0001679688-21-000018 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	COLONY CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	750 Park of Commerce Drive
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	570-4644
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,140
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement with respect to its 2020 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Company’s fiscal year ended December 31, 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		492,149,296
Class A Common Stock \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CLNY
Security Exchange Name	NYSE
Series G \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRG
Security Exchange Name	NYSE
Series H \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRH
Security Exchange Name	NYSE
Series I \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRI
Security Exchange Name	NYSE
Series J \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRJ
Security Exchange Name	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		733,931

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 703,544	$ 1,205,190
Restricted cash	161,919	91,063
Real estate, net	8,727,920	6,218,196
Loans receivable (at fair value at December 31, 2020)	1,295,337	1,566,328
Equity and debt investments ($465,036 and $457,693 at fair value, respectively)	1,737,479	2,313,805
Goodwill	842,929	1,452,891
Deferred leasing costs and intangible assets, net	1,524,968	632,157
Assets held for disposition ($3,332,276 and $4,679,169 held for sale, respectively)	4,105,801	5,743,085
Other assets ($99 and $21,382 at fair value, respectively)	1,017,119	557,989
Due from affiliates	83,544	51,480
Total assets	20,200,560	19,832,184
Liabilities
Debt, net	7,789,738	5,517,918
Accrued and other liabilities ($128,057 and $127,531 at fair value, respectively)	1,310,100	887,519
Intangible liabilities, net	94,196	111,484
Liabilities related to assets held for disposition	3,697,541	3,862,521
Due to affiliates	601	34,064
Dividends and distributions payable	18,516	83,301
Preferred stock redemptions payable	0	402,855
Total liabilities	12,910,692	10,899,662
Commitments and contingencies (Note 22)
Redeemable noncontrolling interests	305,278	6,107
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding	999,490	999,490
Additional paid-in capital	7,570,473	7,553,599
Accumulated deficit	(6,195,456)	(3,389,592)
Accumulated other comprehensive income	122,123	47,668
Total stockholders’ equity	2,501,471	5,216,043
Noncontrolling interests in investment entities	4,327,372	3,254,188
Noncontrolling interests in Operating Company	155,747	456,184
Total equity	6,984,590	8,926,415
Total liabilities, redeemable noncontrolling interests and equity	20,200,560	19,832,184
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	4,834	4,871
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity and debt investments, fair value disclosure	$ 465,036	$ 457,693
Assets held for sale	3,332,276	4,679,169
Other assets, fair value	99	21,382
Accrued and other liabilities, at fair value	$ 128,057	$ 127,531
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,033,750	$ 1,033,750
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	41,350,000	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	483,406,000	487,044,000
Common stock, shares outstanding (in shares)	483,406,000	487,044,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Interest income	$ 80,471	$ 166,765	$ 214,588
Total revenues	1,236,594	1,206,823	1,171,932
Expenses
Property operating expense	423,716	333,354	345,495
Interest expense	310,454	306,809	334,560
Investment and servicing expense	62,529	60,646	52,087
Transaction costs	5,966	3,607	7,259
Depreciation and amortization	431,443	307,594	251,981
Provision for loan loss	0	35,880	43,034
Impairment loss	1,473,997	1,086,530	500,434
Compensation expense—cash and equity-based	246,938	209,504	207,370
Compensation expense—carried interest and incentive fee	(8,437)	16,564	7,485
Administrative expenses	110,210	89,906	98,364
Settlement loss	5,090	0	0
Total expenses	3,061,906	2,450,394	1,848,069
Other income (loss)
Gain on sale of real estate	25,986	62,003	154,980
Other gain (loss), net	(211,084)	(194,106)	53,166
Equity method earnings (losses)	(455,840)	(140,384)	(9,601)
Equity method earnings (losses)—carried interest	(8,026)	11,682	9,525
Loss from continuing operations before income taxes	(2,474,276)	(1,504,376)	(468,067)
Income tax benefit (expense)	10,039	(13,976)	50,104
Loss from continuing operations	(2,464,237)	(1,518,352)	(417,963)
Income (loss) from discontinued operations	(1,326,173)	1,369,437	(77,212)
Net loss	(3,790,410)	(148,915)	(495,175)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	616	2,559	(3,708)
Investment entities	(812,547)	990,360	67,994
Operating Company	(302,720)	(93,027)	(39,854)
Net loss attributable to Colony Capital, Inc.	(2,675,759)	(1,048,807)	(519,607)
Preferred stock redemption (Note 14)	0	(5,150)	(3,995)
Preferred stock dividends	75,023	108,550	117,097
Net loss attributable to common stockholders	$ (2,750,782)	$ (1,152,207)	$ (632,709)
Loss per share—basic
Loss from continuing operations (in dollars per share)	$ (3.60)	$ (3.16)	$ (1.12)
Net loss attributable to common stockholders per common share - basic (in dollars per share)	(5.81)	(2.41)	(1.28)
Loss per share—diluted
Loss from continuing operations (in dollars per share)	(3.60)	(3.16)	(1.12)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (5.81)	$ (2.41)	$ (1.28)
Weighted average number of shares
Basic (in shares)	473,558	479,588	496,993
Diluted (in shares)	473,558	479,588	496,993
Property operating income
Revenues
Income	$ 936,160	$ 737,364	$ 766,923
Fee income
Revenues
Income	177,755	223,915	144,443
Fee income \| Affiliated Entity
Revenues
Income	176,524	220,584	143,218
Other income
Revenues
Income	42,208	78,779	45,978
Other income \| Affiliated Entity
Revenues
Income	$ 23,855	$ 64,226	$ 34,695

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fee income
Income	$ 177,755	$ 223,915	$ 144,443
Other Income
Income	42,208	78,779	45,978
Affiliated Entity \| Fee income
Income	176,524	220,584	143,218
Affiliated Entity \| Other Income
Income	$ 23,855	$ 64,226	$ 34,695

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net loss	$ (3,790,410)	$ (148,915)	$ (495,175)
Changes in accumulated other comprehensive income (loss) related to:
Investments in unconsolidated ventures, net	9,292	6,366	(1,809)
Available-for-sale debt securities	(1,964)	12,052	(18,645)
Cash flow hedges	(30)	(767)	(487)
Foreign currency translation	160,008	(24,234)	(81,135)
Net investment hedges	21,001	27,541	33,747
Other comprehensive income (loss)	188,307	20,958	(68,329)
Comprehensive loss	(3,602,103)	(127,957)	(563,504)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	616	2,559	(3,708)
Comprehensive loss attributable to stockholders	(2,601,768)	(1,014,170)	(552,650)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	(706,374)	973,447	34,573
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (294,577)	$ (89,793)	$ (41,719)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Class A Common Stock	Class A Common Stock Common Stock	Class A Common Stock Additional Paid-in Capital	Class A Common Stock Total Stockholders’ Equity	Class A Common Stock Noncontrolling Interests in Operating Company	Cumulative effect of adoption of new accounting pronouncement	Cumulative effect of adoption of new accounting pronouncement Accumulated Deficit	Cumulative effect of adoption of new accounting pronouncement Accumulated Other Comprehensive Income (Loss)	Cumulative effect of adoption of new accounting pronouncement Total Stockholders’ Equity	Cumulative effect of adoption of new accounting pronouncement Noncontrolling Interests in Investment Entities	Cumulative effect of adoption of new accounting pronouncement Noncontrolling Interests in Operating Company
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncements (Note 2)	$ 12,349,392	$ 1,606,966	$ 5,433	$ 7,913,622	$ (1,165,412)	$ 47,316	$ 8,407,925	$ 3,539,072	$ 402,395						$ (1,220)	$ (1,018)	$ (202)	$ (1,220)
Beginning balance at Dec. 31, 2017	12,349,392	1,606,966	5,433	7,913,622	(1,165,412)	47,316	8,407,925	3,539,072	402,395						(1,220)	(1,018)	(202)	(1,220)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncements (Note 2)	11,146,370	1,407,495	4,841	7,598,019	(2,018,302)	13,999	7,006,052	3,779,728	360,590						(1,220)	(2,905)	$ (202)	(2,905)	$ (1,378)	$ (185)
Net income (loss)	(491,467)				(519,607)		(519,607)	67,994	(39,854)
Other comprehensive income (loss)	(68,329)					(33,043)	(33,043)	(33,421)	(1,865)
Redemption of preferred stock (Note 14)	200,000	199,471		529			200,000
Redemption of OP Units for class A common stock				(34,100)						$ (4,830)	$ 20	$ 29,014	$ 29,034	$ (33,864)
Deconsolidation of investment entities (Note 6)	(330,980)							(330,980)
Common stock repurchases	(350,710)		(614)	(350,096)			(350,710)
Equity-based compensation	41,606		34	39,672			39,706	486	1,414
Shares canceled for tax withholdings on vested stock awards	(34,203)		(33)	(34,170)			(34,203)
Reclassification of contingent consideration out of liability at end of measurement period	12,539			12,539			12,539
Contributions from noncontrolling interests	1,059,891							1,059,891
Distributions to noncontrolling interests	(503,054)							(489,261)	(13,793)
Preferred stock dividends	(115,019)				(115,019)		(115,019)
Common stock dividends declared	(217,246)				(217,246)		(217,246)
Reallocation of equity	(24,609)			(12,033)		(72)	(12,105)	(34,053)	21,549
Ending balance at Dec. 31, 2018	11,146,370	1,407,495	4,841	7,598,019	(2,018,302)	13,999	7,006,052	3,779,728	360,590							(2,905)		(2,905)	(1,378)	(185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, New Issues	24,609		1				1		24,608
Preferred stock redemption (Note 14)	(3,995)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	11,146,370	1,407,495	4,841	7,598,019	(2,018,302)	13,999	7,006,052	3,779,728	360,590							(2,905)		(2,905)	(1,378)	(185)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	11,146,370	999,490	4,878	7,553,599	(3,389,592)	47,668	5,216,043	3,254,188	456,184						(5,113)	(3,187)		(3,187)	(1,577)	(349)
Net income (loss)	(151,474)				(1,048,807)		(1,048,807)	990,360	(93,027)
Other comprehensive income (loss)	20,958					34,637	34,637	(16,913)	3,234
Noncontrolling interests assumed in real estate acquisition	789,367							789,367
Redemption of preferred stock (Note 14)	(402,855)	(408,005)		5,150			(402,855)
Redemption of OP Units for class A common stock				(12,400)						0	2	2,102	2,104	(2,104)
Deconsolidation of investment entities (Note 6)	(6,235)							(6,235)
Common stock repurchases	(3,167)		(7)	(3,160)			(3,167)
Equity-based compensation	39,112		49	35,524			35,573	2,519	1,020
Shares canceled for tax withholdings on vested stock awards	(3,627)		(7)	(3,620)			(3,627)
Issuance of OP Units in connection with business combinations (Note 3)	114,865								114,865
Contributions from noncontrolling interests	536,235							536,235
Distributions to noncontrolling interests	(2,829,088)							(2,810,560)	(18,528)
Preferred stock dividends	(105,198)				(105,198)		(105,198)
Common stock dividends declared	(214,380)				(214,380)		(214,380)
Reallocation of equity	0			(80,416)		(968)	(81,384)	(8,935)	90,319
Ending balance at Dec. 31, 2019	8,926,415	999,490	4,878	7,553,599	(3,389,592)	47,668	5,216,043	3,254,188	456,184						(5,113)	(3,187)		(3,187)	(1,577)	(349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock redemption (Note 14)	(5,150)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	8,926,415	999,490	4,878	7,553,599	(3,389,592)	47,668	5,216,043	3,254,188	456,184						(5,113)	(3,187)		(3,187)	(1,577)	(349)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	8,926,415	999,490	4,841	7,570,473	(6,195,456)	122,123	2,501,471	4,327,372	155,747						$ (5,113)	$ (3,187)		$ (3,187)	$ (1,577)	$ (349)
Net income (loss)	(3,791,026)				(2,675,759)		(2,675,759)	(812,547)	(302,720)
Other comprehensive income (loss)	188,307					73,991	73,991	106,173	8,143
Noncontrolling interests assumed in real estate acquisition	366,136
Redemption of OP Units for class A common stock										$ 0	$ 22	$ 7,735	$ 7,757	$ (7,757)
Deconsolidation of investment entities (Note 6)	(80,921)							(80,921)
Common stock repurchases	(24,749)		(127)	(24,622)			(24,749)
Equity-based compensation	39,206		96	35,265			35,361	1,172	2,673
Shares canceled for tax withholdings on vested stock awards	(7,749)		(28)	(7,721)			(7,749)
Contributions from noncontrolling interests	1,832,740							1,832,740
Distributions to noncontrolling interests	(345,271)							(339,414)	(5,857)
Preferred stock dividends	(74,064)				(74,064)		(74,064)
Common stock dividends declared	(52,854)				(52,854)		(52,854)
Reallocation of equity	0			(7,316)		464	(6,852)	1,422	5,430
Ending balance at Dec. 31, 2020	6,984,590	999,490	4,841	7,570,473	(6,195,456)	122,123	2,501,471	4,327,372	155,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock redemption (Note 14)	0
Warrants issuance	20,240			20,240			20,240
Adjustment To Additional Paid-In Capital, Cost of Noncontrolling Interest	(6,707)			(6,707)			(6,707)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	$ 6,984,590	$ 999,490	$ 4,841	$ 7,570,473	$ (6,195,456)	$ 122,123	$ 2,501,471	$ 4,327,372	$ 155,747

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared (in dollars per share)	$ 0.11	$ 0.44	$ 0.44

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net loss	$ (3,790,410)	$ (148,915)	$ (495,175)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(6,154)	(19,602)	(23,194)
Paid-in-kind interest added to loan principal, net of interest received	(38,398)	(62,464)	(38,408)
Straight-line rent income	(20,453)	(20,741)	(29,330)
Amortization of above- and below-market lease values, net	(6,446)	(19,813)	(6,862)
Amortization of deferred financing costs and debt discount and premium, net	15,602	103,537	89,639
Equity method losses (gains)	463,866	87,444	(10,560)
Distributions of income from equity method investments	102,612	143,417	79,995
Provision for loan loss	0	35,880	43,034
Allowance for doubtful accounts	7,247	6,793	26,860
Impairment of real estate and related intangibles and right-of-use assets	1,987,130	358,443	588,223
Goodwill impairment	594,000	788,000	0
Depreciation and amortization	578,282	596,262	572,406
Equity-based compensation	34,959	39,573	41,876
Unrealized settlement loss	3,890	0	0
Gain on sales of real estate, net	(41,922)	(1,520,808)	(167,231)
Settlement of forward starting interest rate swap	0	(365,111)	0
Deferred income tax benefit	(25,086)	(9,602)	(69,430)
Other loss (gain), net	211,967	190,638	(51,706)
Decrease (increase) in other assets and due from affiliates	14,392	(23,937)	(40,123)
(Increase) decrease in accrued and other liabilities and due to affiliates	16,763	19,985	(470)
Other adjustments, net	(11,948)	(8,111)	(2,579)
Net cash provided by operating activities	89,893	170,868	506,965
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(430,548)	(247,357)	(548,163)
Return of capital from equity method investments	294,932	224,169	433,144
Acquisition of loans receivable and debt securities	0	(771)	(104,247)
Net disbursements on originated loans	(219,990)	(168,960)	(317,952)
Repayments of loans receivable	227,831	229,970	143,360
Proceeds from sales of loans receivable and debt securities	46,272	66,249	225,607
Cash receipts in excess of accretion on purchased credit-impaired loans	0	31,128	159,229
Acquisition of and additions to real estate, related intangibles and leasing commissions	(2,559,343)	(1,918,317)	(1,349,467)
Proceeds from sales of real estate	431,198	6,108,153	864,347
Proceeds from paydown and maturity of debt securities	5,721	11,205	43,625
Cash and restricted cash contributed to CLNC (Note 6)	0	0	(141,153)
Proceeds from sale of equity investments	287,899	165,657	231,040
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 13)	0	0	142,270
Investment deposits	(11,660)	(14,928)	(34,314)
Net receipts (payments) on settlement of derivatives	27,097	46,466
Net receipts (payments) on settlement of derivatives			(15,954)
Other investing activities, net	1,111	22,806	415
Net cash (used in) provided by investing activities	(1,931,980)	4,198,938	(268,213)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(79,333)	(108,548)	(120,702)
Dividends paid to common stockholders	(106,510)	(214,149)	(310,519)
Repurchase of common stock	(24,749)	(10,734)	(343,143)
Proceeds from issuance of exchangeable senior notes	291,000	0	0
Repurchase of convertible senior notes	(370,998)	0	0
Borrowings from corporate credit facility	600,000	810,200	685,000
Repayment of borrowings from corporate credit facility	(600,000)	(810,200)	(735,000)
Borrowings from secured debt	2,016,833	4,664,450	1,791,021
Repayments of secured debt	(1,684,001)	(5,745,509)	(1,985,990)
Payment of deferred financing costs	(54,750)	(82,202)	(28,630)
Contributions from noncontrolling interests	1,906,250	578,706	1,019,888
Distributions to and redemptions of noncontrolling interests	(360,304)	(2,847,830)	(518,864)
Contribution from Wafra (Note 15)	253,575	0	0
Redemption of preferred stock	(402,855)	0	(200,000)
Shares canceled for tax withholdings on vested stock awards	(7,749)	(3,627)	(34,203)
Redemption of OP Units for cash	0	0	(4,830)
Other financing activities, net	(3,382)	(10,143)	(2,432)
Net cash provided by (used in) financing activities	1,373,027	(3,779,586)	(788,404)
Effect of exchange rates on cash, cash equivalents and restricted cash	7,370	1,748	(11,538)
Net (decrease) increase in cash, cash equivalents and restricted cash	(461,690)	591,968	(561,190)
Cash, cash equivalents and restricted cash, beginning of period	1,424,698	832,730	1,393,920
Cash, cash equivalents and restricted cash, end of period	963,008	1,424,698	832,730
Cash and cash equivalents	703,544	1,205,190	461,912
Restricted cash	161,919	91,063	135,650
Restricted cash included in assets held for disposition	97,545	128,445	235,168
DBH
Cash Flows from Investing Activities
Acquisition, net of cash acquired	(32,500)	(184,167)	0
DataBank
Cash Flows from Investing Activities
Acquisition, net of cash acquired	$ 0	$ (172,365)	$ 0

Business	12 Months Ended
Business	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a leading global investment firm with a focus on identifying and capitalizing on key secular trends in digital real estate. Following the acquisition in July 2019 of Digital Bridge Holdings, LLC (“DBH”), an investment manager dedicated to digital real estate and infrastructure, the Company is currently the only global real estate investment trust ("REIT") that owns, manages, and/or operates across all major infrastructure components of the digital ecosystem including data centers, cell towers, fiber networks and small cells. Marc C. Ganzi, who co-founded DBH, became the Chief Executive Officer ("CEO") and President of the Company effective July 1, 2020. In connection with Mr. Ganzi’s appointment as the Company’s CEO and President, the Board of Directors of the Company (the "Board") appointed Mr. Ganzi to the Board, also effective as of July 1, 2020. Thomas J. Barrack, Jr., who, prior to July 1, 2020, served as the Company’s CEO and President, continues to serve in his role as Executive Chairman of the Company and the Board. In addition, Jacky Wu was appointed as the Company’s Chief Financial Officer, effective July 1, 2020. At December 31, 2020, the Company has $42 billion of assets under management, of which $29 billion is dedicated to digital real estate and infrastructure. Organization The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the "OP"). At December 31, 2020, the Company owned 90% of the OP, as its sole managing member. The remaining 10% is owned primarily by certain current and former employees of the Company as noncontrolling interests. The Company elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. Acceleration of Digital Transformation and COVID-19 Considerations The world continues to face significant healthcare and economic challenges arising from the coronavirus disease 2019, or COVID-19, global pandemic. Efforts to address the pandemic, such as social distancing, closures or reduced capacity of retail and service outlets, hotels, factories and public venues, often mandated by governments, continue to have a significant impact on the global economy and financial markets across major industries, including many sectors of real estate. In particular, the Company and its investees' real estate investments in the hospitality, wellness infrastructure and retail sectors have experienced a myriad of challenges, including, but not limited to: significant declines in operating cash flows at the Company's hotel and wellness infrastructure properties, which in turn, affected the ability to meet debt service and covenant requirements on investment-level debt (non-recourse to the Company) and ability to refinance or extend upcoming maturities; flexible lease payment terms sought by tenants; incremental property operating costs such as labor and supplies in response to COVID-19; payment defaults on the Company's loans receivable; and a distressed market affecting real estate values in general. Such adverse impact may continue well beyond the containment of the COVID-19 pandemic. Furthermore, the COVID-19 crisis may also lead to heightened risk of litigation at the investment and corporate level, with an ensuing increase in litigation and related costs. The volatility in equity and debt markets, and the economic contraction due to COVID-19 have adversely affected the valuation of certain of the Company's financial assets carried at fair value, such as loans receivable (Note 12), and also resulted in impairment of certain non-financial assets, in particular, non-digital real estate (Note 4) and equity method investments (Note 6). Additionally, the COVID-19 crisis has reinforced the critical role and the resilience of the digital real estate and infrastructure sector in a global economy that is increasingly reliant on digital infrastructure. Accordingly, in the second quarter of 2020, the Company determined to accelerate its shift to a digitally-focused strategy in order to better position the Company for growth. This digital transformation requires a rotation of the Company's non-digital assets into digital-focused investments. As a result, the Company shortened its assumptions of hold periods on its non-digital assets, in particular its hotel and wellness infrastructure assets, which significantly reduced the undiscounted future net cash flows to be generated by these assets below their carrying values at June 30, 2020. The shortfall in estimated future net cash flows from these assets was further exacerbated by the negative effects of COVID-19 on property operations and market values, as noted above. As a result, significant impairment was recognized in the second quarter of 2020 on the Company's hotel and wellness infrastructure assets. In the third quarter of 2020, as the Company expects to exit its hospitality business through a sale of its hotel assets (as discussed further below), additional write-downs were recorded to align the hotel carrying values to the agreed upon selling price. The acceleration of the Company's digital transformation and the overall reduction in value of the Company's non-digital balance sheet also caused a shortfall in the fair value of the Company's other investment management reporting unit over its carrying value, resulting in significant impairment to the other investment management goodwill in the second quarter of 2020 (Note 7). The various impairment and fair value decreases as a result of the acceleration of the Company's digital transformation collectively accounted for $3.2 billion of charges in 2020, of which $2.5 billion was attributable to the OP. These amounts are reflected within impairment loss, other loss, equity method losses and within impairment loss in discontinued operations on the statement of operations. The Company believes that it has materially addressed overall recoverability in value in its financial statements across all of its non-digital assets as of December 31, 2020, applying the Company's best estimates and assumptions at this time based upon external factors known to date and the Company's expected digital transformation timeline. If the extent and duration of the economic effects of COVID-19 negatively affect the Company's financial condition and results of operations beyond the Company's current projections, the estimates and assumptions currently applied by the Company may change, which may lead to further impairment and fair value decreases in its non-digital assets that could be material in the future. Exit of the Hospitality Business In September 2020, the Company entered into a definitive agreement with a third party to sell five of the six hotel portfolios in its Hospitality segment and its 55.6% interest in a portfolio of limited service hotels that were acquired through a consensual foreclosure in July 2017 (the "THL Hotel Portfolio"), in the Other segment, composed of 197 hotel properties in aggregate. The remaining portfolio in the Hospitality segment is in receivership and the remaining interests in the THL Hotel Portfolio will continue to be held by investment vehicles managed by the Company. Two of the hotel portfolios that are being sold in the Hospitality segment are held through joint ventures in which the Company holds a 90% and a 97.5% interest, respectively. The aggregate gross proceeds of $67.5 million, subject to certain adjustments as provided in the sale agreement, as amended, represents a transaction value of approximately $2.8 billion, with the acquirer's assumption of $2.7 billion of investment-level debt. Consummation of the sale is subject to customary closing conditions, including but not limited to, acquirer’s assumption of the outstanding mortgage notes encumbering the hotel properties and third party approvals. In October 2020 and February 2021, the parties amended the sale agreement to address certain payments made or that may be made by the Company to lenders or otherwise in connection with the hospitality portfolios, and, subject to the satisfaction of certain conditions, to provide the Company with a purchase price credit for a portion of such funded amounts. The sale is expected to close in the first half of 2021. There can be no assurance that the sale will close in the timeframe contemplated or on the terms anticipated, if at all. The Company’s pending exit from the hospitality business represents a key milestone in its digital transformation. Accordingly, the sale of these hotel portfolios is a strategic shift that will have a significant effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations. For all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 8) and the related operating results are presented as loss from discontinued operations on the consolidated statements of operations (Note 16).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company.

To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Principles of Consolidation

The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 16) or have the ability to withdraw all or a portion of their interests from the consolidated open-end funds in cash with advance notice.

Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be recognized in additional paid-in capital.

Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by private investment funds managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity,

or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive.

Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Fair Value Measurement

Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness.

The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.

Fair Value Option

The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs.

The Company has elected to account for certain equity method investments at fair value and effective January 1, 2020, elected fair value option for all loans receivable upon adoption of Accounting Standards Codification ("ASC") 326, Financial Instruments—Credit Losses.

Prior to deconsolidation in May 2018, the Company had elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable.

Business Combinations

Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business or a VIE is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets (and that is not a VIE) is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets.

Discontinued Operations

If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations.

A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria.

The pending disposition of the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in the Other segment, and the disposition of the industrial business in December 2019, including its related management platform, represent strategic shifts that have major effects on the Company’s operations and financial results, and have met the criteria as held for sale and discontinued operations in September 2020 and June 2019, respectively. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statements of operations (Note 16).

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.

Restricted Cash

Restricted cash consists primarily of amounts related to operating real estate and loans receivable, investment sales proceeds held in escrow, and cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements.

Real Estate Assets

Real Estate Acquisitions

Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, site and building improvements, infrastructure, equipment, lease-related tangible and intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values, and tenant relationships. 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 for a similar property, as appropriate. The fair value of site and tenant improvements and infrastructure assets are estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Costs Capitalized or Expensed—Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Land improvements						5 to 21 years
Building (fee interest)						5 to 51 years
Building leasehold interests						Lesser of remaining term of lease or remaining life of building
Building improvements						Lesser of useful life or remaining life of building
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						10 to 19 years
Furniture, fixtures and equipment						1 to 20 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property for the duration of the estimated hold period of each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, expected capitalization rates at exit, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses.

Real Estate Held for Sale

Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year.

Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell.

Foreclosed Properties

The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative loss allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.

Loans Receivable

Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale.

Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming, with reversal of interest income and suspension of interest income recognition. Recognition of interest income may be restored when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured.

Fair Value Option

Effective January 1, 2020, the Company elected the fair value option for all loans receivable upon adoption of ASC") 326, Financial Instruments—Credit Losses.

Loan fair values are generally determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes, but is not limited to, consideration of the financial standing of the borrower or sponsor as well as operating results and/or value of the underlying collateral.

For loans that are nonperforming where recognition of interest income is suspended, any interest subsequently collected is recognized on a cash basis by crediting income when received.

Origination and other fees charged to the borrower are recognized immediately as interest income when earned. Costs to originate or purchase loans are expensed as incurred.

Amortized Cost

Prior to 2020, all loans receivable were accounted for under the amortized cost framework which 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, as follows.

Loans Held for Investment (other than Purchased Credit-Impaired Loans)

Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred.

Interest Income—For loans placed on nonaccrual status where recognition of interest income is suspended, any interest subsequently collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value.

Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income.

Impairment and Allowance for Loan Losses—On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis.

Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectable. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost through a provision and a charge-off against allowance for loan losses.

Troubled Debt Restructuring ("TDR")—A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology.

Loans Held for Sale

Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost.

Purchased Credit-Impaired ("PCI") Loans

PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method.

The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance.

The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life.

Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans.

PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance.

Acquisition, Development and Construction ("ADC") Arrangements

The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.

Equity Investments

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss).

On January 1, 2018, the Company recorded a $0.6 million decrease to accumulated deficit to reflect the measurement of equity investments at fair value through earnings upon adoption of Accounting Standards Update ("ASU") 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest.

The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

Carried Interest—The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors or co-sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). To the extent the investment vehicles qualify for investment company accounting, their underlying results and consequently, the calculation of carried interests, reflect changes in fair value of their investments each period. The amount of carried interest recognized based on the cumulative performance of each investment vehicle if it were liquidated as of the reporting date may be subject to reversal until such time the carried interest, if any, is realized. Realization of carried interest generally occurs upon disposition of all underlying investments of an investment vehicle, or in part with each disposition, pursuant to the governing documents of the investment vehicles.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative.

Debt Securities

Debt securities are recorded as of the trade date. Debt securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS debt securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification.

Interest Income—Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities.

For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method.

Impairment—The Company performs an assessment, at least quarterly, to determine whether its AFS debt securities are considered to be impaired, that is if their fair value is less than their amortized cost basis.

If the Company intends to sell the impaired debt security or is more likely than not will be required to sell the debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings within other gain (loss) as a write-off of the amortized cost basis of the debt security.

If the Company does not intend to sell or is not more likely than not required to sell the debt security before recovery of its amortized cost:

•Effective January 1, 2020, the credit component of the loss is recognized in earnings within other gain (loss) as an allowance for credit loss, which may be subject to reversal for subsequent recoveries in fair value. The non-credit loss component is recognized in other comprehensive income or loss ("OCI"). The allowance is charged off against the amortized cost basis of the security if in a subsequent period, the Company intends to or more likely than not will be required to sell the security, or if the Company deems the security to be uncollectable.

•Prior to 2020, the Company evaluated if the decline in fair value was other-than-temporary, in which case, the credit loss component was recognized in earnings within other gain (loss) as a write-off of the amortized cost basis of the debt security that was not subject to subsequent reversal. The difference between the new amortized cost basis and the cash flows expected to be collected was accreted as interest income. The non-credit loss component was recognized in OCI. If the impairment was not other-than-temporary, the entire unrealized loss was recognized in OCI.

In assessing impairment and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security.

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.

The Company's identifiable intangible assets are generally valued under the income approach, using an estimate of future net cash flows, discounted based upon risk-adjusted returns for similar underlying assets.

Lease-Related Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate include in-place leases, deferred leasing costs, above- or below-market leases, and tenant relationships.

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 a lease contract in place. Acquired in-place leases are valued as the forgone rental income had the property been acquired in an as if vacant state, using market data on comparable and recently signed leases. Deferred leasing costs represent leasing commissions and legal fees that would otherwise have been incurred if a lease was not in-place. Acquired in-place leases and deferred leasing costs are amortized on a straight-line basis 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 value of the above- or below-market component of acquired leases represents the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term. 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 assumed to be renewed if below market, which are amortized to increase rental income over the renewal period.

Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the time it would take to execute a new lease or backfill a vacant space. Tenant relationships are amortized on a straight-line basis to depreciation and amortization expense over its estimated useful life.

Investment Management Intangibles—Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts that is amortized based upon expected cash flows over the remaining term of the

contracts; and investor relationships, which represent potential fee income generated from future reinvestment by existing investors that is amortized on a straight-line basis over its estimated useful life.

Other Intangible Assets—In addition to leasing activities, data center operators provide various data center services to their customers, largely in the colocation business, which give rise to customer service contract and customer relationship intangible assets in an acquisition of operating data centers. Customer service contracts are valued based upon an estimate of net cash flows from providing data center services that would have been forgone if these service contracts were not in place, taking into consideration the time it would take to execute a new contract. Customer service contracts are amortized on a straight-line basis over the remaining term of the respective contracts, and if the service contract is terminated, the remaining unamortized balance is charged off. Customer relationships represent incremental net cash flows to the business that is attributable to these in-place relationships, and is amortized on a straight-line basis over its estimated useful life.

Trade names are recognized as a separate identifiable intangible asset to the extent the Company intends to continue using the trade name post-acquisition. Trade names are valued as the savings from royalty fees that would have otherwise been incurred. Trade names are amortized on a straight-line basis over the estimated useful life, or not amortized if they are determined to have an indefinite useful life.

Impairment

Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal.

Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles for impairment, such as management contracts and investor relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future investment vehicles. Indefinite life trade names are impaired if the Company determines that it no longer intends to use the trade name.

Goodwill

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value, including goodwill. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit.

An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.

Accounts Receivable and Related Allowance

Property Operating Income Receivables (excluding lease income receivables)—The Company periodically evaluates aged receivables and considers the collectability of unbilled receivables. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated.

Cost Reimbursements and Recoverable Expenses—The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of investment vehicles managed by the Company, which include: (i) organization and offering costs associated with the formation and capital raising of the investment vehicles subject to certain limitations; (ii) direct and indirect operating costs associated with managing the operations of certain investment vehicles; and (iii) costs incurred in performing investment due diligence. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments that are borne by the Company are expensed as investment and servicing expense in the consolidated statement of operations. The Company assesses the collectability of such receivables and establishes an allowance for any balances considered not collectable.

Fixed Assets

Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, and over the shorter of the lease term or useful life for leasehold improvements.

Transfers of Financial Assets

Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with characteristics that are similar to the original financial asset.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur.

If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.

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 the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting.

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued.

Cash Flow Hedges—The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt and may designate as cash flow hedges. Changes in fair

value of the derivative is recorded in accumulated other comprehensive income (loss) or AOCI and reclassified into earnings when the hedged item affects earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in AOCI are reclassified into earnings when the hedged item affects earnings.

Net Investment Hedges—The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in fair value of derivatives used as hedges of net investment in foreign operations are recorded in the cumulative translation adjustment account within AOCI.

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as undesignated hedges.

Release of amounts in AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to earnings.

Leases

As lessee, the Company determines if an arrangement contains a lease and determines the classification of a leasing arrangement at its inception. A lease is classified as a finance lease, which represents a financed purchase of the leased asset, if the lease meets any of the following criteria: (a) asset ownership is transferred to lessee by end of lease term; (b) option to purchase asset is reasonably certain to be exercised by lessee; (c) the lease term is for a major part of the remaining economic life of the asset; (d) the present value of lease payments equals or exceeds substantially the fair value of the asset; or (e) the asset is of such a specialized nature that it is expected to have no alternative use at end of lease term. A lease is classified as an operating lease when none of the criteria are met.

The Company's leasing arrangements are composed primarily of finance and operating leases for data centers, operating ground leases for other investment properties, and operating leases for its corporate offices.

Short-term leases are not recorded on the balance sheet, with lease payments expensed on a straight-line basis over the lease term. Short-term leases are defined as leases which at commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

For leases with terms greater than 12 months, a lessee's rights to use the leased asset and obligation to make future lease payments are recognized on balance sheet at lease commencement date as a right-of-use ("ROU") lease asset and a lease liability, respectively. The lease liability is measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate. Variable lease payments are excluded and are recognized as lease expense as incurred. Lease renewal or termination options are taken into account only if it is reasonably certain that the option would be exercised. As an implicit rate is not readily determinable in most leases, an estimated incremental borrowing rate is applied, which is the interest rate that the Company or its subsidiary, where applicable, would have to pay to borrow an amount equal to the lease payments, on a collateralized basis over the lease term. In estimating incremental borrowing rates, consideration is given to recent debt financing transactions by the Company or its subsidiaries as well as publicly available data for debt instruments with similar characteristics, adjusted for the lease term. The ROU lease asset is measured based upon the corresponding lease liability, reduced by any lease incentives and adjusted to include capitalized initial direct leasing costs.

The Company's ROU lease asset is presented within other assets and is amortized on a straight-line basis over the shorter of its useful life or remaining lease term. The Company's lease liability is presented within accrued and other liabilities. The lease liability is (a) reduced by lease payments made during the period under both finance and operating leases; and (b) additionally, for finance leases, accreted to reflect accrued interest for effectively financing the leased asset. For finance leases, periodic lease payments are allocated between (i) interest expense, calculated based upon the incremental borrowing rate determined at commencement, to produce a constant periodic interest rate on the remaining balance of the lease liability, and (ii) reduction of lease liability. The combination of periodic interest expense and amortization expense on the ROU lease asset effectively reflects installment purchases on the financed leased asset, and results in a front-loaded expense recognition. Higher interest expense is recorded in the early periods as a constant interest rate is applied to the finance lease liability and the liability decreases over the lease term as cash payments are made. For operating leases, fixed lease expense is recognized over the lease term on a straight-line basis and variable lease expense is recognized in the period incurred.

A lease that is terminated before expiration of its lease term would result in a derecognition of the lease liability and ROU lease asset, with the difference recorded in the income statement, reflected as other gain (loss). If a plan has been

committed to abandon an ROU lease asset at a future date before the end of its lease term, amortization of the ROU lease asset is accelerated based on its revised useful life. If an ROU lease asset is abandoned with immediate effect and the carrying value of the ROU lease asset is determined to be unrecoverable, an impairment loss is recognized on the ROU lease asset.

Financing Costs

Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.

Property Operating Income

Property operating income includes the following:

Lease Income

The Company's lease income is composed of (i) fixed lease income for rents, and for interconnection services and a committed amount of power related to contracted data center leased space; and (ii) variable lease income for tenant reimbursements, resident fee income from senior housing operating facilities, and additional metered power reimbursements based upon usage by data center tenants at prevailing rates. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a lease contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Accordingly, the nonlease components of tenant reimbursements for net leases, ancillary services within resident fee income, and interconnection services and payments for power by data center tenants are combined with their respective lease components and accounted for as a single lease component as the lease component is predominant.

Rental Income and Tenant Reimbursements

Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred.

In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. For property taxes and insurance, amounts paid directly by lessees to third parties on behalf of the Company are not recognized in the statement of operations, while amounts paid by the Company and reimbursed by lessees are presented gross as property operating income and expenses. Also, sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions are netted against related collections from lessees.

When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company-owned tenant improvements, the amounts funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space.

When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space.

Collectability—The Company evaluates collectability of lease payments based upon the creditworthiness of the lessee and recognizes lease income only to the extent collection of all amounts due over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease income that has not been collected is subject to reversal. If collection is subsequently determined to be probable,

lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. On January 1, 2019, the Company recorded $4.5 million increase to accumulated deficit to reverse certain operating lease receivables for which collection was determined to be not probable upon adoption of ASC 842, Leases

Costs to Execute Lease—Only incremental costs of obtaining a lease, such as leasing commissions, qualify as initial direct leasing costs to be capitalized. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are expensed as incurred.

Resident Fee Income

Resident fee income is earned from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities is recorded when services are rendered based on terms of their respective lease agreements.

Data Center Service Revenue

The Company earns data center service revenue, primarily composed of cloud services, data storage, data protection, network services, software licensing, and other related information technology services, which are recognized as services are provided to data center customers; and to a lesser extent, installation services that are recognized at a point in time upon completion of the installation and accompanying services.

Hotel Operating Income

Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.

Fee Income

Fee income consists primarily of the following:

Base Management Fees—The Company earns base management fees for the administration of its managed private funds, and for the management of traded and non-traded REITs and other investment vehicles, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as services are provided.

Asset Management Fees—The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. The underlying services of managing the investments of the private funds consist of a series of distinct services satisfied over time, for which asset management fees are recognized ratably over the life of each investment as services are rendered. On January 1, 2018, the Company recorded a $1.6 million increase to accumulated deficit to reflect a change in the timing of revenue recognition for asset management fees upon adoption of ASC 606, Revenue from Contracts with Customers.

Acquisition and Disposition Fees—Through January 31, 2018, the Company earned fees related to acquisition and disposition of investments by certain managed non-traded REITs, which were recognized upon closing of the respective acquisition or disposition of underlying investments.

Incentive Fees—The Company may earn incentive fees from its managed private funds and traded REITs. Incentive fees are determined based upon the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees take the form of a contractual fee arrangement with the investment vehicles, and unlike carried interests, do not represent an allocation of returns among equity holders of the investment vehicles. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period of the respective investment vehicles.

Other Income

Recurring other income includes primarily the following:

Expense Recoveries from Borrowers—Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured.

Cost Reimbursements from Affiliates—For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on

expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred.

Equity Awards Granted by Managed Companies—These are equity awards granted to the Company to be granted to its employees or directly to employees of the Company by publicly-traded REITs managed by the Company, NRE, prior to its sale in September 2019, and CLNC. The initial grant is recorded as an other asset and deferred income liability on the balance sheet. The liability is amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense is recognized as the award vests to the recipient employee.

Compensation

Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments, equity-based compensation and performance-based compensation. Bonus is accrued over the employment period to which it relates.

Carried Interest and Incentive Fee Compensation—This represents a portion of carried interest and incentive fees earned by the Company that are allocated (generally 40% to 50%) to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles to the Company.

Equity-Based Compensation—Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market or performance condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award.

A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied.

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Compensation expense is recognized on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a performance condition, compensation expense is recognized only if and when it becomes probable that the performance condition will be met, with a cumulative adjustment from service inception date, and conversely, compensation cost is reversed to the extent it is no longer probable that the performance condition will be met. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. Compensation expense is adjusted for actual forfeitures upon occurrence.

Income Taxes

A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year and if the statutory relief provisions were not to apply, the Company would be subject to federal and state income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income.

The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities

to conduct certain activities that cannot be conducted directly by a REIT, such as investment management, property management including hotel and healthcare operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. Additionally, the Company has invested in real estate assets in foreign countries for which related earnings or other measures are subject to income taxes in the respective foreign jurisdictions, and in some cases, the repatriation of earnings are subject to withholding taxes.

Deferred Income Taxes—The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss ("NOL") carryforwards and the income tax effect of AOCI items of the TRS and foreign taxable entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS and foreign taxable entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets.

Uncertain Tax Positions—Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations.

Earnings Per Share

The Company calculates basic earnings per share ("EPS") using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines EPS 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. EPS is calculated by dividing earnings allocated to common shareholders 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. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.

Reclassifications

Reclassifications were made related to discontinued operations as discussed in "—Discontinued Operations" above and to prior period segment reporting presentation as discussed in Note 23. Additionally, interest receivable, which was included in other assets at December 31, 2019, has been reclassified to be presented as part of loans receivable to conform to current period presentation. These reclassification did not affect the Company's financial position, results of operations or cash flows.

Accounting Standards Adopted in 2020

Credit Losses

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments—Credit Losses, followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade

receivables. Targeted changes are also made to the impairment model of AFS debt securities which are not within the scope of CECL.

The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. Recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. The accounting model for purchased credit-impaired loans and debt securities will be simplified to be consistent with the CECL model for originated and purchased non-credit-impaired assets. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables.

Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application of the CECL model for other than temporarily impaired debt securities and purchased credit-impaired assets.

The Company adopted the new standard on January 1, 2020. The Company elected the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to decrease beginning accumulated deficit by $3.3 million. Under the fair value option, the loans receivable are measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in other gain (loss) on the consolidated statement of operations. The loans are no longer subject to evaluation for impairment through an allowance for loan loss as such losses are captured through fair value changes. Additionally, there is no longer an amortization of loan origination fees or discounts on purchased loans as additional interest income.

The Company had no debt securities with unrealized loss in AOCI at December 31, 2019 and accordingly, there was no impact upon adoption of the new standard. As it relates to the Company's other accounts receivable that are subject to CECL, the effect of adoption was immaterial.

The Company reflected the effect of adoption of CECL by its equity method investee, CLNC, through an adjustment to increase beginning accumulated deficit by approximately $8.5 million on January 1, 2020, representing the Company's share of CLNC's cumulative effect adjustment.

Fair Value Disclosures

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. The Company adopted ASU No. 2018-13 on January 1, 2020.

Related Party Guidance for VIEs

In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the

VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. The Company adopted ASU No. 2018-17 on January 1, 2020, with no transitional impact upon adoption.

Reference Rate Reform

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions affected by the transition from interbank offered rates (such as the London Interbank Offered Rate ("LIBOR")) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as the Secured Overnight Financing Rate ("SOFR")). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company has elected to apply the hedge accounting expedients related to probability and assessment of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives, which preserves existing derivative treatment and presentation. The Company may elect other practical expedients or exceptions as applicable over time as reference rate reform activities occur.

Future Application of Accounting Standards

Income Tax Accounting

In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes. The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January 1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company is currently evaluating the impact of this new guidance.

Accounting for Certain Equity Investments

In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323—Investments Equity Method and Joint Ventures, and Topic 815—Derivatives and Hedging. The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, an equity method investment is transitioned into measurement alternative, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance.

Accounting for Convertible Instruments and Contracts on Entity's Own Equity

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU (1) simplifies an issuer’s accounting for convertible instruments as a single unit of account; (2) allows more contracts on an entity’s own equity to qualify for equity classification and more embedded derivatives meeting the derivative scope exception; and (3) simplifies diluted EPS computation.

•The guidance eliminates the requirement to separate embedded conversion features in convertible instruments, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under ASC 815

or (2) a convertible debt instrument that was issued at a substantial premium. Separate accounting for embedded conversion features as an equity component under the cash conversion and beneficial conversion models has been eliminated.

•Under the new guidance, certain conditions under Subtopic ASC 815-40 that may result in contracts being settled in cash rather than shares and therefore preclude (1) equity classification for contracts on an entity’s own equity; and (2) embedded derivatives from qualifying for the derivative scope exception, have been removed; for example, the requirement that equity contracts permit settlement in unregistered shares unless such contracts explicitly require settlement in cash if registered shares are unavailable. The guidance also clarifies that freestanding contracts on an entity’s own equity that do not qualify for equity classification under the indexation criteria (ASC 815-40-15) or settlement criteria (ASC 815-40-25) are to be measured at fair value through earnings, even if they do not meet the definition of a derivative under ASC 815.

•The ASU also amends certain guidance on computation of diluted EPS for convertible instruments and contracts on an entity’s own equity that results in a more dilutive EPS, including (1) requiring the if converted method to be applied for all convertible instruments (the treasury stock method is no longer available), and (2) removing the ability to rebut the presumption of share settlement for contracts that may be settled in cash or stock and that are not liability classified share based payments.

•Expanded disclosures are required, including but not limited to, (1) terms and features of convertible instruments and contracts on entity’s own equity; and (2) information about events, conditions, and circumstances that could affect amount or timing of future cash flows related to these instruments or contracts; and in the period of adoption (3) nature of and reason for the change in accounting principle; and (4) effects of the change on EPS.

Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified convertible securities.

Adoption of the new standard may be made either on a full retrospective approach or a modified retrospective approach, with cumulative effect adjustment recorded to beginning retained earnings. ASU No. 2020-06 is effective January 1, 2022, with early adoption permitted on January 1, 2021. The Company is currently evaluating the effects of this new guidance.

Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions

Business Combinations

DBH

On July 25, 2019, the Company acquired DBH in a combination of: (a) cash, a portion of which was deferred until the expiration of certain customary seller indemnification obligations and was paid in full in May 2020 (Note 20); and (b) issuance of 21,478,515 OP Units, which were measured based upon the closing price of the Company's class A common stock on July 24, 2019 of $5.21 per share.

The Company acquired the fee streams but not the equity interests related to the six portfolio companies managed by DBH. The principals of DBH retained their equity investments, including general partner interests in existing DBH investment vehicles and in Digital Colony Partners fund (“DCP”), which was previously co-sponsored by the Company and DBH.

The Company's acquisition of DBH included the remaining 50% equity interest held by DBH in Digital Colony Management, LLC ("DCM"), previously an equity method joint venture with DBH, which manages DCP. Upon closing of the acquisition, the Company obtained a controlling interest in DCM and remeasured its existing 50% interest at a fair value of $51.4 million. The full amount, representing the excess of fair value over carrying value of the Company's investment in DCM, was recognized in other gain on the Company's statement of operations, as the Company's carrying value of its investment in DCM prior to the business combination was nil. The fair value was based upon the value of 50% of estimated future net cash flows from the DCP fund management contract, discounted at 8%.

DataBank Colocation Data Centers

On December 20, 2019, the Company acquired from third party investors a 20% interest in DataBank, which operates edge colocation data centers in nine U.S. markets, owning eight properties, with leasehold interests in 12 properties. DataBank is a portfolio company managed by DBH and invested in by the principals and senior professionals of DBH. The Company is deemed to have a controlling interest in DataBank as control over the operations of DataBank resides substantially with the Company. Consideration included the payment of cash to third parties for the Company’s

interests in DataBank and the issuance of 612,072 OP Units to the DBH principals, Marc Ganzi, the Company's CEO and President, and Ben Jenkins, now the chief investment officer of the Company’s digital real estate platform, for incentive units owned by the DBH principals and allocable to the Company’s acquired interests, measured based upon the closing price of the Company's class A common stock on December 20, 2019 of $4.84 per share. The OP Units were issued to the DBH principals who had previously received incentive units from DataBank, in exchange for certain of their incentive units such that the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank (Note 20). The DBH principals otherwise retained their equity interests in DataBank.

