0001679688-21-000054 | 10-Q | XBRL Viewer

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Fair Value - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign exchange contracts \| Net Investment Hedging \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) transferred from AOCI to earnings	$ 0	$ 1,502
Realized and unrealized gain (loss), net on derivatives	(245)	0
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss) and interest expense on interest rate contracts	(1,292)	0
Realized and unrealized gain (loss) net on non-designated interest rate contracts	(16)	179
Interest rate contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss) and interest expense on interest rate contracts	$ 20	$ 2

Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and Related Liabilities Held for Disposition

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

Assets and liabilities held for non-sale disposition in all periods presented represent a portfolio of 48 hotels in 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 properties 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.


	March 31, 2021						December 31, 2020
(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	$	117,548	$	2,523	$	120,071	$	129,817	$	14,695	$	144,512
Real estate, net	1,193,009		736,218		1,929,227		4,077,698		743,227		4,820,925
Loans receivable	977,759		—		977,759		1,211,307		—		1,211,307
Equity investments	758,953		—		758,953		860,776		—		860,776
Goodwill, deferred leasing costs and other intangible assets, net	139,851		436		140,287		148,552		437		148,989
Other assets (1)	127,235		26,281		153,516		210,238		15,166		225,404
Due from affiliates	14,844		—		14,844		14,355		—		14,355
Total assets held for disposition	$	3,329,199	$	765,458	$	4,094,657	$	6,652,743	$	773,525	$	7,426,268

Liabilities
Debt, net (2)	$	922,425	$	780,000	$	1,702,425	$	3,631,467	$	780,000	$	4,411,467
Lease intangibles and other liabilities	180,050		54,168		234,218		272,792		47,513		320,305
Total liabilities related to assets held for disposition	$	1,102,475	$	834,168	$	1,936,643	$	3,904,259	$	827,513	$	4,731,772

__________

(1) Included corporate aircraft that was impaired by $11.9 million in the second quarter of 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 if 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 14). These assets and liabilities are composed of OED investments and intangible assets of the Other IM business, both of which resided in the Other segment, and, prior to its disposition in March 2021, the Company's hotel business, with one hotel portfolio remaining in receivership, as discussed above.


	March 31, 2021				December 31, 2020
(In thousands)	Other		Hotel		Other		Hotel
Assets
Restricted cash	$	114,074	$	2,523	$	51,528	$	92,870
Real estate, net	944,730		736,218		1,153,724		3,504,249
Loans receivable	977,759		—		1,211,307		—
Equity investments	758,953		—		860,776		—
Goodwill, deferred leasing costs and other intangible assets, net	133,187		436		143,122		1,851
Other assets	119,948		26,281		152,871		70,343
Due from affiliates	14,844		—		14,355		—
Total assets held for disposition—discontinued operations	$	3,063,495	$	765,458	$	3,587,683	$	3,669,313

Liabilities
Debt, net	$	878,609	$	780,000	$	917,388	$	3,494,079
Lease intangibles and other liabilities	137,583		54,168		138,265		164,339
Total liabilities related to assets held for disposition—discontinued operations	$	1,016,192	$	834,168	$	1,055,653	$	3,658,418

Impairment of Assets Classified as Held for Disposition and Discontinued Operations

Real Estate and Related Intangible Assets—Impairment loss was recorded on real estate and related intangible assets classified as held for disposition and discontinued operations totaling $104.5 million and $259.7 million in the three months ended March 31, 2021 and 2020, respectively (Note 14), as discussed in Note 4.

Goodwill—No impairment loss was recorded in the three months ended March 31, 2021 on the Other IM goodwill that is classified as held for disposition and discontinued operations. In 2020, the Company had recognized impairment loss on its Other IM goodwill of $79.0 million in the first quarter and $515.0 million in the second quarter. In light of the economic effects of COVID-19 and the Company's acceleration of its digital transformation in the second quarter of 2020, both of which represented indicators of impairment, the Company's quantitative test in the prior year indicated that the carrying value of the Other IM reporting unit, including goodwill, exceeded its estimated fair value at March 31, 2020 and at June 30, 2020. In valuing the Other IM reporting unit in 2020, no value was ascribed to (a) the future capital raising potential of the non-digital credit and opportunity fund management business as it is no longer part of the Company's long-term strategy; and (b) the hypothetical contract of internally managing the Company's non-digital balance sheet assets following significant decreases in asset values in 2020. The remaining value of the Other IM reporting unit represents principally the CLNC management contract that was valued based upon its contractual termination value, which approximated fair value.

The Other IM goodwill balance of $81.6 million at March 31, 2021 was fully realized in April 2021 upon termination of the CLNC management contract.

Other Intangible Assets—In the three months ended March 31, 2021, investor relationship intangible asset in Other IM was impaired by $4.0 million (Note 14) to a fair value of $5.5 million based upon estimated recoverable value in a potential monetization of the Company's Other IM business. There was no impairment loss recorded on Other IM identifiable intangible assets held for disposition in 2020.

Equity Method Investments—Impairment was recorded on equity method investments classified as held for disposition and discontinued operations totaling $82.9 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively, included within equity method losses (Note 14). Equity method investments that were impaired and written down to fair value during the three months ended March 31, 2021 and year ended December 31, 2020 had carrying values totaling $479.3 million and $701.8 million, respectively, at the time of impairment. Impairment recorded in 2021 was based upon estimated recoverable values, primarily on ADC loans accounted for as equity method investments. Significant impairment was also recorded on these ADC loans in the fourth quarter of 2020, previously driven by 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%. Other impairment charges during 2020 were generally determined using estimated recoverable values for investments resolved or sold, investment values based upon projected exit strategies, or fair values based upon discounted expected future cash flows from the investments.

Assets Carried at Fair Value—For assets classified as held for disposition and discontinued operations that are carried at fair value, unrealized fair value losses were recorded in other loss of $3.1 million for interest in a third party fund and $200.7 million for loans receivable, and in equity method losses of $25.1 million for equity method investments (Note 14). Additional information is included Note 10 under "—Level 3 Recurring Fair Values."

Discontinued Operations

Discontinued operations represent the following:

•Other—operations of substantially all of the OED investments and Other IM business in the Other segment, composed of non-digital real estate, real estate-related equity and debt investments, fee income from CLNC and the Company's private real estate credit funds and co-investment vehicles, and underlying compensation and administrative costs for managing these non-digital investments and investment vehicles.

•Hotel—operations of the Company's Hospitality segment and the THL Hotel Portfolio in the Other segment. In March 2021, the Company sold five of the six portfolios in the Hospitality segment and the Company's 55.6% interest in the THL Hotel Portfolio which was deconsolidated upon sale. One hotel portfolio remains in receivership.

•Industrial—operations of the bulk industrial portfolio prior to its sale in December 2020.

Income (loss) from discontinued operations is presented below.


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
(In thousands)	Other		Hotel		Total		Other		Hotel		Industrial		Total
Revenues
Property operating income	$	21,169	$	122,106	$	143,275	$	28,352	$	213,111	$	5,379	$	246,842
Interest income	4,132		—		4,132		30,262		—		17		30,279
Fee income	15,962		—		15,962		18,377		—		—		18,377
Other income	8,260		22		8,282		136		62		—		198
Revenues from discontinued operations	49,523		122,128		171,651		77,127		213,173		5,396		295,696
Expenses
Property operating expense	13,253		112,829		126,082		12,612		167,543		1,473		181,628
Interest expense	15,700		62,318		78,018		10,002		49,971		2,406		62,379
Transaction-related, investment and servicing costs	5,894		1,794		7,688		4,711		1,560		—		6,271
Depreciation and amortization	11,670		7,668		19,338		13,062		47,561		633		61,256
Impairment loss	108,528		—		108,528		86,373		252,363		—		338,736
Compensation, including carried interest, and administrative expense (1)	20,557		2,410		22,967		2,282		2,033		414		4,729
Expenses from discontinued operations	175,602		187,019		362,621		129,042		521,031		4,926		654,999
Other income (loss)
Gain on sale of real estate	391		45,359		45,750		7,932		—		—		7,932
Other gain (loss), net	(200,683)		3		(200,680)		3,375		2,857		4		6,236
Equity method earnings (losses), including carried interest	(92,611)		—		(92,611)		109,170		—		—		109,170
Income (loss) from discontinued operations before income taxes	(418,982)		(19,529)		(438,511)		68,562		(305,001)		474		(235,965)
Income tax benefit (expense)	2,613		(1,524)		1,089		(16,482)		2,589		—		(13,893)
Income (loss) from discontinued operations	(416,369)		(21,053)		(437,422)		52,080		(302,412)		474		(249,858)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(302,387)		3,370		(299,017)		35,116		(31,655)		170		3,631
Noncontrolling interests in Operating Company	(10,863)		(2,328)		(13,191)		1,674		(26,726)		30		(25,022)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(103,119)	$	(22,095)	$	(125,214)	$	15,290	$	(244,031)	$	274	$	(228,467)

__________

(1) Includes equity-based compensation of $7.3 million and a reversal of $0.4 million for the three months ended March 31, 2021 and 2020, respectively, of which $4.6 million and a reversal of $3.4 million, respectively, relates to CLNC awards that is grossed up in other income and compensation expense. Reversal was due to a decline in CLNC stock price (Note 17).

Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Related Party Disclosures

Amounts due from and due to affiliates consist of the following, excluding amounts related to discontinued operations that are presented as assets held for sale (Note 7):


(In thousands)	March 31, 2021		December 31, 2020
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	21,944	$	20,605
Cost reimbursements and recoverable expenses	5,091		12,954
Loan and interest receivable	35,088		35,089
Employees and other affiliates	134		541
	$	62,257	$	69,189
Due to Affiliates

Employees and other affiliates	$	408	$	601

Fair Value - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Fair Value - Narrative (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jan. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on marketable equity securities held at period end			$ (33,100,000)
Period before considering liquidity alternatives		5 years
Private fund—real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected life of investment, extension increment period		1 year
Expected life of investment, extension period threshold		2 years
Minimum \| Private fund—real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected life of investment		8 years
Maximum \| Private fund—real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected life of investment		10 years
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities—settlement liability		$ 36,939,000		$ 24,285,000
Expected volatility (percent)		71.90%
Risk-free rate		0.16%
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]
Other liabilities—settlement liability		$ 36,939,000		24,285,000
Settlement liability, increase in value from inception		12,700,000
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		427,100,000		350,500,000
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		$ 2,800,000,000		4,600,000,000
Forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount					$ 119,000,000
Forward contracts \| Derivative Liabilities \| Non-Designated Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities				102,700,000
Unrealized gain (loss) transferred from AOCI to earnings			34,500,000
Realized gain transferred from AOCI to earnings			$ 34,500,000
Swap \| Derivative Liabilities \| Non-Designated Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities				$ 100,000

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares
Net loss allocated to common stockholders
Loss from continuing operations	$ (190,177)	$ (154,199)
Loss from continuing operations attributable to noncontrolling interests	69,101	40,507
Loss from continuing operations attributable to Colony Capital, Inc.	(121,076)	(113,692)
Loss from discontinued operations attributable to Colony Capital, Inc.	(125,214)	(228,467)
Net loss attributable to Colony Capital, Inc.	(246,290)	(342,159)
Preferred dividends	(18,516)	(19,474)
Net loss attributable to common stockholders	(264,806)	(361,633)
Net income allocated to participating securities	0	(1,250)
Net loss allocated to common stockholders—basic	(264,806)	(362,883)
Interest expense attributable to convertible and exchangeable notes	0	0
Net loss allocated to common stockholders—diluted	$ (264,806)	$ (362,883)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	474,899,000	479,106,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	474,899,000	479,106,000
Loss per share—basic
Loss from continuing operations (in dollars per share) \| $ / shares	$ (0.30)	$ (0.28)
Loss from discontinued operations (in dollars per share) \| $ / shares	(0.26)	(0.48)
Net loss attributable to common stockholders per common shares - basic (in dollars per share) \| $ / shares	(0.56)	(0.76)
Loss per share—diluted
Loss from continuing operations (in dollars per share) \| $ / shares	(0.30)	(0.28)
Loss from discontinued operations (in dollars per share) \| $ / shares	(0.26)	(0.48)
Net loss attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ (0.56)	$ (0.76)
Conversion ratio	1
Convertible Debt Securities
Loss per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 7,700	$ 7,100
Weighted average dilutive common share (in shares) \| shares	144,576,000	38,112,100
Restricted Stock
Loss per share—diluted
Weighted average dilutive common share (in shares) \| shares	0	0
Performance Shares
Loss per share—diluted
Weighted average dilutive common share (in shares) \| shares	10,395,900	1,520,700
Common Stock Warrants
Loss per share—diluted
Weighted average dilutive common share (in shares) \| shares	7,680,900
OP Units
Loss per share—diluted
Weighted average dilutive common share (in shares) \| shares	51,072,000	53,261,100

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 16,625,250	$ 20,200,560
Total liabilities of consolidated private fund	9,958,991	12,910,692
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	47,100	46,500
Total assets of consolidated private fund	192,200	172,200
Total liabilities of consolidated private fund	49,000	41,800
Variable Interest Entity, Not Primary Beneficiary \| Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	31,300	21,900
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	221,900	214,400
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.

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- 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.

