. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations of the Company had the Combination been completed on January 1, 2017 , nor indicative of future results of operations of the Company (dollars in thousands, except per share data): Year Ended December 31, 2018 2017 Pro forma: Total revenues $ 504,713 $ 507,961 Net income (loss) attributable to Colony Credit Real Estate, Inc. (135,621 ) 87,958 Net income (loss) attributable to common stockholders (126,852 ) 85,438 Earnings per common share: Basic $ (0.99 ) $ 0.67 Diluted $ (0.99 ) $ 0.67

Loans and Preferred Equity Held

Loans and Preferred Equity Held for Investment, net	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Loans and Preferred Equity Held for Investment, net	Loans and Preferred Equity Held for Investment, net The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands): December 31, 2018 December 31, 2017 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance (2) Carrying Value (2) Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Senior loans $ 15,000 $ 15,000 16.0 % 0.5 $ 493,113 $ 484,592 8.2 % 2.4 Mezzanine loans 175,448 174,830 12.7 % 4.9 141,931 141,828 13.2 % 3.2 Preferred equity interests 113,860 113,687 12.6 % 7.7 — — — — 304,308 303,517 635,044 626,420 Variable rate Senior loans 1,432,416 1,430,635 6.3 % 4.2 260,366 260,932 8.1 % 2.3 Securitized loans (3) 302,868 305,106 7.9 % 1.1 377,939 379,670 6.7 % 0.3 Mezzanine loans 90,265 90,567 12.2 % 2.0 34,391 34,279 9.8 % 1.3 1,825,549 1,826,308 672,696 674,881 2,129,857 2,129,825 1,307,740 1,301,301 Allowance for loan losses (4) NA (109,328 ) NA (517 ) Loans and preferred equity held for investment, net $ 2,129,857 $ 2,020,497 $ 1,307,740 $ 1,300,784 _________________________________________ (1) Calculated based on contractual interest rate. (2) Includes four purchased credit-impaired loans with combined unpaid principal balance of $21.4 million and carrying value of $20.8 million . (3) Represents loans transferred into securitization trusts that are consolidated by the Company. (4) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 . As of December 31, 2018 , the weighted average maturity, including extensions, of loans and preferred equity investments was 3.9 years. The Company had $8.6 million and $10.0 million of interest receivable related to its loans and preferred equity held for investment, net as of December 31, 2018 and 2017 , respectively. Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands): Carrying Value Balance at January 1, 2018 $ 1,300,784 Loans and preferred equity held for investment acquired in the Combination (Note 3) 1,249,733 Deconsolidation of investment entities (1) (553,678 ) Acquisitions/originations/additional funding 919,461 Loan maturities/principal repayments (627,219 ) Foreclosure of loans held for investment (117,878 ) Combination adjustment (2) (50,314 ) Discount accretion/premium amortization 2,582 Capitalized interest 5,837 Change in allowance for loan loss (108,811 ) Balance at December 31, 2018 $ 2,020,497 _________________________________________ (1) Represents loans and preferred equity held for investment, net which were deconsolidated as a result of the Combination. Refer to Note 2, “Summary of Significant Accounting Policies,” for further detail. (2) Represents a loan held for investment, net that was previously sold by the CLNY Investment Entities to NorthStar I and was treated as a secured financing by the CLNY Investment Entities. This loan was eliminated as a result of the Combination. Nonaccrual and Past Due Loans and Preferred Equity Loans and preferred equity 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. At December 31, 2018 , other than the NY hospitality loans discussed below, all other loans and preferred equity held for investment remain current on interest payments. In March 2018 , the borrower on the Company’s four NY hospitality loans failed to make all required interest payments. These four loans are secured by the same collateral. The Company placed the loans on non-accrual status and commenced discussions with the borrower to resolve the matter. Interest income was recognized on a cash basis. During the year, the Company recognized $3.4 million in interest income on the loans. During the third quarter of 2018, discussions with the borrower did not progress as anticipated which led to the Company exploring additional options for resolution. The Company prepared a weighted average probability analysis of potential resolutions, which included a recapitalization and earlier than expected receipt and sale of collateral. Based on this analysis, the Company recorded a $35.1 million provision for loan loss on the four NY hospitality loans during the third quarter of 2018. During the fourth quarter of 2018 , the borrower entered into a listing agreement with a real estate brokerage firm and as a result, the Company believes sale of the underlying collateral and repayment of the four loans from the sales proceeds is the most likely outcome. As such, the Company recorded an additional $18.8 million of provision for loan loss on the four NY hospitality loans in 2018 to reflect the estimated proceeds to be received from the borrower following the sale. During the fourth quarter of 2018 , two separate borrowers on three of the Company’s regional mall loans with unpaid principal balances of $29.9 million , $26.5 million , and $7.0 million , respectively, notified us of the potential loss of anchor tenants. Following this notification, the Company concluded that foreclosure or sale of the underlying collateral and repayment for each of these loans is the most likely outcome. As such, the Company recorded a provision for loan loss of $8.0 million , $8.8 million , and $7.0 million respectively, to reflect the estimated fair value of the collateral. The Company has commenced foreclosure proceedings on two of the three loans collateralized by one of the regional malls with unpaid principal balances totaling $36.9 million . The Company has been and is continuing to sweep all cash from the operations of the two regional malls. The following table provides an aging summary of loans and preferred equity held for investment at carrying values before allowance for loan losses, if any (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or More Past Due (3)(4) Total Loans December 31, 2018 $ 1,632,817 $ 58,751 $ 42,995 $ 395,262 $ 2,129,825 December 31, 2017 1,122,366 144,241 7,929 26,765 1,301,301 _________________________________________ (1) Subsequent to December 31, 2018 , the Company and the borrower on one loan with a carrying value of $21.8 million included in 30-59 days past due reached an agreement that extended the loan’s maturity until April 2019 . The loan was in maturity default as of December 31, 2018 . (2) At December 31, 2018 , 60-89 days past due loans consists of two loans to the same borrower and secured by the same collateral which were refinanced in January 2019 into a $37.0 million senior mortgage loan. (3) At December 31, 2018 , 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with combined carrying value before allowance for loan losses of $ 258.1 million on non-accrual status. All other loans in this table remain current on interest payments. (4) At December 31, 2018 , 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with a combined carrying value before allowance for loan losses of $137.1 million . The Company foreclosed on these four loans in January 2019 . Troubled Debt Restructuring At December 31, 2018 and December 31, 2017 , there was one mezzanine loan previously modified in a TDR with carrying value before allowance for loan losses of $28.6 million . The loan had been modified in 2015. The Company also has three other loans with a combined carrying value before provision for loan loss of $108.5 million that are cross-collateralized with the TDR loan to the same borrower. Two loans matured in November 2017 and were in default at both December 31, 2018 and December 31, 2017 , while the third loan matured in October 2018 and was in default at December 31, 2018 . All four loans are cross-collateralized with 28 office, retail, multifamily and industrial properties. In February 2018 , the borrower entered into a forbearance agreement with the Company to allow both parties to review the exit strategy. The forbearance agreement was terminated by the Company in August 2018 when it became clear that the borrower would not complete its exit strategy. The Company commenced foreclosure proceedings under the mezzanine loan to take control of the 28 cross-collateralized properties, which was completed in January 2019. As such, the Company recorded a $31.7 million provision for loan loss on the four loans to reflect the estimated fair value of the collateral. The Company recorded an additional $5.1 million provision for loan loss associated with a receivable for operating expenses paid on behalf of the borrower during the year ended December 31, 2018 . At December 31, 2017 , no provision for loan loss was recorded. To improve the operating performance of the 28 properties, the Company has engaged new property managers, working under the perpetual oversight of its asset management team. There were no loans modified as TDRs during the years ended December 31, 2018 , 2017 and 2016 . Impaired Loans Loans 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. Impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs. The following table presents impaired loans at the respective reporting dates (dollars in thousands): Unpaid Principal Balance (1) Gross Carrying Value With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses (2) December 31, 2018 $ 456,703 $ 458,942 $ — $ 458,942 $ 109,328 December 31, 2017 237,441 42,176 195,934 238,110 517 _________________________________________ (1) At December 31, 2018 , includes four loans to the same borrower and secured by the same collateral with combined unpaid principal balance of $257.2 million and gross carrying value of $258.1 million on non-accrual status. All other loans included in this table remain current on interest payments. (2) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 . The average carrying value and interest income recognized on impaired loans were as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Average carrying value before allowance for loan losses $ 463,043 $ 124,743 $ 126,476 Interest income 21,105 12,431 11,384 Allowance for Loan Losses As of December 31, 2018 , the allowance for loan losses was $109.3 million related to $458.9 million in carrying value of loans. As of December 31, 2017 the allowance for loan losses was $0.5 million related to $42.2 million in carrying value of loans. Changes in allowance for loan losses on loans are presented below (dollars in thousands): Year Ended December 31, 2018 2017 2016 Allowance for loan losses at beginning of period $ 517 $ 3,386 $ — Provision for loan losses 109,328 518 3,386 Charge-off — (3,387 ) — Recoveries (517 ) — — Allowance for loan losses at end of period (1) $ 109,328 $ 517 $ 3,386 _________________________________________ (1) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 . Credit Quality Monitoring Loan and preferred equity investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its loan and preferred equity investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. As of December 31, 2018 , there were 13 loans held for investment to five borrowers with contractual payments past due. With the exception of the NY hospitality loans previously discussed, all other loans and preferred equity held for investment remain current on interest payments. The remaining loans and preferred equity investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. There were seven loans held for investment with contractual payments past due as of December 31, 2017 . For the year ended December 31, 2018 , no debt investment contributed more than 10.0% of interest income. Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2018 , assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $ 135.0 million . Refer to Note 18, “Commitments and Contingencies” for further details.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures Summary The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands): December 31, 2018 December 31, 2017 Equity method investments $ 742,186 $ 179,303 Investments under fair value option 160,851 24,417 Investments in Unconsolidated Ventures $ 903,037 $ 203,720 Equity Method Investments Investment Ventures Certain of the Company’s equity method investments are structured as joint ventures with one or more private funds or other investment vehicles managed by Colony Capital with third party joint venture partners. These investment entities are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements. The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance as of December 31, 2018 and 2017 , respectively. As discussed in Note 2, “Summary of Significant Accounting Policies,” certain of the CLNY Investment Entities were deconsolidated by the Company upon closing of the Combination and accounted for as investments in unconsolidated ventures. The Company’s investments accounted for under the equity method are summarized below (dollars in thousands): Ownership Interest (1) at December 31, 2018 Carrying Value Investments Description December 31, 2018 December 31, 2017 ADC investments Interests in seven 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 Various (2) $ 165,823 $ 179,303 Other investment ventures Interests in thirteen investments, each with less than $165.7 million carrying value at December 31, 2018 Various 576,363 — _________________________________________ (1) The Company’s ownership interest represents capital contributed to date and may not be reflective of the Company’s economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be 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) The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments. Investments under Fair Value Option Private Funds The Company elected to account for its limited partnership interests, which range from 0.1% to 30.3% , in PE Investments under the fair value option. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows. Summarized Financial Information The combined balance sheets for unconsolidated ventures determined to be significant for the respective periods, as of December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 December 31, 2017 Assets Total assets $ 403,112 $ 186,475 Liabilities and equity Total liabilities $ 316,650 $ 167,435 Equity 86,462 19,040 Total liabilities and equity $ 403,112 $ 186,475 The combined statement of operations for unconsolidated ventures determined to be significant for the respective periods, from acquisition date through the year ended December 31, 2018 and 2017 are as follows (dollars in thousands): Year Ended December 31, 2018 2017 Total revenues $ 36,708 $ 37,800 Net income $ 11,296 $ 2,265 For the year ended December 31, 2016 , one ADC investment was deemed to be significant. The investee is engaged in real estate development and did not hold any operating real estate or generate any sales during the year ended December 31, 2016 , and all interest was capitalized. Therefore, results of operations for the period were negligible.

Real Estate Securities, Availab

Real Estate Securities, Available for Sale	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities, Available for Sale	Real Estate Securities, Available for Sale Investments in CRE Securities CRE securities are composed of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The following table presents CMBS investments as of December 31, 2018 (dollars in thousands): Weighted Average Principal (1) Total Discount Amortized Cumulative Unrealized Fair Coupon (2) Unleveraged As of Date: Count Gain (Loss) December 31, 2018 43 $ 292,284 $ (62,772 ) $ 229,512 $ 2,167 $ (3,494 ) $ 228,185 3.19 % 7.10 % _________________________________________ (1) Certain CRE securities serve as collateral for financing transactions including carrying value of $226.6 million for the CMBS Credit Facilities (refer to Note 10). The remainder is unleveraged. (2) All CMBS are fixed rate. The Company acquired 29 CRE securities from NorthStar I and NorthStar II in the Combination and invested in 14 CRE securities throughout the year ended December 31, 2018 . The Company held no CRE Securities as of December 31, 2017 . The Company recorded an unrealized loss in OCI for the year ended December 31, 2018 of $1.3 million . As of December 31, 2018 , the Company held 30 securities with an aggregate carrying value of $136.4 million with an unrealized loss of $3.5 million . Based on management’s quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at expected maturity. As of December 31, 2018 , the weighted average contractual maturity of CRE securities was 31.2 years with an expected maturity of 7.4 years . The Company had $0.8 million of interest receivable related to its real estate securities, available for sale as of December 31, 2018 . Investments in Investing VIEs The Company is the directing certificate holder of three securitization trusts and has the ability to appoint and replace the special servicer on all mortgage loans. As such, U.S. GAAP requires the Company to consolidate the assets, liabilities, income and expenses of the securitization trusts as Investing VIEs. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on Investing VIEs. Other than the securities represented by the Company’s subordinate tranches of the securitization trusts, the Company does not have any claim to the assets or exposure to the liabilities of the securitization trusts. The original issuers, who are unrelated third parties, guarantee the interest and principal payments related to the investment grade securitization bonds in the securitization trusts, therefore these obligations do not have any recourse to the general credit of the Company as the consolidator of the securitization trusts. The Company’s maximum exposure to loss would not exceed the carrying value of its retained investments in the securitization trusts, or the subordinate tranches of the securitization trusts. As of December 31, 2018 , the mortgage loans and the related mortgage obligations held in the securitization trusts had an unpaid principal balance of $3.1 billion and $2.9 billion , respectively. As of December 31, 2018 , across the three consolidated securitization trusts, the underlying collateral consisted of 158 underlying commercial mortgage loans, with a weighted average coupon of 4.9% and a weighted average loan to value ratio of 57.3% . The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2018 (dollars in thousands): December 31, 2018 Assets Mortgage loans held in a securitization trust, at fair value $ 3,116,978 Receivables, net 13,178 Total assets $ 3,130,156 Liabilities Mortgage obligations issued by a securitization trust, at fair value $ 2,973,936 Accrued and other liabilities 12,233 Total liabilities $ 2,986,169 The Company elected the fair value option to measure the assets and liabilities of the securitization trusts, which requires that changes in valuations of the securitization trusts be reflected in the Company’s consolidated statements of operations. The difference between the carrying values of the mortgage loans held in securitization trusts and the carrying value of the mortgage obligations issued by securitization trusts was $143.0 million as of December 31, 2018 and approximates the fair value of the Company’s retained investments in the subordinate tranches of the securitization trusts, which are eliminated in consolidation. Refer to Note 15, “Fair Value” for a description of the valuation techniques used to measure fair value of assets and liabilities of the Investing VIEs. The below table presents net income attributable to the Company’s common stockholders for the year ended December 31, 2018 generated from the Company’s investments in the subordinate tranches of the securitization trusts (dollars in thousands). The Company had no investments in subordinate tranches for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2018 Statement of Operations Interest income on mortgage loans held in securitization trusts $ 143,371 Interest expense on mortgage obligations issued by securitization trusts (132,411 ) Net interest income 10,960 Administrative expenses (1,528 ) Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net 5,003 Realized loss on mortgage loans and obligations held in securitization trusts, net (3,447 ) Net income attributable to Colony Credit Real Estate, Inc. common stockholders $ 10,988

Real Estate, net

Real Estate, net	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate, net	Real Estate, net The following table presents the Company’s net lease portfolio, net, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 226,141 $ 25,262 Buildings, building leaseholds, and improvements 1,010,339 178,109 Tenant improvements 24,060 2,316 Construction-in-progress 437 21 Subtotal $ 1,260,977 $ 205,708 Less: Accumulated depreciation (34,532 ) (5,516 ) Less: Impairment (1) (7,094 ) — Net lease portfolio, net $ 1,219,351 $ 200,192 ______________________________ (1) See Note 15, “Fair Value,” for discussion of impairment of real estate. The following table presents the Company’s other portfolio, net, including foreclosed properties, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 113,495 $ 667 Buildings, building leaseholds, and improvements 627,612 18,477 Tenant improvements 24,001 36 Furniture, fixtures and equipment 17,910 680 Construction-in-progress 2,635 — Subtotal $ 785,653 $ 19,860 Less: Accumulated depreciation (23,030 ) (312 ) Less: Impairment (1) (22,284 ) — Other portfolio, net $ 740,339 $ 19,548 ______________________________ (1) See Note 15, “Fair Value,” for discussion of impairment of real estate. For the year ended December 31, 2018 , the Company had no single property with rental and other income equal to or greater than 10.0% of total revenue. At December 31, 2018 and 2017 , the Company held foreclosed properties included in real estate, net with a carrying value of $128.8 million and $19.5 million , respectively. Depreciation Expense Depreciation expense on real estate was $56.3 million , $5.8 million , and $0.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Minimum Future Rents Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under non-cancellable operating leases to be received over the next five years and thereafter as of December 31, 2018 (dollars in thousands): 2019 $ 113,525 2020 107,413 2021 98,343 2022 88,270 2023 73,257 2024 and thereafter 765,652 Total $ 1,246,460 The rental properties owned at December 31, 2018 are leased under non-cancellable operating leases with current expirations ranging from 2019 to 2038 , with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index. Commitments and Contractual Obligations Ground Lease Obligation In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates through 2050 . Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the years ended December 31, 2018 and 2017 was approximately $2.8 million and $2.1 million , respectively. The Company was not a lessee to any ground leases in 2016 . Refer to Note 18, “Commitments and Contingencies” for the details of future minimum rental payments on noncancelable ground lease on real estate as of December 31, 2018 . Real Estate Asset Acquisitions The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2018 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements (2) Building and Improvements (2) Furniture, Fixtures and Equipment Lease Intangible Assets (2) Other Assets Other Liabilities July Office - Norway 26 $ 318,860 $ 60,510 $ 271,983 $ — $ 25,287 $ — $ (38,920 ) August Hotel - Dallas, TX 1 75,663 8,216 61,580 3,947 465 2,023 (568 ) August Industrial - Various in U.S. 2 292,000 66,844 189,105 — 36,051 — — September Hotel - Pittsburgh, PA 1 42,315 7,247 26,363 3,025 1,408 4,392 (120 ) $ 728,838 $ 142,817 $ 549,031 $ 6,972 $ 63,211 $ 6,415 $ (39,608 ) ______________________________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rate as of the respective dates of acquisitions, where applicable. (2) Useful life of real estate acquired is 30 to 40 years for buildings, 8 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1.5 to 20 years for lease intangibles. Real Estate Sale In October 2018, the Company completed the sale of the real estate held for sale for a sales price of $177.0 million . In connection with the sale, the Company recorded a $2.4 million impairment loss for the year ended December 31, 2018 . The write down to fair value less cost to sell was calculated based on contracted sales price. Refer to Note 15, “Fair Value” for further detail. The real estate sold during the year ended December 31, 2018 did not constitute discontinued operations, as the Company is not entirely exiting markets or property types and such sale did not represent a strategic shift.

Deferred Leasing Costs and Othe

Deferred Leasing Costs and Other Intangibles	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Leasing Costs and Other Intangibles	Deferred Leasing Costs and Other Intangibles The Company’s deferred leasing costs, other intangible assets and intangible liabilities at December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 115,778 $ (27,120 ) $ 88,658 Deferred leasing costs 39,130 (6,848 ) 32,282 Above-market lease values 16,203 (3,883 ) 12,320 Other intangibles 906 (134 ) 772 Below-market ground lease obligations 52 (16 ) 36 $ 172,069 $ (38,001 ) $ 134,068 Intangible Liabilities Below-market lease values $ 19,374 $ (4,278 ) $ 15,096 December 31, 2017 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 9,214 $ (2,657 ) $ 6,557 Deferred leasing costs 3,671 (657 ) 3,014 Above-market lease values 1,682 (283 ) 1,399 Below-market ground lease obligations 52 (8 ) 44 $ 14,619 $ (3,605 ) $ 11,014 Intangible Liabilities Below-market lease values $ 51 $ (15 ) $ 36 The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the years ended December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, 2018 2017 Above-market lease values $ (4,277 ) $ (283 ) Below-market lease values 4,329 15 Net increase (decrease) to property operating income $ 52 $ (268 ) Below-market ground lease obligations $ 8 $ 8 Increase to property operating expense $ 8 $ 8 In-place lease values $ 27,239 $ 2,657 Deferred leasing costs 7,343 655 Other intangibles 134 — Amortization expense $ 34,716 $ 3,312 The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities for each of the next five years and thereafter as of December 31, 2018 (dollars in thousands): 2019 2020 2021 2022 2023 2024 and thereafter Total Above-market lease values $ 3,771 $ 3,162 $ 1,998 $ 1,422 $ 744 $ 1,223 $ 12,320 Below-market lease values (4,498 ) (4,052 ) (3,848 ) (2,415 ) (177 ) (106 ) (15,096 ) Net increase (decrease) to property operating income $ (727 ) $ (890 ) $ (1,850 ) $ (993 ) $ 567 $ 1,117 $ (2,776 ) Below-market ground lease obligations $ 8 $ 8 $ 8 $ 8 $ 4 $ — $ 36 Increase to property operating expense $ 8 $ 8 $ 8 $ 8 $ 4 $ — $ 36 In-place lease values $ 16,540 $ 13,892 $ 10,905 $ 7,758 $ 4,935 $ 34,628 $ 88,658 Deferred leasing costs 7,083 6,227 4,992 3,711 2,477 7,792 32,282 Other intangibles 472 300 — — — — 772 Amortization expense $ 24,095 $ 20,419 $ 15,897 $ 11,469 $ 7,412 $ 42,420 $ 121,712

Restrictred Cash, Other Assets

Restrictred Cash, Other Assets and Accrued and Other Liabilities	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restrictred Cash, Other Assets and Accrued and Other Liabilities	Restricted Cash, Other Assets and Accrued and Other Liabilities The following table presents a summary of restricted cash as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash: Borrower escrow deposits $ 65,995 $ 36,960 Capital expenditure reserves 17,440 4,875 Working capital and other reserves 8,396 66 Real estate escrow reserves 7,304 — Tenant lock boxes 5,642 — Restricted cash of consolidated Securitization 2016-1 3,293 — Other 2,076 — Total $ 110,146 $ 41,901 The following table presents a summary of other assets as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Other assets: Prepaid taxes and deferred tax assets $ 32,878 $ 1,050 Derivative asset 14,139 117 Deferred financing costs, net - credit facilities 9,415 — Prepaid expenses 5,574 360 Total $ 62,006 $ 1,527 The following table presents a summary of accrued and other liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Accrued and other liabilities: Current and deferred tax liability $ 36,730 $ 120 Accounts payable, accrued expenses and other liabilities 29,151 3,532 Interest payable 21,576 924 Prepaid rent and unearned revenue 10,481 481 Derivative liability 6,042 — Tenant security deposits 2,207 118 Total $ 106,187 $ 5,175