Asset Acquisitions

Vantage SDC Hyperscale Data Centers

In July 2020 and following an additional investment in October 2020, the Company, alongside fee bearing third party capital, invested $1.36 billion for approximately 90% equity interest ($1.2 billion or approximately 80% upon initial acquisition in July 2020) in entities that hold Vantage Data Centers' ("Vantage") portfolio of 12 stabilized hyperscale data centers in North America and $2.0 billion of secured indebtedness (“Vantage SDC”). The remaining equity interest in Vantage SDC is held by the existing investors of Vantage, and together with the third party capital raised by the Company, represent noncontrolling interests. The Company's balance sheet investment is $197 million or 13% equity interest in Vantage SDC (approximately 12% upon initial acquisition in July 2020). Vantage SDC is a carve-out from Vantage's data center business, with the acquisition excluding Vantage's remaining portfolio of development-stage data centers and its employees, all of whom were retained by Vantage. The day-to-day operations of Vantage SDC continues to be managed by Vantage's existing management company in exchange for management fees, and subject to certain approval rights held by the Company and the co-investors in connection with material actions. Additionally, the Company and its co-investors have committed to acquire the future build-out of expansion capacity within the Vantage SDC portfolio, including lease up of the expanded capacity and existing inventory, the costs of which will be borne by the existing owners of Vantage SDC, for estimated payments of approximately $240 million. It is anticipated that all, if not most, of the payments will be funded by Vantage SDC from borrowings under its credit facilities and/or cash from operations.

zColo Colocation Data Centers

In December 2020, the Company's DataBank subsidiary acquired zColo, the colocation assets of Zayo Group Holdings, Inc. ("Zayo"), composed of 39 data centers in the U.S. and U.K., for approximately $1.2 billion through a combination of debt and equity financing, including $0.5 billion of third party co-invest capital raised by the Company. The Company's balance sheet investment was $188 million (decreased to approximately $145 million upon raising of additional third party capital in February 2021, which maintains the Company's 20% equity interest in DataBank). Acquisition of zColo's remaining five data centers in France for $33.0 million closed in February 2021, and had been separately funded into escrow concurrent with the December closing. Zayo will continue to be an anchor tenant within the zColo facilities and will become a significant customer of DataBank.

Allocation of Consideration Transferred

The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. Consideration for asset acquisitions incorporates capitalized transaction costs, which includes incentive payments to employees for successful closing of the acquisitions.


	Business Combinations in 2019				Asset Acquisitions in 2020
(In thousands)	DBH		DataBank (1)		Vantage SDC		zColo
Consideration
Cash	$	181,167	$	182,731	$	1,524,610	$	1,181,488
Deferred consideration	35,500		—		—		—
OP Units issued	111,903		2,962		—		—
Total consideration for equity interest acquired	328,570		185,693		1,524,610		1,181,488

Fair value of equity interest in Digital Colony Manager	51,400		—		—		—
	$	379,970	$	185,693	$	1,524,610	$	1,181,488

Assets acquired, liabilities assumed and noncontrolling interests
Cash	$	—	$	10,366	$	—	$	266
Real estate	—		839,053		2,720,870		882,327
Assets held for disposition	—		29,266		—		—
Intangible assets	153,300		219,651		765,137		303,119
ROU lease and other assets	13,008		108,896		181,260		415,038
Debt	—		(539,155)		(2,060,307)		—
Tax liabilities	(17,392)		(100,759)		—		—
Intangible, lease and other liabilities	(16,194)		(120,178)		(82,350)		(419,262)
Fair value of net assets acquired	132,722		447,140		1,524,610		1,181,488
Noncontrolling interests in investment entities	—		(724,567)		—		—
Goodwill	$	247,248	$	463,120	$	—	$	—

__________

(1) In 2020, adjustments were made to the purchase price allocation of DataBank during its one year measurement period based upon information obtained about facts and circumstances that existed at the time of closing. This includes an $8.8 million decrease to deferred tax liabilities in the fourth quarter of 2020 based upon the final 2019 tax provision for DataBank.

•Real estate was valued based upon (i) current replacement cost for buildings in an as-vacant state and improvements, estimated using construction cost guidelines; (ii) current replacement cost for data center infrastructure by applying an estimated cost per kilowatt based upon current capacity of each location and also considering the associated indirect costs such as design, engineering, construction and installation; (iii) recent comparable sales or current listings for land; and (iv) contracted price net of selling cost for real estate held for sale. Useful lives of real estate acquired ranges from 25 to 50 years for buildings and improvements, 5 to 21 years for site improvements, 10 to 19 years for data center infrastructure, and 1 to 5 years for furniture, fixtures and equipment.

•The investment management intangible assets of DBH were composed of the following:

•Management contracts are valued based upon estimated net cash flows generated from the contracts, including the Company's 50% interest in Digital Colony Manager, discounted at 8%, with remaining term of the contracts ranging between 3 and 10 years.

•Investor relationships—represent the fair value of potential investment management fees, net of operating costs, to be generated from repeat DBH investors in future sponsored vehicles, discounted at 11.5%, and potential carried interest discounted at 25%, with estimated useful life of 10 years.

•Lease related intangibles for real estate acquisitions were composed of the following:

•In-place leases reflect the value of rental income forgone if the properties were acquired vacant, and the leasing commissions, legal and marketing costs that would have been incurred to lease up the properties, with remaining lease terms ranging between 1 and 15 years.

•Above- and below-market leases represent the rent differential for the remaining lease term between contractual rents of acquired leases and market rents at the time of acquisition, discounted at rates between 6% and 8%, with remaining lease terms ranging between 1 and 15 years.

•Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the time it would require to execute a new lease or backfill a vacant space, discounted at rates between 6% and 8%, with estimated useful lives between 5 and 15 years.

•Other intangible assets acquired were as follows:

•Customer service contracts are valued based upon estimated net cash flows generated from the DataBank and zColo customer service contracts that would have been forgone if such contracts were not in place, taking into consideration the time it would require to execute a new contract, with remaining term of the contracts ranging between 1 and 15 years.

•Customer relationships are valued as the incremental net cash flows to the DataBank and zColo businesses that is attributable to the in-place customer relationships, discounted at either 9.5% or 10%, with estimated useful lives of 12 years.

•Trade names of Digital Bridge, DataBank and zColo are valued based upon estimated savings from avoided royalty at a royalty rate of either 1% or 2%, discounted at rates between 9.5% and 11.5%, with useful lives between 1 and 10 years.

•Assembled workforce is valued based upon the estimated cost of recruiting and training new data center level employees for zColo, with a 3 year useful life.

•Other assets acquired and liabilities assumed include primarily ROU lease assets associated with leasehold data centers and DBH corporate offices, corresponding lease liabilities, and deferred revenues. Lease liabilities are measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate of the respective acquirees. Deferred tax liabilities recognized upon acquisition represent the tax effect on book-to-tax basis difference, associated with DataBank real estate assets and DBH management contract intangibles.

•Assumed debt were valued based upon market rates and spreads that prevailed at the time of acquisition for debt with similar terms and remaining maturities.

•Noncontrolling interests in investment entities were valued based upon their proportionate share of the respective net assets at fair value.

•In a business combination, the excess of the fair value of consideration transferred over the fair value of identifiable assets acquired, liabilities assumed and noncontrolling interests, is recorded as goodwill. The DBH and DataBank goodwill are each assigned to the Digital IM and Digital Operating segments, respectively. The DBH acquisition is a strategic transaction that is expected to generate meaningful accretion in value to the Company through expansion of the digital investment management platform by combining the industry sector knowledge, experience and relationships from the DBH team with the capital raising resources of the Company, as represented by the value of the DBH goodwill. The DataBank goodwill represents the value embodied in the potential for future customers, revenue and profit growth in the colocation business, and industry knowledge, experience and relationships contributed by the DataBank management team. In an asset acquisition, the cost of the assets acquired and liabilities assumed is allocated based upon their relative fair value and does not give rise to goodwill.

Other Real Estate Asset Acquisitions

The following table summarizes the Company's other real estate asset acquisitions in addition to those discussed above:


($ in thousands)					Purchase Price Allocation (1)
Acquisition Date	Property Type and Location	Number of Properties	Purchase Price (1)		Land		Buildings and Improvements		Lease-Related Intangible Assets		ROU Lease and Other Assets		Debt		Intangible, Lease and Other Liabilities
2020 (2)
Various	Hotel—France (3)	9	$	37,916	$	5,243	$	34,038	$	—	$	43,503	$	(2,245)	$	(42,623)
Various	Easements—Various in U.S. (4)	—	2,586		2,586		—		—		—		—		—
October	Office—U.K. and Ireland (5)	5	32,975		57,222		67,113		5,383		33,054		(124,981)		(4,816)
December	Land—U.S	—	5,116		5,116		—		—		—		—		—
			$	78,593	$	70,167	$	101,151	$	5,383	$	76,557	$	(127,226)	$	(47,439)
2019
February	Bulk industrial—Various in U.S. (6)	6	$	373,182	$	49,446	$	296,348	$	27,553	$	—	$	—	$	(165)
October	Wellness infrastructure—U.K. (7)	1	12,376		3,478		9,986		732		—		—		(1,820)
Various	Light industrial—Various in U.S. (6)	84	1,158,423		264,816		850,550		47,945		—		—		(4,888)
			$	1,543,981	$	317,740	$	1,156,884	$	76,230	$	—	$	—	$	(6,873)

__________

(1) Purchase price includes capitalized transaction costs. Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable.

(2) Useful lives are 40 years for buildings, 12 to 15 years for site improvements, 7 years for furniture, fixtures, and equipment, 9 to 11 years for lease related intangibles, and 5 to 44 years for ROU lease assets.

(3) Bids for hotels under receivership were accepted by the French courts in prior years, with the transactions closing in 2020. Amounts include acquisition of hotel operations pursuant to operating leases on real estate owned by third parties.

(4) Transferred to the Company's new sponsored fund, Digital Colony Partners II, LP or DCP II, in December 2020.

(5) The Company acquired a controlling equity interest in a borrower upon default of its ADC loan, which was previously accounted for as an equity method investment. This resulted in the acquisition of the borrower's real estate assets and assumption of its underlying mortgage debt, some of which are in default.

(6) The light and bulk industrial portfolios were sold in December 2019 and 2020, respectively.

(7) Wellness infrastructure properties in the United Kingdom (U.K.) were acquired pursuant to a purchase option under the Company's development facility to a healthcare operator at a purchase price equivalent to the respective outstanding loan balance.

Real Estate

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate

The following table summarizes the Company's real estate held for investment. Real estate held for disposition is presented in Note 8.


(In thousands)	December 31, 2020		December 31, 2019
Land	$	834,918	$	716,340
Buildings and improvements	4,907,213		5,068,639

Tenant improvements	115,592		105,440
Data center infrastructure	3,396,854		595,603
Furniture, fixtures and equipment	87,380		98,839
Construction in progress	84,384		115,933
	9,426,341		6,700,794
Less: Accumulated depreciation	(698,421)		(482,598)
Real estate assets, net (1)	$	8,727,920	$	6,218,196

__________

(1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition (Note 3).

Real Estate Sales

Results from sales of real estate, including discontinued operations (Note 16), are as follows:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Proceeds from sales of real estate		$	431,198	$	6,108,153	$	864,347
Gain on sale of real estate		41,922		1,520,808		167,231

Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Depreciation of real estate held for investment		$	276,104	$	177,585	$	185,606
Impairment of real estate and related asset group (1)
Held for disposition		179,666		120,329		77,211
Held for investment (2)		1,777,698		227,510		280,418

__________

(1) Includes impairment of real estate intangibles of $9.6 million, $0.9 million and $12.7 million in 2020, 2019 and 2018, respectively, and impairment of ROU on ground leases of $15.1 million in 2020.

(2) Includes impairment recorded on properties in the Hospitality segment and THL Hotel Portfolio in the Other segment prior to their reclassification as held for sale and discontinued operations.

Impairment of Real Estate Held for Disposition

Real estate held for disposition is carried at the lower of amortized cost or fair value. Real estate that has been written down and carried at fair value totaled $1.6 billion at December 31, 2020 (including properties in the THL Hotel Portfolio that were impaired upon classification as held for sale and discontinued operations) and $253.4 million at December 31, 2019, generally representing Level 3 fair values.

Real estate held for disposition that was written down was generally valued using either broker opinions of value, or a combination of market information, including third-party appraisals and indicative sale prices, adjusted as deemed appropriate by management to account for the inherent risk associated with specific properties. In all cases, fair value of real estate held for disposition is reduced for estimated selling costs ranging from 1% to 3%.

In 2020, the Company also considered the impact of a global economic downturn as a result of COVID-19, specifically as it affects real estate values, and where appropriate, factored in a reduction in potential sales prices, which resulted in additional impairment on real estate held for disposition in 2020.

Impairment of Real Estate Held for Investment

Real estate held for investment that was written down to fair value in 2020 and 2019 had carrying values totaling $3.2 billion (including properties in the Hospitality segment as they were impaired prior to their reclassification as held for sale and discontinued operations) and $355.0 million, respectively, at the time of impairment, representing Level 3 fair values.

Impairment was driven predominantly by shortened hold period assumptions, particularly in the hotel and wellness infrastructure portfolios, and, in each case, such determination was made in connection with the review and preparation of the financial statements. The shortened hold period assumption is attributable to both the Company's accelerated digital transformation, and the risk that the Company is unable to obtain accommodation from lenders on non-recourse mortgage debt that is in default or were at risk of default. The Company's assessment considered various strategic and financial alternatives to maximize the value of its non-digital real estate assets, while also balancing the need to preserve liquidity and prioritize the growth of its digital business. A shortened hold period was an indicator of impairment as it decreased the amount of carrying value recoverable from future cash flows, which was further exacerbated by a decline in property operating performance and market values as a result of the economic effects of COVID-19.

The Company compared the carrying values to the undiscounted future net cash flows expected to be generated by these properties over their hold periods. In performing this analysis, the Company considered the likelihood of possible outcomes under various hold period scenarios by applying a probability-weighted approach to different hold periods. For hotel properties, the Company applied a range of reductions to near term cash flow projections to account for uncertainties due to COVID-19. For properties for which undiscounted expected net cash flows over their respective hold

periods fell short of carrying values, the Company expects that the carrying value of these properties would likely not be recoverable.

Fair values were estimated for these properties based upon one or a combination of the following: (i) third party appraisals, (ii) broker opinions of value with discounts applied based upon management judgment, (iii) income capitalization approach, using net operating income for each property and applying capitalization rates between 10.0% and 12.0%; or (iv) discounted cash flow analyses with terminal values determined using terminal capitalization rates between 7.3% and 11.3%, and discount rates between 8.5% and 9.5%. The Company considered the risk characteristics of each property in determining capitalization rates and where applicable, used higher capitalization rates or discount rates to reflect the inherent stress on real estate values in a deteriorating economic environment. Impairment was measured as the excess of carrying value over fair value for each of these properties.

The Company believes that it has materially addressed overall recoverability in the value of its non-digital real estate assets, applying the Company's best estimates and assumptions at this time based upon external factors known to date and the Company's expected digital transformation timeline. If the extent and duration of the economic effects of COVID-19 negatively affect the Company's real estate operations and its ability to meet its non-recourse mortgage debt obligations beyond the Company's current projections, the estimates and assumptions currently applied by the Company may change, which may lead to further impairment of its non-digital real estate assets, in particular, its wellness infrastructure assets, that could be material in the future.

Property Operating Income

Property operating income presented below excludes amounts related to discontinued operations (Note 16).

For the year ended December 31, 2018, property operating income was composed of $0.8 billion of lease income and $10.6 million of hotel operating income.

For the years ended December 31, 2020 and 2019, components of property operating income are as follows:


	Year Ended December 31,
(In thousands)		2020		2019
Lease income:
Fixed lease income		$	768,914	$	657,407
Variable lease income		113,680		57,575
		882,594		714,982
Hotel operating income		8,688		16,344
Data center service revenue		44,878		6,038
		$	936,160	$	737,364

Lease Concessions Related to COVID-19

As a result of the COVID-19 crisis, a number of tenants failed to make rent payments or make timely payments, and some sought more flexible payment terms or rent concessions. Local governments in certain jurisdictions have implemented or are considering implementing programs that permit or require forbearance of rent payments by tenants affected by COVID-19. The Company is currently engaged with affected tenants on a case-by-case basis to evaluate and respond to the current environment.

For lease concessions resulting directly from the impact of COVID-19 that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee, for example, where total payments required by the modified contract will be substantially the same as or less than the original contract, the Company made a policy election to account for the concessions as though the enforceable rights and obligations for those concessions existed in the lease contracts, under a relief provided by the FASB. Under the relief, the concessions will not be treated as lease modifications that are accounted for over the remaining term of the respective leases, as the Company believes this would not accurately reflect the temporary economic effect of the concessions. Instead, (i) rent deferrals that meet the criteria will be treated as if no changes were made to the lease contract, with continued recognition of lease income and receivable under the original terms of the contract; and (ii) rent forgiveness that meets the criteria will be accounted for as variable lease payments in the affected periods.

The Company has agreed to provide the affected tenants primarily with a deferral of full or partial rent for two to three months, generally with deferred rent to be repaid in monthly installments over periods of three to 20 months. This resulted in an increase in receivables totaling $0.2 million as of December 31, 2020. All lease income receivable, including straight-

line rents, are subject to the Company's policy for evaluation of collectability based upon creditworthiness of the lessee. In certain instances, the Company has also agreed to rent forgiveness, totaling approximately $0.7 million for 2020.

Future Fixed Lease Income

At December 31, 2020, future fixed lease payments receivable under noncancelable operating leases for real estate held for investment were as follows. These operating leases have expiration dates through 2039, taking into consideration renewal options exercisable at the lessee's election only when they are deemed reasonably certain, typically at the time the option is exercised.


Year Ending December 31,	(In thousands)
2021	$	805,863
2022	611,627
2023	517,852
2024	436,674
2025	397,486
2026 and thereafter	2,268,671
Total (1)	$	5,038,173

__________

(1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice.

Loans Receivable

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Loans Receivable

Effective January 1, 2020, the Company elected the fair value option for all of its outstanding loans receivable under a transitional relief upon adoption of ASC 326. The previous distinction of purchased credit-impaired ("PCI") loans and troubled debt restructurings ("TDR") are not applicable under fair value accounting. Refer to Note 12 for additional disclosures on loans receivable carried at fair value under the fair value option.

Loans receivable carried at fair value at December 31, 2020 are as follows:


	December 31, 2020
($ in thousands)	Unpaid Principal Balance		Fair Value		Weighted Average Coupon		Weighted Average Maturity in Years
Fixed rate
Mortgage loans	$	1,691,165	$	680,431	7.7	%	0.7
Mezzanine loans	595,890		329,922		10.9	%	1.1
Non-mortgage loans	129,738		111,737		13.2	%	4.2
	2,416,793		1,122,090
Variable rate
Mortgage loans	130,692		141,520		2.6	%	—
Mezzanine loans	31,395		31,727		8.5	%	4.9
	162,087		173,247
Loans receivable	$	2,578,880	$	1,295,337

Loans receivable carried at amortized cost at December 31, 2019 were as follows:


	December 31, 2019
($ in thousands)	Unpaid Principal Balance		Amortized Cost		Weighted Average Coupon		Weighted Average Maturity in Years
Non-PCI Loans
Fixed rate
Mortgage loans	$	471,472	$	492,709	10.7	%	1.6
Mezzanine loans	495,182		494,238		12.6	%	0.6
Non-mortgage loans	149,380		148,623		12.9	%	5.4
	1,116,034		1,135,570
Variable rate
Mortgage loans	171,848		172,269		4.1	%	0.3
Mezzanine loans	44,887		44,637		12.7	%	1.6
	216,735		216,906
	1,332,769		1,352,476
PCI Loans
Mortgage loans	1,165,804		248,535
Allowance for loan losses			(48,187)
			1,552,824
Interest receivable			13,504
Loans receivable	$	2,498,573	$	1,566,328

Past Due and Nonaccrual Loans

Loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status.

The following table presents the fair value and unpaid principal balance by aging of loans held for investment at December 31, 2020 for which the fair value option was elected. A large majority of mortgage loans is composed of distressed loan portfolios that had been previously acquired by the Company at a discount (classified as PCI loans prior to the election of fair value option).


	December 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
Loans receivable—fair value option
Current or less than 30 days past due	$	422,132	$	419,342	$	2,790
30-59 days past due	—		—		—
60-89 days past due	—		—		—
90 days or more past due or nonaccrual	873,205		2,159,538		(1,286,333)
	$	1,295,337	$	2,578,880	$	(1,283,543)

The following table provides an aging summary of non-PCI loans at carrying values before allowance for loan losses and interest receivable at December 31, 2019:


(In thousands)	December 31, 2019
Non-PCI loans at carrying values before allowance for loan losses
Current or less than 30 days past due	$	1,042,260
30-59 days past due	—
60-89 days past due	—
90 days or more past due or nonaccrual	310,216
	$	1,352,476

For the Years Ended December 31, 2019 and 2018 and as of December 31, 2019

Troubled Debt Restructuring

During the years ended December 31, 2019 and 2018, there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with concessions in interest rates, payment terms or default waivers.

At December 31, 2019, the Company had one existing TDR loan that was in maturity default with a zero carrying value after a full allowance for loan loss of $37.8 million. The Company had no additional lending commitment on the TDR loan.

Non-PCI Impaired Loans

Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default.

The following table summarizes the non-PCI impaired loans at December 31, 2019:


			Gross Carrying Value before Interest Receivable
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2019	$	326,151	$	71,754	$	259,011	$	330,765	$	48,146

The average carrying value and interest income recognized on non-PCI impaired loans for 2019 and 2018 were as follows.


	Year Ended December 31,
(In thousands)	2019		2018
Average carrying value before allowance for loan losses and interest receivable	$	305,293	$	282,325
Total interest income recognized during the period impaired	7,514		7,127
Cash basis interest income recognized	447		1,190

Purchased Credit-Impaired Loans

There were no additional PCI loans acquired in 2019 and 2018.

Changes in accretable yield of PCI loans for 2019 and 2018 were as follows:


	Year Ended December 31,
(In thousands)	2019		2018
Beginning accretable yield	$	9,620	$	42,435
Dispositions	—		(5,484)
Changes in accretable yield	43,246		1,882
Accretion recognized in earnings	(19,637)		(27,911)
Deconsolidation	—		(991)
Effect of changes in foreign exchange rates	332		(311)
Ending accretable yield	$	33,561	$	9,620

At December 31, 2019, there were no PCI loans on the cash basis or cost recovery method for recognition of interest income.

Allowance for Loan Losses

Allowance for loan losses and related carrying values before interest receivable of loans held for investment at December 31, 2019 were as follows:


	December 31, 2019
(In thousands)	Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	48,146	$	71,754
PCI loans	41		17,935
	$	48,187	$	89,689

Changes in allowance for loan losses for 2019 and 2018 are presented below.


	Year Ended December 31,
(In thousands)	2019		2018
Allowance for loan losses at January 1	$	32,940	$	52,709
Contribution to CLNC	—		(518)
Deconsolidation	—		(5,983)
Provision for loan losses, net	35,880		43,034
Charge-off	(20,633)		(56,302)
Allowance for loan losses at December 31	$	48,187	$	32,940

Provision for loan losses by loan type was as follows:


	Year Ended December 31,
(In thousands)	2019		2018
Non-PCI loans	$	30,035	$	22,557
PCI loans	5,845		20,477
Total provision for loan losses, net	$	35,880	$	43,034

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, 2020, total unfunded lending commitments was $158.7 million, of which the Company's share was $34.9 million, net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity and Debt Investments

The Company's equity investments and debt securities are represented by the following:


(In thousands)	December 31, 2020		December 31, 2019
Equity Investments
Equity method investments
Investment ventures	$	1,237,371	$	1,845,129
Private funds	216,871		142,386
	1,454,242		1,987,515
Other equity investments
Marketable equity securities	218,485		138,586
Investment ventures	—		91,472
Private funds and non-traded REIT	36,176		38,641
Total equity investments	1,708,903		2,256,214

Debt Securities
N-Star CDO bonds, available for sale	28,576		54,859
CMBS of consolidated fund, at fair value	—		2,732
Total debt securities	28,576		57,591
Equity and debt investments	$	1,737,479	$	2,313,805

Equity Investments

The Company's equity investments represent noncontrolling equity interests in various entities, including investments for which the Company has elected the fair value option.

Equity Method Investments

The Company owns a significant interest in Colony Credit Real Estate, Inc. (NYSE: CLNC), a publicly-traded REIT that it manages. The Company accounts for its investment under the equity method as it exercises significant influence over operating and financial policies of CLNC through a combination of its ownership interest, its role as the external manager and board representation, but does not control CLNC. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds (Note 12).

The liabilities of the equity method investment entities may only be settled using the assets of these entities and there is no recourse to the general credit of either the Company or the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance.

The Company’s investments accounted for under the equity method are summarized below:


($ in thousands)		Carrying Value at
Investments (1)	Description	December 31, 2020		December 31, 2019
Colony Credit Real Estate, Inc.(2)	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (36.4% ownership)	$	385,193	$	725,443
RXR Realty, LLC	Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020)	—		93,390
Preferred equity	Preferred equity investments with underlying real estate	68		138,428
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	491,009		543,296
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)	214,399		115,055
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles	—		21,940
Other investment ventures	Interests in 10 investments at December 31, 2020	181,774		127,088
Fair value option	Interests in initial stage ventures, real estate development, hotel co-investments, and limited partnership interests in private equity funds	181,799		222,875
		$	1,454,242	$	1,987,515

__________

(1) Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.

(2) CLNC is governed by its board of directors. The Company's role as manager is under the supervision and direction of CLNC's board of directors, which includes representatives from the Company but the majority of whom are independent directors.

Significant Sales of Equity Method Investments

In February 2020, the Company sold its equity investment in RXR Realty, LLC for net proceeds after taxes of $179.1 million, recording a gain of $106.1 million, which is included in equity method earnings.

Impairment of Equity Method Investments

The Company evaluates its equity method investments for OTTI at each reporting period. In 2020, 2019 and 2018, equity method investments in aggregate were impaired $512.2 million, $258.0 million and $61.2 million, respectively, and written down to aggregate fair value of $1.0 billion, $745.3 million and $32.8 million, respectively, at the time of impairment. In 2020 and 2019, impairment was principally on the Company's investment in CLNC, as discussed below. Impairment totaling $203.2 million was also recorded in 2020 on ADC loans accounted for as equity method investments, based upon (i) reduced future cash flow streams expected from these investments, primarily taking into consideration a combination of lower land values, delayed leasing, and/or offer prices in the current market, generally discounted at rates between 10% to 20%; and (ii) estimated fair value of net assets acquired from a defaulted borrower. Remaining impairment charges were generally determined using recoverable values for investments resolved or sold, investment values based upon projected exit strategies, or revised values based upon discounted future cash flow stream from the investment.

CLNC

CLNC was formed on January 31, 2018 through a contribution of the CLNY Contributed Portfolio (as described below), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), and a concurrent all-stock merger with NorthStar Real Estate Income Trust, Inc. ("NorthStar I") and NorthStar Real Estate Income II, Inc. ("NorthStar II"), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company (the "Combination"). The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt portfolio in the Other segment that were transferable assets consistent with CLNC's strategy. Upon closing of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with CLNC.

The Company's contribution of the CLNY Contributed Portfolio to CLNC, and the merger of CLNC with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. Upon closing of the Combination, the Company measured its interest in CLNC based upon its proportionate share of CLNC's estimated fair value at closing. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities of $9.9 million was recognized in other gain on the consolidated statement of operations in 2018.

Other-Than-Temporary Impairment ("OTTI")—In the fourth quarter of 2020, the Company determined that CLNC's closing stock price of $7.50 per share at December 31, 2020 compared to the carrying value of its investment in CLNC of $8.04 per share does not represent further OTTI of its investment in CLNC. As of December 31, 2020, the Company has the intent and ability to hold its investment in CLNC to recovery.

In the second quarters of 2020 and 2019, the Company had determined that its investment in CLNC was other-than-temporarily impaired and recorded an impairment charge, included in equity method losses, of $274.7 million and $227.9 million, respectively. In each case, the OTTI charge was measured as the excess of carrying value over market value of its investment in CLNC based upon CLNC's closing stock price on the last trading day of the quarter of $7.02 per share on June 30, 2020 and $15.50 per share on June 28, 2019.

At June 30, 2020, the Company's investment in CLNC had a carrying value of $611.2 million prior to the OTTI charge, which was in excess of its market value of $336.5 million. In March and April 2020, there was a significant decrease in CLNC's stock price, which reflected the significant volatility in equity markets and the significant decline in equity prices, for mortgage REITs and across industries, due to the COVID-19 crisis. Along with other publicly traded mortgage REITs, CLNC had seen a rebound in its stock price in May and June 2020, but its stock continues to trade below pre-COVID-19 levels. As of June 30, 2020, there was not a large disparity between the Company's carrying value in CLNC and CLNC's internal estimated NAV. Nevertheless, with increasing uncertainty over the extent and duration of the COVID-19 crisis, and the timeline for a recovery in the U.S economy, the Company believes that it is unlikely that the CLNC stock will recover and trade closer to its NAV in the near term. Accordingly, the Company also believes that it would be unlikely that the shortfall in market value relative to carrying value of its investment in CLNC would recover in the near term. As a result, the Company recognized OTTI on its investment in CLNC.

Basis Difference—The impairment charges resulted in a basis difference between the Company's carrying value of its investment in CLNC and the Company's proportionate share of CLNC's book value of equity. The impairment charge was applied to the Company's investment in CLNC as a whole and was not determined based on an impairment assessment of individual assets held by CLNC. In order to address this basis difference, the impairment charges were generally allocated on a relative fair value basis across CLNC's various investments. Accordingly, for any future impairment charges taken by CLNC on these investments, the Company's share thereof will be applied to reduce the basis difference and will not be recorded as an equity method loss until such time the basis difference associated with the respective investments has been fully eliminated. For the years ended December 31, 2020 and 2019, the Company reduced its share of net loss from CLNC by $83.9 million and $141.1 million, respectively, representing the basis difference allocated to investments that were resolved or impaired by CLNC during these periods. The remaining basis difference at December 31, 2020 was $277.5 million.

Combined Financial Information of Equity Method Investees

The following tables present selected combined financial information of the Company's equity method investees. Amounts presented represent combined totals at the investee level and not the Company's proportionate share.

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2020		December 31, 2019
Total assets	$	14,488,278	$	14,026,862
Total liabilities	6,692,652		9,354,120
Owners' equity	7,466,679		4,509,879
Noncontrolling interests	328,947		162,863

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2020		2019		2018
Total revenues	$	728,649	$	1,455,631	$	1,486,511

Net income (loss)	(184,588)		(827,550)		220,191
Net income (loss) attributable to noncontrolling interests	(32,648)		(50,350)		23,878
Net income (loss) attributable to owners	(151,940)		(777,200)		196,313

Other Equity Investments

Other equity investments consist of the following:

Marketable Equity Securities—These are primarily equity investment in a third party managed mutual fund and publicly traded equity securities held by a consolidated private open-end fund. The equity securities of the consolidated fund comprise listed stocks primarily in the U.S. and to a lesser extent, in Europe, and predominantly in the digital real estate and telecommunication sectors.

Investment Ventures—In April 2020, the Company recapitalized its co-investment venture, which holds common equity in the Albertsons supermarket chain, and reduced its interest in the venture from 50% to 2%, generating total proceeds of $148.5 million and realizing a gain of $60.7 million to the venture, of which the Company's share is 50%. The interest recapitalized by the venture entitles the Company and its original co-investors to potential future profit allocation, which takes the form of an allocation of returns from the venture in excess of a minimum return threshold achieved by the new venture partner. The potential future profit allocation, of which the Company shares in 49%, is assigned a fair value each reporting period assuming a liquidation of the venture as of the reporting date. Such fair value may fluctuate over time based upon achievement of the minimum return threshold. Additionally, a portion of the venture's interest in Albertsons was monetized in conjunction with Albertsons' recapitalization and subsequent initial public offering in June 2020. The Company's remaining equity interest in the venture is valued based upon the publicly traded stock price of Albertsons Companies, Inc. ("ACI"), adjusted for liquidity restrictions attributable to lock-up provisions on the venture's holdings in ACI.

Private Funds and Non-Traded REIT—This represents interests in a Company-sponsored private fund and a non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and limited partnership interest in a third party private fund sponsored by an equity method investee, for which the Company elected the NAV practical expedient (Note 12).

Investment Commitments

Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2020, the Company’s share of these commitments was $11.6 million.

Private Funds—At December 31, 2020, the Company has unfunded commitments of $192.2 million to Company sponsored and third party sponsored funds.

Debt Securities

The Company's investment in debt securities is composed of available-for-sale N-Star CDO bonds, which are investment-grade subordinate bonds retained by a subsidiary of the Company, NRF Holdco, LLC ("NRF Holdco"), from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF Holdco that it subsequently repurchased at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities.

Commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company which has been dissolved, were sold in the third quarter of 2020 and liquidating distributions made to its shareholders.

AFS Debt Securities

The following tables summarize the balance and activities of the N-Star CDO bonds.


	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value
December 31, 2020	$	46,561	$	(24,688)	$	6,703	$	—	$	28,576
December 31, 2019	46,002		NA		8,857		—		54,859

There were no sales of N-Star CDO bonds during 2020 or 2019.

These CDOs have long-dated stated maturities through 2037 and 2041, however, the Company expects the N-Star CDO bonds to have remaining future cash flows up to 3 years from December 31, 2020.

Impairment of AFS Debt Securities

AFS debt securities are considered to be impaired if their fair value is less than their amortized cost basis.

2020 (subsequent to adoption of CECL)—The Company recorded allowance for credit loss in other loss of $24.7 million. The credit loss was determined based upon an analysis of the present value of contractual cash flows expected to be collected from the underlying collateral as compared to the amortized cost basis of the security. At December 31, 2020, there were no AFS debt securities in unrealized loss positions without allowance for credit loss.

2019—The Company recorded OTTI on AFS debt securities of $16.9 million in other loss. The losses were due to an adverse change in expected cash flows on N-Star CDO bonds. The Company believed that it was not likely that it would recover the full amortized cost on these securities, primarily based upon the performance and value of the underlying collateral. At December 31, 2019, there were no AFS debt securities with unrealized loss in AOCI.

Goodwill, Deferred Leasing Costs and Other Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

The following table presents changes in the carrying value of goodwill.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Beginning balance	$	1,452,891	$	1,514,561	$	1,514,561
Business combination (Note 3) (1)	(15,962)		726,330		—
Impairment	(594,000)		(788,000)		—
Ending balance	$	842,929	$	1,452,891	$	1,514,561

__________

(1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination.

In the first quarter of 2020, $51.0 million of goodwill was reassigned from the Other segment to the Digital Investment Management segment to reflect the value of expected future investment management economics associated with certain existing investment vehicles that were repurposed to execute an investment strategy focused on the digital sector, as well as a team of professionals dedicated to the strategy. The amount that was reassigned to the digital segment was determined based upon the fair value of this digital strategy platform relative to the overall fair value of the other investment management reporting unit prior to the reassignment.

Goodwill balance by reportable segment is as follows.


(In thousands)	December 31, 2020		December 31, 2019
Balance by reportable segment:
Digital Operating	$	463,120	$	479,082
Digital Investment Management (1)	298,248		247,248
Other	81,561		726,561
	$	842,929	$	1,452,891

__________

(1) Goodwill of $140.5 million related to the DBH acquisition is deductible for income tax purposes.

Impairment of Goodwill

Digital Segments

The Company believes that the current shift and increased reliance on a digital economy positions the Company's digital business for further growth. Therefore, the Company determined that there were no indicators of impairment on goodwill in the digital reportable segments.

Other Segment

2020—In connection with the review and preparation of the financial statements, the Company determined that the deterioration in economic conditions as a result of COVID-19 and the Company's acceleration of its digital transformation in the second quarter of 2020 represent indicators of impairment to the goodwill in its other investment management business. Accordingly, the Company updated its quantitative test of the other investment management goodwill, which indicated that the carrying value of the other investment management reporting unit including goodwill at March 31, 2020

and at June 30, 2020 exceeded its estimated fair value at the respective balance sheet date. As a result, the Company recognized impairment loss on its other investment management goodwill of $79.0 million and $515.0 million in the first and second quarters of 2020, respectively.

Valuation of the other investment management reporting unit contemplated a transition from certain of the Company's non-digital management business to a digitally-focused investment management business beginning in the fourth quarter of 2019. As discussed in Note 1, the Company determined in the second quarter of 2020 that it would accelerate the transition and focus on growing its digital investment management business. Consequently, as of June 30, 2020, the Company did not ascribe any value to future capital raising potential of the other investment management reporting unit, which represents the credit and opportunity fund management business, as it is no longer part of the Company's long-term strategy. Regarding the CLNC management contract, the COVID-19 crisis has caused the Company to postpone its plan to sell the contract. The contract is valued based upon its contractual termination value, which the Company believes approximates fair value.

As previously discussed, the acceleration of a digital strategy, combined with the negative economic effects of COVID-19 on property operations and market values in 2020, resulted in significant reduction in value of the Company's non-digital balance sheet. Such reduction in turn translated into a significant decrease in value of the other investment management reporting unit. The Company had previously considered the hypothetical value of its non-digital investment management business in a spinoff that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's non-digital balance sheet assets. Under current circumstances, the Company determined that the hypothetical contract would have inconsequential, if any, remaining value to a market participant, and wrote off the value of internally managing its non-digital balance sheet.

The Company determined that there were no indicators of additional impairment in the third and fourth quarters of 2020. The remaining balance of the other investment management goodwill in the Other segment of $81.6 million at December 31, 2020 is expected to be fully written off in the near future when a runoff of the credit management business is substantially completed.

2019—In the third and fourth quarters of 2019, the Company recognized impairment losses to its other investment management goodwill of $387.0 million and $401.0 million, respectively, reflecting:

•loss of future fee income from sale of the industrial business, and reduction in CLNC's fee base to reflect its reduced book value in the third quarter of 2019; and

•beginning of the Company's transition to a digital focused investment management business in the fourth quarter of 2019.

2018—The Company performed a quantitative assessment in its annual impairment test and determined that its goodwill in the other investment management business was not impaired in 2018.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.


	December 31, 2020						December 31, 2019
(In thousands)	Carrying Amount (Net of Impairment)(1)		Accumulated Amortization (1)		Net Carrying Amount (1)		Carrying Amount (Net of Impairment)(1)		Accumulated Amortization (1)		Net Carrying Amount (1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease related intangible assets (2)	$	1,331,177	$	(223,558)	$	1,107,619	$	424,987	$	(123,649)	$	301,338
Investment management intangibles (3)	277,761		(131,206)		146,555		285,233		(96,466)		188,767
Customer relationships and service contracts (4)	188,489		(6,664)		181,825		71,900		(289)		71,611
Trade names (5)	41,900		(4,713)		37,187		39,600		(185)		39,415
Other (6)	59,068		(7,286)		51,782		31,385		(359)		31,026
Total deferred leasing costs and intangible assets	$	1,898,395	$	(373,427)	$	1,524,968	$	853,105	$	(220,948)	$	632,157
Intangible Liabilities
Lease intangible liabilities (2)	$	155,010	$	(60,814)	$	94,196	$	174,208	$	(62,724)	$	111,484

__________

(1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition (Note 3). Amounts are presented net of impairments and write-offs.

(2) Lease intangible assets are composed of in-place leases, above-market leases, lease incentives and tenant relationships. Lease intangible liabilities are composed of below-market leases.

(3) Composed of investment management contracts and investor relationships.

(4) In connection with colocation data center business.

(5) Finite-lived trade names are amortized over estimated useful lives of 1 to 10 years, while indefinite life trade name is not subject to amortization.

(6) Represents primarily assembled workforce acquired in an asset acquisition, hotel franchise agreements which are amortized over the term of the respective contracts or agreements, and certificates of need associated with certain wellness infrastructure portfolios which are not amortized.

Impairment of Identifiable Intangible Assets

Management contract intangible assets were impaired $8.2 million in 2020, $8.6 million in 2019 and $7.0 million in 2018, and written down to aggregate fair value of $12.4 million, $16.9 million and $36.4 million at the time of impairment, respectively. Fair value was generally based upon revised future net cash flows to be generated over the remaining life of the respective management contracts, discounted at 10%, and represent Level 3 fair value.

Additionally, certain intangible assets were written-off in prior years, primarily the management contracts of NorthStar I and NorthStar II, publicly registered non-traded REITs sponsored by the Company, totaling $139.0 million, upon their termination in connection with the Combination, NorthStar trade name of $59.5 million, and retail investor relationship of $10.1 million, in 2018.

Real estate intangibles are subject to impairment as part of the real estate asset group, as discussed in Note 4.

Amortization of Intangible Assets and Liabilities

The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16):


	Year Ended December 31,
(In thousands)		2020		2019		2018



Net increase to rental income (1)		$	6,140	$	14,442	$	2,717



Net increase (decrease) to ground rent expense (2)		$	—	$	—	$	(260)

Amortization expense
Deferred leasing costs and lease related intangibles		$	97,107	$	33,910	$	31,454
Investment management intangibles		33,431		89,236		26,992
Customer relationships and service contracts		7,775		289		—
Trade name		4,529		186		1,606
Other		6,816		182		69
		$	149,658	$	123,803	$	60,121

__________

(1) Represents the effect of amortizing above- and below-market leases and lease incentives.

(1) Represents the effect of amortizing above- and below-market ground leases prior to adoption of new lease standard on January 1, 2019.

The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for disposition.


	Year Ending December 31,
(In thousands)	2021		2022		2023		2024		2025		2026 and Thereafter		Total



Net increase (decrease) to rental income	$	(756)	$	(354)	$	1,343	$	629	$	(592)	$	(15,506)	$	(15,236)











Amortization expense	251,687		167,384		146,085		117,249		105,028		593,229		1,380,662

Assets and Related Liabilities Held For Disposition

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Assets and Related Liabilities Held for Disposition

Total assets and related liabilities held for disposition are summarized below.

Assets and liabilities held for non-sale disposition in all periods presented represent a portfolio of 48 hotels in the Hospitality segment that has been placed in receivership following the lender's acceleration of the underlying debt that was defaulted in April 2020. Control over the operations and any eventual sale of these hotels has been transferred to the receivers, who are acting for the benefit of the lender. The Company has not been released from its debt obligations, however, the debt is non-recourse to the Company.


	December 31, 2020						December 31, 2019
(In thousands)	Disposition by Sale		Non-Sale Disposition		Total Held for Disposition		Disposition by Sale		Non-Sale Disposition		Total Held for Disposition
Assets
Restricted cash	$	82,850	$	14,695	$	97,545	$	122,663	$	5,782	$	128,445
Real estate, net	3,159,742		743,227		3,902,969		4,421,888		1,019,849		5,441,737

Deferred leasing costs and intangible assets, net	9,748		437		10,185		37,399		2,533		39,932
Other assets (1)	79,936		15,166		95,102		97,219		35,752		132,971
Total assets held for disposition	$	3,332,276	$	773,525	$	4,105,801	$	4,679,169	$	1,063,916	$	5,743,085

Liabilities
Debt, net (2)	$	2,714,079	$	780,000	$	3,494,079	$	2,926,449	$	772,485	$	3,698,934
Lease intangibles and other liabilities	155,949		47,513		203,462		141,426		22,161		163,587
Total liabilities related to assets held for disposition	$	2,870,028	$	827,513	$	3,697,541	$	3,067,875	$	794,646	$	3,862,521

__________

(1) Includes corporate aircraft that was impaired $11.9 million in 2020 to reflect recoverable value prior to its sale to a third party in January 2021.

(2) Represents debt related to assets held for disposition if the debt is expected to be assumed by the acquirer upon sale or the debt is expected to be extinguished through lender's assumption of underlying collateral.

Discontinued Operations

The table below presents assets and liabilities held for sale and for non-sale disposition that are related to discontinued operations (Note 16). The Company sold its interest in the bulk industrial portfolio in December 2020 and the venture was deconsolidated.


	December 31, 2020		December 31, 2019
(In thousands)	Hotel			Hotel		Industrial
Assets
Restricted cash	$	92,870		$	112,923	$	—
Real estate, net	3,504,249			4,658,477		342,758
Deferred leasing costs and intangible assets, net	1,851			6,802		25,371
Other assets	70,343			111,229		3,917
Total assets held for disposition—discontinued operations	$	3,669,313		$	4,889,431	$	372,046

Liabilities
Debt, net	$	3,494,079		$	3,465,990	$	232,944
Lease intangibles and other liabilities	164,339			128,155		2,090
Total liabilities related to assets held for disposition—discontinued operations	$	3,658,418		$	3,594,145	$	235,034

Non-Recourse Investment-Level Secured Debt

As of December 31, 2020, other than the $780.0 million of debt that has been accelerated by the lender, as discussed above, the Company has cured all remaining hotel debt that were in default during 2020 due to the fallout from COVID-19, and all such debt will be assumed by the buyer upon sale of the hotel assets. This includes debt on the THL Hotel Portfolio that was modified in a troubled debt restructure with no resulting gain from the restructuring.

Discontinued Operations

Discontinued operations represent the following:

•Hotel—operations of the Company's Hospitality segment and the THL Hotel Portfolio in the Other segment in all periods; and

•Industrial—(i) operations of the light industrial portfolio and the related management platform prior to its sale in December 2019, which included fee income and general partner interest in the industrial open-end fund that earned carried interest, and interests of all limited partners in the industrial closed-end and open-end funds who represented noncontrolling interests; (ii) final adjustments to net sales proceeds from the light industrial business upon release of escrowed funds in 2020, resulting in a net loss of $7.4 million; and (iii) operations of the bulk industrial portfolio prior to its sale in December 2020 and a gain on sale recorded based upon depreciated carrying values.

Income (loss) from discontinued operations is presented below.


	Year Ended December 31, 2020						Year Ended December 31, 2019						Year Ended December 31, 2018
(In thousands)	Hotel		Industrial		Total		Hotel		Industrial		Total		Hotel		Industrial		Total
Revenues
Property operating income	$	573,787	$	20,217	$	594,004	$	1,119,045	$	346,431	$	1,465,476	$	1,193,636	$	288,367	$	1,482,003
Fee income	—		—		—		—		11,646		11,646		—		7,378		7,378
Interest and other income	185		79		264		486		5,163		5,649		1,374		3,775		5,149
Revenues from discontinued operations	573,972		20,296		594,268		1,119,531		363,240		1,482,771		1,195,010		299,520		1,494,530
Expenses
Property operating expense	489,975		5,993		495,968		757,555		93,440		850,995		805,161		84,162		889,323
Interest expense	157,287		6,665		163,952		228,729		91,863		320,592		218,278		42,713		260,991
Investment and servicing expense	16,811		20		16,831		17,612		658		18,270		15,033		436		15,469
Transaction costs	4,500		—		4,500		—		—		—		—		—		—
Depreciation and amortization	144,499		2,340		146,839		182,198		106,470		288,668		191,321		129,104		320,425
Impairment loss	1,107,133		—		1,107,133		59,913		—		59,913		86,841		948		87,789
Compensation expense—cash and equity-based (1)	4,395		82		4,477		5,322		29,791		35,113		6,512		11,156		17,668
Compensation expense—carried interest	—		(489)		(489)		—		35,170		35,170		—		4,696		4,696
Administrative expenses	2,937		1,199		4,136		2,252		6,089		8,341		1,682		4,803		6,485
Expenses from discontinued operations	1,927,537		15,810		1,943,347		1,253,581		363,481		1,617,062		1,324,828		278,018		1,602,846
Other income (loss)
Gain on sale of real estate	—		15,936		15,936		913		1,457,892		1,458,805		4,618		7,633		12,251
Other gain (loss), net	9,732		—		9,732		804		1,338		2,142		(1,460)		—		(1,460)
Equity method earnings (losses), including carried interest	—		(115)		(115)		—		41,258		41,258		—		10,636		10,636
Income (loss) from discontinued operations before income taxes	(1,343,833)		20,307		(1,323,526)		(132,333)		1,500,247		1,367,914		(126,660)		39,771		(86,889)
Income tax benefit (expense)	(2,662)		15		(2,647)		(27)		1,550		1,523		9,866		(189)		9,677
Income (loss) from discontinued operations	(1,346,495)		20,322		(1,326,173)		(132,360)		1,501,797		1,369,437		(116,794)		39,582		(77,212)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(172,419)		10,651		(161,768)		(20,758)		989,358		968,600		(14,380)		21,260		6,880
Noncontrolling interests in Operating Company	(116,350)		955		(115,395)		(9,404)		49,391		39,987		(6,074)		1,113		(4,961)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(1,057,726)	$	8,716	$	(1,049,010)	$	(102,198)	$	463,048	$	360,850	$	(96,340)	$	17,209	$	(79,131)

__________

(1) Includes equity-based compensation of $0.8 million in 2020, $9.7 million in 2019 and $4.0 million in 2018

Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

The following table summarizes the Company's restricted cash balance:


(In thousands)	December 31, 2020		December 31, 2019
Capital expenditures reserves (1)	$	13,516	$	18,314
Real estate escrow reserves (2)	13,608		15,455
Borrower escrow deposits	—		8,079
Lender restricted cash (3)	112,905		27,409
Other (4)	21,890		21,806
Total restricted cash	$	161,919	$	91,063

__________

(1) Represents primarily cash held by lenders for capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets.