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+ Details

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2020
AFS Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 28,576	$ 54,859
Election of fair value option on January 1, 2020			$ 0
Reclassification of accrued interest on January 1, 2020			0
Purchases, drawdowns, contributions and accretion	10,337	594
Paydowns, distributions and sales	(691)	(1,651)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Allowance for credit losses	(194)	(816)
Realized and unrealized gains (losses) in earnings, net	0	0
Other comprehensive income (loss)	(3,309)	1,488
Fair value, ending	34,719	54,474
Net unrealized gains (losses) in earnings on instruments held	(194)	(816)
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	(3,309)	1,488
Loans Held for Investment and Held for Disposition
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	1,295,337	0
Election of fair value option on January 1, 2020			1,556,131
Reclassification of accrued interest on January 1, 2020			13,504
Purchases, drawdowns, contributions and accretion	3,631	74,236
Paydowns, distributions and sales	(8,798)	(49,133)
Change in accrued interest and capitalization of paid-in-kind interest	4,745	11,849
Allowance for credit losses	0	0
Realized and unrealized gains (losses) in earnings, net	(199,082)	3,105
Other comprehensive income (loss)	(32,802)	(21,265)
Fair value, ending	1,063,031	1,588,427
Net unrealized gains (losses) in earnings on instruments held	(199,082)	3,105
Equity Method Investments (including Held for Disposition)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	181,799	222,875
Election of fair value option on January 1, 2020			0
Reclassification of accrued interest on January 1, 2020			$ 0
Purchases, drawdowns, contributions and accretion	0	762
Paydowns, distributions and sales	(6,953)	(781)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Allowance for credit losses	0	0
Realized and unrealized gains (losses) in earnings, net	(15,635)	(179)
Other comprehensive income (loss)	(4,708)	(4,337)
Fair value, ending	154,503	218,340
Net unrealized gains (losses) in earnings on instruments held	$ (16,560)	$ (179)

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 315,704	$ 217,213
Loss from continuing operations	(190,177)	(154,199)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(121,076)	(113,692)
Net loss from discontinued operations attributable to Colony Capital, Inc.	(125,214)	(228,467)
Net loss attributable to Colony Capital, Inc.	(246,290)	(342,159)
Property operating income	275,216	183,953
Interest income	2,676	2,607
Fee income	33,679	25,128
Property operating expense	132,264	83,477
Interest expense	72,485	63,441
Depreciation and amortization	170,967	76,236
Impairment loss	15,232	48,532
Equity method earnings (losses), including carried interest	(18,908)	(11,879)
Income tax benefit (expense)	25,825	5,569
Operating Segments
Segment Reporting Information [Line Items]
Property operating expense		83,477
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total revenues	189,202	45,167
Loss from continuing operations	(62,844)	(18,295)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(8,793)	(3,418)
Property operating income	189,002	45,149
Interest income	104	0
Fee income	0	0
Property operating expense	79,862	16,906
Interest expense	31,132	9,402
Depreciation and amortization	122,221	30,030
Impairment loss	0	0
Equity method earnings (losses), including carried interest	0	0
Income tax benefit (expense)	12,268	5,730
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total revenues	29,498	19,179
Loss from continuing operations	6,041	2,110
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	5,412	1,902
Property operating income	0	0
Interest income	1	30
Fee income	29,443	18,944
Property operating expense	0	0
Interest expense	0	0
Depreciation and amortization	6,267	6,603
Impairment loss	0	0
Equity method earnings (losses), including carried interest	(195)	3
Income tax benefit (expense)	(2,645)	(393)
Operating Segments \| Digital Other
Segment Reporting Information [Line Items]
Total revenues	1,140	160
Loss from continuing operations	7,869	(3,035)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	3,949	(2,242)
Property operating income	0	0
Interest income	690	7
Fee income	0	0
Property operating expense	0	0
Interest expense	0	0
Depreciation and amortization	0	0
Impairment loss	0	0
Equity method earnings (losses), including carried interest	2,776	465
Income tax benefit (expense)	1,090	0
Operating Segments \| Wellness Infrastructure
Segment Reporting Information [Line Items]
Total revenues	93,543	144,679
Loss from continuing operations	(41,210)	(66,288)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(32,906)	(49,938)
Property operating income	86,214	138,249
Interest income	1,815	792
Fee income	2,769	4,431
Property operating expense	52,400	66,567
Interest expense	32,705	43,952
Depreciation and amortization	31,418	37,460
Impairment loss	15,232	48,532
Equity method earnings (losses), including carried interest	0	0
Income tax benefit (expense)	2,421	129
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenues	1,580	3,198
Loss from continuing operations	(32,218)	(11,295)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(29,145)	(10,179)
Property operating income	0	555
Interest income	7	54
Fee income	1,467	1,753
Property operating expense	2	4
Interest expense	0	405
Depreciation and amortization	10,457	633
Impairment loss	0	0
Equity method earnings (losses), including carried interest	(21,489)	(12,347)
Income tax benefit (expense)	208	(52)
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total revenues	741	4,830
Loss from continuing operations	(67,815)	(57,396)
Net income (loss) from continuing operations attributable to Colony Capital, Inc.	(59,593)	(49,817)
Property operating income	0	0
Interest income	59	1,724
Fee income	0	0
Property operating expense	0	0
Interest expense	8,648	9,682
Depreciation and amortization	604	1,510
Impairment loss	0	0
Equity method earnings (losses), including carried interest	0	0
Income tax benefit (expense)	$ 12,483	$ 155

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other income (loss)
Income (loss) from discontinued operations		$ (437,422)	$ (249,858)
Net loss from discontinued operations attributable to Colony Capital, Inc.		(125,214)	(228,467)
Equity investments	$ 758,953	758,953		$ 860,776
THL Hotel Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)	55.60%
Held for disposition
Revenues [Abstract]
Property operating income		143,275	246,842
Interest income		4,132	30,279
Fee income		15,962	18,377
Other income		8,282	198
Revenues from discontinued operations		171,651	295,696
Expenses
Property operating expense		126,082	181,628
Interest expense		78,018	62,379
Transaction-related, investment and servicing costs		7,688	6,271
Depreciation and amortization		19,338	61,256
Impairment loss		108,528	338,736
Compensation expense—cash and equity-based		22,967	4,729
Expenses from discontinued operations		362,621	654,999
Other income (loss)
Gain on sale of real estate		45,750	7,932
Other gain (loss), net		(200,680)	6,236
Equity method earnings (losses), including carried interest		(92,611)	109,170
Income (loss) from discontinued operations before income taxes		(438,511)	(235,965)
Income tax benefit (expense)		1,089	(13,893)
Income (loss) from discontinued operations		(437,422)	(249,858)
Net loss from discontinued operations attributable to Colony Capital, Inc.		(125,214)	(228,467)
Equity investments	$ 7,300	7,300	400
Held for disposition \| CLNC
Other income (loss)
Equity investments	$ 4,600	4,600	3,400
Discontinued Operations, Disposed of by Sale \| THL Hotel Portfolio \| Exit of Hospitality Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)	55.60%
Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		(299,017)	3,631
Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		(13,191)	(25,022)
Other \| Held for disposition
Revenues [Abstract]
Property operating income		21,169	28,352
Interest income		4,132	30,262
Fee income		15,962	18,377
Other income		8,260	136
Revenues from discontinued operations		49,523	77,127
Expenses
Property operating expense		13,253	12,612
Interest expense		15,700	10,002
Transaction-related, investment and servicing costs		5,894	4,711
Depreciation and amortization		11,670	13,062
Impairment loss		108,528	86,373
Compensation expense—cash and equity-based		20,557	2,282
Expenses from discontinued operations		175,602	129,042
Other income (loss)
Gain on sale of real estate		391	7,932
Other gain (loss), net		(200,683)	3,375
Equity method earnings (losses), including carried interest		(92,611)	109,170
Income (loss) from discontinued operations before income taxes		(418,982)	68,562
Income tax benefit (expense)		2,613	(16,482)
Income (loss) from discontinued operations		(416,369)	52,080
Net loss from discontinued operations attributable to Colony Capital, Inc.		(103,119)	15,290
Other \| Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		(302,387)	35,116
Other \| Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		(10,863)	1,674
Hotel \| Held for disposition
Revenues [Abstract]
Property operating income		122,106	213,111
Interest income		0	0
Fee income		0	0
Other income		22	62
Revenues from discontinued operations		122,128	213,173
Expenses
Property operating expense		112,829	167,543
Interest expense		62,318	49,971
Transaction-related, investment and servicing costs		1,794	1,560
Depreciation and amortization		7,668	47,561
Impairment loss		0	252,363
Compensation expense—cash and equity-based		2,410	2,033
Expenses from discontinued operations		187,019	521,031
Other income (loss)
Gain on sale of real estate		45,359	0
Other gain (loss), net		3	2,857
Equity method earnings (losses), including carried interest		0	0
Income (loss) from discontinued operations before income taxes		(19,529)	(305,001)
Income tax benefit (expense)		(1,524)	2,589
Income (loss) from discontinued operations		(21,053)	(302,412)
Net loss from discontinued operations attributable to Colony Capital, Inc.		(22,095)	(244,031)
Hotel \| Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		3,370	(31,655)
Hotel \| Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:		$ (2,328)	(26,726)
Industrial \| Held for disposition
Revenues [Abstract]
Property operating income			5,379
Interest income			17
Fee income			0
Other income			0
Revenues from discontinued operations			5,396
Expenses
Property operating expense			1,473
Interest expense			2,406
Transaction-related, investment and servicing costs			0
Depreciation and amortization			633
Impairment loss			0
Compensation expense—cash and equity-based			414
Expenses from discontinued operations			4,926
Other income (loss)
Gain on sale of real estate			0
Other gain (loss), net			4
Equity method earnings (losses), including carried interest			0
Income (loss) from discontinued operations before income taxes			474
Income tax benefit (expense)			0
Income (loss) from discontinued operations			474
Net loss from discontinued operations attributable to Colony Capital, Inc.			274
Industrial \| Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:			170
Industrial \| Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:			$ 30

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

Income (loss) from discontinued operations is presented below.


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
(In thousands)	Other		Hotel		Total		Other		Hotel		Industrial		Total
Revenues
Property operating income	$	21,169	$	122,106	$	143,275	$	28,352	$	213,111	$	5,379	$	246,842
Interest income	4,132		—		4,132		30,262		—		17		30,279
Fee income	15,962		—		15,962		18,377		—		—		18,377
Other income	8,260		22		8,282		136		62		—		198
Revenues from discontinued operations	49,523		122,128		171,651		77,127		213,173		5,396		295,696
Expenses
Property operating expense	13,253		112,829		126,082		12,612		167,543		1,473		181,628
Interest expense	15,700		62,318		78,018		10,002		49,971		2,406		62,379
Transaction-related, investment and servicing costs	5,894		1,794		7,688		4,711		1,560		—		6,271
Depreciation and amortization	11,670		7,668		19,338		13,062		47,561		633		61,256
Impairment loss	108,528		—		108,528		86,373		252,363		—		338,736
Compensation, including carried interest, and administrative expense (1)	20,557		2,410		22,967		2,282		2,033		414		4,729
Expenses from discontinued operations	175,602		187,019		362,621		129,042		521,031		4,926		654,999
Other income (loss)
Gain on sale of real estate	391		45,359		45,750		7,932		—		—		7,932
Other gain (loss), net	(200,683)		3		(200,680)		3,375		2,857		4		6,236
Equity method earnings (losses), including carried interest	(92,611)		—		(92,611)		109,170		—		—		109,170
Income (loss) from discontinued operations before income taxes	(418,982)		(19,529)		(438,511)		68,562		(305,001)		474		(235,965)
Income tax benefit (expense)	2,613		(1,524)		1,089		(16,482)		2,589		—		(13,893)
Income (loss) from discontinued operations	(416,369)		(21,053)		(437,422)		52,080		(302,412)		474		(249,858)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(302,387)		3,370		(299,017)		35,116		(31,655)		170		3,631
Noncontrolling interests in Operating Company	(10,863)		(2,328)		(13,191)		1,674		(26,726)		30		(25,022)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(103,119)	$	(22,095)	$	(125,214)	$	15,290	$	(244,031)	$	274	$	(228,467)

__________

- 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

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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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+ Details

Stockholders' Equity

3 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock








Shares outstanding at December 31, 2019	41,350	487,044	734




Repurchase of common stock, net (1)	—	(12,733)	—
Equity-based compensation, net of forfeitures	—	7,646	—
Shares canceled for tax withholding on vested stock awards	—	(1,839)	—
Shares outstanding at March 31, 2020	41,350	480,118	734

Shares outstanding at December 31, 2020	41,350	483,406	734



Shares issued upon redemption of OP Units	—	5	—


Equity-based compensation, net of forfeitures	—	4,839	—
Shares canceled for tax withholding on vested stock awards	—	(1,147)	—
Shares outstanding at March 31, 2021	41,350	487,103	734

__________

(1) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 10.

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 March 31, 2021:


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

In January 2020, the Company settled the December 2019 redemption of its outstanding Series B and Series E preferred stock for $402.9 million. 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 former Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the former 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, the Company repurchased 12,733,204 shares of its class A common stock at an aggregate cost of $24.6 million, or a weighted average price of $1.93 per share, pursuant to a $300 million share repurchase program that expired in May 2020. Effective June 29, 2020, the Company is restricted from repurchasing additional common shares, subject to certain exceptions, under the terms of its Credit Agreement (Note 9).

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 2021 and 2020.

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, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668
Other comprehensive income (loss) before reclassifications	(23,850)		1,330		7		(24,929)		16,384		(31,058)
Amounts reclassified from AOCI	—		—		—		246		(634)		(388)
AOCI at March 31, 2020	$	(14,569)	$	9,153	$	(219)	$	(24,544)	$	46,401	$	16,222

AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(2,438)		(2,992)		—		(19,631)		3,761		(21,300)
Amounts reclassified from AOCI	—		—		233		—		—		233
AOCI at March 31, 2021	$	15,280	$	3,080	$	—	$	33,201	$	49,495	$	101,056

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, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)
Other comprehensive income (loss) before reclassifications	33		(32,958)		4,865		(28,060)
Amounts reclassified from AOCI	—		—		(799)		(799)
AOCI at March 31, 2020	$	(972)	$	(50,871)	$	14,725	$	(37,118)

AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive income (loss) before reclassifications	—		(37,686)		—		(37,686)
Amounts reclassified from AOCI	1,030		—		—		1,030
AOCI at March 31, 2021	$	—	$	46,159	$	15,099	$	61,258

Reclassifications out of AOCI—Stockholders

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below. On the consolidated statement of operations, such amounts are included in other gain (loss) for continuing and discontinued operations, as applicable, except for amounts related to equity method investments, where applicable, are included in equity method losses in discontinued operations.


(In thousands)	Three Months Ended March 31,
Component of AOCI reclassified into earnings		2021			2020



Release of foreign currency cumulative translation adjustments			$	—		$	(246)
Unrealized gain on dedesignated net investment hedges			—			634

Realized loss on cash flow hedges			(233)			—

Acquisitions - Real Estate Acquisitions (Details) - Other Real Estate Asset Acquisition $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) property
Business Acquisition [Line Items]
Purchase Price	$ 78,593
Land	70,167
Buildings and Improvements	101,151
Lease-Related Intangible Assets	5,383
Lease ROU and Other Assets	76,557
Debt	(127,226)
Intangible, Lease and Other Liabilities	$ (47,439)
Hotel \| France
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
Lease ROU and Other Assets	43,503
Debt	(2,245)
Intangible, Lease and Other Liabilities	$ (42,623)
Easements \| Various in U.S.
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
Lease ROU and Other Assets	0
Debt	0
Intangible, Lease and Other Liabilities	$ 0
Office \| U.K. and Ireland
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
Lease ROU and Other Assets	33,054
Debt	(124,981)
Intangible, Lease and Other Liabilities	$ (4,816)
Land \| U.S.
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
Lease ROU and Other Assets	0
Debt	0
Intangible, Lease and Other Liabilities	$ 0

Assets and Related Liabilities Held For Disposition (Tables)

3 Months Ended

Mar. 31, 2021

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.