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt The following table presents debt as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Securitization bonds payable, net 2014 FL1 (3) Non-recourse Apr-31 LIBOR + 3.28% $ 25,549 $ 25,549 $ 27,119 $ 27,004 2014 FL2 (3) Non-recourse Nov-31 LIBOR + 4.25% 18,320 18,320 55,430 55,430 2015 FL3 (3) Non-recourse NA NA — — 26,245 26,245 Securitization 2016-1 (3) Non-recourse Sep-31 LIBOR + 4.12% 37,503 37,503 — — Subtotal securitization bonds payable, net 81,372 81,372 108,794 108,679 Mortgage and other notes payable, net Net lease 1 Non-recourse Oct-27 4.45% 24,606 24,606 25,074 25,022 Net lease 2 Non-recourse Nov-26 4.45% 3,484 3,378 3,544 3,425 Net lease 3 Non-recourse Nov-26 4.45% 7,519 7,290 7,647 7,390 December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Net lease 4 Non-recourse Jun-21 4.00% 12,786 12,648 13,133 12,939 Net lease 5 Non-recourse Jul-23 LIBOR + 2.15% 2,078 2,024 2,482 2,416 Net lease 6 Non-recourse Aug-26 4.08% 32,378 32,054 32,600 32,234 Net lease 7 (4) Non-recourse Nov-26 4.45% 18,917 18,342 19,241 18,593 Net lease 8 Non-recourse Mar-28 4.38% 12,434 11,920 — — Net lease 9 Non-recourse Apr-21 (5) LIBOR+2.50% 73,702 73,696 — — Net lease 10 Non-recourse Jul-25 4.31% 250,000 246,522 — — Net lease 11 (6) Non-recourse Jun-25 3.91% 184,320 186,934 — — Net lease 12 Non-recourse Sep-33 4.77% 200,000 198,449 — — Multifamily 1 Non-recourse Dec-23 4.84% 43,500 44,008 — — Multifamily 2 Non-recourse Dec-23 4.94% 43,000 43,501 — — Multifamily 3 Non-recourse Jan-24 5.15% 16,000 16,561 — — Multifamily 4 (7) Non-recourse Dec-20 5.27% 11,964 12,228 — — Multifamily 5 Non-recourse Nov-26 3.98% 24,289 23,485 — — Office 1 Non-recourse Oct-24 4.47% 108,850 109,779 — — Office 2 Non-recourse Jan-25 4.30% 76,448 75,620 — — Office 3 Non-recourse Apr-23 LIBOR + 4.00% 31,126 29,974 — — Hotel development loan (8) Non-recourse NA NA — — 130,000 128,649 Hotel A-Note (9) Non-recourse NA NA — — 50,314 50,314 Subtotal mortgage and other notes payable, net 1,177,401 1,173,019 284,035 280,982 Bank credit facility Bank credit facility $ 525,000 Recourse Feb-23 (10) LIBOR + 2.25% 295,000 295,000 — — Subtotal bank credit facility 295,000 295,000 — — Master repurchase facilities Bank 1 facility 3 $ 300,000 Limited Recourse (11) Apr-23 (12) LIBOR + 2.00% (13) 143,400 143,400 — — Bank 2 facility 3 200,000 Limited Recourse (11) Oct-22 (14) LIBOR + 2.50% (13) 22,750 22,750 — — Bank 3 facility 3 500,000 Limited Recourse (11) Apr-21 LIBOR + 2.32% (13) 352,108 352,108 — — Bank 7 facility 1 500,000 Limited Recourse (11) Apr-22 (15) LIBOR + 1.89% (13) 308,434 308,434 — — Bank 8 facility 1 250,000 Limited Recourse (11) Jun-21 (16) LIBOR + 2.00% (13) 53,596 53,596 — — Bank 9 facility 1 300,000 Limited Recourse (11) Nov-23 (17) (18) — — — — Subtotal master repurchase facilities $ 2,050,000 880,288 880,288 — — CMBS credit facilities Bank 1 facility 1 Recourse (19) LIBOR + 1.10% (13) 18,542 18,542 — — Bank 1 facility 2 Recourse (19) LIBOR + 1.10% (13) 17,237 17,237 — — Bank 3 facility Recourse (19) NA — — — — Bank 4 facility Recourse (19) NA — — — — Bank 5 facility 1 Recourse (19) NA — — — — Bank 5 facility 2 Recourse (19) NA — — — — Bank 6 facility 1 Recourse (19) LIBOR + 1.29% (13) 80,838 80,838 — — Bank 6 facility 2 Recourse (19) LIBOR + 1.12% (13) 74,013 74,013 — — Subtotal CMBS credit facilities 190,630 190,630 — — Subtotal credit facilities 1,365,918 1,365,918 — — December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Total $ 2,624,691 $ 2,620,309 $ 392,829 $ 389,661 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years. (4) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (5) The current maturity of the mortgage payable is April 2019, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (6) As of December 31, 2018, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $184.3 million . The mortgage payable was assumed in July 2018. (7) Represents two separate senior mortgage notes with a weighted average maturity of December 1, 2020 and weighted average interest rate of 5.27% . (8) A development loan originated by the Company was restructured into a senior and junior note, with the senior note assumed by a third-party lender. The Company accounted for the transfer of the senior note as a financing transaction. The senior note bore interest at one-month London Interbank Offered Rate (“LIBOR”) plus 3.5% , with a 4.0% floor, and was subject to two one -year extension options on its initial term, exercisable by the borrower. The investment entity that held the debt was deconsolidated upon closing of the Combination (refer to Note 2, “Summary of Significant Accounting Policies”). (9) Represents the Company’s senior participation interest in a first mortgage loan that was transferred at cost into a securitization trust with the transfer accounted for as a secured financing transaction. The Company did not retain any legal interest in the senior participation and retained the junior participation on an unleveraged basis. (10) The abilities to borrow additional amounts terminates on February 1, 2022 at which time the Company may, at its election, extend the termination date for two additional six -month terms. (11) Recourse solely with respect to 25.0% of the financed amount. (12) The next maturity date is April 2021, with two one -year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (13) Represents the weighted average spread as of December 31, 2018 . The contractual interest rate depends upon asset type and characteristics and ranges from one -month to three -month LIBOR plus 1.10% to 2.63% . (14) The next maturity date is October 2019, with three one -year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (15) The next maturity date is April 2021, with a one -year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (16) The next maturity date is June 2020, with a one -year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (17) The next maturity date is November, 2021, with two one -year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (18) The interest rate will be determined by the lender in its sole discretion. (19) The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from one to two months. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments at December 31, 2018 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Year Ending December 31, Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit 2019 $ 193,174 $ — $ 2,544 $ 190,630 2020 14,607 — 14,607 — 2021 493,930 — 88,226 405,704 2022 333,704 — 2,520 331,184 2023 471,945 — 120,045 438,400 2024 and thereafter 1,117,331 81,372 949,459 — Total $ 2,624,691 $ 81,372 $ 1,177,401 $ 1,365,918 Bank Credit Facility On February 1, 2018 , the Company, through subsidiaries, including the OP, entered into a credit agreement with several lenders to provide a revolving credit facility in the aggregate principal amount of up to $400.0 million (the “Bank Credit Facility”). On December 17, 2018, the aggregate amount of revolving commitments was increased to $525.0 million . The Bank Credit Facility will mature on February 1, 2022 , unless the OP elects to extend the maturity date for up to two additional six -month terms. The maximum amount available for borrowing at any time under the Bank Credit Facility is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. At December 31, 2018 , the borrowing base valuation was sufficient to support the outstanding principal amount of $295.0 million . Advances under the Bank Credit Facility accrue interest at a per annum rate equal to, at the applicable borrower’s election, either a LIBOR rate plus a margin of 2.25% , or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.25% at December 31, 2018 ), depending upon the amount of facility utilization. Substantially all material wholly owned subsidiaries of the Company guarantee the obligations of the Company and any other borrowers under the Bank Credit Facility. As security for the advances under the Bank Credit Facility, the Company pledged substantially all equity interests it owns and granted a security interest in deposit accounts in which the proceeds of investment asset distributions are maintained. The Bank Credit Facility contains various affirmative and negative covenants including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as specified in the Bank Credit Facility. At December 31, 2018 , the Company was in compliance with all of the financial covenants. Subsequent to December 31, 2018 , the total commitment of the Bank Credit Facility was increased to $560.0 million . See Note 21, “Subsequent Events,” for further discussion. Securitization Financing Transactions Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans. As of December 31, 2018 , the Company had $286.2 million carrying value of CRE debt investments financed with $81.4 million of securitization bonds payable, net. Master Repurchase Facilities As of December 31, 2018 , the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.1 billion to finance the origination of first mortgage loans and senior loan participations secured by CRE debt investments (“Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of December 31, 2018 , the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities. As of December 31, 2018 , the Company had $1.2 billion carrying value of CRE debt investments financed with $880.3 million under the master repurchase facilities. On April 20, 2018, the Company, through subsidiaries, consolidated two prior master purchase agreements by entering into an Amended and Restated Master Repurchase and Securities Contract Agreement (“Bank 3 Facility 3”). The Repurchase Agreement provides up to $500.0 million to finance first mortgage loans, senior loan participations and other commercial mortgage loan debt instruments secured by commercial real estate. On April 23, 2018, the Company, through subsidiaries, entered into a Master Repurchase Agreement (“Bank 1 Facility 3”). The Repurchase Agreement provides up to $300.0 million to finance first mortgage loans, senior loan participations and other commercial mortgage loan debt instruments secured by commercial real estate. On April 26, 2018, the Company entered into a Master Repurchase Agreement with a major financial institution through a subsidiary (“Bank 7 Facility 1”). This agreement provides up to $500.0 million to finance the Company’s lending activities. On June 19, 2018, the Company entered into a Master Repurchase Agreement with a major financial institution through a subsidiary (“Bank 8 Facility 1”). This agreement provides up to $250.0 million to finance the Company’s lending activities. On October 23, 2018, the Company, through subsidiaries, terminated Bank 2 Facility 2 and entered into a Master Repurchase Agreement with Bank 2 (“Bank 2 Facility 3”). This agreement provides up to $200.0 million to finance the Company’s lending activities. On November 2, 2018, the Company entered into a Master Repurchase and Securities Contract with a major financial institution through a subsidiary (“Bank 9 Facility 1”). This agreement provides up to $300.0 million to finance the Company’s lending activities. CMBS Credit Facilities As of December 31, 2018 , the Company has entered into eight master repurchase agreements (collectively the “CMBS Credit Facilities”) to finance CMBS investments. The CMBS Credit Facilities are on a recourse basis and contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. As of December 31, 2018 , the Company had $226.6 million carrying value of CRE securities financed with $164.3 million under its CMBS Credit Facilities. As of December 31, 2018 , the Company had $49.9 million carrying value of underlying investments in the subordinate tranches of the securitization trusts financed with $26.3 million under its CMBS Credit Facilities.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Management Agreement On January 31, 2018 , the Company and the OP entered into a management agreement (the “Management Agreement”) with the Manager, pursuant to which the Manager manages the Company’s assets and its day-to-day operations. The Manager will be responsible for, among other matters, (1) the selection, origination, acquisition, management and sale of the Company’s portfolio investments, (2) the Company’s financing activities and (3) providing the Company with investment advisory services. The Manager is also responsible for the Company’s day-to-day operations and will perform (or will cause to be performed) such services and activities relating to the Company’s investments and business and affairs as may be appropriate. The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the board of directors. Each of the Company’s executive officers is also an employee of the Manager or its affiliates. The Manager’s role as Manager will be under the supervision and direction of the Company’s board of directors. The initial term of the Management Agreement expires on the third anniversary of the Closing Date and will be automatically renewed for a one-year term each anniversary date thereafter unless earlier terminated as described below. The Company’s independent directors review the Manager’s performance and the fees that may be payable to the Manager annually and, following the initial term, the Management Agreement may be terminated if there has been an affirmative vote of at least two-thirds of the Company’s independent directors determining that (1) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) the compensation payable to the Manager, in the form of base management fees and incentive fees taken as a whole, or the amount thereof, is not fair to the Company, subject to the Manager’s right to prevent such termination due to unfair fees by accepting reduced compensation as agreed to by at least two-thirds of the Company’s independent directors. The Company must provide the Manager 180 days’ prior written notice of any such termination. The Company may also terminate the Management Agreement for cause (as defined in the Management Agreement) at any time, including during the initial term, without the payment of any termination fee, with at least 30 days’ prior written notice from the Company’s board of directors. Unless terminated for cause, the Manager will be paid a termination fee as described below. The Manager may terminate the Management Agreement if the Company becomes required to register as an investment company under the Investment Company Act with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. The Manager may decline to renew the Management Agreement by providing the Company with 180 days’ prior written notice, in which case the Company would not be required to pay a termination fee. The Manager may also terminate the Management Agreement with at least 60 days’ prior written notice if the Company breaches the Management Agreement in any material respect or otherwise is unable to perform its obligations thereunder and the breach continues for a period of 30 days after written notice to the Company, in which case the Manager will be paid a termination fee as described below. Fees to Manager Base Management Fee The base management fee payable to the Manager is equal to 1.5% of the Company’s stockholders’ equity (as defined in the Management Agreement), per annum ( 0.375% per quarter), payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the net proceeds received by the Company (or, without duplication, the Company’s direct subsidiaries, such as the OP) from all issuances of the Company’s or such subsidiaries’ common and preferred equity securities since inception (allocated on a pro rata basis for such issuances during the calendar quarter of any such issuance), plus (2) the Company’s cumulative core earnings (as defined in the Management Agreement) from and after the Closing Date to the end of the most recently completed calendar quarter, less (b)(1) any distributions to the Company’s common stockholders (or owners of common equity of the Company’s direct subsidiaries, such as the OP, other than the Company or any of such subsidiaries), (2) any amount that the Company or any of the Company’s direct subsidiaries, such as the OP, have paid to (x) repurchase for cash the Company’s common stock or common equity securities of such subsidiaries or (y) repurchase or redeem for cash the Company’s preferred equity securities or preferred equity securities of such subsidiaries, in each case since the Closing Date and (3) any incentive fee (as described below) paid to the Manager since the Closing Date. For the year ended December 31, 2018 , the total management fee expense incurred was $43.2 million . As of December 31, 2018 there was $11.5 million of unpaid management fee included in due to related party in the Company’s consolidated balance sheets. Incentive Fee The incentive fee payable to the Manager is equal to the difference between (i) the product of (a) 20% and (b) the difference between (1) core earnings (as defined in the Management Agreement) for the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), including the current quarter, and (2) the product of (A) common equity (as defined in the Management Agreement) in the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), and (B) 7% per annum and (ii) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), provided, however, that no incentive fee is payable with respect to any calendar quarter unless core earnings (as defined in the Management Agreement) is greater than zero for the most recently completed 12 calendar quarters (or the Closing Date if it has been less than 12 calendar quarters since the Closing Date). The Company did not incur any incentive fees during the year ended December 31, 2018 . Reimbursements of Expenses Reimbursement of expenses related to the Company incurred by the Manager, including legal, accounting, financial, due diligence and other services are paid on the Company’s behalf by the OP or its designee(s). The Company reimburses the Manager for the Company’s allocable share of the salaries and other compensation of the Company’s chief financial officer and certain of its affiliates’ non-investment personnel who spend all or a portion of their time managing the Company’s affairs, and the Company’s share of such costs are based upon the percentage of such time devoted by personnel of our Manager (or its affiliates) to the Company’s affairs. The Company may be required to pay the Company’s pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its affiliates required for the Company’s operations. For the year ended December 31, 2018 , the total reimbursements of expenses incurred by the Manager on behalf of the Company and reimbursable in accordance with the Management Agreement was $10.4 million and is included in administrative expense on the consolidated statements of operations. As of December 31, 2018 , there was $3.5 million unpaid expenses included in due to related party in the Company’s consolidated balance sheets. Other Payables to Manager Other payables to the Manager include Combination related adjustments that consist of certain cash contributions from and distributions to Colony Capital or its subsidiaries on behalf of the CLNY Contributed Portfolio. For the year ended December 31, 2018 , the other payables to Manager was $6.9 million and the net liabilities assumed in the Combination was $6.4 million . Both of these were paid during the year ended December 31, 2018 . Manager Equity Plan In March 2018, the Company granted 978,946 shares to its non-independent directors, officers and the Manager and/or employees thereof under the 2018 Equity Incentive Plan (the “2018 Plan”), of which 864,841 remain granted and unvested as of December 31, 2018 . In connection with this grant, the Company recognized share-based compensation expense of $6.8 million to its Manager within administrative expense in the consolidated statement of operations for the year ended December 31, 2018 . See Note 12, “Equity-Based Compensation” for further discussion of the 2018 Plan. Expense Allocations For the years ended December 31, 2017 and 2016 , the Company’s consolidated financial statements present the operations of the CLNY Investment Entities as carved out from the financial statements of Colony Capital. Certain general and administrative costs borne by Colony Capital, including, but not limited to, compensation and benefits, and corporate overhead, have been allocated to the CLNY Investment Entities using reasonable allocation methodologies. Such costs do not necessarily reflect what the actual general and administrative costs would have been if the CLNY Investment Entities had been operating as a separate stand-alone public company. For the years ended December 31, 2017 and 2016 , a total of $12.7 million and $15.4 million , respectively, of allocated expenses are included as a component of administrative expenses in the Company’s consolidated statements of operations. Investment Activity All investment acquisitions are approved in accordance with the Company’s investment and related party guidelines, which may include approval by either the audit committee or disinterested members of the Company’s board of directors. No investment by the Company will require approval under the related party transaction policy solely because such investment constitutes a co-investment made by and between the Company and any of its subsidiaries, on the one hand, and one or more investment vehicles formed, sponsored, or managed by an affiliate of the Manager on the other hand. In November 2016, NorthStar II entered into a $284.2 million securitization financing transaction (“Securitization 2016-1”). Securitization 2016-1 was collateralized by a pool of 10 CRE debt investments with a committed aggregate principal balance of $254.7 million primarily originated by NorthStar II and three senior participations with a committed aggregate principal balance of $29.5 million originated by NorthStar I. An affiliate of the Manager was appointed special servicer of Securitization 2016-1. The transaction was approved by the NorthStar II’s board of directors, including all of its independent directors. Securitization 2016-1 was assumed by the Company in connection with the Combination. In July 2017, NorthStar II entered into a joint venture with an affiliate of the Manager to make a $60.0 million investment in a $180.0 million mezzanine loan which was originated by such affiliate of the Manager. The transaction was approved by NorthStar II’s board of directors, including all of its independent directors. The investment was purchased by the Company in connection with the Combination. In June 2018 , the Company increased its commitment to $101.8 million in connection with the joint venture bifurcating the mezzanine loan into a mezzanine loan and a preferred equity investment. As of December 31, 2018 , the Company had an unfunded commitment of $18.4 million remaining. The Company’s interest in both the underlying mezzanine loan and preferred equity investment is 31.8% , and the affiliate entities own the remaining 68.2% . Both the underlying mezzanine loan and preferred equity investment carry a fixed 12.9% interest rate. This investment is recorded in investments in unconsolidated ventures in the Company’s consolidated balance sheets. In May 2018 , the Company acquired an $89.1 million (at par) preferred equity investment in an investment vehicle that owns a seven-property office portfolio located in the New York metropolitan area from an affiliate of the Company’s Manager. The affiliate has a 27.2% ownership interest in the borrower. The preferred equity investment carries a fixed 12.0% interest rate. This investment is recorded in loans and preferred equity held for investment, net in the Company’s consolidated balance sheets. In July 2018 , the Company acquired a $326.8 million Class A office campus located in Norway from an affiliate of the Company’s Manager. In connection with the purchase, the Company assumed senior mortgage financing from a private bond issuance of $197.7 million . The bonds have a seven -year term remaining, and carry a fixed interest rate of 3.91% . In July 2018 , the Company entered into a joint venture to invest in a development project for land and a Grade A office building in Ireland. The Company agreed to invest up to $69.9 million of the $139.7 million total commitment. The Company co-invested along with two affiliates of the Manager, with the Company owning 50.0% of the joint venture and the affiliate entities owning the remaining 50.0% . The joint venture invested in a senior mortgage loan of $66.7 million with a fixed interest rate of 12.5% and a maturity date of 3.5 years from origination and common equity. In October 2018 , the Company entered into a joint venture to invest in a mixed-use development project in Ireland. The Company agreed to invest up to $162.4 million of the $266.5 million total commitment. The Company co-invested along with two affiliates of the Manager, with the Company owning 61.0% of the joint venture and the affiliate entities owning the remaining 39.0% . The joint venture will invest in a senior mortgage loan with a fixed interest rate of 15.0% and a maturity date of 2.0 years from origination. In October 2018 , the Company acquired a $20.0 million mezzanine loan from an affiliate of the Company’s Manager, secured by a pledge of an ownership interest in a luxury condominium development project located in New York, NY. The loan bears interest at 9.5% plus LIBOR.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation On January 29, 2018 the Company’s board of directors adopted the 2018 Plan. The 2018 Plan permits the grant of awards with respect to 4.0 million shares of the Class A common stock, subject to adjustment pursuant to the terms of the 2018 Plan. Awards may be granted under the 2018 Plan to (x) the Manager or any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, the Manager or their affiliates and (y) any other individual whose participation in the 2018 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2018 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards. Shares subject to an award granted under the 2018 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2018 Plan will again become available for issuance under the 2018 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2018 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. The shares granted to the independent directors of the Company under the 2018 Plan vest in May 2019 . Shares granted to non-independent directors, officers and the Manager under the 2018 Plan vest ratably in three annual installments beginning in March 2018 . The table below summarizes our awards granted, forfeited or vested under the 2018 Plan during the year ended December 31, 2018 : Number of Shares Restricted Stock Total Weighted Average Grant Date Fair Value Unvested Shares at December 31, 2017 — — $ — Granted 1,003,818 1,003,818 19.39 Vested (79,368 ) (79,368 ) 19.39 Forfeited (34,737 ) (34,737 ) 19.39 Unvested shares at December 31, 2018 889,713 889,713 $ 19.39 Fair value of equity awards that vested during the year ended December 31, 2018 , determined based on their respective fair values at vesting date, was $1.5 million . There was no equity-based compensation plan for the years ended December 31, 2017 and 2016 . Fair value of vested awards is determined based on the closing price of the Class A common stock on the date of grant of the awards. Equity-based compensation is classified within administrative expense in the consolidated statement of operations. At December 31, 2018 , aggregate unrecognized compensation cost for all unvested equity awards was $12.4 million , which is expected to be recognized over a weighted-average period of 2.2 years.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Authorized Capital As of December 31, 2018 , the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 905.0 million shares of Class A common stock, 45.0 million shares of Class B-3 common stock, and 50.0 million shares of preferred stock. On February 1, 2019, the Class B-3 common stock converted to Class A common stock. The Company had no shares of preferred stock issued and outstanding as of December 31, 2018 . Dividends During the year ended December 31, 2018 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share February 26, 2018 March 8, 2018 March 16, 2018 $0.145 March 15, 2018 March 29, 2018 April 10, 2018 $0.145 April 16, 2018 April 30, 2018 May 10, 2018 $0.145 May 7, 2018 May 31, 2018 June 11, 2018 $0.145 June 14, 2018 June 29, 2018 July 10, 2018 $0.145 July 16, 2018 July 31, 2018 August 10, 2018 $0.145 August 1, 2018 August 31, 2018 September 10, 2018 $0.145 September 17, 2018 September 28, 2018 October 10, 2018 $0.145 October 17, 2018 October 31, 2018 November 9, 2018 $0.145 November 1, 2018 November 30, 2018 December 10, 2018 $0.145 December 17, 2018 December 31, 2018 January 10, 2019 $0.145 Stock Repurchase Program The Company’s board of directors authorized a stock repurchase program (the “Stock Repurchase Program”), under which the Company may repurchase up to $300.0 million of its outstanding Class A common stock until March 31, 2019 . Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, through tender offers or otherwise in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. As of December 31, 2018 , the Company had not repurchased any shares under the Stock Repurchase Program. On February 22, 2019 , the Company’s board of directors voted to extend the Stock Repurchase Program through March 31, 2020 . Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of Accumulated Other Comprehensive Income (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect. There was no AOCI component in 2017 or 2016. Changes in Components of AOCI - Stockholders (in thousands) Unrealized loss on real estate securities, available for sale Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2017 $ — $ — $ — $ — Other comprehensive income (loss) (1,295 ) 11,037 (10,141 ) (399 ) AOCI at December 31, 2018 $ (1,295 ) $ 11,037 $ (10,141 ) $ (399 ) Changes in Components of AOCI - Noncontrolling Interests in the OP (in thousands) Unrealized loss on real estate securities, available for sale Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2017 $ — $ — $ — $ — Other comprehensive income (loss) (32 ) 268 (246 ) (10 ) AOCI at December 31, 2018 $ (32 ) $ 268 $ (246 ) $ (10 )

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Noncontrolling interests include the aggregate limited partnership interests in the OP held by RED REIT. Net loss attributable to the noncontrolling interests is based on the limited partners’ ownership percentage of the OP and was $4.1 million for the year ended December 31, 2018 . Investment Entities Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net loss attributable to noncontrolling interests in the investment entities for the year ended December 31, 2018 was $4.8 million . Net income attributable to noncontrolling interests in the investment entities for the years ended December 31, 2017 and 2016 was $39.4 million and $33.0 million , respectively.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Determination of Fair Value The following is a description of the valuation techniques used to measure fair value of assets accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy. PE Investments The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company considers cash flow and NAV information provided by general partners of the underlying funds (“GP NAV”) and the implied yields of those funds in valuing its PE Investments. The Company also considers the values derived from the valuation model as a percentage of GP NAV, and compares the resulting percentage of GP NAV to precedent transactions, independent research, industry reports as well as pricing discovery from a potential outcome related to the disposition of its PE Investments. The Company may, as a result of that comparison, apply a mark-to-market adjustment. The Company has not elected the practical expedient to measure the fair value of its PE Investments using the NAV of the underlying funds. Real Estate Securities CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market. Investing VIEs As discussed in Note 6, “Real Estate Securities, Available for Sale,” the Company has elected the fair value option for the financial assets and liabilities of the consolidated Investing VIEs. The Investing VIEs are “static,” that is no reinvestment is permitted and there is very limited active management of the underlying assets. The Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the Investing VIEs are more observable, but in either case, the methodology results in the fair value of the assets of the securitization trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of the securitization trusts are more observable, since market prices for the liabilities are available from a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The financial assets of the securitization trusts are not readily marketable and their fair value measurement requires information that may be limited in availability. In determining the fair value of the trusts’ financial liabilities, the dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s collateralized mortgage obligations are classified as Level 2 of the fair value hierarchy, where a third-party pricing service or broker quotations are available, and as Level 3 of the fair value hierarchy, where internal price is utilized which may have less observable pricing. In accordance with ASC 810, Consolidation , the assets of the securitization trusts are an aggregate value derived from the fair value of the trust’s liabilities, and the Company has determined that the valuation of the trust’s assets in their entirety including its retained interests from the securitizations (eliminated in consolidation in accordance with U.S. GAAP) should be classified as Level 3 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider. 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. Fair Value Hierarchy Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of December 31, 2018 and 2017 by level within the fair value hierarchy (dollars in thousands): December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in unconsolidated ventures (1) $ — $ — $ 160,851 $ 160,851 $ — $ — $ 24,417 $ 24,417 Real estate securities, available for sale — 228,185 — 228,185 — — — — Mortgage loans held in securitization trusts, at fair value — — 3,116,978 3,116,978 — — — — Other assets - derivative assets — 14,139 — 14,139 — — — — Liabilities: Mortgage obligations issued by securitization trusts, at fair value $ — $ 2,973,936 $ — $ 2,973,936 $ — $ — $ — $ — Other liabilities - derivative liabilities — 6,042 — 6,042 — — — — ______________________________________ (1) Represents PE Investments for which the Company elected the fair value option. The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the years ended December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 PE Investments Mortgage loans held in securitization trusts (1) PE Investments Beginning balance $ 24,417 $ — $ — Contributions (2) /purchases 248,390 3,327,199 72,325 Distributions/paydowns (78,424 ) (147,824 ) (49,344 ) Equity in earnings 21,709 — 6,829 Unrealized loss in earnings (55,241 ) (58,950 ) (5,393 ) Realized loss in earnings — (3,447 ) — Ending balance $ 160,851 $ 3,116,978 $ 24,417 _________________________________________ (1) For the year ended December 31, 2018 , unrealized loss of $59.0 million related to mortgage loans held in securitization trusts, at fair value was offset by unrealized gain of $64.0 million related to mortgage obligations issued by securitization trusts, at fair value. (2) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings. For the years ended December 31, 2018 and 2017 , the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. For the years ended December 31, 2018 and 2017 , the key unobservable inputs used in the analysis of PE Investments included discount rates with a range of 11.0% to 15.0% and 11.1% to 12.4% , respectively, and timing and amount of expected future cash flows. For the years ended December 31, 2018 and 2017 , the Company applied additional mark-to-market adjustments based on a percentage of GP NAV with a weighted average of 11.2% and 1.0% , respectively. For the year ended December 31, 2018 , the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included yields ranging from 14.5% to 19.0% and a weighted average life of 5.4 years. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs. For the years ended December 31, 2018 and 2017 , the Company recorded an unrealized loss on PE Investments of $55.2 million and $5.4 million , respectively. These amounts, when incurred, are recorded as equity in earnings of unconsolidated ventures in the consolidated statements of operations. For the year ended December 31, 2018 , the Company recorded a net unrealized gain of $5.0 million related to mortgage loans held in and mortgage obligations issued by securitization trusts, at fair value, respectively. These amounts, when incurred, are recorded as unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. For the year ended December 31, 2018 , the Company recorded a realized loss of $3.4 million on mortgage loans held in securitization trusts, at fair value. The loss was due to lower than expected future cash flows on a subordinate tranche of a securitization trust. This amount is recorded as realized loss on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. Fair Value Option The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. The Company elected the fair value option for PE Investments and eligible financial assets and liabilities of its consolidated Investing VIEs because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. As of December 31, 2018 and 2017 , the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities. Fair Value of Financial Instruments In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans and preferred equity held for investment, net $ 2,129,857 (2) $ 2,020,497 $ 2,025,216 $ 1,307,740 (2) $ 1,300,784 $ 1,311,783 Financial liabilities: (1) Securitization bonds payable, net $ 81,372 $ 81,372 $ 81,372 $ 108,794 $ 108,679 $ 108,974 Mortgage notes payable, net 1,177,401 1,173,019 1,177,669 284,035 280,982 282,333 Master repurchase facilities 1,365,918 1,365,918 1,365,918 — — — _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $135.0 million and $19.2 million as of December 31, 2018 and 2017 , respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Loans and Preferred Equity Held for Investment, Net For loans and preferred equity held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Carrying values of loans and preferred equity held for investment are presented net of allowance for loan losses, where applicable. Securitization Bonds Payable, Net Securitization bonds payable, net are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Mortgage and Other Notes Payable, Net For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Master Repurchase Facilities The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of the reporting date, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Other The carrying values of cash and cash equivalents, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risk, if any, are negligible. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment (dollars in thousands): December 31, 2018 Level 1 Level 2 Level 3 Total Real estate, net $ — $ — $ 78,312 $ 78,312 There were no assets carried at fair value on a nonrecurring basis at December 31, 2017 . The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented (dollars in thousands): Year Ended December 31, 2018 Impairment of operating real estate: Real estate, net $ 29,378 Real estate held for sale 2,435 There was no impairment loss recorded for the year ended December 31, 2017 . Real Estate, net—Impaired real estate held for investment consisted of three properties in the Company’s net lease and other segments, resulting from one or more changes including the reduction in the estimated holding period of these properties, tenant vacancy, rent reductions as well as exposure to the retail and student housing markets. Fair value of the impaired properties were determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price generally based on broker price opinions, and applying terminal capitalization rates ranging from 6.0% to 12.0% and discount rates ranging from 8.0% to 12.0% . Real Estate Held For Sale—The write down to fair value less cost to sell was recorded based on contracted sales price and classified as Level 2 of the fair value hierarchy. In October 2018, the Company completed the sale of the real estate held for sale for a sales price of $177.0 million . Impairment is discussed in further detail in Note 7, “Real Estate, net.”