(2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets.

(3) Represents cash from the Company's investment properties that are restricted by lenders in accordance with respective debt agreements.

(4) Includes investment sales proceeds held in escrow.

Other Assets

The following table summarizes the Company's other assets:


(In thousands)	December 31, 2020		December 31, 2019
Straight-line rents	$	60,100	$	37,230
Investment deposits and pending deal costs	41,213		32,994
Prefunded capital expenditures for Vantage SDC	48,881		—
Deferred financing costs, net (1)	1,222		2,794
Derivative assets (Note 11)	99		21,382
Prepaid taxes and deferred tax assets, net	76,103		69,328
Receivables from resolution of investments (2)	1,858		63,984
Operating lease right-of-use asset, net (3)	461,890		180,486
Finance lease right-of-use asset, net	143,182		—
Accounts receivable, net (4)	83,914		53,387
Prepaid expenses	30,949		22,417
Other assets	45,779		29,219
Fixed assets, net	21,929		44,768
Total other assets	$	1,017,119	$	557,989

__________

(1) Deferred financing costs relate to revolving credit arrangements.

(2) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement.

(3) Net of impairment of $9.4 million in 2020 and $0.6 million in 2019 for corporate office leases as the Company determined there is a reduced need for office space based upon the Company's current operations and has abandoned certain leased spaces.

(4) Includes primarily receivables from tenants, resident fees, and reimbursable capital expenditures, and is presented net of allowance for doubtful accounts, where applicable, of $0.9 million at December 31, 2020 and $0.1 million at December 31, 2019.

Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:


(In thousands)	December 31, 2020		December 31, 2019
Tenant security deposits and payable	$	11,938	$	12,457
Borrower escrow deposits	—		9,903
Deferred income (1)	37,454		30,040
Interest payable	36,483		28,902
Derivative liabilities (Note 11)	103,772		127,531

Current and deferred income tax liability	168,384		222,206
Operating lease liability	403,053		156,147
Finance lease liability	148,974		—
Accrued compensation	86,190		72,859
Accrued carried interest and incentive fee compensation	1,929		50,360
Accrued real estate and other taxes	22,735		22,091
Accounts payable and accrued expenses	177,847		91,614
Other liabilities	111,341		63,409
Accrued and other liabilities	$	1,310,100	$	887,519

__________

(1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, and deferred management fees, largely from digital investment vehicles. Deferred management fees totaling $7.7 million at December 31, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.9 years and 1.2 years, respectively. Deferred management fees recognized as income of $13.8 million and $1.3 million in the years ended December 31, 2020 and 2019, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

The Company's debt consists of the following components, excluding debt related to assets held for disposition that is expected to be assumed by the counterparty upon disposition, which is included in liabilities related to assets held for disposition (Note 8).


(In thousands)	Corporate Credit Facility(1)		Convertible and Exchangeable Senior Notes		Secured Debt (2)		Junior Subordinated Notes		Total Debt
December 31, 2020
Debt at amortized cost
Principal	$	—	$	545,107	$	7,106,234	$	280,117	$	7,931,458
Premium (discount), net	—		(6,540)		23,334		(76,269)		(59,475)
Deferred financing costs	—		(2,670)		(79,575)		—		(82,245)
	$	—	$	535,897	$	7,049,993	$	203,848	$	7,789,738
December 31, 2019
Debt at amortized cost
Principal	$	—	$	616,105	$	4,766,594	$	280,117	$	5,662,816
Premium (discount), net	—		2,243		(12,598)		(78,927)		(89,282)
Deferred financing costs	—		(4,296)		(51,320)		—		(55,616)
	$	—	$	614,052	$	4,702,676	$	201,190	$	5,517,918

__________

(1) Deferred financing costs related to the corporate credit facility are included in other assets.

(2) Debt principal totaling $270.0 million at December 31, 2020 and $265.6 million at December 31, 2019 relates to financing of assets held for disposition, and is expected to be repaid upon disposition of the respective underlying assets. Debt associated with assets held for disposition that is expected to be assumed by the counterparty upon disposition is included in liabilities related to assets held for disposition (Note 8).

The following table summarizes certain information about debt carried at amortized cost.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)
December 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	1.0	$	—	—	%	1.0
Convertible and exchangeable senior notes(1)	545,107		5.36	%	3.6	—		N/A		N/A	545,107		5.36	%	3.6
Junior subordinated debt (2)	—		N/A		N/A	280,117		3.10	%	15.4	280,117		3.10	%	15.4
Secured debt (3)	32,815		5.02	%	—	—		N/A		N/A	32,815		5.02	%	—
	577,922					280,117					858,039
Non-recourse (6)
Secured debt
Digital Operating	2,132,852		2.54	%	4.8	1,093,991		5.92	%	4.4	3,226,843		3.69	%	4.7
Wellness Infrastructure (7)	401,767		4.55	%	4.1	2,331,366		3.95	%	3.3	2,733,133		4.04	%	3.4

Other—Other Equity and Debt	289,354		6.14	%	0.8	824,089		3.31	%	2.3	1,113,443		4.04	%	1.9
	2,823,973					4,249,446					7,073,419
	$	3,401,895				$	4,529,563				$	7,931,458

December 31, 2019
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—		2.0	$	—	—		2.0
Convertible and exchangeable senior notes(1)	616,105		4.27	%	2.0	—		N/A		N/A	616,105		4.27	%	2.0
Junior subordinated debt (2)	—		N/A		N/A	280,117		4.77	%	16.4	280,117		4.77	%	16.4
Secured debt (3)	35,072		5.02	%	5.9	—		N/A		N/A	35,072		5.02	%	5.9
	651,177					280,117					931,294
Non-recourse (6)
Secured debt
Digital Operating	—		N/A		N/A	539,155		6.98	%	4.8	539,155		6.98	%	4.8
Wellness Infrastructure (7)	405,980		4.55	%	5.1	2,547,726		5.22	%	4.3	2,953,706		5.13	%	4.4
Other—Other Equity and Debt	151,777		4.26	%	3.4	1,086,884		3.24	%	2.6	1,238,661		3.37	%	2.7
	557,757					4,173,765					4,731,522
	$	1,208,934				$	4,453,882				$	5,662,816

__________

(1) Includes the 5.375% exchangeable senior notes which is an obligation of NRF Holdco as the issuer, as described further below.

(2) Represents an obligation of NRF Holdco as the junior subordinated debt was issued by certain of its subsidiaries, as described further below. Accordingly, Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, are not guarantors to the debt.

(3) The fixed rate recourse debt is secured by the Company's aircraft and was repaid in January 2021 upon sale of the aircraft.

(4) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date.

(5) Calculated based upon initial maturity dates, or extended maturity dates if extension criteria are met and extension is available at the Company's option.

(6) Investment-level secured debt that is non-recourse to the Company in the Other Equity and Debt portfolio and in the Wellness Infrastructure segment totaling $212.9 million as of the date of this filing was in default ($235.6 million at December 31, 2019). In the Other Equity and Debt portfolio, defaulted debt of $102.6 million has been accelerated by the lenders, and the remainder represents primarily debt assumed by the Company when it acquired the equity interests and obtained control over defaulted borrowers.

(7) Previously referred to as Healthcare.

Conveyance to Lender

In August 2020, the Company indirectly conveyed the equity of certain of its wellness infrastructure borrower subsidiaries, comprising 36 properties in its senior housing operating portfolio with a carrying value of $161.6 million and $157.5 million of outstanding principal ($156.7 million carrying value) of previously defaulted debt, to an affiliate of the lender, which released the Company from all rights and obligations with respect to those assets and corresponding debt. The conveyance of equity in full satisfaction of the outstanding debt was deemed to be a troubled debt restructuring that resulted in an immaterial gain.

Corporate Credit Facility

On June 29, 2020, the OP entered into the Fourth Amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of January 10, 2017 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent, and the several lenders from time to time party thereto.

The Amendment modified the aggregate amount of revolving commitments available under the Credit Agreement to $500 million ($750 million prior to the Amendment), which was reduced to $450 million upon exercise of the first extension option in December 2020. In accordance with the terms of the Credit Agreement, the available revolving commitment amounts will be reduced to $400 million on March 31, 2021. The credit facility is scheduled to mature in July 2021, with one remaining 6-month extension option (representing no change to the overall term after the Amendment), subject to a fee of 0.10% of the commitment amount upon exercise.

Pursuant to the Amendment, advances under the Credit Agreement accrue interest at a per annum rate equal to, at the Company’s election, either LIBOR plus a margin of 2.50% (previously 2.25%), or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.50% (previously 1.25%). On January 11, 2021, as a result of exercising the first extension option in December 2020, the margin increased to 2.75% for LIBOR borrowings and 1.75% for prime rate or federal funds rate borrowings. Unused amounts under the credit facility accrue a per annum commitment fee of 0.35%.

The maximum amount available to be drawn at any time under the credit facility is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). As of the date of this filing, the full $450 million is available to be drawn under the facility.

The Amendment provided for modifications to the financial covenants and the borrowing base including, among other things: exclusion of certain non-recourse debt and related assets in the calculation of certain financial ratios (such assets, the “Specified Excluded Assets”), exclusion of EBITDA and fixed charges of Specified Excluded Assets in the calculation of the OP’s fixed charge coverage ratio, which must exceed 1.35 to 1.0, reduction of the minimum tangible net worth covenant from $4.55 billion to $1.74 billion, which must exclude the net worth of Specified Excluded Assets, and modification to the borrowing base to increase capacity for digital investment management and include digital infrastructure investments. As of December 31, 2020 and through the date of this filing, the Company was in compliance with all of the financial covenants.

The Credit Agreement also contains various additional affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the Credit Agreement. In December 2020, we amended the Credit Agreement primarily to provide us with flexibility to determine not to maintain REIT status, without requiring lender approval.

Further, as a result of modifications to the permitted investments and restricted payment provisions in the Amendment, during the term of the Credit Agreement, the Company is prohibited from, among other things, (i) making any investments other than (A) investments in digital infrastructure assets and (B) pre-existing obligations and protective investments in existing assets to preserve, administer or otherwise realize on such investment, (ii) repurchasing capital stock of the Company and (iii) paying dividends, other than for (A) paying dividends to maintain the Company’s status as a REIT, (B) reducing the payment of income taxes and (C) paying dividends on the Company’s preferred equity.

Certain of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets.

The Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and

allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility.

Convertible and Exchangeable Senior Notes

Convertible and exchangeable senior notes (collectively, the senior notes) outstanding as of December 31, 2020 are as follows, each representing senior unsecured obligations of Colony Capital, Inc. or a subsidiary as the respective issuers of the senior notes:


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										December 31, 2020		December 31, 2019

Issued by Colony Capital, Inc.
5.00% Convertible Senior Notes	April 2013	April 15, 2023	5.00	%	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Senior Notes	January and June 2014	January 15, 2021	3.875	%	16.57		60.3431	1,901	January 22, 2019	31,502		402,500
Issued by Colony Capital Operating Company, LLC
5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.750	%	2.30		434.7826	130,435	July 21, 2023	300,000		—
Issued by NRF Holdco, LLC
5.375% Exchangeable Senior Notes	June 2013	June 15, 2033	5.375	%	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
										$	545,107	$	616,105

__________

(1) The conversion or exchange rate for the senior notes is subject to periodic adjustments to reflect certain carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuances of the respective senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each senior note.

The senior notes mature on their respective due dates, unless earlier redeemed, repurchased, converted or exchanged, as applicable. The outstanding senior notes are convertible or exchangeable at any time by holders of such notes into shares of the Company’s common stock at the applicable conversion or exchange rate, which is subject to adjustment upon occurrence of certain events. In the case of the 5.375% exchangeable senior notes, NRF Holdco may elect to settle a holder’s exchange into cash, the Company’s common stock or a combination thereof.

To the extent certain trading conditions of the Company’s common stock are met, the senior notes are redeemable by the applicable issuer thereof in whole or in part for cash at any time on or after their respective earliest redemption dates at a redemption price equal to 100% of the principal amount of such senior notes being redeemed, plus accrued and unpaid interest (if any) up to, but excluding, the redemption date. In addition, prior to June 15, 2023 and subject to certain trading conditions of the Company’s common stock, NRF Holdco may redeem its 5.375% exchangeable senior notes at a make-whole redemption price.

In the event of certain change in control transactions and, for the 5.375% exchangeable senior notes only, on each of June 15, 2023 and June 15, 2028, holders of the senior notes have the right to require the applicable issuer to purchase all or part of such holder's senior notes for cash in accordance with terms of the governing documents of the respective senior notes.

Issuance of Exchangeable Senior Notes

In July 2020, the OP issued $300.0 million of exchangeable senior notes maturing in July 2025, bearing interest at 5.75% per annum, and exchangeable into shares of the Company's class A common stock at an initial exchange rate equal to 434.7826 shares of common stock per $1,000 principal amount of notes, equivalent to an exchange price of approximately $2.30 per share. The initial exchange rate is subject to adjustment upon occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. Net proceeds from this issuance, after deducting underwriting discounts, commissions and offering expenses, were $291.0 million.

Repurchase of Convertible Senior Notes

The Company repurchased $371.0 million of the outstanding principal of the 3.875% convertible senior notes in the third quarter of 2020 for total purchase price of $371.1 million, including accrued and unpaid interest, funded with net proceeds from issuance of the 5.75% exchangeable senior notes in July 2020 and cash on hand through a tender offer of

the 3.875% convertible senior notes completed in September 2020. The remaining $31.5 million of outstanding principal on the 3.875% convertible senior notes was repaid upon maturity in January 2021.

Secured Debt

These are primarily investment level financing, which are non-recourse to the Company, and secured by underlying commercial real estate and mortgage loans receivable.

In October 2020 and February 2021, Vantage SDC and DataBank, the Company's subsidiaries in the Digital Operating segment, raised $1.3 billion and $657.9 million of securitized notes at blended fixed rates of 1.8% and 2.3%, with 6 years and 5 years maturity, respectively. In both instances, the proceeds were applied principally to refinance outstanding debt, which meaningfully reduced the overall cost of debt and extended debt maturities at Vantage SDC and DataBank.

Junior Subordinated Debt

Trust preferred securities ("TruPS") were previously issued in private placement offerings by subsidiaries of NRF Holdco, LLC (the "Issuer," a subsidiary of Colony Capital, Inc.), which were formed as statutory trusts, NorthStar Realty Finance Trust I through VIII (the “Trusts”). The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by the Issuer at the time of the offerings (the "Junior Notes"). As Colony Capital, Inc. and its operating company, Colony Capital Operating Company, LLC, are not issuers of the junior subordinated debt, neither are obligors nor guarantors on the junior subordinated debt and TruPS.

The Issuer may redeem the Junior Notes at par, in whole or in part, for cash, after five years. To the extent the Issuer redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Issuer has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes issued to NorthStar Realty Finance Trust I through III for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trusts will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at December 31, 2020, excluding hotel secured debt of $3.5 billion that is classified as held for disposition (Note 8). Future debt principal payments are presented based on initial maturity dates or extended maturity dates if extension criteria are met at December 31, 2020 and the extension option is at the Company's discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral.


	Year Ending December 31,
(In thousands)	2021		2022		2023		2024		2025		2026 and thereafter		Total
Corporate credit facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Convertible and exchangeable senior notes	31,502		—		200,000		—		300,000		13,605		545,107
Junior subordinated debt	—		—		—		—		—		280,117		280,117
Secured debt—recourse	32,815		—		—		—		—		—		32,815
Secured debt—non-recourse:
Digital Operating	9,576		10,126		261,285		971,606		1,274,250		700,000		3,226,843
Wellness Infrastructure	159,179		320,164		10,859		2,113,612		1,020		128,299		2,733,133
Other—Other Equity and Debt	472,332		111,559		67,154		394,426		67,061		911		1,113,443
Total	$	705,404	$	441,849	$	539,298	$	3,479,644	$	1,642,331	$	1,122,932	$	7,931,458

Derivatives

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and

borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”).

Fair value of derivative assets and derivative liabilities are as follows:


	December 31, 2020						December 31, 2019
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	—	$	6	$	6	$	15,307	$	1,271	$	16,578
Interest rate contracts	29		64		93		78		237		315
Performance swaps	—		—		—		—		4,493		4,493
Included in other assets	$	29	$	70	$	99	$	15,385	$	6,001	$	21,386
Derivative Liabilities
Foreign exchange contracts	$	—	$	967	$	967	$	8,134	$	2,482	$	10,616
Performance swaps	—		149		149		—		—		—
Forward contracts	—		102,656		102,656		—		116,915		116,915
Included in accrued and other liabilities	$	—	$	103,772	$	103,772	$	8,134	$	119,397	$	127,531

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit, included in other assets, of $15.9 million at December 31, 2020 and $10.0 million at December 31, 2019, all of which related to the forward contracts and performance swaps discussed below.

Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts and certain key terms of non-designated foreign exchange contracts in place at December 31, 2020:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

EUR

Put options

€

224,000

$0.95

May 2021 to May 2022

GBP

Put options

32,000

$1.05

May 2021

GBP

FX Forward

23,510

$1.33

April 2021 to September 2021

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €455.4 million and £286.3 million, or a total of $0.9 billion at December 31, 2020, and €517.9 million and £275.5 million, or a total of $0.9 billion at December 31, 2019.

The Company enters into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Prior to the second quarter of 2020, the Company utilized primarily (i) forward contracts whereby the Company agreed to sell an amount of foreign currency for an agreed upon amount of U.S. dollars and (ii) costless collars consisting of caps and floors, which consisted of a combination of currency options with single date expirations. Both types of hedging strategies were designated as net investment hedges.

During the second quarter of 2020, the Company unwound all of its existing foreign currency hedges and entered into foreign currency put options with upfront premiums whereby the Company gains protection against foreign currency weakening below a specified level. The put options are set to expire in increments according to the Company's expected monetization timeframe of the hedged investments, but the notional amounts are not identifiable to specific investments. Accordingly, the put options are not designated for hedge accounting purposes.

Designated Net Investment Hedges

Release of AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Designated net investment hedges:
Realized gain transferred from AOCI to earnings		$	414	$	1,790	$	7,426

Non-Designated Hedges

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional amount that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges and on non-designated foreign exchange contracts are recorded in other gain (loss).


	Year Ended December 31,
(In thousands)		2020		2019		2018
Dedesignated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings		$	1,485	$	(2,693)	$	3,726
Non-designated foreign exchange contracts:
Unrealized gain (loss) in earnings		(2,727)		—		—

Interest Rate Contracts

The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations. The following table summarizes the interest rate contracts held by the Company at December 31, 2020.


	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index		Range of Expiration Dates

Interest rate caps	$	—	$	3,340,895	1-Month LIBOR	2.00% - 4.00%	March 2021 to July 2022
Interest rate caps	€	220,590	€	451,410	3-Month EURIBOR	0.25% - 1.50%	January 2021 to June 2024
Interest rate caps	£	—	£	284,426	3-Month GBP LIBOR	1.00% - 2.00%	November 2021 to October 2022

The following table summarizes amounts recorded in the income statements related to interest rate contracts.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Interest expense on designated interest rate contracts (1)		$	24	$	—	$	—
Realized and unrealized gain (loss) net:
Designated interest rate contracts		—		8,019		—
Non-designated interest rate contracts (2)		(209)		(242,898)		33,307

__________

(1) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable rate debt.

(2) Amounts include unrealized loss of $239.3 million in 2019 and unrealized gain of $34.0 million on a $2.0 billion notional forward starting swap that was settled at the end of 2019.

Forward Contracts and Performance Swaps

The Company has an equity investment in a third party managed real estate mutual fund, accounted for as marketable equity securities carried at fair value. The Company had previously entered into a series of forward contracts on its shares in the mutual fund in an aggregate notional amount of $100 million, equal to its initial investment in the fund, and concurrently, entered into a series of swap contracts with the same counterparty to pay the return of the Dow Jones U.S. Select REIT Total Return Index. The Company settled the forwards and swaps in cash upon expiration in January 2020, realizing a gain of $5.8 million. In January 2020, the Company entered into another series of forward contracts with aggregate notional of $119 million, and swap contracts with the same counterparty, with similar terms to the previous transaction that required an initial combined collateral deposit of $14.3 million, subject to daily net settlements in net fair value changes in excess of a predetermined threshold. The forward and swap contracts were settled upon expiration in January 2021 through delivery of all of the Company's shares in the mutual fund, realizing an immaterial net loss.

The forwards and swaps are not designated as hedges for accounting purposes. All realized and unrealized gains (losses) are recorded in other gain (loss) as follows:


	Year Ended December 31,
(In thousands)		2020		2019
Realized and unrealized gain (loss), net on derivatives:
Forward contracts		$	14,259	$	(16,915)
Performance swaps		1,164		4,493
Unrealized gain (loss) on marketable equity securities held at period end:
Real estate mutual fund		(14,290)		17,442

Offsetting Assets and Liabilities

The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met, and presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.


	Gross Assets (Liabilities) on Consolidated Balance Sheets		Gross Amounts Not Offset on Consolidated Balance Sheets				Net Amounts of Assets (Liabilities)
(In thousands)			(Assets) Liabilities		Cash Collateral Pledged
December 31, 2020
Derivative Assets
Foreign exchange contracts	$	6	$	—	$	—	$	6
Interest rate contracts	93		—		—		93

	$	99	$	—	$	—	$	99
Derivative Liabilities
Foreign exchange contracts	$	(967)	$	—	$	—	$	(967)

Performance swaps	(149)		149		—		—
Forward contracts	(102,656)		(149)		15,913		(86,892)
	$	(103,772)	$	—	$	15,913	$	(87,859)

December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578	$	(4,385)	$	—	$	12,193
Interest rate contracts	315		—		—		315
Performance swaps	4,493		(4,493)		—		—
	$	21,386	$	(8,878)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616)	$	4,385	$	—	$	(6,231)
Forward contracts	(116,915)		4,493		9,981		(102,441)
	$	(127,531)	$	8,878	$	9,981	$	(108,672)

Fair Value

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, categorized into the three tier fair value hierarchy that is prioritized based upon the level of transparency in inputs used in the valuation techniques.


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2020
Assets
Marketable equity securities	$	218,485	$	—	$	—	$	218,485
AFS debt securities	—		—		28,576		28,576
Other assets—derivative assets	—		99		—		99
Fair Value Option:
Loans held for investment	—		—		1,295,337		1,295,337

Equity method investments	—		—		181,799		181,799
Liabilities
Other liabilities—derivative liabilities	—		103,772		—		103,772

Other liabilities—settlement liability	—		—		24,285		24,285
December 31, 2019
Assets
Marketable equity securities	$	138,586	$	—	$	—	$	138,586
AFS debt securities	—		—		54,859		54,859
CMBS of consolidated fund	—		2,732		—		2,732
Other assets—derivative assets	—		21,386		—		21,386
Fair Value Option:
Equity method investments	—		—		222,875		222,875
Liabilities
Other liabilities—derivative liabilities	—		127,531		—		127,531
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		9,330		9,330

Marketable Equity Securities

Marketable equity securities consist primarily of investment in a third party managed mutual fund and equity securities held by consolidated funds. These marketable equity securities are valued based on listed prices in active markets and classified as Level 1 of the fair value hierarchy.

Debt Securities

N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy.

CMBS of consolidated fund—Fair value was determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy. These CMBS were fully disposed of in the third quarter of 2020.

Derivatives

Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Other Liabilities—Contingent Consideration for THL Hotel Portfolio

In connection with the consensual foreclosure in July 2017 of a portfolio of limited service hotels ("THL Hotel Portfolio"), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million based upon the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company and certain investment vehicles managed by the Company. The contingent consideration is measured based upon the probability of the former preferred equity holder receiving such payment, classified as Level 3 fair value. In the second quarter of 2020, the contingent consideration liability was determined to have zero value and was written off as a gain of $9.3 million, recorded in other gain (loss) within income (loss) from discontinued operations (Note 16). The Company determined that it was no longer probable that such payment would be made following the adverse effect of COVID-19 on the operations and performance of the THL Hotel Portfolio.

Other Liabilities—Settlement Liability

In March 2020, the Company entered into a cooperation agreement with Blackwells Capital LLC ("Blackwells"), a stockholder of the Company. Pursuant to the cooperation agreement, Blackwells agreed to a standstill in its proxy contest with the Company, and to abide by certain voting commitments, including a standstill with respect to the Company until the expiration of the agreement in March 2030 and voting in favor of the Board of Director’s recommendations until the third anniversary of the agreement.

Contemporaneously, the Company and Blackwells entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of the Company's class A common stock. Pursuant to the arrangement, the Company contributed its class A common stock, valued at $14.7 million by the venture, and Blackwells contributed $1.47 million of cash that was then distributed to the Company, resulting in a net capital contribution of $13.23 million by the Company in the venture. All of the class A common stock held in the venture had been repurchased by the Company in March 2020 (Note 14). Blackwells may cause the arrangement to be dissolved and all underlying assets distributed at any time, and the Company may do the same after three years. Distributions to be made through the joint venture arrangement effectively represent a settlement of the proxy contest with Blackwells. The initial fair value of the arrangement was recorded as a settlement loss on the statement of operations, with a corresponding liability on the balance sheet, subject to remeasurement at each period end.

The settlement liability is a fair value measure of the disproportionate allocation of future profits distribution to Blackwells pursuant to the joint venture arrangement. Such profits will be derived from dividend payments and any appreciation in value of the Company's class A common stock, allocated between the Company and Blackwells based upon specified return hurdles. The profits distribution is payable in cash, the Company's class A common stock or a combination of both at the Company's election. The initial fair value of the arrangement was recorded as a settlement loss on the statement of operations with a corresponding settlement liability on the consolidated balance sheer. The settlement liability, classified as a Level 3 fair value, is measured using a Monte Carlo simulation under a risk-neutral premise, assuming that the final distribution occurs at the end of the third year in March 2023, and is remeasured at each reporting period. At December 31, 2020, the settlement liability was valued at approximately $24.3 million, applying the following assumptions: (a) expected volatility of the Company's class A common stock of 67.2% based upon a combination of historical and implied volatility of the Company's class A common stock; (b) zero expected dividend yield given the Company's suspension of its common stock dividend beginning the second quarter of 2020; and (c) risk free rate of 0.14% per annum based upon a compounded zero-coupon U.S. Treasury yield. The settlement liability increased approximately $20.4 million from inception to December 31, 2020, recorded as other loss on the consolidated statement of operations.

Fair Value Option

Loans Receivable

Effective January 1, 2020, the Company elected the fair value option for all of its outstanding loans receivable. Loans receivable consist of mortgage loans, mezzanine loans and non-mortgage loans. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes, but is not limited to, consideration of the financial standing of the borrower or sponsor as well as operating results and/or value of the underlying collateral.

Equity Method Investments

Equity method investments for which the fair value option was elected are carried at fair value on a recurring basis. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, pending or comparable market sales price on an investment, or based upon NAV of the underlying funds subject to adjustments. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings.

Level 3 Recurring Fair Value Measurements

Quantitative information about recurring Level 3 fair value assets are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

Effect on Fair Value from Increase in Input Value (2)

Financial Instrument

Fair Value

(In thousands)

Weighted Average(1)

(Range)

December 31, 2020

AFS debt securities

28,576

Discounted cash flows

Discount rate

28.9%
(18.3% - 57.8%)

Decrease

Fair Value Option:

Loans held for investment

1,295,337

Discounted cash flows

Discount rate

13.0%
(6.9% - 25.7%)

Decrease

Equity method investments—third party private equity funds

2,472

NAV(3)

N/A

Equity method investments—other

36,923

Discounted cash flows

Discount rate

27.5%
(19.0% - 30.0%)

Decrease

Equity method investments—other

142,404

Transaction price(5)

N/A

December 31, 2019

AFS debt securities

54,859

Discounted cash flows

Discount rate

22.3%

(16.8% - 65.0%)

Decrease

Fair Value Option:

Equity method investments—third party private equity funds

5,391

NAV(3)

N/A

Equity method investments—other

18,574

Discounted cash flows

Discount rate

10.1%

(5.1% - 15.8%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

3.7x

(4)

Equity method investments—other

173,910

Transaction price(5)

N/A

__________

(1) Weighted average discount rates are calculated based upon undiscounted cash flows.

(2) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures.

(3) Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management, considering the cash flows provided by the general partners of the funds and the implied yields of the funds.

(4) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth.

(5) Valued based upon transaction price of investments recently acquired, settlement amounts under contract, or offer prices on loans, investments or underlying assets of investee pending sales. Transaction price approximates fair value for investee engaged in real estate development during the development stage.

The following table presents changes in recurring Level 3 fair value assets and liabilities, including realized and unrealized gains (losses) included in other gain (loss) on the consolidated statement of operations and in AOCI.


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2017	$	45,423	$	323,243	$	—	$	363,901	$	(44,542)
Purchases, contribution or accretion	—		21,049		—		61,113		—
Paydowns or distributions	(638)		(138,261)		—		(188,409)		638
Contribution to CLNC	—		—		—		(26,134)		—
Deconsolidation	(44,070)		(124,344)		—		—		43,847
Transfers out of Level 3 (1)	—		—		—		(132,527)		—
Realized and unrealized gains (losses) in earnings, net	(715)		3,877		—		3,141		57
Other comprehensive income (2)	—		(21,437)		—		—		—
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2018	$	(715)	$	—	$	—	$	(67)	$	57


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—
Purchases, contributions and accretion	—		6,380		—		141,070		—
Paydowns, distributions and sales	—		(10,779)		—		(8,338)		—
Realized and unrealized gains (losses) in earnings, net	—		(16,920)		—		9,058		—
Other comprehensive income (2)	—		12,051		—		—		—
Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2019	$	—	$	(16,920)	$	—	$	8,280	$	—

Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—
Election of fair value option on January 1, 2020	—		—		1,556,131		—		—
Reclassification of accrued interest on January 1, 2020	—		—		13,504		—		—
Purchases, drawdowns, contributions and accretion	—		4,043		195,414		6,539		—
Paydowns, distributions and sales	—		(5,784)		(274,100)		(967)		—

Change in accrued interest and capitalization of paid-in-kind interest	—		—		33,033		—		—


Allowance for credit losses	—		(24,688)		—		—		—
Realized and unrealized gains (losses) in earnings, net	—		—		(299,405)		(58,873)		—
Other comprehensive income (loss) (2)	—		146		70,760		12,225		—
Fair value at December 31, 2020	$	—	$	28,576	$	1,295,337	$	181,799	$	—

Net unrealized gains (losses) on instruments held at December 31, 2020
In earnings	—		$	—	$	(272,084)	$	(58,873)	$	—
In other comprehensive income (loss)	$	—	$	146	N/A		N/A		$	—

__________

(1) Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price and subsequently sold in 2018.

(2) Amounts recorded in OCI for loans receivable and equity method investments represent foreign currency translation differences on the Company's foreign subsidiaries that hold the respective foreign currency denominated investments.

Securitized Loans and Securitized Bonds

Prior to May 2018, the Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO along with the securitization trust consolidated by the N-Star CDO.

Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3.

Investments Carried at Fair Value Using Net Asset Value

Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles.


	December 31, 2020				December 31, 2019
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	15,680	$	8,026	$	16,271	$	11,058
Non-traded REIT—real estate	18,272		—		19,358		—
Private fund—emerging market private equity	2,224		—		3,012		—

The Company's interests in the private funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The private funds each have eight and ten year lives, respectively, at inception, both of which may be extended in one year increments up to two years.

No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for disposition or otherwise, write-down of asset values due to impairment. Impairments are discussed in Note 4 for real estate, Note 6 for equity method investments, and Note 7 for investment management intangible assets, including goodwill.

Fair Value Information on Financial Instruments Reported at Cost

Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. There are no loans receivable carried at amortized cost in 2020 as the Company elected the fair value option for all loans receivable effective January 1, 2020.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2020
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	898,231	$	13,095	$	—	$	911,326	$	535,897
Secured debt	—		—		6,927,743		6,927,743		7,049,993
Secured debt related to assets held for disposition	—		—		3,333,651		3,333,651		3,494,079
Junior subordinated debt	—		—		201,018		201,018		203,848
December 31, 2019
Assets
Loans at amortized cost	$	—	$	—	$	1,557,850	$	1,557,850	$	1,552,824
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	602,000		13,095		—		615,095		614,052
Secured debt	—		—		4,747,560		4,747,560		4,702,676
Secured debt related to assets held for disposition	—		—		3,700,990		3,700,990		3,698,934
Junior subordinated debt	—		—		225,835		225,835		201,190

Debt—Fair value of convertible notes and exchangeable notes were determined using the last trade price in active markets and unadjusted quoted prices in non-active market, respectively. Fair values of the corporate credit facility and

secured debt were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data.

Other—Carrying values of cash, due from and to affiliates, other receivables and other payables generally approximate fair value due to their short term nature, and credit risk, if any, are negligible.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Funds—The Company currently consolidates sponsored private funds in which it has more than an insignificant equity interest in the fund as general partner. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private funds of $46.5 million at December 31, 2020 and $18.5 million at December 31, 2019. The Company, as general partner, is not obligated to provide any financial support to the consolidated private funds. At December 31, 2020 and 2019, the consolidated private funds had total assets of $172.2 million and $24.7 million, respectively, and total liabilities of $41.8 million and $0.1 million, respectively, made up primarily of cash, marketable equity securities and unsettled trades. Unconsolidated Company-Sponsored Private Funds—The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $214.4 million at December 31, 2020 and $137.0 million at December 31, 2019, included within equity and debt investments and additionally at December 31, 2019, within assets held for disposition, on the consolidated balance sheets. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. Unconsolidated Securitizations—The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF Holdco had previously delegated the collateral management rights for certain sponsored N-Star CDOs and third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO bonds, which aggregate to $21.9 million at December 31, 2020 and $46.0 million at December 31, 2019. Trusts The Trusts, wholly-owned subsidiaries of NRF Holdco, formed as statutory trusts, previously issued preferred securities and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF Holdco (Note 10). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at December 31, 2020 and December 31, 2019, recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The table below summarizes the share activities of the Company's preferred and common stock.


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock
Shares outstanding at December 31, 2017	65,464	542,599	736
Redemption of preferred stock	(8,000)	—	—
Shares issued upon redemption of OP Units (1)	—	2,074	—
Shares issued for settlement of contingent consideration—Internalization	—	15	40
Conversion of class B to class A common stock	—	42	(42)
Repurchase of common stock	—	(61,418)	—
Equity-based compensation, net of forfeitures	—	3,394	—
Shares canceled for tax withholding on vested stock awards	—	(3,359)	—
Shares outstanding at December 31, 2018	57,464	483,347	734


Redemption of preferred stock	(16,114)	—	—
Shares issued upon redemption of OP Units	—	188	—
Repurchase of common stock	—	(652)	—
Equity-based compensation, net of forfeitures	—	4,850	—
Shares canceled for tax withholding on vested stock awards	—	(689)	—
Shares outstanding at December 31, 2019	41,350	487,044	734





Shares issued upon redemption of OP Units	—	2,184	—

Repurchase of common stock, net (2)	—	(12,733)	—
Equity-based compensation, net of forfeitures	—	9,680	—
Shares canceled for tax withholding on vested stock awards	—	(2,769)	—
Shares outstanding at December 31, 2020	41,350	483,406	734

__________

(1) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Company's acquisition of the investment management business and operations of its former manager in 2015 (the "Internalization").

(2) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 12.

Preferred Stock

In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.

The table below summarizes the preferred stock issued and outstanding at December 31, 2020:


Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series G	7.5	%	June 2014	3,450	$	35	$	86,250	Currently redeemable
Series H	7.125	%	April 2015	11,500	115		287,500		Currently redeemable
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				41,350	$	414	$	1,033,750

All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on Series G, H, I and J of preferred stock are payable quarterly in arrears in January, April, July and October.

Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock).

Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be

entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.

Redemption of Preferred Stock

The Company redeemed the remaining outstanding shares of Series B preferred stock and all outstanding shares of Series E preferred stock in December 2019, with settlement in January 2020, for $402.9 million, applying proceeds from the sale of its light industrial business. In 2018, all outstanding shares of Series D preferred stock were redeemed.

All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively.

Common Stock

Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock.

The Company suspended dividends on its class A common stock beginning with the second quarter of 2020. Under the terms of the Company's amended credit facility, the Company is restricted from paying common dividends other than to maintain the Company’s status as a REIT or to reduce income tax payments. The Company will continue to monitor its financial performance and liquidity position, and as economic conditions improve, the Company will reevaluate its dividend policy in consultation with its revolver lending group.

Common Stock Repurchases

During the first quarter of 2020 and for the years ended December 31, 2019 and 2018, the Company repurchased its class A common stock totaling 12,733,204 shares at a cost of $24.6 million, 652,311 shares at a cost of $3.2 million, and 61,417,755 shares at a cost $350.1 million, respectively, or a weighted average price of $1.93, $4.84 and $5.70 per share, respectively. These share repurchases were made pursuant to a $300 million share repurchase program that expired in May 2020 and a similar program that expired in May 2019.

Effective June 29, 2020, the Company is restricted from repurchasing additional common shares, subject to certain exceptions, under the terms of its amended corporate credit facility (Note 10).

Dividend Reinvestment and Direct Stock Purchase Plan

The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances in 2020 and 2019.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial.

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2017	$	5,616	$	14,418	$	—	$	45,931	$	(18,649)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202)		—		—		—		—		(202)
Other comprehensive income (loss) before reclassifications	(1,785)		(16,238)		(91)		(46,183)		34,113		(30,184)
Amounts reclassified from AOCI	—		(3,951)		—		6,870		(8,446)		(5,527)
Deconsolidation of N-Star CDO	—		2,596		—		—		—		2,596
AOCI at December 31, 2018	$	3,629	$	(3,175)	$	(91)	$	6,618	$	7,018	$	13,999
Other comprehensive income (loss) before reclassifications	9,206		(4,358)		(2,563)		(5,398)		24,945		21,832
Amounts reclassified from AOCI	(3,554)		15,356		2,428		(1,081)		(1,312)		11,837
AOCI at December 31, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668


Other comprehensive income (loss) before reclassifications	8,437		1,844		(7)		52,468		16,008		78,750
Amounts reclassified from AOCI	—		(3,595)		—		225		(925)		(4,295)
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2017	$	—	$	38,948	$	3,127	$	42,075
Other comprehensive income (loss) before reclassifications	(390)		(39,621)		8,696		(31,315)
Amounts reclassified from AOCI	—		73		(2,179)		(2,106)
AOCI at December 31, 2018	$	(390)	$	(600)	$	9,644	$	8,654
Other comprehensive income (loss) before reclassifications	(5,943)		(16,848)		(1,291)		(24,082)
Amounts reclassified from AOCI	5,328		(465)		2,306		7,169
AOCI at December 31, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)


Other comprehensive income (loss) before reclassifications	(25)		101,853		5,313		107,141
Amounts reclassified from AOCI	—		(95)		(873)		(968)
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914

Reclassifications out of AOCI—Stockholders

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:


(In thousands)	Year Ended December 31,					Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2020		2019				2018
Realized gain on marketable securities		$	—	$	—	$	10,100		Other gain (loss), net
Relief of basis of AFS debt securities		3,595		—		—			Other gain (loss), net
Other-than-temporary impairment		—		(15,356)		(6,149)			Other gain (loss), net
Deconsolidation of N-Star CDO		—		—		(2,596)			Other gain (loss), net
Release of foreign currency cumulative translation adjustments		(225)		1,081		(6,870)			Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges		552		(340)		1,454			Other gain (loss), net
Realized gain on net investment hedges		373		1,652		6,992			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures		—		3,554		—			Equity method earnings (losses)

Noncontrolling Interests

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

The following table presents the activity in redeemable noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Beginning balance	$	6,107	$	9,385	$	34,144
Contributions	307,414		—		354
Distributions and redemptions	(8,859)		(5,837)		(21,405)
Net income (loss)	616		2,559		(3,708)

Ending balance	$	305,278	$	6,107	$	9,385

Strategic Partnership in the Company's Digital Investment Management Business

In July 2020, the Company formed a strategic partnership with affiliates of Wafra, Inc. (collectively, "Wafra"), a private investment firm and a global partner for alternative asset managers, in which Wafra made a minority investment in substantially all of the Company's digital investment management business (as defined for purposes of this transaction, the "Digital IM Business"). The investment entitles Wafra to participate in approximately 31.5% of the net management fees and carried interest generated by the Digital IM Business.

Wafra has agreed to assume certain of the Company's existing commitments made to DCP I and to make commitments to DCP II and to the Company’s initial digital credit fund, in an aggregate amount of at least $130.0 million. Wafra has also agreed to make commitments to the Company's future digital funds and investment vehicles on a pro rata basis with the Company based on Wafra's percentage interest in the Digital IM Business, subject to certain caps.

In addition, the Company issued Wafra five warrants to purchase up to an aggregate of 5% (on a fully-diluted, post-transaction basis) of the Company’s class A common stock. Each warrant entitles Wafra to purchase up to 5,352,000 shares of the Company's class A common stock, with staggered strike prices between $2.43 and $6.00 for each warrant, exercisable until July 17, 2026.

Consideration paid by Wafra in exchange for its investment in the Digital IM Business and for the warrants is composed of: (i) cash consideration of $253.6 million paid at closing; and (ii) contingent consideration of approximately $29.9 million to be paid if the run-rate of earnings before interest, tax, depreciation and amortization ("EBITDA") of the Digital IM Business is equal to or greater than $72.0 million as of December 31, 2020.

Under certain circumstances following such time as the Digital IM Business comprises 90% or more of the Company's assets, the Company has agreed to use commercially reasonable efforts to facilitate the conversion of Wafra's interest into shares of the Company's class A common stock. There can be no assurances that such conversion would occur or on what terms and conditions such conversion would occur, including whether such conversion, if it did occur in the future, would have any adverse impact on the Company, the Company’s stock price, governance and other matters.

Wafra has customary minority rights and certain other structural protections designed to protect its interests, including redemption rights with respect to its investment in the Digital IM Business and its funded commitments in certain digital funds. Wafra's redemption rights will be triggered upon the occurrence of certain events, including key person or cause events under the governing documents of certain digital funds and for a limited period, upon Mr. Ganzi and Mr. Jenkins ceasing to fulfill certain time and attention commitments to the Digital IM business.

To further enhance the alignment of interests, the Company entered into an amended and restated restrictive covenant agreement with each of Mr. Ganzi and Mr. Jenkins, pursuant to which they agreed to certain enhanced non-solicitation provisions and extension of the term of existing non-competition agreements.

Wafra’s investment provides the Company with permanent capital to pursue strategic digital infrastructure investments and grow the Digital IM Business.

Noncontrolling Interests in Investment Entities

These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture partners.

The Company's investment in its light industrial portfolio, prior to its sale in December 2019, was made alongside third party limited partners through a joint venture consolidated by the Company. The Company's ownership interest changed over time as result of capital contributions from or redemptions of limited partner interests. Limited partners were admitted or redeemed at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions or redemptions. For the years ended December 31, 2019 and 2018, the difference between contributions or redemptions and the respective limited partners' share of the joint venture resulted in a net increase to additional paid-in capital of $12.4 million and $34.1 million, respectively.

Noncontrolling Interests in Operating Company

Certain current and former employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP.

Issuance of OP Units—The Company issued 21,478,515 OP Units in July 2019 and 612,072 OP Units in December 2019 as part of the consideration for the acquisitions of DBH, valued at $111.9 million, and DataBank, valued at $3.0 million, based upon the closing price of the Company's class A common stock on July 24, 2019 and December 20, 2019, respectively (Note 3). There were no OP Units issued in the year ended December 31, 2020.

Redemption of OP Units—The Company redeemed 2,184,395 OP Units during the year ended December 31, 2020 and 187,995 OP Units during the year ended December 31, 2019, with the issuance of an equal number of shares of class A common stock on a one-for-one basis.

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and Related Liabilities Held for Disposition

Total assets and related liabilities held for disposition are summarized below.


	December 31, 2020						December 31, 2019
(In thousands)	Disposition by Sale		Non-Sale Disposition		Total Held for Disposition		Disposition by Sale		Non-Sale Disposition		Total Held for Disposition
Assets
Restricted cash	$	82,850	$	14,695	$	97,545	$	122,663	$	5,782	$	128,445
Real estate, net	3,159,742		743,227		3,902,969		4,421,888		1,019,849		5,441,737

Deferred leasing costs and intangible assets, net	9,748		437		10,185		37,399		2,533		39,932
Other assets (1)	79,936		15,166		95,102		97,219		35,752		132,971
Total assets held for disposition	$	3,332,276	$	773,525	$	4,105,801	$	4,679,169	$	1,063,916	$	5,743,085

Liabilities
Debt, net (2)	$	2,714,079	$	780,000	$	3,494,079	$	2,926,449	$	772,485	$	3,698,934
Lease intangibles and other liabilities	155,949		47,513		203,462		141,426		22,161		163,587
Total liabilities related to assets held for disposition	$	2,870,028	$	827,513	$	3,697,541	$	3,067,875	$	794,646	$	3,862,521

__________

(1) Includes corporate aircraft that was impaired $11.9 million in 2020 to reflect recoverable value prior to its sale to a third party in January 2021.

Discontinued Operations


	December 31, 2020		December 31, 2019
(In thousands)	Hotel			Hotel		Industrial
Assets
Restricted cash	$	92,870		$	112,923	$	—
Real estate, net	3,504,249			4,658,477		342,758
Deferred leasing costs and intangible assets, net	1,851			6,802		25,371
Other assets	70,343			111,229		3,917
Total assets held for disposition—discontinued operations	$	3,669,313		$	4,889,431	$	372,046

Liabilities
Debt, net	$	3,494,079		$	3,465,990	$	232,944
Lease intangibles and other liabilities	164,339			128,155		2,090
Total liabilities related to assets held for disposition—discontinued operations	$	3,658,418		$	3,594,145	$	235,034

Non-Recourse Investment-Level Secured Debt

Discontinued Operations

Discontinued operations represent the following:

•Hotel—operations of the Company's Hospitality segment and the THL Hotel Portfolio in the Other segment in all periods; and

Income (loss) from discontinued operations is presented below.