	March 31, 2021						December 31, 2020
(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	$	117,548	$	2,523	$	120,071	$	129,817	$	14,695	$	144,512
Real estate, net	1,193,009		736,218		1,929,227		4,077,698		743,227		4,820,925
Loans receivable	977,759		—		977,759		1,211,307		—		1,211,307
Equity investments	758,953		—		758,953		860,776		—		860,776
Goodwill, deferred leasing costs and other intangible assets, net	139,851		436		140,287		148,552		437		148,989
Other assets (1)	127,235		26,281		153,516		210,238		15,166		225,404
Due from affiliates	14,844		—		14,844		14,355		—		14,355
Total assets held for disposition	$	3,329,199	$	765,458	$	4,094,657	$	6,652,743	$	773,525	$	7,426,268

Liabilities
Debt, net (2)	$	922,425	$	780,000	$	1,702,425	$	3,631,467	$	780,000	$	4,411,467
Lease intangibles and other liabilities	180,050		54,168		234,218		272,792		47,513		320,305
Total liabilities related to assets held for disposition	$	1,102,475	$	834,168	$	1,936,643	$	3,904,259	$	827,513	$	4,731,772

__________

(1) Included corporate aircraft that was impaired by $11.9 million in the second quarter of 2020 to reflect recoverable value prior to its sale to a third party in January 2021.


	March 31, 2021				December 31, 2020
(In thousands)	Other		Hotel		Other		Hotel
Assets
Restricted cash	$	114,074	$	2,523	$	51,528	$	92,870
Real estate, net	944,730		736,218		1,153,724		3,504,249
Loans receivable	977,759		—		1,211,307		—
Equity investments	758,953		—		860,776		—
Goodwill, deferred leasing costs and other intangible assets, net	133,187		436		143,122		1,851
Other assets	119,948		26,281		152,871		70,343
Due from affiliates	14,844		—		14,355		—
Total assets held for disposition—discontinued operations	$	3,063,495	$	765,458	$	3,587,683	$	3,669,313

Liabilities
Debt, net	$	878,609	$	780,000	$	917,388	$	3,494,079
Lease intangibles and other liabilities	137,583		54,168		138,265		164,339
Total liabilities related to assets held for disposition—discontinued operations	$	1,016,192	$	834,168	$	1,055,653	$	3,658,418

Restricted Cash, Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2021

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)	March 31, 2021		December 31, 2020
Capital expenditures reserves (1)	$	10,618	$	13,516
Real estate escrow reserves (2)	8,645		10,225

Lender restricted cash (3)	93,809		82,419
Other (4)	12,887		8,792
Total restricted cash	$	125,959	$	114,952

__________

(1) Represents primarily cash held by lenders for capital improvements, 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 is 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)	March 31, 2021		December 31, 2020
Straight-line rents	$	37,776	$	52,136
Investment deposits and pending deal costs	—		33,977
Prefunded capital expenditures for Vantage SDC	42,647		48,881
Deferred financing costs, net (1)	700		1,189
Derivative assets (Note 10)	4,280		99
Prepaid taxes and deferred tax assets, net	66,992		59,932

Operating lease right-of-use asset, net (2)	388,697		391,935
Finance lease right-of-use asset, net	140,271		143,182
Accounts receivable, net (3)	88,356		61,693
Prepaid expenses	30,455		28,563
Other assets	13,321		43,966
Fixed assets, net	20,823		21,264
Total other assets	$	834,318	$	886,817

__________

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

(2) Net of impairment of $9.4 million at December 31, 2020 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.

(3) Includes primarily receivables from tenants, resident fees, and reimbursable capital expenditures, and is presented net of immaterial allowance for doubtful accounts, where applicable.

Accrued and Other Liabilities

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


(In thousands)	March 31, 2021		December 31, 2020
Tenant security deposits and payable	$	8,761	$	9,321

Deferred income (1)	31,230		36,263
Interest payable	28,678		24,948
Derivative liabilities (Note 10)	1,216		103,772

Current and deferred income tax liability	122,943		153,167
Operating lease liability	363,594		373,525
Finance lease liability	146,750		148,974
Accrued compensation	52,838		78,748
Accrued carried interest and incentive fee compensation	1,870		1,907
Accrued real estate and other taxes	20,673		13,248
Accounts payable and accrued expenses	108,933		147,996
Other liabilities	148,732		101,732
Accrued and other liabilities	$	1,036,218	$	1,193,601

__________

(1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, and deferred management fees from digital investment vehicles. Deferred management fees totaling $1.8 million at March 31, 2021 and $6.1 million at December 31, 2020 is expected be recognized as fee income over a weighted average period of 4.9 years and 1.9 years, respectively.

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	483,406,000	487,044,000
Repurchase of common stock (in shares)		(12,733,000)
Equity-based compensation, net of forfeitures (in shares)	4,839,000	7,646,000
Shares canceled for tax withholding on vested stock awards (in shares)	(1,147,000)	(1,839,000)
Common stock, shares outstanding (in shares)	487,103,000	480,118,000
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)	5,000
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

Equity and Debt Investments (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's equity investments and debt securities, excluding investments held for disposition (Note 7), are represented by the following:


(In thousands)	March 31, 2021		December 31, 2020
Equity Investments
Equity method investments
CLNC	$	352,822	$	385,193
Other investment ventures	18,641		19,903
Private funds	175,364		173,039
Investments under fair value option	39,342		31,012
	586,169		609,147
Other equity investments
Marketable equity securities	129,103		218,485

Non-traded REIT and private funds	27,828		20,495
Total equity investments	743,100		848,127

Debt Securities
N-Star CDO bonds, available for sale	34,719		28,576

Equity and debt investments	$	777,819	$	876,703

Schedule of Available-for-sale Debt Securities

The following tables summarize the balance 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
March 31, 2021	$	56,207	$	(24,882)	$	3,394	$	—	$	34,719
December 31, 2020	46,561		(24,688)		6,703		—		28,576

Schedule Of Changes in Allowance For Credit Losses

Changes in allowance for credit losses for AFS debt securities are presented below:


	Three Months Ended March 31,
(In thousands)	2021		2020
Beginning balance	$	24,688	$	—
Provision for credit losses	194		816

Ending balance	$	24,882	$	816

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	$ 1,089,270	$ 911,326
Fair Value \| Secured debt
Liabilities
Secured and unsecured debt	6,043,875	6,003,375
Fair Value \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	1,691,130	4,258,019
Fair Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	227,697	201,018
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	504,981	535,897
Carrying Value \| Secured debt
Liabilities
Secured and unsecured debt	6,167,692	6,132,605
Carrying Value \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	1,702,425	4,411,467
Carrying Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	204,618	203,848
Level 1 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	1,076,175	898,231
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 \| 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 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured debt
Liabilities
Secured and unsecured debt	6,043,875	6,003,375
Level 3 \| Secured debt related to assets held for disposition
Liabilities
Secured and unsecured debt	1,691,130	4,258,019
Level 3 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	$ 227,697	$ 201,018

Equity and Debt Investments

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity and Debt Investments

The Company's equity investments and debt securities, excluding investments held for disposition (Note 7), are represented by the following:


(In thousands)	March 31, 2021		December 31, 2020
Equity Investments
Equity method investments
CLNC	$	352,822	$	385,193
Other investment ventures	18,641		19,903
Private funds	175,364		173,039
Investments under fair value option	39,342		31,012
	586,169		609,147
Other equity investments
Marketable equity securities	129,103		218,485

Non-traded REIT and private funds	27,828		20,495
Total equity investments	743,100		848,127

Debt Securities
N-Star CDO bonds, available for sale	34,719		28,576

Equity and debt investments	$	777,819	$	876,703

Equity Investments

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

Equity Method Investments

The Company owns a 36.1% interest in CLNC, accounted for under the equity method, as it exercises significant influence over CLNC's operating and financial policies through a combination of its ownership interest, and prior to May 2021, its role as the external manager and its representation on CLNC's board of directors. Other equity method investments, excluding investments held for disposition, are composed primarily of interests in the Company's sponsored digital investment vehicles, and certain investments accounted for under the fair value option (Note 10).

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 the Company for the obligations of these investment entities. The Company is not required to provide financial or other support in excess of its capital commitments and its exposure is limited to its investment balance.

Other-Than-Temporary Impairment ("OTTI")—The Company evaluates its equity method investments for OTTI at each reporting period. The Company determined there was no OTTI in the three months ended March 31, 2021.

In the second quarter of 2020, 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, measured as the excess of carrying value of its investment in CLNC over market value of $336.5 million based upon CLNC's closing stock price of $7.02 per share on June 30, 2020. At March 31, 2021, the fair value of the Company's investment in CLNC, based upon its closing stock price of $8.52 per share, was in excess of its carrying value.

Basis Difference—The impairment charges recorded by the Company on its investment in CLNC 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 the basis difference, the impairment charge was generally allocated on a relative fair value basis across CLNC's various investments. Accordingly, for any future write-downs taken by CLNC on these investments, the Company's share thereof is applied to reduce the basis difference and is not recorded as an equity method loss until such time the basis difference associated with the respective investments has been fully eliminated. For the three months ended March 31, 2021 and 2020, the Company reduced its share of net loss of CLNC by $24.6 million and $19.2 million, respectively, representing the basis difference allocated to investments that were resolved or impaired by CLNC during these periods. The remaining basis difference at March 31, 2021 was $252.9 million.

Other Equity Investments

Other equity investments consist of the following:

Marketable Equity Securities—These are publicly traded equity securities held by private open-end funds consolidated by the Company and prior to January 2021, equity investment in a third party mutual fund (Note 10). The equity securities of the consolidated funds 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.

Non-Traded REIT and Private Funds—These represent interests in a Company-sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and a private fund, for which the Company elected the net asset value ("NAV") practical expedient (Note 10), and an investment in a Company-managed sub-account of a third party private fund.

Investment and Lending Commitments

Private Funds—At March 31, 2021, the Company has unfunded commitments of $169.9 million to the Company's sponsored digital funds.

Loans Receivable—The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on meeting certain criteria, which must be approved by the Company as lender, such as capital expenditures and construction in progress with an approved budget. At March 31, 2021, total unfunded lending commitments was $39.8 million, of which the Company's share was $15.3 million, net of amounts attributable to noncontrolling interests in investment entities.

Debt Securities

The Company's investment in debt securities is composed of available-for-sale ("AFS") N-Star CDO bonds, which are 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.

The following tables summarize the balance 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
March 31, 2021	$	56,207	$	(24,882)	$	3,394	$	—	$	34,719
December 31, 2020	46,561		(24,688)		6,703		—		28,576

There were no sales of N-Star CDO bonds during the three months ended March 31, 2021 and year ended December 31, 2020.

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 March 31, 2021.

Impairment of AFS Debt Securities

AFS debt securities are considered to be impaired if their fair value is less than their amortized cost basis. If the Company intends to sell or is more likely than not required to sell the debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings within other gain (loss) as a write-off of the amortized cost basis of the debt security. If the Company does not intend to sell or is not more likely than not required to sell the debt security before recovery of its amortized cost, the credit component of the loss is recognized in earnings within other gain (loss) as an allowance for credit loss, which may be subject to reversal for subsequent recoveries in fair value. The non-credit loss component is recognized in other comprehensive income or loss ("OCI"). The allowance is charged off against the amortized cost basis of the security if in a subsequent period, the Company intends to or is more likely than not required to sell the security, or if the Company deems the security to be uncollectible.

Changes in allowance for credit losses for AFS debt securities are presented below:


	Three Months Ended March 31,
(In thousands)	2021		2020
Beginning balance	$	24,688	$	—
Provision for credit losses	194		816

Ending balance	$	24,882	$	816

Credit losses were 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 March 31, 2021 and December 31, 2020, there were no AFS debt securities in unrealized loss position without allowance for credit loss.

Goodwill, Deferred Leasing Costs and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Carrying value	$ 1,392,528	$ 1,467,725
Investment management contracts
Goodwill [Line Items]
Intangible asset impairment	$ 0	8,200
Carrying value		$ 12,400
Level 3 fair value, discount rate		10.00%

Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

The Company currently 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 Digital Colony Partners ("DCP") and separately capitalized vehicles, while other strategies, including digital credit and public equities, 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 has the potential to earn carried interest based upon 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 digital asset space and/or capacity through leases, services and other agreements. The Company currently owns interests in two companies: DataBank, including zColo, an edge colocation data center business; and Vantage SDC, a stabilized hyperscale data center business. 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—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. This segment also holds other wellness infrastructure-related assets, principally equity interests in and the management contract of NorthStar Healthcare.

•Other—This segment primarily composed of the Company's interest in CLNC. The Company expects to monetize the remaining assets in its Other segment as it completes its digital evolution.

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, 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 connection with accelerating the monetization of a substantial majority of the assets in the Company's Other segment in the first quarter of 2021, the Company reorganized its Wellness Infrastructure segment to retrospectively include other healthcare related assets and obligations. These assets and obligations encompass: (i) the Company's equity interests in and the management contract of NorthStar Healthcare, equity investment in a healthcare asset manager, and N-Star CDOs collateralized largely by certain debt and preferred equity within the capital structure of Wellness Infrastructure, all of which previously resided in the Other segment; as well as (ii) the 5.375% exchangeable senior notes, trust preferred securities and corresponding junior subordinated debt that were not previously allocated to reportable segments, all of which were issued by NRF Holdco, which holds the Wellness Infrastructure portfolio as its primary asset and acts as guarantor.

Segment Results of Operations

The following table presents results of operations of the Company's reportable segments. Refer to Note 14 for further details on discontinued operations.