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign 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 non-designated hedges. As of December 31, 2018 , fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 11,312 $ 2,796 $ 14,108 Interest rate contracts — 31 31 Included in other assets $ 11,312 $ 2,827 $ 14,139 Derivative Liabilities Foreign exchange contracts $ (10 ) $ — $ (10 ) Interest rate contracts — (6,032 ) (6,032 ) Included in accrued and other liabilities $ (10 ) $ (6,032 ) $ (6,042 ) As of December 31, 2018 , counterparties held $5.5 million in cash collateral for the derivative contracts. The following table summarizes the foreign exchange and interest rate contracts as of December 31, 2018 : Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Designated Non-Designated FX Forward EUR € 194,495 € — December 2019 - June 2023 FX Forward NOK NOK 585,600 NOK 322,100 July 2019 - July 2023 Interest Rate Swap USD $ — $ 374,258 April 2019 - August 2028 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the year ended December 31, 2018 (dollars in thousands): Year Ended December 31, 2018 Other gain (loss), net Non-designated foreign exchange contracts $ 2,796 Non-designated interest rate contracts (6,001 ) $ (3,205 ) Accumulated other comprehensive income (loss) Designated foreign exchange contracts 11,305 Designated interest rate contracts — $ 11,305 Interest Income Non-designated interest rate contracts $ 2,176 At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Any unrealized gain or loss on the dedesignated portion of net investment hedges is transferred into earnings, recorded in other gain (loss), net. During the year ended December 31, 2018 , no gain (loss) was transferred from accumulated other comprehensive income (loss). Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2018 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (Assets) Liabilities Cash Collateral Pledged Derivative Assets Foreign exchange contracts $ 14,108 $ (10 ) $ — $ 14,098 Interest rate contracts 31 — — 31 $ 14,139 $ (10 ) $ — $ 14,129 Derivative Liabilities Foreign exchange contracts $ (10 ) $ 10 $ — $ — Interest rate contracts (6,032 ) — 5,490 (542 ) $ (6,042 ) $ 10 $ 5,490 $ (542 )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local non-U.S. jurisdictions, primarily in Europe. The Company’s current primary sources of income subject to tax are income from its PE Investments, as well as its net lease and other portfolios. The following table provides a summary of the Company’s tax provisions (dollars in thousands): Year Ended December 31, 2018 2017 2016 Current Federal $ (7,534 ) (389 ) (1,248 ) State and local (583 ) (75 ) (273 ) Foreign (588 ) — — Total current tax benefit (expense) (8,705 ) (464 ) (1,521 ) Deferred Federal (27,817 ) (1,760 ) — State and local — 16 — Foreign (537 ) — — Total deferred tax benefit (expense) (28,354 ) (1,744 ) — Total income tax benefit (expense) $ (37,059 ) $ (2,208 ) $ (1,521 ) Deferred Income Tax Assets and Liabilities Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities on the consolidated balance sheets. During the year ended December 31, 2018 , the Company recorded a valuation allowance of $43.1 million following an analysis that determined it is more likely than not that some portion of the deferred tax asset related to its PE Investments will not be realized. This conclusion was reached following the $55.2 million unrealized loss recorded during the year on PE Investments, in addition to future income projections. If assumptions or actual conditions change, the deferred tax asset, net of valuation allowance, will be adjusted properly to reflect the expected tax benefit. The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows (dollars in thousands): December 31, 2018 2017 Deferred tax assets Basis difference - investment in partnerships $ 40,205 $ 2,830 Disallowed interest expense carry forwards 2,659 720 Net operating and capital loss carry forwards (1) 3,974 3,410 Other 746 478 Gross deferred tax asset 47,584 7,438 Valuation allowance (46,842 ) (3,764 ) Deferred tax assets, net of valuation allowance $ 742 $ 3,674 Deferred tax liabilities Basis difference - real estate (34,418 ) — Gross deferred tax liabilities (34,418 ) — Net deferred tax asset (liability) $ (33,676 ) $ 3,674 _________________________________________ (1) As of December 31, 2018 and 2017, deferred tax asset was recognized on net operating losses of $15.6 million and $15.4 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2034, or can be carried forward indefinitely. Effective Income Tax The Company’s income tax expense varied from the amount computed by applying the statutory income tax rate to income before income taxes. A reconciliation of the statutory U.S. income tax to the Company’s effective income tax is presented as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Pre-tax income (loss) attributable to taxable entities $ (39,843 ) $ 548 $ 5,308 Federal tax expense (benefit) at statutory tax rate (21%, 35% and 35%, respectively) (8,367 ) 192 1,858 State and local taxes, net of federal income tax benefit (644 ) 12 270 Non-deductible expenses 41 — (1 ) Foreign income tax differential 24 — — Valuation allowance, net 43,078 — — Revaluation of deferred taxes due to "Tax Cuts and Jobs Act" 1,725 212 — Other 1,202 1,792 (606 ) Income tax expense $ 37,059 $ 2,208 $ 1,521 Tax Examinations and Uncertainty in Income Tax The Company is no longer subject to U.S. federal, state and local tax examinations by tax authorities for years prior to 2015 . There were no material uncertain tax positions as of December 31, 2018 . For the years ended December 31, 2018 , 2017 and 2016, the Company has not recognized any interest or penalties related to uncertain tax positions.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2018 , assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments for loans and preferred equity held for investment was $ 105.6 million for senior loans, $ 18.3 million for securitized loans and $11.1 million for mezzanine loans. Total unfunded commitments for equity method investments was $21.5 million . Ground Lease Obligation The following table presents future minimum rental payments, excluding contingent rents, on noncancelable ground leases on real estate as of December 31, 2018 (dollars in thousands): 2019 $ 2,821 2020 2,819 2021 2,804 2022 1,882 2023 1,388 2024 and thereafter 12,998 Total $ 24,712 Litigation and Claims The Company may be involved in the litigation and claims in the ordinary course of the business. As of December 31, 2018 , the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently conducts its business through the following five segments, which are based on how management reviews and manages its business: • Loan Portfolio— Focused on originating, acquiring and asset managing CRE debt investments including first mortgage loans, mezzanine loans, and preferred equity interests as well as participations in such loans. The CRE debt segment also includes ADC loan arrangements accounted for as equity method investments. • CRE Debt Securities— Focused on investing in CMBS (including “B-pieces” of a CMBS securitization pool) or CRE CLOs (collateralized by pools of CRE debt instruments). • Net Leased Real Estate— Focused on direct investments in commercial real estate with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. • Other— The other segment includes direct investments in non-core operating real estate such as multi-tenant office and multifamily residential assets as well as PE Investments. The other segment also includes real estate acquired in settlement of loans. • Corporate— The corporate segment includes corporate level asset management and other fees, related party and general and administrative expenses. The Company may also own investments indirectly through a joint venture. Following the Combination, the following changes were made to the Company’s operating segments: • The acquired CRE securities formed the new CRE Debt Securities segment. • The Net Leased Real Estate of the combined organization is aggregated into the Net Leased Real Estate segment. • All non-core operating real estate and PE Investments of the combined organization is aggregated into the Other segment. • The Corporate segment consists of corporate level cash and corresponding interest income, fixed assets, corporate level financing and related interest expense, expense for management fees and cost reimbursement to the Manager, as well as Combination-related transaction costs. The Company primarily generates revenue from net interest income on the loan, preferred equity and securities portfolios, rental and other income from its net leased, multi-tenant office and multifamily real estate assets, as well as equity in earnings of unconsolidated ventures, including from PE Investments. CRE debt securities include the Company’s investment in the subordinate tranches of the securitization trusts which are eliminated in consolidation. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. The following tables present segment reporting for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 Loan CRE Debt Securities Net Leased Real Estate Other Corporate (1) Total Net interest income (expense) $ 99,661 $ 24,778 $ — $ — $ (8,900 ) $ 115,539 Property and other income 171 84 79,460 101,144 1,131 181,990 Management fee expense — — — — (43,190 ) (43,190 ) Property operating expense — — (21,293 ) (52,323 ) — (73,616 ) Transaction, investment and servicing expense (2,278 ) (80 ) (490 ) (452 ) (33,500 ) (36,800 ) Interest expense on real estate — — (26,159 ) (17,278 ) — (43,437 ) Depreciation and amortization — — (40,804 ) (50,182 ) — (90,986 ) Provision for loan loss (113,911 ) — — — — (113,911 ) Impairment of operating real estate — — (7,094 ) (24,719 ) — (31,813 ) Administrative expense (583 ) (1,617 ) (159 ) (37 ) (24,238 ) (26,634 ) Unrealized gain on mortgage loans and obligations held in securitization trusts, net — 1,642 — — 3,361 5,003 Realized loss on mortgage loans and obligations held in securitization trusts, net — (3,447 ) — — — (3,447 ) Other gain (loss), net — (6,032 ) 2,812 454 — (2,766 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes (16,940 ) 15,328 (13,727 ) (43,393 ) (105,336 ) (164,068 ) Equity in earnings (losses) of unconsolidated ventures 57,306 — — (33,532 ) — 23,774 Income tax expense — — (1,125 ) (35,934 ) — (37,059 ) Net income (loss) $ 40,366 $ 15,328 $ (14,852 ) $ (112,859 ) $ (105,336 ) $ (177,353 ) _________________________________________ (1) Includes income earned from the CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the year ended December 31, 2018 , $3.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The corresponding interest expense is recorded in net interest income in the Corporate column. Year Ended December 31, 2017 Loan Net Leased Real Estate Other Corporate Total Net interest income $ 119,195 $ — $ — $ — $ 119,195 Property and other income 3,139 21,402 — — 24,541 Property operating expense (2,291 ) (5,687 ) — — (7,978 ) Transaction, investment and servicing expense (2,303 ) (250 ) (17 ) — (2,570 ) Interest expense on real estate — (5,095 ) — — (5,095 ) Depreciation and amortization (329 ) (8,808 ) — — (9,137 ) Provision for loan loss (518 ) — — — (518 ) Administrative expense (858 ) (83 ) (7 ) (11,721 ) (12,669 ) Other gain (loss), net (400 ) 10 — — (390 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 115,635 1,489 (24 ) (11,721 ) 105,379 Equity in earnings of unconsolidated ventures 23,273 — 1,436 — 24,709 Income tax expense (87 ) — (2,121 ) — (2,208 ) Net income (loss) $ 138,821 $ 1,489 $ (709 ) $ (11,721 ) $ 127,880 Year Ended December 31, 2016 Loan Corporate Total Net interest income $ 114,498 $ — $ 114,498 Property and other income 1,674 — 1,674 Property operating expense (905 ) — (905 ) Transaction, investment and servicing expense (1,767 ) — (1,767 ) Interest expense on real estate — — — Depreciation and amortization (146 ) — (146 ) Provision for loan loss (3,386 ) — (3,386 ) Administrative expense (318 ) (15,119 ) (15,437 ) Other loss, net (56 ) — (56 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 109,594 (15,119 ) 94,475 Equity in earnings of unconsolidated ventures 16,067 — 16,067 Income tax expense (1,521 ) — (1,521 ) Net income (loss) $ 124,140 $ (15,119 ) $ 109,021 The following table presents total assets by segment as of December 31, 2018 and 2017 (dollars in thousands): Total Assets Loan (1) CRE Debt Securities Net Leased Real Estate Other (2) Corporate (3) Total December 31, 2018 $ 2,840,267 $ 3,507,404 $ 1,354,051 $ 1,029,014 $ (70,006 ) $ 8,660,730 December 31, 2017 1,573,714 — 241,271 24,417 — 1,839,402 _________________________________________ (1) Includes investments in unconsolidated ventures totaling $742.2 million and $179.3 million as of December 31, 2018 and 2017 , respectively. (2) Includes PE Investments totaling $160.9 million and $24.4 million as of December 31, 2018 and 2017 , respectively. (3) Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of the securitization trusts in consolidation. Geography Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long lived assets are presented as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Total income by geography: United States $ 481,404 $ 185,853 $ 154,418 Europe 17,487 — — Other 1,897 3,611 3,852 Total (1) $ 500,788 $ 189,464 $ 158,270 December 31, 2018 Long-lived assets by geography: United States $ 1,764,247 Europe 329,511 Total (2) $ 2,093,758 _________________________________________ (1) Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures. (2) Long-lived assets comprise real estate, real estate related intangible assets, and exclude financial instruments and assets held for sale. As of December 31, 2017 , all long-lived assets are located in United States.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 consist of the following (dollars in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Net income (loss) $ (177,353 ) $ 127,880 $ 109,021 Net (income) loss attributable to noncontrolling interests: Investment Entities 4,771 (39,376 ) (32,970 ) Operating Partnership (1) 4,084 (5,734 ) (4,927 ) Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders $ (168,498 ) $ 82,770 $ 71,124 Numerator: Net income allocated to participating securities (nonvested shares) $ (1,439 ) $ — $ — Net income (loss) attributable to common stockholders $ (169,937 ) $ 82,770 $ 71,124 Denominator: Weighted average shares outstanding (2)(3) 120,677 44,399 44,399 Net income (loss) per common share - basic and diluted (3) $ (1.41 ) $ 1.86 $ 1.60 _________________________________________ (1) For earnings per share for the years ended December 31, 2017 and 2016 , the Company allocated the OP’s share of net income as if the OP held 3,075,623 CLNC OP Units during the period for comparative purposes. The CLNC OP Units were not issued until January 31, 2018 . (2) For earnings per share, the Company assumes 44.4 million shares of Class B-3 common stock were outstanding prior to January 31, 2018 to reflect the standalone pre-merger financial information of the CLNY Investment Entities, the Company’s predecessor for accounting purposes. (3) Excludes 3,075,623 CLNC OP Units, which are redeemable for cash, or at the Company’s option, shares of Class A common stock on a one -for-one basis, and therefore would not be dilutive.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On January 17, 2019 , the Company’s board of directors declared a monthly cash dividend of $0.145 per share of Class A common stock and Class B-3 common stock for the month ended January 31, 2019 . The common stock dividend was paid on February 11, 2019 to stockholders of record on January 31, 2019 . These distributions represent an annualized dividend of $1.74 per share of Class A common stock and Class B-3 common stock. On February 15, 2019 , the Company’s board of directors declared a monthly cash dividend of $0.145 per share of Class A common stock for the month ended February 28, 2019 . The common stock dividend will be paid on March 11, 2019 to stockholders of record on February 28, 2019 . These distributions represent an annualized dividend of $1.74 per share of Class A common stock. Common Stock On February 1, 2019 , the Company’s Class B-3 common stock converted to Class A common stock. Stock Repurchase Program On February 22, 2019 , the Company extended the Stock Repurchase Program until March 31, 2020 . New Investments Subsequent to December 31, 2018 , the Company originated and/or refinanced seven senior loans with a total commitment of $246.6 million and a weighted average spread of 3.38% plus LIBOR. Bank Credit Facility On February 4, 2019 , the Company completed a $35.0 million increase of its Bank Credit Facility commitment. The total aggregate amount of revolving commitments of the Bank Credit Facility is now $560.0 million . Other In January 2019, the Company foreclosed on four loans with a combined carrying value of $105.4 million that are cross-collateralized with 28 office, retail, multifamily and industrial properties.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (Dollars in Thousands) Initial Cost (1) Gross Amount Carried at December 31, 2018 (2) Property Description / Location Number of Properties Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition (2)(3) Land Building and Improvements Total Accumulated Depreciation (4) Total Date of Acquisition (5) Life on Which Depreciation is Computed Hotel-North Dakota 1 $ — $ 667 $ 7,678 $ 20 $ 667 $ 7,698 $ 8,365 $ 555 $ 7,810 2017 39 years Hotel-Pennsylvania 1 — 6,527 27,083 3,515 6,527 30,598 37,125 635 36,490 2018 30 years Hotel-Texas 1 — 7,896 65,847 380 7,896 66,227 74,123 1,435 72,688 2018 36 years Industrial-Arizona 1 77,864 14,494 59,991 77 14,494 60,069 74,563 716 73,847 2018 31 years Industrial-California 1 122,136 32,552 148,911 79 32,552 148,990 181,542 1,893 179,649 2018 28 years Industrial-Ohio 23 73,702 13,946 132,910 2,765 13,946 135,675 149,621 5,383 144,238 2018 39 years Industrial-Various 22 250,000 28,092 307,154 1,308 28,092 308,462 336,554 11,584 324,970 2018 40 years Multifamily-Louisiana 1 43,500 3,646 70,190 454 3,646 70,644 74,290 1,550 72,740 2018 30 years Multifamily-Michigan 2 59,000 5,520 119,880 1,722 5,520 121,602 127,122 4,237 122,885 2018 30 years Multifamily-South Carolina 2 36,253 4,649 64,454 (22,033 ) 4,649 42,421 47,070 1,921 45,149 2018 30 years Multifamily-Wyoming 1 — 1,193 10,282 583 1,249 10,809 12,058 280 11,778 2017 39 years Office-Colorado 1 32,378 2,359 41,410 2,982 2,359 44,392 46,751 2,594 44,157 2017 40 years Office-Indiana 1 24,606 3,773 26,916 3,520 3,773 30,436 34,209 2,084 32,125 2017 40 years Office-Missouri 1 108,850 25,723 127,003 3,582 25,723 130,585 156,308 6,003 150,305 2018 39 years Office-New Jersey 1 12,786 4,956 13,429 1,696 4,956 15,125 20,081 1,062 19,019 2017 40 years Office-Norway 1 184,320 55,054 277,439 (21,858 ) 55,054 255,581 310,635 3,811 306,824 2018 37 years Office-Ohio 1 — 4,431 29,363 960 4,431 30,323 34,754 1,707 33,047 2017 40 years Office-Pennsylvania 1 76,448 11,019 131,676 — 11,019 131,676 142,695 3,983 138,712 2018 40 years Office-Virginia 2 31,126 20,955 61,620 3,576 20,955 65,196 86,151 2,434 83,717 2018 39 years Retail-Illinois 1 4,449 — 7,338 64 — 7,402 7,402 384 7,018 2017 40 years Retail-Indiana 1 3,484 — 5,171 68 — 5,239 5,239 270 4,969 2017 40 years Retail-Kansas 1 5,540 1,048 7,023 352 1,048 7,375 8,423 427 7,996 2017 40 years Retail-Maine 1 2,078 — 6,317 100 — 6,417 6,417 339 6,078 2017 40 years Retail-Massachusetts 2 8,455 — 12,254 186 — 12,440 12,440 648 11,792 2017 40 years Retail-New Hampshire 2 16,447 1,495 21,488 (6,095 ) 1,495 15,393 16,888 1,294 15,594 2017 40 years Retail-New York 1 3,979 — 6,372 54 — 6,426 6,426 333 6,093 2017 40 years Total operating real estate, net 74 $ 1,177,401 $ 249,995 $ 1,789,199 $ (21,943 ) $ 250,051 $ 1,767,201 $ 2,017,252 $ 57,562 $ 1,959,690 ______________________________ (1) The purchase price allocations for certain 2018 acquisitions are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) The aggregate gross cost of total real estate assets for federal income tax purposes is $2.0 billion as of December 31, 2018 . (3) Gross amount carried is shown net of impairment and net of the effect of changes in foreign exchange rates. (4) Depreciation is calculated using a useful life of 2 to 48 years for buildings and improvements. (5) Properties consolidated upon the Combination reflect an acquisition date of February 1, 2018, the effective date of consolidation. COLONY CREDIT REAL ESTATE, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (Dollars in Thousands) Changes in the Company’s operating real estate portfolio gross of accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 are as follows: 2018 2017 2016 Beginning balance $ 225,710 $ 9,083 $ 9,016 Real estate acquired in the Combination (Note 3) 1,287,515 205,376 — Property acquisitions (1) 695,794 — — Improvements and capitalized costs 23,417 20,193 77 Impairment (31,813 ) — (10 ) Dispositions (161,513 ) (8,942 ) — Effect of changes in foreign exchange rates (21,858 ) — — Ending balance $ 2,017,252 $ 225,710 $ 9,083 __________________________________________________ (1) Includes real estate owned (“REO”) foreclosures of $107.0 million . Changes in accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 are as follows: 2018 2017 2016 Beginning balance $ 5,970 $ 145 $ — Depreciation expense 56,270 5,825 145 Dispositions (4,272 ) — — Effect of changes in foreign exchange rates (406 ) — — Ending balance $ 57,562 $ 5,970 $ 145

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (Dollars in Thousands) Loan Type / Collateral / Location (1) (2) Number of Loans Interest Rate Range (3) Maturity Date Range (4) Periodic Payment Terms (5) Prior Liens (6) Unpaid Principal Amount Carrying Value (7)(8) Principal Amount Subject to Delinquent Principal or Interest (9) First mortgage: Hotel-California, USA 1 6.64% January 2020 I/O $ — $ 166,585 $ 166,585 $ — Hotel-California, USA 1 5.59% July 2023 I/O — 104,619 103,631 — Hotel-California, USA 1 7.19% November 2022 I/O — 136,499 135,110 — Hotel-New York, USA (10) 1 3.99% May 2023 P&I — 75,976 76,868 75,976 Hotel-New York, USA (10) 1 8.18% May 2023 I/O — 70,145 70,145 70,145 Hotel-Colorado, USA 1 5.89% July 2021 I/O — 71,380 71,305 — Hotel-Various, USA 2 7.34% - 8.39% January 2019 to August 2019 I/O — 42,278 42,575 — Office-California, USA 1 5.26% June 2020 I/O — 67,161 66,978 — Office-California, USA 1 5.19% July 2020 I/O — 68,261 67,804 — Office-California, USA 1 6.09% December 2020 I/O — 112,750 111,861 — Office-Various, USA (11) 5 4.89% - 7.99% November 2017 to January 2021 I/O — 183,927 182,435 72,713 Multifamily-Tennessee, USA 1 6.39% December 2019 I/O — 77,073 77,911 — Multifamily -Various, USA 9 5.37% - 7.59% January 2019 to January 2021 I/O — 251,368 251,173 — Retail-Various, USA (11) 15 5.28% - 11.30% October 2018 to May 2020 I/O — 299,262 283,412 34,720 Industrial-Tennessee, USA 1 6.64% September 2021 I/O — 8,000 8,080 — 42 — 1,735,284 1,715,873 253,554 Subordinated mortgage and mezzanine: Hotel-New York, USA (10) 1 14.47% May 2023 I/O 146,121 61,750 57,306 61,750 Hotel-New York, USA (10) 3 11.63% - 13.39% September 2019 to May 2023 I/O 306,621 77,866 28,785 49,366 Multifamily -Various, USA 3 9.45% - 13.50% August 2020 to August 2024 Both 203,046 68,150 67,606 — Retail-Various, USA 3 10.09% - 13.59% December 2018 to April 2024 Both 172,942 29,329 22,241 — Office-Various, USA (11) 1 11.59% November 2017 I/O 107,433 28,618 — 28,618 11 936,163 265,713 175,938 139,734 Preferred equity: Office-New York, USA 1 12.00% June 2027 I/O 439,204 92,315 92,315 — Office-Nevada, USA 1 15.00% September 2020 I/O 67,400 21,545 21,371 — 2 506,604 113,860 113,686 — Total 55 $ 1,442,767 $ 2,114,857 $ 2,005,497 $ 393,288 ______________________________________________________________________________________ (1) Loans with carrying values that are individually less than 3% of the total carrying value have been aggregated according to collateral type and location. (2) Does not include a senior loan with an unpaid principal amount and carrying value of $15.0 million that is not related to real estate. (3) Variable rate loans are determined based on the applicable index in effect as of December 31, 2018 . (4) Represents contractual maturity that does not contemplate exercise of extension option. (5) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity. (6) Prior liens represent loan amounts owned by third parties that are senior to the Company’s mezzanine or preferred equity positions and are approximate. (7) Carrying amounts as of December 31, 2018 are presented net of $109.3 million of allowance for loan losses. (8) The aggregate cost of loans and preferred equity held for investment is approximately $2.1 billion for federal tax purposes as of December 31, 2018 . (9) Represents principal balance of loans which are 90 days or more past due as to principal or interest. (10) Principal amount subject to delinquent principal or interest includes four loans to the same borrower and secured by the same collateral with combined unpaid principal amount of $257.2 million . (11) Principal amount subject to delinquent principal or interest includes four loans to the same borrower and secured by the same collateral with combined unpaid principal amount of $136.1 million . COLONY CREDIT REAL ESTATE, INC. AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (CONTINUED) December 31, 2018 (Dollars in Thousands) Activity in mortgage loans on real estate is summarized below: Year Ended December 31, 2018 2017 2016 Balance at January 1 $ 1,300,784 $ 1,523,426 $ 1,797,525 Loans and preferred equity held for investment acquired in the Combination (Note 3) 1,249,733 — — Deconsolidation of investment entities (553,678 ) — — Acquisitions/originations/additional funding (1) 904,461 374,981 247,080 Loan maturities/principal repayments (627,219 ) (547,252 ) (345,730 ) Foreclosure of loans held for investment (117,878 ) (20,204 ) — Combination adjustment (50,314 ) — — Discount accretion/premium amortization 2,582 8,551 8,112 Capitalized interest 5,837 1,802 7,884 Change in allowance for loan loss (108,811 ) (518 ) (3,386 ) Payments received from PCI loans — (56,832 ) (25,790 ) Accretion on PCI loans — 4,396 7,670 Consolidation of loans receivable held by investment entities — 12,434 — Carrying value of loans sold — — (113,582 ) Transfer to loans held for sale — — (56,357 ) Balance at December 31 $ 2,005,497 $ 1,300,784 $ 1,523,426 ______________________________________________________________________________________ (1) Excludes origination of a senior loan with an unpaid principal amount and carrying value of $15.0 million that is not related to real estate.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the results of operations of Colony Credit Real Estate, Inc. and certain consolidated investment entities contributed by CLNY (the “CLNY Investment Entities”) for periods on or prior to the closing of the Combination on January 31, 2018 and the combined operations of Colony Credit Real Estate, Inc., NorthStar I and NorthStar II beginning February 1, 2018 , following the closing of the Combination. The assets and liabilities contributed by CLNY to the Company consisted of its ownership interests in the CLNY Investment Entities, ranging from 38% to 100% . The remaining interests in the CLNY Investment Entities are owned by investment vehicles sponsored by Colony Capital or third parties and were not contributed to the Company. The CLNY Contributions were accounted for as a reorganization of entities under common control, since both the Company and the CLNY Investment Entities were under common control of Colony Capital at the time the contributions were made. Accordingly, the contributed assets and liabilities were recorded at carryover basis and the Company’s financial statements for prior periods were recast to reflect the consolidation of the CLNY Investment Entities as if the contribution had occurred on the date of the earliest period presented. The assets, liabilities and noncontrolling interests of the CLNY Investment Entities in the consolidated financial statements for periods prior to the Combination were carved out of the books and records of Colony Capital at their historical carrying amounts. Accordingly, the historical consolidated financial statements were prepared giving consideration to the rules and regulations of the Securities and Exchange Commission (“SEC”) and related guidance provided by the SEC Staff with respect to carve-out financial statements and reflect allocations of certain corporate costs from Colony Capital. These charges were based on either specifically identifiable costs incurred on behalf of the CLNY Investment Entities or an allocation of costs estimated to be applicable to the CLNY Investment Entities, primarily based on the relative assets under management of the CLNY Investment Entities to Colony Capital’s total assets under management. Such costs do not necessarily reflect what the actual costs would have been if the Company had been operating as a separate stand-alone public entity for periods prior to the Combination. Following the Combination, the Company reconsidered whether it was the primary beneficiary of certain variable interest entities (“VIEs”), which resulted in the deconsolidation of certain of the CLNY Investment Entities and the consolidation of certain securitization trusts in which NorthStar I or NorthStar II held an interest, as more fully described below. Accordingly, comparisons of financial information for periods prior to the Combination with subsequent periods may not be meaningful. The Combination The Combination is accounted for under the acquisition method for business combinations pursuant to ASC Topic 805, Business Combinations . In the Combination, the Company was considered to be the accounting acquirer so all of its assets and liabilities immediately prior to the closing of the Combination are reflected at their historical carrying values. The consideration transferred by the Company established a new accounting basis for the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II, which were measured at their respective fair values on the Closing Date. Formation of Colony Capital Colony Capital was formed through a tri-party merger (the “CLNY Merger”) among Colony Capital, NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. (“NRF”), which closed on January 10, 2017 (the “CLNY Merger Closing Date”). Colony Capital was determined to be the accounting acquirer in the CLNY Merger. Accordingly, the combined financial information of the CLNY Investment Entities included herein as of any date or for any periods on or prior to the CLNY Merger Closing Date represent the CLNY Investment Entities from Colony Capital. On the CLNY Merger Closing Date, the CLNY Investment Entities were reflected by Colony Capital at their pre-CLNY Merger carrying values, while the CLNY Investment Entities from NRF were reflected by Colony Capital at their CLNY Merger fair values. The results of operations of the CLNY Investment Entities from NRF are included in these pre-Combination financial statements effective from January 11, 2017 .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a 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	Variable Interest Entities 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. As of December 31, 2018 , the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs The Company’s operating subsidiary, the 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 the OP, is the managing member of the OP and exercises full responsibility, discretion and control over the day-to-day management of the OP. The noncontrolling interests in the 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 the OP to be a VIE. The Company, as managing member, has the power to direct the core activities of the OP that most significantly affect the OP’s performance, and through its majority interest in the OP, has both the right to receive benefits from and the obligation to absorb losses of the OP. Accordingly, the Company is the primary beneficiary of the OP and consolidates the OP. As the Company conducts its business and holds its assets and liabilities through the OP, the total assets and liabilities of the OP represent substantially all of the total consolidated assets and liabilities of the Company . Other consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. The noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 20.0% . These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s investments in securitization financing entities (“Investing VIEs”) include subordinate first-loss tranches of securitization trusts, which represent interests in such VIEs. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the most subordinate tranches of the securitization trust. Generally, a securitization trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint and remove the special servicer for the trust, and as such may qualify as the primary beneficiary of the trust. If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss tranches of the securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidating parent entity of an Investing VIE, nor to any of the Company’s other consolidated entities. As of December 31, 2018 , the Company held subordinate tranches of securitization trusts in three Investing VIEs for which the Company has determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of the securitization trusts. The Company’s subordinate tranches of the securitization trusts, which represent the retained interest and related interest income, are eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trusts, less the Company’s retained interest from the subordinate tranches of the securitization trusts), income and expenses of the Investing VIEs are presented in the consolidated financial statements of the Company although the Company legally owns the subordinate tranches of the securitization trusts only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trusts. Refer to Note 6, “Real Estate Securities, Available for Sale” for further discussion. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIEs. Interest income and interest expense associated with the Investing VIEs are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIEs are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 15, “Fair Value” for further discussion. The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIEs, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIEs are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIEs. Refer to Note 15, “Fair Value” for further discussion. Unconsolidated VIEs As of December 31, 2018 , the Company identified unconsolidated VIEs related to its securities investments, indirect interests in real estate through real estate private equity funds (“PE Investments”) and CRE debt investments. Based on management’s analysis, the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2018 . Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners and prior to the closing of the Combination, such interests held by private funds managed by Colony Capital. 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 the Operating Partnership— This represents membership interests in the OP held by RED REIT. Noncontrolling interests in the OP are allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP have the right to require the OP to redeem part or all of the membership units in the OP 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 the OP, through the issuance of shares of Class A common stock on a one -for-one basis. Refer to Note 3, “Business Combinations,” for further discussion of OP membership units. At the end of each reporting period, noncontrolling interests in the OP is adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation.
Fair Value Measurement	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.
Fair Value Option	Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for PE Investments. The Company has also elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted guidance issued by the FASB allowing the Company to measure both the financial assets and liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable.
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 unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the 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 the 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at December 31, 2018 or December 31, 2017 . The Company’s cash is held with major financial institutions and may at times exceed federally insured limits.
Restricted Cash	Restricted Cash Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.
Loans and Preferred Equity Held for Investment	Loans and Preferred Equity Held for Investment The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans and Preferred Equity Held for Investment Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and Allowance for Loan Losses— On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and preferred equity investment and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan or preferred equity investment, liquidation value of collateral properties, and financial wherewithal of any loan guarantors, as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. During the year ended December 31, 2018 , the Company recorded $113.9 million of provision for loan loss. See Note 4, “Loans and Preferred Equity Held for Investment, net” for further detail. Loans and preferred equity investments are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans and preferred equity investments, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans and preferred equity held for investment at balance sheet date. Changes in allowance for loan and preferred equity losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan or preferred equity investment is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan or preferred equity investment and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or preferred equity investment or an observable market price for the loan or preferred equity investment. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans and preferred equity investments are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan or preferred equity investment is considered to be collateral-dependent when repayment of the loan or preferred equity investment is expected to be provided solely by the underlying collateral. Impaired collateral-dependent loans and preferred equity investments are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss. Troubled Debt Restructuring (“TDR”)— A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company’s allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Acquisition, Development and Construction (“ADC”) Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans held for investment and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Operating Real Estate	Operating Real Estate Real Estate Acquisitions— Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 19 to 48 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 6 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 8 years Impairment— The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. During the year ended December 31, 2018 , the Company recorded a $31.8 million impairment loss on its operating real estate portfolio. See Note 7, “Real Estate, net” and Note 15, “Fair Value,” for further detail. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. Deficiencies compared to the carrying value of the loan, after reversing any previously recognized loss provision on the loan, are recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value, which is recorded as an additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Real Estate Securities	Real Estate Securities The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for the assets and liabilities of its consolidated Investing VIEs, and as a result, any unrealized gains (losses) on the consolidated Investing VIEs are recorded in unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. As of December 31, 2018 , the Company held subordinate tranches of three securitization trusts, which represent the Company’s retained interest in the securitization trusts, which the Company consolidates under U.S. GAAP. Refer to Note 6, “Real Estate Securities, Available for Sale” for further discussion. Impairment CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized loss on mortgage loans and obligations held in securitization trust, net as losses occur. CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach. At December 31, 2018 , the Company’s investments in unconsolidated joint ventures consisted of investments in PE Investments, senior loans, mezzanine loans and preferred equity held in joint ventures, as well as ADC arrangements accounted for as equity method investments. At December 31, 2017 , the Company’s investments in unconsolidated ventures consisted of investments in PE Investments and ADC arrangements accounted for as equity method investments. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of OTTI involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain (loss) for investments under the measurement alternative.
Identified Intangibles	Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles— Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
Transfers of Financial Assets	Transfers of Financial Assets Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss), net. For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges— The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings. Net Investment Hedges— The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss). 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 as undesignated hedges. Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.
Financing Costs	Financing Costs Financing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to realized gain (loss) when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.
Revenue Recognition	Revenue Recognition Property Operating Income Property operating income includes the following: Rental Income— Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For tenant improvements owned by the Company, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company’s contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements— In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Hotel Operating Income— Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss), net on the consolidated statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.
Equity Based Compensation	Equity-Based Compensation Equity-classified stock awards granted to executive officers and both independent and non-independent directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards. The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within administrative expense in the consolidated statement of operations.
Earnings Per Share	Earnings Per Share The Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.
Income Taxes	Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code beginning with its taxable year ended December 31, 2018 . Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders as long as certain asset, income, distribution and share ownership tests are met. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRS”) which may be subject to U.S. federal, state and local income taxes. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the REIT cannot hold directly and engage in most real estate or non-real estate-related business. The Company also holds investments in Europe which are subject to tax in each local jurisdiction. Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the U.S. federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax benefit (expense) in the consolidated statements of operations.
Recent Accounting Pronouncements	Accounting Standards Adopted in 2018 At the end of fiscal 2018, the Company lost its status as an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBs Act”). As a result, the Company was no longer able to take advantage of the extended transition period for complying with new or revised financial accounting standards and was required to adopt certain standards in 2018 upon loss of EGC status and apply such standards retrospectively to January 1, 2018. Revenue Recognition— In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard using the modified retrospective approach upon loss of its EGC status and applied the standard retrospectively to January 1, 2018 . The adoption of the standard did not have any impact on the Company requiring a cumulative adjustment. The standard excludes from its scope the areas of accounting that most significantly affect revenue recognition for the core activities of the Company, including accounting for financial instruments and leases. The standard is applicable to certain property operating income streams of the Company, as discussed below. Hotel Operating Income — Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Financial Instruments— In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which affects accounting for investments in equity securities, financial liabilities under the fair value option, as well as presentation and disclosures, but does not affect accounting for investments in debt securities and loans . Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes under application of the measurement alternative, unless these equity securities qualify for the NAV practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company’s own instrument-specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost are based on exit price and corresponding disclosures of valuation methodology and significant inputs are no longer be required. In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU 2016-01 was applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values for which the measurement alternative is applied and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively. The Company adopted the standard upon loss of its EGC status and applied the standard retrospectively to January 1, 2018 . It had no impact to the Company. All of the Company’s investments in unconsolidated ventures were equity method investments and the Company does not have any cost method investments nor has the Company elected the fair value option on its financial liabilities which fall under the scope of this guidance. Cash Flow Classifications— In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, and requires an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. The Company adopted the new guidance upon the loss of its EGC status and applied the standard retrospectively to January 1, 2018 . Upon adoption, the Company made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach. The adoption of this standard did not have a material impact on the Company’s financial statements. Restricted Cash— In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash , which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. This eliminated the presentation of transfers between cash and cash equivalents with restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, this ASU requires disclosure of a reconciliation between the totals in the statement of cash flows and the related captions in the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. The Company adopted this guidance upon loss of its EGC status and applied the standard retrospectively to January 1, 2018 . The Company adjusted the presentation of the cash flows retrospectively. The required retrospective application of this new standard resulted in changes to the previously reported statements of cash flow as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As previously Reported After Adoption of ASU 2016-18 As previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities 107,922 106,982 88,508 88,508 Net cash provided by investing activities 454,958 439,269 238,854 199,372 Net cash used in financing activities (551,658 ) (551,658 ) (319,718 ) (319,718 ) The decrease in net cash provided by investing activities is primarily due to the return of borrower funds from escrow deposits related to loans and preferred equity held for investment. This was previously classified as noncash investing activities. Derecognition and Partial Sales of Nonfinancial Assets— In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets , which clarifies the scope and application of ASC 610-20, Other Income - Gains and Losses from Derecognition of Nonfinancial Assets , and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers . Derecognition of a business is governed by ASC 810, Consolidation , while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing . The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which results in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions , and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment - Real Estate Sales . The Company adopted the new guidance as of January 1, 2018 using the modified retrospective approach, consistent with the adoption of the new revenue standard. Under the new standard, if a partial interest in real estate is sold to noncustomers or contributed to unconsolidated ventures, and a noncontrolling interest in the asset is retained, such transactions could result in a larger gain on sale. The adoption of this standard could have a material impact on the results of operations in a period that a significant partial interest in real estate is sold. There were no such sales during the year ended December 31, 2018 . Share-Based Payments— In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance applies to nonemployee awards issued in exchange for goods or services used in an entity’s own operations and to awards granted by an investor to an equity method investee, but does not apply to equity instruments issued to a lender or investor in a financing transaction or equity instruments issued when selling goods or services to customers, which is under the revenue recognition model. Key changes in the guidance include measuring nonemployee awards based on fair value of the equity instrument issued, rather than fair value of goods or services received or equity instrument issued, whichever is more reliably measured. In terms of timing, equity-classified nonemployee awards that were previously remeasured through performance completion date will now have a fixed measurement on grant date, which will reduce volatility on the income statement. For nonemployee awards with performance conditions, compensation cost will be recognized when achievement of the performance condition is probable, rather than upon actual achievement of the performance condition. Similar to employee awards, forfeitures may be recognized as they occur or based on an estimate under an accounting policy election, but the guidance allows separate elections for employee and nonemployee awards. The accounting model for nonemployee awards, however, remains different for attribution of share-based payment costs over the vesting period, in which compensation cost for nonemployee awards continues to be recognized in the same period and in the same manner (i.e., capitalized or expensed) as if the grantor had paid cash for the goods or services. No changes to disclosure requirements were prescribed. Transition is on a modified retrospective basis, with a remeasurement at fair value as of the adoption date through a cumulative effect adjustment to opening retained earnings, applied to all equity-classified nonemployee awards where a measurement date has not been established by the adoption date and unsettled liability-classified nonemployee awards. The transition provisions eliminate the need to retrospectively determine fair values at historical grant dates. The Company early adopted this guidance on October 1, 2018 . The adoption of this standard did not have a material impact on the Company’s financial condition, results of operations or cash flows. Future Application of Accounting Standards Leases— In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet, as well as making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. As the new lease standard requires congruous accounting treatment between lessor and lessee in a sale-leaseback transaction, if the seller/lessee does not achieve sale accounting, it would be considered a financing transaction to the buyer/lessor. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. The Company will adopt the standard effective January 1, 2019 using a modified retrospective approach for all leases existing at, or entered into after, beginning of the earliest comparative period presented. The Company will adopt the package of practical expedients under the guidance, which provides exemptions from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company implemented an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. The Company is in the process of finalizing the aggregation and evaluation of its leasing arrangements, and implementing a lease module in its accounting system to address the new accounting model for leases, including any transition adjustments. The most significant change to the Company, as lessee, will be the gross-up of the right of use asset and lease liability on the balance sheet, estimated to be between $15.0 million to $20.0 million for ground leases, discounted using incremental borrowing rates ranging from 5.0% to 5.8% . The impact of the new standard to the Company, as lessor, is not expected to have a material effect on its financial condition or results of operations. Credit Losses— In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss (“CECL”) model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity (“HTM”) debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available-for-sale (“AFS”) debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other-than-temporarily impaired debt securities and purchased credit impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. Hedge Accounting— In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period. The Company plans to adopt the standard on its effective date. Upon adoption, as it relates to the Company’s net investment hedges, the Company will record the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and there will be no hedge ineffectiveness recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company may elect to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. The Company continues to evaluate the impact of this new guidance but at this time, does not expect the adoption of this standard to have a material effect on its financial condition or results of operations. 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 of instruments held at the 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 disclosures are now 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. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Classification, Carrying Value and Maximum Exposure of VIEs	The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2018 (dollars in thousands): Carrying Value Maximum Exposure to Loss Real estate securities, available for sale $ 228,185 $ 229,512 Investments in unconsolidated ventures 561,754 583,160 Loans and preferred equity held for investment, net 225,691 225,691 Total assets $ 1,015,630 $ 1,038,363 The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2018 (dollars in thousands): December 31, 2018 Assets Mortgage loans held in a securitization trust, at fair value $ 3,116,978 Receivables, net 13,178 Total assets $ 3,130,156 Liabilities Mortgage obligations issued by a securitization trust, at fair value $ 2,973,936 Accrued and other liabilities 12,233 Total liabilities $ 2,986,169 The below table presents net income attributable to the Company’s common stockholders for the year ended December 31, 2018 generated from the Company’s investments in the subordinate tranches of the securitization trusts (dollars in thousands). The Company had no investments in subordinate tranches for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2018 Statement of Operations Interest income on mortgage loans held in securitization trusts $ 143,371 Interest expense on mortgage obligations issued by securitization trusts (132,411 ) Net interest income 10,960 Administrative expenses (1,528 ) Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net 5,003 Realized loss on mortgage loans and obligations held in securitization trusts, net (3,447 ) Net income attributable to Colony Credit Real Estate, Inc. common stockholders $ 10,988
Schedule of Deconsolidation of CLNS Investment Entities	The following table presents the deconsolidation of the assets and liabilities of certain of the CLNY Investment Entities, and accounting for the Company’s interests in these CLNY Investment Entities as equity method investments as of the Closing Date (dollars in thousands): As of the Closing Date Assets Cash and cash equivalents $ (11,408 ) Restricted cash (14,704 ) Loans and preferred equity held for investment, net (553,678 ) Investments in unconsolidated ventures 127,062 Receivables, net (4,344 ) Other assets (114 ) Total assets $ (457,186 ) Liabilities Mortgage and other notes payable, net $ (128,709 ) Accrued and other liabilities (640 ) Escrow deposits payable (14,704 ) Total liabilities (144,053 ) Stockholders’ equity (313,133 ) Total liabilities and equity $ (457,186 ) The Company’s investments accounted for under the equity method are summarized below (dollars in thousands): Ownership Interest (1) at December 31, 2018 Carrying Value Investments Description December 31, 2018 December 31, 2017 ADC investments Interests in seven 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 Various (2) $ 165,823 $ 179,303 Other investment ventures Interests in thirteen investments, each with less than $165.7 million carrying value at December 31, 2018 Various 576,363 — _________________________________________ (1) The Company’s ownership interest represents capital contributed to date and may not be reflective of the Company’s economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be 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) The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments. The combined balance sheets for unconsolidated ventures determined to be significant for the respective periods, as of December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 December 31, 2017 Assets Total assets $ 403,112 $ 186,475 Liabilities and equity Total liabilities $ 316,650 $ 167,435 Equity 86,462 19,040 Total liabilities and equity $ 403,112 $ 186,475 The combined statement of operations for unconsolidated ventures determined to be significant for the respective periods, from acquisition date through the year ended December 31, 2018 and 2017 are as follows (dollars in thousands): Year Ended December 31, 2018 2017 Total revenues $ 36,708 $ 37,800 Net income $ 11,296 $ 2,265
Schedule of Operating Real Estate Estimated Useful Lives	Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 19 to 48 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 6 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 8 years
Schedule of Retrospective Adoption of New Accounting Pronouncements	The required retrospective application of this new standard resulted in changes to the previously reported statements of cash flow as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As previously Reported After Adoption of ASU 2016-18 As previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities 107,922 106,982 88,508 88,508 Net cash provided by investing activities 454,958 439,269 238,854 199,372 Net cash used in financing activities (551,658 ) (551,658 ) (319,718 ) (319,718 )