	Year Ended December 31, 2020						Year Ended December 31, 2019						Year Ended December 31, 2018
(In thousands)	Hotel		Industrial		Total		Hotel		Industrial		Total		Hotel		Industrial		Total
Revenues
Property operating income	$	573,787	$	20,217	$	594,004	$	1,119,045	$	346,431	$	1,465,476	$	1,193,636	$	288,367	$	1,482,003
Fee income	—		—		—		—		11,646		11,646		—		7,378		7,378
Interest and other income	185		79		264		486		5,163		5,649		1,374		3,775		5,149
Revenues from discontinued operations	573,972		20,296		594,268		1,119,531		363,240		1,482,771		1,195,010		299,520		1,494,530
Expenses
Property operating expense	489,975		5,993		495,968		757,555		93,440		850,995		805,161		84,162		889,323
Interest expense	157,287		6,665		163,952		228,729		91,863		320,592		218,278		42,713		260,991
Investment and servicing expense	16,811		20		16,831		17,612		658		18,270		15,033		436		15,469
Transaction costs	4,500		—		4,500		—		—		—		—		—		—
Depreciation and amortization	144,499		2,340		146,839		182,198		106,470		288,668		191,321		129,104		320,425
Impairment loss	1,107,133		—		1,107,133		59,913		—		59,913		86,841		948		87,789
Compensation expense—cash and equity-based (1)	4,395		82		4,477		5,322		29,791		35,113		6,512		11,156		17,668
Compensation expense—carried interest	—		(489)		(489)		—		35,170		35,170		—		4,696		4,696
Administrative expenses	2,937		1,199		4,136		2,252		6,089		8,341		1,682		4,803		6,485
Expenses from discontinued operations	1,927,537		15,810		1,943,347		1,253,581		363,481		1,617,062		1,324,828		278,018		1,602,846
Other income (loss)
Gain on sale of real estate	—		15,936		15,936		913		1,457,892		1,458,805		4,618		7,633		12,251
Other gain (loss), net	9,732		—		9,732		804		1,338		2,142		(1,460)		—		(1,460)
Equity method earnings (losses), including carried interest	—		(115)		(115)		—		41,258		41,258		—		10,636		10,636
Income (loss) from discontinued operations before income taxes	(1,343,833)		20,307		(1,323,526)		(132,333)		1,500,247		1,367,914		(126,660)		39,771		(86,889)
Income tax benefit (expense)	(2,662)		15		(2,647)		(27)		1,550		1,523		9,866		(189)		9,677
Income (loss) from discontinued operations	(1,346,495)		20,322		(1,326,173)		(132,360)		1,501,797		1,369,437		(116,794)		39,582		(77,212)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(172,419)		10,651		(161,768)		(20,758)		989,358		968,600		(14,380)		21,260		6,880
Noncontrolling interests in Operating Company	(116,350)		955		(115,395)		(9,404)		49,391		39,987		(6,074)		1,113		(4,961)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(1,057,726)	$	8,716	$	(1,049,010)	$	(102,198)	$	463,048	$	360,850	$	(96,340)	$	17,209	$	(79,131)

__________

(1) Includes equity-based compensation of $0.8 million in 2020, $9.7 million in 2019 and $4.0 million in 2018

Earnings per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

The following table provides the basic and diluted earnings per common share computations:


	Year Ended December 31,
(In thousands, except per share data)		2020		2019		2018
Net loss allocated to common stockholders
Loss from continuing operations		$	(2,464,237)	$	(1,518,352)	$	(417,963)
(Income) loss from continuing operations attributable to noncontrolling interests		837,488		108,695		(22,513)
Loss from continuing operations attributable to Colony Capital, Inc.		(1,626,749)		(1,409,657)		(440,476)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(1,049,010)		360,850		(79,131)
Net loss attributable to Colony Capital, Inc.		(2,675,759)		(1,048,807)		(519,607)

Preferred dividends		(75,023)		(108,550)		(117,097)
Net loss attributable to common stockholders		(2,750,782)		(1,152,207)		(632,709)
Net income allocated to participating securities		(1,250)		(3,491)		(2,504)
Net loss allocated to common stockholders—basic		(2,752,032)		(1,155,698)		(635,213)
Interest expense attributable to convertible and exchangeable notes (1)		—		—		—
Net loss allocated to common stockholders—diluted		$	(2,752,032)	$	(1,155,698)	$	(635,213)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		473,558		479,588		496,993
Weighted average effect of dilutive shares (1)(2)(3)		—		—		—
Weighted average number of common shares outstanding—diluted		473,558		479,588		496,993
Income (loss) per share—basic
Loss from continuing operations		$	(3.60)	$	(3.16)	$	(1.12)
Income (loss) from discontinued operations		(2.21)		0.75		(0.16)
Net loss attributable to common stockholders per common share—basic		$	(5.81)	$	(2.41)	$	(1.28)
Income (loss) per share—diluted
Loss from continuing operations		$	(3.60)	$	(3.16)	$	(1.12)
Income (loss) from discontinued operations		(2.21)		0.75		(0.16)
Net loss attributable to common stockholders per common share—diluted		$	(5.81)	$	(2.41)	$	(1.28)

__________

(1) For the years ended December 31, 2020, 2019 and 2018, excluded from the calculation of diluted earnings per share is the effect of adding back $29.9 million, $28.2 million and $28.6 million of interest expense, respectively, and 87,478,400, 38,112,100, and 38,112,100 of weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive.

(2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 74,100 and 571,500 for the years ended December 31, 2019 and 2018 , respectively, as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the year ended December 31, 2020. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to performance stock units (Note 19) of 5,776,800, 990,700 and 532,900 for the years ended December 31, 2020, 2019 and 2018, respectively. Also excluded from the calculation of diluted earnings per share is the effect of weighted average shares of class A common stock that are issuable to net settle the exercise of warrants (Note 15) of 862,200 for the year ended December 31, 2020 as the effect would be antidilutive.

(3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common stock on a one-for-one basis. At December 31, 2020, 2019 and 2018 there were 51,076,700, 53,261,100 and 31,358,500 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Fee Income

The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs, and other investment vehicles for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor.

Fee income in 2019 and 2018, as presented below, excludes management fees from the Company's open-end light industrial fund, which is included in income from discontinued operations (Note 16) prior to the sale of the Company's light industrial platform in December 2019.

The Company earns fee income from the following sources:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Institutional funds and other investment vehicles		$	129,086	$	82,188	$	48,624
Public companies (CLNC, and NRE prior to its sale in September 2019)		29,739		118,049		65,258
Non-traded REIT		17,170		19,896		29,597
Other		1,760		3,782		964
		$	177,755	$	223,915	$	144,443

The following table presents the Company's fee income by type:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Base management fees ($169,518, $151,452 and $130,384 from affiliates, respectively)		$	169,813	$	152,189	$	131,406
Asset management fees ($2,430, $2,371 and $2,078 from affiliates, respectively)		3,273		3,559		2,078
Acquisition and disposition fees—from affiliates		—		—		1,922
Incentive and termination fees—from affiliates ($35, $64,555, and $5,445 from affiliates, respectively)		35		64,555		5,445
Other fee income ($4,541, $2,206 and $3,389 from affiliates, respectively)		4,634		3,612		3,592
Total fee income		$	177,755	$	223,915	$	144,443

Base Management Fees—The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs, and other investment vehicles, calculated as follows:

•Private Funds and similar investment vehicles—generally (a) 1% per annum of limited partners' net funded capital, or (b) 0.9% to 1.75% per annum of investors' committed capital during commitment or investment period and thereafter, of contributed or invested capital;

•CLNC—1.5% per annum of CLNC's stockholders' equity (as defined in its management agreement), with a reduction in fee base to reflect CLNC's reduced book value effective in the beginning of the fourth quarter of 2019;

•Non-Traded REIT—1.5% per annum of most recently published NAV (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare, and prior to closing of the Combination on January 31, 2018, 1% to 1.25% per annum of gross assets for NorthStar I and NorthStar II. $2.5 million per quarter of base management fee for NorthStar Healthcare is paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution); and

•NorthStar Realty Europe ("NRE")—prior to the September 30, 2019 sale of NRE, previously a publicly-traded REIT managed by the Company, and concurrent termination of its management contract, a variable fee of 1.5% per annum of NRE's reported European Public Real Estate Association NAV ("EPRA NAV" as defined in its management agreement) for EPRA NAV up to and including $2.0 billion, and 1.25% per annum for EPRA NAV amounts exceeding $2.0 billion.

Asset Management Fees—The Company earns asset management fees from its managed private funds, which represents a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment.

Acquisition and Disposition Fees—Prior to closing of the Combination on January 31, 2018, the Company earned

from NorthStar I and NorthStar II an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment, and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment.

Incentive Fees—The Company may earn incentive fees from CLNC, and prior to its termination, from NRE, determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50%) is allocable to senior management, investment professionals and certain other employees of the Company, included in carried interest and incentive fee compensation expense. There were no incentive fees earned in 2020.

Termination of the NRE management contract in September 2019 resulted in payment and recognition of a termination fee to the Company of $64.6 million, of which $21.5 million represents incentive fees earned for fiscal year 2019 through the date of termination.Other Fee Income—Other fees include service fees for information technology and operational support services and facilities to portfolio companies, advisory fees, and licensing fee on the Company's proprietary real estate index, a rules-based strategy that invests in common stock of U.S. REITs.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "Equity Incentive Plan") provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, restricted stock units ("RSUs"), deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At December 31, 2020, an aggregate 64.1 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan.

Restricted Stock—Restricted stock awards relating to the Company's class A common stock are granted to senior executives, directors and certain employees, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period.

Restricted Stock Units ("RSUs")—RSUs relating to the Company's class A common stock are subject to a performance condition. Vesting of performance-based RSUs occur upon achievement of certain Company-specific metrics over a performance measurement period. Only vested RSUs are entitled to accrued dividends declared and paid on the Company's class A common stock during the time period the RSUs were outstanding. Fair value of RSUs are based on the Company's class A common stock price on grant date. Equity-based compensation expense is recognized when it becomes probable that the performance condition will be met.

Performance Stock Units ("PSUs")—PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipients of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, generally ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock either relative to that of a specified peer group or against a target stock price over a three-year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period.

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:


	2020 PSU Grants	2019 PSU Grants	2018 PSU Grant (4)
Expected volatility of the Company's class A common stock (1)	34.1%	26.2%	29.0%
Expected annual dividend yield (2)	9.3%	8.5% - 8.7%	7.3%
Risk-free rate (per annum) (3)	0.4%	2.2% - 2.4%	2.1%

__________

(1) Based upon the Company's historical stock volatility or in combination with historical stock volatility of a specified peer group, or a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group.

(2) Based upon a combination of historical dividend yields and current annualized dividends.

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date.

(4) Reflects assumptions applied in valuing the award upon modification in February 2019.

Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period.

LTIP Units—LTIP units are units in the Operating Company that are designated as profits interests for federal income tax purposes. Unvested LTIP units that are subject to market conditions do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder (subject to capital account limitation), into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 15).

LTIP units issued have either (1) a service condition only, valued based upon the Company's class A common stock price on grant date; or (2) both a service condition and a market condition based upon the Company's class A common stock achieving target prices over predetermined measurement periods subject to continuous employment to the time of vesting, valued using a Monte Carlo simulation.

The following assumptions were applied in the Monte Carlo model under a risk-neutral premise:


	2020 LTIP Grant	2019 LTIP Grant (1)
Expected volatility of the Company's class A common stock (2)	43.1%	28.3%
Expected dividend yield (3)	0.0%	8.1%
Risk-free rate (per annum) (4)	0.2%	1.8%

__________

(1) Represents 10 million LTIP units granted to Marc Ganzi in connection with the acquisition of DBH in July 2019, with vesting based upon achievement of the Company's class A common stock price closing at or above $10.00 over any 90 consecutive trading days prior to the fifth anniversary of the grant date.

(2) Based upon historical volatility of the Company's stock and those of a specified peer group.

(3) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. Expected dividend yield is zero for the 2020 LTIP award as the Company suspended common dividends beginning with the second quarter of 2020.

(4) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

Equity-based compensation cost on LTIP units is recognized on a straight-line basis either over (1) the service period for awards with a service condition only; or (2) the derived service period for awards with both a service condition and a market condition, irrespective of whether the market condition is satisfied. The derived service period is a service period that is inferred from the application of the simulation technique used in the valuation of the award, and represents the median of the terms in the simulation in which the market condition is satisfied.

Deferred Stock Units—Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, where applicable. Upon separation of service from the Company, vested DSUs will be settled in shares of the Company’s class A common stock. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity.

Equity-based compensation expense, excluding amounts related to the industrial and hotel businesses which are presented as discontinued operations (Note 16), is as follows:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Compensation expense (including $568, $345 and $270 amortization of fair value of dividend equivalent rights)		$	34,156	$	29,899	$	37,839

Changes in the Company’s unvested equity awards are summarized below:


							Weighted Average Grant Date Fair Value
	Restricted Stock	LTIP Units (1)	DSUs	RSUs (2)	PSUs (3)	Total	PSUs		All Other Awards
Unvested shares and units at December 31, 2019	7,641,708	10,000,000	265,784	—	5,680,195	23,587,687	$	3.66	$	3.25
Granted	10,130,282	1,845,018	672,910	10,799,244	4,324,375	27,771,829	1.64		2.20
Vested	(6,426,591)	—	(613,817)	—	—	(7,040,408)	—		4.96
Forfeited	(616,687)	—	—	(1,209,680)	(68,679)	(1,895,046)	3.71		3.74
Unvested shares and units at December 31, 2020	10,728,712	11,845,018	324,877	9,589,564	9,935,891	42,424,062	2.78		2.10

__________

(1) Represents the number of LTIP units granted subject to vesting based upon achievement of market condition. LTIP units that do not meet the market condition within the measurement period will be forfeited.

(2) Represents the number of RSUs granted that are subject to vesting only upon achievement of performance condition. RSUs that do not meet the performance condition at the end of the measurement period will be forfeited.

(3) Represents the number of PSUs granted, which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return measured at the end of the performance period.

Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $17.9 million in 2020, $14.7 million in 2019 and $111.2 million in 2018.

At December 31, 2020, aggregate unrecognized compensation cost for all unvested equity awards was $57.2 million, which is expected to be recognized over a weighted average period of 2.5 years.

Awards Granted by Managed Companies

CLNC and NRE, both managed by the Company prior to termination of NRE's management agreement concurrent with the sale of NRE in September 2019, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). CLNC awards are primarily restricted stock grants that typically vest over a three-year period, subject to service conditions. NRE awards generally had similar terms as the Company's stock awards, except that the NRE performance stock units measured NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees were entitled to receive shares of NRE common stock if service conditions and/or market conditions were met. Generally, the Company grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees.

Managed company awards granted to the Company, pending grant by the Company to its employees, are recognized based upon their fair value at grant date as other assets and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company.

Managed company awards granted to employees, either directly or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively.

Equity-based compensation expense recognized related to managed company awards was $2.1 million in 2020, $32.3 million in 2019 and $9.6 million in 2018. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20). At December 31, 2020, aggregate unrecognized compensation cost for unvested managed company awards of CLNC was $2.3 million, which is expected to be recognized over a weighted average period of 1 year.

Transactions with Affiliates

12 Months Ended

Dec. 31, 2020

Transactions with Affiliates

Transactions with AffiliatesAffiliates include (i) private funds, traded and non-traded REITs and other investment vehicles that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees").

Amounts due from and due to affiliates consist of the following:


(In thousands)	December 31, 2020		December 31, 2019
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	32,259	$	36,106
Cost reimbursements and recoverable expenses	15,655		14,624
Loan and interest receivable	35,089		—
Employees and other affiliates	541		750
	$	83,544	$	51,480
Due to Affiliates

Employees and other affiliates	$	601	$	34,064

Transactions with affiliates include the following:

Fee Income—Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 18.

Cost Reimbursements—The Company received cost reimbursement income related primarily to the following arrangements:

•Direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of non-traded REITs and CLNC, with reimbursements for non-traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees);

•Direct costs of personnel dedicated solely to NRE (prior to termination of management agreement concurrent with sale of NRE in September 2019) plus 20% of such personnel costs for related overhead charges, not to exceed, in aggregate, specified thresholds as set out in the NRE management agreement;

•Costs incurred in performing investment due diligence for NorthStar Healthcare and private funds managed by the Company;

•Equity awards granted to employees of the Company by CLNC and NRE (prior to termination of the NRE management agreement), which are presented gross as other income and compensation expense (Note 19);

•Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties, and services to the Digital Colony Manager joint venture prior to the Company's acquisition of DBH in July 2019; and

•Administrative services provided to certain senior executives of the Company.

Cost reimbursements, included in other income, are as follows. Amounts related to NRE pertain to periods prior to termination of its management agreement in September 2019.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Retail companies		$	3,513	$	3,098	$	4,672
Public companies (CLNC, NRE)		8,974		14,442		10,747
Private investment vehicles and other		9,392		14,059		9,198
Equity awards of CLNC and NRE (Note 19)		1,976		32,627		10,078
		$	23,855	$	64,226	$	34,695

Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of investment vehicles sponsored by the Company, for which the Company recovers from these investment vehicles up to specified thresholds, as applicable.

NorthStar Healthcare Credit Facility—The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million. The credit facility matures in December 2022, with a six-month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5%. There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. In April 2020, the credit facility was drawn for the full amount of $35.0 million and remained outstanding at December 31, 2020. There were no amounts outstanding at December 31, 2019.

Liquidating Trust—In the formation of CLNC through a merger with NorthStar I and NorthStar II, non-traded REITs previously sponsored by the Company, a certain loan receivable previously held by NorthStar I was not transferred to CLNC, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. The Company entered into a management services agreement with the liquidating trust to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial. In October 2020, the loan was paid off at a discount and the liquidating trust was liquidated and dissolved in November 2020.

Deferred Consideration—In the acquisition of DBH in July 2019 (Note 3), payment of a portion of the cash consideration to the principals of DBH, including Marc Ganzi, who became employees or affiliate of the Company post-acquisition, was deferred until the expiration of certain customary seller indemnification obligations. The entire deferred consideration of $32.5 million was paid in May 2020.

Digital Real Estate Acquisitions—In connection with the acquisition of third party interests in DataBank in December 2019 (Note 3), Marc Ganzi and Ben Jenkins entered into voting agreements with the Company, which provided the Company with majority voting power over DataBank's board of directors. Additionally, in exchange for incentive units owned by Messrs. Ganzi and Jenkins allocable to the DataBank stake acquired by the Company, the Company issued OP Units with a value of $3 million, which are subject to a multi-year lockup. The value represents consideration paid to Messrs. Ganzi and Jenkins by the Company for such incentive units in connection with its investment in DataBank, which was in addition to the cash consideration paid to third parties by the Company for its acquired interests in DataBank. As a result, the Company will not be subject to future carried interest payments to Messrs. Ganzi and Jenkins with respect to the Company's investment in DataBank.

In connection with acquisition of Vantage SDC in July 2020 (Note 3), the Company entered into a series of agreements with Messrs. Ganzi and Jenkins, and their respective affiliates, pursuant to which Messrs. Ganzi and Jenkins invested $8.7 million and $2.1 million, respectively, in Vantage SDC alongside the Company and the co-investors on the same economic terms. Such amounts invested represented 40% of carried interest payments received by each of Messrs. Ganzi and Jenkins in connection with Vantage SDC acquisition as a result of their respective personal investments in Vantage made prior to the Company’s acquisition of DBH (such carried interest was determined excluding any additional future payments that may be payable if certain leasing milestones are achieved). Additionally, the day-to-day operations of Vantage SDC will continue to be managed by the existing management company of Vantage, in which Messrs. Ganzi and Jenkins own a 50% interest in the aggregate. Fees paid to the Vantage management company for Vantage SDC was $5.4 million for 2020.

In December 2020, DataBank acquired the zColo colocation business from Zayo, which is a portfolio company of DCP I and other co-invest vehicles sponsored and managed by the Company.

In the aforementioned transactions, the Company took a series of steps to mitigate conflicts in the transactions, including receiving fairness opinions on the purchase price from a nationally recognized third party valuation firm. Additionally, the transactions, specifically the related party aspects of the transactions, were subject to the approval of either the Company's board of directors or the audit committee of the board of directors.

Arrangements with Company-Sponsored Private Funds—The Company co-invests alongside its sponsored private funds through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private funds and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private funds such as financing and administrative costs. Such costs expensed in the three years presented were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund.

Equity Awards of CLNC and NRE—As discussed in Note 19, CLNC and NRE (prior to termination of the NRE management agreement) grant equity awards to the Company and certain of the Company's employees, either directly or indirectly through the Company, are recognized as a gross-up of equity-based compensation expense over the vesting period with a corresponding amount in other income.

Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2020 and 2019, such investments in consolidated investment vehicles and general partner entities totaled $19.1 million and $4.0 million, respectively, reflected in

redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $9.5 million in 2020, $2.5 million in 2019 and $0.4 million in 2018.

Aircraft—The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack reimbursed the Company $0.7 million in 2020, $1.4 million in 2019 and $0.7 million in 2018. The Company's aircraft was sold in January 2021.

Separately, pursuant to Mr. Ganzi’s employment agreement, as amended, the Company has agreed to reimburse Mr. Ganzi for certain variable operational costs of business travel on a chartered or private jet (including any aircraft that Mr. Ganzi may partially or fully own); provided that the Company will not reimburse the allocable share (based on the number of passengers) of variable operational costs for any passenger on such flight who is not traveling on Company business. Additionally, the Company has also agreed to reimburse Mr. Ganzi for certain defined fixed costs of any aircraft owned by Mr. Ganzi. The fixed cost reimbursements will be made based on an allocable portion of an aircraft’s annual budgeted cash fixed operating costs, based on the number of hours the aircraft will be used for business purposes. At least once a year, the Company will reconcile the budgeted fixed operating costs with the actual fixed operating costs of the aircraft, and the Company or Mr. Ganzi, as applicable, will make a true-up payment for any difference. The Company reimbursed Mr. Ganzi $1.8 million in 2020 and $0.3 million in 2019, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from its investment management business, operations of its hotel and healthcare portfolios as well as real estate and loan investments in Europe.

Income Tax Benefit (Expense)

The components of current and deferred tax benefit (expense), excluding amounts related to the hotel and industrial businesses presented as discontinued operations (Note 16), are as follows.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Current
Federal	$	(20,173)	$	(5,957)	$	4,995
State and local	(397)		(2,859)		1,736
Foreign	1,252		(12,459)		(13,698)
Total current tax benefit (expense)	(19,318)		(21,275)		(6,967)
Deferred
Federal	33,238		(137)		53,991
State and local	5,784		2,286		(68)
Foreign	(9,665)		5,150		3,148
Total deferred tax benefit (expense)	29,357		7,299		57,071
Income tax benefit (expense) on continuing operations	$	10,039	$	(13,976)	$	50,104

Deferred Income Tax Assets and Liabilities

Deferred tax assets are included in other assets, which excludes $4.8 million and $12.6 million related to assets held for disposition at December 31, 2020 and 2019, respectively. Deferred tax liabilities are included in accrued and other liabilities.

The components of deferred tax assets, excluding amounts related to the hotel business that is held for disposition, and deferred tax liabilities arising from temporary differences are as follows.


(In thousands)	December 31, 2020		December 31, 2019
Deferred tax assets
Net operating and capital loss carry forwards (1)	$	100,684	$	54,372
Equity-based compensation	12,909		23,410

Real estate, leases and related intangible liabilities	110,546		12,731

Straight-line and prepaid rent	9,674		3,520
Deferred income	1,121		5,816
Deferred interest expense	21,664		11,462
Lease liability—corporate offices	10,385		6,270
Other	178		390
Gross deferred tax assets	267,161		117,971
Valuation allowance	(84,799)		(20,565)
Deferred tax assets, net of valuation allowance	182,362		97,406
Deferred tax liabilities
Real estate, leases and related intangible assets	275,844		209,474
Investment in partnerships	9,739		1,051
Other intangible assets	17,277		31,124
ROU lease asset—corporate offices	5,208		9,420


Gross deferred tax liabilities	308,068		251,069
Net deferred tax liability	$	(125,706)	$	(153,663)

__________

(1) At December 31, 2020 and 2019, deferred tax assets were recognized on NOL (prior to establishment of valuation allowances) of $385.9 million and $217.5 million, respectively (excluding NOL, prior to establishment of valuation allowances, of $157.6 million and $52.2 million, respectively, related to the hotel business that is held for disposition). NOL attributable to U.S. federal and state generally begin to expire in 2031, except those U.S federal and foreign losses incurred after December 31, 2017 which can generally be carried forward indefinitely.

Valuation Allowance—Of the valuation allowance of $84.8 million at December 31, 2020, $64.2 million of the allowance was established during 2020, primarily driven by uncertainties in future realization of tax benefit on NOL and taking into consideration decreases in value of the underlying real estate assets. This excludes valuation allowance of $47.1 million at December 31, 2020 on deferred tax assets associated with the hotel business that is held for disposition, of which $41.3 million of the allowance was established during 2020.

Effect of CARES Act—The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. Among other things, the CARES Act temporarily removed the 80% limitation on the amount of taxable income that can be offset with NOL for 2019 and 2020, and allowed for a carryback of NOL generated in years 2018 through 2020 to the five preceding taxable years of the loss. The Company has approximately $76.2 million of NOL available for carryback under the CARES Act and recorded $3.6 million of income tax benefit to reflect the carryback. The Company also reclassified $17.9 million of deferred tax asset to current tax receivable as of December 31, 2020, which reflects refunds received or expected to be received in the next twelve months. These amounts exclude $16.7 million of carryback NOL, $2.0 million of income tax benefit recorded and $5.6 million of deferred tax asset reclassified to current tax in connection with the hotel business that is held for disposition.

Effective Income Tax

The Company's income tax benefit (expense) attributable to continuing operations varied from the amount computed by applying the statutory income tax rate to loss from continuing operations before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax attributable to continuing operations is presented as follows:


	Year Ended December 31,
(Amounts in thousands)	2020		2019		2018
Loss from continuing operations before income taxes	$	(2,474,276)	$	(1,504,376)	$	(468,067)
(Income) loss from continuing operations before income taxes attributable to pass-through subsidiaries	1,569,819		704,418		230,462
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(904,457)		(799,958)		(237,605)
Federal tax benefit at statutory tax rate (at 21%)	189,936		167,991		49,897
State and local income taxes, net of federal income tax benefit	1,437		862		10,601
Foreign income tax differential	(4,632)		(8,979)		(3,533)
Foreign income tax differential—U.K. tax rate change	17,591		—		—
Nondeductible expenses—goodwill impairment	(124,740)		(165,480)		—
Nondeductible expenses—other	(1,300)		(4,556)		(3,749)
Valuation allowance, net	(64,234)		(4,151)		(7,789)
Impact of Tax Cuts and Jobs Act	—		—		2,092
Other	(4,019)		337		2,585
Income tax benefit (expense) on continuing operations	$	10,039	$	(13,976)	$	50,104

Tax Examinations

The Company is no longer subject to new income tax examinations by tax authorities for years prior to 2017.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

As lessee, the Company's leasing arrangements are composed of (i) leases on investment properties, consisting primarily of finance and operating leases on powered shell spaces for data centers, an air rights operating lease, lease on data center equipment, and operating ground leases; and (ii) operating leases for corporate offices.

The weighted average remaining lease term based upon outstanding lease liability balances at December 31, 2020 was 12.4 years for finance leases on investment properties, 13.2 years for operating leases on investment properties and 6.4 years for operating leases on corporate offices.

For the year ended December 31, 2018, operating lease cost, including variable lease expense, was $3.8 million for ground leases and $10.1 million for office leases.

The following table summarizes total lease cost for operating leases and finance leases for the years ended December 31, 2020 and 2019. There were no finance leases in 2019.


	Year Ended December 31, 2020				Year Ended December 31, 2019
(In thousands)	Investment Properties		Corporate Offices		Investment Properties		Corporate Offices
Operating leases: (1)
Fixed lease expense	$	23,551	$	10,102	$	3,778	$	9,213
Variable lease expense	5,758		2,506		133		2,516
Total operating lease cost	$	29,309	$	12,608	$	3,911	$	11,729

Finance leases:
Interest expense	$	414	$	—	$	—	$	—
Amortization of ROU lease asset	475		—		—		—
Total finance lease cost	$	889	$	—	$	—	$	—

__________

(1) Total lease cost for operating leases is included in property operating expense for investment properties and administrative expense for corporate offices.

Lease Commitments

Finance and operating lease liabilities take into consideration renewal or termination options when such options are deemed reasonably certain to be exercised by the Company and exclude variable lease payments which are expensed as incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, and/or (ii) nonlease services, such as common area maintenance in net leases and operating expenses, primarily for power, in data center leases.

The table below presents the Company's future lease commitments at December 31, 2020, determined using weighted average discount rates of 6.2% for finance leases on investment properties, 6.3% for operating leases on investment properties, excluding properties held for disposition, and 4.6% for operating leases on corporate offices:


(In thousands)	Finance Leases		Operating Leases
Year Ending December 31,	Investment Properties		Investment Properties		Corporate Offices
2021	$	15,315	$	55,806	$	10,401
2022	15,644		56,161		9,307
2023	15,918		57,409		8,490
2024	16,308		53,019		8,951
2025	16,709		41,640		7,975
2026 and thereafter	136,669		326,947		15,045
Total lease payments	216,563		590,982		60,169
Present value discount	(67,589)		(239,462)		(8,636)
Finance / Operating lease liability (Note 9)	$	148,974	$	351,520	$	51,533

Litigation

The Company may be involved in litigations in the ordinary course of business. As of December 31, 2020, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

The Company conducts its business through five reportable segments as follows:

•Digital Investment Management ("Digital IM")—This business encompasses the investment and stewardship of third party capital in digital infrastructure and real estate. The Company's flagship opportunistic strategy is conducted through DCP and separately capitalized vehicles while other strategies, including digital credit and public equities, will be or are conducted through other investment vehicles. The Company earns management fees, generally based on the amount of assets or capital managed in investment vehicles, and have the potential to earn carried interest based on the performance of such investment vehicles subject to achievement of minimum return hurdles.

•Digital Operating—This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earn rental income from providing use of space and/or capacity in or on digital assets through leases, services and other agreements. The Company currently owns interests in two companies: DataBank, an edge colocation data center business that acquired zColo's edge business in December 2020; and Vantage SDC. Both DataBank and Vantage are also portfolio companies, managed under Digital IM for the equity interests owned by third party capital.

•Digital Other—This segment is composed of equity interests in digital investment vehicles, the largest of which is the Company’s investment and commitment to the DCP flagship funds. This segment also includes the Company’s investment and commitment to the digital liquid strategies and seed investments for future digital investment vehicles.

•Wellness Infrastructure (previously referred to as Healthcare)—This segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement.

•Other—This segment is composed of other equity and debt ("OED") investments and the non-digital investment management ("Other IM") business. OED encompasses a diversified group of non-digital real estate and real estate-related equity and debt investments, including investments for which the Company acts as a general partner and/or manager ("GP co-investments") and receives various forms of investment management economics on related third-party capital on such investments, which includes our investment in CLNC, among other holdings. The Company has monetized a substantial portion of its OED portfolio and will continue to monetize the remainder as it completes its digital evolution. Other IM, which is separate from Digital IM, encompasses the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, and NorthStar Healthcare. Many of the investments underlying these vehicles are co-owned by the Company’s balance sheet and categorized under OED. The Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or potential carried interest based on the performance of the investment vehicles managed subject to achievement of minimum return hurdles.

Amounts not allocated to specific segments generally include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as corporate level transaction costs. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. In the third quarter of 2020, the Company applied a more specific identification of individual compensation and administrative costs to more precisely attribute these costs to the respective reportable segments. The more refined cost attribution methodology is a better reflection of the underlying cost of operations of the individual reportable segments and was retrospectively applied to prior periods.

Aligned with the Company's acceleration of its digital transformation, the Company disaggregated its digital operating segments and beginning the third quarter of 2020, presents three digital reportable segments, as described further below. Concurrently, the Company aggregated three of its non-digital operating segments, that is CLNC, OED and Other IM, and presents a single reportable segment, renamed as Other. These changes reflect the different business strategies for the various digital operating segments and collectively, for the non-digital operating segments, and also reflect the Company's focus on its digital business which represents the future growth of the Company.

Additionally, effective the first and third quarters of 2020, the Industrial segment and the Hospitality segment, respectively, no longer constitute reportable segments. In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which represented the vast majority of the industrial segment. The remaining bulk industrial portfolio was sold in December 2020. In September 2020, the Company entered into a definitive agreement to sell five of the six hotel portfolios in its Hospitality segment (remaining portfolio is in receivership) and the THL Hotel Portfolio in the Other segment. Current and prior period results of the Industrial segment, Hospitality segment and THL Hotel Portfolio in the Other segment are presented as discontinued operations on the consolidated statements of operations (Note 16).

Segment Results of Operations

The following table presents results of operations of the Company's reportable segments.


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total















Year Ended December 31, 2020
Total revenues	$	313,283	$	84,420	$	4,160	$	527,176	$	293,538	$	14,017	$	1,236,594
Income (loss) from continuing operations	(130,818)		9,793		35,922		(754,709)		(1,373,552)		(250,873)		(2,464,237)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(19,784)		9,196		23,261		(503,925)		(916,861)		(218,636)		(1,626,749)
Loss from discontinued operations attributable to Colony Capital, Inc.													(1,049,010)
Net loss attributable to Colony Capital, Inc.													$	(2,675,759)

Year Ended December 31, 2019
Total revenues	$	6,039	$	34,368	$	—	$	582,139	$	570,042	$	14,235	$	1,206,823
Income (loss) from continuing operations	(691)		48,942		(4,465)		(243,688)		(880,972)		(437,478)		(1,518,352)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(124)		44,808		(4,026)		(183,510)		(869,453)		(397,352)		(1,409,657)
Income from discontinued operations attributable to Colony Capital, Inc.													360,850
Net loss attributable to Colony Capital, Inc.													$	(1,048,807)

Year Ended December 31, 2018
Total revenues	$	—	$	—	$	—	$	592,455	$	570,238	$	9,239	$	1,171,932
Income (loss) from continuing operations	—		3,971		1,984		(283,516)		82,572		(222,974)		(417,963)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	—		3,738		1,868		(199,277)		(43,705)		(203,100)		(440,476)
Loss from discontinued operations attributable to Colony Capital, Inc.													(79,131)
Net loss attributable to Colony Capital, Inc.													$	(519,607)

The following table presents selected income and expense items of reportable segments.


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total



















Year Ended December 31, 2020
Property operating income	$	312,883	$	—	$	45	$	517,186	$	106,046	$	—	$	936,160
Interest income	80		37		1,355		3,936		69,372		5,691		80,471
Fee income	—		83,356		—		—		94,399		—		177,755
Property operating expense	119,729		—		105		249,357		54,525		—		423,716
Interest expense	77,976		—		—		138,182		37,400		56,896		310,454
Depreciation and amortization	210,188		26,056		—		138,312		52,111		4,776		431,443
Impairment loss	—		3,832		—		716,501		732,417		21,247		1,473,997
Gain on sale of real estate	—		—		—		175		25,811		—		25,986
Equity method earnings (losses), including carried interest	—		13,039		22,548		—		(499,453)		—		(463,866)
Income tax benefit (expense)	21,461		(60)		462		(19,718)		7,940		(46)		10,039


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total

Year Ended December 31, 2019
Property operating income	$	6,038	$	—	$	—	$	577,669	$	153,657	$	—	$	737,364
Interest income	—		41		—		3,765		159,944		3,015		166,765
Fee income	—		33,095		—		—		190,820		—		223,915
Property operating expense	2,197		—		—		260,374		70,783		—		333,354
Interest expense	1,272		3,230		—		192,621		54,814		54,872		306,809
Depreciation and amortization	1,803		10,406		—		161,115		128,233		6,037		307,594
Impairment loss	—		—		—		187,341		898,540		649		1,086,530
Gain on sale of real estate	—		—		—		1,384		60,619		—		62,003
Equity method earnings (losses), including carried interest	—		7,112		(4,465)		—		(131,349)		—		(128,702)
Income tax benefit (expense)	(10)		(15,094)		—		612		1,170		(654)		(13,976)

Year Ended December 31, 2018
Property operating income	$	—	$	—	$	—	$	586,855	$	180,068	$	—	$	766,923
Interest income	—		—		—		5,138		208,213		1,237		214,588
Fee income	—		—		—		—		144,443		—		144,443
Property operating expense	—		—		—		271,166		74,329		—		345,495
Interest expense	—		—		—		194,898		85,149		54,513		334,560
Depreciation and amortization	—		—		—		164,389		81,385		6,207		251,981
Impairment loss	—		—		—		217,524		282,910		—		500,434
Gain on sale of real estate	—		—		—		—		154,980		—		154,980
Equity method earnings (losses), including carried interest	—		6,861		1,984		—		(8,921)		—		(76)
Income tax benefit (expense)	—		—		—		(4,991)		54,890		205		50,104

Total assets and equity method investments of the reportable segments are summarized as follows:


	December 31, 2020				December 31, 2019
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Operating	$	6,926,634	$	—	$	1,684,867	$	—
Digital Investment Management	490,632		19,167		428,703		1,059
Digital Other	482,464		158,564		46,832		46,832
Wellness Infrastructure	3,914,607		—		4,886,374		—
Other	4,340,736		1,272,769		6,403,002		1,935,882
Amounts not allocated to segments	376,174		3,742		1,120,929		3,742
Assets held for disposition related to discontinued operations	3,669,313		—		5,261,477		—
	$	20,200,560	$	1,454,242	$	19,832,184	$	1,987,515

Geography

Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Total income by geography:
United States		$	1,115,710	$	910,556	$	868,432
Europe		122,475		354,164		329,609
Other		22,899		7,127		302
Total (1)		$	1,261,084	$	1,271,847	$	1,198,343


(In thousands)	December 31, 2020		December 31, 2019
Long-lived assets by geography:
United States	$	8,205,682	$	5,267,189
Europe	1,699,338		1,508,347
Other	624,680		—
Total (2)	$	10,529,700	$	6,775,536

__________

(1) Total income includes the Company's share of earnings (loss) from its equity method investments (but excludes the Company's impairment of its equity method investments of $512.2 million, $258.0 million and $61.2 million for the years ended December 31, 2020, 2019 and 2018, respectively); and excludes cost reimbursement income from affiliates (Note 20) and income from discontinued operations (Note 16). All income from discontinued operations is generated in the United States.

(2) Long-lived assets comprise real estate held for investment, lease related intangible assets, operating lease right-of-use assets and fixed assets, and exclude financial instruments, assets held for disposition and non-lease related intangible assets. Long-lived assets that are held for disposition at December 31, 2020 and 2019 included $3.7 billion and $5.2 billion located in the United States, respectively, and $0.2 billion and $0.3 billion located in Europe, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Supplemental Disclosure of Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information


	Year Ended December 31,
(In thousands)	2020		2019		2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $852, $3,192, and $5,554	$	392,004	$	523,533	$	507,495
Cash paid for income taxes, net of refunds	39,151		(12,595)		14,476
Cash paid for operating lease liabilities	31,138		16,234		—
Cash paid for finance lease liabilities	889		—		—
Supplemental Disclosure of Cash Flows from Discontinued Operations
Hotel:
Net cash provided by (used in) operating activities of discontinued operations	$	8,682	$	157,709	$	177,835
Net cash provided by (used in) investing activities of discontinued operations	(88,348)		(102,845)		19,234
Net cash provided by (used in) financing activities of discontinued operations	(763)		(41,910)		(160,821)
Industrial:
Net cash provided by (used in) operating activities of discontinued operations	(32,452)		158,666		153,379
Net cash provided by (used in) investing activities of discontinued operations	431,972		(599,940)		82,408
Net cash provided by (used in) financing activities of discontinued operations	(359,113)		351,052		378,788


	Year Ended December 31,
(In thousands)	2020		2019		2018
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	$	18,516	$	83,301	$	84,013
Improvements in operating real estate in accrued and other liabilities	27,096		20,230		2,249
Proceeds from loan repayments and asset sales held in escrow	1,858		63,984		19,425
Operating lease right-of-use assets and lease liabilities established	262,169		139,157		—
Finance lease right-of-use assets and lease liabilities established	148,974		—		—
Redemption of OP Units for common stock	7,757		2,104		29,034
Preferred stock redemptions payable	—		402,855		—

Assets and liabilities of investment entities deconsolidated in foreclosure	172,927		—		—
Assets consolidated in real estate acquisition and foreclosure, net of cash and restricted cash	5,399,611		—		—
Liabilities assumed in real estate acquisition and foreclosure	1,854,760		—		—
Noncontrolling interests assumed in real estate acquisition	366,136		—		—
Deferred cash consideration for acquisition of DBH (Note 3)	—		32,500		—
Issuance of OP Units for business combinations (Note 3)	—		114,865		—
Distributions payable to noncontrolling interests included in other liabilities	—		3,986		19,297
Foreclosures and exchanges of loans receivable for real estate	—		28,562		47,097
Debt assumed by buyer in sale of real estate	—		295,562		196,416
Financing provided to buyer in sale of real estate	—		4,000		—
Fair value of Digital Colony Manager contract intangible consolidated (Note 3)	—		51,400		—
Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3)	—		2,098,313		—
Liabilities assumed in business combinations (Note 3)	—		818,449		—
Noncontrolling interests assumed in business combinations (Note 3)	—		724,567		—
Deconsolidation of net assets of securitization trusts	—		—		131,386
Assets held for sale contributed to equity method investee	—		—		20,350
Deferred tax liabilities assumed by buyer of related real estate	—		—		26,629
Share repurchase payable	—		—		7,567
Contributions receivable from noncontrolling interests	—		—		29,721
Assets of investment entities deconsolidated, net of cash and restricted cash contributed (1)	395,351		—		1,753,066
Liabilities of investment entities deconsolidated (1)	235,425		—		421,245
Noncontrolling interests of investment entities deconsolidated (1)	80,921		—		395,274

__________

(1) Represents sale of the Company's interest in the bulk industrial portfolio in 2020 (Note 8) and contribution of the CLNY Contributed Portfolio for the formation of CLNC in 2018 (Note 6).

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

The following table summarizes the activities in the allowance for doubtful accounts established on the Company's receivable balances, primarily on receivables from managed hotel properties in Europe. The allowance amounts presented below exclude those established on doubtful accounts related to assets held for disposition.

2018 included allowances established on lease-related receivables such as base rents, expense reimbursements and straight-line rents from tenants, and resident fees. Upon adoption of ASC 842 on January 1, 2019, such allowances were charged off against the receivable to the extent collection of the related lease receivables were determined to not be probable, and any remaining allowance related to amounts probable of collection were subsequently charged off at such time cash was collected as a reduction to bad debt expense.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Balance at January 1	$	110	$	13,934	$	6,310
Cumulative effect of adoption of ASC 842	—		(13,889)		—
Allowance for doubtful accounts	1,094		3,969		26,416
Charge-offs	(313)		(3,904)		(18,732)
Effect of changes in foreign exchange rates	—		—		(60)
Balance at December 31	$	891	$	110	$	13,934

Schedule III - Real Estate and Accumulative Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020


(Amounts in thousands)				Initial Cost				Costs Capitalized		Impairment		Gross Cost Basis (2)						Accumulated Depreciation (3)		Net Carrying Amount (4)		Date of Acquisition or Construction
	Number of Properties	Encumbrances		Land		Buildings and Improvements (1)						Land		Buildings and Improvements (1)		Total

Digital Operating
Data Centers—Colocation (5)
Arizona	3	$	6,009	$	—	$	9,640	$	—	$	—	$	—	$	9,640	$	9,640	$	(34)	$	9,606	2020
California	6	94,433		10,574		140,918		—		—		10,574		140,918		151,492		(539)		150,953		2020
Colorado	4	71,949		3,397		112,026		—		—		3,397		112,026		115,423		(411)		115,012		2020
Florida	1	9,107		—		14,609		—		—		—		14,609		14,609		(52)		14,557		2020
Georgia	2	97,725		1,467		149,186		14,924		—		1,467		164,110		165,577		(5,016)		160,561		2019-2020
Illinois	4	86,916		—		139,432		—		—		—		139,432		139,432		(496)		138,936		2020
Indiana	2	13,076		—		19,747		4,190		—		—		23,937		23,937		(1,919)		22,018		2019
Kansas	3	45,306		1,336		78,769		1,120		—		1,336		79,889		81,225		(4,935)		76,290		2019
Maryland	1	9,724		—		16,002		1,813		—		—		17,815		17,815		(1,441)		16,374		2019
Massachusetts	1	3,779		—		6,062		—		—		—		6,062		6,062		(22)		6,040		2020
Minnesota	3	41,211		5,116		64,732		4,151		—		5,116		68,883		73,999		(4,970)		69,029		2019-2020
Nevada	1	15,426		—		24,746		—		—		—		24,746		24,746		(88)		24,658		2020
New Jersey	2	28,187		—		45,218		—		—		—		45,218		45,218		(161)		45,057		2020
New York	2	18,957		—		30,411		—		—		—		30,411		30,411		(108)		30,303		2020
Ohio	1	5,647		—		10,348		38		—		—		10,386		10,386		(877)		9,509		2019
Pennsylvania	3	50,671		1,555		79,574		9,642		—		1,555		89,216		90,771		(5,755)		85,016		2019-2020
Tennessee	1	2,726		—		4,373		—		—		—		4,373		4,373		(16)		4,357		2020
Texas	9	200,060		13,937		267,384		14,572		—		13,937		281,956		295,893		(14,268)		281,625		2019-2020
Utah	5	190,719		15,109		297,384		29,263		—		15,109		326,647		341,756		(20,610)		321,146		2019
Virginia	2	73,557		12,618		105,384		—		—		12,618		105,384		118,002		(420)		117,582		2020
Washington	2	9,416		—		15,106		—		—		—		15,106		15,106		(54)		15,052		2020
United Kingdom	1	19,390		—		31,106		—		—		—		31,106		31,106		(111)		30,995		2020
Data Centers—Hyperscale
California	7	1,456,627		95,116		1,792,066		—		—		95,116		1,792,066		1,887,182		(38,312)		1,848,870		2020
Washington	2	269,395		3,582		345,067		—		—		3,582		345,067		348,649		(6,711)		341,938		2020
Canada	3	406,830		4,337		522,902		—		—		4,337		522,902		527,239		(10,858)		516,381		2020
	71	3,226,843		168,144		4,322,192		79,713		—		168,144		4,401,905		4,570,049		(118,184)		4,451,865
Wellness Infrastructure
Assisted Living Facilities
Alabama	1	4,488		337		2,583		1,524		(2,705)		—		1,739		1,739		(603)		1,136		2017
Arizona	1	8,895		536		14,434		1,608		(5,630)		327		10,621		10,948		(1,876)		9,072		2017
California	2	16,215		2,977		32,983		1,504		(19,715)		1,735		16,014		17,749		(3,653)		14,096		2017
Colorado	2	101,909		7,734		138,276		5,260		(53,225)		4,777		93,268		98,045		(15,111)		82,934		2017
Illinois	6	122,111		6,959		152,507		13,611		(35,797)		5,159		132,121		137,280		(17,742)		119,538		2017


(Amounts in thousands)			Initial Cost		Costs Capitalized	Impairment	Gross Cost Basis (2)			Accumulated Depreciation (3)	Net Carrying Amount (4)	Date of Acquisition or Construction
	Number of Properties	Encumbrances	Land	Buildings and Improvements (1)			Land	Buildings and Improvements (1)	Total

Indiana	9	25,835	7,170	26,900	—	—	7,170	26,900	34,070	(3,681)	30,389	2017
Massachusetts	1	2,930	1,346	1,523	360	—	1,346	1,883	3,229	(384)	2,845	2017
North Carolina	8	81,198	11,656	151,555	1,929	(43,805)	8,488	112,847	121,335	(15,880)	105,455	2017
Ohio	3	151,946	14,075	192,190	14,092	(57,287)	10,001	153,069	163,070	(22,143)	140,927	2017
Oregon	25	170,238	20,905	269,521	6,581	(45,497)	17,923	233,587	251,510	(30,998)	220,512	2017
South Carolina	1	15,997	1,105	17,975	2,377	(12,352)	367	8,738	9,105	(2,010)	7,095	2017
Tennessee	1	5,542	1,263	11,093	652	(7,261)	503	5,244	5,747	(1,245)	4,502	2017
Texas	7	114,648	17,890	135,599	8,775	(31,306)	14,309	116,649	130,958	(17,393)	113,565	2017
Washington	5	38,744	3,439	55,200	2,033	(5,553)	3,012	52,107	55,119	(6,347)	48,772	2017
United Kingdom	46	293,230	133,616	527,985	49,662	(4,616)	137,351	569,296	706,647	(60,245)	646,402	2017-2019
Hospitals
Georgia	1	9,005	2,047	16,650	—	—	2,047	16,650	18,697	(1,710)	16,987	2017
Louisiana	1	13,039	1,591	13,991	—	—	1,591	13,991	15,582	(1,425)	14,157	2017
Missouri	3	18,592	3,586	22,684	—	—	3,586	22,684	26,270	(2,417)	23,853	2017
Oklahoma	1	15,309	536	15,954	—	—	536	15,954	16,490	(1,621)	14,869	2017
Texas	2	18,393	3,191	52,140	2,670	(4,852)	3,002	50,147	53,149	(5,468)	47,681	2017
Utah	1	3,383	2,151	7,073	—	—	2,151	7,073	9,224	(747)	8,477	2017
Medical Office Buildings
Alabama	2	34,478	—	56,252	1,242	(23,532)	—	33,962	33,962	(5,093)	28,869	2017
Arkansas	1	807	—	1,343	—	—	—	1,343	1,343	(400)	943	2017
California	2	18,600	5,708	33,831	1,196	(13,916)	3,478	23,341	26,819	(4,357)	22,462	2017
Colorado	6	20,990	8,330	57,618	4,893	(42,661)	1,866	26,314	28,180	(7,789)	20,391	2017
Florida	3	23,182	2,119	41,279	1,962	(18,147)	1,131	26,082	27,213	(4,712)	22,501	2017
Georgia	13	60,989	12,976	100,152	5,465	(24,939)	9,912	83,742	93,654	(13,055)	80,599	2017
Hawaii	1	4,733	519	14,030	3,785	(9,451)	147	8,736	8,883	(1,419)	7,464	2017
Idaho	1	18,418	—	30,473	114	(7,339)	—	23,248	23,248	(3,352)	19,896	2017
Illinois	6	62,616	9,809	97,772	6,930	(37,890)	5,600	71,021	76,621	(11,966)	64,655	2017
Indiana	27	160,147	18,106	297,676	13,492	(92,899)	10,230	226,145	236,375	(37,987)	198,388	2017
Louisiana	4	25,576	2,406	52,142	323	(14,215)	1,573	39,083	40,656	(6,256)	34,400	2017
Michigan	3	29,850	3,856	48,703	2,817	(16,060)	2,104	37,212	39,316	(5,421)	33,895	2017
Minnesota	2	4,808	1,144	9,348	164	(4,454)	596	5,606	6,202	(1,136)	5,066	2017
Mississippi	1	13,720	—	21,465	—	—	—	21,465	21,465	(2,575)	18,890	2017
New Mexico	3	9,934	—	16,344	657	(1,934)	—	15,067	15,067	(3,574)	11,493	2017
Ohio	5	42,227	5,036	99,039	2,421	(40,298)	1,653	64,545	66,198	(11,047)	55,151	2017
Oklahoma	2	11,865	—	18,382	—	—	—	18,382	18,382	(2,225)	16,157	2017
South Carolina	2	14,925	761	22,966	1,860	(11,345)	343	13,899	14,242	(2,766)	11,476	2017
Tennessee	2	3,848	449	20,022	697	(14,393)	135	6,640	6,775	(2,025)	4,750	2017


(Amounts in thousands)				Initial Cost				Costs Capitalized		Impairment		Gross Cost Basis (2)						Accumulated Depreciation (3)		Net Carrying Amount (4)		Date of Acquisition or Construction
	Number of Properties	Encumbrances		Land		Buildings and Improvements (1)						Land		Buildings and Improvements (1)		Total

Texas	19	92,948		5,808		168,060		4,536		(57,767)		3,974		116,663		120,637		(23,529)		97,108		2017
Washington	1	22,470		998		47,052		986		—		998		48,038		49,036		(5,301)		43,735		2017
Skilled Nursing Facilities
Alabama	1	8,412		433		7,169		—		—		433		7,169		7,602		(948)		6,654		2017
California	2	13,187		1,936		37,612		—		(7,411)		1,256		30,881		32,137		(9,014)		23,123		2017
Florida	11	78,560		12,835		145,970		—		(1,045)		12,802		144,958		157,760		(16,968)		140,792		2017
Georgia	6	99,766		12,140		130,707		—		—		12,140		130,707		142,847		(14,533)		128,314		2017
Illinois	2	8,980		2,716		15,941		—		(2,583)		2,257		13,817		16,074		(2,448)		13,626		2017
Indiana	19	95,295		5,634		132,921		—		—		5,634		132,921		138,555		(16,939)		121,616		2017
Kentucky	1	12,989		362		17,493		3,084		(2,189)		319		18,431		18,750		(2,479)		16,271		2017
Louisiana	1	26,245		1,068		28,675		—		—		1,068		28,675		29,743		(3,272)		26,471		2017
Massachusetts	3	9,506		6,179		8,006		—		—		6,179		8,006		14,185		(868)		13,317		2017
North Carolina	1	5,328		286		10,549		—		(1,446)		243		9,146		9,389		(1,223)		8,166		2017
Oregon	6	22,435		4,330		38,024		43		(6,359)		3,596		32,442		36,038		(4,178)		31,860		2017
Pennsylvania	8	209,376		20,010		240,922		—		(549)		19,461		240,922		260,383		(27,481)		232,902		2017
Tennessee	2	29,527		2,305		36,890		—		—		2,305		36,890		39,195		(4,107)		35,088		2017
Virginia	6	44,168		4,157		53,953		—		—		4,157		53,953		58,110		(6,342)		51,768		2017
Washington	3	10,348		3,647		16,108		152		(1,264)		3,426		15,217		18,643		(2,079)		16,564		2017
	305	2,582,900		400,173		4,033,705		169,457		(783,687)		344,397		3,475,251		3,819,648		(481,563)		3,338,085
Other Equity and Debt
Hotel—France	16	6,735		7,132		43,529		31		(3,411)		6,768		40,513		47,281		(1,419)		45,862		2017-2020
Hotel—Spain	1	—		—		2,514		786		(686)		—		2,614		2,614		(724)		1,890		2017
Mixed-Use—Italy	13	34,358		33,993		23,935		18,651		—		33,993		42,586		76,579		(2,439)		74,140		2015
Office—US	2	102,666		11,862		128,004		16,396		(58,208)		11,862		86,192		98,054		(28,515)		69,539		2013-2017
Office—France	19	55,689		32,324		70,100		18,993		(2,081)		32,324		87,012		119,336		(10,720)		108,616		2016-2017
Office—Ireland	4	100,106		60,404		44,184		—		—		60,404		44,184		104,588		(279)		104,309		2020
Office—Spain	2	114,969		102,878		95,127		7,189		(20,333)		102,878		81,983		184,861		(10,124)		174,737		2017
Office—UK	1	31,925		4		26,497		—		—		4		26,497		26,501		(166)		26,335		2020
Office/Industrial—France	161	248,140		74,144		250,118		4,861		(349)		74,144		254,630		328,774		(33,870)		294,904		2018
Retail—UK	1	25,680		—		74,587		151		(26,682)		—		48,056		48,056		(10,418)		37,638		2015
	220	720,268		322,741		758,595		67,058		(111,750)		322,377		714,267		1,036,644		(98,674)		937,970
Real estate held for investment	596	$	6,530,011	$	891,058	$	9,114,492	$	316,228	$	(895,437)	$	834,918	$	8,591,423	$	9,426,341	$	(698,421)	$	8,727,920

(Amounts in thousands)

Initial Cost

Costs Capitalized

Impairment

Gross Cost Basis (2)

Accumulated Depreciation (3)

Net Carrying Amount
(4)

Date of Acquisition or Construction

Number of Properties

Encumbrances

Land

Buildings and Improvements (1)

Land

Buildings and Improvements (1)

Total

Real estate held for disposition

Wellness Infrastructure

162,952

2017

Hotel

2,602,451

2017

Other Equity & Debt

Various—US

901,797

Various

Various—Europe

235,769

Various

Total real estate

12,630,889

__________

(1) Includes construction in progress, data center infrastructure and furniture, fixtures and equipment.