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















Three Months Ended March 31, 2021
Total revenues	$	189,202	$	29,498	$	1,140	$	93,543	$	1,580	$	741	$	315,704
Income (loss) from continuing operations	(62,844)		6,041		7,869		(41,210)		(32,218)		(67,815)		(190,177)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(8,793)		5,412		3,949		(32,906)		(29,145)		(59,593)		(121,076)
Loss from discontinued operations attributable to Colony Capital, Inc.													(125,214)
Net loss attributable to Colony Capital, Inc.													$	(246,290)

Three Months Ended March 31, 2020
Total revenues	$	45,167	$	19,179	$	160	$	144,679	$	3,198	$	4,830	$	217,213
Income (loss) from continuing operations	(18,295)		2,110		(3,035)		(66,288)		(11,295)		(57,396)		(154,199)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(3,418)		1,902		(2,242)		(49,938)		(10,179)		(49,817)		(113,692)
Loss from discontinued operations attributable to Colony Capital, Inc.													(228,467)
Net loss attributable to Colony Capital, Inc.													$	(342,159)

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


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



















Three Months Ended March 31, 2021
Property operating income	$	189,002	$	—	$	—	$	86,214	$	—	$	—	$	275,216
Interest income	104		1		690		1,815		7		59		2,676
Fee income	—		29,443		—		2,769		1,467		—		33,679
Property operating expense	79,862		—		—		52,400		2		—		132,264
Interest expense	31,132		—		—		32,705		—		8,648		72,485
Depreciation and amortization	122,221		6,267		—		31,418		10,457		604		170,967
Impairment loss	—		—		—		15,232		—		—		15,232

Equity method earnings (losses), including carried interest	—		(195)		2,776		—		(21,489)		—		(18,908)
Income tax benefit (expense)	12,268		(2,645)		1,090		2,421		208		12,483		25,825

Three Months Ended March 31, 2020
Property operating income	$	45,149	$	—	$	—	$	138,249	$	555	$	—	$	183,953
Interest income	—		30		7		792		54		1,724		2,607
Fee income	—		18,944		—		4,431		1,753		—		25,128
Property operating expense	16,906		—		—		66,567		4		—		83,477
Interest expense	9,402		—		—		43,952		405		9,682		63,441
Depreciation and amortization	30,030		6,603		—		37,460		633		1,510		76,236
Impairment loss	—		—		—		48,532		—		—		48,532

Equity method earnings (losses), including carried interest	—		3		465		—		(12,347)		—		(11,879)
Income tax benefit (expense)	5,730		(393)		—		129		(52)		155		5,569

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


	March 31, 2021				December 31, 2020
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Operating	$	6,973,585	$	—	$	6,926,634	$	—
Digital Investment Management	489,517		19,004		490,632		19,167
Digital Other	387,560		161,062		482,464		158,564
Wellness Infrastructure	4,006,161		13,868		4,025,743		14,941
Other	550,348		392,235		663,139		416,475
Amounts not allocated to segments	389,126		—		354,952		—
Assets held for disposition related to discontinued operations	3,828,953		745,538		7,256,996		845,094
	$	16,625,250	$	1,331,707	$	20,200,560	$	1,454,241

Geography

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


	Three Months Ended March 31,
(In thousands)		2021		2020
Total income by geography:
United States		$	289,933	$	188,753
Europe		(5,946)		11,522
Other		11,324		877
Total (1)		$	295,311	$	201,152


(In thousands)	March 31, 2021		December 31, 2020
Long-lived assets by geography:
United States	$	7,912,752	$	8,139,565
Europe	771,768		730,358
Other	631,039		624,680
Total (2)	$	9,315,559	$	9,494,603

__________

(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 $0.8 million for the three months ended March 31, 2020); and excludes cost reimbursement income from affiliates (Note 18) and income from discontinued operations (Note 14). Income (loss) from discontinued operations for the three months ended March 31, 2021 and 2020 is composed of $143.8 million and $369.8 million from United States, respectively, and ($2.3 million) and $32.8 million from Europe, respectively. The negative income attributed to Europe for the three months ended March 31, 2021 for continuing operations reflects a reversal of straight-line rent receivable based upon current assessment of collectability, and for discontinued operations, due to losses from equity method investments.

(2) Long-lived assets comprise real estate held for investment, lease related intangible assets, 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 March 31, 2021 and December 31, 2020 included $1.1 billion and $3.8 billion located in the United States, respectively, and $1.0 billion and $1.2 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
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

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:


	2021 PSU Grants	2020 PSU Grants	2019 PSU Grants
Expected volatility of the Company's class A common stock (1)	35.4%	34.1%	26.2%
Expected annual dividend yield (2)	0.0%	9.3%	8.5% - 8.7%
Risk-free rate (per annum) (3)	0.3%	0.4%	2.2% - 2.4%

__________

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

(2) Based upon the Company's expected annualized dividends. Expected dividend yield is zero for the 2021 PSU award as the Company suspended common dividends beginning with the second quarter of 2020.

(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.

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 Company's acquisition of Digital Bridge Holdings, LLC in July 2019, with vesting based upon achievement of the Company's class A common stock price closing at or above $10 over any 90 consecutive trading days prior to the fifth anniversary of the grant date.

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

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

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

Equity-based compensation expense, excluding amounts related to businesses presented as discontinued operations (Note 14), is as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Compensation expense (including $1,064 and $283 amortization of fair value of dividend equivalent rights, respectively)		$	16,606	$	5,185

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, 2020	10,728,712	11,845,018	324,877	9,589,564	9,935,891	42,424,062	$	2.78	$	2.10
Granted	3,604,777	—	9,465	—	2,611,989	6,226,231	7.46		6.72
Vested	(2,996,951)	(461,254)	(9,465)	—	(1,175,333)	(4,643,003)	5.09		3.33
Forfeited	(67,047)	—	—	—	(832,981)	(900,028)	4.89		2.86
Unvested shares and units at March 31, 2021	11,269,491	11,383,764	324,877	9,589,564	10,539,566	43,107,262	3.52		2.48

__________

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

(3) Number of PSUs granted 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. PSUs for which the total shareholder return was not met at the end of the performance period are forfeited.

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $1,064 and $283 amortization of fair value of dividend equivalent rights, respectively)	$ 16,606	$ 5,185
Amortization of fair value of dividend equivalent right	$ 1,064	$ 283

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company, and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 13) 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. 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 accelerated monetization of a substantial majority of the Company’s OED investments and Other IM business in the Other segment that is in progress as of March 2021; the disposition of the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in the Other segment in March 2021; and the disposition of the bulk industrial portfolio in December 2020, all represent strategic shifts that have or will have major effects on the Company’s operations and financial results, and have met the criteria as discontinued operations as of March 2021, 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 7) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 14). Discontinued operations in prior periods include investments in the Other segment that were disposed or otherwise resolved in those periods. 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 20. Additionally, costs related to unconsummated transactions that were previously included within investment and servicing expense in prior periods have been reclassified into transaction-related costs on the consolidated statement of operations to conform to current period presentation. These reclassifications did not affect the Company's financial position, results of operations or cash flows. Adjustment to Accumulated Deficit On January 1, 2020, upon adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments— Credit Losses, the Company recorded a $5.1 million increase to accumulated deficit, composed of: (i) an $8.4 million increase to accumulated deficit, representing the Company's share of the cumulative effect adjustment of adopting the lifetime current expected credit loss model by its equity method investee, CLNC; partially offset by (ii) a $3.3 million decrease to accumulated deficit, reflecting the cumulative effect adjustment of the Company's election of the fair value option for all of its then outstanding loans receivable. Accounting Standards Adopted in 2021 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. The Company adopted ASU No. 2019-12 on January 1, 2021, with no resulting effect upon adoption. 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. The Company adopted the new guidance on January 1, 2021, with no resulting effect upon adoption. Accounting for Convertible Instruments and Contracts on Entity's Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU (1) simplifies an issuer’s accounting for convertible instruments as a single unit of account; (2) allows more contracts on an entity’s own equity to qualify for equity classification and more embedded derivatives meeting the derivative scope exception; and (3) simplifies diluted earnings per share ("EPS") computation. •The guidance eliminates the requirement to separate embedded conversion features in convertible instruments, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument that was issued at a substantial premium. 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. The Company early adopted the new standard on January 1, 2021 using a modified retrospective approach, with no resulting effect upon adoption.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Other than as disclosed elsewhere, and in particular, termination of the CLNC management contract as discussed in Note 1, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Real Estate (Tables)

3 Months Ended

Mar. 31, 2021

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 7.


(In thousands)	March 31, 2021		December 31, 2020
Land	$	511,243	$	516,085
Buildings and improvements	4,203,240		4,295,256

Tenant improvements	82,320		80,598
Data center infrastructure	3,444,660		3,396,854
Furniture, fixtures and equipment	71,404		74,327
Construction in progress	68,048		49,895
	8,380,915		8,413,015
Less: Accumulated depreciation	(678,204)		(603,051)
Real estate assets, net	$	7,702,711	$	7,809,964

Schedule of Proceeds From Sales of Real Estate

Results from sales of real estate, including discontinued operations (Note 14), are as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Proceeds from sales of real estate		$	64,808	$	126,741
Gain on sale of real estate		45,750		7,932

Schedule of Real Estate Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.


	Three Months Ended March 31,
(In thousands)		2021		2020
Depreciation of real estate held for investment		$	95,611	$	47,919
Impairment of real estate and related asset group (1)
Continuing operations
Held for disposition		14,466		204
Held for investment		766		48,328
Discontinued operations
Held for disposition		104,528		7,372
Held for investment (2)		—		252,364

__________

(1) Includes impairment of real estate intangibles of $63,000 and $7.0 million in the three months ended March 31, 2021 and 2020, respectively, and impairment of ground lease ROU of $6.1 million and $13.0 million in the three months ended March 31, 2021 and 2020, respectively.

(2) Represents impairment recorded in 2020 on properties in the Hospitality and Other segments prior to their reclassification as held for disposition and discontinued operations.

Schedule of Components of Property Operating Income

Components of property operating income are as follows, excluding amounts related to discontinued operations (Note 14).


	Three Months Ended March 31,
(In thousands)		2021		2020
Lease income:
Fixed lease income		$	231,631	$	161,896
Variable lease income		28,198		10,084
		259,829		171,980

Data center service revenue		15,387		11,973
		$	275,216	$	183,953

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2021
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		42,424,062
Granted (shares)		6,226,231
Vested (shares)		(4,643,003)
Forfeited (shares)		(900,028)
Unvested shares and units period end (shares)		43,107,262
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (USD per share)		$ 2.10
Granted (USD per share)		6.72
Vested (USD per share)		3.33
Forfeited (USD per share)		2.86
Unvested shares and units period end (USD per share)		$ 2.48
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		10,728,712
Granted (shares)		3,604,777
Vested (shares)		(2,996,951)
Forfeited (shares)		(67,047)
Unvested shares and units period end (shares)		11,269,491
LTIP Units
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		11,845,018
Granted (shares)	10,000,000	0
Vested (shares)		(461,254)
Forfeited (shares)		0
Unvested shares and units period end (shares)		11,383,764
DSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		324,877
Granted (shares)		9,465
Vested (shares)		(9,465)
Forfeited (shares)		0
Unvested shares and units period end (shares)		324,877
RSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		9,589,564
Granted (shares)		0
Vested (shares)		0
Forfeited (shares)		0
Unvested shares and units period end (shares)		9,589,564
PSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (shares)		9,935,891
Granted (shares)		2,611,989
Vested (shares)		(1,175,333)
Forfeited (shares)		(832,981)
Unvested shares and units period end (shares)		10,539,566
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (USD per share)		$ 2.78
Granted (USD per share)		7.46
Vested (USD per share)		5.09
Forfeited (USD per share)		4.89
Unvested shares and units period end (USD per share)		$ 3.52

Transactions with Affiliates

3 Months Ended

Mar. 31, 2021

Transactions with Affiliates

Affiliates 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, excluding amounts related to discontinued operations that are presented as assets held for sale (Note 7):


(In thousands)	March 31, 2021		December 31, 2020
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	21,944	$	20,605
Cost reimbursements and recoverable expenses	5,091		12,954
Loan and interest receivable	35,088		35,089
Employees and other affiliates	134		541
	$	62,257	$	69,189
Due to Affiliates

Employees and other affiliates	$	408	$	601

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 16, except for fee income and fee receivable from CLNC and the Company's private real estate credit funds and co-investment vehicles that are included within discontinued operations (Note 14) and assets held for sale (Note 7).

Cost Reimbursements—The Company received cost reimbursement income related largely 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 NorthStar Healthcare, with reimbursements limited to the greater of 2% of average invested assets or 25% of net income (net of management fees);

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

•Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties.

Such cost reimbursements, included in other income, totaled $1.5 million and $4.2 million for the three months ended March 31, 2021 and 2020, respectively.

Reimbursements of direct and indirect operating costs for managing the operations of CLNC is reflected in other income within discontinued operations (Note 14) and related receivable is reflected as amount due from affiliates within assets held for sale (Note 7).

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 March 31, 2021.

Digital Real Estate Acquisitions—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 the Vantage SDC acquisition as a result of their respective personal investments in Vantage made prior to the Company’s acquisition of DBH. Payments to be made by the Company and its co-investors to the previous owners of Vantage SDC for future build-out of expansion capacity within the portfolio, including lease up of the expanded capacity and existing inventory, will trigger additional carried interest payments to Messrs. Ganzi and Jenkins. 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 $3.0 million for the three months ended March 31, 2021.

DataBank acquired all of zColo's colocation business in December 2020 and February 2021 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 periods presented were immaterial and relate primarily to the Company's share of the funds' operating costs and deferred financing costs on borrowings of the funds.

Equity Awards of CLNC—As discussed in Note 17, prior to termination of the Company’s management agreement with CLNC on April 30, 2021, CLNC granted 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 March 31, 2021 and December 31, 2020, such investments in consolidated investment vehicles and general partner entities totaled $27.3 million and $19.1 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share was a net income of $0.3 million and a net loss of $0.5 million for the three months ended March 31, 2021 and 2020, respectively.

Aircraft—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 $1.1 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively.

Separately, based upon an agreement between Colony Capital Advisors, LLC, a subsidiary of the Company, and Thomas J. Barrack, Jr., the Company's former Executive Chairman, Mr. Barrack was previously provided use of the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack paid 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 $0.4 million for the three months ended March 31, 2020. The Company's aircraft was sold in January 2021.