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Fair Value of the Merger Consideration	Fair value of the merger consideration was determined as follows (in thousands, except exchange ratio and price per share): NorthStar I NorthStar II Total Outstanding shares of common stock at January 31, 2018 (1) 119,333 114,943 Exchange ratio (2) 0.3532 0.3511 Shares of Class A common stock issued in the mergers (3) 42,149 40,356 82,505 Fair value consideration per share (4) $ 24.50 $ 24.50 $ 24.50 Fair value of NorthStar I and NorthStar II consideration $ 1,032,651 $ 988,722 $ 2,021,373 _________________________________________ (1) Includes 21,000 and 25,000 shares of common stock of NorthStar I and NorthStar II equity awards, respectively, that vested in connection with the consummation of the Combination. (2) Represents the pre-determined exchange ratio of 0.3532 NorthStar I shares and 0.3511 NorthStar II shares per one share of the Class A common stock. (3) Includes the issuance of fractional shares, aggregating to approximately 21,000 shares, for which holders received cash in lieu of the fractional shares. (4) Represents the estimated per share fair value of the Company at the Closing Date.
Schedule of Fair Values Assigned to the Assets Acquired, Liabilities Assumed and Noncontrolling Interest	The following table presents an allocation of the Combination consideration to assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II based on their respective estimated fair values. The estimated fair values and allocation of the Combination consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the measurement period, no material adjustments were made to the allocation of the Combination consideration. Final adjusted fair values assigned to the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II were as follows (dollars in thousands): Final Adjusted Amounts at December 31, 2018 NorthStar I NorthStar II Total Merger consideration $ 1,032,651 $ 988,722 $ 2,021,373 Allocation of merger consideration: Assets acquired Cash and cash equivalents $ 130,197 $ 51,360 $ 181,557 Restricted cash 30,564 61,313 91,877 Loans and preferred equity held for investment 521,462 728,271 1,249,733 Real estate securities, available for sale, at fair value 100,731 64,793 165,524 Real estate, net 792,999 494,324 1,287,323 Investments in unconsolidated ventures 67,899 375,694 443,593 Receivables, net 12,363 11,479 23,842 Deferred leasing costs and intangible assets, net 74,243 37,090 111,333 Other assets 18,666 24,401 43,067 Mortgage loans held in securitization trusts, at fair value 1,894,404 1,432,795 3,327,199 Total assets acquired 3,643,528 3,281,520 6,925,048 Liabilities assumed Securitization bonds payable, net — 80,825 80,825 Mortgage and other notes payable, net 399,131 382,485 781,616 Credit facilities 293,340 355,529 648,869 Due to related party 4,533 1,842 6,375 Accrued and other liabilities 25,680 22,959 48,639 Intangible liabilities, net 17,931 1,808 19,739 Escrow deposits payable 12,994 36,362 49,356 Mortgage obligations issued by securitization trusts, at fair value 1,784,223 1,401,491 3,185,714 Total liabilities assumed 2,537,832 2,283,301 4,821,133 Noncontrolling interests 73,045 9,497 82,542 Fair value of net assets acquired $ 1,032,651 $ 988,722 $ 2,021,373 The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2018 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements (2) Building and Improvements (2) Furniture, Fixtures and Equipment Lease Intangible Assets (2) Other Assets Other Liabilities July Office - Norway 26 $ 318,860 $ 60,510 $ 271,983 $ — $ 25,287 $ — $ (38,920 ) August Hotel - Dallas, TX 1 75,663 8,216 61,580 3,947 465 2,023 (568 ) August Industrial - Various in U.S. 2 292,000 66,844 189,105 — 36,051 — — September Hotel - Pittsburgh, PA 1 42,315 7,247 26,363 3,025 1,408 4,392 (120 ) $ 728,838 $ 142,817 $ 549,031 $ 6,972 $ 63,211 $ 6,415 $ (39,608 ) ______________________________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rate as of the respective dates of acquisitions, where applicable. (2) Useful life of real estate acquired is 30 to 40 years for buildings, 8 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1.5 to 20 years for lease intangibles.
Schedule of Results of Operations and Pro Forma Information	The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations of the Company had the Combination been completed on January 1, 2017 , nor indicative of future results of operations of the Company (dollars in thousands, except per share data): Year Ended December 31, 2018 2017 Pro forma: Total revenues $ 504,713 $ 507,961 Net income (loss) attributable to Colony Credit Real Estate, Inc. (135,621 ) 87,958 Net income (loss) attributable to common stockholders (126,852 ) 85,438 Earnings per common share: Basic $ (0.99 ) $ 0.67 Diluted $ (0.99 ) $ 0.67 For the period from February 1, 2018 (the Closing Date) through December 31, 2018 , the Company’s results of operations included contributions from the acquired business of NorthStar I and NorthStar II as follows (dollars in thousands): February 1, 2018 to December 31, 2018 NorthStar I NorthStar II Total Total revenues $ 200,582 $ 160,917 $ 361,499 Net income (loss) attributable to common stockholders (1) (37,480 ) (31,791 ) (69,271 ) ______________________________ (1) Includes $24.7 million of impairment of operating real estate, $18.8 million provision for loan loss, and $45.0 million of mark-to-market adjustments on PE Investments recorded from the Closing Date through December 31, 2018 .

Loans and Preferred Equity He_2

Loans and Preferred Equity Held for Investment, net (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Loans and Preferred Equity Held for Investment, net	The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands): December 31, 2018 December 31, 2017 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance (2) Carrying Value (2) Weighted Average Coupon Weighted Average Maturity in Years Fixed rate Senior loans $ 15,000 $ 15,000 16.0 % 0.5 $ 493,113 $ 484,592 8.2 % 2.4 Mezzanine loans 175,448 174,830 12.7 % 4.9 141,931 141,828 13.2 % 3.2 Preferred equity interests 113,860 113,687 12.6 % 7.7 — — — — 304,308 303,517 635,044 626,420 Variable rate Senior loans 1,432,416 1,430,635 6.3 % 4.2 260,366 260,932 8.1 % 2.3 Securitized loans (3) 302,868 305,106 7.9 % 1.1 377,939 379,670 6.7 % 0.3 Mezzanine loans 90,265 90,567 12.2 % 2.0 34,391 34,279 9.8 % 1.3 1,825,549 1,826,308 672,696 674,881 2,129,857 2,129,825 1,307,740 1,301,301 Allowance for loan losses (4) NA (109,328 ) NA (517 ) Loans and preferred equity held for investment, net $ 2,129,857 $ 2,020,497 $ 1,307,740 $ 1,300,784 _________________________________________ (1) Calculated based on contractual interest rate. (2) Includes four purchased credit-impaired loans with combined unpaid principal balance of $21.4 million and carrying value of $20.8 million . (3) Represents loans transferred into securitization trusts that are consolidated by the Company. (4) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 .
Schedule of Mortgage Loans on Real Estate	Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands): Carrying Value Balance at January 1, 2018 $ 1,300,784 Loans and preferred equity held for investment acquired in the Combination (Note 3) 1,249,733 Deconsolidation of investment entities (1) (553,678 ) Acquisitions/originations/additional funding 919,461 Loan maturities/principal repayments (627,219 ) Foreclosure of loans held for investment (117,878 ) Combination adjustment (2) (50,314 ) Discount accretion/premium amortization 2,582 Capitalized interest 5,837 Change in allowance for loan loss (108,811 ) Balance at December 31, 2018 $ 2,020,497 _________________________________________ (1) Represents loans and preferred equity held for investment, net which were deconsolidated as a result of the Combination. Refer to Note 2, “Summary of Significant Accounting Policies,” for further detail. (2) Represents a loan held for investment, net that was previously sold by the CLNY Investment Entities to NorthStar I and was treated as a secured financing by the CLNY Investment Entities. This loan was eliminated as a result of the Combination.
Aging Summary of Loans	The following table provides an aging summary of loans and preferred equity held for investment at carrying values before allowance for loan losses, if any (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or More Past Due (3)(4) Total Loans December 31, 2018 $ 1,632,817 $ 58,751 $ 42,995 $ 395,262 $ 2,129,825 December 31, 2017 1,122,366 144,241 7,929 26,765 1,301,301 _________________________________________ (1) Subsequent to December 31, 2018 , the Company and the borrower on one loan with a carrying value of $21.8 million included in 30-59 days past due reached an agreement that extended the loan’s maturity until April 2019 . The loan was in maturity default as of December 31, 2018 . (2) At December 31, 2018 , 60-89 days past due loans consists of two loans to the same borrower and secured by the same collateral which were refinanced in January 2019 into a $37.0 million senior mortgage loan. (3) At December 31, 2018 , 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with combined carrying value before allowance for loan losses of $ 258.1 million on non-accrual status. All other loans in this table remain current on interest payments. (4) At December 31, 2018 , 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with a combined carrying value before allowance for loan losses of $137.1 million . The Company foreclosed on these four loans in January 2019 .
Impaired Loans	The following table presents impaired loans at the respective reporting dates (dollars in thousands): Unpaid Principal Balance (1) Gross Carrying Value With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses (2) December 31, 2018 $ 456,703 $ 458,942 $ — $ 458,942 $ 109,328 December 31, 2017 237,441 42,176 195,934 238,110 517 _________________________________________ (1) At December 31, 2018 , includes four loans to the same borrower and secured by the same collateral with combined unpaid principal balance of $257.2 million and gross carrying value of $258.1 million on non-accrual status. All other loans included in this table remain current on interest payments. (2) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 . The average carrying value and interest income recognized on impaired loans were as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Average carrying value before allowance for loan losses $ 463,043 $ 124,743 $ 126,476 Interest income 21,105 12,431 11,384
Allowance for Loan Losses	Changes in allowance for loan losses on loans are presented below (dollars in thousands): Year Ended December 31, 2018 2017 2016 Allowance for loan losses at beginning of period $ 517 $ 3,386 $ — Provision for loan losses 109,328 518 3,386 Charge-off — (3,387 ) — Recoveries (517 ) — — Allowance for loan losses at end of period (1) $ 109,328 $ 517 $ 3,386 _________________________________________ (1) Allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans which were foreclosed upon in January 2019 .

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands): December 31, 2018 December 31, 2017 Equity method investments $ 742,186 $ 179,303 Investments under fair value option 160,851 24,417 Investments in Unconsolidated Ventures $ 903,037 $ 203,720
Summary of Equity Method Investments	The following table presents the deconsolidation of the assets and liabilities of certain of the CLNY Investment Entities, and accounting for the Company’s interests in these CLNY Investment Entities as equity method investments as of the Closing Date (dollars in thousands): As of the Closing Date Assets Cash and cash equivalents $ (11,408 ) Restricted cash (14,704 ) Loans and preferred equity held for investment, net (553,678 ) Investments in unconsolidated ventures 127,062 Receivables, net (4,344 ) Other assets (114 ) Total assets $ (457,186 ) Liabilities Mortgage and other notes payable, net $ (128,709 ) Accrued and other liabilities (640 ) Escrow deposits payable (14,704 ) Total liabilities (144,053 ) Stockholders’ equity (313,133 ) Total liabilities and equity $ (457,186 ) The Company’s investments accounted for under the equity method are summarized below (dollars in thousands): Ownership Interest (1) at December 31, 2018 Carrying Value Investments Description December 31, 2018 December 31, 2017 ADC investments Interests in seven 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 Various (2) $ 165,823 $ 179,303 Other investment ventures Interests in thirteen investments, each with less than $165.7 million carrying value at December 31, 2018 Various 576,363 — _________________________________________ (1) The Company’s ownership interest represents capital contributed to date and may not be reflective of the Company’s economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be 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) The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments. The combined balance sheets for unconsolidated ventures determined to be significant for the respective periods, as of December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 December 31, 2017 Assets Total assets $ 403,112 $ 186,475 Liabilities and equity Total liabilities $ 316,650 $ 167,435 Equity 86,462 19,040 Total liabilities and equity $ 403,112 $ 186,475 The combined statement of operations for unconsolidated ventures determined to be significant for the respective periods, from acquisition date through the year ended December 31, 2018 and 2017 are as follows (dollars in thousands): Year Ended December 31, 2018 2017 Total revenues $ 36,708 $ 37,800 Net income $ 11,296 $ 2,265

Real Estate Securities, Avail_2

Real Estate Securities, Available for Sale (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of the CMBS Investments	The following table presents CMBS investments as of December 31, 2018 (dollars in thousands): Weighted Average Principal (1) Total Discount Amortized Cumulative Unrealized Fair Coupon (2) Unleveraged As of Date: Count Gain (Loss) December 31, 2018 43 $ 292,284 $ (62,772 ) $ 229,512 $ 2,167 $ (3,494 ) $ 228,185 3.19 % 7.10 % _________________________________________ (1) Certain CRE securities serve as collateral for financing transactions including carrying value of $226.6 million for the CMBS Credit Facilities (refer to Note 10). The remainder is unleveraged. (2) All CMBS are fixed rate.
Schedule of Classification, Carrying Value and Maximum Exposure of VIEs	The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2018 (dollars in thousands): Carrying Value Maximum Exposure to Loss Real estate securities, available for sale $ 228,185 $ 229,512 Investments in unconsolidated ventures 561,754 583,160 Loans and preferred equity held for investment, net 225,691 225,691 Total assets $ 1,015,630 $ 1,038,363 The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2018 (dollars in thousands): December 31, 2018 Assets Mortgage loans held in a securitization trust, at fair value $ 3,116,978 Receivables, net 13,178 Total assets $ 3,130,156 Liabilities Mortgage obligations issued by a securitization trust, at fair value $ 2,973,936 Accrued and other liabilities 12,233 Total liabilities $ 2,986,169 The below table presents net income attributable to the Company’s common stockholders for the year ended December 31, 2018 generated from the Company’s investments in the subordinate tranches of the securitization trusts (dollars in thousands). The Company had no investments in subordinate tranches for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2018 Statement of Operations Interest income on mortgage loans held in securitization trusts $ 143,371 Interest expense on mortgage obligations issued by securitization trusts (132,411 ) Net interest income 10,960 Administrative expenses (1,528 ) Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net 5,003 Realized loss on mortgage loans and obligations held in securitization trusts, net (3,447 ) Net income attributable to Colony Credit Real Estate, Inc. common stockholders $ 10,988

Real Estate, net (Tables)

Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Operating Real Estate Properties	The following table presents the Company’s net lease portfolio, net, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 226,141 $ 25,262 Buildings, building leaseholds, and improvements 1,010,339 178,109 Tenant improvements 24,060 2,316 Construction-in-progress 437 21 Subtotal $ 1,260,977 $ 205,708 Less: Accumulated depreciation (34,532 ) (5,516 ) Less: Impairment (1) (7,094 ) — Net lease portfolio, net $ 1,219,351 $ 200,192 ______________________________ (1) See Note 15, “Fair Value,” for discussion of impairment of real estate. The following table presents the Company’s other portfolio, net, including foreclosed properties, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 113,495 $ 667 Buildings, building leaseholds, and improvements 627,612 18,477 Tenant improvements 24,001 36 Furniture, fixtures and equipment 17,910 680 Construction-in-progress 2,635 — Subtotal $ 785,653 $ 19,860 Less: Accumulated depreciation (23,030 ) (312 ) Less: Impairment (1) (22,284 ) — Other portfolio, net $ 740,339 $ 19,548 ______________________________ (1) See Note 15, “Fair Value,” for discussion of impairment of real estate.
Schedule of Future Minimum Rental Income	The following table presents approximate future minimum rental income under non-cancellable operating leases to be received over the next five years and thereafter as of December 31, 2018 (dollars in thousands): 2019 $ 113,525 2020 107,413 2021 98,343 2022 88,270 2023 73,257 2024 and thereafter 765,652 Total $ 1,246,460
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents an allocation of the Combination consideration to assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II based on their respective estimated fair values. The estimated fair values and allocation of the Combination consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the measurement period, no material adjustments were made to the allocation of the Combination consideration. Final adjusted fair values assigned to the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II were as follows (dollars in thousands): Final Adjusted Amounts at December 31, 2018 NorthStar I NorthStar II Total Merger consideration $ 1,032,651 $ 988,722 $ 2,021,373 Allocation of merger consideration: Assets acquired Cash and cash equivalents $ 130,197 $ 51,360 $ 181,557 Restricted cash 30,564 61,313 91,877 Loans and preferred equity held for investment 521,462 728,271 1,249,733 Real estate securities, available for sale, at fair value 100,731 64,793 165,524 Real estate, net 792,999 494,324 1,287,323 Investments in unconsolidated ventures 67,899 375,694 443,593 Receivables, net 12,363 11,479 23,842 Deferred leasing costs and intangible assets, net 74,243 37,090 111,333 Other assets 18,666 24,401 43,067 Mortgage loans held in securitization trusts, at fair value 1,894,404 1,432,795 3,327,199 Total assets acquired 3,643,528 3,281,520 6,925,048 Liabilities assumed Securitization bonds payable, net — 80,825 80,825 Mortgage and other notes payable, net 399,131 382,485 781,616 Credit facilities 293,340 355,529 648,869 Due to related party 4,533 1,842 6,375 Accrued and other liabilities 25,680 22,959 48,639 Intangible liabilities, net 17,931 1,808 19,739 Escrow deposits payable 12,994 36,362 49,356 Mortgage obligations issued by securitization trusts, at fair value 1,784,223 1,401,491 3,185,714 Total liabilities assumed 2,537,832 2,283,301 4,821,133 Noncontrolling interests 73,045 9,497 82,542 Fair value of net assets acquired $ 1,032,651 $ 988,722 $ 2,021,373 The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2018 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements (2) Building and Improvements (2) Furniture, Fixtures and Equipment Lease Intangible Assets (2) Other Assets Other Liabilities July Office - Norway 26 $ 318,860 $ 60,510 $ 271,983 $ — $ 25,287 $ — $ (38,920 ) August Hotel - Dallas, TX 1 75,663 8,216 61,580 3,947 465 2,023 (568 ) August Industrial - Various in U.S. 2 292,000 66,844 189,105 — 36,051 — — September Hotel - Pittsburgh, PA 1 42,315 7,247 26,363 3,025 1,408 4,392 (120 ) $ 728,838 $ 142,817 $ 549,031 $ 6,972 $ 63,211 $ 6,415 $ (39,608 ) ______________________________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rate as of the respective dates of acquisitions, where applicable. (2) Useful life of real estate acquired is 30 to 40 years for buildings, 8 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1.5 to 20 years for lease intangibles.

Deferred Leasing Costs and Ot_2

Deferred Leasing Costs and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The Company’s deferred leasing costs, other intangible assets and intangible liabilities at December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 115,778 $ (27,120 ) $ 88,658 Deferred leasing costs 39,130 (6,848 ) 32,282 Above-market lease values 16,203 (3,883 ) 12,320 Other intangibles 906 (134 ) 772 Below-market ground lease obligations 52 (16 ) 36 $ 172,069 $ (38,001 ) $ 134,068 Intangible Liabilities Below-market lease values $ 19,374 $ (4,278 ) $ 15,096 December 31, 2017 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 9,214 $ (2,657 ) $ 6,557 Deferred leasing costs 3,671 (657 ) 3,014 Above-market lease values 1,682 (283 ) 1,399 Below-market ground lease obligations 52 (8 ) 44 $ 14,619 $ (3,605 ) $ 11,014 Intangible Liabilities Below-market lease values $ 51 $ (15 ) $ 36
Deferred Costs, Capitalized, Prepaid, and Other Assets	The Company’s deferred leasing costs, other intangible assets and intangible liabilities at December 31, 2018 and 2017 are as follows (dollars in thousands): December 31, 2018 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 115,778 $ (27,120 ) $ 88,658 Deferred leasing costs 39,130 (6,848 ) 32,282 Above-market lease values 16,203 (3,883 ) 12,320 Other intangibles 906 (134 ) 772 Below-market ground lease obligations 52 (16 ) 36 $ 172,069 $ (38,001 ) $ 134,068 Intangible Liabilities Below-market lease values $ 19,374 $ (4,278 ) $ 15,096 December 31, 2017 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 9,214 $ (2,657 ) $ 6,557 Deferred leasing costs 3,671 (657 ) 3,014 Above-market lease values 1,682 (283 ) 1,399 Below-market ground lease obligations 52 (8 ) 44 $ 14,619 $ (3,605 ) $ 11,014 Intangible Liabilities Below-market lease values $ 51 $ (15 ) $ 36
Schedule of Deferred Costs and Other Intangible Assets and Liabilities	The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the years ended December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, 2018 2017 Above-market lease values $ (4,277 ) $ (283 ) Below-market lease values 4,329 15 Net increase (decrease) to property operating income $ 52 $ (268 ) Below-market ground lease obligations $ 8 $ 8 Increase to property operating expense $ 8 $ 8 In-place lease values $ 27,239 $ 2,657 Deferred leasing costs 7,343 655 Other intangibles 134 — Amortization expense $ 34,716 $ 3,312
Schedule of Future Amortization Expense	The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities for each of the next five years and thereafter as of December 31, 2018 (dollars in thousands): 2019 2020 2021 2022 2023 2024 and thereafter Total Above-market lease values $ 3,771 $ 3,162 $ 1,998 $ 1,422 $ 744 $ 1,223 $ 12,320 Below-market lease values (4,498 ) (4,052 ) (3,848 ) (2,415 ) (177 ) (106 ) (15,096 ) Net increase (decrease) to property operating income $ (727 ) $ (890 ) $ (1,850 ) $ (993 ) $ 567 $ 1,117 $ (2,776 ) Below-market ground lease obligations $ 8 $ 8 $ 8 $ 8 $ 4 $ — $ 36 Increase to property operating expense $ 8 $ 8 $ 8 $ 8 $ 4 $ — $ 36 In-place lease values $ 16,540 $ 13,892 $ 10,905 $ 7,758 $ 4,935 $ 34,628 $ 88,658 Deferred leasing costs 7,083 6,227 4,992 3,711 2,477 7,792 32,282 Other intangibles 472 300 — — — — 772 Amortization expense $ 24,095 $ 20,419 $ 15,897 $ 11,469 $ 7,412 $ 42,420 $ 121,712

Restrictred Cash, Other Asset_2

Restrictred Cash, Other Assets and Accrued and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Restricted Cash	The following table presents a summary of restricted cash as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Restricted cash: Borrower escrow deposits $ 65,995 $ 36,960 Capital expenditure reserves 17,440 4,875 Working capital and other reserves 8,396 66 Real estate escrow reserves 7,304 — Tenant lock boxes 5,642 — Restricted cash of consolidated Securitization 2016-1 3,293 — Other 2,076 — Total $ 110,146 $ 41,901
Summary of Other Assets	The following table presents a summary of other assets as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Other assets: Prepaid taxes and deferred tax assets $ 32,878 $ 1,050 Derivative asset 14,139 117 Deferred financing costs, net - credit facilities 9,415 — Prepaid expenses 5,574 360 Total $ 62,006 $ 1,527
Summary of Other Liabilities	The following table presents a summary of accrued and other liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Accrued and other liabilities: Current and deferred tax liability $ 36,730 $ 120 Accounts payable, accrued expenses and other liabilities 29,151 3,532 Interest payable 21,576 924 Prepaid rent and unearned revenue 10,481 481 Derivative liability 6,042 — Tenant security deposits 2,207 118 Total $ 106,187 $ 5,175