(2) Presented net of impairment of real estate, as described in Note 4 to the consolidated financial statements.

(3) Depreciation is calculated using a useful life ranging from 1 year based on the shortest remaining lease term for improvements and up to 51 years for buildings.

(4) The aggregate gross cost of total real estate for federal income tax purposes was $13.0 billion at December 31, 2020.

(5) Includes 46 properties under leasehold interests for which the Company owns the data center infrastructure.

The following tables summarize the activity in real estate and accumulated depreciation:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Real Estate, at Gross Cost Basis
Balance at January 1	$	12,702,355	$	15,500,802	$	15,791,144
Asset acquisitions and business combinations	3,650,180		2,351,196		984,844
Measurement period adjustments for real estate acquired in business combinations	(8,405)		—		—
Foreclosures and exchanges of loans receivable for real estate	124,335		14,866		45,617
Improvements and capitalized costs (1)	180,787		366,817		276,210
Deconsolidation of real estate held by investment entity upon closing of Combination	—		—		(226,004)
Dispositions (2)	(869,776)		(5,197,705)		(933,217)
Impairment (Note 4)	(1,878,012)		(348,710)		(357,629)
Effect of changes in foreign exchange rates	127,052		15,089		(80,163)
Balance at December 31	14,028,516		12,702,355		15,500,802
Classified as held for disposition, net (3)	(4,602,175)		(851,462)		(4,005,398)
Balance at December 31, held for investment	$	9,426,341	$	11,850,893	$	11,495,404


	Year Ended December 31,
(In thousands)	2020		2019		2018
Accumulated Depreciation
Balance at January 1	$	1,042,422	$	1,029,386	$	606,200
Depreciation	420,209		500,240		471,599
Deconsolidation of real estate held by investment entity upon closing of Combination	—		—		(6,256)
Dispositions (2)	(74,692)		(489,276)		(42,873)
Effect of changes in foreign exchange rates	9,688		2,072		716
Balance at December 31	1,397,627		1,042,422		1,029,386
Classified as held for disposition, net (3)	(699,206)		(52,047)		(359,992)
Balance at December 31, held for investment	$	698,421	$	990,375	$	669,394

__________

(1) Includes transaction costs capitalized for asset acquisitions.

(2) Includes amounts classified as held for sale during the year and disposed before the end of the year.

(3) Amounts classified as held for sale during the year and remain as held for sale at the end of the year.

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

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, 2020


(Dollars in thousands)											Principal Amount Subject to Delinquent Principal or Interest (8)
Loan Type / Collateral / Location (1)	Number of Loans	Payment Terms (2)	Interest Rate Range (3)	Maturity Date Range (4)	Prior Liens (5)		Unpaid Principal Balance		Carrying Amount (6)(7)
Loans at fair value
First mortgage:
Hospitality—France	1	I/O	10.0%	December 2021	$	—	$	105,974	$	104,038	$	105,974
Hospitality—France	1	I/O	4.5%	(9)	—		1,299		1,350		1,299
Hospitality—Ireland	7	I/O	2.3% - 5.7%	Through November 2026 (9)	—		59,253		354		59,253
Hospitality—Spain	1	I/O	11.0%	(9)	—		45,656		43,160		45,656
Industrial—Ireland	3	I/O	2.1% - 3.7%	(9)	—		86,542		8,276		86,542
Land—Ireland	4	I/O	2.3% - 3.7%	(9)	—		114,767		25,209		114,767
Mixed Use—France	3	I/O	3.5% - 15.0%	(9)	—		7,895		6,137		7,895
Mixed Use—Ireland	38	I/O	1.5% - 13.8%	(9)	—		634,368		8,276		634,368
Multifamily—Ireland	1	I/O	2.8%	(9)	—		83,625		88,717		83,625
Multifamily—Ireland	2	I/O	2.2% - 2.7%	(9)	—		5,744		836		5,744
Office—Ireland	1	I/O	2.1%	(9)	—		181,079		193,532		181,079
Office—Ireland	1	I/O	2.0%	(9)	—		42,460		48,016		42,460
Office—Ireland	8	I/O	1.9% - 4.2%	Through September 2024 (9)	—		56,513		324		56,513
Retail—France	1	I/O	3.5%	(9)	—		3,111		3,233		3,111
Retail—Ireland	7	I/O	2.0% - 2.7%	(9)	—		106,074		16,779		106,074
Retail—USA	1	P&I	5.7%	(9)	—		37,766		—		37,766
Wellness Infrastructure—UK	1	I/O	7.5%	April 2024	—		43,007		47,232		43,007
	81				—		1,615,133		595,469		1,615,133
Subordinated mortgage and mezzanine:
Mixed Use—CA, USA	1	I/O	12.9%	July 2021	684,281		517,118		268,518		517,118
Office—Ireland / France	1	I/O	11.0%	January 2022	173,446		120,683		137,755		—
Office—Ireland	1	I/O	12.5%	December 2021	167,128		86,042		88,726		—
Office—USA	1	I/O	8.0%	April 2025	48,000		11,886		7,808		—
Retail—UK	1	I/O	1.0%	March 2024	122,741		66,885		53,597		—
	5				1,195,596		802,614		556,404		517,118
Corporate loans (10)
UK	2	I/O	8.0% - 14.0%	January 2025 to November 2025	—		128,846		129,177		—
USA	2	I/O	7.0% - 8.0%	October 2024 to January 2027	—		32,287		14,287		27,287
	4				—		161,133		143,464		27,287
Total	90				$	1,195,596	$	2,578,880	$	1,295,337	$	2,159,538

__________

(1) Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location.

(2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity

(3) Variable rate loans are determined based on the applicable index in effect at December 31, 2020.

(4) Represents contractual maturity and does not contemplate exercise of extension option.

(5) Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate.

(6) Carrying amount reflects fair value of loans, including interest receivable.

(7) The aggregate cost basis of loans held for investment for federal income tax purposes was $1.5 billion at December 31, 2020.

(8) Represents principal balance of loans which are 90 days or more past due as to principal or interest.

(9) Composed of loans with past due maturity. These are distressed loan portfolios previously acquired by the Company at a discount (classified as PCI loans prior to the election of fair value option).

(10) Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate.

Activity in loans held for investment for 2019 and 2018 is summarized below. Activity for 2020 after the election of the fair value option is summarized in Note 12 to the consolidated financial statements.


	Year Ended December 31,
(In thousands)	2019		2018
Balance at January 1	$	1,659,217	$	3,223,762
Loan acquisitions and originations	174,182		386,532
Paid-in-kind interest added to loan principal	68,810		52,234
Discount and net loan fee amortization	12,649		14,524
Accretion on PCI loans	19,637		27,911
Loan repayments	(216,891)		(166,267)
Payments received from PCI loans	(50,765)		(187,140)
Carrying value of loans sold	(35,158)		(111,864)
Foreclosures and other conversions to real estate	(28,562)		(47,097)
Loans receivable contributed to CLNC	—		(1,287,994)
Deconsolidation of loans receivable in securitization trusts	—		(149,447)
Provision for loan losses	(35,880)		(43,034)
Effect of changes in foreign exchange rates	(14,415)		(52,903)
Balance at December 31	$	1,552,824	$	1,659,217

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Principles of Consolidation

Noncontrolling Interests

Foreign Currency

Fair Value Measurement

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Fair Value Option

Business Combinations

Discontinued Operations

Cash and Cash Equivalents

Restricted Cash

Real Estate Assets

Real Estate Acquisitions

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Land improvements						5 to 21 years
Building (fee interest)						5 to 51 years
Building leasehold interests						Lesser of remaining term of lease or remaining life of building
Building improvements						Lesser of useful life or remaining life of building
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						10 to 19 years
Furniture, fixtures and equipment						1 to 20 years

Real Estate Held for Sale

Foreclosed Properties

Loans Receivable

Fair Value Option

Effective January 1, 2020, the Company elected the fair value option for all loans receivable upon adoption of ASC") 326, Financial Instruments—Credit Losses.

For loans that are nonperforming where recognition of interest income is suspended, any interest subsequently collected is recognized on a cash basis by crediting income when received.

Origination and other fees charged to the borrower are recognized immediately as interest income when earned. Costs to originate or purchase loans are expensed as incurred.

Amortized Cost

Loans Held for Investment (other than Purchased Credit-Impaired Loans)

Loans Held for Sale

Purchased Credit-Impaired ("PCI") Loans

Acquisition, Development and Construction ("ADC") Arrangements

Equity Investments

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Equity Method Investments

Impairment

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

Debt Securities

If the Company does not intend to sell or is not more likely than not required to sell the debt security before recovery of its amortized cost:

Identifiable Intangibles and Goodwill

Identifiable Intangibles

Impairment

Goodwill

Accounts Receivable and Related Allowance

Fixed Assets

Transfers of Financial Assets

Derivative Instruments and Hedging Activities

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

Leases

Financing Costs

Property Operating Income

Property operating income includes the following:

Lease Income

Rental Income and Tenant Reimbursements

Resident Fee Income

Data Center Service Revenue

Hotel Operating Income

Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.

Fee Income

Fee income consists primarily of the following:

Other Income

Recurring other income includes primarily the following:

Compensation

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Income Taxes

Earnings Per Share

Reclassifications

Accounting Standards Adopted in 2020 and Future Application of Accounting Standards

Accounting Standards Adopted in 2020

Credit Losses

receivables. Targeted changes are also made to the impairment model of AFS debt securities which are not within the scope of CECL.

Fair Value Disclosures

Related Party Guidance for VIEs

Reference Rate Reform

Future Application of Accounting Standards

Income Tax Accounting

Accounting for Certain Equity Investments

Accounting for Convertible Instruments and Contracts on Entity's Own Equity

Upon adoption, a one-time election may be made to apply the fair value option for any liability-classified convertible securities.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property, Plant and Equipment

Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Land improvements						5 to 21 years
Building (fee interest)						5 to 51 years
Building leasehold interests						Lesser of remaining term of lease or remaining life of building
Building improvements						Lesser of useful life or remaining life of building
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						10 to 19 years
Furniture, fixtures and equipment						1 to 20 years

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed


	Business Combinations in 2019				Asset Acquisitions in 2020
(In thousands)	DBH		DataBank (1)		Vantage SDC		zColo
Consideration
Cash	$	181,167	$	182,731	$	1,524,610	$	1,181,488
Deferred consideration	35,500		—		—		—
OP Units issued	111,903		2,962		—		—
Total consideration for equity interest acquired	328,570		185,693		1,524,610		1,181,488

Fair value of equity interest in Digital Colony Manager	51,400		—		—		—
	$	379,970	$	185,693	$	1,524,610	$	1,181,488

Assets acquired, liabilities assumed and noncontrolling interests
Cash	$	—	$	10,366	$	—	$	266
Real estate	—		839,053		2,720,870		882,327
Assets held for disposition	—		29,266		—		—
Intangible assets	153,300		219,651		765,137		303,119
ROU lease and other assets	13,008		108,896		181,260		415,038
Debt	—		(539,155)		(2,060,307)		—
Tax liabilities	(17,392)		(100,759)		—		—
Intangible, lease and other liabilities	(16,194)		(120,178)		(82,350)		(419,262)
Fair value of net assets acquired	132,722		447,140		1,524,610		1,181,488
Noncontrolling interests in investment entities	—		(724,567)		—		—
Goodwill	$	247,248	$	463,120	$	—	$	—

__________

The following table summarizes the Company's other real estate asset acquisitions in addition to those discussed above:


($ in thousands)					Purchase Price Allocation (1)
Acquisition Date	Property Type and Location	Number of Properties	Purchase Price (1)		Land		Buildings and Improvements		Lease-Related Intangible Assets		ROU Lease and Other Assets		Debt		Intangible, Lease and Other Liabilities
2020 (2)
Various	Hotel—France (3)	9	$	37,916	$	5,243	$	34,038	$	—	$	43,503	$	(2,245)	$	(42,623)
Various	Easements—Various in U.S. (4)	—	2,586		2,586		—		—		—		—		—
October	Office—U.K. and Ireland (5)	5	32,975		57,222		67,113		5,383		33,054		(124,981)		(4,816)
December	Land—U.S	—	5,116		5,116		—		—		—		—		—
			$	78,593	$	70,167	$	101,151	$	5,383	$	76,557	$	(127,226)	$	(47,439)
2019
February	Bulk industrial—Various in U.S. (6)	6	$	373,182	$	49,446	$	296,348	$	27,553	$	—	$	—	$	(165)
October	Wellness infrastructure—U.K. (7)	1	12,376		3,478		9,986		732		—		—		(1,820)
Various	Light industrial—Various in U.S. (6)	84	1,158,423		264,816		850,550		47,945		—		—		(4,888)
			$	1,543,981	$	317,740	$	1,156,884	$	76,230	$	—	$	—	$	(6,873)

__________

(4) Transferred to the Company's new sponsored fund, Digital Colony Partners II, LP or DCP II, in December 2020.

(6) The light and bulk industrial portfolios were sold in December 2019 and 2020, respectively.

Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of Components of Real Estates

The following table summarizes the Company's real estate held for investment. Real estate held for disposition is presented in Note 8.


(In thousands)	December 31, 2020		December 31, 2019
Land	$	834,918	$	716,340
Buildings and improvements	4,907,213		5,068,639

Tenant improvements	115,592		105,440
Data center infrastructure	3,396,854		595,603
Furniture, fixtures and equipment	87,380		98,839
Construction in progress	84,384		115,933
	9,426,341		6,700,794
Less: Accumulated depreciation	(698,421)		(482,598)
Real estate assets, net (1)	$	8,727,920	$	6,218,196

__________

Schedule of Proceeds From Sales of Real Estate

Results from sales of real estate, including discontinued operations (Note 16), are as follows:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Proceeds from sales of real estate		$	431,198	$	6,108,153	$	864,347
Gain on sale of real estate		41,922		1,520,808		167,231

Schedule of Real Estate Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Depreciation of real estate held for investment		$	276,104	$	177,585	$	185,606
Impairment of real estate and related asset group (1)
Held for disposition		179,666		120,329		77,211
Held for investment (2)		1,777,698		227,510		280,418

__________

(2) Includes impairment recorded on properties in the Hospitality segment and THL Hotel Portfolio in the Other segment prior to their reclassification as held for sale and discontinued operations.

Schedule of Components of Property Operating Income

For the years ended December 31, 2020 and 2019, components of property operating income are as follows:


	Year Ended December 31,
(In thousands)		2020		2019
Lease income:
Fixed lease income		$	768,914	$	657,407
Variable lease income		113,680		57,575
		882,594		714,982
Hotel operating income		8,688		16,344
Data center service revenue		44,878		6,038
		$	936,160	$	737,364

Future Fixed Lease Income


Year Ending December 31,	(In thousands)
2021	$	805,863
2022	611,627
2023	517,852
2024	436,674
2025	397,486
2026 and thereafter	2,268,671
Total (1)	$	5,038,173

__________

(1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Company Loans Receivable

Loans receivable carried at fair value at December 31, 2020 are as follows:


	December 31, 2020
($ in thousands)	Unpaid Principal Balance		Fair Value		Weighted Average Coupon		Weighted Average Maturity in Years
Fixed rate
Mortgage loans	$	1,691,165	$	680,431	7.7	%	0.7
Mezzanine loans	595,890		329,922		10.9	%	1.1
Non-mortgage loans	129,738		111,737		13.2	%	4.2
	2,416,793		1,122,090
Variable rate
Mortgage loans	130,692		141,520		2.6	%	—
Mezzanine loans	31,395		31,727		8.5	%	4.9
	162,087		173,247
Loans receivable	$	2,578,880	$	1,295,337

Loans receivable carried at amortized cost at December 31, 2019 were as follows:


	December 31, 2019
($ in thousands)	Unpaid Principal Balance		Amortized Cost		Weighted Average Coupon		Weighted Average Maturity in Years
Non-PCI Loans
Fixed rate
Mortgage loans	$	471,472	$	492,709	10.7	%	1.6
Mezzanine loans	495,182		494,238		12.6	%	0.6
Non-mortgage loans	149,380		148,623		12.9	%	5.4
	1,116,034		1,135,570
Variable rate
Mortgage loans	171,848		172,269		4.1	%	0.3
Mezzanine loans	44,887		44,637		12.7	%	1.6
	216,735		216,906
	1,332,769		1,352,476
PCI Loans
Mortgage loans	1,165,804		248,535
Allowance for loan losses			(48,187)
			1,552,824
Interest receivable			13,504
Loans receivable	$	2,498,573	$	1,566,328

Summary of Past Due Loans


	December 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
Loans receivable—fair value option
Current or less than 30 days past due	$	422,132	$	419,342	$	2,790
30-59 days past due	—		—		—
60-89 days past due	—		—		—
90 days or more past due or nonaccrual	873,205		2,159,538		(1,286,333)
	$	1,295,337	$	2,578,880	$	(1,283,543)

The following table provides an aging summary of non-PCI loans at carrying values before allowance for loan losses and interest receivable at December 31, 2019:


(In thousands)	December 31, 2019
Non-PCI loans at carrying values before allowance for loan losses
Current or less than 30 days past due	$	1,042,260
30-59 days past due	—
60-89 days past due	—
90 days or more past due or nonaccrual	310,216
	$	1,352,476

Non-PCI Impaired Loans

The following table summarizes the non-PCI impaired loans at December 31, 2019:


			Gross Carrying Value before Interest Receivable
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2019	$	326,151	$	71,754	$	259,011	$	330,765	$	48,146

The average carrying value and interest income recognized on non-PCI impaired loans for 2019 and 2018 were as follows.


	Year Ended December 31,
(In thousands)	2019		2018
Average carrying value before allowance for loan losses and interest receivable	$	305,293	$	282,325
Total interest income recognized during the period impaired	7,514		7,127
Cash basis interest income recognized	447		1,190

Changes in Accretable Yield for the PCI loans

Changes in accretable yield of PCI loans for 2019 and 2018 were as follows:


	Year Ended December 31,
(In thousands)	2019		2018
Beginning accretable yield	$	9,620	$	42,435
Dispositions	—		(5,484)
Changes in accretable yield	43,246		1,882
Accretion recognized in earnings	(19,637)		(27,911)
Deconsolidation	—		(991)
Effect of changes in foreign exchange rates	332		(311)
Ending accretable yield	$	33,561	$	9,620

Impairment and Allowance for Loan Losses

Allowance for loan losses and related carrying values before interest receivable of loans held for investment at December 31, 2019 were as follows:


	December 31, 2019
(In thousands)	Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	48,146	$	71,754
PCI loans	41		17,935
	$	48,187	$	89,689

Changes in allowance for loan losses for 2019 and 2018 are presented below.


	Year Ended December 31,
(In thousands)	2019		2018
Allowance for loan losses at January 1	$	32,940	$	52,709
Contribution to CLNC	—		(518)
Deconsolidation	—		(5,983)
Provision for loan losses, net	35,880		43,034
Charge-off	(20,633)		(56,302)
Allowance for loan losses at December 31	$	48,187	$	32,940

Provision for Loan Losses By Loan Type

Provision for loan losses by loan type was as follows:


	Year Ended December 31,
(In thousands)	2019		2018
Non-PCI loans	$	30,035	$	22,557
PCI loans	5,845		20,477
Total provision for loan losses, net	$	35,880	$	43,034

Equity and Debt Investments (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's equity investments and debt securities are represented by the following:


(In thousands)	December 31, 2020		December 31, 2019
Equity Investments
Equity method investments
Investment ventures	$	1,237,371	$	1,845,129
Private funds	216,871		142,386
	1,454,242		1,987,515
Other equity investments
Marketable equity securities	218,485		138,586
Investment ventures	—		91,472
Private funds and non-traded REIT	36,176		38,641
Total equity investments	1,708,903		2,256,214

Debt Securities
N-Star CDO bonds, available for sale	28,576		54,859
CMBS of consolidated fund, at fair value	—		2,732
Total debt securities	28,576		57,591
Equity and debt investments	$	1,737,479	$	2,313,805

Equity Method Investments

The Company’s investments accounted for under the equity method are summarized below:


($ in thousands)		Carrying Value at
Investments (1)	Description	December 31, 2020		December 31, 2019
Colony Credit Real Estate, Inc.(2)	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (36.4% ownership)	$	385,193	$	725,443
RXR Realty, LLC	Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020)	—		93,390
Preferred equity	Preferred equity investments with underlying real estate	68		138,428
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	491,009		543,296
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)	214,399		115,055
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles	—		21,940
Other investment ventures	Interests in 10 investments at December 31, 2020	181,774		127,088
Fair value option	Interests in initial stage ventures, real estate development, hotel co-investments, and limited partnership interests in private equity funds	181,799		222,875
		$	1,454,242	$	1,987,515

__________

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2020		December 31, 2019
Total assets	$	14,488,278	$	14,026,862
Total liabilities	6,692,652		9,354,120
Owners' equity	7,466,679		4,509,879
Noncontrolling interests	328,947		162,863

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2020		2019		2018
Total revenues	$	728,649	$	1,455,631	$	1,486,511

Net income (loss)	(184,588)		(827,550)		220,191
Net income (loss) attributable to noncontrolling interests	(32,648)		(50,350)		23,878
Net income (loss) attributable to owners	(151,940)		(777,200)		196,313

Schedule of Available-for-sale Debt Securities

The following tables summarize the balance and activities of the N-Star CDO bonds.


	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value
December 31, 2020	$	46,561	$	(24,688)	$	6,703	$	—	$	28,576
December 31, 2019	46,002		NA		8,857		—		54,859

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in the carrying value of goodwill.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Beginning balance	$	1,452,891	$	1,514,561	$	1,514,561
Business combination (Note 3) (1)	(15,962)		726,330		—
Impairment	(594,000)		(788,000)		—
Ending balance	$	842,929	$	1,452,891	$	1,514,561

__________

(1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination.

Goodwill balance by reportable segment is as follows.


(In thousands)	December 31, 2020		December 31, 2019
Balance by reportable segment:
Digital Operating	$	463,120	$	479,082
Digital Investment Management (1)	298,248		247,248
Other	81,561		726,561
	$	842,929	$	1,452,891

__________

(1) Goodwill of $140.5 million related to the DBH acquisition is deductible for income tax purposes.

Schedule of Deferred Leasing Costs and Other Intangibles

Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.


	December 31, 2020						December 31, 2019
(In thousands)	Carrying Amount (Net of Impairment)(1)		Accumulated Amortization (1)		Net Carrying Amount (1)		Carrying Amount (Net of Impairment)(1)		Accumulated Amortization (1)		Net Carrying Amount (1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease related intangible assets (2)	$	1,331,177	$	(223,558)	$	1,107,619	$	424,987	$	(123,649)	$	301,338
Investment management intangibles (3)	277,761		(131,206)		146,555		285,233		(96,466)		188,767
Customer relationships and service contracts (4)	188,489		(6,664)		181,825		71,900		(289)		71,611
Trade names (5)	41,900		(4,713)		37,187		39,600		(185)		39,415
Other (6)	59,068		(7,286)		51,782		31,385		(359)		31,026
Total deferred leasing costs and intangible assets	$	1,898,395	$	(373,427)	$	1,524,968	$	853,105	$	(220,948)	$	632,157
Intangible Liabilities
Lease intangible liabilities (2)	$	155,010	$	(60,814)	$	94,196	$	174,208	$	(62,724)	$	111,484

__________

(2) Lease intangible assets are composed of in-place leases, above-market leases, lease incentives and tenant relationships. Lease intangible liabilities are composed of below-market leases.

(3) Composed of investment management contracts and investor relationships.

(4) In connection with colocation data center business.

(5) Finite-lived trade names are amortized over estimated useful lives of 1 to 10 years, while indefinite life trade name is not subject to amortization.

Schedule of Amortization of Intangible Assets and Liabilities

The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16):


	Year Ended December 31,
(In thousands)		2020		2019		2018



Net increase to rental income (1)		$	6,140	$	14,442	$	2,717



Net increase (decrease) to ground rent expense (2)		$	—	$	—	$	(260)

Amortization expense
Deferred leasing costs and lease related intangibles		$	97,107	$	33,910	$	31,454
Investment management intangibles		33,431		89,236		26,992
Customer relationships and service contracts		7,775		289		—
Trade name		4,529		186		1,606
Other		6,816		182		69
		$	149,658	$	123,803	$	60,121

__________

(1) Represents the effect of amortizing above- and below-market leases and lease incentives.

(1) Represents the effect of amortizing above- and below-market ground leases prior to adoption of new lease standard on January 1, 2019.

Schedule of Estimated Annual Amortization Expense


	Year Ending December 31,
(In thousands)	2021		2022		2023		2024		2025		2026 and Thereafter		Total



Net increase (decrease) to rental income	$	(756)	$	(354)	$	1,343	$	629	$	(592)	$	(15,506)	$	(15,236)











Amortization expense	251,687		167,384		146,085		117,249		105,028		593,229		1,380,662

Assets and Related Liabilities Held For Disposition (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets and Liabilities Held-for-sale

Total assets and related liabilities held for disposition are summarized below.


	December 31, 2020						December 31, 2019
(In thousands)	Disposition by Sale		Non-Sale Disposition		Total Held for Disposition		Disposition by Sale		Non-Sale Disposition		Total Held for Disposition
Assets
Restricted cash	$	82,850	$	14,695	$	97,545	$	122,663	$	5,782	$	128,445
Real estate, net	3,159,742		743,227		3,902,969		4,421,888		1,019,849		5,441,737

Deferred leasing costs and intangible assets, net	9,748		437		10,185		37,399		2,533		39,932
Other assets (1)	79,936		15,166		95,102		97,219		35,752		132,971
Total assets held for disposition	$	3,332,276	$	773,525	$	4,105,801	$	4,679,169	$	1,063,916	$	5,743,085

Liabilities
Debt, net (2)	$	2,714,079	$	780,000	$	3,494,079	$	2,926,449	$	772,485	$	3,698,934
Lease intangibles and other liabilities	155,949		47,513		203,462		141,426		22,161		163,587
Total liabilities related to assets held for disposition	$	2,870,028	$	827,513	$	3,697,541	$	3,067,875	$	794,646	$	3,862,521

__________

(1) Includes corporate aircraft that was impaired $11.9 million in 2020 to reflect recoverable value prior to its sale to a third party in January 2021.

Discontinued Operations


	December 31, 2020		December 31, 2019
(In thousands)	Hotel			Hotel		Industrial
Assets
Restricted cash	$	92,870		$	112,923	$	—
Real estate, net	3,504,249			4,658,477		342,758
Deferred leasing costs and intangible assets, net	1,851			6,802		25,371
Other assets	70,343			111,229		3,917
Total assets held for disposition—discontinued operations	$	3,669,313		$	4,889,431	$	372,046

Liabilities
Debt, net	$	3,494,079		$	3,465,990	$	232,944
Lease intangibles and other liabilities	164,339			128,155		2,090
Total liabilities related to assets held for disposition—discontinued operations	$	3,658,418		$	3,594,145	$	235,034

Restricted Cash, Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

The following table summarizes the Company's restricted cash balance:


(In thousands)	December 31, 2020		December 31, 2019
Capital expenditures reserves (1)	$	13,516	$	18,314
Real estate escrow reserves (2)	13,608		15,455
Borrower escrow deposits	—		8,079
Lender restricted cash (3)	112,905		27,409
Other (4)	21,890		21,806
Total restricted cash	$	161,919	$	91,063

__________

(1) Represents primarily cash held by lenders for capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets.

(2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets.

(3) Represents cash from the Company's investment properties that are restricted by lenders in accordance with respective debt agreements.

(4) Includes investment sales proceeds held in escrow.

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:


(In thousands)	December 31, 2020		December 31, 2019
Straight-line rents	$	60,100	$	37,230
Investment deposits and pending deal costs	41,213		32,994
Prefunded capital expenditures for Vantage SDC	48,881		—
Deferred financing costs, net (1)	1,222		2,794
Derivative assets (Note 11)	99		21,382
Prepaid taxes and deferred tax assets, net	76,103		69,328
Receivables from resolution of investments (2)	1,858		63,984
Operating lease right-of-use asset, net (3)	461,890		180,486
Finance lease right-of-use asset, net	143,182		—
Accounts receivable, net (4)	83,914		53,387
Prepaid expenses	30,949		22,417
Other assets	45,779		29,219
Fixed assets, net	21,929		44,768
Total other assets	$	1,017,119	$	557,989

__________

(1) Deferred financing costs relate to revolving credit arrangements.

(2) Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:


(In thousands)	December 31, 2020		December 31, 2019
Tenant security deposits and payable	$	11,938	$	12,457
Borrower escrow deposits	—		9,903
Deferred income (1)	37,454		30,040
Interest payable	36,483		28,902
Derivative liabilities (Note 11)	103,772		127,531

Current and deferred income tax liability	168,384		222,206
Operating lease liability	403,053		156,147
Finance lease liability	148,974		—
Accrued compensation	86,190		72,859
Accrued carried interest and incentive fee compensation	1,929		50,360
Accrued real estate and other taxes	22,735		22,091
Accounts payable and accrued expenses	177,847		91,614
Other liabilities	111,341		63,409
Accrued and other liabilities	$	1,310,100	$	887,519

__________

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt


(In thousands)	Corporate Credit Facility(1)		Convertible and Exchangeable Senior Notes		Secured Debt (2)		Junior Subordinated Notes		Total Debt
December 31, 2020
Debt at amortized cost
Principal	$	—	$	545,107	$	7,106,234	$	280,117	$	7,931,458
Premium (discount), net	—		(6,540)		23,334		(76,269)		(59,475)
Deferred financing costs	—		(2,670)		(79,575)		—		(82,245)
	$	—	$	535,897	$	7,049,993	$	203,848	$	7,789,738
December 31, 2019
Debt at amortized cost
Principal	$	—	$	616,105	$	4,766,594	$	280,117	$	5,662,816
Premium (discount), net	—		2,243		(12,598)		(78,927)		(89,282)
Deferred financing costs	—		(4,296)		(51,320)		—		(55,616)
	$	—	$	614,052	$	4,702,676	$	201,190	$	5,517,918

__________

(1) Deferred financing costs related to the corporate credit facility are included in other assets.

The following table summarizes certain information about debt carried at amortized cost.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(4)		Weighted Average Years Remaining to Maturity(5)
December 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	1.0	$	—	—	%	1.0
Convertible and exchangeable senior notes(1)	545,107		5.36	%	3.6	—		N/A		N/A	545,107		5.36	%	3.6
Junior subordinated debt (2)	—		N/A		N/A	280,117		3.10	%	15.4	280,117		3.10	%	15.4
Secured debt (3)	32,815		5.02	%	—	—		N/A		N/A	32,815		5.02	%	—
	577,922					280,117					858,039
Non-recourse (6)
Secured debt
Digital Operating	2,132,852		2.54	%	4.8	1,093,991		5.92	%	4.4	3,226,843		3.69	%	4.7
Wellness Infrastructure (7)	401,767		4.55	%	4.1	2,331,366		3.95	%	3.3	2,733,133		4.04	%	3.4

Other—Other Equity and Debt	289,354		6.14	%	0.8	824,089		3.31	%	2.3	1,113,443		4.04	%	1.9
	2,823,973					4,249,446					7,073,419
	$	3,401,895				$	4,529,563				$	7,931,458

December 31, 2019
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—		2.0	$	—	—		2.0
Convertible and exchangeable senior notes(1)	616,105		4.27	%	2.0	—		N/A		N/A	616,105		4.27	%	2.0
Junior subordinated debt (2)	—		N/A		N/A	280,117		4.77	%	16.4	280,117		4.77	%	16.4
Secured debt (3)	35,072		5.02	%	5.9	—		N/A		N/A	35,072		5.02	%	5.9
	651,177					280,117					931,294
Non-recourse (6)
Secured debt
Digital Operating	—		N/A		N/A	539,155		6.98	%	4.8	539,155		6.98	%	4.8
Wellness Infrastructure (7)	405,980		4.55	%	5.1	2,547,726		5.22	%	4.3	2,953,706		5.13	%	4.4
Other—Other Equity and Debt	151,777		4.26	%	3.4	1,086,884		3.24	%	2.6	1,238,661		3.37	%	2.7
	557,757					4,173,765					4,731,522
	$	1,208,934				$	4,453,882				$	5,662,816

__________

(1) Includes the 5.375% exchangeable senior notes which is an obligation of NRF Holdco as the issuer, as described further below.

(3) The fixed rate recourse debt is secured by the Company's aircraft and was repaid in January 2021 upon sale of the aircraft.

(4) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date.

(5) Calculated based upon initial maturity dates, or extended maturity dates if extension criteria are met and extension is available at the Company's option.

(7) Previously referred to as Healthcare.

Convertible Senior Notes Issued


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										December 31, 2020		December 31, 2019

Issued by Colony Capital, Inc.
5.00% Convertible Senior Notes	April 2013	April 15, 2023	5.00	%	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Senior Notes	January and June 2014	January 15, 2021	3.875	%	16.57		60.3431	1,901	January 22, 2019	31,502		402,500
Issued by Colony Capital Operating Company, LLC
5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.750	%	2.30		434.7826	130,435	July 21, 2023	300,000		—
Issued by NRF Holdco, LLC
5.375% Exchangeable Senior Notes	June 2013	June 15, 2033	5.375	%	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
										$	545,107	$	616,105

__________

Future Minimum Principal Payments


	Year Ending December 31,
(In thousands)	2021		2022		2023		2024		2025		2026 and thereafter		Total
Corporate credit facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Convertible and exchangeable senior notes	31,502		—		200,000		—		300,000		13,605		545,107
Junior subordinated debt	—		—		—		—		—		280,117		280,117
Secured debt—recourse	32,815		—		—		—		—		—		32,815
Secured debt—non-recourse:
Digital Operating	9,576		10,126		261,285		971,606		1,274,250		700,000		3,226,843
Wellness Infrastructure	159,179		320,164		10,859		2,113,612		1,020		128,299		2,733,133
Other—Other Equity and Debt	472,332		111,559		67,154		394,426		67,061		911		1,113,443
Total	$	705,404	$	441,849	$	539,298	$	3,479,644	$	1,642,331	$	1,122,932	$	7,931,458

Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross Fair value of Derivative Assets and Liabilities

Fair value of derivative assets and derivative liabilities are as follows:


	December 31, 2020						December 31, 2019
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	—	$	6	$	6	$	15,307	$	1,271	$	16,578
Interest rate contracts	29		64		93		78		237		315
Performance swaps	—		—		—		—		4,493		4,493
Included in other assets	$	29	$	70	$	99	$	15,385	$	6,001	$	21,386
Derivative Liabilities
Foreign exchange contracts	$	—	$	967	$	967	$	8,134	$	2,482	$	10,616
Performance swaps	—		149		149		—		—		—
Forward contracts	—		102,656		102,656		—		116,915		116,915
Included in accrued and other liabilities	$	—	$	103,772	$	103,772	$	8,134	$	119,397	$	127,531

Schedule of Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts and certain key terms of non-designated foreign exchange contracts in place at December 31, 2020:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

EUR

Put options

€

224,000

$0.95

May 2021 to May 2022

GBP

Put options

32,000

$1.05

May 2021

GBP

FX Forward

23,510

$1.33

April 2021 to September 2021

Schedule of Net Investment Hedges Included in Accumulated Other Comprehensive Income (Loss)


	Year Ended December 31,
(In thousands)		2020		2019		2018
Designated net investment hedges:
Realized gain transferred from AOCI to earnings		$	414	$	1,790	$	7,426

Non-Designated Hedges


	Year Ended December 31,
(In thousands)		2020		2019		2018
Dedesignated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings		$	1,485	$	(2,693)	$	3,726
Non-designated foreign exchange contracts:
Unrealized gain (loss) in earnings		(2,727)		—		—

Schedule of Interest Rate Derivatives

The following table summarizes the interest rate contracts held by the Company at December 31, 2020.


	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index		Range of Expiration Dates

Interest rate caps	$	—	$	3,340,895	1-Month LIBOR	2.00% - 4.00%	March 2021 to July 2022
Interest rate caps	€	220,590	€	451,410	3-Month EURIBOR	0.25% - 1.50%	January 2021 to June 2024
Interest rate caps	£	—	£	284,426	3-Month GBP LIBOR	1.00% - 2.00%	November 2021 to October 2022

The following table summarizes amounts recorded in the income statements related to interest rate contracts.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Interest expense on designated interest rate contracts (1)		$	24	$	—	$	—
Realized and unrealized gain (loss) net:
Designated interest rate contracts		—		8,019		—
Non-designated interest rate contracts (2)		(209)		(242,898)		33,307

__________

(1) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable rate debt.

(2) Amounts include unrealized loss of $239.3 million in 2019 and unrealized gain of $34.0 million on a $2.0 billion notional forward starting swap that was settled at the end of 2019.

Schedule of Realized and Unrealized Gains and Losses on Derivatives Not Designated as Hedges

The forwards and swaps are not designated as hedges for accounting purposes. All realized and unrealized gains (losses) are recorded in other gain (loss) as follows:


	Year Ended December 31,
(In thousands)		2020		2019
Realized and unrealized gain (loss), net on derivatives:
Forward contracts		$	14,259	$	(16,915)
Performance swaps		1,164		4,493
Unrealized gain (loss) on marketable equity securities held at period end:
Real estate mutual fund		(14,290)		17,442

Offsetting Derivative Assets

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.


	Gross Assets (Liabilities) on Consolidated Balance Sheets		Gross Amounts Not Offset on Consolidated Balance Sheets				Net Amounts of Assets (Liabilities)
(In thousands)			(Assets) Liabilities		Cash Collateral Pledged
December 31, 2020
Derivative Assets
Foreign exchange contracts	$	6	$	—	$	—	$	6
Interest rate contracts	93		—		—		93

	$	99	$	—	$	—	$	99
Derivative Liabilities
Foreign exchange contracts	$	(967)	$	—	$	—	$	(967)

Performance swaps	(149)		149		—		—
Forward contracts	(102,656)		(149)		15,913		(86,892)
	$	(103,772)	$	—	$	15,913	$	(87,859)

December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578	$	(4,385)	$	—	$	12,193
Interest rate contracts	315		—		—		315
Performance swaps	4,493		(4,493)		—		—
	$	21,386	$	(8,878)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616)	$	4,385	$	—	$	(6,231)
Forward contracts	(116,915)		4,493		9,981		(102,441)
	$	(127,531)	$	8,878	$	9,981	$	(108,672)

Offsetting Derivative Liabilities

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.


	Gross Assets (Liabilities) on Consolidated Balance Sheets		Gross Amounts Not Offset on Consolidated Balance Sheets				Net Amounts of Assets (Liabilities)
(In thousands)			(Assets) Liabilities		Cash Collateral Pledged
December 31, 2020
Derivative Assets
Foreign exchange contracts	$	6	$	—	$	—	$	6
Interest rate contracts	93		—		—		93

	$	99	$	—	$	—	$	99
Derivative Liabilities
Foreign exchange contracts	$	(967)	$	—	$	—	$	(967)

Performance swaps	(149)		149		—		—
Forward contracts	(102,656)		(149)		15,913		(86,892)
	$	(103,772)	$	—	$	15,913	$	(87,859)

December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578	$	(4,385)	$	—	$	12,193
Interest rate contracts	315		—		—		315
Performance swaps	4,493		(4,493)		—		—
	$	21,386	$	(8,878)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616)	$	4,385	$	—	$	(6,231)
Forward contracts	(116,915)		4,493		9,981		(102,441)
	$	(127,531)	$	8,878	$	9,981	$	(108,672)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2020
Assets
Marketable equity securities	$	218,485	$	—	$	—	$	218,485
AFS debt securities	—		—		28,576		28,576
Other assets—derivative assets	—		99		—		99
Fair Value Option:
Loans held for investment	—		—		1,295,337		1,295,337

Equity method investments	—		—		181,799		181,799
Liabilities
Other liabilities—derivative liabilities	—		103,772		—		103,772

Other liabilities—settlement liability	—		—		24,285		24,285
December 31, 2019
Assets
Marketable equity securities	$	138,586	$	—	$	—	$	138,586
AFS debt securities	—		—		54,859		54,859
CMBS of consolidated fund	—		2,732		—		2,732
Other assets—derivative assets	—		21,386		—		21,386
Fair Value Option:
Equity method investments	—		—		222,875		222,875
Liabilities
Other liabilities—derivative liabilities	—		127,531		—		127,531
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		9,330		9,330

Schedule of Fair Value Assumptions Related to Contingent Consideration

Quantitative information about recurring Level 3 fair value assets are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

Effect on Fair Value from Increase in Input Value (2)

Financial Instrument

Fair Value

(In thousands)

Weighted Average(1)

(Range)

December 31, 2020

AFS debt securities

28,576

Discounted cash flows

Discount rate

28.9%
(18.3% - 57.8%)

Decrease

Fair Value Option:

Loans held for investment

1,295,337

Discounted cash flows

Discount rate

13.0%
(6.9% - 25.7%)

Decrease

Equity method investments—third party private equity funds

2,472

NAV(3)

N/A

Equity method investments—other

36,923

Discounted cash flows

Discount rate

27.5%
(19.0% - 30.0%)

Decrease

Equity method investments—other

142,404

Transaction price(5)

N/A

December 31, 2019

AFS debt securities

54,859

Discounted cash flows

Discount rate

22.3%

(16.8% - 65.0%)

Decrease

Fair Value Option:

Equity method investments—third party private equity funds

5,391

NAV(3)

N/A

Equity method investments—other

18,574

Discounted cash flows

Discount rate

10.1%

(5.1% - 15.8%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

3.7x

(4)

Equity method investments—other

173,910

Transaction price(5)

N/A

__________

(1) Weighted average discount rates are calculated based upon undiscounted cash flows.