Noncontrolling Interests - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
Noncontrolling Interests - Narrative (Details)	Apr. 30, 2021 USD ($)	Jul. 31, 2020 USD ($) security $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2020 USD ($) shares
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio			1
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio				1
OP units redeemed (in shares) \| shares			5,147	2,184,395
Common Stock Warrants \| Class A Common Stock
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
Common Stock Warrants \| Class A Common Stock \| Minimum
Noncontrolling Interest [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 2.43
Common Stock Warrants \| Class A Common Stock \| Maximum
Noncontrolling Interest [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 6.00
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
Run-Rate of EBITDA threshold for contingent consideration				$ 72,000,000.0
Wafra, Inc. \| Digital IM Business \| Subsequent Event
Noncontrolling Interest [Line Items]
Contingent consideration	$ 29,900,000
Partnership \| Wafra, Inc.
Noncontrolling Interest [Line Items]
Participation in net management fees and carried interest		31.50%
Partnership \| Wafra, Inc. \| Commitments to DCP I
Noncontrolling Interest [Line Items]
Other commitments		$ 77,000,000.0
Partnership \| Wafra, Inc. \| Commitments to DCP II
Noncontrolling Interest [Line Items]
Other commitments		$ 40,000,000.0

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 761,368	$ 761,368
Goodwill deductible for tax purposes	140,500	140,500
Digital Operating
Goodwill [Line Items]
Goodwill	463,120	463,120
Digital Investment Management
Goodwill [Line Items]
Goodwill	$ 298,248	$ 298,248

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from affiliates	$ 62,257	$ 69,189
Due to affiliates	408	601
Fee income
Related Party Transaction [Line Items]
Due from affiliates	21,944	20,605
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	5,091	12,954
Loan and interest receivable
Related Party Transaction [Line Items]
Due from affiliates	35,088	35,089
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	134	541
Due to affiliates	$ 408	$ 601

Business	3 Months Ended
Business	Mar. 31, 2021
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. 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. At March 31, 2021, the Company has $46 billion of total assets under management, including both third party capital and the Company's balance sheet, and $18 billion of fee earning equity under management. 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 March 31, 2021, 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. Digital Transformation Significant healthcare and economic challenges arising from the coronavirus disease 2019, or COVID-19 pandemic, reinforced the critical role and the resilience of the digital real estate and infrastructure sector in a global economy that is increasingly reliant on telecommunications and data transmission. Accordingly, in the second quarter of 2020, the Company determined to accelerate its previously announced shift to a digitally-focused strategy in order to better position the Company for growth, which requires a rotation of the Company's traditional non-digital assets into digital-focused investments. During the first quarter of 2021, the Company successfully exited its hotel business, and continues its process of actively monetizing a substantial majority of its other equity and debt ("OED") investments and its non-digital investment management ("Other IM") business, both of which reside in the Other segment. The disposition of the Company’s hotel business and the continued efforts to monetize the Company’s OED investments and Other IM business represent strategic shifts in the Company's business that are expected to have a significant effect on the Company’s operations and financial results, and accordingly, have met the criteria as discontinued operations. For all current and prior periods presented, the related assets and liabilities, to the extent they have not been disposed at the respective balance sheet dates, are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 7) and the related operating results are presented as loss from discontinued operations on the consolidated statements of operations (Note 14). Accelerating the Monetization of OED and Other IM Having successfully exited its hotel business in the first quarter of 2021, the Company is continuing its efforts to accelerate the monetization of a substantial majority of its OED investments and Other IM business. These assets consist of non-digital real estate, real estate-related equity and debt investments, and management of the Company's private real estate credit funds and Colony Credit Real Estate, Inc. (NYSE: CLNC). In consideration of a potential monetization and consequently, classification of the assets as held for disposition, the Company reassessed the carrying value of these assets based upon estimated recoverable values. As a result, the Company recognized an aggregate write-down in asset values of $420.3 million, of which $121.2 million was attributable to the OP, recorded within impairment loss, equity method loss and other loss in discontinued operations (Note 7). In April 2021, the Company and CLNC agreed to terminate the management agreement for a one-time termination fee of $102.3 million in cash. The transaction closed on April 30, 2021, resulting in the internalization of CLNC's management and operating functions (the "CLNC Internalization"), with certain employees previously dedicated wholly or substantially to CLNC becoming employees of CLNC. In connection with the CLNC Internalization, CLNC's board of directors ceased to include Company-affiliated directors on CLNC's board of directors upon expiration of their terms in May 2021. The Company also entered into a new stockholders agreement, pursuant to which the Company agreed, for so long as the Company owns at least 10% of CLNC's outstanding common shares, to vote in CLNC director elections as recommended by CLNC’s board of directors at any stockholders' meeting that occurs prior to CLNC's 2023 annual stockholders' meeting. In addition, the Company is subject to customary standstill restrictions, including an obligation not to initiate or make stockholder proposals, nominate directors or participate in proxy solicitations, until the beginning of the advance notice window for CLNC's 2023 annual meeting. The Company currently holds a 36.1% equity ownership in CLNC and is prohibited from acquiring additional CLNC shares. Exit of the Hotel Business In March 2021, the Company completed the previously announced exit of its hotel business, which represents a key milestone in the Company’s digital transformation. Pursuant to an agreement entered into with a third party in September 2020 (as amended in October 2020, February 2021 and March 2021), the Company sold five of the six hotel portfolios in its Hospitality segment and its 55.6% interest in a portfolio of limited service hotels that was acquired through a consensual foreclosure in July 2017 (the "THL Hotel Portfolio") in its 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 currently managed by the Company. Two of the hotel portfolios that were sold in the Hospitality segment were held through joint ventures in which the Company held a 90% and a 97.5% interest, respectively. The aggregate selling price of $67.5 million, represented a transaction value of approximately $2.8 billion, with the acquirer's assumption of $2.7 billion of investment-level debt.

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Tenant security deposits and payable	$ 8,761	$ 9,321
Deferred income	31,230	36,263
Interest payable	28,678	24,948
Derivative liabilities (Note 10)	1,216	103,772
Current and deferred income tax liability	122,943	153,167
Operating lease liability	$ 363,594	373,525
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Finance lease liability	$ 146,750	148,974
Accrued compensation	52,838	78,748
Accrued carried interest and incentive fee compensation	1,870	1,907
Accrued real estate and other taxes	20,673	13,248
Accounts payable and accrued expenses	108,933	147,996
Other liabilities	148,732	101,732
Accrued and other liabilities ($38,155 and $128,057 at fair value, respectively)	1,036,218	1,193,601
Deferred asset management fee income	$ 1,800	$ 6,100
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	4 years 10 months 24 days

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $204 and $214	$ 126,892	$ 112,278
Interest capitalized	204	214
Cash paid for income taxes, net of refunds	2,123	1,272
Cash paid for operating lease liabilities	16,781	7,096
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	18,516	77,228	$ 18,516
Improvements in operating real estate in accrued and other liabilities	6,268	12,282
Proceeds from loan repayments and asset sales held in escrow	0	47,702
Operating lease right-of-use assets and lease liabilities established	7,170	2,408
Finance lease payments accrued in accounts payable	2,224	0
Redemption of OP Units for common stock	16	0
Assets of investment entities deconsolidated, net of cash and restricted cash contributed	2,814,793	0
Liabilities of investment entities deconsolidated	2,840,065	0
Noncontrolling interest of investment entities deconsolidated	22,413	0
Hotel
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(34,154)	(8,535)
Net cash provided by (used in) investing activities of discontinued operations	(20,243)	(43,020)
Net cash provided by (used in) financing activities of discontinued operations	(3,416)	(920)
Industrial
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	0	(38,822)
Net cash provided by (used in) investing activities of discontinued operations	0	4,534
Net cash provided by (used in) financing activities of discontinued operations	0	(3,886)
Other
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(640)	22,954
Net cash provided by (used in) investing activities of discontinued operations	52,907	27,465
Net cash provided by (used in) financing activities of discontinued operations	$ (1,563)	$ (57,627)

Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

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, as discussed below, and in open-end funds sponsored and consolidated by the Company.


	Three Months Ended March 31,
(In thousands)	2021		2020
Beginning balance	$	305,278	$	6,107
Contributions	10,640		250
Distributions and redemptions	(2,445)		(2,647)
Net income (loss)	2,449		(548)

Ending balance	$	315,922	$	3,162

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.

Pursuant to this strategic partnership, Wafra has assumed directly and also indirectly through a participation interest $77.0 million of the Company's commitments to DCP I, and has committed $40.0 million to DCP II. 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. No warrants have been exercised to-date.

Wafra paid cash consideration of $253.6 million at closing in exchange for its investment in the Digital IM Business and for the warrants. As previously agreed, Wafra paid additional consideration of $29.9 million in the Digital IM Business in April 2021 based upon the Digital IM Business having achieved a minimum run-rate of earnings before interest, tax, depreciation and amortization ("EBITDA") of $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 Marc Ganzi, the Company's Chief Executive Officer, and Ben Jenkins, Chief Investment Officer of the Company's digital real estate and infrastructure platform, 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 further grow the Digital IM Business.

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.

Redemption of OP Units—The Company redeemed 5,147 OP Units during the three months ended March 31, 2021 and 2,184,395 OP Units during the year ended December 31, 2020, with the issuance of an equal number of shares of class A common stock on a one-for-one basis.

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Private fund—real estate \| Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 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	$ 13,416	$ 15,680
Unfunded Commitments	8,026	8,026
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	20,772	18,272
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	1,909	2,224
Unfunded Commitments	$ 0	$ 0

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,762,347	$ 1,757,632
Deferred leasing and other intangible assets, accumulated amortization	(369,819)	(289,907)
Deferred leasing and other intangible assets, net carrying amount	1,392,528	1,467,725
Intangible Liabilities
Intangible liabilities, carrying amount	154,103	153,808
Intangible liabilities, accumulated amortization	(64,188)	(59,956)
Intangible liabilities, gross	89,915	93,852
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	1,251,299	1,245,878
Deferred leasing and other intangible assets, accumulated amortization	(230,981)	(180,372)
Deferred leasing and other intangible assets, net carrying amount	1,020,318	1,065,506
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	226,471	226,471
Deferred leasing and other intangible assets, accumulated amortization	(98,219)	(90,624)
Deferred leasing and other intangible assets, net carrying amount	128,252	135,847
Customer relationships and service contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	218,081	217,809
Deferred leasing and other intangible assets, accumulated amortization	(23,275)	(13,547)
Deferred leasing and other intangible assets, net carrying amount	194,806	204,262
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	41,900	41,900
Deferred leasing and other intangible assets, accumulated amortization	(16,665)	(4,713)
Deferred leasing and other intangible assets, net carrying amount	25,235	37,187
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	24,596	25,574
Deferred leasing and other intangible assets, accumulated amortization	(679)	(651)
Deferred leasing and other intangible assets, net carrying amount	$ 23,917	$ 24,923

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)
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	$ 27.5	$ 10.1
Aggregate unrecognized compensation cost related to restricted stock granted	$ 92.0
Weighted average period of expected cost	2 years 7 months 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting 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)	$ 4.6	$ (3.4)
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%
CLNS Equity Incentive Plan \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase	2.00%
Common stock, shares reserved for future issuance (in shares) \| shares	73.8
Conversion of units, conversion ratio (LTIP to common OP Unit)	1

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (8,714)	$ (9,703)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of foreign currency cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	(246)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	634
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized loss on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (233)	$ 0

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 15,232	$ 48,532
Discontinued operations, Held for disposition
Real Estate [Line Items]
Impairment of real estate and related asset group	104,500	259,700
Other real estate related intangibles
Real Estate [Line Items]
Impairment of intangibles	63	7,000
Ground Leases
Real Estate [Line Items]
Impairment of real estate and related asset group	6,100	13,000
Real Estate \| Held for disposition \| Continuing operations, Held for disposition
Real Estate [Line Items]
Impairment of real estate and related asset group	14,466	204
Real Estate \| Held for disposition \| Discontinued operations, Held for disposition
Real Estate [Line Items]
Impairment of real estate and related asset group	104,528	7,372
Real Estate \| Held for investment
Real Estate [Line Items]
Depreciation of real estate held for investment	95,611	47,919
Real Estate \| Held for investment \| Continuing operations, held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group	766	48,328
Real Estate \| Held for investment \| Discontinued operations, held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 0	$ 252,364

Assets and Related Liabilities Held For Disposition - Discontinued Operations (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash		$ 120,071	$ 144,512
Real estate, net		1,929,227	4,820,925
Loans receivable		977,759	1,211,307
Equity investments		758,953	860,776
Goodwill, deferred leasing costs and other intangible assets, net		140,287	148,989
Other assets		153,516	225,404
Due from affiliates		14,844	14,355
Total assets held for disposition		4,094,657	7,426,268
Debt, net		1,702,425	4,411,467
Lease intangibles and other liabilities		234,218	320,305
Total liabilities related to assets held for disposition		$ 1,936,643	4,731,772
Minimum \| ADC Investments [Member] \| CLNC \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input		0.10
Maximum \| ADC Investments [Member] \| CLNC \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input		0.20
Aircraft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment on corporate aircraft	$ 11,900
Disposition by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash		$ 117,548	129,817
Real estate, net		1,193,009	4,077,698
Loans receivable		977,759	1,211,307
Equity investments		758,953	860,776
Goodwill, deferred leasing costs and other intangible assets, net		139,851	148,552
Other assets		127,235	210,238
Due from affiliates		14,844	14,355
Total assets held for disposition		3,329,199	6,652,743
Debt, net		922,425	3,631,467
Lease intangibles and other liabilities		180,050	272,792
Total liabilities related to assets held for disposition		1,102,475	3,904,259
Non-Sale Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash		2,523	14,695
Real estate, net		736,218	743,227
Loans receivable		0	0
Equity investments		0	0
Goodwill, deferred leasing costs and other intangible assets, net		436	437
Other assets		26,281	15,166
Due from affiliates		0	0
Total assets held for disposition		765,458	773,525
Debt, net		780,000	780,000
Lease intangibles and other liabilities		54,168	47,513
Total liabilities related to assets held for disposition		834,168	827,513
Held for disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments		7,300		$ 400
Held for disposition \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash		114,074	51,528
Real estate, net		944,730	1,153,724
Loans receivable		977,759	1,211,307
Equity investments		758,953	860,776
Goodwill, deferred leasing costs and other intangible assets, net		133,187	143,122
Other assets		119,948	152,871
Due from affiliates		14,844	14,355
Total assets held for disposition		3,063,495	3,587,683
Debt, net		878,609	917,388
Lease intangibles and other liabilities		137,583	138,265
Total liabilities related to assets held for disposition		1,016,192	1,055,653
Held for disposition \| Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash		2,523	92,870
Real estate, net		736,218	3,504,249
Loans receivable		0	0
Equity investments		0	0
Goodwill, deferred leasing costs and other intangible assets, net		436	1,851
Other assets		26,281	70,343
Due from affiliates		0	0
Total assets held for disposition		765,458	3,669,313
Debt, net		780,000	3,494,079
Lease intangibles and other liabilities		54,168	164,339
Total liabilities related to assets held for disposition		$ 834,168	$ 3,658,418

Restricted Cash, Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

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


(In thousands)	March 31, 2021		December 31, 2020
Capital expenditures reserves (1)	$	10,618	$	13,516
Real estate escrow reserves (2)	8,645		10,225

Lender restricted cash (3)	93,809		82,419
Other (4)	12,887		8,792
Total restricted cash	$	125,959	$	114,952

__________

(1) Represents primarily cash held by lenders for capital improvements, 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 is 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)	March 31, 2021		December 31, 2020
Straight-line rents	$	37,776	$	52,136
Investment deposits and pending deal costs	—		33,977
Prefunded capital expenditures for Vantage SDC	42,647		48,881
Deferred financing costs, net (1)	700		1,189
Derivative assets (Note 10)	4,280		99
Prepaid taxes and deferred tax assets, net	66,992		59,932

Operating lease right-of-use asset, net (2)	388,697		391,935
Finance lease right-of-use asset, net	140,271		143,182
Accounts receivable, net (3)	88,356		61,693
Prepaid expenses	30,455		28,563
Other assets	13,321		43,966
Fixed assets, net	20,823		21,264
Total other assets	$	834,318	$	886,817

__________

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

(3) Includes primarily receivables from tenants, resident fees, and reimbursable capital expenditures, and is presented net of immaterial allowance for doubtful accounts, where applicable.