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of Debt	The following table presents debt as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Securitization bonds payable, net 2014 FL1 (3) Non-recourse Apr-31 LIBOR + 3.28% $ 25,549 $ 25,549 $ 27,119 $ 27,004 2014 FL2 (3) Non-recourse Nov-31 LIBOR + 4.25% 18,320 18,320 55,430 55,430 2015 FL3 (3) Non-recourse NA NA — — 26,245 26,245 Securitization 2016-1 (3) Non-recourse Sep-31 LIBOR + 4.12% 37,503 37,503 — — Subtotal securitization bonds payable, net 81,372 81,372 108,794 108,679 Mortgage and other notes payable, net Net lease 1 Non-recourse Oct-27 4.45% 24,606 24,606 25,074 25,022 Net lease 2 Non-recourse Nov-26 4.45% 3,484 3,378 3,544 3,425 Net lease 3 Non-recourse Nov-26 4.45% 7,519 7,290 7,647 7,390 December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Net lease 4 Non-recourse Jun-21 4.00% 12,786 12,648 13,133 12,939 Net lease 5 Non-recourse Jul-23 LIBOR + 2.15% 2,078 2,024 2,482 2,416 Net lease 6 Non-recourse Aug-26 4.08% 32,378 32,054 32,600 32,234 Net lease 7 (4) Non-recourse Nov-26 4.45% 18,917 18,342 19,241 18,593 Net lease 8 Non-recourse Mar-28 4.38% 12,434 11,920 — — Net lease 9 Non-recourse Apr-21 (5) LIBOR+2.50% 73,702 73,696 — — Net lease 10 Non-recourse Jul-25 4.31% 250,000 246,522 — — Net lease 11 (6) Non-recourse Jun-25 3.91% 184,320 186,934 — — Net lease 12 Non-recourse Sep-33 4.77% 200,000 198,449 — — Multifamily 1 Non-recourse Dec-23 4.84% 43,500 44,008 — — Multifamily 2 Non-recourse Dec-23 4.94% 43,000 43,501 — — Multifamily 3 Non-recourse Jan-24 5.15% 16,000 16,561 — — Multifamily 4 (7) Non-recourse Dec-20 5.27% 11,964 12,228 — — Multifamily 5 Non-recourse Nov-26 3.98% 24,289 23,485 — — Office 1 Non-recourse Oct-24 4.47% 108,850 109,779 — — Office 2 Non-recourse Jan-25 4.30% 76,448 75,620 — — Office 3 Non-recourse Apr-23 LIBOR + 4.00% 31,126 29,974 — — Hotel development loan (8) Non-recourse NA NA — — 130,000 128,649 Hotel A-Note (9) Non-recourse NA NA — — 50,314 50,314 Subtotal mortgage and other notes payable, net 1,177,401 1,173,019 284,035 280,982 Bank credit facility Bank credit facility $ 525,000 Recourse Feb-23 (10) LIBOR + 2.25% 295,000 295,000 — — Subtotal bank credit facility 295,000 295,000 — — Master repurchase facilities Bank 1 facility 3 $ 300,000 Limited Recourse (11) Apr-23 (12) LIBOR + 2.00% (13) 143,400 143,400 — — Bank 2 facility 3 200,000 Limited Recourse (11) Oct-22 (14) LIBOR + 2.50% (13) 22,750 22,750 — — Bank 3 facility 3 500,000 Limited Recourse (11) Apr-21 LIBOR + 2.32% (13) 352,108 352,108 — — Bank 7 facility 1 500,000 Limited Recourse (11) Apr-22 (15) LIBOR + 1.89% (13) 308,434 308,434 — — Bank 8 facility 1 250,000 Limited Recourse (11) Jun-21 (16) LIBOR + 2.00% (13) 53,596 53,596 — — Bank 9 facility 1 300,000 Limited Recourse (11) Nov-23 (17) (18) — — — — Subtotal master repurchase facilities $ 2,050,000 880,288 880,288 — — CMBS credit facilities Bank 1 facility 1 Recourse (19) LIBOR + 1.10% (13) 18,542 18,542 — — Bank 1 facility 2 Recourse (19) LIBOR + 1.10% (13) 17,237 17,237 — — Bank 3 facility Recourse (19) NA — — — — Bank 4 facility Recourse (19) NA — — — — Bank 5 facility 1 Recourse (19) NA — — — — Bank 5 facility 2 Recourse (19) NA — — — — Bank 6 facility 1 Recourse (19) LIBOR + 1.29% (13) 80,838 80,838 — — Bank 6 facility 2 Recourse (19) LIBOR + 1.12% (13) 74,013 74,013 — — Subtotal CMBS credit facilities 190,630 190,630 — — Subtotal credit facilities 1,365,918 1,365,918 — — December 31, 2018 December 31, 2017 Capacity ($) Recourse vs. (1) Final Contractual Principal (2) Carrying (2) Principal (2) Carrying (2) Total $ 2,624,691 $ 2,620,309 $ 392,829 $ 389,661 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years. (4) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (5) The current maturity of the mortgage payable is April 2019, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (6) As of December 31, 2018, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $184.3 million . The mortgage payable was assumed in July 2018. (7) Represents two separate senior mortgage notes with a weighted average maturity of December 1, 2020 and weighted average interest rate of 5.27% . (8) A development loan originated by the Company was restructured into a senior and junior note, with the senior note assumed by a third-party lender. The Company accounted for the transfer of the senior note as a financing transaction. The senior note bore interest at one-month London Interbank Offered Rate (“LIBOR”) plus 3.5% , with a 4.0% floor, and was subject to two one -year extension options on its initial term, exercisable by the borrower. The investment entity that held the debt was deconsolidated upon closing of the Combination (refer to Note 2, “Summary of Significant Accounting Policies”). (9) Represents the Company’s senior participation interest in a first mortgage loan that was transferred at cost into a securitization trust with the transfer accounted for as a secured financing transaction. The Company did not retain any legal interest in the senior participation and retained the junior participation on an unleveraged basis. (10) The abilities to borrow additional amounts terminates on February 1, 2022 at which time the Company may, at its election, extend the termination date for two additional six -month terms. (11) Recourse solely with respect to 25.0% of the financed amount. (12) The next maturity date is April 2021, with two one -year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (13) Represents the weighted average spread as of December 31, 2018 . The contractual interest rate depends upon asset type and characteristics and ranges from one -month to three -month LIBOR plus 1.10% to 2.63% . (14) The next maturity date is October 2019, with three one -year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (15) The next maturity date is April 2021, with a one -year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (16) The next maturity date is June 2020, with a one -year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (17) The next maturity date is November, 2021, with two one -year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (18) The interest rate will be determined by the lender in its sole discretion. (19) The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from one to two months.
Schedule of Scheduled Principal on Debt	The following table summarizes future scheduled minimum principal payments at December 31, 2018 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Year Ending December 31, Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit 2019 $ 193,174 $ — $ 2,544 $ 190,630 2020 14,607 — 14,607 — 2021 493,930 — 88,226 405,704 2022 333,704 — 2,520 331,184 2023 471,945 — 120,045 438,400 2024 and thereafter 1,117,331 81,372 949,459 — Total $ 2,624,691 $ 81,372 $ 1,177,401 $ 1,365,918

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Awards Granted or Vested	The table below summarizes our awards granted, forfeited or vested under the 2018 Plan during the year ended December 31, 2018 : Number of Shares Restricted Stock Total Weighted Average Grant Date Fair Value Unvested Shares at December 31, 2017 — — $ — Granted 1,003,818 1,003,818 19.39 Vested (79,368 ) (79,368 ) 19.39 Forfeited (34,737 ) (34,737 ) 19.39 Unvested shares at December 31, 2018 889,713 889,713 $ 19.39

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary of Distributions Declared	During the year ended December 31, 2018 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share February 26, 2018 March 8, 2018 March 16, 2018 $0.145 March 15, 2018 March 29, 2018 April 10, 2018 $0.145 April 16, 2018 April 30, 2018 May 10, 2018 $0.145 May 7, 2018 May 31, 2018 June 11, 2018 $0.145 June 14, 2018 June 29, 2018 July 10, 2018 $0.145 July 16, 2018 July 31, 2018 August 10, 2018 $0.145 August 1, 2018 August 31, 2018 September 10, 2018 $0.145 September 17, 2018 September 28, 2018 October 10, 2018 $0.145 October 17, 2018 October 31, 2018 November 9, 2018 $0.145 November 1, 2018 November 30, 2018 December 10, 2018 $0.145 December 17, 2018 December 31, 2018 January 10, 2019 $0.145
Reclassification out of Accumulated Other Comprehensive Income	The following tables present the changes in each component of Accumulated Other Comprehensive Income (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect. There was no AOCI component in 2017 or 2016. Changes in Components of AOCI - Stockholders (in thousands) Unrealized loss on real estate securities, available for sale Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2017 $ — $ — $ — $ — Other comprehensive income (loss) (1,295 ) 11,037 (10,141 ) (399 ) AOCI at December 31, 2018 $ (1,295 ) $ 11,037 $ (10,141 ) $ (399 ) Changes in Components of AOCI - Noncontrolling Interests in the OP (in thousands) Unrealized loss on real estate securities, available for sale Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2017 $ — $ — $ — $ — Other comprehensive income (loss) (32 ) 268 (246 ) (10 ) AOCI at December 31, 2018 $ (32 ) $ 268 $ (246 ) $ (10 )

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following table presents financial assets that were accounted for at fair value on a recurring basis as of December 31, 2018 and 2017 by level within the fair value hierarchy (dollars in thousands): December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in unconsolidated ventures (1) $ — $ — $ 160,851 $ 160,851 $ — $ — $ 24,417 $ 24,417 Real estate securities, available for sale — 228,185 — 228,185 — — — — Mortgage loans held in securitization trusts, at fair value — — 3,116,978 3,116,978 — — — — Other assets - derivative assets — 14,139 — 14,139 — — — — Liabilities: Mortgage obligations issued by securitization trusts, at fair value $ — $ 2,973,936 $ — $ 2,973,936 $ — $ — $ — $ — Other liabilities - derivative liabilities — 6,042 — 6,042 — — — — ______________________________________ (1) Represents PE Investments for which the Company elected the fair value option.
Schedule of Changes in Level 3	The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the years ended December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 PE Investments Mortgage loans held in securitization trusts (1) PE Investments Beginning balance $ 24,417 $ — $ — Contributions (2) /purchases 248,390 3,327,199 72,325 Distributions/paydowns (78,424 ) (147,824 ) (49,344 ) Equity in earnings 21,709 — 6,829 Unrealized loss in earnings (55,241 ) (58,950 ) (5,393 ) Realized loss in earnings — (3,447 ) — Ending balance $ 160,851 $ 3,116,978 $ 24,417 _________________________________________ (1) For the year ended December 31, 2018 , unrealized loss of $59.0 million related to mortgage loans held in securitization trusts, at fair value was offset by unrealized gain of $64.0 million related to mortgage obligations issued by securitization trusts, at fair value. (2) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings.
Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans and preferred equity held for investment, net $ 2,129,857 (2) $ 2,020,497 $ 2,025,216 $ 1,307,740 (2) $ 1,300,784 $ 1,311,783 Financial liabilities: (1) Securitization bonds payable, net $ 81,372 $ 81,372 $ 81,372 $ 108,794 $ 108,679 $ 108,974 Mortgage notes payable, net 1,177,401 1,173,019 1,177,669 284,035 280,982 282,333 Master repurchase facilities 1,365,918 1,365,918 1,365,918 — — — _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $135.0 million and $19.2 million as of December 31, 2018 and 2017 , respectively.
Fair Value Measurements, Nonrecurring	The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented (dollars in thousands): Year Ended December 31, 2018 Impairment of operating real estate: Real estate, net $ 29,378 Real estate held for sale 2,435 The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment (dollars in thousands): December 31, 2018 Level 1 Level 2 Level 3 Total Real estate, net $ — $ — $ 78,312 $ 78,312

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	As of December 31, 2018 , fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 11,312 $ 2,796 $ 14,108 Interest rate contracts — 31 31 Included in other assets $ 11,312 $ 2,827 $ 14,139 Derivative Liabilities Foreign exchange contracts $ (10 ) $ — $ (10 ) Interest rate contracts — (6,032 ) (6,032 ) Included in accrued and other liabilities $ (10 ) $ (6,032 ) $ (6,042 )
Schedule of Derivative Liabilities at Fair Value	As of December 31, 2018 , fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 11,312 $ 2,796 $ 14,108 Interest rate contracts — 31 31 Included in other assets $ 11,312 $ 2,827 $ 14,139 Derivative Liabilities Foreign exchange contracts $ (10 ) $ — $ (10 ) Interest rate contracts — (6,032 ) (6,032 ) Included in accrued and other liabilities $ (10 ) $ (6,032 ) $ (6,042 )
Schedule of Derivative Instruments	The following table summarizes the foreign exchange and interest rate contracts as of December 31, 2018 : Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Designated Non-Designated FX Forward EUR € 194,495 € — December 2019 - June 2023 FX Forward NOK NOK 585,600 NOK 322,100 July 2019 - July 2023 Interest Rate Swap USD $ — $ 374,258 April 2019 - August 2028 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the year ended December 31, 2018 (dollars in thousands): Year Ended December 31, 2018 Other gain (loss), net Non-designated foreign exchange contracts $ 2,796 Non-designated interest rate contracts (6,001 ) $ (3,205 ) Accumulated other comprehensive income (loss) Designated foreign exchange contracts 11,305 Designated interest rate contracts — $ 11,305 Interest Income Non-designated interest rate contracts $ 2,176
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 as of December 31, 2018 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (Assets) Liabilities Cash Collateral Pledged Derivative Assets Foreign exchange contracts $ 14,108 $ (10 ) $ — $ 14,098 Interest rate contracts 31 — — 31 $ 14,139 $ (10 ) $ — $ 14,129 Derivative Liabilities Foreign exchange contracts $ (10 ) $ 10 $ — $ — Interest rate contracts (6,032 ) — 5,490 (542 ) $ (6,042 ) $ 10 $ 5,490 $ (542 )
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 as of December 31, 2018 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (Assets) Liabilities Cash Collateral Pledged Derivative Assets Foreign exchange contracts $ 14,108 $ (10 ) $ — $ 14,098 Interest rate contracts 31 — — 31 $ 14,139 $ (10 ) $ — $ 14,129 Derivative Liabilities Foreign exchange contracts $ (10 ) $ 10 $ — $ — Interest rate contracts (6,032 ) — 5,490 (542 ) $ (6,042 ) $ 10 $ 5,490 $ (542 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Summary of Tax Provisions	The following table provides a summary of the Company’s tax provisions (dollars in thousands): Year Ended December 31, 2018 2017 2016 Current Federal $ (7,534 ) (389 ) (1,248 ) State and local (583 ) (75 ) (273 ) Foreign (588 ) — — Total current tax benefit (expense) (8,705 ) (464 ) (1,521 ) Deferred Federal (27,817 ) (1,760 ) — State and local — 16 — Foreign (537 ) — — Total deferred tax benefit (expense) (28,354 ) (1,744 ) — Total income tax benefit (expense) $ (37,059 ) $ (2,208 ) $ (1,521 )
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows (dollars in thousands): December 31, 2018 2017 Deferred tax assets Basis difference - investment in partnerships $ 40,205 $ 2,830 Disallowed interest expense carry forwards 2,659 720 Net operating and capital loss carry forwards (1) 3,974 3,410 Other 746 478 Gross deferred tax asset 47,584 7,438 Valuation allowance (46,842 ) (3,764 ) Deferred tax assets, net of valuation allowance $ 742 $ 3,674 Deferred tax liabilities Basis difference - real estate (34,418 ) — Gross deferred tax liabilities (34,418 ) — Net deferred tax asset (liability) $ (33,676 ) $ 3,674 _________________________________________ (1) As of December 31, 2018 and 2017, deferred tax asset was recognized on net operating losses of $15.6 million and $15.4 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2034, or can be carried forward indefinitely.
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory U.S. income tax to the Company’s effective income tax is presented as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Pre-tax income (loss) attributable to taxable entities $ (39,843 ) $ 548 $ 5,308 Federal tax expense (benefit) at statutory tax rate (21%, 35% and 35%, respectively) (8,367 ) 192 1,858 State and local taxes, net of federal income tax benefit (644 ) 12 270 Non-deductible expenses 41 — (1 ) Foreign income tax differential 24 — — Valuation allowance, net 43,078 — — Revaluation of deferred taxes due to "Tax Cuts and Jobs Act" 1,725 212 — Other 1,202 1,792 (606 ) Income tax expense $ 37,059 $ 2,208 $ 1,521

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments	The following table presents future minimum rental payments, excluding contingent rents, on noncancelable ground leases on real estate as of December 31, 2018 (dollars in thousands): 2019 $ 2,821 2020 2,819 2021 2,804 2022 1,882 2023 1,388 2024 and thereafter 12,998 Total $ 24,712

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Summary of Segment Reporting	The following tables present segment reporting for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 Loan CRE Debt Securities Net Leased Real Estate Other Corporate (1) Total Net interest income (expense) $ 99,661 $ 24,778 $ — $ — $ (8,900 ) $ 115,539 Property and other income 171 84 79,460 101,144 1,131 181,990 Management fee expense — — — — (43,190 ) (43,190 ) Property operating expense — — (21,293 ) (52,323 ) — (73,616 ) Transaction, investment and servicing expense (2,278 ) (80 ) (490 ) (452 ) (33,500 ) (36,800 ) Interest expense on real estate — — (26,159 ) (17,278 ) — (43,437 ) Depreciation and amortization — — (40,804 ) (50,182 ) — (90,986 ) Provision for loan loss (113,911 ) — — — — (113,911 ) Impairment of operating real estate — — (7,094 ) (24,719 ) — (31,813 ) Administrative expense (583 ) (1,617 ) (159 ) (37 ) (24,238 ) (26,634 ) Unrealized gain on mortgage loans and obligations held in securitization trusts, net — 1,642 — — 3,361 5,003 Realized loss on mortgage loans and obligations held in securitization trusts, net — (3,447 ) — — — (3,447 ) Other gain (loss), net — (6,032 ) 2,812 454 — (2,766 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes (16,940 ) 15,328 (13,727 ) (43,393 ) (105,336 ) (164,068 ) Equity in earnings (losses) of unconsolidated ventures 57,306 — — (33,532 ) — 23,774 Income tax expense — — (1,125 ) (35,934 ) — (37,059 ) Net income (loss) $ 40,366 $ 15,328 $ (14,852 ) $ (112,859 ) $ (105,336 ) $ (177,353 ) _________________________________________ (1) Includes income earned from the CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the year ended December 31, 2018 , $3.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The corresponding interest expense is recorded in net interest income in the Corporate column. Year Ended December 31, 2017 Loan Net Leased Real Estate Other Corporate Total Net interest income $ 119,195 $ — $ — $ — $ 119,195 Property and other income 3,139 21,402 — — 24,541 Property operating expense (2,291 ) (5,687 ) — — (7,978 ) Transaction, investment and servicing expense (2,303 ) (250 ) (17 ) — (2,570 ) Interest expense on real estate — (5,095 ) — — (5,095 ) Depreciation and amortization (329 ) (8,808 ) — — (9,137 ) Provision for loan loss (518 ) — — — (518 ) Administrative expense (858 ) (83 ) (7 ) (11,721 ) (12,669 ) Other gain (loss), net (400 ) 10 — — (390 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 115,635 1,489 (24 ) (11,721 ) 105,379 Equity in earnings of unconsolidated ventures 23,273 — 1,436 — 24,709 Income tax expense (87 ) — (2,121 ) — (2,208 ) Net income (loss) $ 138,821 $ 1,489 $ (709 ) $ (11,721 ) $ 127,880 Year Ended December 31, 2016 Loan Corporate Total Net interest income $ 114,498 $ — $ 114,498 Property and other income 1,674 — 1,674 Property operating expense (905 ) — (905 ) Transaction, investment and servicing expense (1,767 ) — (1,767 ) Interest expense on real estate — — — Depreciation and amortization (146 ) — (146 ) Provision for loan loss (3,386 ) — (3,386 ) Administrative expense (318 ) (15,119 ) (15,437 ) Other loss, net (56 ) — (56 ) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 109,594 (15,119 ) 94,475 Equity in earnings of unconsolidated ventures 16,067 — 16,067 Income tax expense (1,521 ) — (1,521 ) Net income (loss) $ 124,140 $ (15,119 ) $ 109,021
Summary of Total Assets by Segment	The following table presents total assets by segment as of December 31, 2018 and 2017 (dollars in thousands): Total Assets Loan (1) CRE Debt Securities Net Leased Real Estate Other (2) Corporate (3) Total December 31, 2018 $ 2,840,267 $ 3,507,404 $ 1,354,051 $ 1,029,014 $ (70,006 ) $ 8,660,730 December 31, 2017 1,573,714 — 241,271 24,417 — 1,839,402 _________________________________________ (1) Includes investments in unconsolidated ventures totaling $742.2 million and $179.3 million as of December 31, 2018 and 2017 , respectively. (2) Includes PE Investments totaling $160.9 million and $24.4 million as of December 31, 2018 and 2017 , respectively. (3) Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of the securitization trusts in consolidation.
Revenue by Geographic Areas	Geography information on total income and long lived assets are presented as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Total income by geography: United States $ 481,404 $ 185,853 $ 154,418 Europe 17,487 — — Other 1,897 3,611 3,852 Total (1) $ 500,788 $ 189,464 $ 158,270
Long-lived Assets by Geographic Areas	December 31, 2018 Long-lived assets by geography: United States $ 1,764,247 Europe 329,511 Total (2) $ 2,093,758 _________________________________________ (1) Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures. (2) Long-lived assets comprise real estate, real estate related intangible assets, and exclude financial instruments and assets held for sale. As of December 31, 2017 , all long-lived assets are located in United States.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 consist of the following (dollars in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Net income (loss) $ (177,353 ) $ 127,880 $ 109,021 Net (income) loss attributable to noncontrolling interests: Investment Entities 4,771 (39,376 ) (32,970 ) Operating Partnership (1) 4,084 (5,734 ) (4,927 ) Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders $ (168,498 ) $ 82,770 $ 71,124 Numerator: Net income allocated to participating securities (nonvested shares) $ (1,439 ) $ — $ — Net income (loss) attributable to common stockholders $ (169,937 ) $ 82,770 $ 71,124 Denominator: Weighted average shares outstanding (2)(3) 120,677 44,399 44,399 Net income (loss) per common share - basic and diluted (3) $ (1.41 ) $ 1.86 $ 1.60 _________________________________________ (1) For earnings per share for the years ended December 31, 2017 and 2016 , the Company allocated the OP’s share of net income as if the OP held 3,075,623 CLNC OP Units during the period for comparative purposes. The CLNC OP Units were not issued until January 31, 2018 . (2) For earnings per share, the Company assumes 44.4 million shares of Class B-3 common stock were outstanding prior to January 31, 2018 to reflect the standalone pre-merger financial information of the CLNY Investment Entities, the Company’s predecessor for accounting purposes. (3) Excludes 3,075,623 CLNC OP Units, which are redeemable for cash, or at the Company’s option, shares of Class A common stock on a one -for-one basis, and therefore would not be dilutive.

Business and Organization (Deta

Business and Organization (Details) - USD ($)	Sep. 15, 2017	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Initial capital contribution	$ 1,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Credit RE Operating Company, LLC
Schedule of Investments [Line Items]
Ownership percentage by parent		97.60%
Ownership percentage by noncontrolling owners		2.40%
Class A
Schedule of Investments [Line Items]
Common stock, par value (in dollars per share)			$ 0.01

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	Jan. 31, 2018	Mar. 31, 2018shares	Dec. 31, 2018USD ($)investmentvariable_interest_entity	Dec. 31, 2018USD ($)investmentvariable_interest_entityshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Conversion of stock, conversion ratio	1
Provision for loan losses				$ 113,911,000	$ 518,000	$ 3,386,000
Impairment of operating real estate				$ 31,813,000	0	0
Number of securitization trusts | investment			3	3
OTTI recorded on its CRE securities				$ 0
Provisional amount of income tax expense, deferred tax					2,000,000
Provisional tax expense			$ 100,000
Income tax expense (benefit)				37,059,000	2,208,000	1,521,000
Future contractual lease payment obligations			24,712,000	24,712,000
Restricted cash			$ 110,146,000	$ 110,146,000	41,901,000	$ 58,530,000		$ 98,012,000
Granted (in shares) | shares				1,003,818
Primary beneficiary
Variable Interest Entity [Line Items]
Number of investing VIEs | variable_interest_entity			3	3
Restricted cash			$ 18,464,000	$ 18,464,000	$ 24,928,000
CLNC Manager, LLC
Variable Interest Entity [Line Items]
Granted (in shares) | shares		978,946
Scenario, Adjustment
Variable Interest Entity [Line Items]
Provisional tax expense			$ 1,900,000
Scenario, Forecast | Minimum
Variable Interest Entity [Line Items]
Right of use asset							$ 15,000,000
Lease liability							$ 15,000,000
Discounted incremental borrowing rates							5.00%
Scenario, Forecast | Maximum
Variable Interest Entity [Line Items]
Right of use asset							$ 20,000,000
Lease liability							$ 20,000,000
Discounted incremental borrowing rates							5.80%
CLNY OP | Minimum
Variable Interest Entity [Line Items]
Ownership percentage by parent					38.00%
CLNY OP | Maximum
Variable Interest Entity [Line Items]
Ownership percentage by parent					100.00%
Third Party Joint Venture Partners | Minimum | Not primary beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners			5.00%	5.00%
Third Party Joint Venture Partners | Maximum | Not primary beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners			20.00%	20.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Classification, Carrying Value and Maximum Exposure of VIEs (Details) - Unconsolidated VIEs $ in Thousands	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Carrying Value	$ 1,015,630
Maximum Exposure to Loss	1,038,363
Real estate securities, available for sale
Variable Interest Entity [Line Items]
Carrying Value	228,185
Maximum Exposure to Loss	229,512
Investments in unconsolidated ventures
Variable Interest Entity [Line Items]
Carrying Value	561,754
Maximum Exposure to Loss	583,160
Loans and preferred equity held for investment, net
Variable Interest Entity [Line Items]
Carrying Value	225,691
Maximum Exposure to Loss	$ 225,691

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Assets and Liabilities from Deconsolidation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ (403,112)		$ (186,475)
Liabilities
Total liabilities	(316,650)		(167,435)
Stockholders’ equity	(86,462)		(19,040)
Total liabilities and equity	$ (403,112)		$ (186,475)
CLNS Investment Entities
Assets
Cash and cash equivalents		$ (11,408)
Restricted cash		(14,704)
Loans and preferred equity held for investment, net		(553,678)
Investments in unconsolidated ventures		127,062
Receivables, net		(4,344)
Other assets		(114)
Total assets		(457,186)
Liabilities
Mortgage and other notes payable, net		(128,709)
Accrued and other liabilities		(640)
Escrow deposits payable		(14,704)
Total liabilities		(144,053)
Stockholders’ equity		(313,133)
Total liabilities and equity		$ (457,186)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2018
Building (fee interest) | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	19 years
Building (fee interest) | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	48 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	6 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Retrospective Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities	$ 100,722	$ 106,982	$ 88,508
Net cash provided by investing activities	(467,705)	439,269	199,372
Net cash used in financing activities	$ 487,517	(551,658)	(319,718)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		107,922	88,508
Net cash provided by investing activities		454,958	238,854
Net cash used in financing activities		$ (551,658)	$ (319,718)

Business Combination - Narrativ

Business Combination - Narrative (Details) $ / shares in Units, $ in Millions	Feb. 01, 2018	Jan. 31, 2018$ / sharesshares	Jul. 31, 2017USD ($)	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017$ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Conversion of stock, conversion ratio		1
Settlement payment of CLNY true-up adjustment | $			$ 55
Class B-3
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
CLNY OP Subsidiary | CLNC OP Units
Business Acquisition [Line Items]
Exchange ratio		1
CLNY OP | Class B-3
Business Acquisition [Line Items]
Stock issued		44,400,000
NorthStar I and NorthStar II
Business Acquisition [Line Items]
Stock issued		82,505,000
Investment in unconsolidated ventures, capitalization rate				6.80%
Acquisition related costs | $				$ 31.9
NorthStar I
Business Acquisition [Line Items]
Stock issued		42,149,000
Exchange ratio		0.3532
Shares vested in business combination		21,000
NorthStar II
Business Acquisition [Line Items]
Stock issued		40,356,000
Exchange ratio		0.3511
Shares vested in business combination		25,000
CLNY OP | CLNY OP Subsidiary | CLNC OP Units
Business Acquisition [Line Items]
Stock issued		3,100,000
Minimum | NorthStar I and NorthStar II
Business Acquisition [Line Items]
Real estate and related intangibles, capitalization rates	6.50%
Useful lives of intangibles acquired (in years)	1 year
Maximum | NorthStar I and NorthStar II
Business Acquisition [Line Items]
Real estate and related intangibles, capitalization rates	8.30%
Useful lives of intangibles acquired (in years)	10 years
NorthStar I Stockholders
Business Acquisition [Line Items]
Shareholder ownership percentage		32.00%
NorthStar II Stockholders
Business Acquisition [Line Items]
Shareholder ownership percentage		31.00%
CLNY OP
Business Acquisition [Line Items]
Shareholder ownership percentage		37.00%
Investment Bankers | NorthStar I and NorthStar II
Business Acquisition [Line Items]
Acquisition related costs | $				$ 24.3

Business Combination - Combinat

Business Combination - Combination Consideration (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2018USD ($)	Jan. 31, 2018$ / sharesshares
NorthStar I and NorthStar II
Business Acquisition [Line Items]
Shares of Class A common stock issued in the mergers		82,505,000
Fair value consideration per share (in dollars per share) | $ / shares		$ 24.5
Fair value of NorthStar I and NorthStar II consideration | $	$ 2,021,373
NorthStar I
Business Acquisition [Line Items]
Exchange ratio		0.3532
Shares of Class A common stock issued in the mergers		42,149,000
Fair value consideration per share (in dollars per share) | $ / shares		$ 24.50
Fair value of NorthStar I and NorthStar II consideration | $	1,032,651
Shares vested in business combination		21,000
NorthStar II
Business Acquisition [Line Items]
Exchange ratio		0.3511
Shares of Class A common stock issued in the mergers		40,356,000
Fair value consideration per share (in dollars per share) | $ / shares		$ 24.50
Fair value of NorthStar I and NorthStar II consideration | $	$ 988,722
Shares vested in business combination		25,000
NorthStar II
Business Acquisition [Line Items]
Outstanding shares of common stock at January 31, 2018		114,943,000
NorthStar I
Business Acquisition [Line Items]
Outstanding shares of common stock at January 31, 2018		119,333,000

Business Combination - Assets A

Business Combination - Assets Acquired, Liabilities Assumed and Noncontrolling Interests (Details) $ in Thousands	Dec. 31, 2018USD ($)
NorthStar I and NorthStar II
Business Acquisition [Line Items]
Fair value of NorthStar I and NorthStar II consideration	$ 2,021,373
Assets acquired
Cash and cash equivalents	181,557
Restricted cash	91,877
Loans and preferred equity held for investment	1,249,733
Real estate securities, available for sale, at fair value	165,524
Real estate, net	1,287,323
Investments in unconsolidated ventures	443,593
Receivables, net	23,842
Deferred leasing costs and intangible assets, net	111,333
Other assets	43,067
Mortgage loans held in securitization trusts, at fair value	3,327,199
Total assets acquired	6,925,048
Liabilities assumed
Securitization bonds payable, net	80,825
Mortgage and other notes payable, net	781,616
Credit facilities	648,869
Due to related party	6,375
Accrued and other liabilities	48,639
Intangible liabilities, net	19,739
Escrow deposits payable	49,356
Mortgage obligations issued by securitization trusts, at fair value	3,185,714
Total liabilities assumed	4,821,133
Noncontrolling interests	82,542
Fair value of net assets acquired	2,021,373
NorthStar I
Business Acquisition [Line Items]
Fair value of NorthStar I and NorthStar II consideration	1,032,651
Assets acquired
Cash and cash equivalents	130,197
Restricted cash	30,564
Loans and preferred equity held for investment	521,462
Real estate securities, available for sale, at fair value	100,731
Real estate, net	792,999
Investments in unconsolidated ventures	67,899
Receivables, net	12,363
Deferred leasing costs and intangible assets, net	74,243
Other assets	18,666
Mortgage loans held in securitization trusts, at fair value	1,894,404
Total assets acquired	3,643,528
Liabilities assumed
Securitization bonds payable, net	0
Mortgage and other notes payable, net	399,131
Credit facilities	293,340
Due to related party	4,533
Accrued and other liabilities	25,680
Intangible liabilities, net	17,931
Escrow deposits payable	12,994
Mortgage obligations issued by securitization trusts, at fair value	1,784,223
Total liabilities assumed	2,537,832
Noncontrolling interests	73,045
Fair value of net assets acquired	1,032,651
NorthStar II
Business Acquisition [Line Items]
Fair value of NorthStar I and NorthStar II consideration	988,722
Assets acquired
Cash and cash equivalents	51,360
Restricted cash	61,313
Loans and preferred equity held for investment	728,271
Real estate securities, available for sale, at fair value	64,793
Real estate, net	494,324
Investments in unconsolidated ventures	375,694
Receivables, net	11,479
Deferred leasing costs and intangible assets, net	37,090
Other assets	24,401
Mortgage loans held in securitization trusts, at fair value	1,432,795
Total assets acquired	3,281,520
Liabilities assumed
Securitization bonds payable, net	80,825
Mortgage and other notes payable, net	382,485
Credit facilities	355,529
Due to related party	1,842
Accrued and other liabilities	22,959
Intangible liabilities, net	1,808
Escrow deposits payable	36,362
Mortgage obligations issued by securitization trusts, at fair value	1,401,491
Total liabilities assumed	2,283,301
Noncontrolling interests	9,497
Fair value of net assets acquired	$ 988,722