(4) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2017	$	45,423	$	323,243	$	—	$	363,901	$	(44,542)
Purchases, contribution or accretion	—		21,049		—		61,113		—
Paydowns or distributions	(638)		(138,261)		—		(188,409)		638
Contribution to CLNC	—		—		—		(26,134)		—
Deconsolidation	(44,070)		(124,344)		—		—		43,847
Transfers out of Level 3 (1)	—		—		—		(132,527)		—
Realized and unrealized gains (losses) in earnings, net	(715)		3,877		—		3,141		57
Other comprehensive income (2)	—		(21,437)		—		—		—
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2018	$	(715)	$	—	$	—	$	(67)	$	57


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—
Purchases, contributions and accretion	—		6,380		—		141,070		—
Paydowns, distributions and sales	—		(10,779)		—		(8,338)		—
Realized and unrealized gains (losses) in earnings, net	—		(16,920)		—		9,058		—
Other comprehensive income (2)	—		12,051		—		—		—
Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2019	$	—	$	(16,920)	$	—	$	8,280	$	—

Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—
Election of fair value option on January 1, 2020	—		—		1,556,131		—		—
Reclassification of accrued interest on January 1, 2020	—		—		13,504		—		—
Purchases, drawdowns, contributions and accretion	—		4,043		195,414		6,539		—
Paydowns, distributions and sales	—		(5,784)		(274,100)		(967)		—

Change in accrued interest and capitalization of paid-in-kind interest	—		—		33,033		—		—


Allowance for credit losses	—		(24,688)		—		—		—
Realized and unrealized gains (losses) in earnings, net	—		—		(299,405)		(58,873)		—
Other comprehensive income (loss) (2)	—		146		70,760		12,225		—
Fair value at December 31, 2020	$	—	$	28,576	$	1,295,337	$	181,799	$	—

Net unrealized gains (losses) on instruments held at December 31, 2020
In earnings	—		$	—	$	(272,084)	$	(58,873)	$	—
In other comprehensive income (loss)	$	—	$	146	N/A		N/A		$	—

__________

(1) Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price and subsequently sold in 2018.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2017	$	45,423	$	323,243	$	—	$	363,901	$	(44,542)
Purchases, contribution or accretion	—		21,049		—		61,113		—
Paydowns or distributions	(638)		(138,261)		—		(188,409)		638
Contribution to CLNC	—		—		—		(26,134)		—
Deconsolidation	(44,070)		(124,344)		—		—		43,847
Transfers out of Level 3 (1)	—		—		—		(132,527)		—
Realized and unrealized gains (losses) in earnings, net	(715)		3,877		—		3,141		57
Other comprehensive income (2)	—		(21,437)		—		—		—
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2018	$	(715)	$	—	$	—	$	(67)	$	57


	Level 3 Assets								Level 3 Liability
					Fair Value Option
(In thousands)	Securitized Loans Receivable		AFS Debt Securities		Loans Held for Investment		Equity Method Investments		Debt—Securitized Bonds Payable
Fair value at December 31, 2018	$	—	$	64,127	$	—	$	81,085	$	—
Purchases, contributions and accretion	—		6,380		—		141,070		—
Paydowns, distributions and sales	—		(10,779)		—		(8,338)		—
Realized and unrealized gains (losses) in earnings, net	—		(16,920)		—		9,058		—
Other comprehensive income (2)	—		12,051		—		—		—
Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—

Net unrealized gains (losses) in earnings on instruments held at December 31, 2019	$	—	$	(16,920)	$	—	$	8,280	$	—

Fair value at December 31, 2019	$	—	$	54,859	$	—	$	222,875	$	—
Election of fair value option on January 1, 2020	—		—		1,556,131		—		—
Reclassification of accrued interest on January 1, 2020	—		—		13,504		—		—
Purchases, drawdowns, contributions and accretion	—		4,043		195,414		6,539		—
Paydowns, distributions and sales	—		(5,784)		(274,100)		(967)		—

Change in accrued interest and capitalization of paid-in-kind interest	—		—		33,033		—		—


Allowance for credit losses	—		(24,688)		—		—		—
Realized and unrealized gains (losses) in earnings, net	—		—		(299,405)		(58,873)		—
Other comprehensive income (loss) (2)	—		146		70,760		12,225		—
Fair value at December 31, 2020	$	—	$	28,576	$	1,295,337	$	181,799	$	—

Net unrealized gains (losses) on instruments held at December 31, 2020
In earnings	—		$	—	$	(272,084)	$	(58,873)	$	—
In other comprehensive income (loss)	$	—	$	146	N/A		N/A		$	—

__________

(1) Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price and subsequently sold in 2018.

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles.


	December 31, 2020				December 31, 2019
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	15,680	$	8,026	$	16,271	$	11,058
Non-traded REIT—real estate	18,272		—		19,358		—
Private fund—emerging market private equity	2,224		—		3,012		—

Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2020
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	898,231	$	13,095	$	—	$	911,326	$	535,897
Secured debt	—		—		6,927,743		6,927,743		7,049,993
Secured debt related to assets held for disposition	—		—		3,333,651		3,333,651		3,494,079
Junior subordinated debt	—		—		201,018		201,018		203,848
December 31, 2019
Assets
Loans at amortized cost	$	—	$	—	$	1,557,850	$	1,557,850	$	1,552,824
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	602,000		13,095		—		615,095		614,052
Secured debt	—		—		4,747,560		4,747,560		4,702,676
Secured debt related to assets held for disposition	—		—		3,700,990		3,700,990		3,698,934
Junior subordinated debt	—		—		225,835		225,835		201,190

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Activity of Preferred and Common Stock

The table below summarizes the share activities of the Company's preferred and common stock.


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock
Shares outstanding at December 31, 2017	65,464	542,599	736
Redemption of preferred stock	(8,000)	—	—
Shares issued upon redemption of OP Units (1)	—	2,074	—
Shares issued for settlement of contingent consideration—Internalization	—	15	40
Conversion of class B to class A common stock	—	42	(42)
Repurchase of common stock	—	(61,418)	—
Equity-based compensation, net of forfeitures	—	3,394	—
Shares canceled for tax withholding on vested stock awards	—	(3,359)	—
Shares outstanding at December 31, 2018	57,464	483,347	734


Redemption of preferred stock	(16,114)	—	—
Shares issued upon redemption of OP Units	—	188	—
Repurchase of common stock	—	(652)	—
Equity-based compensation, net of forfeitures	—	4,850	—
Shares canceled for tax withholding on vested stock awards	—	(689)	—
Shares outstanding at December 31, 2019	41,350	487,044	734





Shares issued upon redemption of OP Units	—	2,184	—

Repurchase of common stock, net (2)	—	(12,733)	—
Equity-based compensation, net of forfeitures	—	9,680	—
Shares canceled for tax withholding on vested stock awards	—	(2,769)	—
Shares outstanding at December 31, 2020	41,350	483,406	734

__________

(2) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 12.

The table below summarizes the preferred stock issued and outstanding at December 31, 2020:


Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series G	7.5	%	June 2014	3,450	$	35	$	86,250	Currently redeemable
Series H	7.125	%	April 2015	11,500	115		287,500		Currently redeemable
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				41,350	$	414	$	1,033,750

Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2017	$	5,616	$	14,418	$	—	$	45,931	$	(18,649)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202)		—		—		—		—		(202)
Other comprehensive income (loss) before reclassifications	(1,785)		(16,238)		(91)		(46,183)		34,113		(30,184)
Amounts reclassified from AOCI	—		(3,951)		—		6,870		(8,446)		(5,527)
Deconsolidation of N-Star CDO	—		2,596		—		—		—		2,596
AOCI at December 31, 2018	$	3,629	$	(3,175)	$	(91)	$	6,618	$	7,018	$	13,999
Other comprehensive income (loss) before reclassifications	9,206		(4,358)		(2,563)		(5,398)		24,945		21,832
Amounts reclassified from AOCI	(3,554)		15,356		2,428		(1,081)		(1,312)		11,837
AOCI at December 31, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668


Other comprehensive income (loss) before reclassifications	8,437		1,844		(7)		52,468		16,008		78,750
Amounts reclassified from AOCI	—		(3,595)		—		225		(925)		(4,295)
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2017	$	—	$	38,948	$	3,127	$	42,075
Other comprehensive income (loss) before reclassifications	(390)		(39,621)		8,696		(31,315)
Amounts reclassified from AOCI	—		73		(2,179)		(2,106)
AOCI at December 31, 2018	$	(390)	$	(600)	$	9,644	$	8,654
Other comprehensive income (loss) before reclassifications	(5,943)		(16,848)		(1,291)		(24,082)
Amounts reclassified from AOCI	5,328		(465)		2,306		7,169
AOCI at December 31, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)


Other comprehensive income (loss) before reclassifications	(25)		101,853		5,313		107,141
Amounts reclassified from AOCI	—		(95)		(873)		(968)
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914

Reclassification out of Accumulated Other Comprehensive Income

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:


(In thousands)	Year Ended December 31,					Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2020		2019				2018
Realized gain on marketable securities		$	—	$	—	$	10,100		Other gain (loss), net
Relief of basis of AFS debt securities		3,595		—		—			Other gain (loss), net
Other-than-temporary impairment		—		(15,356)		(6,149)			Other gain (loss), net
Deconsolidation of N-Star CDO		—		—		(2,596)			Other gain (loss), net
Release of foreign currency cumulative translation adjustments		(225)		1,081		(6,870)			Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges		552		(340)		1,454			Other gain (loss), net
Realized gain on net investment hedges		373		1,652		6,992			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures		—		3,554		—			Equity method earnings (losses)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The following table presents the activity in redeemable noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Beginning balance	$	6,107	$	9,385	$	34,144
Contributions	307,414		—		354
Distributions and redemptions	(8,859)		(5,837)		(21,405)
Net income (loss)	616		2,559		(3,708)

Ending balance	$	305,278	$	6,107	$	9,385

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

Income (loss) from discontinued operations is presented below.


	Year Ended December 31, 2020						Year Ended December 31, 2019						Year Ended December 31, 2018
(In thousands)	Hotel		Industrial		Total		Hotel		Industrial		Total		Hotel		Industrial		Total
Revenues
Property operating income	$	573,787	$	20,217	$	594,004	$	1,119,045	$	346,431	$	1,465,476	$	1,193,636	$	288,367	$	1,482,003
Fee income	—		—		—		—		11,646		11,646		—		7,378		7,378
Interest and other income	185		79		264		486		5,163		5,649		1,374		3,775		5,149
Revenues from discontinued operations	573,972		20,296		594,268		1,119,531		363,240		1,482,771		1,195,010		299,520		1,494,530
Expenses
Property operating expense	489,975		5,993		495,968		757,555		93,440		850,995		805,161		84,162		889,323
Interest expense	157,287		6,665		163,952		228,729		91,863		320,592		218,278		42,713		260,991
Investment and servicing expense	16,811		20		16,831		17,612		658		18,270		15,033		436		15,469
Transaction costs	4,500		—		4,500		—		—		—		—		—		—
Depreciation and amortization	144,499		2,340		146,839		182,198		106,470		288,668		191,321		129,104		320,425
Impairment loss	1,107,133		—		1,107,133		59,913		—		59,913		86,841		948		87,789
Compensation expense—cash and equity-based (1)	4,395		82		4,477		5,322		29,791		35,113		6,512		11,156		17,668
Compensation expense—carried interest	—		(489)		(489)		—		35,170		35,170		—		4,696		4,696
Administrative expenses	2,937		1,199		4,136		2,252		6,089		8,341		1,682		4,803		6,485
Expenses from discontinued operations	1,927,537		15,810		1,943,347		1,253,581		363,481		1,617,062		1,324,828		278,018		1,602,846
Other income (loss)
Gain on sale of real estate	—		15,936		15,936		913		1,457,892		1,458,805		4,618		7,633		12,251
Other gain (loss), net	9,732		—		9,732		804		1,338		2,142		(1,460)		—		(1,460)
Equity method earnings (losses), including carried interest	—		(115)		(115)		—		41,258		41,258		—		10,636		10,636
Income (loss) from discontinued operations before income taxes	(1,343,833)		20,307		(1,323,526)		(132,333)		1,500,247		1,367,914		(126,660)		39,771		(86,889)
Income tax benefit (expense)	(2,662)		15		(2,647)		(27)		1,550		1,523		9,866		(189)		9,677
Income (loss) from discontinued operations	(1,346,495)		20,322		(1,326,173)		(132,360)		1,501,797		1,369,437		(116,794)		39,582		(77,212)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(172,419)		10,651		(161,768)		(20,758)		989,358		968,600		(14,380)		21,260		6,880
Noncontrolling interests in Operating Company	(116,350)		955		(115,395)		(9,404)		49,391		39,987		(6,074)		1,113		(4,961)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(1,057,726)	$	8,716	$	(1,049,010)	$	(102,198)	$	463,048	$	360,850	$	(96,340)	$	17,209	$	(79,131)

__________

(1) Includes equity-based compensation of $0.8 million in 2020, $9.7 million in 2019 and $4.0 million in 2018

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

The following table provides the basic and diluted earnings per common share computations:


	Year Ended December 31,
(In thousands, except per share data)		2020		2019		2018
Net loss allocated to common stockholders
Loss from continuing operations		$	(2,464,237)	$	(1,518,352)	$	(417,963)
(Income) loss from continuing operations attributable to noncontrolling interests		837,488		108,695		(22,513)
Loss from continuing operations attributable to Colony Capital, Inc.		(1,626,749)		(1,409,657)		(440,476)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(1,049,010)		360,850		(79,131)
Net loss attributable to Colony Capital, Inc.		(2,675,759)		(1,048,807)		(519,607)

Preferred dividends		(75,023)		(108,550)		(117,097)
Net loss attributable to common stockholders		(2,750,782)		(1,152,207)		(632,709)
Net income allocated to participating securities		(1,250)		(3,491)		(2,504)
Net loss allocated to common stockholders—basic		(2,752,032)		(1,155,698)		(635,213)
Interest expense attributable to convertible and exchangeable notes (1)		—		—		—
Net loss allocated to common stockholders—diluted		$	(2,752,032)	$	(1,155,698)	$	(635,213)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		473,558		479,588		496,993
Weighted average effect of dilutive shares (1)(2)(3)		—		—		—
Weighted average number of common shares outstanding—diluted		473,558		479,588		496,993
Income (loss) per share—basic
Loss from continuing operations		$	(3.60)	$	(3.16)	$	(1.12)
Income (loss) from discontinued operations		(2.21)		0.75		(0.16)
Net loss attributable to common stockholders per common share—basic		$	(5.81)	$	(2.41)	$	(1.28)
Income (loss) per share—diluted
Loss from continuing operations		$	(3.60)	$	(3.16)	$	(1.12)
Income (loss) from discontinued operations		(2.21)		0.75		(0.16)
Net loss attributable to common stockholders per common share—diluted		$	(5.81)	$	(2.41)	$	(1.28)

__________

Fee Income (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The Company earns fee income from the following sources:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Institutional funds and other investment vehicles		$	129,086	$	82,188	$	48,624
Public companies (CLNC, and NRE prior to its sale in September 2019)		29,739		118,049		65,258
Non-traded REIT		17,170		19,896		29,597
Other		1,760		3,782		964
		$	177,755	$	223,915	$	144,443

The following table presents the Company's fee income by type:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Base management fees ($169,518, $151,452 and $130,384 from affiliates, respectively)		$	169,813	$	152,189	$	131,406
Asset management fees ($2,430, $2,371 and $2,078 from affiliates, respectively)		3,273		3,559		2,078
Acquisition and disposition fees—from affiliates		—		—		1,922
Incentive and termination fees—from affiliates ($35, $64,555, and $5,445 from affiliates, respectively)		35		64,555		5,445
Other fee income ($4,541, $2,206 and $3,389 from affiliates, respectively)		4,634		3,612		3,592
Total fee income		$	177,755	$	223,915	$	144,443

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Components of Share-Based Compensation

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:


	2020 PSU Grants	2019 PSU Grants	2018 PSU Grant (4)
Expected volatility of the Company's class A common stock (1)	34.1%	26.2%	29.0%
Expected annual dividend yield (2)	9.3%	8.5% - 8.7%	7.3%
Risk-free rate (per annum) (3)	0.4%	2.2% - 2.4%	2.1%

__________

(2) Based upon a combination of historical dividend yields and current annualized dividends.

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date.

(4) Reflects assumptions applied in valuing the award upon modification in February 2019.

The following assumptions were applied in the Monte Carlo model under a risk-neutral premise:


	2020 LTIP Grant	2019 LTIP Grant (1)
Expected volatility of the Company's class A common stock (2)	43.1%	28.3%
Expected dividend yield (3)	0.0%	8.1%
Risk-free rate (per annum) (4)	0.2%	1.8%

__________

(2) Based upon historical volatility of the Company's stock and those of a specified peer group.

(4) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

Equity-based compensation expense, excluding amounts related to the industrial and hotel businesses which are presented as discontinued operations (Note 16), is as follows:


	Year Ended December 31,
(In thousands)		2020		2019		2018
Compensation expense (including $568, $345 and $270 amortization of fair value of dividend equivalent rights)		$	34,156	$	29,899	$	37,839

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

Changes in the Company’s unvested equity awards are summarized below:


							Weighted Average Grant Date Fair Value
	Restricted Stock	LTIP Units (1)	DSUs	RSUs (2)	PSUs (3)	Total	PSUs		All Other Awards
Unvested shares and units at December 31, 2019	7,641,708	10,000,000	265,784	—	5,680,195	23,587,687	$	3.66	$	3.25
Granted	10,130,282	1,845,018	672,910	10,799,244	4,324,375	27,771,829	1.64		2.20
Vested	(6,426,591)	—	(613,817)	—	—	(7,040,408)	—		4.96
Forfeited	(616,687)	—	—	(1,209,680)	(68,679)	(1,895,046)	3.71		3.74
Unvested shares and units at December 31, 2020	10,728,712	11,845,018	324,877	9,589,564	9,935,891	42,424,062	2.78		2.10

__________

Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Related Party Disclosures

Amounts due from and due to affiliates consist of the following:


(In thousands)	December 31, 2020		December 31, 2019
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	32,259	$	36,106
Cost reimbursements and recoverable expenses	15,655		14,624
Loan and interest receivable	35,089		—
Employees and other affiliates	541		750
	$	83,544	$	51,480
Due to Affiliates

Employees and other affiliates	$	601	$	34,064

Cost reimbursements, included in other income, are as follows. Amounts related to NRE pertain to periods prior to termination of its management agreement in September 2019.


	Year Ended December 31,
(In thousands)		2020		2019		2018
Retail companies		$	3,513	$	3,098	$	4,672
Public companies (CLNC, NRE)		8,974		14,442		10,747
Private investment vehicles and other		9,392		14,059		9,198
Equity awards of CLNC and NRE (Note 19)		1,976		32,627		10,078
		$	23,855	$	64,226	$	34,695

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of current and deferred tax benefit (expense), excluding amounts related to the hotel and industrial businesses presented as discontinued operations (Note 16), are as follows.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Current
Federal	$	(20,173)	$	(5,957)	$	4,995
State and local	(397)		(2,859)		1,736
Foreign	1,252		(12,459)		(13,698)
Total current tax benefit (expense)	(19,318)		(21,275)		(6,967)
Deferred
Federal	33,238		(137)		53,991
State and local	5,784		2,286		(68)
Foreign	(9,665)		5,150		3,148
Total deferred tax benefit (expense)	29,357		7,299		57,071
Income tax benefit (expense) on continuing operations	$	10,039	$	(13,976)	$	50,104

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets, excluding amounts related to the hotel business that is held for disposition, and deferred tax liabilities arising from temporary differences are as follows.


(In thousands)	December 31, 2020		December 31, 2019
Deferred tax assets
Net operating and capital loss carry forwards (1)	$	100,684	$	54,372
Equity-based compensation	12,909		23,410

Real estate, leases and related intangible liabilities	110,546		12,731

Straight-line and prepaid rent	9,674		3,520
Deferred income	1,121		5,816
Deferred interest expense	21,664		11,462
Lease liability—corporate offices	10,385		6,270
Other	178		390
Gross deferred tax assets	267,161		117,971
Valuation allowance	(84,799)		(20,565)
Deferred tax assets, net of valuation allowance	182,362		97,406
Deferred tax liabilities
Real estate, leases and related intangible assets	275,844		209,474
Investment in partnerships	9,739		1,051
Other intangible assets	17,277		31,124
ROU lease asset—corporate offices	5,208		9,420


Gross deferred tax liabilities	308,068		251,069
Net deferred tax liability	$	(125,706)	$	(153,663)

__________

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. income tax to the Company's effective income tax attributable to continuing operations is presented as follows:


	Year Ended December 31,
(Amounts in thousands)	2020		2019		2018
Loss from continuing operations before income taxes	$	(2,474,276)	$	(1,504,376)	$	(468,067)
(Income) loss from continuing operations before income taxes attributable to pass-through subsidiaries	1,569,819		704,418		230,462
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(904,457)		(799,958)		(237,605)
Federal tax benefit at statutory tax rate (at 21%)	189,936		167,991		49,897
State and local income taxes, net of federal income tax benefit	1,437		862		10,601
Foreign income tax differential	(4,632)		(8,979)		(3,533)
Foreign income tax differential—U.K. tax rate change	17,591		—		—
Nondeductible expenses—goodwill impairment	(124,740)		(165,480)		—
Nondeductible expenses—other	(1,300)		(4,556)		(3,749)
Valuation allowance, net	(64,234)		(4,151)		(7,789)
Impact of Tax Cuts and Jobs Act	—		—		2,092
Other	(4,019)		337		2,585
Income tax benefit (expense) on continuing operations	$	10,039	$	(13,976)	$	50,104

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary of Operating Results and Net Investments for Each of Reportable Operating Segment

The following table presents results of operations of the Company's reportable segments.


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total















Year Ended December 31, 2020
Total revenues	$	313,283	$	84,420	$	4,160	$	527,176	$	293,538	$	14,017	$	1,236,594
Income (loss) from continuing operations	(130,818)		9,793		35,922		(754,709)		(1,373,552)		(250,873)		(2,464,237)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(19,784)		9,196		23,261		(503,925)		(916,861)		(218,636)		(1,626,749)
Loss from discontinued operations attributable to Colony Capital, Inc.													(1,049,010)
Net loss attributable to Colony Capital, Inc.													$	(2,675,759)

Year Ended December 31, 2019
Total revenues	$	6,039	$	34,368	$	—	$	582,139	$	570,042	$	14,235	$	1,206,823
Income (loss) from continuing operations	(691)		48,942		(4,465)		(243,688)		(880,972)		(437,478)		(1,518,352)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(124)		44,808		(4,026)		(183,510)		(869,453)		(397,352)		(1,409,657)
Income from discontinued operations attributable to Colony Capital, Inc.													360,850
Net loss attributable to Colony Capital, Inc.													$	(1,048,807)

Year Ended December 31, 2018
Total revenues	$	—	$	—	$	—	$	592,455	$	570,238	$	9,239	$	1,171,932
Income (loss) from continuing operations	—		3,971		1,984		(283,516)		82,572		(222,974)		(417,963)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	—		3,738		1,868		(199,277)		(43,705)		(203,100)		(440,476)
Loss from discontinued operations attributable to Colony Capital, Inc.													(79,131)
Net loss attributable to Colony Capital, Inc.													$	(519,607)

The following table presents selected income and expense items of reportable segments.


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total



















Year Ended December 31, 2020
Property operating income	$	312,883	$	—	$	45	$	517,186	$	106,046	$	—	$	936,160
Interest income	80		37		1,355		3,936		69,372		5,691		80,471
Fee income	—		83,356		—		—		94,399		—		177,755
Property operating expense	119,729		—		105		249,357		54,525		—		423,716
Interest expense	77,976		—		—		138,182		37,400		56,896		310,454
Depreciation and amortization	210,188		26,056		—		138,312		52,111		4,776		431,443
Impairment loss	—		3,832		—		716,501		732,417		21,247		1,473,997
Gain on sale of real estate	—		—		—		175		25,811		—		25,986
Equity method earnings (losses), including carried interest	—		13,039		22,548		—		(499,453)		—		(463,866)
Income tax benefit (expense)	21,461		(60)		462		(19,718)		7,940		(46)		10,039


(In thousands)	Digital Operating		Digital Investment Management		Digital Other		Wellness Infrastructure		Other		Amounts Not Allocated to Segments		Total

Year Ended December 31, 2019
Property operating income	$	6,038	$	—	$	—	$	577,669	$	153,657	$	—	$	737,364
Interest income	—		41		—		3,765		159,944		3,015		166,765
Fee income	—		33,095		—		—		190,820		—		223,915
Property operating expense	2,197		—		—		260,374		70,783		—		333,354
Interest expense	1,272		3,230		—		192,621		54,814		54,872		306,809
Depreciation and amortization	1,803		10,406		—		161,115		128,233		6,037		307,594
Impairment loss	—		—		—		187,341		898,540		649		1,086,530
Gain on sale of real estate	—		—		—		1,384		60,619		—		62,003
Equity method earnings (losses), including carried interest	—		7,112		(4,465)		—		(131,349)		—		(128,702)
Income tax benefit (expense)	(10)		(15,094)		—		612		1,170		(654)		(13,976)

Year Ended December 31, 2018
Property operating income	$	—	$	—	$	—	$	586,855	$	180,068	$	—	$	766,923
Interest income	—		—		—		5,138		208,213		1,237		214,588
Fee income	—		—		—		—		144,443		—		144,443
Property operating expense	—		—		—		271,166		74,329		—		345,495
Interest expense	—		—		—		194,898		85,149		54,513		334,560
Depreciation and amortization	—		—		—		164,389		81,385		6,207		251,981
Impairment loss	—		—		—		217,524		282,910		—		500,434
Gain on sale of real estate	—		—		—		—		154,980		—		154,980
Equity method earnings (losses), including carried interest	—		6,861		1,984		—		(8,921)		—		(76)
Income tax benefit (expense)	—		—		—		(4,991)		54,890		205		50,104

Assets and Equity Method Investments of Reportable Segments

Total assets and equity method investments of the reportable segments are summarized as follows:


	December 31, 2020				December 31, 2019
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Operating	$	6,926,634	$	—	$	1,684,867	$	—
Digital Investment Management	490,632		19,167		428,703		1,059
Digital Other	482,464		158,564		46,832		46,832
Wellness Infrastructure	3,914,607		—		4,886,374		—
Other	4,340,736		1,272,769		6,403,002		1,935,882
Amounts not allocated to segments	376,174		3,742		1,120,929		3,742
Assets held for disposition related to discontinued operations	3,669,313		—		5,261,477		—
	$	20,200,560	$	1,454,242	$	19,832,184	$	1,987,515

Revenue by Geographic Areas


	Year Ended December 31,
(In thousands)		2020		2019		2018
Total income by geography:
United States		$	1,115,710	$	910,556	$	868,432
Europe		122,475		354,164		329,609
Other		22,899		7,127		302
Total (1)		$	1,261,084	$	1,271,847	$	1,198,343

Long-lived Assets by Geographic Areas


(In thousands)	December 31, 2020		December 31, 2019
Long-lived assets by geography:
United States	$	8,205,682	$	5,267,189
Europe	1,699,338		1,508,347
Other	624,680		—
Total (2)	$	10,529,700	$	6,775,536

__________

Supplemental Disclosure of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
(In thousands)	2020		2019		2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $852, $3,192, and $5,554	$	392,004	$	523,533	$	507,495
Cash paid for income taxes, net of refunds	39,151		(12,595)		14,476
Cash paid for operating lease liabilities	31,138		16,234		—
Cash paid for finance lease liabilities	889		—		—
Supplemental Disclosure of Cash Flows from Discontinued Operations
Hotel:
Net cash provided by (used in) operating activities of discontinued operations	$	8,682	$	157,709	$	177,835
Net cash provided by (used in) investing activities of discontinued operations	(88,348)		(102,845)		19,234
Net cash provided by (used in) financing activities of discontinued operations	(763)		(41,910)		(160,821)
Industrial:
Net cash provided by (used in) operating activities of discontinued operations	(32,452)		158,666		153,379
Net cash provided by (used in) investing activities of discontinued operations	431,972		(599,940)		82,408
Net cash provided by (used in) financing activities of discontinued operations	(359,113)		351,052		378,788


	Year Ended December 31,
(In thousands)	2020		2019		2018
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	$	18,516	$	83,301	$	84,013
Improvements in operating real estate in accrued and other liabilities	27,096		20,230		2,249
Proceeds from loan repayments and asset sales held in escrow	1,858		63,984		19,425
Operating lease right-of-use assets and lease liabilities established	262,169		139,157		—
Finance lease right-of-use assets and lease liabilities established	148,974		—		—
Redemption of OP Units for common stock	7,757		2,104		29,034
Preferred stock redemptions payable	—		402,855		—

Assets and liabilities of investment entities deconsolidated in foreclosure	172,927		—		—
Assets consolidated in real estate acquisition and foreclosure, net of cash and restricted cash	5,399,611		—		—
Liabilities assumed in real estate acquisition and foreclosure	1,854,760		—		—
Noncontrolling interests assumed in real estate acquisition	366,136		—		—
Deferred cash consideration for acquisition of DBH (Note 3)	—		32,500		—
Issuance of OP Units for business combinations (Note 3)	—		114,865		—
Distributions payable to noncontrolling interests included in other liabilities	—		3,986		19,297
Foreclosures and exchanges of loans receivable for real estate	—		28,562		47,097
Debt assumed by buyer in sale of real estate	—		295,562		196,416
Financing provided to buyer in sale of real estate	—		4,000		—
Fair value of Digital Colony Manager contract intangible consolidated (Note 3)	—		51,400		—
Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3)	—		2,098,313		—
Liabilities assumed in business combinations (Note 3)	—		818,449		—
Noncontrolling interests assumed in business combinations (Note 3)	—		724,567		—
Deconsolidation of net assets of securitization trusts	—		—		131,386
Assets held for sale contributed to equity method investee	—		—		20,350
Deferred tax liabilities assumed by buyer of related real estate	—		—		26,629
Share repurchase payable	—		—		7,567
Contributions receivable from noncontrolling interests	—		—		29,721
Assets of investment entities deconsolidated, net of cash and restricted cash contributed (1)	395,351		—		1,753,066
Liabilities of investment entities deconsolidated (1)	235,425		—		421,245
Noncontrolling interests of investment entities deconsolidated (1)	80,921		—		395,274

__________

(1) Represents sale of the Company's interest in the bulk industrial portfolio in 2020 (Note 8) and contribution of the CLNY Contributed Portfolio for the formation of CLNC in 2018 (Note 6).

Business (Details) $ in Thousands	1 Months Ended	12 Months Ended
Business (Details) $ in Thousands	Sep. 30, 2020 USD ($) security hotel numberOfHotelPortfolios	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Impairment loss		$ 1,473,997	$ 1,086,530	$ 500,434
Third-party investor
Business Acquisition [Line Items]
Assets under management		42,000,000
Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Impairment loss		2,500,000
Impairment and fair value decline
Business Acquisition [Line Items]
Impairment loss		$ 3,200,000
Colony Capital Operating Company, LLC \| Certain Employees
Business Acquisition [Line Items]
Senior management ownership percent		10.00%
Parent Company [Member] \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent		90.00%
Hotel
Business Acquisition [Line Items]
Number of hotel portfolios owned prior to sale \| security	6
Exit of Hospitality Business \| THL Hotel Portfolio \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Interest sold (in percent)	55.60%
Number of hotel properties sold \| hotel	197
Hotel portfolios held through joint ventures \| numberOfHotelPortfolios	2
Transaction value	$ 2,800,000
Gross selling price	67,500
Debt assumed by acquirer	$ 2,700,000
Exit of Hospitality Business \| Hotel \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Number of hotel portfolios sold \| security	5
Joint Venture 1 \| Exit of Hospitality Business \| THL Hotel Portfolio \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Ownership interest in joint venture (in percent)	90.00%
Joint Venture 2 \| Exit of Hospitality Business \| THL Hotel Portfolio \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Ownership interest in joint venture (in percent)	97.50%
Digital Operating
Business Acquisition [Line Items]
Assets under management		$ 29,000,000

Summary of Significant Accounting Policies - Real Estate Held for Investment, Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	21 years
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	51 years
Data center infrastructure \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Data center infrastructure \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	19 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($) security	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity	$ 6,984,590		$ 8,926,415		$ 11,146,370		$ 12,349,392
Number of AFS debt securities with unrealized loss in AOCI \| security			0
OP Units to common stock, conversion ratio	1
Minimum \| Management Service, Incentive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fees allocated to employees	40.00%
Minimum \| Furniture, Fixtures, Equipment and Capitalized Software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life	3 years
Maximum \| Management Service, Incentive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fees allocated to employees	50.00%
Maximum \| Furniture, Fixtures, Equipment and Capitalized Software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life	5 years
Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity			$ (5,113)	$ (4,468)		$ 1,600	(1,220)
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity	$ (6,195,456)		(3,389,592)		(2,018,302)		(1,165,412)
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity		$ 3,300	$ (3,187)		$ (2,905)	$ 600	$ (1,018)
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement \| CLNC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity		$ 8,500

Summary of Significant Accounting Policies - Business Combinations (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Jul. 25, 2019	Jul. 24, 2019	Jul. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consideration
Deferred consideration				$ 0	$ 32,500	$ 0
OP Units issued				0	114,865	0
Identifiable assets acquired and liabilities assumed
Goodwill				$ 842,929	1,452,891	$ 1,514,561	$ 1,514,561
DBH
Business Acquisition [Line Items]
Shares issued (USD per share)		$ 5.21
Outstanding ownership percentage before acquisition	50.00%			50.00%
Fair value of equity interest in Digital Colony Manager					51,400
Discount rate for future fee income	8.00%			8.00%
Consideration
Cash					181,167
Deferred consideration					35,500
OP Units issued					111,903
Fair value of equity interest					379,970
Identifiable assets acquired and liabilities assumed
Intangible assets					153,300
ROU lease and other assets					13,008
Other liabilities					16,194
Fair value of net assets acquired					132,722
Goodwill					$ 247,248
Discount rate used for calculating future fee income				11.50%
Potential carried interest, discount rate				25.00%
Customer relationships and service contracts
Identifiable assets acquired and liabilities assumed
Useful life				12 years
Minimum
Identifiable assets acquired and liabilities assumed
Royalty rate				1.00%
Discount rate for projected future royalty fees				9.50%
Minimum \| Customer relationships and service contracts
Identifiable assets acquired and liabilities assumed
Useful life				5 years
Minimum \| Trade name
Identifiable assets acquired and liabilities assumed
Useful life				1 year
Maximum
Identifiable assets acquired and liabilities assumed
Royalty rate				2.00%
Discount rate for projected future royalty fees				11.50%
Maximum \| Customer relationships and service contracts
Identifiable assets acquired and liabilities assumed
Useful life				15 years
Maximum \| Trade name
Identifiable assets acquired and liabilities assumed
Useful life				10 years
OP Unit issuance
Business Acquisition [Line Items]
Issuance of shares (in shares)				0
OP Unit issuance \| DBH
Business Acquisition [Line Items]
Issuance of shares (in shares)	21,478,515		21,478,515
Consideration
OP Units issued			$ 111,900
Digital Colony Manager \| DBH
Business Acquisition [Line Items]
Fair value of equity interest in Digital Colony Manager	$ 51,400

Acquisitions - Additional Information (Details)				1 Months Ended						12 Months Ended
Acquisitions - Additional Information (Details)	Dec. 20, 2019 $ / shares shares	Jul. 25, 2019 USD ($) portfolio_company shares	Jul. 24, 2019 USD ($) $ / shares	Feb. 28, 2021 USD ($) data_center	Dec. 31, 2020 USD ($) data_center	Oct. 31, 2020 USD ($) data_center	Jul. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) shares	Jul. 31, 2019 shares	Dec. 31, 2020 USD ($) data_center shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Equity method investments			$ 0		$ 1,454,242,000			$ 1,987,515,000		$ 1,454,242,000	$ 1,987,515,000
Contributions from noncontrolling interests										1,832,740,000	$ 536,235,000	$ 1,059,891,000
VDC
Business Acquisition [Line Items]
Asset acquisition, equity interest						90.00%	80.00%
Asset acquisition, purchase price						$ 1,360,000,000	$ 1,200,000,000
Asset acquisition, liabilities incurred						2,000,000,000.0
Balance sheet investment						$ 197,000,000
Assets acquisition, balance sheet investment, equity interest percentage						13.00%	12.00%
zColo Colocation Data Centers
Business Acquisition [Line Items]
Asset acquisition, equity interest								20.00%			20.00%
Asset acquisition, purchase price					1,200,000,000
Balance sheet investment					$ 188,000,000					$ 188,000,000
Number of data centers acquired \| data_center					39	12				39
Contributions from noncontrolling interests					$ 500,000,000
zColo Colocation Data Centers \| Subsequent Event
Business Acquisition [Line Items]
Asset acquisition, purchase price				$ 33,000,000.0
Balance sheet investment				$ 145,000,000
Number of data centers acquired \| data_center				5
Management Operation Fees \| Affiliated Entity
Business Acquisition [Line Items]
Invested by related party										$ 240,000,000
Minimum
Business Acquisition [Line Items]
Discount rate for projected net cash flow										9.50%
Royalty rate										1.00%
Discount rate for projected future royalty fees										9.50%
Maximum
Business Acquisition [Line Items]
Discount rate for projected net cash flow										10.00%
Royalty rate										2.00%
Discount rate for projected future royalty fees										11.50%
In-Place Lease \| Minimum
Business Acquisition [Line Items]
Useful life										1 year
In-Place Lease \| Maximum
Business Acquisition [Line Items]
Useful life										15 years
Above and Below Market Lease \| Minimum
Business Acquisition [Line Items]
Useful life										1 year
Discount rate for projected net cash flow										6.00%
Above and Below Market Lease \| Maximum
Business Acquisition [Line Items]
Useful life										15 years
Discount rate for projected net cash flow										8.00%
Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life										12 years
Customer relationships and service contracts \| Minimum
Business Acquisition [Line Items]
Useful life										5 years
Discount rate for projected net cash flow										6.00%
Customer relationships and service contracts \| Maximum
Business Acquisition [Line Items]
Useful life										15 years
Discount rate for projected net cash flow										8.00%
Customer Contracts \| Minimum
Business Acquisition [Line Items]
Useful life										1 year
Customer Contracts \| Maximum
Business Acquisition [Line Items]
Useful life										15 years
Trade name \| Minimum
Business Acquisition [Line Items]
Useful life										1 year
Trade name \| Maximum
Business Acquisition [Line Items]
Useful life										10 years
Employment Contracts \| zColo Colocation Data Centers
Business Acquisition [Line Items]
Useful life										3 years
Building \| Minimum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										25 years
Building \| Maximum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										50 years
Land improvements \| Minimum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										5 years
Land improvements \| Maximum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										21 years
Data center infrastructure \| Minimum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										10 years
Data center infrastructure \| Maximum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										19 years
Furniture, fixtures and equipment \| Minimum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										1 year
Furniture, fixtures and equipment \| Maximum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life										5 years
OP Unit issuance
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares										0
DBH
Business Acquisition [Line Items]
Shares issued (USD per share) \| $ / shares			$ 5.21
Number of portfolio companies managed by DBH \| portfolio_company		6
Outstanding ownership percentage before acquisition		50.00%								50.00%
Discount rate for future fee income		8.00%								8.00%
Discount rate used for calculating future fee income										11.50%
Potential carried interest, discount rate										25.00%
Fair value of equity interest in acquiree											$ 51,400,000
DBH \| Management Contract \| Minimum
Business Acquisition [Line Items]
Useful life										3 years
DBH \| Management Contract \| Maximum
Business Acquisition [Line Items]
Useful life										10 years
DBH \| OP Unit issuance
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares		21,478,515							21,478,515
DBH \| Digital Colony Manager
Business Acquisition [Line Items]
Fair value of equity interest in acquiree		$ 51,400,000
DBH \| DCM
Business Acquisition [Line Items]
Ownership percentage		50.00%
DatabaBank
Business Acquisition [Line Items]
Shares issued (USD per share) \| $ / shares	$ 4.84
Fair value of equity interest in acquiree											$ 0
DatabaBank \| OP Unit issuance
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares	612,072							612,072

Acquisitions - Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Deferred consideration			$ 0	$ 32,500	$ 0
OP Units issued			0	114,865	0
Goodwill	$ 1,452,891	$ 842,929	842,929	1,452,891	$ 1,514,561	$ 1,514,561
Asset Acquisition [Abstract]
Decrease to deferred tax liabilities		$ 8,800
VDC
Asset Acquisition [Abstract]
Cash			1,524,610
Deferred consideration			0
OP Units issued			0
Total consideration for equity interest acquired			1,524,610
Fair value of equity interest in Digital Colony Manager			0
Fair value of equity interest			1,524,610
Cash			0
Real estate			2,720,870
Assets held for disposition			0
Intangible assets			765,137
ROU lease and other assets			181,260
Debt			(2,060,307)
Tax liabilities			0
Intangible, lease and other liabilities			(82,350)
Fair value of net assets acquired			1,524,610
Noncontrolling interests in investment entities			0
Goodwill			0
zColo Colocation Data Centers
Asset Acquisition [Abstract]
Cash			1,181,488
Deferred consideration			0
OP Units issued			0
Total consideration for equity interest acquired			1,181,488
Fair value of equity interest in Digital Colony Manager			0
Fair value of equity interest			1,181,488
Cash			266
Real estate			882,327
Assets held for disposition			0
Intangible assets			303,119
ROU lease and other assets			415,038
Debt			0
Tax liabilities			0
Intangible, lease and other liabilities			(419,262)
Fair value of net assets acquired			1,181,488
Noncontrolling interests in investment entities			0
Goodwill			$ 0
DBH
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash				181,167
Deferred consideration				35,500
OP Units issued				111,903
Total consideration for equity interest acquired				328,570
Fair value of equity interest in Digital Colony Manager				51,400
Fair value of equity interest				379,970
Cash	0			0
Real estate	0			0
Assets held for disposition	0			0
Intangible assets	153,300			153,300
ROU lease and other assets	13,008			13,008
Debt	0			0
Tax liabilities	(17,392)			(17,392)
Intangible, lease and other liabilities	(16,194)			(16,194)
Fair value of net assets acquired	132,722			132,722
Noncontrolling interests in investment entities	0			0
Goodwill	247,248			247,248
DataBank
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash				182,731
Deferred consideration				0
OP Units issued	3,000			2,962
Total consideration for equity interest acquired				185,693
Fair value of equity interest in Digital Colony Manager				0
Fair value of equity interest				185,693
Cash	10,366			10,366
Real estate	839,053			839,053
Assets held for disposition	29,266			29,266
Intangible assets	219,651			219,651
ROU lease and other assets	108,896			108,896
Debt	(539,155)			(539,155)
Tax liabilities	(100,759)			(100,759)
Intangible, lease and other liabilities	(120,178)			(120,178)
Fair value of net assets acquired	447,140			447,140
Noncontrolling interests in investment entities	(724,567)			(724,567)
Goodwill	$ 463,120			$ 463,120

Acquisitions - Real Estate Acquisitions (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($) property	Feb. 28, 2019 USD ($) property	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($) property
Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Purchase Price				$ 78,593	$ 1,543,981
Land				70,167	317,740
Buildings and Improvements				101,151	1,156,884
Lease-Related Intangible Assets				5,383	76,230
ROU Lease and Other Assets				76,557	0
Debt				(127,226)	0
Intangible, Lease and Other Liabilities				$ (47,439)	$ (6,873)
Building \| Maximum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				40 years
Land improvements \| Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life				5 years
Land improvements \| Minimum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				12 years
Land improvements \| Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life				21 years
Land improvements \| Maximum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				15 years
Furniture, fixtures and equipment \| Minimum
Business Acquisition [Line Items]
Property, plant and equipment, useful life				1 year
Furniture, fixtures and equipment \| Maximum
Business Acquisition [Line Items]
Property, plant and equipment, useful life				20 years
Furniture, fixtures and equipment \| Maximum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				7 years
Lease Intangibles \| Minimum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				9 years
Lease Intangibles \| Maximum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				11 years
Right-Of-Use Assets \| Minimum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				5 years
Right-Of-Use Assets \| Maximum \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Property, plant and equipment, useful life				44 years
Hotel \| France \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property				9
Purchase Price				$ 37,916
Land				5,243
Buildings and Improvements				34,038
Lease-Related Intangible Assets				0
ROU Lease and Other Assets				43,503
Debt				(2,245)
Intangible, Lease and Other Liabilities				$ (42,623)
Easements \| USA \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property				0
Purchase Price				$ 2,586
Land				2,586
Buildings and Improvements				0
Lease-Related Intangible Assets				0
ROU Lease and Other Assets				0
Debt				0
Intangible, Lease and Other Liabilities				$ 0
Office \| U.K. and Ireland \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property				5
Purchase Price				$ 32,975
Land				57,222
Buildings and Improvements				67,113
Lease-Related Intangible Assets				5,383
ROU Lease and Other Assets				33,054
Debt				(124,981)
Intangible, Lease and Other Liabilities				$ (4,816)
Land \| USA \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property				0
Purchase Price				$ 5,116
Land				5,116
Buildings and Improvements				0
Lease-Related Intangible Assets				0
ROU Lease and Other Assets				0
Debt				0
Intangible, Lease and Other Liabilities				$ 0
Bulk Industrial \| USA \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property		6
Purchase Price		$ 373,182
Land		49,446
Buildings and Improvements		296,348
Lease-Related Intangible Assets		27,553
ROU Lease and Other Assets		0
Debt		0
Intangible, Lease and Other Liabilities		$ (165)
Wellness infrastructure \| U.K. \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property	1
Purchase Price	$ 12,376
Land	3,478
Buildings and Improvements	9,986
Lease-Related Intangible Assets	732
ROU Lease and Other Assets	0
Debt	0
Intangible, Lease and Other Liabilities	$ (1,820)
Light industrial \| USA \| Other Real Estate Asset Acquisition
Business Acquisition [Line Items]
Number of Properties \| property					84
Purchase Price			$ 1,158,423
Land					$ 264,816
Buildings and Improvements					850,550
Lease-Related Intangible Assets					47,945
ROU Lease and Other Assets					0
Debt					0
Intangible, Lease and Other Liabilities					$ (4,888)

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 834,918	$ 716,340
Buildings and improvements	4,907,213	5,068,639
Tenant improvements	115,592	105,440
Data center infrastructure	3,396,854	595,603
Furniture, fixtures and equipment	87,380	98,839
Construction in progress	84,384	115,933
Real estate held for investment, gross	9,426,341	6,700,794
Less: Accumulated depreciation	(698,421)	(482,598)
Real estate assets, net	$ 8,727,920	$ 6,218,196

Real Estate - Real Estate Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Proceeds from sales of real estate	$ 431,198	$ 6,108,153	$ 864,347
Gain on sale of real estate	$ 41,922	$ 1,520,808	$ 167,231

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 1,473,997	$ 1,086,530	$ 500,434
Other real estate related intangibles
Real Estate [Line Items]
Impairment of real estate intangibles	$ 9,600	900	12,700
Minimum
Real Estate [Line Items]
Capitalization rate	10.00%
Terminal capitalization rate	7.30%
Discount rate	8.50%
Maximum
Real Estate [Line Items]
Capitalization rate	12.00%
Terminal capitalization rate	11.30%
Discount rate	9.50%
Ground Leases
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 15,100
Held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group	1,777,698	227,510	280,418
Held for investment \| Nonrecurring \| Level 3
Real Estate [Line Items]
Carrying value of real estate	$ 3,200,000	355,000
Held for disposition \| Minimum
Real Estate [Line Items]
Selling costs	1.00%
Held for disposition \| Maximum
Real Estate [Line Items]
Selling costs	3.00%
Held for disposition \| Nonrecurring
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 179,666	120,329	77,211
Held for disposition \| Nonrecurring \| Level 3
Real Estate [Line Items]
Real estate held for disposition	1,600,000	253,400
Real Estate \| Held for investment
Real Estate [Line Items]
Depreciation of real estate held for investment	$ 276,104	$ 177,585	$ 185,606

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fixed lease income
Revenue from External Customer [Line Items]
Income	$ 768,914	$ 657,407
Variable lease income
Revenue from External Customer [Line Items]
Income	113,680	57,575
Lease income:
Revenue from External Customer [Line Items]
Income	882,594	714,982	$ 800,000
Hotel operating income
Revenue from External Customer [Line Items]
Income	8,688	16,344	10,600
Data center service revenue
Revenue from External Customer [Line Items]
Income	44,878	6,038
Property operating income
Revenue from External Customer [Line Items]
Income	$ 936,160	$ 737,364	$ 766,923

- Definition

+ References

+ Details

Real Estate - Lease Concessions Related to COVID-19 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
COVID-19 Pandemic
Unusual or Infrequent Item, or Both [Line Items]
Deferred rent receivables	$ 0.2
Forgiveness of rent	$ 0.7
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Term for deferred rent	2 months
Term for repayment of deferred rent	3 months
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Term for deferred rent	3 months
Term for repayment of deferred rent	20 months

Real Estate - Future Fixed Lease Income Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Real Estate [Abstract]
2021	$ 805,863
2022	611,627
2023	517,852
2024	436,674
2025	397,486
2026 and thereafter	2,268,671
Total	$ 5,038,173

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for loan losses		$ (48,187)	$ (32,940)	$ (52,709)
Loans receivable	$ 1,295,337	1,566,328
Fair Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,578,880
Fair Value	1,295,337	1,557,850
Fair Value \| Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,416,793
Fair Value	1,122,090
Fair Value \| Fixed rate \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,691,165
Fair Value	$ 680,431
Weighted Average Coupon	7.70%
Weighted Average Maturity in Years	8 months 12 days
Fair Value \| Fixed rate \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 595,890
Fair Value	$ 329,922
Weighted Average Coupon	10.90%
Weighted Average Maturity in Years	1 year 1 month 6 days
Fair Value \| Fixed rate \| Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 129,738
Fair Value	$ 111,737
Weighted Average Coupon	13.20%
Weighted Average Maturity in Years	4 years 2 months 12 days
Fair Value \| Variable rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 162,087
Fair Value	173,247
Fair Value \| Variable rate \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	130,692
Fair Value	$ 141,520
Weighted Average Coupon	2.60%
Weighted Average Maturity in Years	0 years
Fair Value \| Variable rate \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 31,395
Fair Value	$ 31,727
Weighted Average Coupon	8.50%
Weighted Average Maturity in Years	4 years 10 months 24 days
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		2,498,573
Fair Value		1,552,824
Interest receivable		13,504
Loans receivable		1,566,328
Carrying Value \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,332,769
Amortized Cost		1,352,476
Carrying Value \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost		1,552,824
Allowance for loan losses		(48,187)
Carrying Value \| PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,165,804
Amortized Cost		248,535
Carrying Value \| Fixed rate \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		1,116,034
Amortized Cost		1,135,570
Carrying Value \| Fixed rate \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		471,472
Amortized Cost		$ 492,709
Weighted Average Coupon		10.70%
Weighted Average Maturity in Years		1 year 7 months 6 days
Carrying Value \| Fixed rate \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 495,182
Amortized Cost		$ 494,238
Weighted Average Coupon		12.60%
Weighted Average Maturity in Years		7 months 6 days
Carrying Value \| Fixed rate \| Non-PCI Loans \| Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 149,380
Amortized Cost		$ 148,623
Weighted Average Coupon		12.90%
Weighted Average Maturity in Years		5 years 4 months 24 days
Carrying Value \| Variable rate \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 216,735
Amortized Cost		216,906
Carrying Value \| Variable rate \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		171,848
Amortized Cost		$ 172,269
Weighted Average Coupon		4.10%
Weighted Average Maturity in Years		3 months 18 days
Carrying Value \| Variable rate \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance		$ 44,887
Amortized Cost		$ 44,637
Weighted Average Coupon		12.70%
Weighted Average Maturity in Years		1 year 7 months 6 days