Schedule of Accrued and Other Liabilities

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


(In thousands)	March 31, 2021		December 31, 2020
Tenant security deposits and payable	$	8,761	$	9,321

Deferred income (1)	31,230		36,263
Interest payable	28,678		24,948
Derivative liabilities (Note 10)	1,216		103,772

Current and deferred income tax liability	122,943		153,167
Operating lease liability	363,594		373,525
Finance lease liability	146,750		148,974
Accrued compensation	52,838		78,748
Accrued carried interest and incentive fee compensation	1,870		1,907
Accrued real estate and other taxes	20,673		13,248
Accounts payable and accrued expenses	108,933		147,996
Other liabilities	148,732		101,732
Accrued and other liabilities	$	1,036,218	$	1,193,601

__________

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 788,361	$ 703,544
Restricted cash	125,959	114,952
Real estate, net	7,702,711	7,809,964
Loans receivable (at fair value)	85,272	84,030
Equity and debt investments ($225,845 and $298,568 at fair value, respectively)	777,819	876,703
Goodwill	761,368	761,368
Deferred leasing costs and intangible assets, net	1,392,528	1,467,725
Assets held for disposition ($3,329,199 and $6,652,743 held for sale, respectively)	4,094,657	7,426,268
Other assets ($4,280 and $99 at fair value, respectively)	834,318	886,817
Due from affiliates	62,257	69,189
Total assets	16,625,250	20,200,560
Liabilities
Debt, net	6,877,291	6,872,350
Accrued and other liabilities ($38,155 and $128,057 at fair value, respectively)	1,036,218	1,193,601
Intangible liabilities, net	89,915	93,852
Liabilities related to assets held for disposition	1,936,643	4,731,772
Due to affiliates	408	601
Dividends and distributions payable	18,516	18,516
Total liabilities	9,958,991	12,910,692
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests	315,922	305,278
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	7,576,873	7,570,473
Accumulated deficit	(6,460,262)	(6,195,456)
Accumulated other comprehensive income	101,056	122,123
Total stockholders’ equity	2,222,035	2,501,471
Noncontrolling interests in investment entities	4,003,905	4,327,372
Noncontrolling interests in Operating Company	124,397	155,747
Total equity	6,350,337	6,984,590
Total liabilities, redeemable noncontrolling interests and equity	16,625,250	20,200,560
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	4,871	4,834
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt balance 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 7).


(In thousands)	Corporate Credit Facility(1)		Convertible and Exchangeable Senior Notes		Secured Debt(2)		Junior Subordinated Notes		Total Debt
March 31, 2021
Debt at amortized cost
Principal	$	—	$	513,605	$	6,229,504	$	280,117	$	7,023,226
Premium (discount), net	—		(6,180)		20,265		(75,499)		(61,414)
Deferred financing costs	—		(2,444)		(82,077)		—		(84,521)
	$	—	$	504,981	$	6,167,692	$	204,618	$	6,877,291
December 31, 2020
Debt at amortized cost
Principal	$	—	$	545,107	$	6,178,579	$	280,117	$	7,003,803
Premium (discount), net	—		(6,540)		21,811		(76,269)		(60,998)
Deferred financing costs	—		(2,670)		(67,785)		—		(70,455)
	$	—	$	535,897	$	6,132,605	$	203,848	$	6,872,350

__________

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

(2) Debt principal totaling $253.7 million at March 31, 2021 and $272.5 million at December 31, 2020 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 is included in liabilities related to assets held for disposition (Note 7).

The following table summarizes certain characteristics of the Company's debt.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)
March 31, 2021
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	0.8	$	—	—	%	0.8
Convertible and exchangeable senior notes(3)	513,605		5.31	%	3.3	—		N/A		N/A	513,605		5.31	%	3.3
Junior subordinated debt (4)	—		N/A		N/A	280,117		3.06	%	15.2	280,117		3.06	%	15.2

	513,605					280,117					793,722
Non-recourse (5)
Secured debt
Digital Operating	2,789,338		2.49	%	4.6	580,000		5.70	%	4.7	3,369,338		3.04	%	4.6
Wellness Infrastructure	400,075		4.55	%	3.9	2,283,458		3.89	%	3.1	2,683,533		4.02	%	3.2

Other—Other Equity and Debt	21,316		5.63	%	—	155,317		4.85	%	0.8	176,633		4.94	%	0.7
	3,210,729					3,018,775					6,229,504
	$	3,724,334				$	3,298,892				$	7,023,226

December 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	1.0	$	—	—	%	1.0
Convertible and exchangeable senior notes(3)	545,107		5.36	%	3.6	—		N/A		N/A	545,107		5.36	%	3.6
Junior subordinated debt (4)	—		N/A		N/A	280,117		3.10	%	15.4	280,117		3.10	%	15.4
Secured debt (6)	32,815		5.02	%	—	—		N/A		N/A	32,815		5.02	%	—
	577,922					280,117					858,039
Non-recourse (5)
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	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	21,316		5.63	%	—	164,472		3.85	%	0.1	185,788		4.05	%	0.1
	2,555,935					3,589,829					6,145,764
	$	3,133,857				$	3,869,946				$	7,003,803

__________

(1) Calculated based upon outstanding debt principal at balance sheet date. For variable rate debt, weighted average interest rate is calculated based upon the applicable index plus spread at balance sheet date.

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

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

(4) 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.

(5) Investment-level secured debt that is non-recourse to the Company in the Other segment of $21.3 million at March 31, 2021 and December 31, 2020 is in default and has been accelerated by the lender.

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

Convertible Senior Notes Issued

Convertible and exchangeable senior notes (collectively, the senior notes) outstanding as of March 31, 2021 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
										March 31, 2021		December 31, 2020

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
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		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
										$	513,605	$	545,107

__________

(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.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed

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


	Asset Acquisitions
	2021		2020
(In thousands)	zColo France			Vantage SDC		zColo US and UK









Assets acquired and liabilities assumed
Cash	$	—		$	—	$	266
Real estate	26,083			2,720,870		882,327

Intangible assets	8,702			765,137		303,119
Lease right-of-use ("ROU") and other assets	9,536			181,260		415,038
Debt	—			(2,060,307)		—

Intangible, lease and other liabilities	(11,303)			(82,350)		(419,262)
Fair value of net assets acquired for cash consideration	$	33,018		$	1,524,610	$	1,181,488

The following table summarizes the Company's other real estate asset acquisitions in 2020 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		Lease ROU and Other Assets		Debt		Intangible, Lease and Other Liabilities






2020
Various	Hotel—France (2)	9	$	37,916	$	5,243	$	34,038	$	—	$	43,503	$	(2,245)	$	(42,623)
Various	Easements—Various in U.S. (3)	—	2,586		2,586		—		—		—		—		—
October	Office—U.K. and Ireland (4)	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)

__________

(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) 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.

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

(4) The Company acquired a controlling equity interest in a borrower upon default of an acquisition, development and construction ("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 is in default.

Acquisitions - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Feb. 28, 2021 USD ($) data_center	Dec. 31, 2020 USD ($) data_center	Oct. 31, 2020 USD ($) data_center	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Business Acquisition [Line Items]
Contributions from noncontrolling interests				$ 113,213	$ 87,736
Management Operation Fees \| Affiliated Entity
Business Acquisition [Line Items]
Invested by related party				240,000
Asset Acquisition, Consideration Transferred, In-Place Lease Acquired				$ 14,800
Minimum
Business Acquisition [Line Items]
Royalty rate				1.00%
Maximum
Business Acquisition [Line Items]
Discount rate for projected net cash flow				10.00%
Discount rate for projected future royalty fees				11.50%
In-Place Lease \| Minimum
Business Acquisition [Line Items]
Useful life				3 years
In-Place Lease \| Maximum
Business Acquisition [Line Items]
Useful life				15 years
Above and Below Market Lease \| Minimum
Business Acquisition [Line Items]
Useful life				2 years
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				11.50%
Customer Contracts \| Minimum
Business Acquisition [Line Items]
Useful life				3 years
Customer Contracts \| Maximum
Business Acquisition [Line Items]
Useful life				15 years
Trade name \| Maximum
Business Acquisition [Line Items]
Useful life				1 year
Building \| Minimum
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life				30 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				7 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				12 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
Vantage SDC
Business Acquisition [Line Items]
Asset acquisition, purchase price			$ 1,360,000
Asset acquisition, equity interest			90.00%
Asset acquisition, liabilities incurred			$ 2,000,000
Balance sheet investment			$ 200,000
Assets acquisition, balance sheet investment, equity interest percentage			13.00%
zColo US and UK
Business Acquisition [Line Items]
Asset acquisition, purchase price	$ 33,000	$ 1,200,000
Asset acquisition, equity interest				20.00%
Number of data centers acquired \| data_center	5	39	12
Balance sheet investment		$ 188,000		$ 145,000
Contributions from noncontrolling interests		$ 500,000
zColo US and UK \| Employment Contracts
Business Acquisition [Line Items]
Useful life				3 years

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 511,243	$ 516,085
Buildings and improvements	4,203,240	4,295,256
Tenant improvements	82,320	80,598
Data center infrastructure	3,444,660	3,396,854
Furniture, fixtures and equipment	71,404	74,327
Construction in progress	68,048	49,895
Real estate held for investment, gross	8,380,915	8,413,015
Less: Accumulated depreciation	(678,204)	(603,051)
Real estate assets, net	$ 7,702,711	$ 7,809,964

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2021
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 $47.1 million at March 31, 2021 and $46.5 million at December 31, 2020. The Company, as general partner, is not obligated to provide any financial support to the consolidated private funds. At March 31, 2021 and December 31, 2020, the consolidated private funds had total assets of $192.2 million and $172.2 million, respectively, and total liabilities of $49.0 million and $41.8 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 $221.9 million at March 31, 2021 and $214.4 million at December 31, 2020, included within equity and debt investments. 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 $31.3 million at March 31, 2021 and $21.9 million at December 31, 2020. TrustsThe 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 9). 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 March 31, 2021 and December 31, 2020, recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fee income
Income	$ 33,679	$ 25,128
Other Income
Income	4,133	5,525
Affiliated Entity \| Fee income
Income	33,679	25,128
Affiliated Entity \| Other Income
Income	$ 1,490	$ 4,182

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest


	Three Months Ended March 31,
(In thousands)	2021		2020
Beginning balance	$	305,278	$	6,107
Contributions	10,640		250
Distributions and redemptions	(2,445)		(2,647)
Net income (loss)	2,449		(548)

Ending balance	$	315,922	$	3,162

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equity and debt investments, fair value disclosure	$ 225,845	$ 298,568
Assets held for sale	3,329,199	6,652,743
Other assets, fair value	4,280	99
Accrued and other liabilities, at fair value	$ 38,155	$ 128,057
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)	487,103,000	483,406,000
Common stock, shares outstanding (in shares)	487,103,000	483,406,000
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

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cost reimbursements \| Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer			$ 400,000
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer		$ 1,500,000	4,200,000
Vantage SDC
Related Party Transaction [Line Items]
Management Fee Expense		$ 3,000,000.0
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%
Affiliated Entity \| Investment Vehicles \| Redeemable noncontrolling interests
Related Party Transaction [Line Items]
Investments		$ 27,300,000		$ 19,100,000
Net Income (Loss) Attributable to Noncontrolling Interest		300,000	(500,000)
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
Extension option, term		6 months
Commitment fee on unused portion of facility		$ 0
Outstanding advances		$ 35,000,000.0
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%
Chief Executive Officer \| Cost reimbursements
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost		$ 1,100,000	$ 300,000
Chief Executive Officer \| Vantage SDC
Related Party Transaction [Line Items]
Invested by related party	$ 8,700,000
Percent of carried interest payments	40.00%
Chief Investment Officer \| Vantage SDC
Related Party Transaction [Line Items]
Invested by related party	$ 2,100,000
Percent of carried interest payments	40.00%
CEO and CIO \| Vantage SDC
Related Party Transaction [Line Items]
Aggregate interest in management company	50.00%

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 03, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CLNY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		486,421,707
Series G
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
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
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
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

Business (Details) $ in Thousands	1 Months Ended		3 Months Ended
Business (Details) $ in Thousands	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) security hotel numberOfHotelPortfolios	Mar. 31, 2021 USD ($) security	Mar. 31, 2020 USD ($)
Business Acquisition [Line Items]
Impairment loss			$ 15,232	$ 48,532
Held for disposition
Business Acquisition [Line Items]
Impairment loss			104,500	$ 259,700
Third-party investor
Business Acquisition [Line Items]
Assets under management		$ 46,000,000	$ 46,000,000
CLNC \| Subsequent Event
Business Acquisition [Line Items]
Minimum ownership percentage	10.00%
Ownership percentage	36.10%
THL Hotel Portfolio
Business Acquisition [Line Items]
Interest sold (in percent)		55.60%
Hotel
Business Acquisition [Line Items]
Number of hotel portfolios owned prior to sale \| security		6	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	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%
Certain Employees \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent			10.00%
CLNC \| Subsequent Event
Business Acquisition [Line Items]
Cash received from termination fee	$ 102,300
Parent \| Held for disposition \| Property operating income
Business Acquisition [Line Items]
Impairment loss			$ 121,200
Parent \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent			90.00%
Non-Digital Operating \| Held for disposition \| Property operating income
Business Acquisition [Line Items]
Impairment loss			$ 420,300
Equity Method Investment
Business Acquisition [Line Items]
Assets under management		$ 18,000,000	18,000,000
Equity Method Investment \| Held for disposition
Business Acquisition [Line Items]
Impairment loss			$ 25,100

Real Estate

3 Months Ended

Mar. 31, 2021

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 7.