Business Combination - Contribu

Business Combination - Contributions from Legacy Entities (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Impairment of operating real estate		$ 31,813	$ 0	$ 0
Provision for loan losses		$ 113,911	$ 518	$ 3,386
NorthStar I
Business Acquisition [Line Items]
Total revenues	$ 200,582
Net income (loss) attributable to common stockholders	(37,480)
NorthStar II
Business Acquisition [Line Items]
Total revenues	160,917
Net income (loss) attributable to common stockholders	(31,791)
NorthStar I and NorthStar II
Business Acquisition [Line Items]
Total revenues	361,499
Net income (loss) attributable to common stockholders	(69,271)
Impairment of operating real estate	24,700
Provision for loan losses	18,800
PE Investments | NorthStar I and NorthStar II
Business Acquisition [Line Items]
Mark-to-market adjustment	$ 45,000

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Total revenues	$ 504,713	$ 507,961
Net income (loss) attributable to Colony Credit Real Estate, Inc.	(135,621)	87,958
Net income (loss) attributable to common stockholders	$ (126,852)	$ 85,438
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ (0.99)	$ 0.67
Earnings per common share, diluted (in dollars per share)	$ (0.99)	$ 0.67

Loans and Preferred Equity He_3

Loans and Preferred Equity Held for Investment, net - Summary of Loans Held for Investment, Net (Details)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Jan. 01, 2019USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,129,857,000	$ 1,307,740,000	$ 2,129,857,000		$ 2,129,857,000	$ 1,307,740,000
Allowance for loan losses	(109,328,000)	(517,000)	(109,328,000)		(109,328,000)	(517,000)		$ (3,386,000)	$ 0
Loans and preferred equity held for investment, net	2,020,497,000	1,300,784,000	2,020,497,000		$ 2,020,497,000	1,300,784,000
Number of loans | loan					55
Provision for loan loss			18,800,000	$ 35,100,000	$ 31,700,000	0
Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	304,308,000	635,044,000	304,308,000		304,308,000	635,044,000
Carrying Value	303,517,000	626,420,000	303,517,000		303,517,000	626,420,000
Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	1,825,549,000	672,696,000	1,825,549,000		1,825,549,000	672,696,000
Carrying Value	1,826,308,000	674,881,000	1,826,308,000		1,826,308,000	674,881,000
Commercial Mortgage, Including PCI Loans
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	2,129,857,000	1,307,740,000	2,129,857,000		2,129,857,000	1,307,740,000
Carrying Value	2,129,825,000	1,301,301,000	2,129,825,000		2,129,825,000	1,301,301,000
Loans and preferred equity held for investment, net	2,129,825,000	1,301,301,000	2,129,825,000		2,129,825,000	1,301,301,000
Senior loans | Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	15,000,000	493,113,000	15,000,000		15,000,000	493,113,000
Carrying Value	$ 15,000,000	$ 484,592,000	15,000,000		15,000,000	484,592,000
Weighted Average Coupon	16.00%	8.20%
Weighted Average Maturity in Years	5 months 30 days	2 years 4 months 12 days
Senior loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,432,416,000	$ 260,366,000	1,432,416,000		1,432,416,000	260,366,000
Carrying Value	$ 1,430,635,000	$ 260,932,000	1,430,635,000		1,430,635,000	260,932,000
Weighted Average Coupon	6.30%	8.10%
Weighted Average Maturity in Years	4 years 2 months 5 days	2 years 3 months 18 days
Securitized loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 302,868,000	$ 377,939,000	302,868,000		302,868,000	377,939,000
Carrying Value	$ 305,106,000	$ 379,670,000	305,106,000		305,106,000	379,670,000
Weighted Average Coupon	7.90%	6.70%
Weighted Average Maturity in Years	1 year 1 month 5 days	3 months 18 days
Mezzanine loans | Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 175,448,000	$ 141,931,000	175,448,000		175,448,000	141,931,000
Carrying Value	$ 174,830,000	$ 141,828,000	174,830,000		174,830,000	141,828,000
Weighted Average Coupon	12.70%	13.20%
Weighted Average Maturity in Years	4 years 9 months 53 days	3 years 2 months 12 days
Mezzanine loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 90,265,000	$ 34,391,000	90,265,000		90,265,000	34,391,000
Carrying Value	$ 90,567,000	$ 34,279,000	90,567,000		$ 90,567,000	34,279,000
Weighted Average Coupon	12.20%	9.80%
Weighted Average Maturity in Years	2 years	1 year 3 months 18 days
Preferred equity interests
Financing Receivable, Impaired [Line Items]
Number of loans | loan					2
Preferred equity interests | Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 113,860,000	$ 0	113,860,000		$ 113,860,000	0
Carrying Value	$ 113,687,000	$ 0	113,687,000		$ 113,687,000	$ 0
Weighted Average Coupon	12.60%	0.00%
Weighted Average Maturity in Years	7 years 7 months 53 days					0 years
Purchased credit-impaired loans
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance		$ 21,400,000				$ 21,400,000
Loans and preferred equity held for investment, net		$ 20,800,000				$ 20,800,000
Number of loans | loan						4
Provision for loan loss			$ 5,100,000
Subsequent Event | Senior loans | Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value							$ 246,600,000

Loans and Preferred Equity He_4

Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 1,300,784	$ 1,523,426	$ 1,797,525
Loans and preferred equity held for investment acquired in the Combination (Note 3)	1,249,733	0	0
Deconsolidation of investment entities	(553,678)	0	0
Acquisitions/originations/additional funding	919,461
Loan maturities/principal repayments	(627,219)	(547,252)	(345,730)
Foreclosure of loans held for investment	(117,878)	(20,204)	0
Combination adjustment	(50,314)	0	0
Discount accretion/premium amortization	2,582	8,551	8,112
Capitalized interest	5,837	1,802	7,884
Change in allowance for loan loss	(108,811)	(518)	(3,386)
Balance at December 31	$ 2,020,497	$ 1,300,784	$ 1,523,426

Loans and Preferred Equity He_5

Loans and Preferred Equity Held for Investment, net - Narrative (Details)	Dec. 31, 2018USD ($)investmentborrowerloan	Dec. 31, 2018USD ($)investmentborrowerloan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)investmentborrowerpropertyloan	Dec. 31, 2017USD ($)investmentloan	Dec. 31, 2016USD ($)	Nov. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity period of debt instruments depending upon the asset type (in years)	3 years 11 months
Number of loans, non-accrual status | loan	4	4		4
Interest receivable	$ 8,600,000	$ 8,600,000		$ 8,600,000	$ 10,000,000
Provision for loan loss		18,800,000	$ 35,100,000	31,700,000	0
Unpaid principal balances on collateralized loans							$ 284,200,000
Loans and preferred equity held for investment, net	2,020,497,000	2,020,497,000		2,020,497,000	1,300,784,000
Provision for loan losses				113,911,000	518,000	$ 3,386,000
Allowance for loan losses	$ 109,328,000	$ 109,328,000		$ 109,328,000	$ 517,000	$ 3,386,000		$ 0
Troubled debt restructuring, default, number of contracts | loan	2	2		2
Number of properties collateralized | property				28
Number of loans modified during the period | loan				0	0
Carrying value of loans	$ 458,942,000	$ 458,942,000		$ 458,942,000	$ 42,200,000
Real estate debt investments with contractual payments past due | investment	13	13		13	7
Number of CRE debt investments contributed to more than 10% of interest income | investment				0
Percent of interest income contributed by investment				10.00%
Future funding commitments	$ 135,000,000	$ 135,000,000		$ 135,000,000	$ 19,200,000
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring, number of contracts | loan	1	1		1	1
Carrying value before allowance loan losses	$ 28,600,000	$ 28,600,000		$ 28,600,000	$ 28,600,000
Other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring, number of contracts | loan	3	3		3	3
Carrying value before allowance loan losses	$ 108,500,000	$ 108,500,000		$ 108,500,000	$ 108,500,000
Troubled debt restructuring, default, number of contracts | loan					2
Commercial Mortgage, Regional Mall Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers with potential loss | borrower	2	2		2
Number of loans with potential loss | loan	3	3		3
Number of loans commencing with foreclosure proceedings | loan		2
Commercial Mortgage, Regional Mall Loan 1, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balances on collateralized loans	$ 29,900,000	$ 29,900,000		$ 29,900,000
Provision for loan losses		8,000,000
Commercial Mortgage, Regional Mall Loan 2, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balances on collateralized loans	26,500,000	26,500,000		26,500,000
Provision for loan losses		8,800,000
Commercial Mortgage, Regional Mall Loan 3, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balances on collateralized loans	7,000,000	7,000,000		7,000,000
Provision for loan losses		7,000,000
Commercial Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and preferred equity held for investment, net	2,129,825,000	2,129,825,000		2,129,825,000	$ 1,301,301,000
Carrying value of loans	458,942,000	458,942,000		458,942,000	42,176,000
Future funding commitments	135,000,000	135,000,000		135,000,000
90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income				3,400,000
90 Days or More Past Due / Nonaccrual | Commercial Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and preferred equity held for investment, net	$ 395,262,000	$ 395,262,000		$ 395,262,000	$ 26,765,000
First mortgage loans | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans, non-accrual status | loan	4	4		4
Loans and preferred equity held for investment, net	$ 258,100,000	$ 258,100,000		$ 258,100,000
First mortgage loans | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring, number of contracts | loan	4	4		4
Loans and preferred equity held for investment, net	$ 137,100,000	$ 137,100,000		$ 137,100,000
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future funding commitments	$ 105,600,000	$ 105,600,000		$ 105,600,000
Regional malls
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of underlying mortgage loans | loan	1	1		1
Unpaid principal balances on collateralized loans	$ 36,900,000	$ 36,900,000		$ 36,900,000

Loans and Preferred Equity He_6

Loans and Preferred Equity Held for Investment, net - Nonaccrual and Past Due Loans (Details) $ in Thousands	Jan. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			$ 2,020,497	$ 1,300,784
Principal amount			2,624,691
Commercial Mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			2,129,825	1,301,301
Commercial Mortgage | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			1,632,817	1,122,366
Commercial Mortgage | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			58,751	144,241
Commercial Mortgage | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			$ 42,995	7,929
Troubled debt restructuring, number of contracts | loan			2
Commercial Mortgage | 90 Days or More Past Due / Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			$ 395,262	$ 26,765
Subsequent Event | Loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Senior mortgage loan balance	$ 37,000
Extended Maturity | Subsequent Event | Commercial Mortgage | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net		$ 21,800
First mortgage loans | Commercial Mortgage, Hospitality Loan | 90 Days or More Past Due / Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			258,100
First mortgage loans | Commercial Mortgage, Hospitality Loan, Excluding PCI Loans | 90 Days or More Past Due / Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and preferred equity held for investment, net			$ 137,100
Troubled debt restructuring, number of contracts | loan			4

Loans and Preferred Equity He_7

Loans and Preferred Equity Held for Investment, net - Impaired Loans (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2018USD ($)loan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Gross Carrying Value With Allowance for Loan Losses	$ 458,942,000		$ 458,942,000	$ 42,200,000
Number of loans, non-accrual status | loan	4		4
Loans and preferred equity held for investment, net	$ 2,020,497,000		$ 2,020,497,000	1,300,784,000
Provision for loan loss	18,800,000	$ 35,100,000	31,700,000	0
Commercial Mortgage
Financing Receivable, Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	456,703,000		456,703,000	237,441,000
Gross Carrying Value With Allowance for Loan Losses	458,942,000		458,942,000	42,176,000
Gross Carrying Value Without Allowance for Loan Losses	0		0	195,934,000
Gross Carrying Value Total	458,942,000		458,942,000	238,110,000
Allowance for Loan Losses	109,328,000		109,328,000	517,000
Loans and preferred equity held for investment, net	2,129,825,000		2,129,825,000	1,301,301,000
Average carrying value before allowance for loan losses			463,043,000	124,743,000	$ 126,476,000
Interest income			21,105,000	12,431,000	$ 11,384,000
90 Days or More Past Due / Nonaccrual | Commercial Mortgage
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and preferred equity held for investment, net	$ 395,262,000		$ 395,262,000	26,765,000
First mortgage loans | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of loans, non-accrual status | loan	4		4
Loans and preferred equity held for investment, net	$ 258,100,000		$ 258,100,000
First mortgage loans | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan, Excluding PCI Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Troubled debt restructuring, number of contracts | loan	4		4
Loans and preferred equity held for investment, net	$ 137,100,000		$ 137,100,000
Purchased credit-impaired loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Troubled debt restructuring, number of contracts | loan	4		4
Loans and preferred equity held for investment, net				$ 20,800,000
Provision for loan loss	$ 5,100,000
Hotel | Hotel, New York | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Troubled debt restructuring, number of contracts | loan	4		4
Loans and preferred equity held for investment, net	$ 257,200,000		$ 257,200,000
Hotel | Hotel, New York | First mortgage loans | 90 Days or More Past Due / Nonaccrual | Commercial Mortgage, Hospitality Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of loans, non-accrual status | loan	4		4

Loans and Preferred Equity He_8

Loans and Preferred Equity Held for Investment, net - Changes in Allowance for Loan Losses (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2018USD ($)loan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses at beginning of period			$ 517,000	$ 3,386,000	$ 0
Provision for loan losses			109,328,000	518,000	3,386,000
Charge-off			0	(3,387,000)	0
Recoveries			(517,000)	0	0
Allowance for loan losses at end of period	$ 109,328,000		109,328,000	517,000	$ 3,386,000
Provision for loan loss	18,800,000	$ 35,100,000	$ 31,700,000	$ 0
Purchased credit-impaired loans
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan loss	$ 5,100,000
Troubled debt restructuring, number of contracts | loan	4		4

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Investments in Unconsolidated Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 742,186	$ 179,303
Investments under fair value option	160,851	24,417
Investments in Unconsolidated Ventures	$ 903,037	$ 203,720

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - Summary of Equity Method Investments (Details) $ in Thousands	Dec. 31, 2018USD ($)investment	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 742,186	$ 179,303
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 165,823	179,303
Number of investments | investment	7
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 576,363	$ 0
Number of investments | investment	13
Each investment immaterial balance (less than)	$ 165,700

Investments in Unconsolidated_5

Investments in Unconsolidated Ventures - Narrative (Details) - investment	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018
Investment [Line Items]
ADC investments deemed significant	1
Minimum
Investment [Line Items]
Investments fair value option, ownership percentage		0.10%
Maximum
Investment [Line Items]
Investments fair value option, ownership percentage		30.30%

Investments in Unconsolidated_6

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 403,112	$ 186,475
Liabilities and equity
Total liabilities	316,650	167,435
Equity	86,462	19,040
Total liabilities and equity	403,112	186,475
Total revenues	36,708	37,800
Net income	$ 11,296	$ 2,265

Real Estate Securities, Avail_3

Real Estate Securities, Available for Sale - Investments in CRE Securities (Details) $ in Thousands	Dec. 31, 2018USD ($)security	Dec. 31, 2017security
Real estate securities, available for sale
Real estate securities
Count | security	43	0
Principal amount	$ 292,284
Total Discount	(62,772)
Amortized Cost	229,512
Cumulative unrealized gain on investments	2,167
Cumulative unrealized (loss) on investments	(3,494)
Real estate securities, available for sale	$ 228,185
Weighted average coupon	3.19%
Weighted average unleveraged current yield	7.10%
Collateral pledged
Real estate securities
Carrying value of CMBS Credit Facilities serving as collateral	$ 226,600

Real Estate Securities, Avail_4

Real Estate Securities, Available for Sale - Narrative (Details)	Dec. 31, 2018USD ($)securitysecuritization_trustloan	Dec. 31, 2018USD ($)securitysecuritization_trustloan	Dec. 31, 2018USD ($)securitysecuritization_trustloan	Dec. 31, 2017security
Real estate securities
Unrealized gains (losses) in OCI		$ (1,300,000)
Number of securities in unrealized loss positions | security	30	30	30
Available-for-sale securities, aggregate carrying value in unrealized loss position	$ 136,400,000	$ 136,400,000	$ 136,400,000
Available-for-sale securities, unrealized loss position, loss	3,500,000	3,500,000	3,500,000
OTTI recorded on its CRE securities			0
Interest receivable	$ 800,000	$ 800,000	$ 800,000
Number of securitization trusts held | securitization_trust	3	3	3
Real estate securities, available for sale
Real estate securities
Number of securities acquired | security			14
Number of CRE securities | security	43	43	43	0
Weighted average contractual maturity (in years)	31 years 2 months
Expected maturity (in years)	7 years 5 months
Primary beneficiary
Real estate securities
Mortgage loans held in trust, unpaid principal balance	$ 3,100,000,000	$ 3,100,000,000	$ 3,100,000,000
Mortgage obligations held in trust, unpaid principal balance	$ 2,900,000,000	$ 2,900,000,000	$ 2,900,000,000
Number of underlying mortgage loans | loan	158	158	158
Weighted average coupon	4.90%	4.90%	4.90%
Weighted average loan to value ratio	57.30%	57.30%	57.30%
Difference between held and issued mortgage loans in securitization trusts	$ 143,000,000	$ 143,000,000	$ 143,000,000
NorthStar I And NorthStar II | Real estate securities, available for sale
Real estate securities
Number of securities acquired | security			29

Real Estate Securities, Avail_5

Real Estate Securities, Available for Sale - Assets and Liabilities Related to Securitized Trust (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Mortgage loans held in securitization trusts, at fair value	$ 3,116,978	$ 0
Receivables, net	48,806	35,512
Total assets	8,660,730	1,839,402
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Accrued and other liabilities	106,187	5,175
Total liabilities	5,815,528	$ 431,832
Primary beneficiary
Variable Interest Entity [Line Items]
Mortgage loans held in securitization trusts, at fair value	3,116,978
Receivables, net	13,178
Total assets	3,130,156
Mortgage obligations issued by securitization trusts, at fair value	2,973,936
Accrued and other liabilities	12,233
Total liabilities	$ 2,986,169

Real Estate Securities, Avail_6

Real Estate Securities, Available for Sale - Activity Reported in Statement of Operations Related to Securitized Trust (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts		$ 143,371	$ 0	$ 0
Interest expense on mortgage obligations issued by securitization trusts		(132,411)	0	0
Administrative expenses		(26,634)	(12,669)	(15,437)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		5,003	0	0
Realized loss on mortgage loans and obligations held in securitization trusts, net		(3,447)	0	0
Net income (loss) attributable to common stockholders		(169,937)	$ 82,770	$ 71,124
Primary beneficiary
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts	$ 143,371
Interest expense on mortgage obligations issued by securitization trusts	(132,411)
Net interest income		10,960
Administrative expenses	(1,528)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	5,003
Realized loss on mortgage loans and obligations held in securitization trusts, net	$ (3,447)
Net income (loss) attributable to common stockholders		$ 10,988

Real Estate, net - Real Estate

Real Estate, net - Real Estate Portfolios (Details) property in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Real Estate [Line Items]
Net lease portfolio, net	$ 1,959,690	$ 219,740
Foreclosed properties included in real estate	128,800	19,500
Net lease portfolio, net
Real Estate [Line Items]
Land and improvements	226,141	25,262
Buildings, building leaseholds, and improvements	1,010,339	178,109
Tenant improvements	24,060	2,316
Construction-in-progress	437	21
Subtotal	1,260,977	205,708
Less: Accumulated depreciation	(34,532)	(5,516)
Less: Impairment	(7,094)	0
Net lease portfolio, net	1,219,351	200,192
Other portfolio, net
Real Estate [Line Items]
Land and improvements	113,495	667
Buildings, building leaseholds, and improvements	627,612	18,477
Tenant improvements	24,001	36
Furniture, fixtures and equipment	17,910	680
Construction-in-progress	2,635	0
Subtotal	785,653	19,860
Less: Accumulated depreciation	(23,030)	(312)
Less: Impairment	(22,284)	0
Net lease portfolio, net	$ 740,339	$ 19,548
Property Concentration Risk | Revenue
Real Estate [Line Items]
Concentration risk, number of properties | property	0
Concentration risk, percentage	10.00%

Real Estate, net - Depreciation

Real Estate, net - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Depreciation expense on real estate	$ 56.3	$ 5.8	$ 0.1

Real Estate, net - Minimum Futu

Real Estate, net - Minimum Future Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Lessor, Lease, Description [Line Items]
Lease expiration	Dec. 31, 2050
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,019	$ 113,525
2,020	107,413
2,021	98,343
2,022	88,270
2,023	73,257
2024 and thereafter	765,652
Total	$ 1,246,460
Minimum
Lessor, Lease, Description [Line Items]
Lease expiration	Dec. 31, 2019
Maximum
Lessor, Lease, Description [Line Items]
Lease expiration	Aug. 31, 2038

Real Estate, net - Commitments

Real Estate, net - Commitments and Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Lease expiration	Dec. 31, 2050
Ground rent expense		$ 2.8	$ 2.1

Real Estate, net - Real Estat_2

Real Estate, net - Real Estate Asset Acquisitions (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2018USD ($)building	Aug. 31, 2018USD ($)building	Jul. 31, 2018USD ($)building	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Purchase Price				$ 728,838
Land and Improvements				142,817
Building and Improvements				549,031
Furniture, Fixtures and Equipment				6,972
Lease Intangible Assets				63,211
Other Assets				6,415
Other Liabilities				$ (39,608)
Office - Norway
Real Estate [Line Items]
Number of Buildings | building			26
Purchase Price			$ 318,860
Land and Improvements			60,510
Building and Improvements			271,983
Furniture, Fixtures and Equipment			0
Lease Intangible Assets			25,287
Other Assets			0
Other Liabilities			$ (38,920)
Hotel - Dallas, TX
Real Estate [Line Items]
Number of Buildings | building		1
Purchase Price		$ 75,663
Land and Improvements		8,216
Building and Improvements		61,580
Furniture, Fixtures and Equipment		3,947
Lease Intangible Assets		465
Other Assets		2,023
Other Liabilities		$ (568)
Industrial - Various in U.S.
Real Estate [Line Items]
Number of Buildings | building		2
Purchase Price		$ 292,000
Land and Improvements		66,844
Building and Improvements		189,105
Furniture, Fixtures and Equipment		0
Lease Intangible Assets		36,051
Other Assets		0
Other Liabilities		$ 0
Pittsburgh Hotel
Real Estate [Line Items]
Number of Buildings | building	1
Purchase Price	$ 42,315
Land and Improvements	7,247
Building and Improvements	26,363
Furniture, Fixtures and Equipment	3,025
Lease Intangible Assets	1,408
Other Assets	4,392
Other Liabilities	$ (120)
Building (fee interest) | Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				30 years
Building (fee interest) | Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				40 years
Site improvements | Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				8 years
Site improvements | Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				15 years
Tenant improvements | Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				15 years
Tenant improvements | Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				20 years
Furniture, fixtures and equipment | Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				2 years
Furniture, fixtures and equipment | Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				3 years
In-place lease values | Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				1 year 6 months
In-place lease values | Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)				20 years

Real Estate, net - Real Estat_3

Real Estate, net - Real Estate Sale (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Proceeds from sale of real estate		$ 167,877,000	$ 8,872,000	$ 0
Impairment of real estate sold			$ 0
Multi-tenant Office Portfolio in Bothell, Washington
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 177,000,000
Impairment of real estate sold		$ 2,435,000

Deferred Leasing Costs and Ot_3

Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred leasing costs
Carrying Amount	$ 39,130	$ 3,671
Accumulated Amortization	(6,848)	(657)
Net Carrying Amount	32,282	3,014
Deferred Leasing Costs and Intangible Assets
Carrying Amount	172,069	14,619
Accumulated Amortization	(38,001)	(3,605)
Net Carrying Amount	134,068	11,014
Intangible Liabilities
Carrying Amount	19,374	51
Accumulated Amortization	(4,278)	(15)
Net Carrying Amount	15,096	36
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	115,778	9,214
Accumulated Amortization	(27,120)	(2,657)
Net Carrying Amount	88,658	6,557
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	16,203	1,682
Accumulated Amortization	(3,883)	(283)
Net Carrying Amount	12,320	1,399
Other intangibles
Deferred Leasing Costs and Intangible Assets
Carrying Amount	906
Accumulated Amortization	(134)
Net Carrying Amount	772
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Carrying Amount	52	52
Accumulated Amortization	(16)	(8)
Net Carrying Amount	$ 36	$ 44

Deferred Leasing Costs and Ot_4

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	$ 8	$ 8
Below-market lease values	4,329	15
Amortization of capitalized above/below market leases	52	(268)
Deferred leasing costs	7,343	655
Amortization expense	34,716	3,312
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	4,277	283
Below-market ground lease obligations
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	8	8
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	27,239	2,657
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	$ 134	$ 0

Deferred Leasing Costs and Ot_5

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Below-market leases:
2,019	$ (4,498)
2,020	(4,052)
2,021	(3,848)
2,022	(2,415)
2,023	(177)
2024 and after	(106)
Total	(15,096)	$ (36)
Deferred leasing costs:
2,019	7,083
2,020	6,227
2,021	4,992
2,022	3,711
2,023	2,477
2024 and thereafter	7,792
Net Carrying Amount	32,282	3,014
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2,019	(727)
2,020	(890)
2,021	(1,850)
2,022	(993)
2,023	567
2024 and thereafter	1,117
Total	(2,776)
Increase to property operating expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2,019	8
2,020	8
2,021	8
2,022	8
2,023	4
2024 and thereafter	0
Total	36
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2,019	24,095
2,020	20,419
2,021	15,897
2,022	11,469
2,023	7,412
2024 and thereafter	42,420
Total	121,712
Above-market lease values
Finite-lived intangible assets:
2,019	3,771
2,020	3,162
2,021	1,998
2,022	1,422
2,023	744
2024 and thereafter	1,223
Net Carrying Amount	12,320	1,399
Below-market ground lease obligations
Finite-lived intangible assets:
2,019	8
2,020	8
2,021	8
2,022	8
2,023	4
2024 and thereafter	0
Net Carrying Amount	36	44
In-place lease values
Finite-lived intangible assets:
2,019	16,540
2,020	13,892
2,021	10,905
2,022	7,758
2,023	4,935
2024 and thereafter	34,628
Net Carrying Amount	88,658	$ 6,557
Other intangibles
Finite-lived intangible assets:
2,019	472
2,020	300
2,021	0
2,022	0
2,023	0
2024 and thereafter	0
Net Carrying Amount	$ 772

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 110,146	$ 41,901	$ 58,530	$ 98,012
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	65,995	36,960
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	17,440	4,875
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,396	66
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,304	0
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,642	0
Restricted cash of consolidated Securitization 2016-1
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,293	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,076	$ 0

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Prepaid taxes and deferred tax assets	$ 32,878	$ 1,050
Derivative asset	14,139	117
Deferred financing costs, net - credit facilities	9,415	0
Prepaid expenses	5,574	360
Total	$ 62,006	$ 1,527

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accrued and other liabilities:
Current and deferred tax liability	$ 36,730	$ 120
Accounts payable, accrued expenses and other liabilities	29,151	3,532
Interest payable	21,576	924
Prepaid rent and unearned revenue	10,481	481
Derivative liability	6,042	0
Tenant security deposits	2,207	118
Accrued and other liabilities	$ 106,187	$ 5,175