Loans Receivable - Aging Summary of Non-PCI Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	$ (1,283,543)
Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Not past due	2,790
30-59 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	0
60-89 days past due
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	0
90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due	(1,286,333)
Non-PCI Loans
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 1,352,476
Non-PCI Loans \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		1,042,260
Non-PCI Loans \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 310,216
Fair Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	1,295,337
Fair Value \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	422,132
Fair Value \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due	873,205
Carrying Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	2,578,880
Carrying Value \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	419,342
Carrying Value \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ 2,159,538

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

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 1,566,328		$ 1,295,337
Allowance for loan losses	(48,187)	$ (32,940)		$ (52,709)
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	326,151
Average carrying value before allowance for loan losses and interest receivable	305,293	282,325
Total interest income recognized during the period impaired	7,514	7,127
Cash basis interest income recognized	447	$ 1,190
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	89,689
Allowance for loan losses	(48,187)
Loans held for investment, net \| Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	71,754
Without Allowance for Loan Losses	259,011
Total	330,765
Allowance for loan losses	$ (48,146)

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

Loans Receivable - Changes in Accretable Yield of PCI Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620	$ 42,435
Dispositions	0	(5,484)
Changes in accretable yield	43,246	1,882
Accretion recognized in earnings	(19,637)	(27,911)
Deconsolidation	0	(991)
Effect of changes in foreign exchange rates	332	(311)
Ending accretable yield	$ 33,561	$ 9,620

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

Loans Receivable - Allowance For Loan Losses Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses		$ 48,187	$ 32,940	$ 52,709
Loans receivable	$ 1,295,337	1,566,328
Loan and interest receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses		48,187
Loans receivable		89,689
Loan and interest receivable \| Non-PCI loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses		48,146
Loans receivable		71,754
Loan and interest receivable \| PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses		41
Loans receivable		$ 17,935

Loans Receivable - Changes in Allowance For Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses, beginning balance	$ 32,940	$ 52,709
Contribution to CLNC	0	(518)
Deconsolidation	0	(5,983)
Provision for loan losses, net	35,880	43,034
Charge-off	(20,633)	(56,302)
Allowance for loan losses, ending balance	$ 48,187	$ 32,940

Loans Receivable - Provision for Loan and Losses By Loan Type (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss		$ 0	$ 35,880	$ 43,034
Loan and interest receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 35,880			43,034
Loan and interest receivable \| Non-PCI loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss			30,035	22,557
Loan and interest receivable \| PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss			$ 5,845	$ 20,477

Loans Receivable - Lending Commitments (Details) - Investment Commitments - Consolidated Real Estate Debt Investments $ in Millions	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 158.7
Parent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 34.9

Equity and Debt Investments - Investments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jul. 24, 2019
Equity Investments
Equity method investments	$ 1,454,242,000	$ 1,987,515,000	$ 0
Total equity investments	1,708,903,000	2,256,214,000
Debt Securities
Total debt securities	28,576,000	57,591,000
Equity and debt investments	1,737,479,000	2,313,805,000
Marketable equity securities \| Level 1
Equity Investments
Marketable equity securities	218,485,000	138,586,000
N-Star CDO bonds, available for sale
Debt Securities
N-Star CDO bonds, available for sale	28,576,000	54,859,000
CMBS of consolidated fund, at fair value
Debt Securities
CMBS of consolidated fund, at fair value	0	2,732,000
Investment ventures
Equity Investments
Equity method investments	1,237,371,000	1,845,129,000
Investment ventures and Private funds and non-traded REIT	0	91,472,000
Private funds
Equity Investments
Equity method investments	216,871,000	142,386,000
Investment ventures and Private funds and non-traded REIT	$ 36,176,000	$ 38,641,000

Equity and Debt Investments - Equity Method Investments (Details)	Dec. 31, 2020 USD ($) investment	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 24, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 1,454,242,000		$ 1,987,515,000	$ 0
Level 3 \| Other investment ventures \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input	0.275		0.101
Maximum \| Level 3 \| Other investment ventures \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input	0.300		0.158
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 385,193,000	$ 611,200,000	$ 725,443,000
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Carrying value	0		93,390,000
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	68,000		138,428,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	491,009,000		543,296,000
Private funds
Schedule of Equity Method Investments [Line Items]
Carrying value	214,399,000		115,055,000
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	0		21,940,000
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 181,774,000		127,088,000
Number of equity method investments \| investment	10
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 181,799,000		$ 222,875,000
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.40%

Equity and Debt Investments - Narrative (Details)		1 Months Ended		3 Months Ended		12 Months Ended
Equity and Debt Investments - Narrative (Details)	Jan. 31, 2018 USD ($)	Apr. 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) security $ / shares	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($)	Sep. 30, 2020 $ / shares	Jul. 24, 2019 USD ($)	Jun. 28, 2019 $ / shares
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments						$ 287,899,000	$ 165,657,000	$ 231,040,000
Impairment loss						1,473,997,000	1,086,530,000	500,434,000
Amount reclassified into earnings						(211,084,000)	(194,106,000)	53,166,000
Equity method investments						$ 1,454,242,000	1,987,515,000			$ 0
Expected maturity period						3 years
Allowance for credit loss recorded						$ 24,700,000
Number of AFS debt securities with unrealized loss without allowance for credit loss \| security						0
OTTI loss							$ 16,900,000
Number of AFS debt securities with unrealized loss in AOCI \| security							0
Maximum
Schedule of Equity Method Investments [Line Items]
Company's ownership percentage						100.00%
Minimum
Schedule of Equity Method Investments [Line Items]
Company's ownership percentage						38.00%
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments		$ 148,500,000
Equity method investment, gain on sale		$ 60,700,000
Ownership percentage by co-investment partner				50.00%
Potential future profit share allocation						49.00%
Albertsons/Safeway \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner		50.00%
Albertsons/Safeway \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner		2.00%
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Asset value per share (in dollars per share) \| $ / shares						$ 8.04
Colony Credit Real Estate, Inc. \| Class A Common Stock \| Common Stock
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share) \| $ / shares						$ 7.50			$ 7.02		$ 15.50
Colony \| CMBS of consolidated fund, at fair value
Schedule of Equity Method Investments [Line Items]
Proceeds from sale						$ 0	$ 0
Level 3
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value						$ 1,000,000,000.0	$ 745,300,000	32,800,000
Level 3 \| Other investment ventures \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input						0.275	0.101
Level 3 \| Maximum \| Other investment ventures \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input						0.300	0.158
Level 3 \| Minimum \| Other investment ventures \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input						0.190	0.051
Investment ventures \| Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss						$ 512,200,000	$ 258,000,000.0	$ 61,200,000
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments			$ 179,100,000
Equity method investment, gain on sale			$ 106,100,000
Equity method investments						0	93,390,000
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 611,200,000		385,193,000	725,443,000
Proportionate share of loan loss provisions and impairments not recognized						83,900,000	141,100,000
Basis difference						277,500,000
Colony Credit Real Estate, Inc. \| Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value				336,500,000
Amount reclassified into earnings	$ 9,900,000
Adjustments for any impairment or observable price changes				$ 274,700,000	$ 227,900,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments						491,009,000	$ 543,296,000
Lending commitments						$ 11,600,000
ADC investments \| Investment ventures \| Maximum \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input						0.20
ADC investments \| Investment ventures \| Minimum \| Discount rate
Schedule of Equity Method Investments [Line Items]
Measurement input						0.10
ADC investments \| Investment ventures \| Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss						$ 203,200,000
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment						$ 192,200,000

Equity and Debt Investments - Combined Financial Information of Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information [Abstract]
Total Assets	$ 20,200,560	$ 19,832,184
Total liabilities	12,910,692	10,899,662
Owners' equity	2,501,471	5,216,043
Income Statement [Abstract]
Total revenues	1,236,594	1,206,823	$ 1,171,932
Net income (loss)	(3,790,410)	(148,915)	(495,175)
Net income (loss) attributable to owners	(2,675,759)	(1,048,807)	(519,607)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Summarized Financial Information [Abstract]
Total Assets	14,488,278	14,026,862
Total liabilities	6,692,652	9,354,120
Owners' equity	7,466,679	4,509,879
Noncontrolling interests	328,947	162,863
Income Statement [Abstract]
Total revenues	728,649	1,455,631	1,486,511
Net income (loss)	(184,588)	(827,550)	220,191
Net income (loss) attributable to noncontrolling interests	(32,648)	(50,350)	23,878
Net income (loss) attributable to owners	$ (151,940)	$ (777,200)	$ 196,313

Equity and Debt Investments - Debt Securities (Details) - N-Star CDO bonds, available for sale - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Without Allowance for Credit Loss	$ 46,561	$ 46,002
Allowance for Credit Loss	(24,688)
Gross cumulative unrealized gains	6,703	8,857
Gross cumulative unrealized loss	0	0
Fair Value	$ 28,576	$ 54,859

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 1,452,891	$ 1,514,561	$ 1,514,561
Business combination	(15,962)	726,330	0
Impairment	(594,000)	(788,000)	0
Ending balance	$ 842,929	$ 1,452,891	$ 1,514,561

Goodwill, Deferred Leasing Costs and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill				$ 1,452,891		$ 842,929	$ 1,452,891	$ 1,514,561	$ 1,514,561
Goodwill deductible for tax purposes				140,500		140,500	140,500
Carrying value				632,157		1,524,968	632,157
Goodwill impairment						594,000	788,000	0
Investment management intangibles
Goodwill [Line Items]
Carrying value				188,767		146,555	188,767
Trade name
Goodwill [Line Items]
Carrying value				39,415		37,187	39,415
NorthStarI and NorthStar II \| Investment management intangibles
Goodwill [Line Items]
Write-off of intangible assets								139,000
NorthStarI and NorthStar II \| Retail Investor Relations
Goodwill [Line Items]
Write-off of intangible assets								10,100
NorthStarI and NorthStar II \| Trade name
Goodwill [Line Items]
Write-off of intangible assets								59,500
Investment management contracts
Goodwill [Line Items]
Intangible asset impairment						8,200	8,600	7,000
Carrying value				16,900		$ 12,400	16,900	$ 36,400
Level 3 fair value, discount rate						10.00%
Digital Investment Management
Goodwill [Line Items]
Transfer of goodwill			$ 51,000
Goodwill				247,248		$ 298,248	247,248
Other
Goodwill [Line Items]
Goodwill				726,561		$ 81,561	$ 726,561
Goodwill impairment	$ 515,000	$ 79,000		$ 401,000	$ 387,000

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 842,929	$ 1,452,891	$ 1,514,561	$ 1,514,561
Goodwill deductible for tax purposes	140,500	140,500
Digital Operating
Goodwill [Line Items]
Goodwill	463,120	479,082
Digital Investment Management
Goodwill [Line Items]
Goodwill	298,248	247,248
Other
Goodwill [Line Items]
Goodwill	$ 81,561	$ 726,561

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,898,395	$ 853,105
Deferred leasing and other intangible assets, accumulated amortization	(373,427)	(220,948)
Deferred leasing and other intangible assets, net carrying amount	1,524,968	632,157
Intangible Liabilities
Intangible liabilities, carrying amount	155,010	174,208
Intangible liabilities, accumulated amortization	(60,814)	(62,724)
Intangible liabilities, gross	94,196	111,484
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	1,331,177	424,987
Deferred leasing and other intangible assets, accumulated amortization	(223,558)	(123,649)
Deferred leasing and other intangible assets, net carrying amount	1,107,619	301,338
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	277,761	285,233
Deferred leasing and other intangible assets, accumulated amortization	(131,206)	(96,466)
Deferred leasing and other intangible assets, net carrying amount	146,555	188,767
Customer relationships and service contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	188,489	71,900
Deferred leasing and other intangible assets, accumulated amortization	(6,664)	(289)
Deferred leasing and other intangible assets, net carrying amount	$ 181,825	71,611
Intangible Liabilities
Useful life	12 years
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 41,900	39,600
Deferred leasing and other intangible assets, accumulated amortization	(4,713)	(185)
Deferred leasing and other intangible assets, net carrying amount	37,187	39,415
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,068	31,385
Deferred leasing and other intangible assets, accumulated amortization	(7,286)	(359)
Deferred leasing and other intangible assets, net carrying amount	$ 51,782	$ 31,026
Minimum \| Customer relationships and service contracts
Intangible Liabilities
Useful life	5 years
Minimum \| Trade name
Intangible Liabilities
Useful life	1 year
Maximum \| Customer relationships and service contracts
Intangible Liabilities
Useful life	15 years
Maximum \| Trade name
Intangible Liabilities
Useful life	10 years

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ 6,140	$ 14,442	$ 2,717
Net increase (decrease) to group rent expense	0	0	(260)
Amortization expense	149,658	123,803	60,121
Deferred leasing costs and lease related intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	97,107	33,910	31,454
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	33,431	89,236	26,992
Customer relationships and service contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,775	289	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,529	186	1,606
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 6,816	$ 182	$ 69

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Net increase (decrease) to rental income
2021	$ (756)
2022	(354)
2023	1,343
2024	629
2025	(592)
2026 and Thereafter	(15,506)
Total	(15,236)
Amortization expense
2021	251,687
2022	167,384
2023	146,085
2024	117,249
2025	105,028
2026 and Thereafter	593,229
Total	$ 1,380,662

Assets and Related Liabilities Held For Disposition (Details)	1 Months Ended		3 Months Ended
	Aug. 31, 2020 USD ($)	Apr. 30, 2020 hotel	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hotel placed in receivership following lender's acceleration \| hotel		48
Assets
Restricted cash				$ 97,545,000	$ 128,445,000
Real estate, net				3,902,969,000	5,441,737,000
Deferred leasing costs and intangible assets, net				10,185,000	39,932,000
Other assets				95,102,000	132,971,000
Total assets held for disposition				4,105,801,000	5,743,085,000
Liabilities
Debt, net				3,494,079,000	3,698,934,000
Lease intangibles and other liabilities				203,462,000	163,587,000
Total liabilities related to assets held for disposition				3,697,541,000	3,862,521,000
Gain from restructuring	$ 0
Aircraft
Liabilities
Impairment on corporate aircraft			$ 11,900,000
Hotel
Assets
Restricted cash				92,870,000	112,923,000
Real estate, net				3,504,249,000	4,658,477,000
Deferred leasing costs and intangible assets, net				1,851,000	6,802,000
Other assets				70,343,000	111,229,000
Total assets held for disposition				3,669,313,000	4,889,431,000
Liabilities
Debt, net				3,494,079,000	3,465,990,000
Lease intangibles and other liabilities				164,339,000	128,155,000
Total liabilities related to assets held for disposition				3,658,418,000	3,594,145,000
Hotel \| Non-recourse
Liabilities
Notices of acceleration, amount				780,000,000.0
Industrial
Assets
Restricted cash					0
Real estate, net					342,758,000
Deferred leasing costs and intangible assets, net					25,371,000
Other assets					3,917,000
Total assets held for disposition					372,046,000
Liabilities
Debt, net					232,944,000
Lease intangibles and other liabilities					2,090,000
Total liabilities related to assets held for disposition					235,034,000
Disposition by Sale
Assets
Restricted cash				82,850,000	122,663,000
Real estate, net				3,159,742,000	4,421,888,000
Deferred leasing costs and intangible assets, net				9,748,000	37,399,000
Other assets				79,936,000	97,219,000
Total assets held for disposition				3,332,276,000	4,679,169,000
Liabilities
Debt, net				2,714,079,000	2,926,449,000
Lease intangibles and other liabilities				155,949,000	141,426,000
Total liabilities related to assets held for disposition				2,870,028,000	3,067,875,000
Non-Sale Disposition
Assets
Restricted cash				14,695,000	5,782,000
Real estate, net				743,227,000	1,019,849,000
Deferred leasing costs and intangible assets, net				437,000	2,533,000
Other assets				15,166,000	35,752,000
Total assets held for disposition				773,525,000	1,063,916,000
Liabilities
Debt, net				780,000,000	772,485,000
Lease intangibles and other liabilities				47,513,000	22,161,000
Total liabilities related to assets held for disposition				$ 827,513,000	$ 794,646,000

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 161,919	$ 91,063	$ 135,650	$ 216,754
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,516	18,314
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,608	15,455
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	8,079
Lender restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	112,905	27,409
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 21,890	$ 21,806

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Straight-line rents		$ 60,100	$ 37,230
Investment deposits and pending deal costs		41,213	32,994
Prefunded capital expenditures for Vantage SDC		48,881	0
Deferred financing costs, net		1,222	2,794
Derivative assets (Note 11)		99	21,382
Prepaid taxes and deferred tax assets, net		76,103	69,328
Receivables from resolution of investments		1,858	63,984
Operating lease right-of-use asset, net		461,890	180,486
Finance lease right-of-use asset, net		143,182	0
Accounts receivable, net		83,914	53,387
Prepaid expenses		30,949	22,417
Other assets		45,779	29,219
Fixed assets, net		21,929	44,768
Other assets		1,017,119	557,989
Impairment loss		1,473,997	1,086,530	$ 500,434
Allowance of doubtful accounts		900	100
Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Impairment loss		21,247	649	$ 0
Corporate, Non-Segment \| Corporate Offices
Property, Plant and Equipment [Line Items]
Impairment loss		$ 9,400	$ 600
Aircraft
Property, Plant and Equipment [Line Items]
Impairment on corporate aircraft	$ 11,900

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Tenant security deposits and payable	$ 11,938	$ 12,457
Borrower escrow deposits	0	9,903
Deferred income	37,454	30,040
Interest payable	36,483	28,902
Derivative liabilities (Note 11)	103,772	127,531
Current and deferred income tax liability	168,384	222,206
Operating lease liability	$ 403,053	$ 156,147
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Finance lease liability	$ 148,974	$ 0
Accrued compensation	86,190	72,859
Accrued carried interest and incentive fee compensation	1,929	50,360
Accrued real estate and other taxes	22,735	22,091
Accounts payable and accrued expenses	177,847	91,614
Other liabilities	111,341	63,409
Accrued and other liabilities ($128,057 and $127,531 at fair value, respectively)	1,310,100	887,519
Deferred asset management fee income	7,700	18,300
Deferred asset management fee income recognized	13,800	$ 1,300
Investment Properties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Operating lease liability	351,520
Finance lease liability	$ 148,974
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period		1 year 2 months 12 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	1 year 10 months 24 days

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 7,931,458	$ 5,662,816
Long-term debt	7,789,738	5,517,918
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	270,000	265,600
Corporate credit facility
Debt Instrument [Line Items]
Principal	0
Long-term debt	0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	545,107
Long-term debt	535,897
Secured debt
Debt Instrument [Line Items]
Long-term debt	7,049,993
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117
Long-term debt	203,848
Carrying Value
Debt Instrument [Line Items]
Principal	7,931,458	5,662,816
Premium (discount), net	(59,475)	(89,282)
Deferred financing costs	(82,245)	(55,616)
Long-term debt		5,517,918
Carrying Value \| Corporate credit facility
Debt Instrument [Line Items]
Principal	0	0
Premium (discount), net	0	0
Deferred financing costs	0	0
Long-term debt		0
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	545,107	616,105
Premium (discount), net	(6,540)	2,243
Deferred financing costs	(2,670)	(4,296)
Long-term debt		614,052
Carrying Value \| Secured debt
Debt Instrument [Line Items]
Principal	7,106,234	4,766,594
Premium (discount), net	23,334	(12,598)
Deferred financing costs	(79,575)	(51,320)
Long-term debt		4,702,676
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(76,269)	(78,927)
Deferred financing costs	$ 0	0
Long-term debt		$ 201,190

Debt - Components of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Principal		$ 7,931,458	$ 5,662,816
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		3,401,895	1,208,934
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		4,529,563	4,453,882
Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal		0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal		545,107
Junior subordinated debt
Debt Instrument [Line Items]
Outstanding Principal		280,117
Recourse
Debt Instrument [Line Items]
Outstanding Principal		858,039	931,294
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		577,922	651,177
Recourse \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		280,117	280,117
Recourse \| Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Weighted Average Interest Rate (Per Annum) (percent)		0.00%	0.00%
Weighted Average Years Remaining to Maturity	2 years	1 year
Recourse \| Corporate credit facility \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Recourse \| Corporate credit facility \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Weighted Average Interest Rate (Per Annum) (percent)		0.00%	0.00%
Weighted Average Years Remaining to Maturity	2 years	1 year
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal		$ 545,107	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)		5.36%	4.27%
Weighted Average Years Remaining to Maturity	2 years	3 years 7 months 6 days
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 545,107	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)		5.36%	4.27%
Weighted Average Years Remaining to Maturity	2 years	3 years 7 months 6 days
Recourse \| Convertible and Exchangeable Senior Notes \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Recourse \| Secured debt
Debt Instrument [Line Items]
Outstanding Principal		$ 32,815	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)		5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 10 months 24 days	0 years
Recourse \| Secured debt \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 32,815	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)		5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 10 months 24 days	0 years
Recourse \| Secured debt \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Recourse-NRF \| Junior subordinated debt
Debt Instrument [Line Items]
Outstanding Principal		$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)		3.10%	4.77%
Weighted Average Years Remaining to Maturity	16 years 4 months 24 days	15 years 4 months 24 days
Recourse-NRF \| Junior subordinated debt \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0	$ 0
Recourse-NRF \| Junior subordinated debt \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)		3.10%	4.77%
Weighted Average Years Remaining to Maturity	16 years 4 months 24 days	15 years 4 months 24 days
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal		$ 7,073,419	$ 4,731,522
Non-recourse \| Other
Debt Instrument [Line Items]
Notices of acceleration, amount		102,600
Non-recourse \| Healthcare And Other Equity And Debt
Debt Instrument [Line Items]
Carrying value of defaulted debt		212,900	235,600
Non-recourse \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		2,823,973	557,757
Non-recourse \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal		4,249,446	4,173,765
Non-recourse \| Secured debt \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal		3,226,843	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)			6.98%
Weighted Average Years Remaining to Maturity	4 years 9 months 18 days
Non-recourse \| Secured debt \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal		2,733,133	$ 2,953,706
Weighted Average Interest Rate (Per Annum) (percent)			5.13%
Weighted Average Years Remaining to Maturity	4 years 4 months 24 days
Non-recourse \| Secured debt \| Other
Debt Instrument [Line Items]
Outstanding Principal		1,113,443	$ 1,238,661
Weighted Average Interest Rate (Per Annum) (percent)			3.37%
Weighted Average Years Remaining to Maturity	2 years 8 months 12 days
Non-recourse \| Secured debt \| Fixed Rate \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal			$ 0
Non-recourse \| Secured debt \| Fixed Rate \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal			$ 405,980
Weighted Average Interest Rate (Per Annum) (percent)			4.55%
Weighted Average Years Remaining to Maturity	5 years 1 month 6 days
Non-recourse \| Secured debt \| Fixed Rate \| Other
Debt Instrument [Line Items]
Outstanding Principal			$ 151,777
Weighted Average Interest Rate (Per Annum) (percent)			4.26%
Weighted Average Years Remaining to Maturity	3 years 4 months 24 days
Non-recourse \| Secured debt \| Variable Rate \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal			$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)			6.98%
Weighted Average Years Remaining to Maturity	4 years 9 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal			$ 2,547,726
Weighted Average Interest Rate (Per Annum) (percent)			5.22%
Weighted Average Years Remaining to Maturity	4 years 3 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Other
Debt Instrument [Line Items]
Outstanding Principal			$ 1,086,884
Weighted Average Interest Rate (Per Annum) (percent)			3.24%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days
Non-recourse \| Secured debt \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal		$ 3,226,843
Weighted Average Interest Rate (Per Annum) (percent)		3.69%
Weighted Average Years Remaining to Maturity		4 years 8 months 12 days
Non-recourse \| Secured debt \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal		$ 2,733,133
Weighted Average Interest Rate (Per Annum) (percent)		4.04%
Weighted Average Years Remaining to Maturity		3 years 4 months 24 days
Non-recourse \| Secured debt \| Other
Debt Instrument [Line Items]
Outstanding Principal		$ 1,113,443
Weighted Average Interest Rate (Per Annum) (percent)		4.04%
Weighted Average Years Remaining to Maturity		1 year 10 months 24 days
Non-recourse \| Secured debt \| Fixed Rate \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal		$ 2,132,852
Weighted Average Interest Rate (Per Annum) (percent)		2.54%
Weighted Average Years Remaining to Maturity		4 years 9 months 18 days
Non-recourse \| Secured debt \| Fixed Rate \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal		$ 401,767
Weighted Average Interest Rate (Per Annum) (percent)		4.55%
Weighted Average Years Remaining to Maturity		4 years 1 month 6 days
Non-recourse \| Secured debt \| Fixed Rate \| Other
Debt Instrument [Line Items]
Outstanding Principal		$ 289,354
Weighted Average Interest Rate (Per Annum) (percent)		6.14%
Weighted Average Years Remaining to Maturity		9 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Digital Operating
Debt Instrument [Line Items]
Outstanding Principal		$ 1,093,991
Weighted Average Interest Rate (Per Annum) (percent)		5.92%
Weighted Average Years Remaining to Maturity		4 years 4 months 24 days
Non-recourse \| Secured debt \| Variable Rate \| Wellness Infrastructure
Debt Instrument [Line Items]
Outstanding Principal		$ 2,331,366
Weighted Average Interest Rate (Per Annum) (percent)		3.95%
Weighted Average Years Remaining to Maturity		3 years 3 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Other
Debt Instrument [Line Items]
Outstanding Principal		$ 824,089
Weighted Average Interest Rate (Per Annum) (percent)		3.31%
Weighted Average Years Remaining to Maturity		2 years 3 months 18 days
5.375% Exchangeable Senior Notes \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate		5.375%

Debt - Conveyance to Lender (Details) $ in Millions	1 Months Ended
Debt - Conveyance to Lender (Details) $ in Millions	Aug. 31, 2020 USD ($) Property
Debt Disclosure [Abstract]
Properties conveyed to lender \| Property	36
Carrying value of property conveyed to lender	$ 161.6
Principal amount of defaulted debt	157.5
Carrying value of defaulted debt	$ 156.7

Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A.				12 Months Ended
	Jan. 11, 2021	Jun. 29, 2020 USD ($)	Jun. 28, 2020 USD ($)	Dec. 31, 2020 USD ($) Extension_Option	Mar. 31, 2021 USD ($)	Dec. 10, 2020 USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$ 500,000,000	$ 750,000,000			$ 450,000,000
Number of extension options \| Extension_Option				1
Extension term				6 months
Extension commitment fee (percentage)				0.10%
Percentage of unused amount		0.35%
Amount available to be drawn				$ 450,000,000
Minimum fixed coverage charge ratio		1.0	1.35
Minimum tangible net worth		$ 1,740,000,000	$ 4,550,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility					$ 400,000,000
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%	2.25%
LIBOR \| Subsequent Event
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%	1.25%
Base Rate \| Subsequent Event
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Jul. 31, 2020 USD ($) $ / shares	Mar. 31, 2020	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal						$ 545,107,000	$ 616,105,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount						100.00%
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Interest Rate						5.00%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares						$ 15.76
Conversion or Exchange Ratio (in shares)						63.4700
Conversion or Exchange Shares (in shares) \| shares						12,694
Convertible and exchangeable senior notes, outstanding principal						$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Senior Notes
Debt Instrument [Line Items]
Interest Rate						3.875%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares						$ 16.57
Conversion or Exchange Ratio (in shares)						60.3431
Conversion or Exchange Shares (in shares) \| shares						1,901
Convertible and exchangeable senior notes, outstanding principal						$ 31,502,000	402,500,000
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of convertible debt		$ 31,500,000
Convertible and Exchangeable Senior Notes \| 5.75% Convertible Notes Due 2025
Debt Instrument [Line Items]
Interest Rate						5.75%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares						$ 2.30
Conversion or Exchange Ratio (in shares)						434.7826
Conversion or Exchange Shares (in shares) \| shares						130,435
Convertible and exchangeable senior notes, outstanding principal						$ 300,000,000	0
Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate						5.375%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares						$ 12.04
Conversion or Exchange Ratio (in shares)						83.0837
Conversion or Exchange Shares (in shares) \| shares						1,130
Convertible and exchangeable senior notes, outstanding principal						$ 13,605,000	$ 13,605,000
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Weighted Average Years Remaining to Maturity					2 years	3 years 7 months 6 days
Convertible and Exchangeable Senior Notes \| Recourse Debt \| Fixed Rate
Debt Instrument [Line Items]
Weighted Average Years Remaining to Maturity					2 years	3 years 7 months 6 days
Convertible and exchangeable senior notes \| 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Converted instrument, amount						$ 1,000
Secured debt \| Securitized Notes \| Digital Operating
Debt Instrument [Line Items]
Interest Rate			1.80%
Debt instrument, face amount			$ 1,300,000,000
Weighted Average Years Remaining to Maturity			6 years
Secured debt \| Securitized Notes \| Digital Operating \| Subsequent Event
Debt Instrument [Line Items]
Interest Rate	2.30%
Debt instrument, face amount	$ 657,900,000
Weighted Average Years Remaining to Maturity	5 years
Secured debt \| Recourse Debt
Debt Instrument [Line Items]
Weighted Average Years Remaining to Maturity					5 years 10 months 24 days	0 years
Secured debt \| Recourse Debt \| Fixed Rate
Debt Instrument [Line Items]
Weighted Average Years Remaining to Maturity					5 years 10 months 24 days	0 years
Colony Capital Operating Company, LLC \| Convertible and Exchangeable Senior Notes \| 3.875% Convertible Senior Notes
Debt Instrument [Line Items]
Interest Rate						3.875%
Repayments of convertible debt				$ 371,000,000.0
Colony Capital Operating Company, LLC \| Convertible and exchangeable senior notes \| 3.875% Convertible Senior Notes
Debt Instrument [Line Items]
Repayments of convertible debt				$ 371,100,000
Colony Capital Operating Company, LLC \| Convertible and exchangeable senior notes \| 5.75% Convertible Notes Due 2025
Debt Instrument [Line Items]
Interest Rate				5.75%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares				$ 2.30
Conversion or Exchange Ratio (in shares)				0.4347826
Debt instrument, face amount				$ 300,000,000.0
Proceeds from Convertible Debt				$ 291,000,000.0

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

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	12 Months Ended
	Dec. 31, 2020 asset
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters	6

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Secured and unsecured debt	$ 3,494,079
Debt Instrument [Line Items]
2021	705,404
2022	441,849
2023	539,298
2024	3,479,644
2025	1,642,331
2026 and thereafter	1,122,932
Long-term Debt, Gross	7,931,458	$ 5,662,816
Recourse Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	858,039	931,294
Non-recourse
Debt Instrument [Line Items]
Long-term Debt, Gross	7,073,419	4,731,522
Carrying Value
Debt Instrument [Line Items]
Long-term Debt, Gross	7,931,458	5,662,816
Carrying Value \| Hotel
Debt Instrument [Line Items]
Long-term Debt, Gross	3,500,000
Corporate Credit Facility
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	0
2026 and thereafter	0
Long-term Debt, Gross	0
Corporate Credit Facility \| Recourse Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	0	0
Corporate Credit Facility \| Carrying Value
Debt Instrument [Line Items]
Long-term Debt, Gross	0	0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
2021	31,502
2022	0
2023	200,000
2024	0
2025	300,000
2026 and thereafter	13,605
Long-term Debt, Gross	545,107
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	545,107	616,105
Convertible and Exchangeable Senior Notes \| Carrying Value
Debt Instrument [Line Items]
Long-term Debt, Gross	545,107	616,105
Secured Debt \| Recourse Debt
Debt Instrument [Line Items]
2021	32,815
2022	0
2023	0
2024	0
2025	0
2026 and thereafter	0
Long-term Debt, Gross	32,815	35,072
Secured Debt \| Non-recourse \| Digital Operating
Debt Instrument [Line Items]
2021	9,576
2022	10,126
2023	261,285
2024	971,606
2025	1,274,250
2026 and thereafter	700,000
Long-term Debt, Gross	3,226,843	539,155
Secured Debt \| Non-recourse \| Wellness Infrastructure
Debt Instrument [Line Items]
2021	159,179
2022	320,164
2023	10,859
2024	2,113,612
2025	1,020
2026 and thereafter	128,299
Long-term Debt, Gross	2,733,133	2,953,706
Secured Debt \| Non-recourse \| Other
Debt Instrument [Line Items]
2021	472,332
2022	111,559
2023	67,154
2024	394,426
2025	67,061
2026 and thereafter	911
Long-term Debt, Gross	1,113,443	1,238,661
Secured Debt \| Carrying Value
Debt Disclosure [Abstract]
Secured and unsecured debt	7,049,993	4,702,676
Junior Subordinated Notes
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	0
2026 and thereafter	280,117
Long-term Debt, Gross	280,117
Junior Subordinated Notes \| Carrying Value
Debt Disclosure [Abstract]
Secured and unsecured debt	203,848	201,190
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 280,117	$ 280,117

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 99	$ 21,386
Derivative Liabilities	103,772	127,531
Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	99	21,386
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	103,772	127,531
Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	29	15,385
Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Non-Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	70	6,001
Non-Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	103,772	119,397
Foreign exchange contracts \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	6	16,578
Foreign exchange contracts \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	967	10,616
Foreign exchange contracts \| Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	15,307
Foreign exchange contracts \| Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	8,134
Foreign exchange contracts \| Non-Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	6	1,271
Foreign exchange contracts \| Non-Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	967	2,482
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	93	315
Interest rate contracts \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	93	315
Interest rate contracts \| Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	29	78
Interest rate contracts \| Non-Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	64	237
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets		4,493
Derivative Liabilities	149
Performance swaps \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	4,493
Performance swaps \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	149	0
Performance swaps \| Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Performance swaps \| Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Performance swaps \| Non-Designated Hedges \| Derivative Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	4,493
Performance swaps \| Non-Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	149	0
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	102,656	116,915
Forward contracts \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	102,656	116,915
Forward contracts \| Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Forward contracts \| Non-Designated Hedges \| Derivative Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 102,656	$ 116,915

Derivatives - Narrative (Details) € in Millions, £ in Millions	1 Months Ended
	Jan. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 GBP (£)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 GBP (£)	Jan. 31, 2019 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures		$ 1,708,903,000			$ 2,256,214,000
Cash Collateral Pledged	$ 14,300,000	0			0
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures		900,000,000	€ 455.4	£ 286.3	900,000,000	€ 517.9	£ 275.5
Forward Contracts and Performance Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets		$ 15,900,000			$ 10,000,000.0
Gain on derivative	5,800,000
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 119,000,000							$ 100,000,000

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 $ / €	Dec. 31, 2020 GBP (£)	Dec. 31, 2020 $ / £
Non-Designated Hedges \| Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) transferred from AOCI to earnings	$ 1,485	$ (2,693)	$ 3,726
Unrealized gain (loss) in earnings	(2,727)	0	0
Designated Hedges \| Net Investment Hedging \| Other gain (loss), net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain transferred from AOCI to earnings	414	$ 1,790	$ 7,426
Put options \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
FX Rates (in $ per unit of foreign currency)					0.95		1.05
Put options \| Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				€ 224,000		£ 32,000
Foreign exchange contracts \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
FX Rates (in $ per unit of foreign currency) \| $ / £							1.33
Foreign exchange contracts \| Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 23,510

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 GBP (£)	Jan. 31, 2020 USD ($)	Jan. 31, 2019 USD ($)
Interest rate contracts
Derivative [Line Items]
Realized and unrealized gain (loss) and interest expense on interest rate contracts	$ 0	$ 8,019,000	$ 0
Realized and unrealized gain (loss) net on non-designated interest rate contracts	(209,000)	(242,898,000)	33,307,000
Interest rate contracts \| Interest expense
Derivative [Line Items]
Realized and unrealized gain (loss) and interest expense on interest rate contracts	24,000	0	$ 0
Forward contracts
Derivative [Line Items]
Notional amount						$ 119,000,000	$ 100,000,000
Designated Hedges \| Interest rate caps \| 1-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges \| Interest rate caps \| 3-Month EURIBOR
Derivative [Line Items]
Notional amount \| €				€ 220,590
Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £					£ 0
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR
Derivative [Line Items]
Notional amount	$ 3,340,895,000
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR \| Minimum
Derivative [Line Items]
Strike Rate / Forward Rate	2.00%			2.00%	2.00%
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR \| Maximum
Derivative [Line Items]
Strike Rate / Forward Rate	4.00%			4.00%	4.00%
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR
Derivative [Line Items]
Notional amount \| €				€ 451,410
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR \| Minimum
Derivative [Line Items]
Strike Rate / Forward Rate	0.25%			0.25%	0.25%
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR \| Maximum
Derivative [Line Items]
Strike Rate / Forward Rate	1.50%			1.50%	1.50%
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £					£ 284,426
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR \| Minimum
Derivative [Line Items]
Strike Rate / Forward Rate	1.00%			1.00%	1.00%
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR \| Maximum
Derivative [Line Items]
Strike Rate / Forward Rate	2.00%			2.00%	2.00%
Non-Designated Hedges \| Interest rate swaps
Derivative [Line Items]
Notional amount		2,000,000,000.0
Unrealized loss on notional forward starting swap		(239,300,000)
Unrealized gain on notional forward starting swap		$ 34,000,000.0

Derivatives - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on marketable equity securities held at period end	$ (14,290)	$ 17,442
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss), net on derivatives	14,259	(16,915)
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss), net on derivatives	$ 1,164	$ 4,493

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	$ 99		$ 21,386
(Assets) Liabilities	0		(8,878)
Cash Collateral Pledged	0	$ 14,300	0
Net Amounts of Assets (Liabilities)	99		12,508
Gross Assets (Liabilities) on Consolidated Balance Sheets	(103,772)		(127,531)
(Assets) Liabilities	0		8,878
Cash Collateral Pledged	15,913		9,981
Net Amounts of Assets (Liabilities)	(87,859)		(108,672)
Foreign exchange contracts
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	6		16,578
(Assets) Liabilities	0		(4,385)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	6		12,193
Gross Assets (Liabilities) on Consolidated Balance Sheets	(967)		(10,616)
(Assets) Liabilities	0		4,385
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	(967)		(6,231)
Interest rate contracts
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	93		315
(Assets) Liabilities	0		0
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	93		315
Performance swaps
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets			4,493
(Assets) Liabilities			(4,493)
Cash Collateral Pledged			0
Net Amounts of Assets (Liabilities)			0
Gross Assets (Liabilities) on Consolidated Balance Sheets	(149)
(Assets) Liabilities	149
Cash Collateral Pledged	0
Net Amounts of Assets (Liabilities)	0
Forward contracts
Derivative [Line Items]
Gross Assets (Liabilities) on Consolidated Balance Sheets	(102,656)		(116,915)
(Assets) Liabilities	(149)		4,493
Cash Collateral Pledged	15,913		9,981
Net Amounts of Assets (Liabilities)	$ (86,892)		$ (102,441)

Fair Value - Recurring Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	$ 99	$ 21,382
Equity method investments		222,875
Other liabilities—derivative liabilities	103,772	127,531
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Equity method investments		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Equity method investments		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		1,557,850
Equity method investments		222,875
N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	28,576	54,859
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	218,485	138,586
Other assets—derivative assets	99	21,386
Fair Value	1,295,337
Equity method investments	181,799
Other liabilities—derivative liabilities	103,772	127,531
Other liabilities—settlement liability	24,285
Other liabilities—contingent consideration for THL Hotel Portfolio		9,330
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	218,485	138,586
Other assets—derivative assets	0	0
Fair Value	0
Equity method investments	0
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	0
Other liabilities—contingent consideration for THL Hotel Portfolio		0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	99	21,386
Fair Value	0
Equity method investments	0
Other liabilities—derivative liabilities	103,772	127,531
Other liabilities—settlement liability	0
Other liabilities—contingent consideration for THL Hotel Portfolio		0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Fair Value	1,295,337
Equity method investments	181,799
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	24,285
Other liabilities—contingent consideration for THL Hotel Portfolio		9,330
Recurring \| N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	28,576	54,859
Recurring \| N-Star CDO bonds, available for sale \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring \| N-Star CDO bonds, available for sale \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	$ 28,576	54,859
Recurring \| CMBS of consolidated fund, at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		2,732
Recurring \| CMBS of consolidated fund, at fair value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		0
Recurring \| CMBS of consolidated fund, at fair value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		2,732
Recurring \| CMBS of consolidated fund, at fair value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund		$ 0

Fair Value - Recurring Fair Value Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability				$ 9,330,000
Other liabilities—settlement liability		$ 24,285,000
Expected volatility (percent)		67.20%
Risk-free rate		0.14%
Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	$ 13,230,000
Colony Capital, Inc. \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	14,700,000
Blackwells Capital LLC \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	$ 1,470,000
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability				$ 9,330,000
Other liabilities—settlement liability		$ 24,285,000
Settlement liability, increase in value from inception		20,400,000
THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability (up to)		$ 13,000,000.0
THL Hotel Portfolio \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			$ 9,300,000

Fair Value - Level 3 Valuation Technique and Inputs (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 28,576	$ 54,859
N-Star CDO bonds, available for sale \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,576	54,859
N-Star CDO bonds, available for sale \| Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,576	54,859
Discounted Cash Flows \| N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		54,859
Loan and interest receivable \| Discounted Cash Flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	1,295,337
Private funds \| Asset Based Approach \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	2,472	5,391
Other investment ventures \| Discounted Cash Flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	36,923	18,574
Other investment ventures \| Multiple Valuation Technique \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:		$ 25,000
Measurement input		3.7
Other investment ventures \| Recent Transaction Price \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	$ 142,404	$ 173,910
Discount rate \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.289	0.223
Discount rate \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.130
Discount rate \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.275	0.101
Discount rate \| Minimum \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.183	0.168
Discount rate \| Minimum \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.069
Discount rate \| Minimum \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.190	0.051
Discount rate \| Maximum \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.578	0.650
Discount rate \| Maximum \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.257
Discount rate \| Maximum \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.300	0.158

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 0	$ 0	$ (44,542)
Purchases, drawdowns, contributions and accretion	0	0	0
Paydowns, distributions and sales	0	0	(638)
Contribution to CLNC			0
Deconsolidation			43,847
Election of fair value option on January 1, 2020				$ 0
Reclassification of accrued interest on January 1, 2020				0
Change in accrued interest and capitalization of paid-in-kind interest	0
Transfers out of Level 3			0
Allowance for credit losses	0
Realized and unrealized gains (losses) in earnings, net	0	0	57
Other comprehensive income (loss)	0	0	0
Fair value, ending	0	0	0
Net unrealized gains (losses) in earnings on instruments held	0	0	57
In other comprehensive income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held	0
Securitized Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	0	0	45,423
Purchases, drawdowns, contributions and accretion	0	0	0
Paydowns, distributions and sales	0	0	638
Contribution to CLNC			0
Deconsolidation			(44,070)
Election of fair value option on January 1, 2020				0
Reclassification of accrued interest on January 1, 2020				0
Change in accrued interest and capitalization of paid-in-kind interest	0
Transfers out of Level 3			0
Allowance for credit losses	0
Realized and unrealized gains (losses) in earnings, net	0	0	(715)
Other comprehensive income (loss)	0	0	0
Fair value, ending	0	0	0
Net unrealized gains (losses) in earnings on instruments held	0	0	(715)
Securitized Loans Receivable \| In other comprehensive income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held	0
AFS Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	54,859	64,127	323,243
Purchases, drawdowns, contributions and accretion	4,043	6,380	21,049
Paydowns, distributions and sales	(5,784)	(10,779)	138,261
Contribution to CLNC			0
Deconsolidation			(124,344)
Election of fair value option on January 1, 2020				0
Reclassification of accrued interest on January 1, 2020				0
Change in accrued interest and capitalization of paid-in-kind interest	0
Transfers out of Level 3			0
Allowance for credit losses	(24,688)
Realized and unrealized gains (losses) in earnings, net	0	(16,920)	3,877
Other comprehensive income (loss)	146	12,051	(21,437)
Fair value, ending	28,576	54,859	64,127
Net unrealized gains (losses) in earnings on instruments held	0	(16,920)	0
AFS Debt Securities \| In other comprehensive income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held	146
Loans Held for Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	0	0	0
Purchases, drawdowns, contributions and accretion	195,414	0	0
Paydowns, distributions and sales	(274,100)	0	0
Contribution to CLNC			0
Deconsolidation			0
Election of fair value option on January 1, 2020				1,556,131
Reclassification of accrued interest on January 1, 2020				13,504
Change in accrued interest and capitalization of paid-in-kind interest	33,033
Transfers out of Level 3			0
Allowance for credit losses	0
Realized and unrealized gains (losses) in earnings, net	(299,405)	0	0
Other comprehensive income (loss)	70,760	0	0
Fair value, ending	1,295,337	0	0
Net unrealized gains (losses) in earnings on instruments held	(272,084)	0	0
Equity Method Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	222,875	81,085	363,901
Purchases, drawdowns, contributions and accretion	6,539	141,070	61,113
Paydowns, distributions and sales	(967)	(8,338)	188,409
Contribution to CLNC			(26,134)
Deconsolidation			0
Election of fair value option on January 1, 2020				0
Reclassification of accrued interest on January 1, 2020				$ 0
Change in accrued interest and capitalization of paid-in-kind interest	0
Transfers out of Level 3			(132,527)
Allowance for credit losses	0
Realized and unrealized gains (losses) in earnings, net	(58,873)	9,058	3,141
Other comprehensive income (loss)	12,225	0	0
Fair value, ending	181,799	222,875	81,085
Net unrealized gains (losses) in earnings on instruments held	$ (58,873)	$ 8,280	$ (67)

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Period before considering liquidity alternatives	5 years
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 15,680	$ 16,271
Unfunded Commitments	8,026	11,058
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Non-traded REIT—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	18,272	19,358
Unfunded Commitments	0	0
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Private fund—emerging market private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	2,224	3,012
Unfunded Commitments	$ 0	$ 0
Minimum \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 years
Maximum \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	10 years

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities
Secured and unsecured debt	$ 3,494,079
Level 1
Assets
Loans at amortized cost		$ 0
Level 1 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	898,231	602,000
Level 1 \| Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost		0
Level 2 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	13,095	13,095
Level 2 \| Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost		1,557,850
Level 3 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured debt
Liabilities
Secured and unsecured debt	6,927,743	4,747,560
Level 3 \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	3,333,651	3,700,990
Level 3 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	201,018	225,835
Fair Value
Assets
Loans at amortized cost	1,295,337	1,557,850
Fair Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	911,326	615,095
Fair Value \| Secured debt
Liabilities
Secured and unsecured debt	6,927,743	4,747,560
Fair Value \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	3,333,651	3,700,990
Fair Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	201,018	225,835
Carrying Value
Assets
Loans at amortized cost		1,552,824
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	535,897	614,052
Carrying Value \| Secured debt
Liabilities
Secured and unsecured debt	7,049,993	4,702,676
Carrying Value \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt		3,698,934
Carrying Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	$ 203,848	$ 201,190

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 20,200,560	$ 19,832,184
Total liabilities of consolidated private fund	12,910,692	10,899,662
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	46,500	18,500
Total assets of consolidated private fund	172,200	24,700
Total liabilities of consolidated private fund	41,800	100
Variable Interest Entity, Not Primary Beneficiary \| Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	21,900	46,000
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	214,400	137,000
Variable Interest Entity, Not Primary Beneficiary \| The Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 3,700	$ 3,700