(In thousands)	March 31, 2021		December 31, 2020
Land	$	511,243	$	516,085
Buildings and improvements	4,203,240		4,295,256

Tenant improvements	82,320		80,598
Data center infrastructure	3,444,660		3,396,854
Furniture, fixtures and equipment	71,404		74,327
Construction in progress	68,048		49,895
	8,380,915		8,413,015
Less: Accumulated depreciation	(678,204)		(603,051)
Real estate assets, net	$	7,702,711	$	7,809,964

Real Estate Sales

Results from sales of real estate, including discontinued operations (Note 14), are as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Proceeds from sales of real estate		$	64,808	$	126,741
Gain on sale of real estate		45,750		7,932

Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.


	Three Months Ended March 31,
(In thousands)		2021		2020
Depreciation of real estate held for investment		$	95,611	$	47,919
Impairment of real estate and related asset group (1)
Continuing operations
Held for disposition		14,466		204
Held for investment		766		48,328
Discontinued operations
Held for disposition		104,528		7,372
Held for investment (2)		—		252,364

__________

(2) Represents impairment recorded in 2020 on properties in the Hospitality and Other segments prior to their reclassification as held for disposition 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 less estimated selling costs. Real estate held for disposition that has been written down and carried at fair value totaled $82.7 million and $897.9 million relating to continuing and discontinued operations, respectively, at March 31, 2021 and $1.0 billion relating to discontinued operations at December 31, 2020, generally representing Level 3 fair value.

Real estate held for disposition that was written down in 2021 and in 2020 was valued using either estimated recoverable value, sales price, broker opinions of value, or third-party appraisals, in certain cases, adjusted as deemed appropriate by management to account for the inherent risk associated with specific properties. Impairment on real estate held for disposition in 2020 also factored in the economic effects of COVID-19 on real estate values. Fair value of real estate held for disposition was generally reduced for estimated selling costs, where applicable, ranging from 1% to 3%.

Impairment of Real Estate Held for Investment

Real estate held for investment that was written down to fair value during the three months ended March 31, 2021 had carrying values of $1.1 million relating to continuing operations, and for the year ended December 31, 2020, carrying values of $1.3 billion and $2.4 billion relating to continuing and discontinued operations, respectively, at the time of impairment, representing Level 3 fair value. Real estate carrying values at December 31, 2020 included properties in the Hospitality and Other segments that were impaired in 2020 prior to being classified as held for sale and discontinued operations.

Impairment in 2021 relates to the Wellness Infrastructure segment and was based upon an appraised value of a net leased skilled nursing facility that may be repurposed or sold.

Impairment in 2020 was attributed primarily to shortened hold period assumptions, particularly in the hotel and wellness infrastructure portfolios, driven by the Company's accelerated digital transformation in the second quarter of 2020, and/or to a lesser extent, decline in property operating performance, in part from the economic effects of COVID-19. The Company compared the real estate carrying values to the undiscounted future net cash flows expected to be generated by these properties over their expected hold periods. 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 value of impaired real estate held for investment in 2020 was estimated based upon: (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 the properties and adjusted the capitalization rates and/or discount rates as applicable. Impairment was measured as the excess of carrying value over fair value for each of these properties.

As assessment of real estate impairment is subjective and judgmental, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future.

Property Operating Income

Components of property operating income are as follows, excluding amounts related to discontinued operations (Note 14).


	Three Months Ended March 31,
(In thousands)		2021		2020
Lease income:
Fixed lease income		$	231,631	$	161,896
Variable lease income		28,198		10,084
		259,829		171,980

Data center service revenue		15,387		11,973
		$	275,216	$	183,953

For the three months ended March 31, 2021, property operating income from a single tenant accounted for approximately 11% of the Company's total revenues, excluding discontinued operations. The Company's share of property operating income from the tenant is approximately 13%, net of amounts attributable to noncontrolling interests in investment entities. There was no similar tenant concentration in the three months ended March 31, 2020.

Debt - Secured Debt (Details) - Secured debt - Digital Operating - Securitized Notes - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Debt instrument, face amount	$ 657.9	$ 1,300.0
Interest rate	2.30%	1.80%
Maturity	5 years	6 years

Supplemental Disclosure of Cash Flow Information

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information


	Three Months Ended March 31,
(In thousands)	2021		2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $204 and $214	$	126,892	$	112,278
Cash paid for income taxes, net of refunds	2,123		1,272
Cash paid for operating lease liabilities	16,781		7,096

Supplemental Disclosure of Cash Flows from Discontinued Operations
Hotel:
Net cash provided by (used in) operating activities of discontinued operations	$	(34,154)	$	(8,535)
Net cash provided by (used in) investing activities of discontinued operations	(20,243)		(43,020)
Net cash provided by (used in) financing activities of discontinued operations	(3,416)		(920)
Industrial:
Net cash provided by (used in) operating activities of discontinued operations	—		(38,822)
Net cash provided by (used in) investing activities of discontinued operations	—		4,534
Net cash provided by (used in) financing activities of discontinued operations	—		(3,886)
Other:
Net cash provided by (used in) operating activities of discontinued operations	(640)		22,954
Net cash provided by (used in) investing activities of discontinued operations	52,907		27,465
Net cash provided by (used in) financing activities of discontinued operations	(1,563)		(57,627)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	18,516	$	77,228
Improvements in operating real estate in accrued and other liabilities	6,268		12,282
Proceeds from loan repayments and asset sales held in escrow	—		47,702
Operating lease right-of-use assets and lease liabilities established	7,170		2,408

Finance lease payments accrued in accounts payable	2,224		—
Redemption of OP Units for common stock	16		—





















Assets of investment entities deconsolidated, net of cash and restricted cash contributed (Note 14)	2,814,793		—
Liabilities of investment entities deconsolidated (Note 14)	2,840,065		—
Noncontrolling interests of investment entities deconsolidated (Note 14)	22,413		—

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ (5,836)	$ 3,660
Amortization expense	73,960	26,765
Deferred leasing costs and lease related intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	45,475	15,240
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	6,238	6,658
Customer relationships and service contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	9,837	3,695
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	11,951	1,098
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 459	$ 74

Debt - Corporate Credit Facility (Details) - Corporate credit facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A. $ in Millions		3 Months Ended
	Jun. 29, 2020	Mar. 31, 2021 USD ($) Extension_Option	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$ 400	$ 450
Number of extension options \| Extension_Option		1
Extension term		6 months
Extension commitment fee		0.10%
Percentage of unused amount	0.35%
Amount available to be drawn		$ 400
LIBOR
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	1.75%

Debt - Components of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Principal	$ 7,023,226	$ 7,003,803
Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	793,722	858,039
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	6,229,504	6,145,764
Other \| Non-recourse
Debt Instrument [Line Items]
Notices of acceleration, amount	21,300	21,300
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	3,724,334	3,133,857
Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	513,605	577,922
Fixed Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	3,210,729	2,555,935
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	3,298,892	3,869,946
Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	280,117	280,117
Variable Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	3,018,775	3,589,829
Corporate credit facility \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Maturity	9 months 18 days	1 year
Corporate credit facility \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Corporate credit facility \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Maturity	9 months 18 days	1 year
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 513,605	$ 545,107
Weighted Average Interest Rate (Per Annum)	5.31%	5.36%
Maturity	3 years 3 months 18 days	3 years 7 months 6 days
Convertible and Exchangeable Senior Notes \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 513,605	$ 545,107
Weighted Average Interest Rate (Per Annum)	5.31%	5.36%
Maturity	3 years 3 months 18 days	3 years 7 months 6 days
Convertible and Exchangeable Senior Notes \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Junior subordinated debt \| Recourse-NRF
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)	3.06%	3.10%
Maturity	15 years 2 months 12 days	15 years 4 months 24 days
Junior subordinated debt \| Fixed Rate \| Recourse-NRF
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Junior subordinated debt \| Variable Rate \| Recourse-NRF
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)	3.06%	3.10%
Maturity	15 years 2 months 12 days	15 years 4 months 24 days
Secured debt \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal		$ 32,815
Weighted Average Interest Rate (Per Annum)		5.02%
Maturity		0 years
Secured debt \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 3,369,338	$ 3,226,843
Weighted Average Interest Rate (Per Annum)	3.04%	3.69%
Maturity	4 years 7 months 6 days	4 years 8 months 12 days
Secured debt \| Wellness Infrastructure \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 2,683,533	$ 2,733,133
Weighted Average Interest Rate (Per Annum)	4.02%	4.04%
Maturity	3 years 2 months 12 days	3 years 4 months 24 days
Secured debt \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 176,633	$ 185,788
Weighted Average Interest Rate (Per Annum)	4.94%	4.05%
Maturity	8 months 12 days	1 month 6 days
Secured debt \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal		$ 32,815
Weighted Average Interest Rate (Per Annum)		5.02%
Maturity		0 years
Secured debt \| Fixed Rate \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 2,789,338	$ 2,132,852
Weighted Average Interest Rate (Per Annum)	2.49%	2.54%
Maturity	4 years 7 months 6 days	4 years 9 months 18 days
Secured debt \| Fixed Rate \| Wellness Infrastructure \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 400,075	$ 401,767
Weighted Average Interest Rate (Per Annum)	4.55%	4.55%
Maturity	3 years 10 months 24 days	4 years 1 month 6 days
Secured debt \| Fixed Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 21,316	$ 21,316
Weighted Average Interest Rate (Per Annum)	5.63%	5.63%
Maturity	0 years	0 years
Secured debt \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal		$ 0
Secured debt \| Variable Rate \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 580,000	$ 1,093,991
Weighted Average Interest Rate (Per Annum)	5.70%	5.92%
Maturity	4 years 8 months 12 days	4 years 4 months 24 days
Secured debt \| Variable Rate \| Wellness Infrastructure \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 2,283,458	$ 2,331,366
Weighted Average Interest Rate (Per Annum)	3.89%	3.95%
Maturity	3 years 1 month 6 days	3 years 3 months 18 days
Secured debt \| Variable Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 155,317	$ 164,472
Weighted Average Interest Rate (Per Annum)	4.85%	3.85%
Maturity	9 months 18 days	1 month 6 days

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2021 segment portfolio_company
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Number of companies in which the company has equity interest \| portfolio_company	2

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended		3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Mar. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)			6,226,231
2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock			26.20%
2019 PSU Grants \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield			8.50%
Risk-free rate (per annum)			2.20%
2019 PSU Grants \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield			8.70%
Risk-free rate (per annum)			2.40%
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%
2021 PSU Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock			35.40%
Expected annual dividend yield			0.00%
Risk-free rate (per annum)			0.30%
LTIP Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		10,000,000	0
Target share price for LTIP vesting (in usd per share)		$ 10
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units \| 2020 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock			43.10%
Expected annual dividend yield			0.00%
Risk-free rate (per annum)			0.20%
LTIP Units \| 2019 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock			28.30%
Expected annual dividend yield			8.10%
Risk-free rate (per annum)			1.80%

Assets and Related Liabilities Held For Disposition

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets and Related Liabilities Held for Disposition

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


	March 31, 2021						December 31, 2020
(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	$	117,548	$	2,523	$	120,071	$	129,817	$	14,695	$	144,512
Real estate, net	1,193,009		736,218		1,929,227		4,077,698		743,227		4,820,925
Loans receivable	977,759		—		977,759		1,211,307		—		1,211,307
Equity investments	758,953		—		758,953		860,776		—		860,776
Goodwill, deferred leasing costs and other intangible assets, net	139,851		436		140,287		148,552		437		148,989
Other assets (1)	127,235		26,281		153,516		210,238		15,166		225,404
Due from affiliates	14,844		—		14,844		14,355		—		14,355
Total assets held for disposition	$	3,329,199	$	765,458	$	4,094,657	$	6,652,743	$	773,525	$	7,426,268

Liabilities
Debt, net (2)	$	922,425	$	780,000	$	1,702,425	$	3,631,467	$	780,000	$	4,411,467
Lease intangibles and other liabilities	180,050		54,168		234,218		272,792		47,513		320,305
Total liabilities related to assets held for disposition	$	1,102,475	$	834,168	$	1,936,643	$	3,904,259	$	827,513	$	4,731,772

__________

(1) Included corporate aircraft that was impaired by $11.9 million in the second quarter of 2020 to reflect recoverable value prior to its sale to a third party in January 2021.

Discontinued Operations


	March 31, 2021				December 31, 2020
(In thousands)	Other		Hotel		Other		Hotel
Assets
Restricted cash	$	114,074	$	2,523	$	51,528	$	92,870
Real estate, net	944,730		736,218		1,153,724		3,504,249
Loans receivable	977,759		—		1,211,307		—
Equity investments	758,953		—		860,776		—
Goodwill, deferred leasing costs and other intangible assets, net	133,187		436		143,122		1,851
Other assets	119,948		26,281		152,871		70,343
Due from affiliates	14,844		—		14,355		—
Total assets held for disposition—discontinued operations	$	3,063,495	$	765,458	$	3,587,683	$	3,669,313

Liabilities
Debt, net	$	878,609	$	780,000	$	917,388	$	3,494,079
Lease intangibles and other liabilities	137,583		54,168		138,265		164,339
Total liabilities related to assets held for disposition—discontinued operations	$	1,016,192	$	834,168	$	1,055,653	$	3,658,418

Impairment of Assets Classified as Held for Disposition and Discontinued Operations

The Other IM goodwill balance of $81.6 million at March 31, 2021 was fully realized in April 2021 upon termination of the CLNC management contract.

Discontinued Operations

Discontinued operations represent the following:

•Industrial—operations of the bulk industrial portfolio prior to its sale in December 2020.

Income (loss) from discontinued operations is presented below.