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) kr in Billions	12 Months Ended
	Dec. 31, 2018USD ($)extensiondebt_instrument	Dec. 31, 2018NOK (kr)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 2,624,691,000		$ 392,829,000
Carrying Value	2,620,309,000		389,661,000
Mortgage and other notes payable, net	$ 1,173,019,000		280,982,000
Net lease 1
Debt Instrument [Line Items]
Contractual Interest Rate	4.45%	4.45%
Net lease 2
Debt Instrument [Line Items]
Contractual Interest Rate	4.45%	4.45%
Net lease 3
Debt Instrument [Line Items]
Contractual Interest Rate	4.45%	4.45%
Net lease 4
Debt Instrument [Line Items]
Contractual Interest Rate	4.00%	4.00%
Net lease 6
Debt Instrument [Line Items]
Contractual Interest Rate	4.08%	4.08%
Net lease 7
Debt Instrument [Line Items]
Contractual Interest Rate	4.45%	4.45%
Net lease 8
Debt Instrument [Line Items]
Contractual Interest Rate	4.38%	4.38%
Net lease 10
Debt Instrument [Line Items]
Contractual Interest Rate	4.31%	4.31%
Net Lease 11
Debt Instrument [Line Items]
Contractual Interest Rate	3.91%	3.91%
Mortgage and other notes payable, net	$ 184,300,000	kr 1.6
Net Lease 12
Debt Instrument [Line Items]
Contractual Interest Rate	4.77%	4.77%
Multifamily 1
Debt Instrument [Line Items]
Contractual Interest Rate	4.84%	4.84%
Multifamily 2
Debt Instrument [Line Items]
Contractual Interest Rate	4.94%	4.94%
Multifamily 3
Debt Instrument [Line Items]
Contractual Interest Rate	5.15%	5.15%
Multifamily 4
Debt Instrument [Line Items]
Contractual Interest Rate	5.27%	5.27%
Number of instruments | debt_instrument	2
Weighted average interest rate	5.27%	5.27%
Multifamily 5
Debt Instrument [Line Items]
Contractual Interest Rate	3.98%	3.98%
Office 1
Debt Instrument [Line Items]
Contractual Interest Rate	4.47%	4.47%
Office 2
Debt Instrument [Line Items]
Contractual Interest Rate	4.30%	4.30%
Bank credit facility
Debt Instrument [Line Items]
Principal Amount	$ 295,000,000		0
Carrying Value	$ 295,000,000		0
Bank credit facility | Bank credit facility
Debt Instrument [Line Items]
Debt term extension available (in years)	6 months
Number of optional extensions to initial maturity date | extension	2
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal Amount	$ 81,372,000		108,794,000
Carrying Value	81,372,000		108,679,000
Securitization bonds payable, net | 2014 FL1
Debt Instrument [Line Items]
Principal Amount	25,549,000		27,119,000
Carrying Value	$ 25,549,000		27,004,000
Securitization bonds payable, net | 2014 FL1 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	3.28%
Securitization bonds payable, net | 2014 FL2
Debt Instrument [Line Items]
Principal Amount	$ 18,320,000		55,430,000
Carrying Value	$ 18,320,000		55,430,000
Securitization bonds payable, net | 2014 FL2 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	4.25%
Securitization bonds payable, net | 2015 FL3
Debt Instrument [Line Items]
Principal Amount	$ 0		26,245,000
Carrying Value	0		26,245,000
Securitization bonds payable, net | Securitization 2016-1
Debt Instrument [Line Items]
Principal Amount	37,503,000		0
Carrying Value	$ 37,503,000		0
Securitization bonds payable, net | Securitization 2016-1 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	4.12%
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal Amount	$ 1,177,401,000		284,035,000
Carrying Value	1,173,019,000		280,982,000
Mortgage and other notes payable, net | Net lease 1
Debt Instrument [Line Items]
Principal Amount	24,606,000		25,074,000
Carrying Value	24,606,000		25,022,000
Mortgage and other notes payable, net | Net lease 2
Debt Instrument [Line Items]
Principal Amount	3,484,000		3,544,000
Carrying Value	3,378,000		3,425,000
Mortgage and other notes payable, net | Net lease 3
Debt Instrument [Line Items]
Principal Amount	7,519,000		7,647,000
Carrying Value	7,290,000		7,390,000
Mortgage and other notes payable, net | Net lease 4
Debt Instrument [Line Items]
Principal Amount	12,786,000		13,133,000
Carrying Value	12,648,000		12,939,000
Mortgage and other notes payable, net | Net lease 5
Debt Instrument [Line Items]
Principal Amount	2,078,000		2,482,000
Carrying Value	$ 2,024,000		2,416,000
Mortgage and other notes payable, net | Net lease 5 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.15%
Mortgage and other notes payable, net | Net lease 6
Debt Instrument [Line Items]
Principal Amount	$ 32,378,000		32,600,000
Carrying Value	32,054,000		32,234,000
Mortgage and other notes payable, net | Net lease 7
Debt Instrument [Line Items]
Principal Amount	18,917,000		19,241,000
Carrying Value	18,342,000		18,593,000
Mortgage and other notes payable, net | Net lease 8
Debt Instrument [Line Items]
Principal Amount	12,434,000		0
Carrying Value	11,920,000		0
Mortgage and other notes payable, net | Net lease 9
Debt Instrument [Line Items]
Principal Amount	73,702,000		0
Carrying Value	$ 73,696,000		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date | extension	2
Mortgage and other notes payable, net | Net lease 9 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.50%
Mortgage and other notes payable, net | Net lease 10
Debt Instrument [Line Items]
Principal Amount	$ 250,000,000		0
Carrying Value	246,522,000		0
Mortgage and other notes payable, net | Net Lease 11
Debt Instrument [Line Items]
Principal Amount	184,320,000		0
Carrying Value	186,934,000		0
Mortgage and other notes payable, net | Net Lease 12
Debt Instrument [Line Items]
Principal Amount	200,000,000		0
Carrying Value	198,449,000		0
Mortgage and other notes payable, net | Multifamily 1
Debt Instrument [Line Items]
Principal Amount	43,500,000		0
Carrying Value	44,008,000		0
Mortgage and other notes payable, net | Multifamily 2
Debt Instrument [Line Items]
Principal Amount	43,000,000		0
Carrying Value	43,501,000		0
Mortgage and other notes payable, net | Multifamily 3
Debt Instrument [Line Items]
Principal Amount	16,000,000		0
Carrying Value	16,561,000		0
Mortgage and other notes payable, net | Multifamily 4
Debt Instrument [Line Items]
Principal Amount	11,964,000		0
Carrying Value	12,228,000		0
Mortgage and other notes payable, net | Multifamily 5
Debt Instrument [Line Items]
Principal Amount	24,289,000		0
Carrying Value	23,485,000		0
Mortgage and other notes payable, net | Office 1
Debt Instrument [Line Items]
Principal Amount	108,850,000		0
Carrying Value	109,779,000		0
Mortgage and other notes payable, net | Office 2
Debt Instrument [Line Items]
Principal Amount	76,448,000		0
Carrying Value	75,620,000		0
Mortgage and other notes payable, net | Office 3
Debt Instrument [Line Items]
Principal Amount	31,126,000		0
Carrying Value	$ 29,974,000		0
Mortgage and other notes payable, net | Office 3 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	4.00%
Mortgage and other notes payable, net | Hotel Development Loan
Debt Instrument [Line Items]
Contractual Interest Rate	4.00%	4.00%
Principal Amount	$ 0		130,000,000
Carrying Value	$ 0		128,649,000
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date | extension	2
Mortgage and other notes payable, net | Hotel Development Loan | LIBOR
Debt Instrument [Line Items]
Loan interest rate (as a percentage)	3.50%	3.50%
Mortgage and other notes payable, net | Hotel A-Note
Debt Instrument [Line Items]
Principal Amount	$ 0		50,314,000
Carrying Value	0		50,314,000
Credit Facilities
Debt Instrument [Line Items]
Principal Amount	1,365,918,000		0
Carrying Value	$ 1,365,918,000		0
Credit Facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.25%
Credit Facilities | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 2,050,000,000
Principal Amount	880,288,000		0
Carrying Value	$ 880,288,000		0
Percent of recourse of the financed amount	25.00%	25.00%
Credit Facilities | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	$ 190,630,000		0
Carrying Value	190,630,000		0
Credit Facilities | Bank credit facility
Debt Instrument [Line Items]
Capacity	525,000,000
Principal Amount	295,000,000		0
Carrying Value	295,000,000		0
Credit Facilities | Bank 1 facility 3 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	300,000,000
Principal Amount	143,400,000		0
Carrying Value	$ 143,400,000		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date | extension	2
Credit Facilities | Bank 1 facility 3 | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.00%
Credit Facilities | Bank 2 facility 2 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 200,000,000
Principal Amount	22,750,000		0
Carrying Value	$ 22,750,000		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date | extension	3
Credit Facilities | Bank 2 facility 2 | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.50%
Credit Facilities | Bank 3 facility 3 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 500,000,000
Principal Amount	352,108,000		0
Carrying Value	$ 352,108,000		0
Credit Facilities | Bank 3 facility 3 | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.32%
Credit Facilities | Bank 7 facility 1 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 500,000,000
Principal Amount	308,434,000		0
Carrying Value	$ 308,434,000		0
Debt term extension available (in years)	1 year
Credit Facilities | Bank 7 facility 1 | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.89%
Credit Facilities | Bank 8 facility 1 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 250,000,000
Principal Amount	53,596,000		0
Carrying Value	$ 53,596,000		0
Debt term extension available (in years)	1 year
Credit Facilities | Bank 8 facility 1 | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.00%
Credit Facilities | Bank 9 Facility 1 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 300,000,000
Principal Amount	0		0
Carrying Value	$ 0		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date | extension	2
Credit Facilities | Bank 1 facility 1 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	$ 18,542,000		0
Carrying Value	$ 18,542,000		0
Credit Facilities | Bank 1 facility 1 | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.10%
Credit Facilities | Bank 1 facility 2 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	$ 17,237,000		0
Carrying Value	$ 17,237,000		0
Credit Facilities | Bank 1 facility 2 | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.10%
Credit Facilities | Bank 3 facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	$ 0		0
Carrying Value	0		0
Credit Facilities | Bank 4 facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	0		0
Carrying Value	0		0
Credit Facilities | Bank 5 facility 1 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	0		0
Carrying Value	0		0
Credit Facilities | Bank 5 facility 2 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	0		0
Carrying Value	0		0
Credit Facilities | Bank 6 facility 1 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	80,838,000		0
Carrying Value	$ 80,838,000		0
Credit Facilities | Bank 6 facility 1 | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.29%
Credit Facilities | Bank 6 facility 2 | CMBS credit facilities
Debt Instrument [Line Items]
Principal Amount	$ 74,013,000		0
Carrying Value	$ 74,013,000		$ 0
Credit Facilities | Bank 6 facility 2 | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.12%
Minimum | Securitization bonds payable, net
Debt Instrument [Line Items]
Initial debt term (in years)	2 years
Minimum | Credit Facilities | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	1.10%	1.10%
Initial debt term (in years)	1 month
Minimum | Credit Facilities | CMBS credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)	1 month
Maximum | Securitization bonds payable, net
Debt Instrument [Line Items]
Initial debt term (in years)	3 years
Maximum | Credit Facilities | Master repurchase facilities | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.63%	2.63%
Initial debt term (in years)	3 months
Maximum | Credit Facilities | CMBS credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)	2 months

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 193,174
2,020	14,607
2,021	493,930
2,022	333,704
2,023	471,945
2024 and thereafter	1,117,331
Total	2,624,691
Securitization Bonds Payable, Net
Debt Instrument [Line Items]
2,019	0
2,020	0
2,021	0
2,022	0
2,023	0
2024 and thereafter	81,372
Total	81,372
Mortgage Notes Payable, Net
Debt Instrument [Line Items]
2,019	2,544
2,020	14,607
2,021	88,226
2,022	2,520
2,023	120,045
2024 and thereafter	949,459
Total	1,177,401
Credit Facilities
Debt Instrument [Line Items]
2,019	190,630
2,020	0
2,021	405,704
2,022	331,184
2,023	438,400
2024 and thereafter	0
Total	$ 1,365,918

Debt - Narrative (Details)

Debt - Narrative (Details)	Dec. 31, 2018USD ($)agreement	Feb. 01, 2018USD ($)	Dec. 31, 2018USD ($)agreement	Dec. 31, 2018USD ($)extensionagreement	Feb. 04, 2019USD ($)	Dec. 17, 2018USD ($)	Nov. 02, 2018USD ($)	Oct. 23, 2018USD ($)	Jun. 19, 2018USD ($)	Apr. 26, 2018USD ($)	Apr. 23, 2018USD ($)	Apr. 20, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal amount	$ 2,624,691,000		$ 2,624,691,000	$ 2,624,691,000
Carrying value	2,620,309,000		2,620,309,000	2,620,309,000									$ 389,661,000
Carrying value of investments in tranche	49,900,000		49,900,000	49,900,000
Master Repurchase Agreement, Bank 2 Facility 3
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 200,000,000
Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,100,000,000		$ 2,100,000,000	$ 2,100,000,000
Master Repurchase Agreement, Bank 3 Facility 3
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 500,000,000
Master Repurchase Agreement, Bank 1 Facility 3
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 300,000,000
Master Repurchase Agreement, Bank 7 Facility 1
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 500,000,000
Master Repurchase Agreement, Bank 8 Facility 1
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 250,000,000
Master Repurchase Agreement, Bank 9 Facility 1
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 300,000,000
Real estate securities, available for sale | CMBS credit facilities
Debt Instrument [Line Items]
Number of master repurchase agreements | agreement	8		8	8
Master repurchase facilities
Debt Instrument [Line Items]
Principal amount	$ 1,365,918,000		$ 1,365,918,000	$ 1,365,918,000
Carrying value	1,365,918,000		1,365,918,000	1,365,918,000									0
Master repurchase facilities | Bank credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	525,000,000		525,000,000	525,000,000
Carrying value	$ 295,000,000		295,000,000	$ 295,000,000									0
Master repurchase facilities | Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000				$ 525,000,000
Number of optional extensions to initial maturity date | extension				2
Debt term extension available (in years)				6 months
Unused amount, commitment fee percentage	0.25%
Master repurchase facilities | Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,050,000,000		2,050,000,000	$ 2,050,000,000
Principal amount	880,300,000		880,300,000	880,300,000
Carrying value	880,288,000		880,288,000	880,288,000									0
Master repurchase facilities | CMBS credit facilities
Debt Instrument [Line Items]
Carrying value	190,630,000		190,630,000	190,630,000									0
Subordinated investments in tranche	26,300,000		26,300,000	26,300,000
Master repurchase facilities | Non-subordinated CMBS
Debt Instrument [Line Items]
Principal amount	164,300,000		164,300,000	164,300,000
Bank credit facility
Debt Instrument [Line Items]
Principal amount	295,000,000		295,000,000	295,000,000
Carrying value	295,000,000		295,000,000	$ 295,000,000									0
Bank credit facility | Bank credit facility
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date | extension				2
Debt term extension available (in years)				6 months
Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Principal amount	81,372,000		81,372,000	$ 81,372,000
Carrying value	81,372,000		81,372,000	$ 81,372,000									$ 108,679,000
LIBOR | Master repurchase facilities
Debt Instrument [Line Items]
Interest rate margin				2.25%
LIBOR | Master repurchase facilities | Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Interest rate margin		2.25%
Base Rate | Master repurchase facilities | Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Interest rate margin		1.25%
Collateral pledged
Debt Instrument [Line Items]
Carrying value of CMBS Credit Facilities serving as collateral	226,600,000		$ 226,600,000	$ 226,600,000
Subsequent Event | Master repurchase facilities | Bank credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 560,000,000
Minimum | Master repurchase facilities | Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage			0.25%
Minimum | Master repurchase facilities | CMBS credit facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				1 month
Minimum | Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Repurchase agreement term (in years)				2 years
Minimum | LIBOR | Master repurchase facilities | Master repurchase facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				1 month
Maximum | Master repurchase facilities | Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage			0.35%
Maximum | Master repurchase facilities | CMBS credit facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				2 months
Maximum | Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Repurchase agreement term (in years)				3 years
Maximum | LIBOR | Master repurchase facilities | Master repurchase facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				3 months
Senior loan | Master repurchase facilities | Master repurchase facilities
Debt Instrument [Line Items]
Carrying value served as collateral	1,200,000,000		$ 1,200,000,000	$ 1,200,000,000
Senior loan | Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Carrying value served as collateral	$ 300,000,000		$ 300,000,000	$ 300,000,000

Related Party Arrangements - Fe

Related Party Arrangements - Fees to the Manager (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Management Fee
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	1.50%
Management Fee per Quarter
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	0.375%
Asset management fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	20.00%
Asset management fees per year
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	7.00%
Affiliated Entity | Asset management fees
Related Party Transaction [Line Items]
Related party expenses incurred	$ 43.2
Due to related party	$ 11.5

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements of Expenses (Details) - Affiliated Entity - Operating costs $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Related party expenses incurred	$ 10.4
Due to related party	$ 3.5

Related Party Arrangements - Ot

Related Party Arrangements - Other Payables to Manager (Details) - Affiliated Entity - Other Payables to Manager $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Assumed in the Combination	$ 6.9
Liabilities assumed in the Combination	$ 6.4

Related Party Arrangements - Ma

Related Party Arrangements - Manager Equity Plan (Narrative) (Details)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Oct. 31, 2018USD ($)	Jul. 31, 2018USD ($)	May 31, 2018USD ($)	Mar. 31, 2018shares	Jul. 31, 2017USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Jun. 30, 2018USD ($)	Nov. 30, 2016USD ($)investment
Related Party Transaction [Line Items]
Granted (in shares) | shares								1,003,818
Outstanding (in shares) | shares	889,713	0						889,713	0
Share-based compensation expense								$ 7,113,000	$ 0	$ 0
Allocated expenses included in administrative expenses								26,634,000	12,669,000	$ 15,437,000
Securitization financing transaction, amount												$ 284,200,000
Unfunded commitment remaining	$ 21,500,000							21,500,000
Future funding commitments	135,000,000	$ 19,200,000						135,000,000	19,200,000
Face value	2,129,857,000	1,307,740,000						2,129,857,000	1,307,740,000
Purchase of Class A office campus								728,838,000
Carrying value	$ 2,620,309,000	389,661,000						2,620,309,000	389,661,000
Maturity period of debt instruments depending upon the asset type (in years)	3 years 11 months
Loans held for investment, net
Related Party Transaction [Line Items]
Securitization financing transaction, amount												$ 254,700,000
Securitization financing transaction, number of loans used for collateral | investment												10
NorthStar Income | Senior Participations
Related Party Transaction [Line Items]
Securitization financing transaction, amount												$ 29,500,000
Securitization financing transaction, number of loans used for collateral | investment												3
Land site and development of office building
Related Party Transaction [Line Items]
Joint venture commitment				$ 69,900,000
Interest in investments (as a percentage)				50.00%
Joint venture, total commitment				$ 139,700,000
Maturity period of debt instruments depending upon the asset type (in years)				3 years 6 months
Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Joint venture commitment			$ 162,400,000
Interest in investments (as a percentage)			61.00%
Joint venture, total commitment			$ 266,500,000
Mezzanine loan | Investment in mezzanine loan
Related Party Transaction [Line Items]
Mezzanine loan investment							$ 60,000,000
Mezzanine loan							$ 180,000,000
Joint venture commitment											$ 101,800,000
Unfunded commitment remaining	$ 18,400,000							$ 18,400,000
Interest in investments (as a percentage)							31.80%
Bonds fixed interest rate							12.90%
CLNC Manager, LLC
Related Party Transaction [Line Items]
Granted (in shares) | shares						978,946
Outstanding (in shares) | shares	864,841							864,841
Share-based compensation expense								$ 6,800,000
Affiliated Entity
Related Party Transaction [Line Items]
Purchase of Class A office campus				$ 326,800,000
Carrying value				$ 197,700,000
Affiliated Entity | Land site and development of office building
Related Party Transaction [Line Items]
Interest in investments (as a percentage)				50.00%
Affiliated Entity | Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Interest in investments (as a percentage)			39.00%
Affiliated Entity | Preferred equity investment
Related Party Transaction [Line Items]
Interest in investments (as a percentage)					27.20%
Face value					$ 89,100,000
Preferred equity debt investment fixed interest rate					12.00%
July 2018 Senior Mortgage Private Bond | Affiliated Entity
Related Party Transaction [Line Items]
Bonds fixed interest rate				3.91%
Initial debt term (in years)				7 years
Fixed rate
Related Party Transaction [Line Items]
Face value	$ 304,308,000	635,044,000						304,308,000	635,044,000
Preferred equity debt	303,517,000	626,420,000						303,517,000	626,420,000
Fixed rate | Preferred equity interests
Related Party Transaction [Line Items]
Face value	$ 113,860,000	$ 0						113,860,000	0
Preferred equity debt investment fixed interest rate	12.60%	0.00%
Preferred equity debt	$ 113,687,000	$ 0						113,687,000	$ 0
Fixed rate | Preferred equity interests | Land site and development of office building
Related Party Transaction [Line Items]
Preferred equity debt investment fixed interest rate				12.50%
Preferred equity debt				$ 66,700,000
Fixed rate | Preferred equity interests | Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Preferred equity debt investment fixed interest rate			15.00%
Maturity term (in years)			2 years
Senior loans | Affiliated Entity
Related Party Transaction [Line Items]
Future funding commitments	$ 0.682							$ 0.682
Mezzanine loans | Mezzanine Loan, Luxury Condominium Development Project in New York, New York
Related Party Transaction [Line Items]
Preferred equity debt			$ 20,000,000
LIBOR | Mezzanine loans | Mezzanine Loan, Luxury Condominium Development Project in New York, New York
Related Party Transaction [Line Items]
Loan interest rate (as a percentage)			9.50%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) shares in Millions	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at vesting date		$ 1,500,000
Equity-based compensation expense		7,113,000	$ 0	$ 0
Compensation cost not yet recognized	$ 12,400,000	$ 12,400,000
Compensation cost not yet recognized, period for recognition (in years)	2 years 2 months
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)					4

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Awards Granted or Vested (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Number of Shares [Roll Forward]
Unvested Shares at December 31, 2017 (in shares)	0
Granted (in shares)	1,003,818
Vested (in shares)	(79,368)
Forfeited (in shares)	(34,737)
Unvested shares at December 31, 2018 (in shares)	889,713
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at December 31, 2017, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	19.39
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	19.39
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	19.39
Unvested shares at December 31, 2018, weighted average grant date fair value (Unaudited) (in dollars per share) | $ / shares	$ 19.39
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at December 31, 2017 (in shares)	0
Granted (in shares)	1,003,818
Vested (in shares)	(79,368)
Forfeited (in shares)	(34,737)
Unvested shares at December 31, 2018 (in shares)	889,713

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Common stock, shares authorized (in shares)	905,000,000		905,000,000
Stock Repurchase Program, amount authorized for repurchase	$ 300,000,000
Shares repurchased under Stock Repurchase Program	0
Class B-3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Common stock, shares authorized (in shares)	45,000,000		45,000,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	Jan. 10, 2019	Dec. 17, 2018	Dec. 10, 2018	Nov. 09, 2018	Nov. 01, 2018	Oct. 17, 2018	Oct. 10, 2018	Sep. 17, 2018	Sep. 10, 2018	Aug. 10, 2018	Aug. 01, 2018	Jul. 16, 2018	Jul. 10, 2018	Jun. 14, 2018	Jun. 11, 2018	May 10, 2018	May 07, 2018	Apr. 16, 2018	Apr. 10, 2018	Mar. 16, 2018	Mar. 15, 2018	Feb. 26, 2018	Dec. 31, 2018
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)		$ 0.145			$ 0.145	$ 0.145		$ 0.145			$ 0.145	$ 0.145		$ 0.145			$ 0.145	$ 0.145			$ 0.145	$ 0.145	$ 1.60
Dividends paid per share of common stock (in dollars per share)			$ 0.145	$ 0.145			$ 0.145		$ 0.145	$ 0.145			$ 0.145		$ 0.145	$ 0.145			$ 0.145	$ 0.145
Subsequent Event
Subsequent Event [Line Items]
Dividends paid per share of common stock (in dollars per share)	$ 0.145

Stockholders' Equity - AOCI (De

Stockholders' Equity - AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI at December 31, 2017	$ 1,079,808
Other comprehensive income (loss)	(399)
AOCI at December 31, 2018	2,706,905
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Other comprehensive income (loss)	(10)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI at December 31, 2017	0
AOCI at December 31, 2018	(399)
Unrealized loss on real estate securities, available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	(1,295)
AOCI at December 31, 2018	(1,295)
Unrealized gain on net investment hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	11,037
AOCI at December 31, 2018	11,037
Foreign currency translation loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	(10,141)
AOCI at December 31, 2018	(10,141)
AOCI Attributable to Noncontrolling Interest [Member]
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI at December 31, 2017	0
AOCI at December 31, 2018	(10)
Unrealized loss on real estate securities, available for sale
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	(32)
AOCI at December 31, 2018	(32)
Unrealized gain on net investment hedges
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	268
AOCI at December 31, 2018	268
Foreign currency translation loss
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI at December 31, 2017	0
Other comprehensive income (loss)	(246)
AOCI at December 31, 2018	$ (246)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Net loss attributable to noncontrolling interests	$ 4,084	$ 0	$ 0
Net income (loss) attributable to noncontrolling interests, investment entities	$ (4,771)	$ 39,376	$ 32,970

Fair Value - Financial Assets M

Fair Value - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Real estate securities, available for sale	$ 228,185	$ 0
Mortgage loans held in securitization trusts, at fair value	3,116,978	0
Other assets - derivative assets	14,139	117
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Other liabilities - derivative liabilities	6,042	0
Recurring basis
Assets:
Investments in unconsolidated ventures	160,851	24,417
Real estate securities, available for sale	228,185	0
Mortgage loans held in securitization trusts, at fair value	3,116,978	0
Other assets - derivative assets	14,139	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Other liabilities - derivative liabilities	6,042	0
Recurring basis | Level 1
Assets:
Investments in unconsolidated ventures	0	0
Real estate securities, available for sale	0	0
Mortgage loans held in securitization trusts, at fair value	0	0
Other assets - derivative assets	0	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	0	0
Other liabilities - derivative liabilities	0	0
Recurring basis | Level 2
Assets:
Investments in unconsolidated ventures	0	0
Real estate securities, available for sale	228,185	0
Mortgage loans held in securitization trusts, at fair value	0	0
Other assets - derivative assets	14,139	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	2,973,936	0
Other liabilities - derivative liabilities	6,042	0
Recurring basis | Level 3
Assets:
Investments in unconsolidated ventures	160,851	24,417
Real estate securities, available for sale	0	0
Mortgage loans held in securitization trusts, at fair value	3,116,978	0
Other assets - derivative assets	0	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	0	0
Other liabilities - derivative liabilities	$ 0	$ 0

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Additional information about financial assets
Realized loss in earnings	$ (3,447)	$ 0	$ 0
PE Investments | Recurring basis | Level 3
Additional information about financial assets
Beginning balance	24,417	0
Contributions/purchases	248,390	72,325
Distributions/paydowns	(78,424)	(49,344)
Equity in earnings	21,709	6,829
Unrealized loss in earnings	(55,241)	(5,393)
Realized loss in earnings	0	0
Ending balance	160,851	24,417	$ 0
Mortgage obligations issued by securitization trusts | Recurring basis | Level 3
Additional information about financial assets
Beginning balance	0
Contributions/purchases	3,327,199
Distributions/paydowns	(147,824)
Equity in earnings	0
Unrealized loss in earnings	(58,950)
Realized loss in earnings	(3,447)
Ending balance	3,116,978	$ 0
Unrealized gain in earnings	$ 64,000

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, net			$ 29,378,000	$ 0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net			5,003,000	0	$ 0
Realized loss mortgage loans held in securitization trusts, at fair value			3,447,000	0	0
Proceeds from sale of real estate			167,877,000	8,872,000	$ 0
Multi-tenant Office Portfolio in Bothell, Washington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of real estate	$ 177,000,000
PE Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss		$ 55,200,000		5,400,000
PE Investments | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss in earnings			(55,241,000)	(5,393,000)
Realized loss mortgage loans held in securitization trusts, at fair value			0	$ 0
Mortgage obligations issued by securitization trusts | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss in earnings			(58,950,000)
Realized loss mortgage loans held in securitization trusts, at fair value			$ 3,447,000
Discount Rate | Fair Value, Measurements, Nonrecurring | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input		0.08	0.08
Discount Rate | Fair Value, Measurements, Nonrecurring | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input		0.12	0.12
Discount Rate | PE Investments | Level 3 | Recurring basis | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE Investment, measurement input		0.110	0.110	0.111
Discount Rate | PE Investments | Level 3 | Recurring basis | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE Investment, measurement input		0.150	0.150	0.124
Measurement Input, NAV | PE Investments | Level 3 | Recurring basis | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE Investment, measurement input		0.112	0.112	0.010
Measurement Input, Yield | Mortgage obligations issued by securitization trusts | Level 3 | Recurring basis | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		0.145	0.145
Measurement Input, Yield | Mortgage obligations issued by securitization trusts | Level 3 | Recurring basis | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		0.190	0.190
Measurement Input, Expected Term | Mortgage obligations issued by securitization trusts | Level 3 | Recurring basis | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average expected maturity of CRE securities			5 years 5 months
Terminal Capitalization Rate | Fair Value, Measurements, Nonrecurring | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input		0.06	0.06
Terminal Capitalization Rate | Fair Value, Measurements, Nonrecurring | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input		0.120	0.120

Fair Value - Principal Amount,

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial assets:
Unpaid Principal Balance	$ 2,129,857	$ 1,307,740
Financial liabilities:
Principal amount, financial liabilities	2,624,691	392,829
Future funding commitments	135,000	19,200
Carrying Value
Financial assets:
Loans and preferred equity held for investment, net	2,020,497	1,300,784
Fair Value
Financial assets:
Loans and preferred equity held for investment, net	2,025,216	1,311,783
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	81,372	108,794
Securitization bonds payable, net | Carrying Value
Financial liabilities:
Financial liabilities	81,372	108,679
Securitization bonds payable, net | Fair Value
Financial liabilities:
Financial liabilities	81,372	108,974
Mortgage notes payable, net
Financial liabilities:
Principal amount, financial liabilities	1,177,401	284,035
Mortgage notes payable, net | Carrying Value
Financial liabilities:
Financial liabilities	1,173,019	280,982
Mortgage notes payable, net | Fair Value
Financial liabilities:
Financial liabilities	1,177,669	282,333
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	1,365,918	0
Master repurchase facilities | Carrying Value
Financial liabilities:
Financial liabilities	1,365,918	0
Master repurchase facilities | Fair Value
Financial liabilities:
Financial liabilities	$ 1,365,918	$ 0

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Values (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, net	$ 29,378,000	$ 0
Impairment of real estate sold		$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, net	78,312,000
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, net	0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, net	0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate, net	$ 78,312,000

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Assets
Designated hedges included in other assets	$ 11,312
Non-designated hedges included in other assets	2,827
Derivative assets included in other assets	14,139	$ 117
Derivative Liabilities
Designated hedges included in accrued and other liabilities	(10)
Non-designated hedges included in accrued and other liabilities	(6,032)
Derivative liability included in accrued and other liabilities	(6,042)	$ 0
Foreign exchange contracts
Derivative Assets
Designated hedges included in other assets	11,312
Non-designated hedges included in other assets	2,796
Derivative assets included in other assets	14,108
Derivative Liabilities
Designated hedges included in accrued and other liabilities	(10)
Non-designated hedges included in accrued and other liabilities	0
Derivative liability included in accrued and other liabilities	(10)
Interest rate contracts
Derivative Assets
Designated hedges included in other assets	0
Non-designated hedges included in other assets	31
Derivative assets included in other assets	31
Derivative Liabilities
Designated hedges included in accrued and other liabilities	0
Non-designated hedges included in accrued and other liabilities	(6,032)
Derivative liability included in accrued and other liabilities	$ (6,032)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral for the derivative contracts	$ 5.5

Derivatives - Summary of Deriva

Derivatives - Summary of Derivative Contracts (Details) - Dec. 31, 2018 € in Thousands, kr in Thousands, $ in Thousands	USD ($)	NOK (kr)	EUR (€)
Designated as Hedging Instrument | FX Forward
Derivative [Line Items]
Notional Amount		kr 585,600	€ 194,495
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 0
Not Designated as Hedging Instrument | FX Forward
Derivative [Line Items]
Notional Amount		kr 322,100	€ 0
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 374,258

Derivatives - Summary of Deri_2

Derivatives - Summary of Derivative Effects (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Other gain (loss), net	$ (3,205)
Interest income	151,653	$ 140,214	$ 140,529
Designated as Hedging Instrument
Derivative [Line Items]
Accumulated other comprehensive income (loss)	11,305
Designated as Hedging Instrument | Foreign exchange contracts
Derivative [Line Items]
Accumulated other comprehensive income (loss)	11,305
Designated as Hedging Instrument | Interest rate contracts
Derivative [Line Items]
Accumulated other comprehensive income (loss)	0
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivative [Line Items]
Non-designated foreign exchange contracts	2,796
Not Designated as Hedging Instrument | Interest rate contracts
Derivative [Line Items]
Non-designated interest rate contracts	(6,001)
Interest income	$ 2,176

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Derivative Assets
Gross Amounts of Assets Included on Consolidated Balance Sheets	$ 14,139
Gross Amounts Not Offset on Consolidated Balance Sheets Assets	(10)
Cash Collateral Pledged	0
Net Amounts of Assets	14,129
Derivative Liabilities
Gross Amounts of Liabilities Included on Consolidated Balance Sheets	(6,042)
Gross Amounts Not Offset on Consolidated Balance Sheets Liabilities	10
Cash Collateral Pledged	5,490
Net Amounts of Liabilities	(542)
Foreign exchange contracts
Derivative Assets
Gross Amounts of Assets Included on Consolidated Balance Sheets	14,108
Gross Amounts Not Offset on Consolidated Balance Sheets Assets	(10)
Cash Collateral Pledged	0
Net Amounts of Assets	14,098
Derivative Liabilities
Gross Amounts of Liabilities Included on Consolidated Balance Sheets	(10)
Gross Amounts Not Offset on Consolidated Balance Sheets Liabilities	10
Cash Collateral Pledged	0
Net Amounts of Liabilities	0
Interest rate contracts
Derivative Assets
Gross Amounts of Assets Included on Consolidated Balance Sheets	31
Gross Amounts Not Offset on Consolidated Balance Sheets Assets	0
Cash Collateral Pledged	0
Net Amounts of Assets	31
Derivative Liabilities
Gross Amounts of Liabilities Included on Consolidated Balance Sheets	(6,032)
Gross Amounts Not Offset on Consolidated Balance Sheets Liabilities	0
Cash Collateral Pledged	5,490
Net Amounts of Liabilities	$ (542)