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000	65,464,000
Repurchase of common stock (in shares)		(16,114,000)	(8,000,000)
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000	57,464,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	487,044,000	483,347,000	542,599,000
shares issued for settlement of contingent consideration - Internalization (in shares)			15,000
Conversion of class B to class A common stock (in shares)			42,000
Repurchase of common stock (in shares)	(12,733,000)	(652,000)	(61,418,000)
Equity-based compensation, net of forfeitures (in shares)	9,680,000	4,850,000	3,394,000
Shares canceled for tax withholding on vested stock awards (in shares)	(2,769,000)	(689,000)	(3,359,000)
Common stock, shares outstanding (in shares)	483,406,000	487,044,000	483,347,000
Reissuance of shares (in shares)	964,160
Class A Common Stock \| OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)	2,184,000	188,000	2,074,000
Shares issued upon redemption (in shares)			572,567
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	734,000	734,000	736,000
shares issued for settlement of contingent consideration - Internalization (in shares)			40,000
Conversion of class B to class A common stock (in shares)			(42,000)
Common stock, shares outstanding (in shares)	734,000	734,000	734,000

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	41,350	41,350
Par Value	$ 414
Liquidation Preference	$ 1,033,750	$ 1,033,750
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum	7.50%
Preferred stock, shares outstanding (in shares)	3,450
Par Value	$ 35
Liquidation Preference	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	11,500
Par Value	$ 115
Liquidation Preference	$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%
Preferred stock, shares outstanding (in shares)	13,800
Par Value	$ 138
Liquidation Preference	$ 345,000
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	12,600
Par Value	$ 126
Liquidation Preference	$ 315,000

Stockholders' Equity - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 31, 2020 USD ($) $ / shares	Apr. 30, 2015	Mar. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) vote director quarter $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)				$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter				6
Number of directors vote entitles \| director				2
Minimum affirmative vote required for changes to any series of preferred stock				66.67%
Redemption of preferred stock \| $	$ 402,900,000			$ 402,855,000	$ 0	$ 200,000,000
Class A common stock acquired under the DRIP Plan (in shares) \| shares					0
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)	$ 25.00
Liquidation preference per share (in dollars per share)	$ 25.00
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote				36.5
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote				1
Common stock conversion ratio for Class A to Class B / OP Units		1
Shares repurchased (in shares) \| shares			12,733,204		652,311	61,417,755
Value of shares repurchased \| $			$ 24,600,000		$ 3,200,000	$ 350,100,000
Weighted average price per share (in dollars per share)			$ 1.93		$ 4.84	$ 5.70
Stock repurchase, authorized amount \| $				$ 300,000,000
Class A common stock acquired under the DRIP Plan (in shares) \| shares				0	0

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,926,415	$ 11,146,370	$ 12,349,392
Ending balance	6,984,590	8,926,415	11,146,370
Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,113)		(1,220)
Ending balance		(5,113)
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,668	13,999	47,316
Other comprehensive income (loss) before reclassifications	78,750	21,832	(30,184)
Amounts reclassified from AOCI	(4,295)	11,837	(5,527)
Deconsolidation of N-Star CDO			2,596
Ending balance	122,123	47,668	13,999
AOCI - Stockholders \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(202)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,281	3,629	5,616
Other comprehensive income (loss) before reclassifications	8,437	9,206	(1,785)
Amounts reclassified from AOCI	0	(3,554)	0
Deconsolidation of N-Star CDO			0
Ending balance	17,718	9,281	3,629
Company's Share in AOCI of Equity Method Investments \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(202)
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,823	(3,175)	14,418
Other comprehensive income (loss) before reclassifications	1,844	(4,358)	(16,238)
Amounts reclassified from AOCI	(3,595)	15,356	(3,951)
Deconsolidation of N-Star CDO			2,596
Ending balance	6,072	7,823	(3,175)
Unrealized Gain (Loss) on AFS Debt Securities \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(226)	(91)	0
Other comprehensive income (loss) before reclassifications	(7)	(2,563)	(91)
Amounts reclassified from AOCI	0	2,428	0
Deconsolidation of N-Star CDO			0
Ending balance	(233)	(226)	(91)
Unrealized Gain (Loss) on Cash Flow Hedges \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	139	6,618	45,931
Other comprehensive income (loss) before reclassifications	52,468	(5,398)	(46,183)
Amounts reclassified from AOCI	225	(1,081)	6,870
Deconsolidation of N-Star CDO			0
Ending balance	52,832	139	6,618
Foreign Currency Translation Gain (Loss) \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			0
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	30,651	7,018	(18,649)
Other comprehensive income (loss) before reclassifications	16,008	24,945	34,113
Amounts reclassified from AOCI	(925)	(1,312)	(8,446)
Deconsolidation of N-Star CDO			0
Ending balance	45,734	30,651	7,018
Unrealized Gain (Loss) on Net Investment Hedges \| Cumulative effect of adoption of new accounting pronouncement
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			0
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8,259)	8,654	42,075
Other comprehensive income (loss) before reclassifications	107,141	(24,082)	(31,315)
Amounts reclassified from AOCI	(968)	7,169	(2,106)
Ending balance	97,914	(8,259)	8,654
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,005)	(390)	0
Other comprehensive income (loss) before reclassifications	(25)	(5,943)	(390)
Amounts reclassified from AOCI	0	5,328	0
Ending balance	(1,030)	(1,005)	(390)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(17,913)	(600)	38,948
Other comprehensive income (loss) before reclassifications	101,853	(16,848)	(39,621)
Amounts reclassified from AOCI	(95)	(465)	73
Ending balance	83,845	(17,913)	(600)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10,659	9,644	3,127
Other comprehensive income (loss) before reclassifications	5,313	(1,291)	8,696
Amounts reclassified from AOCI	(873)	2,306	(2,179)
Ending balance	$ 15,099	$ 10,659	$ 9,644

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (211,084)	$ (194,106)	$ 53,166
Equity method earnings (losses)	(455,840)	(140,384)	(9,601)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity method earnings (losses)	0	3,554	0
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	0	10,100
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Relief of basis of AFS debt securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	3,595	0	0
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Other-than-temporary impairment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	(15,356)	(6,149)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Deconsolidation of N-Star CDO
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	0	(2,596)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of foreign currency cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	(225)	1,081	(6,870)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	552	(340)	1,454
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ 373	$ 1,652	$ 6,992

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 6,107	$ 9,385	$ 34,144
Distributions and redemptions	(345,271)	(2,829,088)	(503,054)
Ending balance	305,278	6,107	9,385
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	307,414	0	354
Distributions and redemptions	(8,859)	(5,837)	(21,405)
Net income (loss)	$ 616	$ 2,559	$ (3,708)

Noncontrolling Interests - Narrative (Details)				1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
Noncontrolling Interests - Narrative (Details)	Jul. 17, 2020 USD ($) security $ / shares shares	Dec. 20, 2019 shares	Jul. 25, 2019 shares	Dec. 31, 2019 USD ($) shares	Jul. 31, 2019 USD ($) shares	Mar. 31, 2020 shares	Jun. 30, 2020	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio								1
OP Units issued								$ 0	$ 114,865,000	$ 0
DBH
Noncontrolling Interest [Line Items]
OP Units issued									111,903,000
DatabaBank
Noncontrolling Interest [Line Items]
OP Units issued				$ 3,000,000					2,962,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Redemption of OP Units for class A common stock									12,400,000	34,100,000
OP Unit issuance
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio							1
Issuance of shares (in shares) \| shares								0
OP units redeemed (in shares) \| shares						187,995		2,184,395
OP Unit issuance \| DBH
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) \| shares			21,478,515		21,478,515
OP Units issued					$ 111,900,000
OP Unit issuance \| DatabaBank
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) \| shares		612,072		612,072
OP Units issued				$ 3,000,000.0
Class A Common Stock
Noncontrolling Interest [Line Items]
Redemption of OP Units for class A common stock								$ 0	0	4,830,000
Class A Common Stock \| Common Stock Warrants
Noncontrolling Interest [Line Items]
Number of warrants issued \| security	5
Aggregate percentage of common stock	5.00%
Number of shares called by each warrant \| shares	5,352,000
Class A Common Stock \| Common Stock Warrants \| Minimum
Noncontrolling Interest [Line Items]
Strike price (in dollars per share) \| $ / shares	$ 2.43
Class A Common Stock \| Common Stock Warrants \| Maximum
Noncontrolling Interest [Line Items]
Strike price (in dollars per share) \| $ / shares	$ 6.00
Class A Common Stock \| Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Redemption of OP Units for class A common stock								(7,735,000)	$ (2,102,000)	$ (29,014,000)
Wafra, Inc. \| Partnership
Noncontrolling Interest [Line Items]
Participation in net management fees and carried interest	31.50%
Wafra, Inc. \| Commitments to DCP and Digital Credit Fund \| Partnership
Noncontrolling Interest [Line Items]
Other commitments	$ 130,000,000.0
Other commitments	$ 130,000,000.0
Digital IM Business
Noncontrolling Interest [Line Items]
Percent of total asset threshold	90.00%
Wafra, Inc. \| Digital IM Business
Noncontrolling Interest [Line Items]
Cash consideration	$ 253,600,000
Contingent consideration	$ 29,900,000
Run-Rate of EBITDA threshold for contingent consideration								$ 72,000,000.0

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Property operating income		$ 594,004	$ 1,465,476	$ 1,482,003
Fee income		0	11,646	7,378
Interest and other income		264	5,649	5,149
Revenues from discontinued operations		594,268	1,482,771	1,494,530
Expenses
Property operating expense		495,968	850,995	889,323
Interest expense		163,952	320,592	260,991
Investment and servicing expense		16,831	18,270	15,469
Transaction costs		4,500	0	0
Depreciation and amortization		146,839	288,668	320,425
Impairment loss		1,107,133	59,913	87,789
Compensation expense—cash and equity-based		4,477	35,113	17,668
Compensation expense—carried interest		(489)	35,170	4,696
Administrative expenses		4,136	8,341	6,485
Expenses from discontinued operations		1,943,347	1,617,062	1,602,846
Other income (loss)
Gain on sale of real estate		15,936	1,458,805	12,251
Other gain (loss), net		9,732	2,142	(1,460)
Equity method earnings (losses), including carried interest		(115)	41,258	10,636
Income (loss) from discontinued operations before income taxes		(1,323,526)	1,367,914	(86,889)
Income tax benefit (expense)		(2,647)	1,523	9,677
Income (loss) from discontinued operations		(1,326,173)	1,369,437	(77,212)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(1,049,010)	360,850	(79,131)
Equity-based compensation		800	9,700	4,000
Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		(161,768)	968,600	6,880
Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		(115,395)	39,987	(4,961)
Light industrial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss of sale of portfolio	$ 7,400
Hotel
Revenues [Abstract]
Property operating income		573,787	1,119,045	1,193,636
Fee income		0	0	0
Interest and other income		185	486	1,374
Revenues from discontinued operations		573,972	1,119,531	1,195,010
Expenses
Property operating expense		489,975	757,555	805,161
Interest expense		157,287	228,729	218,278
Investment and servicing expense		16,811	17,612	15,033
Transaction costs		4,500	0	0
Depreciation and amortization		144,499	182,198	191,321
Impairment loss		1,107,133	59,913	86,841
Compensation expense—cash and equity-based		4,395	5,322	6,512
Compensation expense—carried interest		0	0	0
Administrative expenses		2,937	2,252	1,682
Expenses from discontinued operations		1,927,537	1,253,581	1,324,828
Other income (loss)
Gain on sale of real estate		0	913	4,618
Other gain (loss), net		9,732	804	(1,460)
Equity method earnings (losses), including carried interest		0	0	0
Income (loss) from discontinued operations before income taxes		(1,343,833)	(132,333)	(126,660)
Income tax benefit (expense)		(2,662)	(27)	9,866
Income (loss) from discontinued operations		(1,346,495)	(132,360)	(116,794)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		(1,057,726)	(102,198)	(96,340)
Hotel \| Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		(172,419)	(20,758)	(14,380)
Hotel \| Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		(116,350)	(9,404)	(6,074)
Industrial
Revenues [Abstract]
Property operating income		20,217	346,431	288,367
Fee income		0	11,646	7,378
Interest and other income		79	5,163	3,775
Revenues from discontinued operations		20,296	363,240	299,520
Expenses
Property operating expense		5,993	93,440	84,162
Interest expense		6,665	91,863	42,713
Investment and servicing expense		20	658	436
Transaction costs		0	0	0
Depreciation and amortization		2,340	106,470	129,104
Impairment loss		0	0	948
Compensation expense—cash and equity-based		82	29,791	11,156
Compensation expense—carried interest		(489)	35,170	4,696
Administrative expenses		1,199	6,089	4,803
Expenses from discontinued operations		15,810	363,481	278,018
Other income (loss)
Gain on sale of real estate		15,936	1,457,892	7,633
Other gain (loss), net		0	1,338	0
Equity method earnings (losses), including carried interest		(115)	41,258	10,636
Income (loss) from discontinued operations before income taxes		20,307	1,500,247	39,771
Income tax benefit (expense)		15	1,550	(189)
Income (loss) from discontinued operations		20,322	1,501,797	39,582
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		8,716	463,048	17,209
Industrial \| Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:		10,651	989,358	21,260
Industrial \| Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:		$ 955	$ 49,391	$ 1,113

Earnings per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares
Net loss allocated to common stockholders
Loss from continuing operations	$ (2,464,237)	$ (1,518,352)	$ (417,963)
(Income) loss from continuing operations attributable to noncontrolling interests	837,488	108,695	(22,513)
Loss from continuing operations attributable to Colony Capital, Inc.	(1,626,749)	(1,409,657)	(440,476)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	(1,049,010)	360,850	(79,131)
Net loss attributable to Colony Capital, Inc.	(2,675,759)	(1,048,807)	(519,607)
Preferred dividends	(75,023)	(108,550)	(117,097)
Net loss attributable to common stockholders	(2,750,782)	(1,152,207)	(632,709)
Net income allocated to participating securities	(1,250)	(3,491)	(2,504)
Net loss allocated to common stockholders—basic	(2,752,032)	(1,155,698)	(635,213)
Interest expense attributable to convertible senior notes	0	0	0
Net loss allocated to common stockholders—diluted	$ (2,752,032)	$ (1,155,698)	$ (635,213)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	473,558,000	479,588,000	496,993,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	473,558,000	479,588,000	496,993,000
Income (loss) per share—basic
Loss from continuing operations (in dollars per share) \| $ / shares	$ (3.60)	$ (3.16)	$ (1.12)
Loss from discontinued operations (in dollars per share) \| $ / shares	(2.21)	0.75	(0.16)
Net loss attributable to common stockholders per basic common share (in dollars per share) \| $ / shares	(5.81)	(2.41)	(1.28)
Income (loss) per share—diluted
Loss from continuing operations (in dollars per share) \| $ / shares	(3.60)	(3.16)	(1.12)
Loss from discontinued operations (in dollars per share) \| $ / shares	(2.21)	0.75	(0.16)
Net loss attributable to common stockholders per diluted common share (in dollars per share) \| $ / shares	$ (5.81)	$ (2.41)	$ (1.28)
Nonvested shares outstanding (in shares) \| shares	42,424,062	23,587,687
Conversion ratio	1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 29,900	$ 28,200	$ 28,600
Weighted average dilutive common share (in shares) \| shares	87,478,400	38,112,100	38,112,100
Restricted Stock
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	0	74,100	571,500
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	5,776,800	990,700	532,900
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	51,076,700	53,261,100	31,358,500
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	862,200

Fee Income - Earned (Details) - USD ($) $ in Thousands	12 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Base management fees ($169,518, $151,452 and $130,384 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 169,813	$ 152,189	$ 131,406
Asset management fees ($2,430, $2,371 and $2,078 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,273	3,559	2,078
Other fee income ($4,541, $2,206 and $3,389 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	4,634	3,612	3,592
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	177,755	223,915	144,443
Institutional funds and other investment vehicles \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	129,086	82,188	48,624
Public companies (CLNC, and NRE prior to its sale in September 2019) \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	29,739	118,049	65,258
Non-traded REIT \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	17,170	19,896	29,597
Other \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	1,760	3,782	964
Affiliated Entity \| Base management fees ($169,518, $151,452 and $130,384 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	169,518	151,452	130,384
Affiliated Entity \| Asset management fees ($2,430, $2,371 and $2,078 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	2,430	2,371	2,078
Affiliated Entity \| Acquisition and disposition fees—from affiliates
Related Party Transaction [Line Items]
Revenue from contract with customer	0	0	1,922
Affiliated Entity \| Incentive and termination fees—from affiliates ($35, $64,555, and $5,445 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	35	64,555	5,445
Affiliated Entity \| Other fee income ($4,541, $2,206 and $3,389 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	4,541	2,206	3,389
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 176,524	$ 220,584	$ 143,218

Fee Income - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
Fee Income - Additional Information (Details) - USD ($)	Sep. 30, 2019	Jan. 31, 2018	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Management Fee Income [Line Items]
Acquisition and disposition fees		1.00%
Termination fee			$ 64,600,000
Minimum
Management Fee Income [Line Items]
Acquisition and disposition fees		1.00%
Maximum
Management Fee Income [Line Items]
Acquisition and disposition fees		2.00%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer				$ 169,813,000	$ 152,189,000	$ 131,406,000
Base Management Fees \| Private funds \| Fee income
Management Fee Income [Line Items]
Limited partner net funded capital				1.00%
Base Management Fees \| Private funds \| Fee income \| Minimum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital				0.90%
Base Management Fees \| Private funds \| Fee income \| Maximum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital				1.75%
Base Management Fees \| Colony Credit Real Estate, Inc. \| Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity				1.50%
Base Management Fees \| Non-traded REIT \| Fee income
Management Fee Income [Line Items]
Revenue from contract with customer				$ 2,500,000
Base Management Fees \| Non-traded REIT \| Fee income \| Minimum \| NorthStarI and NorthStar II
Management Fee Income [Line Items]
Percent of gross assets or equity		1.00%
Base Management Fees \| Non-traded REIT \| Fee income \| Maximum \| NorthStarI and NorthStar II
Management Fee Income [Line Items]
Percent of gross assets or equity		1.25%
Base Management Fees \| Non-traded REIT \| Fee income \| Maximum \| NorthStar Healthcare
Management Fee Income [Line Items]
Percent of gross assets or equity				1.50%
Base Management Fees \| NorthStar Realty Europe Corp. \| Fee income
Management Fee Income [Line Items]
Management fee, percent of net asset value,	1.50%
Management fee, threshold amount	$ 2,000,000,000.0		$ 2,000,000,000.0
Percent of net asset value in excess of fixed fee amount	1.25%
Asset Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer				$ 3,273,000	3,559,000	$ 2,078,000
Asset Management Fees \| Asset management fees
Management Fee Income [Line Items]
Limited partner net funded capital				0.50%
Incentive Fees
Management Fee Income [Line Items]
Termination fee				$ 0	$ 21,500,000
Incentive Fees \| Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees				40.00%
Incentive Fees \| Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees				50.00%

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)	1
Fair value of shares vested	$ 17.9	$ 14.7	$ 111.2
Aggregate unrecognized compensation cost related to restricted stock granted	$ 57.2
Weighted average period of expected cost	2 years 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Service period	3 years
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses (reversals)	$ 2.1	$ 32.3	$ 9.6
Aggregate unrecognized compensation cost related to restricted stock granted	$ 2.3
Weighted average period of expected cost	1 year
CLNS Equity Incentive Plan \| LTIP Units (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase (percentage)	2.00%
Common stock, shares reserved for future issuance (in shares) \| shares	64.1
Conversion of units, conversion ratio (LTIP to common OP Unit)	1
Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period	3 years
Minimum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted	0.00%
Maximum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted	200.00%

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jun. 30, 2020	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)				27,771,829
2020 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock				34.10%
Expected annual dividend yield				9.30%
Risk-free rate (per annum)				0.40%
2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock				26.20%
2018 PSU Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock				29.00%
Expected annual dividend yield				7.30%
Risk-free rate (per annum)				2.10%
LTIP units issued (in shares)				4,324,375
LTIP Units (1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		10,000,000		1,845,018
Target share price for LTIP vesting (in usd per share)		$ 10.00
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units (1) \| 2020 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock				43.10%
Expected annual dividend yield			0.00%	0.00%
Risk-free rate (per annum)				0.20%
LTIP Units (1) \| 2019 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock				28.30%
Expected annual dividend yield				8.10%
Risk-free rate (per annum)				1.80%
Minimum \| 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield				8.50%
Risk-free rate (per annum)				2.20%
Maximum \| 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield				8.70%
Risk-free rate (per annum)				2.40%

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $568, $345 and $270 amortization of fair value of dividend equivalent rights)	$ 34,156	$ 29,899	$ 37,839
Amortization of fair value of dividend equivalent right	$ 568	$ 345	$ 270

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2020
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		23,587,687
Granted (shares)		27,771,829
Vested (shares)		(7,040,408)
Forfeited (shares)		(1,895,046)
Nonvested shares at period end (shares)		42,424,062
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.25
Granted (USD per share)		2.20
Vested (USD per share)		4.96
Forfeited (USD per share)		3.74
Nonvested shares at period end (USD per share)		$ 2.10
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		7,641,708
Granted (shares)		10,130,282
Vested (shares)		(6,426,591)
Forfeited (shares)		(616,687)
Nonvested shares at period end (shares)		10,728,712
LTIP Units (1)
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		10,000,000
Granted (shares)	10,000,000	1,845,018
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		11,845,018
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		265,784
Granted (shares)		672,910
Vested (shares)		(613,817)
Forfeited (shares)		0
Nonvested shares at period end (shares)		324,877
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Granted (shares)		10,799,244
Vested (shares)		0
Forfeited (shares)		(1,209,680)
Nonvested shares at period end (shares)		9,589,564
PSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		5,680,195
Granted (shares)		4,324,375
Vested (shares)		0
Forfeited (shares)		(68,679)
Nonvested shares at period end (shares)		9,935,891
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.66
Granted (USD per share)		1.64
Vested (USD per share)		0
Forfeited (USD per share)		3.71
Nonvested shares at period end (USD per share)		$ 2.78

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from affiliates	$ 83,544	$ 51,480
Due to affiliates	601	34,064
Fee income
Related Party Transaction [Line Items]
Due from affiliates	32,259	36,106
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	15,655	14,624
Loan and interest receivable
Related Party Transaction [Line Items]
Due from affiliates	35,089	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	541	750
Due to affiliates	$ 601	$ 34,064

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2020
Related Party Transaction [Line Items]
Borrowings from corporate credit facility					$ 600,000,000	$ 810,200,000	$ 685,000,000
OP Units issued					0	114,865,000	0
Cost reimbursements \| Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer					700,000	1,400,000	700,000
DBH
Related Party Transaction [Line Items]
Deferred consideration								$ 32,500,000
OP Units issued						111,903,000
DatabaBank
Related Party Transaction [Line Items]
OP Units issued			$ 3,000,000			2,962,000
VDC
Related Party Transaction [Line Items]
Management Fee Expense				$ 5,400,000	$ 5,400,000
Non-traded REIT
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs					2.00%
Expected reimbursable direct and indirect operating costs, percent of net income					25.00%
Non-traded REIT \| Cost reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer					$ 3,513,000	$ 3,098,000	4,672,000
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs						20.00%
Affiliated Entity \| Cost reimbursements
Related Party Transaction [Line Items]
Revenue from contract with customer					23,855,000	$ 64,226,000	34,695,000
Affiliated Entity \| Investment Vehicles \| Redeemable noncontrolling interests
Related Party Transaction [Line Items]
Investments			4,000,000.0	19,100,000	19,100,000	4,000,000.0
Net income (loss) attributable to noncontrolling interest					9,500,000	2,500,000	$ 400,000
Affiliated Entity \| NorthStar Healthcare \| Colony Capital, Inc. \| Corporate credit facility \| Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum principal amount of credit facility				35,000,000.0	$ 35,000,000.0
Extension option, term					6 months
Commitment fee on unused portion of facility					$ 0
Borrowings from corporate credit facility		$ 35,000,000.0
Outstanding advances			$ 0	$ 35,000,000.0	$ 35,000,000.0	0
Affiliated Entity \| NorthStar Healthcare \| Colony Capital, Inc. \| Corporate credit facility \| Revolving Credit Facility \| LIBOR
Related Party Transaction [Line Items]
Basis spread on variable rate					3.50%
Liquidating Trust
Related Party Transaction [Line Items]
Management fee, percent of net asset value,					1.25%
Chief Executive Officer \| Cost reimbursements
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost					$ 1,800,000	$ 300,000
Chief Executive Officer \| VDC
Related Party Transaction [Line Items]
Invested by related party	$ 8,700,000
Percent of carried interest payments	40.00%
Chief Investment Officer \| VDC
Related Party Transaction [Line Items]
Invested by related party	$ 2,100,000
Percent of carried interest payments	40.00%
CEO and CIO \| VDC
Related Party Transaction [Line Items]
Aggregate interest in management company	50.00%

Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 3,513	$ 3,098	$ 4,672
Public companies (CLNC, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	8,974	14,442	10,747
Private investment vehicles and other
Related Party Transaction [Line Items]
Revenue from contract with customer	9,392	14,059	9,198
Equity awards of CLNC and NRE (Note 19)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,976	32,627	10,078
Affiliated entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 23,855	$ 64,226	$ 34,695

- Definition

+ References

+ Details

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ (20,173)	$ (5,957)	$ 4,995
State and local	(397)	(2,859)	1,736
Foreign	1,252	(12,459)	(13,698)
Total current tax benefit (expense)	(19,318)	(21,275)	(6,967)
Deferred
Federal	33,238	(137)	53,991
State and local	5,784	2,286	(68)
Foreign	(9,665)	5,150	3,148
Total deferred tax benefit (expense)	29,357	7,299	57,071
Income tax benefit (expense) on continuing operations	$ 10,039	$ (13,976)	$ 50,104

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Line Items]
Deferred tax assets related to assets held for disposition	$ 4,800	$ 12,600
Valuation allowance	84,799	$ 20,565
Increase in valuation allowance	64,200
NOL available for carryback	76,200
Income tax benefit, CARES Act	3,600
Current tax receivable	17,900
Hotel
Valuation Allowance [Line Items]
Valuation allowance	47,100
Increase in valuation allowance	41,300
NOL available for carryback	16,700
Income tax benefit, CARES Act	2,000
Deferred tax assets, CARES Act	$ 5,600

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating and capital loss carry forwards	$ 100,684	$ 54,372
Equity-based compensation	12,909	23,410
Real estate, leases and related intangible liabilities	110,546	12,731
Straight-line and prepaid rent	9,674	3,520
Deferred income	1,121	5,816
Deferred interest expense	21,664	11,462
Deferred Tax Assets, Lease Liabilities	10,385	6,270
Other	178	390
Gross deferred tax assets	267,161	117,971
Valuation allowance	(84,799)	(20,565)
Deferred tax assets, net of valuation allowance	182,362	97,406
Deferred tax liabilities
Real estate, leases and related intangible assets	275,844	209,474
Investment in partnerships	9,739	1,051
Other intangible assets	17,277	31,124
ROU lease asset—corporate offices	5,208	9,420
Gross deferred tax liabilities	308,068	251,069
Net deferred tax liability	(125,706)	(153,663)
Deferred tax assets recognized on NOL	385,900	217,500
Valuation Allowance [Line Items]
Deferred tax assets recognized on NOL	385,900	217,500
Hotel
Deferred tax assets
Valuation allowance	(47,100)
Deferred tax liabilities
Deferred tax assets recognized on NOL	157,600	52,200
Valuation Allowance [Line Items]
Deferred tax assets recognized on NOL	$ 157,600	$ 52,200

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (2,474,276)	$ (1,504,376)	$ (468,067)
(Income) loss from continuing operations before income taxes attributable to pass-through subsidiaries	1,569,819	704,418	230,462
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(904,457)	(799,958)	(237,605)
Federal tax benefit at statutory tax rate (at 21%)	189,936	167,991	49,897
State and local income taxes, net of federal income tax benefit	1,437	862	10,601
Foreign income tax differential	(4,632)	(8,979)	(3,533)
Nondeductible expenses—goodwill impairment	(124,740)	(165,480)	0
Nondeductible expenses—other	(1,300)	(4,556)	(3,749)
Valuation allowance, net	(64,234)	(4,151)	(7,789)
Impact of Tax Cuts and Jobs Act	0	0	2,092
Other	(4,019)	337	2,585
Income tax benefit (expense) on continuing operations	$ 10,039	$ (13,976)	$ 50,104

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Properties
Operating Leased Assets [Line Items]
Finance lease, remaining term	12 years 4 months 24 days
Operating lease, remaining term	13 years 2 months 12 days
Interest expense	$ 414	$ 0
Finance lease, weighted average discount rate	6.20%
Operating lease, weighted average discount rate	6.30%
Corporate Offices
Operating Leased Assets [Line Items]
Operating lease, remaining term	6 years 4 months 24 days
Operating lease expense			$ 10,100
Interest expense	$ 0	$ 0
Operating lease, weighted average discount rate	4.60%
Ground Leases
Operating Leased Assets [Line Items]
Operating lease expense			$ 3,800

Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investment Properties
Lessee, Lease, Description [Line Items]
Fixed lease expense	$ 23,551	$ 3,778
Variable lease expense	5,758	133
Total operating lease cost	29,309	3,911
Interest expense	414	0
Amortization of ROU lease asset	475	0
Total finance lease cost	889	0
Corporate Offices
Lessee, Lease, Description [Line Items]
Fixed lease expense	10,102	9,213
Variable lease expense	2,506	2,516
Total operating lease cost	12,608	11,729
Interest expense	0	0
Amortization of ROU lease asset	0	0
Total finance lease cost	$ 0	$ 0

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Finance / Operating lease liability (Note 9)	$ 403,053	$ 156,147
Finance Lease, Liability, Payment, Due [Abstract]
Finance / Operating lease liability (Note 9)	148,974	$ 0
Investment Properties
Lessor, Lease, Description [Line Items]
2021	55,806
2022	56,161
2023	57,409
2024	53,019
2025	41,640
2026 and thereafter	326,947
Total lease payments	590,982
Present value discount	(239,462)
Finance / Operating lease liability (Note 9)	351,520
Finance Lease, Liability, Payment, Due [Abstract]
2021	15,315
2022	15,644
2023	15,918
2024	16,308
2025	16,709
2026 and thereafter	136,669
Total lease payments	216,563
Present value discount	(67,589)
Finance / Operating lease liability (Note 9)	148,974
Corporate Offices
Lessor, Lease, Description [Line Items]
2021	10,401
2022	9,307
2023	8,490
2024	8,951
2025	7,975
2026 and thereafter	15,045
Total lease payments	60,169
Present value discount	(8,636)
Finance / Operating lease liability (Note 9)	$ 51,533

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2020 security portfolio_company segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	5
Number of companies in which the company has equity interest \| portfolio_company	2
Digital Operating
Segment Reporting Information [Line Items]
Number of reportable segments	3
Non-Digital Operating
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 1,236,594	$ 1,206,823	$ 1,171,932
Loss from continuing operations	(2,464,237)	(1,518,352)	(417,963)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(1,626,749)	(1,409,657)	(440,476)
Net loss from discontinued operations attributable to Colony Capital, Inc.	(1,049,010)	360,850	(79,131)
Net loss attributable to Colony Capital, Inc.	(2,675,759)	(1,048,807)	(519,607)
Property operating income	936,160	737,364	766,923
Interest income	80,471	166,765	214,588
Fee income	177,755	223,915	144,443
Property operating expense	423,716	333,354	345,495
Interest expense	310,454	306,809	334,560
Depreciation and amortization	431,443	307,594	251,981
Impairment loss	1,473,997	1,086,530	500,434
Gain on sale of real estate	25,986	62,003	154,980
Equity method earnings (losses), including carried interest	(463,866)	(128,702)	(76)
Income tax benefit (expense)	10,039	(13,976)	50,104
Operating Segments
Segment Reporting Information [Line Items]
Property operating expense		333,354
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total revenues	313,283	6,039	0
Loss from continuing operations	(130,818)	(691)	0
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(19,784)	(124)	0
Property operating income	312,883	6,038	0
Interest income	80	0	0
Fee income	0	0	0
Property operating expense	119,729	2,197	0
Interest expense	77,976	1,272	0
Depreciation and amortization	210,188	1,803	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses), including carried interest	0	0	0
Income tax benefit (expense)	21,461	(10)	0
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total revenues	84,420	34,368	0
Loss from continuing operations	9,793	48,942	3,971
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	9,196	44,808	3,738
Property operating income	0	0	0
Interest income	37	41	0
Fee income	83,356	33,095	0
Property operating expense	0	0	0
Interest expense	0	3,230	0
Depreciation and amortization	26,056	10,406	0
Impairment loss	3,832	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses), including carried interest	13,039	7,112	6,861
Income tax benefit (expense)	(60)	(15,094)	0
Operating Segments \| Digital Other
Segment Reporting Information [Line Items]
Total revenues	4,160	0	0
Loss from continuing operations	35,922	(4,465)	1,984
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	23,261	(4,026)	1,868
Property operating income	45	0	0
Interest income	1,355	0	0
Fee income	0	0	0
Property operating expense	105	0	0
Interest expense	0	0	0
Depreciation and amortization	0	0	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses), including carried interest	22,548	(4,465)	1,984
Income tax benefit (expense)	462	0	0
Operating Segments \| Wellness Infrastructure
Segment Reporting Information [Line Items]
Total revenues	527,176	582,139	592,455
Loss from continuing operations	(754,709)	(243,688)	(283,516)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(503,925)	(183,510)	(199,277)
Property operating income	517,186	577,669	586,855
Interest income	3,936	3,765	5,138
Fee income	0	0	0
Property operating expense	249,357	260,374	271,166
Interest expense	138,182	192,621	194,898
Depreciation and amortization	138,312	161,115	164,389
Impairment loss	716,501	187,341	217,524
Gain on sale of real estate	175	1,384	0
Equity method earnings (losses), including carried interest	0	0	0
Income tax benefit (expense)	(19,718)	612	(4,991)
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenues	293,538	570,042	570,238
Loss from continuing operations	(1,373,552)	(880,972)	82,572
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(916,861)	(869,453)	(43,705)
Property operating income	106,046	153,657	180,068
Interest income	69,372	159,944	208,213
Fee income	94,399	190,820	144,443
Property operating expense	54,525	70,783	74,329
Interest expense	37,400	54,814	85,149
Depreciation and amortization	52,111	128,233	81,385
Impairment loss	732,417	898,540	282,910
Gain on sale of real estate	25,811	60,619	154,980
Equity method earnings (losses), including carried interest	(499,453)	(131,349)	(8,921)
Income tax benefit (expense)	7,940	1,170	54,890
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total revenues	14,017	14,235	9,239
Loss from continuing operations	(250,873)	(437,478)	(222,974)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(218,636)	(397,352)	(203,100)
Property operating income	0	0	0
Interest income	5,691	3,015	1,237
Fee income	0	0	0
Property operating expense	0	0	0
Interest expense	56,896	54,872	54,513
Depreciation and amortization	4,776	6,037	6,207
Impairment loss	21,247	649	0
Gain on sale of real estate	0	0	0
Equity method earnings (losses), including carried interest	0	0	0
Income tax benefit (expense)	$ (46)	$ (654)	$ 205

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jul. 24, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 20,200,560,000	$ 19,832,184,000
Equity Method Investments	1,454,242,000	1,987,515,000	$ 0
Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Total Assets	3,669,313,000	5,261,477,000
Equity Method Investments	0	0
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total Assets	6,926,634,000	1,684,867,000
Equity Method Investments	0	0
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total Assets	490,632,000	428,703,000
Equity Method Investments	19,167,000	1,059,000
Operating Segments \| Digital Other
Segment Reporting Information [Line Items]
Total Assets	482,464,000	46,832,000
Equity Method Investments	158,564,000	46,832,000
Operating Segments \| Wellness Infrastructure
Segment Reporting Information [Line Items]
Total Assets	3,914,607,000	4,886,374,000
Equity Method Investments	0	0
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total Assets	4,340,736,000	6,403,002,000
Equity Method Investments	1,272,769,000	1,935,882,000
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total Assets	376,174,000	1,120,929,000
Equity Method Investments	$ 3,742,000	$ 3,742,000

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total income by geography	$ 1,261,084	$ 1,271,847	$ 1,198,343
Long-lived assets by geography	10,529,700	6,775,536
Impairment loss	1,473,997	1,086,530	500,434
Assets held for sale	4,105,801	5,743,085
Equity Method Investments \| Nonrecurring
Segment Reporting Information [Line Items]
Impairment loss	512,200	258,000	61,200
United States
Segment Reporting Information [Line Items]
Total income by geography	1,115,710	910,556	868,432
Long-lived assets by geography	8,205,682	5,267,189
United States \| Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Assets held for sale	3,700,000	5,200,000
Europe
Segment Reporting Information [Line Items]
Total income by geography	122,475	354,164	329,609
Long-lived assets by geography	1,699,338	1,508,347
Europe \| Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Assets held for sale	200,000	300,000
Other
Segment Reporting Information [Line Items]
Total income by geography	22,899	7,127	$ 302
Long-lived assets by geography	$ 624,680	$ 0

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $852, $3,192, and $5,554	$ 392,004	$ 523,533	$ 507,495
Cash paid for income taxes, net of refunds	39,151	(12,595)	14,476
Cash paid for operating lease liabilities	31,138	16,234	0
Cash paid for finance lease liabilities	889	0	0
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	18,516	83,301	84,013
Improvements in operating real estate in accrued and other liabilities	27,096	20,230	2,249
Proceeds from loan repayments and asset sales held in escrow	1,858	63,984	19,425
Operating lease right-of-use assets and lease liabilities established	262,169	139,157	0
Finance lease right-of-use assets and lease liabilities established	148,974	0	0
Redemption of OP Units for common stock	7,757	2,104	29,034
Preferred stock redemptions payable	0	402,855	0
Assets and liabilities of investment entities deconsolidated in foreclosure	172,927	0	0
Assets consolidated in real estate acquisition and foreclosure, net of cash and restricted cash	5,399,611	0	0
Liabilities assumed in real estate acquisition and foreclosure	1,854,760	0	0
Noncontrolling interests assumed in real estate acquisition	366,136	0	0
Deferred cash consideration for acquisition of DBH (Note 3)	0	32,500	0
Issuance of OP Units for business combinations (Note 3)	0	114,865	0
Distributions payable to noncontrolling interests included in other liabilities	0	3,986	19,297
Foreclosures and exchanges of loans receivable for real estate	0	28,562	47,097
Debt assumed by buyer in sale of real estate	0	295,562	196,416
Financing provided to buyer in sale of real estate	0	4,000	0
Fair value of Digital Colony Manager contract intangible consolidated (Note 3)	0	51,400	0
Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3)	0	2,098,313	0
Liabilities assumed in business combinations (Note 3)	0	818,449	0
Noncontrolling interests assumed in business combinations (Note 3)	0	724,567	0
Deconsolidation of net assets of securitization trusts	0	0	131,386
Assets held for sale contributed to equity method investee	0	0	20,350
Deferred tax liabilities assumed by buyer of related real estate	0	0	26,629
Share repurchase payable	0	0	7,567
Contributions receivable from noncontrolling interests	0	0	29,721
Assets of investment entities deconsolidated, net of cash and restricted cash contributed (1)	395,351	0	1,753,066
Liabilities of investment entities deconsolidated (1)	235,425	0	421,245
Noncontrolling interests of investment entities deconsolidated (1)	80,921	0	395,274
Interest capitalized	852	3,192	5,554
Hotel
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	8,682	157,709	177,835
Net cash provided by (used in) investing activities of discontinued operations	(88,348)	(102,845)	19,234
Net cash provided by (used in) financing activities of discontinued operations	(763)	(41,910)	(160,821)
Industrial
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(32,452)	158,666	153,379
Net cash provided by (used in) investing activities of discontinued operations	431,972	(599,940)	82,408
Net cash provided by (used in) financing activities of discontinued operations	$ (359,113)	$ 351,052	$ 378,788

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at January 1	$ 110	$ 13,934	$ 6,310
Cumulative effect of adoption of ASC 842	(1,094)	(3,969)	(26,416)
Allowance for doubtful accounts	7,247	6,793	26,860
Charge-offs	(313)	(3,904)	(18,732)
Effect of changes in foreign exchange rates	0	0	(60)
Balance at December 31	891	110	13,934
Accounting Standards Update 2016-02
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Cumulative effect of adoption of ASC 842	$ 0	$ (13,889)	$ 0

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 12,702,355	$ 15,500,802	$ 15,791,144
Asset acquisitions and business combinations	3,650,180	2,351,196	984,844
Measurement period adjustments for real estate acquired in business combinations	(8,405)	0	0
Foreclosures and exchanges of loans receivable for real estate	124,335	14,866	45,617
Improvements and capitalized costs	180,787	366,817	276,210
Deconsolidation of real estate held by investment entity upon closing of Combination	0	0	(226,004)
Dispositions	(869,776)	(5,197,705)	(933,217)
Impairment (Note 4)	(1,878,012)	(348,710)	(357,629)
Effect of changes in foreign exchange rates	127,052	15,089	(80,163)
Balance at December 31	14,028,516	12,702,355	15,500,802
Classified as held for sale, net	(4,602,175)	(851,462)	(4,005,398)
SEC Schedule III, Real Estate, Held for Investment	$ 9,426,341	$ 11,850,893	$ 11,495,404

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Depreciation
Balance at January 1	$ 1,042,422	$ 1,029,386	$ 606,200
Depreciation	420,209	500,240	471,599
Deconsolidation of real estate held by investment entity upon closing of Combination	0	0	(6,256)
Dispositions	(74,692)	(489,276)	(42,873)
Effect of changes in foreign exchange rates	9,688	2,072	716
Balance at December 31	1,397,627	1,042,422	1,029,386
Classified as held for sale, net	(699,206)	(52,047)	(359,992)
Balance at December 31, held for investment	$ 698,421	$ 990,375	$ 669,394

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 1,659,217	$ 3,223,762
Loan acquisitions and originations	174,182	386,532
Paid-in-kind interest added to loan principal	68,810	52,234
Discount and net loan fee amortization	12,649	14,524
Accretion on PCI loans	19,637	27,911
Loan repayments	(216,891)	(166,267)
Payments received from PCI loans	(50,765)	(187,140)
Carrying value of loans sold	(35,158)	(111,864)
Foreclosures and other conversions to real estate	(28,562)	(47,097)
Loans receivable contributed to Colony Credit (Note 4)	0	(1,287,994)
Deconsolidation of loans receivable in securitization trusts	0	(149,447)
Provision for loan losses	(35,880)	(43,034)
Effect of changes in foreign exchange rates	(14,415)	(52,903)
Balance at December 31	$ 1,552,824	$ 1,659,217

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 255,344,000

Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	90
Prior Liens	$ 1,195,596
Unpaid Principal Balance	2,578,880
Carrying Amount	1,295,337	$ 1,552,824	$ 1,659,217	$ 3,223,762
Principal Amount Subject to Delinquent Principal or Interest	$ 2,159,538
Threshold for aggregation (less than) (percentage)	3.00%
Aggregate cost basis of loans for federal income tax purposes	$ 1,500,000
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	81
Prior Liens	$ 0
Unpaid Principal Balance	1,615,133
Carrying Amount	595,469
Principal Amount Subject to Delinquent Principal or Interest	$ 1,615,133
Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	5
Prior Liens	$ 1,195,596
Unpaid Principal Balance	802,614
Carrying Amount	556,404
Principal Amount Subject to Delinquent Principal or Interest	$ 517,118
Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	4
Prior Liens	$ 0
Unpaid Principal Balance	161,133
Carrying Amount	143,464
Principal Amount Subject to Delinquent Principal or Interest	$ 27,287
FRANCE \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	105,974
Carrying Amount	104,038
Principal Amount Subject to Delinquent Principal or Interest	$ 105,974
FRANCE \| Mixed Use \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	3
Prior Liens	$ 0
Unpaid Principal Balance	7,895
Carrying Amount	6,137
Principal Amount Subject to Delinquent Principal or Interest	$ 7,895
FRANCE \| Mixed Use \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	3.50%
FRANCE \| Mixed Use \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	15.00%
FRANCE \| Retail \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	3.50%
Prior Liens	$ 0
Unpaid Principal Balance	3,111
Carrying Amount	3,233
Principal Amount Subject to Delinquent Principal or Interest	$ 3,111
France Two \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	4.50%
Prior Liens	$ 0
Unpaid Principal Balance	1,299
Carrying Amount	1,350
Principal Amount Subject to Delinquent Principal or Interest	$ 1,299
IRELAND \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	7
Prior Liens	$ 0
Unpaid Principal Balance	59,253
Carrying Amount	354
Principal Amount Subject to Delinquent Principal or Interest	$ 59,253
IRELAND \| Hospitality \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.30%
IRELAND \| Hospitality \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	5.70%
IRELAND \| Industrial \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	3
Prior Liens	$ 0
Unpaid Principal Balance	86,542
Carrying Amount	8,276
Principal Amount Subject to Delinquent Principal or Interest	$ 86,542
IRELAND \| Industrial \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.10%
IRELAND \| Industrial \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	3.70%
IRELAND \| Land \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	4
Prior Liens	$ 0
Unpaid Principal Balance	114,767
Carrying Amount	25,209
Principal Amount Subject to Delinquent Principal or Interest	$ 114,767
IRELAND \| Land \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.30%
IRELAND \| Land \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	3.70%
IRELAND \| Mixed Use \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	38
Prior Liens	$ 0
Unpaid Principal Balance	634,368
Carrying Amount	8,276
Principal Amount Subject to Delinquent Principal or Interest	$ 634,368
IRELAND \| Multifamily \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	2.80%
Prior Liens	$ 0
Unpaid Principal Balance	83,625
Carrying Amount	88,717
Principal Amount Subject to Delinquent Principal or Interest	$ 83,625
IRELAND \| Multifamily \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	1.50%
IRELAND \| Multifamily \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	13.80%
IRELAND \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	2.10%
Prior Liens	$ 0
Unpaid Principal Balance	181,079
Carrying Amount	193,532
Principal Amount Subject to Delinquent Principal or Interest	$ 181,079
IRELAND \| Office \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	1.90%
IRELAND \| Office \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	4.20%
IRELAND \| Office \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	12.50%
Prior Liens	$ 167,128
Unpaid Principal Balance	86,042
Carrying Amount	88,726
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Retail \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	7
Prior Liens	$ 0
Unpaid Principal Balance	106,074
Carrying Amount	16,779
Principal Amount Subject to Delinquent Principal or Interest	$ 106,074
IRELAND \| Retail \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.00%
IRELAND \| Retail \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.70%
SPAIN \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	45,656
Carrying Amount	43,160
Principal Amount Subject to Delinquent Principal or Interest	$ 45,656
Ireland Two \| Multifamily \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	2
Prior Liens	$ 0
Unpaid Principal Balance	5,744
Carrying Amount	836
Principal Amount Subject to Delinquent Principal or Interest	$ 5,744
Ireland Two \| Multifamily \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.20%
Ireland Two \| Multifamily \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	2.70%
Ireland Two \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	2.00%
Prior Liens	$ 0
Unpaid Principal Balance	42,460
Carrying Amount	48,016
Principal Amount Subject to Delinquent Principal or Interest	$ 42,460
Ireland Three \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	8
Prior Liens	$ 0
Unpaid Principal Balance	56,513
Carrying Amount	324
Principal Amount Subject to Delinquent Principal or Interest	$ 56,513
USA \| Office \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	8.00%
Prior Liens	$ 48,000
Unpaid Principal Balance	11,886
Carrying Amount	7,808
Principal Amount Subject to Delinquent Principal or Interest	$ 0
USA \| Retail \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	5.70%
Prior Liens	$ 0
Unpaid Principal Balance	37,766
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 37,766
USA \| Corporate \| Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	2
Prior Liens	$ 0
Unpaid Principal Balance	32,287
Carrying Amount	14,287
Principal Amount Subject to Delinquent Principal or Interest	$ 27,287
USA \| Corporate \| Corporate loans \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	7.00%
USA \| Corporate \| Corporate loans \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	8.00%
UK \| Retail \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	1.00%
Prior Liens	$ 122,741
Unpaid Principal Balance	66,885
Carrying Amount	53,597
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UK \| Wellness Infrastructure \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	43,007
Carrying Amount	47,232
Principal Amount Subject to Delinquent Principal or Interest	$ 43,007
UK \| Corporate \| Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	2
Prior Liens	$ 0
Unpaid Principal Balance	128,846
Carrying Amount	129,177
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UK \| Corporate \| Corporate loans \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	8.00%
UK \| Corporate \| Corporate loans \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate Range (percent)	14.00%
California \| Mixed Use \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	12.90%
Prior Liens	$ 684,281
Unpaid Principal Balance	517,118
Carrying Amount	268,518
Principal Amount Subject to Delinquent Principal or Interest	$ 517,118
IRELAND / FRANCE \| Office \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| security	1
Interest Rate Range (percent)	11.00%
Prior Liens	$ 173,446
Unpaid Principal Balance	120,683
Carrying Amount	137,755
Principal Amount Subject to Delinquent Principal or Interest	$ 0