Income Taxes - Summary of Tax P

Income Taxes - Summary of Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current
Federal	$ (7,534)	$ (389)	$ (1,248)
State and local	(583)	(75)	(273)
Foreign	(588)	0	0
Total current tax benefit (expense)	(8,705)	(464)	(1,521)
Deferred
Federal	(27,817)	(1,760)	0
State and local	0	16	0
Foreign	(537)	0	0
Total deferred tax benefit (expense)	(28,354)	(1,744)	0
Total income tax benefit (expense)	$ (37,059)	$ (2,208)	$ (1,521)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Basis difference - investment in partnerships	$ 40,205	$ 2,830
Disallowed interest expense carry forwards	2,659	720
Net operating and capital loss carry forwards(1)	3,974	3,410
Other	746	478
Gross deferred tax asset	47,584	7,438
Valuation allowance	(46,842)	(3,764)
Deferred tax assets, net of valuation allowance	742	3,674
Deferred tax liabilities
Basis difference - real estate	(34,418)	0
Net operating and capital loss carry forwards	(34,418)	0
Net deferred tax liability	(33,676)
Net deferred tax asset		3,674
Deferred tax asset was recognized on net operating losses	15,600	15,400
PE Investments
Deferred tax liabilities
Unrealized loss	55,200	$ 5,400
Recurring basis | Level 3 | PE Investments
Deferred tax assets
Valuation allowance	$ (43,100)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Pre-tax income (loss) attributable to taxable entities	$ (39,843)	$ 548	$ 5,308
Federal tax expense (benefit) at statutory tax rate (21%, 35% and 35%, respectively)	(8,367)	192	1,858
State and local taxes, net of federal income tax benefit	(644)	12	270
Non-deductible expenses	41	0	(1)
Foreign income tax differential	24	0	0
Valuation allowance, net	43,078	0	0
Revaluation of deferred taxes due to Tax Cuts and Jobs Act	1,725	212	0
Other	1,202	1,792	(606)
Total income tax benefit (expense)	$ 37,059	$ 2,208	$ 1,521

Commitments and Contingencies -

Commitments and Contingencies - Lending Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Future funding commitments	$ 135	$ 19.2
Total unfunded commitments for equity method investments	21.5
Senior loans
Debt Instrument [Line Items]
Future funding commitments	105.6
Securitized loans
Debt Instrument [Line Items]
Future funding commitments	18.3
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments	$ 11.1

Commitments and Contingencies_2

Commitments and Contingencies - Ground Lease Obligation (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 2,821
2,020	2,819
2,021	2,804
2,022	1,882
2,023	1,388
2024 and thereafter	12,998
Total	$ 24,712

Segment Reporting - Reportable

Segment Reporting - Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of segments | segment	5
Segment Reporting Information [Line Items]
Net interest income (loss)	$ 115,539	$ 119,195	$ 114,498
Property and other income	181,990	24,541	1,674
Management fee expense	43,190	0	0
Property operating expense	(73,616)	(7,978)	(905)
Transaction, investment and servicing expense	(36,800)	(2,570)	(1,767)
Interest expense on real estate	(43,437)	(5,095)	0
Depreciation and amortization	(90,986)	(9,137)	(146)
Provision for loan losses	(113,911)	(518)	(3,386)
Impairment of operating real estate	(31,813)	0	0
Administrative expense	(26,634)	(12,669)	(15,437)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	5,003	0	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	(3,447)	0	0
Other loss, net	(2,766)	(390)	(56)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(164,068)	105,379	94,475
Equity in earnings of unconsolidated ventures	23,774	24,709	16,067
Income tax expense	(37,059)	(2,208)	(1,521)
Net income (loss)	(177,353)	127,880	109,021
Total Assets	8,660,730	1,839,402
Investments in unconsolidated ventures	903,037	203,720
PE Investments	160,851	24,417
Loan
Segment Reporting Information [Line Items]
Net interest income (loss)	99,661	119,195	114,498
Property and other income	171	3,139	1,674
Management fee expense	0
Property operating expense	0	(2,291)	(905)
Transaction, investment and servicing expense	(2,278)	(2,303)	(1,767)
Interest expense on real estate	0	0	0
Depreciation and amortization	0	(329)	(146)
Provision for loan losses	(113,911)	(518)	(3,386)
Impairment of operating real estate	0
Administrative expense	(583)	(858)	(318)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	0
Other loss, net	0	(400)	(56)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(16,940)	115,635	109,594
Equity in earnings of unconsolidated ventures	57,306	23,273	16,067
Income tax expense	0	(87)	(1,521)
Net income (loss)	40,366	138,821	124,140
Total Assets	2,840,267	1,573,714
Investments in unconsolidated ventures	742,200	179,300
CRE Debt Securities
Segment Reporting Information [Line Items]
Net interest income (loss)	24,778
Property and other income	84
Management fee expense	0
Property operating expense	0
Transaction, investment and servicing expense	(80)
Interest expense on real estate	0
Depreciation and amortization	0
Provision for loan losses	0
Impairment of operating real estate	0
Administrative expense	(1,617)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	1,642
Realized loss on mortgage loans and obligations held in securitization trusts, net	(3,447)
Other loss, net	(6,032)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	15,328
Equity in earnings of unconsolidated ventures	0
Income tax expense	0
Net income (loss)	15,328
Total Assets	3,507,404	0
Net Leased Real Estate
Segment Reporting Information [Line Items]
Net interest income (loss)	0	0
Property and other income	79,460	21,402
Management fee expense	0
Property operating expense	(21,293)	(5,687)
Transaction, investment and servicing expense	(490)	(250)
Interest expense on real estate	(26,159)	(5,095)
Depreciation and amortization	(40,804)	(8,808)
Provision for loan losses	0	0
Impairment of operating real estate	(7,094)
Administrative expense	(159)	(83)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	0
Other loss, net	2,812	10
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(13,727)	1,489
Equity in earnings of unconsolidated ventures	0	0
Income tax expense	(1,125)	0
Net income (loss)	(14,852)	1,489
Total Assets	1,354,051	241,271
Other
Segment Reporting Information [Line Items]
Net interest income (loss)	0	0
Property and other income	101,144	0
Management fee expense	0
Property operating expense	(52,323)	0
Transaction, investment and servicing expense	(452)	(17)
Interest expense on real estate	(17,278)	0
Depreciation and amortization	(50,182)	0
Provision for loan losses	0	0
Impairment of operating real estate	(24,719)
Administrative expense	(37)	(7)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	0
Realized loss on mortgage loans and obligations held in securitization trusts, net	0
Other loss, net	454	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(43,393)	(24)
Equity in earnings of unconsolidated ventures	(33,532)	1,436
Income tax expense	(35,934)	(2,121)
Net income (loss)	(112,859)	(709)
Total Assets	1,029,014	24,417
Corporate
Segment Reporting Information [Line Items]
Net interest income (loss)	(8,900)	0	0
Property and other income	1,131	0	0
Management fee expense	43,190
Property operating expense	0	0	0
Transaction, investment and servicing expense	(33,500)	0	0
Interest expense on real estate	0	0	0
Depreciation and amortization	0	0	0
Provision for loan losses	0	0	0
Impairment of operating real estate	0
Administrative expense	(24,238)	(11,721)	(15,119)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	3,361
Realized loss on mortgage loans and obligations held in securitization trusts, net	0
Other loss, net	0	0	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(105,336)	(11,721)	(15,119)
Equity in earnings of unconsolidated ventures	0	0	0
Income tax expense	0	0	0
Net income (loss)	(105,336)	(11,721)	$ (15,119)
Total Assets	$ (70,006)	$ 0

Segment Reporting - Total Incom

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total income by geography	$ 500,788	$ 189,464	$ 158,270
Long-lived assets by geography	2,093,758
United States
Segment Reporting Information [Line Items]
Total income by geography	481,404	185,853	154,418
Long-lived assets by geography	1,764,247
Europe
Segment Reporting Information [Line Items]
Total income by geography	17,487	0	0
Long-lived assets by geography	329,511
Other
Segment Reporting Information [Line Items]
Total income by geography	$ 1,897	$ 3,611	$ 3,852

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (177,353)	$ 127,880	$ 109,021
Net (income) loss attributable to noncontrolling interests:
Investment entities	4,771	(39,376)	(32,970)
Operating Partnership	4,084	(5,734)	(4,927)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders	(168,498)	82,770	71,124
Numerator:
Net income allocated to participating securities (nonvested shares)	(1,439)	0	0
Net income (loss) attributable to common stockholders	$ (169,937)	$ 82,770	$ 71,124
Denominator:
Weighted average shares outstanding - basic and diluted | shares	120,677,000	44,399,000	44,399,000
Net income (loss) per common share - basic and diluted (in dollars per share) | $ / shares	$ (1.41)	$ 1.86	$ 1.60
Antidilutive securities excluded from computation of earnings per share | shares	3,075,623	3,075,623	3,075,623
Option conversion ratio	1
Class B-3
Denominator:
Common stock, shares outstanding (in shares) | shares	44,399,444	0

Subsequent Events (Details)

Subsequent Events (Details)

Mar. 11, 2019$ / shares

Feb. 22, 2019$ / shares

Feb. 15, 2019$ / shares

Feb. 11, 2019$ / shares

Feb. 04, 2019USD ($)

Jan. 17, 2019$ / shares

Jan. 01, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 17, 2018$ / shares

Nov. 01, 2018$ / shares

Oct. 17, 2018$ / shares

Sep. 17, 2018$ / shares

Aug. 01, 2018$ / shares

Jul. 16, 2018$ / shares

Jun. 14, 2018$ / shares

May 07, 2018$ / shares

Apr. 16, 2018$ / shares

Mar. 15, 2018$ / shares

Feb. 26, 2018$ / shares

Dec. 31, 2017USD ($)

Jan. 31, 2019USD ($)propertyloan

Dec. 31, 2018USD ($)$ / shares

Subsequent Event [Line Items]

Dividends declared per share of common stock (in dollars per share) | $ / shares

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 0.145

$ 1.60

Subsequent Event

Subsequent Event [Line Items]

Number of foreclosed loans | loan

4

Carrying value of foreclosed loans

$ 105,400,000

Number of collateralized properties foreclosed | property

28

Credit Facilities | Bank credit facility

Subsequent Event [Line Items]

Total commitment

$ 525,000,000

$ 525,000,000

Credit Facilities | Bank credit facility | Subsequent Event

Subsequent Event [Line Items]

Increase in credit facility commitment

$ 35,000,000

Total commitment

$ 560,000,000

Class A | Subsequent Event

Subsequent Event [Line Items]

Dividends declared per share of common stock (in dollars per share) | $ / shares

$ 0.145

$ 0.145

$ 0.145

$ 0.145

Annualized dividend (in dollars per share) | $ / shares

$ 1.74

$ 1.74

Class B-3 | Subsequent Event

Subsequent Event [Line Items]

Dividends declared per share of common stock (in dollars per share) | $ / shares

$ 0.145

Fixed rate

Subsequent Event [Line Items]

Total commitment of originated and/or refinanced loans

303,517,000

$ 626,420,000

303,517,000

Senior loans | Fixed rate

Subsequent Event [Line Items]

Total commitment of originated and/or refinanced loans

$ 15,000,000

$ 484,592,000

$ 15,000,000

Interest Rate Range

16.00%

8.20%

Senior loans | Fixed rate | Subsequent Event

Subsequent Event [Line Items]

Total commitment of originated and/or refinanced loans

$ 246,600,000

Senior loans | Fixed rate | Weighted average | LIBOR | Subsequent Event

Subsequent Event [Line Items]

Interest Rate Range

3.38%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	74,000
Encumbrances	$ 1,177,401
Initial Cost, Land	249,995
Initial Cost, Building & Improvements	1,789,199
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	(21,943)
Gross Amount Carried at Close of Period, Land	250,051
Gross Amount Carried at Close of Period, Building & Improvements	1,767,201
Gross Amount Carried at Close of Period, Total	2,017,252	$ 225,710	$ 9,083	$ 9,016
Accumulated Depreciation	57,562	$ 5,970	$ 145	$ 0
Total	1,959,690
Aggregate cost of properties for federal income tax purposes	$ 2,000,000
Hotel | Hotel-North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 0
Initial Cost, Land	667
Initial Cost, Building & Improvements	7,678
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	20
Gross Amount Carried at Close of Period, Land	667
Gross Amount Carried at Close of Period, Building & Improvements	7,698
Gross Amount Carried at Close of Period, Total	8,365
Accumulated Depreciation	555
Total	$ 7,810
Life on Which Depreciation is Computed	39 years
Hotel | Hotel-Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 0
Initial Cost, Land	6,527
Initial Cost, Building & Improvements	27,083
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	3,515
Gross Amount Carried at Close of Period, Land	6,527
Gross Amount Carried at Close of Period, Building & Improvements	30,598
Gross Amount Carried at Close of Period, Total	37,125
Accumulated Depreciation	635
Total	$ 36,490
Life on Which Depreciation is Computed	30 years
Hotel | Hotel-Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 0
Initial Cost, Land	7,896
Initial Cost, Building & Improvements	65,847
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	380
Gross Amount Carried at Close of Period, Land	7,896
Gross Amount Carried at Close of Period, Building & Improvements	66,227
Gross Amount Carried at Close of Period, Total	74,123
Accumulated Depreciation	1,435
Total	$ 72,688
Life on Which Depreciation is Computed	36 years
Industrial | Industrial-Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 77,864
Initial Cost, Land	14,494
Initial Cost, Building & Improvements	59,991
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	77
Gross Amount Carried at Close of Period, Land	14,494
Gross Amount Carried at Close of Period, Building & Improvements	60,069
Gross Amount Carried at Close of Period, Total	74,563
Accumulated Depreciation	716
Total	$ 73,847
Life on Which Depreciation is Computed	31 years
Industrial | Industrial-California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 122,136
Initial Cost, Land	32,552
Initial Cost, Building & Improvements	148,911
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	79
Gross Amount Carried at Close of Period, Land	32,552
Gross Amount Carried at Close of Period, Building & Improvements	148,990
Gross Amount Carried at Close of Period, Total	181,542
Accumulated Depreciation	1,893
Total	$ 179,649
Life on Which Depreciation is Computed	28 years
Industrial | Industrial-Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	23,000
Encumbrances	$ 73,702
Initial Cost, Land	13,946
Initial Cost, Building & Improvements	132,910
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	2,765
Gross Amount Carried at Close of Period, Land	13,946
Gross Amount Carried at Close of Period, Building & Improvements	135,675
Gross Amount Carried at Close of Period, Total	149,621
Accumulated Depreciation	5,383
Total	$ 144,238
Life on Which Depreciation is Computed	39 years
Industrial | Industrial-Various
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	22,000
Encumbrances	$ 250,000
Initial Cost, Land	28,092
Initial Cost, Building & Improvements	307,154
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,308
Gross Amount Carried at Close of Period, Land	28,092
Gross Amount Carried at Close of Period, Building & Improvements	308,462
Gross Amount Carried at Close of Period, Total	336,554
Accumulated Depreciation	11,584
Total	$ 324,970
Life on Which Depreciation is Computed	40 years
Industrial | Multifamily-Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,000
Encumbrances	$ 59,000
Initial Cost, Land	5,520
Initial Cost, Building & Improvements	119,880
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,722
Gross Amount Carried at Close of Period, Land	5,520
Gross Amount Carried at Close of Period, Building & Improvements	121,602
Gross Amount Carried at Close of Period, Total	127,122
Accumulated Depreciation	4,237
Total	$ 122,885
Life on Which Depreciation is Computed	30 years
Multifamily | Multifamily-Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 43,500
Initial Cost, Land	3,646
Initial Cost, Building & Improvements	70,190
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	454
Gross Amount Carried at Close of Period, Land	3,646
Gross Amount Carried at Close of Period, Building & Improvements	70,644
Gross Amount Carried at Close of Period, Total	74,290
Accumulated Depreciation	1,550
Total	$ 72,740
Life on Which Depreciation is Computed	30 years
Multifamily | Multifamily-South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,000
Encumbrances	$ 36,253
Initial Cost, Land	4,649
Initial Cost, Building & Improvements	64,454
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	(22,033)
Gross Amount Carried at Close of Period, Land	4,649
Gross Amount Carried at Close of Period, Building & Improvements	42,421
Gross Amount Carried at Close of Period, Total	47,070
Accumulated Depreciation	1,921
Total	$ 45,149
Life on Which Depreciation is Computed	30 years
Multifamily | Multifamily-Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 0
Initial Cost, Land	1,193
Initial Cost, Building & Improvements	10,282
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	583
Gross Amount Carried at Close of Period, Land	1,249
Gross Amount Carried at Close of Period, Building & Improvements	10,809
Gross Amount Carried at Close of Period, Total	12,058
Accumulated Depreciation	280
Total	$ 11,778
Life on Which Depreciation is Computed	39 years
Multifamily | Office-Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 32,378
Initial Cost, Land	2,359
Initial Cost, Building & Improvements	41,410
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	2,982
Gross Amount Carried at Close of Period, Land	2,359
Gross Amount Carried at Close of Period, Building & Improvements	44,392
Gross Amount Carried at Close of Period, Total	46,751
Accumulated Depreciation	2,594
Total	$ 44,157
Life on Which Depreciation is Computed	40 years
Multifamily | Office-Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 24,606
Initial Cost, Land	3,773
Initial Cost, Building & Improvements	26,916
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	3,520
Gross Amount Carried at Close of Period, Land	3,773
Gross Amount Carried at Close of Period, Building & Improvements	30,436
Gross Amount Carried at Close of Period, Total	34,209
Accumulated Depreciation	2,084
Total	$ 32,125
Life on Which Depreciation is Computed	40 years
Office | Office-Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 108,850
Initial Cost, Land	25,723
Initial Cost, Building & Improvements	127,003
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	3,582
Gross Amount Carried at Close of Period, Land	25,723
Gross Amount Carried at Close of Period, Building & Improvements	130,585
Gross Amount Carried at Close of Period, Total	156,308
Accumulated Depreciation	6,003
Total	$ 150,305
Life on Which Depreciation is Computed	39 years
Office | Office-New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 12,786
Initial Cost, Land	4,956
Initial Cost, Building & Improvements	13,429
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,696
Gross Amount Carried at Close of Period, Land	4,956
Gross Amount Carried at Close of Period, Building & Improvements	15,125
Gross Amount Carried at Close of Period, Total	20,081
Accumulated Depreciation	1,062
Total	$ 19,019
Life on Which Depreciation is Computed	40 years
Office | Office-Norway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 184,320
Initial Cost, Land	55,054
Initial Cost, Building & Improvements	277,439
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	(21,858)
Gross Amount Carried at Close of Period, Land	55,054
Gross Amount Carried at Close of Period, Building & Improvements	255,581
Gross Amount Carried at Close of Period, Total	310,635
Accumulated Depreciation	3,811
Total	$ 306,824
Life on Which Depreciation is Computed	37 years
Office | Office-Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 0
Initial Cost, Land	4,431
Initial Cost, Building & Improvements	29,363
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	960
Gross Amount Carried at Close of Period, Land	4,431
Gross Amount Carried at Close of Period, Building & Improvements	30,323
Gross Amount Carried at Close of Period, Total	34,754
Accumulated Depreciation	1,707
Total	$ 33,047
Life on Which Depreciation is Computed	40 years
Office | Office-Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 76,448
Initial Cost, Land	11,019
Initial Cost, Building & Improvements	131,676
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	11,019
Gross Amount Carried at Close of Period, Building & Improvements	131,676
Gross Amount Carried at Close of Period, Total	142,695
Accumulated Depreciation	3,983
Total	$ 138,712
Life on Which Depreciation is Computed	40 years
Office | Office-Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,000
Encumbrances	$ 31,126
Initial Cost, Land	20,955
Initial Cost, Building & Improvements	61,620
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	3,576
Gross Amount Carried at Close of Period, Land	20,955
Gross Amount Carried at Close of Period, Building & Improvements	65,196
Gross Amount Carried at Close of Period, Total	86,151
Accumulated Depreciation	2,434
Total	$ 83,717
Life on Which Depreciation is Computed	39 years
Retail | Retail-Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 4,449
Initial Cost, Land	0
Initial Cost, Building & Improvements	7,338
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	64
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	7,402
Gross Amount Carried at Close of Period, Total	7,402
Accumulated Depreciation	384
Total	$ 7,018
Life on Which Depreciation is Computed	40 years
Retail | Retail-Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 3,484
Initial Cost, Land	0
Initial Cost, Building & Improvements	5,171
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	68
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	5,239
Gross Amount Carried at Close of Period, Total	5,239
Accumulated Depreciation	270
Total	$ 4,969
Life on Which Depreciation is Computed	40 years
Retail | Retail-Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 5,540
Initial Cost, Land	1,048
Initial Cost, Building & Improvements	7,023
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	352
Gross Amount Carried at Close of Period, Land	1,048
Gross Amount Carried at Close of Period, Building & Improvements	7,375
Gross Amount Carried at Close of Period, Total	8,423
Accumulated Depreciation	427
Total	$ 7,996
Life on Which Depreciation is Computed	40 years
Retail | Retail-Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 2,078
Initial Cost, Land	0
Initial Cost, Building & Improvements	6,317
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	100
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	6,417
Gross Amount Carried at Close of Period, Total	6,417
Accumulated Depreciation	339
Total	$ 6,078
Life on Which Depreciation is Computed	40 years
Retail | Retail-Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,000
Encumbrances	$ 8,455
Initial Cost, Land	0
Initial Cost, Building & Improvements	12,254
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	186
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	12,440
Gross Amount Carried at Close of Period, Total	12,440
Accumulated Depreciation	648
Total	$ 11,792
Life on Which Depreciation is Computed	40 years
Retail | Retail-New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,000
Encumbrances	$ 16,447
Initial Cost, Land	1,495
Initial Cost, Building & Improvements	21,488
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	(6,095)
Gross Amount Carried at Close of Period, Land	1,495
Gross Amount Carried at Close of Period, Building & Improvements	15,393
Gross Amount Carried at Close of Period, Total	16,888
Accumulated Depreciation	1,294
Total	$ 15,594
Life on Which Depreciation is Computed	40 years
Retail | Retail-New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,000
Encumbrances	$ 3,979
Initial Cost, Land	0
Initial Cost, Building & Improvements	6,372
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	54
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	6,426
Gross Amount Carried at Close of Period, Total	6,426
Accumulated Depreciation	333
Total	$ 6,093
Life on Which Depreciation is Computed	40 years
Buildings and improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed	2 years
Buildings and improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed	48 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance	$ 225,710	$ 9,083	$ 9,016
Real estate acquired in the Combination (Note 3)	1,287,515	205,376	0
Property acquisitions	695,794	0	0
Improvements and capitalized costs	23,417	20,193	77
Impairment	(31,813)	0	(10)
Dispositions	(161,513)	(8,942)	0
Effect of changes in foreign exchange rates	(21,858)	0	0
Ending balance	2,017,252	$ 225,710	$ 9,083
Capitalized interest	107,000
Aggregate cost of properties for federal income tax purposes	$ 2,000,000

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	$ 5,970	$ 145	$ 0
Depreciation expense	56,270	5,825	145
Retirements and disposals	(4,272)	0	0
Effect of changes in foreign exchange rates	(406)	0	0
Ending balance	$ 57,562	$ 5,970	$ 145

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate
Number | loan	55
Prior Liens	$ 1,442,767
Unpaid Principal Balance	2,114,857
Carrying Value	2,005,497
Principal Amount Subject to Delinquent Principal or Interest	$ 393,288
Percentage of total carrying value for individual loans (less than)	3.00%
Allowance for loan losses	$ 109,328	$ 517	$ 3,386	$ 0
Loans and preferred equity held for investment, tax basis	2,100,000
Loans and preferred equity held for investment, net	$ 2,020,497	$ 1,300,784
First mortgage loans
Mortgage Loans on Real Estate
Number | loan	42
Prior Liens	$ 0
Unpaid Principal Balance	1,735,284
Carrying Value	1,715,873
Principal Amount Subject to Delinquent Principal or Interest	$ 253,554
Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	11
Prior Liens	$ 936,163
Unpaid Principal Balance	265,713
Carrying Value	175,938
Principal Amount Subject to Delinquent Principal or Interest	$ 139,734
Preferred equity interests
Mortgage Loans on Real Estate
Number | loan	2
Prior Liens	$ 506,604
Unpaid Principal Balance	113,860
Carrying Value	113,686
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loan
Mortgage Loans on Real Estate
Unpaid principal amount and carrying value not related to real estate	15,000
Commercial Mortgage, Hospitality Loan | 90 Days or More Past Due / Nonaccrual | First mortgage loans
Mortgage Loans on Real Estate
Loans and preferred equity held for investment, net	$ 258,100
Office | Commercial Mortgage, Hospitality Loan | 90 Days or More Past Due / Nonaccrual
Mortgage Loans on Real Estate
Troubled debt restructuring, number of contracts | loan	4
Loans and preferred equity held for investment, net	$ 136,100
NEW YORK | Office | Preferred equity interests
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	12.00%
Prior Liens	$ 439,204
Unpaid Principal Balance	92,315
Carrying Value	92,315
Principal Amount Subject to Delinquent Principal or Interest	$ 0
COLORADO | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	5.89%
Prior Liens	$ 0
Unpaid Principal Balance	71,380
Carrying Value	71,305
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	42,278
Carrying Value	42,575
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Office | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	5
Prior Liens	$ 0
Unpaid Principal Balance	183,927
Carrying Value	182,435
Principal Amount Subject to Delinquent Principal or Interest	$ 72,713
Various, USA | Office | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	11.59%
Prior Liens	$ 107,433
Unpaid Principal Balance	28,618
Carrying Value	0
Principal Amount Subject to Delinquent Principal or Interest	$ 28,618
Various, USA | Multifamily | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	9
Prior Liens	$ 0
Unpaid Principal Balance	251,368
Carrying Value	251,173
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Multifamily | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	3
Prior Liens	$ 203,046
Unpaid Principal Balance	68,150
Carrying Value	67,606
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Retail | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	15
Prior Liens	$ 0
Unpaid Principal Balance	299,262
Carrying Value	283,412
Principal Amount Subject to Delinquent Principal or Interest	$ 34,720
Various, USA | Retail | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	3
Prior Liens	$ 172,942
Unpaid Principal Balance	29,329
Carrying Value	22,241
Principal Amount Subject to Delinquent Principal or Interest	$ 0
TENNESSEE | Multifamily | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	6.39%
Prior Liens	$ 0
Unpaid Principal Balance	77,073
Carrying Value	77,911
Principal Amount Subject to Delinquent Principal or Interest	$ 0
TENNESSEE | Industrial | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	6.64%
Prior Liens	$ 0
Unpaid Principal Balance	8,000
Carrying Value	8,080
Principal Amount Subject to Delinquent Principal or Interest	$ 0
NEVADA | Office | Preferred equity interests
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	15.00%
Prior Liens	$ 67,400
Unpaid Principal Balance	21,545
Carrying Value	21,371
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel, California 1 | CALIFORNIA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	6.64%
Prior Liens	$ 0
Unpaid Principal Balance	166,585
Carrying Value	166,585
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel, California 2 | CALIFORNIA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	5.59%
Prior Liens	$ 0
Unpaid Principal Balance	104,619
Carrying Value	103,631
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel, California 3 | CALIFORNIA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	7.19%
Prior Liens	$ 0
Unpaid Principal Balance	136,499
Carrying Value	135,110
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel, New York | Hotel | Commercial Mortgage, Hospitality Loan | 90 Days or More Past Due / Nonaccrual
Mortgage Loans on Real Estate
Troubled debt restructuring, number of contracts | loan	4
Loans and preferred equity held for investment, net	$ 257,200
Hotel, New York 1 | NEW YORK | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	3.99%
Prior Liens	$ 0
Unpaid Principal Balance	75,976
Carrying Value	76,868
Principal Amount Subject to Delinquent Principal or Interest	$ 75,976
Hotel, New York 1 | NEW YORK | Hotel | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	14.47%
Prior Liens	$ 146,121
Unpaid Principal Balance	61,750
Carrying Value	57,306
Principal Amount Subject to Delinquent Principal or Interest	$ 61,750
Hotel, New York 2 | NEW YORK | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	8.18%
Prior Liens	$ 0
Unpaid Principal Balance	70,145
Carrying Value	70,145
Principal Amount Subject to Delinquent Principal or Interest	$ 70,145
Hotel, New York 2 | NEW YORK | Hotel | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	3
Prior Liens	$ 306,621
Unpaid Principal Balance	77,866
Carrying Value	28,785
Principal Amount Subject to Delinquent Principal or Interest	$ 49,366
Office, California 1 | CALIFORNIA | Office | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	5.26%
Prior Liens	$ 0
Unpaid Principal Balance	67,161
Carrying Value	66,978
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office, California 2 | CALIFORNIA | Office | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	5.19%
Prior Liens	$ 0
Unpaid Principal Balance	68,261
Carrying Value	67,804
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office, California 3 | CALIFORNIA | Office | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Interest Rate Range	6.09%
Prior Liens	$ 0
Unpaid Principal Balance	112,750
Carrying Value	111,861
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Minimum | Various, USA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	7.34%
Minimum | Various, USA | Office | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	4.89%
Minimum | Various, USA | Multifamily | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	5.37%
Minimum | Various, USA | Multifamily | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	9.45%
Minimum | Various, USA | Retail | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	5.28%
Minimum | Various, USA | Retail | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	10.09%
Minimum | Hotel, New York 2 | NEW YORK | Hotel | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	11.63%
Maximum | Various, USA | Hotel | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	8.39%
Maximum | Various, USA | Office | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	7.99%
Maximum | Various, USA | Multifamily | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	7.59%
Maximum | Various, USA | Multifamily | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	13.50%
Maximum | Various, USA | Retail | First mortgage loans
Mortgage Loans on Real Estate
Interest Rate Range	11.30%
Maximum | Various, USA | Retail | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	13.59%
Maximum | Hotel, New York 2 | NEW YORK | Hotel | Mezzanine loan
Mortgage Loans on Real Estate
Interest Rate Range	13.39%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Carrying Value of Commercial Real Estate Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 1,300,784	$ 1,523,426	$ 1,797,525
Loans and preferred equity held for investment acquired in the Combination (Note 3)	1,249,733	0	0
Deconsolidation of investment entities	(553,678)	0	0
Acquisitions/originations/additional funding	904,461	374,981	247,080
Loan maturities/principal repayments	(627,219)	(547,252)	(345,730)
Foreclosure of loans held for investment	(117,878)	(20,204)	0
Combination adjustment	(50,314)	0	0
Discount accretion/premium amortization	2,582	8,551	8,112
Capitalized interest	5,837	1,802	7,884
Change in allowance for loan loss	(108,811)	(518)	(3,386)
Payments received from PCI loans	0	(56,832)	(25,790)
Accretion on PCI loans	0	4,396	7,670
Consolidation of loans receivable held by investment entities	0	12,434	0
Carrying value of loans sold	0	0	(113,582)
Transfer to loans held for sale	0	0	(56,357)
Balance at December 31	2,020,497	$ 1,300,784	$ 1,523,426
Balance at December 31, excluding origination of senior loan	$ 2,005,497