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
(In thousands)	Other		Hotel		Total		Other		Hotel		Industrial		Total
Revenues
Property operating income	$	21,169	$	122,106	$	143,275	$	28,352	$	213,111	$	5,379	$	246,842
Interest income	4,132		—		4,132		30,262		—		17		30,279
Fee income	15,962		—		15,962		18,377		—		—		18,377
Other income	8,260		22		8,282		136		62		—		198
Revenues from discontinued operations	49,523		122,128		171,651		77,127		213,173		5,396		295,696
Expenses
Property operating expense	13,253		112,829		126,082		12,612		167,543		1,473		181,628
Interest expense	15,700		62,318		78,018		10,002		49,971		2,406		62,379
Transaction-related, investment and servicing costs	5,894		1,794		7,688		4,711		1,560		—		6,271
Depreciation and amortization	11,670		7,668		19,338		13,062		47,561		633		61,256
Impairment loss	108,528		—		108,528		86,373		252,363		—		338,736
Compensation, including carried interest, and administrative expense (1)	20,557		2,410		22,967		2,282		2,033		414		4,729
Expenses from discontinued operations	175,602		187,019		362,621		129,042		521,031		4,926		654,999
Other income (loss)
Gain on sale of real estate	391		45,359		45,750		7,932		—		—		7,932
Other gain (loss), net	(200,683)		3		(200,680)		3,375		2,857		4		6,236
Equity method earnings (losses), including carried interest	(92,611)		—		(92,611)		109,170		—		—		109,170
Income (loss) from discontinued operations before income taxes	(418,982)		(19,529)		(438,511)		68,562		(305,001)		474		(235,965)
Income tax benefit (expense)	2,613		(1,524)		1,089		(16,482)		2,589		—		(13,893)
Income (loss) from discontinued operations	(416,369)		(21,053)		(437,422)		52,080		(302,412)		474		(249,858)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(302,387)		3,370		(299,017)		35,116		(31,655)		170		3,631
Noncontrolling interests in Operating Company	(10,863)		(2,328)		(13,191)		1,674		(26,726)		30		(25,022)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(103,119)	$	(22,095)	$	(125,214)	$	15,290	$	(244,031)	$	274	$	(228,467)

__________

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Units to common stock, conversion ratio	1
Stockholders' equity	$ 6,350,337	$ 8,391,716	$ 6,984,590	$ 8,926,415
Impairment loss	$ 15,232	48,532
Revenue Benchmark \| Customer Concentration Risk
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenant concentration	11.00%
Held for disposition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Impairment loss	$ 104,500	$ 259,700
Parent \| Revenue Benchmark \| Customer Concentration Risk
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenant concentration		13.00%
Parent \| Property operating income \| Held for disposition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Impairment loss	121,200
Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				(5,113)
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity	$ (6,460,262)	$ (3,806,308)	$ (6,195,456)	(3,389,592)
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				(3,187)
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement \| Accounting Standards Update 2016-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				(5,100)
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement \| Adoption of credit loss model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				8,400
Retained Earnings \| Cumulative effect of adoption of new accounting pronouncement \| Election of fair vale option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity				$ 3,300

Fair Value - Summary of Recurring Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets		$ 99
Other liabilities—derivative liabilities	$ 1,216	103,772
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	479,300	701,800
Level 3 \| Transaction price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for disposition	977,759	1,211,307
Equity method investments held for disposition		142,404
Level 3 \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments held for disposition		8,383
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	34,719	28,576
N-Star CDO bonds, available for sale \| Level 3 \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale		28,576
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	129,103	218,485
Other assets—derivative assets	4,280	99
Loans held for investment	85,272	84,030
Loans held for disposition	977,759	1,211,307
Equity method investments	39,342	31,012
Equity method investments held for disposition	115,161	150,787
Other liabilities—derivative liabilities	1,216	103,772
Other liabilities—settlement liability	36,939	24,285
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	129,103	218,485
Other assets—derivative assets	0	0
Loans held for investment	0	0
Loans held for disposition	0	0
Equity method investments	0	0
Equity method investments held for disposition	0	0
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	0	0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets		99
Loans held for investment	0	0
Loans held for disposition	0	0
Equity method investments	0	0
Equity method investments held for disposition	0	0
Other liabilities—derivative liabilities	1,216	103,772
Other liabilities—settlement liability	0	0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Loans held for investment	85,272	84,030
Loans held for disposition	977,759	1,211,307
Equity method investments	39,342	31,012
Equity method investments held for disposition	115,161	150,787
Other liabilities—derivative liabilities	0	0
Other liabilities—settlement liability	36,939	24,285
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
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	34,719	$ 28,576
Recurring \| N-Star CDO bonds, available for sale \| Level 3 \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	$ 34,719

Equity and Debt Investments - Narrative (Details)	3 Months Ended			12 Months Ended
Equity and Debt Investments - Narrative (Details)	Mar. 31, 2021 USD ($) security $ / shares	Jun. 30, 2020 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) security	Apr. 30, 2021
Schedule of Equity Method Investments [Line Items]
Expected maturity period	3 years
Number of AFS debt securities with unrealized loss in AOCI \| security	0			0
CLNC \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage					36.10%
Real estate debt investments \| Investment Commitments
Schedule of Equity Method Investments [Line Items]
Other commitments	$ 39,800,000
Real estate debt investments \| Investment Commitments \| Parent
Schedule of Equity Method Investments [Line Items]
Other commitments	15,300,000
Colony \| Commercial mortgage backed securities
Schedule of Equity Method Investments [Line Items]
Proceeds from sale	$ 0			$ 0
Class A Common Stock \| Colony Credit Real Estate, Inc. \| Common Stock
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share) \| $ / shares	$ 8.52	$ 7.02
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Proportionate share of loan loss provisions and impairments not recognized	$ 24,600,000		$ 19,200,000
Basis difference	252,900,000
Colony Credit Real Estate, Inc. \| Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes		$ 274,700,000
Equity method investments		$ 336,500,000
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	$ 169,900,000

Equity-Based Compensation

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, an aggregate 73.8 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 in the Company's class A common stock are granted to senior executives, directors and certain employees, generally subject to a service condition only, with 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 service period.

Restricted Stock Units ("RSUs")—RSUs in 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 are 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 a market condition. Following the end of the measurement period, 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 and determined based upon the performance of the Company's class A common stock relative to that of a specified peer group 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 their PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based upon achievement of the total shareholder return metric 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:


	2021 PSU Grants	2020 PSU Grants	2019 PSU Grants
Expected volatility of the Company's class A common stock (1)	35.4%	34.1%	26.2%
Expected annual dividend yield (2)	0.0%	9.3%	8.5% - 8.7%
Risk-free rate (per annum) (3)	0.3%	0.4%	2.2% - 2.4%

__________

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

(2) Based upon the Company's expected annualized dividends. Expected dividend yield is zero for the 2021 PSU award as the Company suspended common dividends beginning with the second quarter of 2020.

(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.

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 12).

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, and 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%

__________

(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 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, 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 businesses presented as discontinued operations (Note 14), is as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Compensation expense (including $1,064 and $283 amortization of fair value of dividend equivalent rights, respectively)		$	16,606	$	5,185

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, 2020	10,728,712	11,845,018	324,877	9,589,564	9,935,891	42,424,062	$	2.78	$	2.10
Granted	3,604,777	—	9,465	—	2,611,989	6,226,231	7.46		6.72
Vested	(2,996,951)	(461,254)	(9,465)	—	(1,175,333)	(4,643,003)	5.09		3.33
Forfeited	(67,047)	—	—	—	(832,981)	(900,028)	4.89		2.86
Unvested shares and units at March 31, 2021	11,269,491	11,383,764	324,877	9,589,564	10,539,566	43,107,262	3.52		2.48

__________

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, was $27.5 million and $10.1 million for the three months ended March 31, 2021 and 2020, respectively.

At March 31, 2021, aggregate unrecognized compensation cost for all unvested equity awards was $92.0 million, which is expected to be recognized over a weighted average period of 2.6 years.

Awards Granted by Managed Companies

Prior to the termination of the Company’s management agreement with CLNC on April 30, 2021, CLNC granted restricted stock to the Company and certain of the Company's employees ("managed company awards") that typically vest over a three-year period, subject to a service condition. Generally, the Company granted the managed company awards that it received in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants were made at the discretion of the Company, and the Company may consult with the board of directors or compensation committee of CLNC 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 related to CLNC awards granted by the Company to its employees was accelerated in 2021 as the awards fully vest upon termination of the CLNC management contract in April 2021. For the three months ended March 31, 2021, equity-based compensation of $4.6 million was recognized, with a corresponding amount recorded in other income. For the three months ended March 31, 2020, an expense reversal of $3.4 million was recognized based upon a remeasurement of the awards at CLNC's stock price on March 31, 2020. Amounts recorded in both years are reflected within discontinued operations (Note 14).

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 7,023,226	$ 7,003,803
Long-term debt	6,877,291	6,872,350
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	253,700	272,500
Corporate credit facility
Debt Instrument [Line Items]
Long-term debt	0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	504,981
Secured debt
Debt Instrument [Line Items]
Long-term debt	6,167,692
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	204,618
Carrying Value
Debt Instrument [Line Items]
Principal	7,023,226	7,003,803
Premium (discount), net	(61,414)	(60,998)
Deferred financing costs	(84,521)	(70,455)
Long-term debt		6,872,350
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	513,605	545,107
Premium (discount), net	(6,180)	(6,540)
Deferred financing costs	(2,444)	(2,670)
Long-term debt		535,897
Carrying Value \| Secured debt
Debt Instrument [Line Items]
Principal	6,229,504	6,178,579
Premium (discount), net	20,265	21,811
Deferred financing costs	(82,077)	(67,785)
Long-term debt		6,132,605
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(75,499)	(76,269)
Deferred financing costs	$ 0	0
Long-term debt		$ 203,848

Fair Value

3 Months Ended

Mar. 31, 2021

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, as follows:

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

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

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


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2021
Assets
Marketable equity securities	$	129,103	$	—	$	—	$	129,103
AFS debt securities	—		—		34,719		34,719
Other assets—derivative assets	—		4,280		—		4,280
Fair Value Option:
Loans held for investment	—		—		85,272		85,272
Loans held for disposition	—		—		977,759		977,759
Equity method investments	—		—		39,342		39,342
Equity method investments held for disposition	—		—		115,161		115,161
Liabilities
Other liabilities—derivative liabilities	—		1,216		—		1,216
Other liabilities—settlement liability	—		—		36,939		36,939
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	—		—		84,030		84,030
Loans held for disposition	—		—		1,211,307		1,211,307
Equity method investments	—		—		31,012		31,012
Equity method investments held for disposition	—		—		150,787		150,787
Liabilities
Other liabilities—derivative liabilities	—		103,772		—		103,772
Other liabilities—settlement liability	—		—		24,285		24,285

Marketable Equity Securities

Marketable equity securities consist of publicly traded equity securities held by private open-end funds consolidated by the Company and prior to January 2021, equity investment in a third party mutual fund. These marketable equity securities are valued based upon listed prices in active markets and classified as Level 1 of the fair value hierarchy.

Debt Securities

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

Derivatives

The Company's derivative instruments generally consist of: (i) foreign currency put options, forward contracts and costless collars to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures (in EUR and in GBP), with notional amounts and termination dates based upon the anticipated return of capital from these investments; and (ii) interest rate caps to limit the exposure to changes in interest rates on various floating rate debt obligations (indexed primarily to LIBOR and to a lesser extent, EURIBOR and GBP LIBOR). These derivative contracts may be designated as qualifying hedge accounting relationships, specifically as net investment hedges and cash flow hedges, respectively. At March 31, 2021 and December 31, 2020, notional amounts aggregated to the equivalent of $427.1 million and $350.5 million, respectively, for foreign exchange contracts, and the equivalent of $2.8 billion and $4.6 billion, respectively, for interest rate contracts, all of which were composed predominantly of non-designated economic hedges. The derivative instruments are subject to master netting arrangements with counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty.

Notwithstanding the conditions for right of offset may have been met, the Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

Realized and unrealized gains and losses on derivative instruments are recorded in other gain (loss) on the consolidated statement of operations, other than interest expense, as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Foreign currency contracts:

Unrealized gain transferred from AOCI to earnings (1)		$	—	$	1,502
Unrealized loss in earnings on non-designated contracts		(245)		—
Interest rate contracts:
Interest expense on designated contracts (2)		20		2
Unrealized gain (loss) in earnings on non-designated contracts		(16)		179
Realized loss transferred from AOCI to earnings		(1,292)		—

__________

(1) The portion of derivative notional that is in excess of the beginning balance of the foreign denominated net investment is dedesignated upon a reassessment of the effectiveness of net investment hedges at period end.

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

rate debt.

Prior to January 2021, the Company had entered into a series of forward contracts on its shares in a third party real estate mutual fund in an aggregate notional amount of $119 million and 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 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 upon settlement. The forwards and swaps were not designated accounting hedges. At December 31, 2020, the forwards and swaps were in a liability position of $102.7 million and $0.1 million, respectively. During the three months ended March 31, 2020, the forwards and swaps had realized and unrealized fair value gains totaling $34.5 million, which was partially offset by a decrease in the NAV of the mutual fund of $33.1 million, both of which were recorded in other loss on the consolidated statement of operations.

The Company's foreign currency and interest rate contracts 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 the derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

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 12). 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 sheet. 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 March 31, 2021, the settlement liability was valued at $36.9 million, applying the following assumptions: (a) expected volatility of the Company's class A common stock of 71.9% 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 0.16% per annum based upon a compounded zero-coupon U.S. Treasury yield. The settlement liability increased approximately $12.7 million in the three months ended March 31, 2021, recorded as other loss on the consolidated statement of operations.

Fair Value Option

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 indicative sales price, NAV of the underlying funds, or discounted future cash flows based upon expected income and realization events of the underlying assets. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings (losses).

Loans Receivable

Loans receivable consist of mortgage loans, mezzanine loans and non-mortgage loans carried at fair value under the fair value option. Loans held for disposition are measured at their selling price. Fair value of loans held for investment is 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 upon discounted cash flow projections of principal and interest expected to be collected, which include, but are 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.

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, as presented in the table below. Such loans include distressed loan portfolios that are held for disposition, previously acquired by the Company at a discount (classified as purchased credit-impaired loans prior to the election of fair value option).


	March 31, 2021						December 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
90 days or more past due or nonaccrual
Loans held for investment (1)	$	48,449	$	43,374	$	5,075	$	47,233	$	43,007	$	4,226
Loans held for disposition	687,944		2,042,026		(1,354,082)		825,972		2,116,531		(1,290,559)

__________

(1) Fair value includes accrued interest that is currently expected to be collected.

Level 3 Recurring Fair Values

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)

March 31, 2021

AFS debt securities

34,719

Discounted cash flows

Discount rate

29.3%
(18.3% - 57.8%)

Decrease

Fair Value Option:

Loans held for investment

85,272

Discounted cash flows

Discount rate

8.3%
(7.2% - 8.8%)

Decrease

Loans held for disposition

977,759

Transaction price(4)

N/A

Equity method investments—third party private equity funds

2,542

NAV(3)

N/A

Equity method investments—other

36,800

Discounted cash flows

Discount rate

25.0%

Decrease

Equity method investments held for disposition

115,161

Transaction price(4)

N/A

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

84,030

Discounted cash flows

Discount rate

7.9%

(6.9% - 8.9%)

Decrease

Loans held for disposition

1,211,307

Discounted cash flows

Discount rate

13.7%
(9.0% - 25.7%)

Decrease

Equity method investments—third party private equity funds

2,472

NAV(3)

N/A

Equity method investments—other

28,540

Discounted cash flows

Discount rate

30.0%

Decrease

Equity method investments held for disposition

8,383

Discounted cash flows

Discount rate

19.3%

(19.0% - 20.0%)

Decrease

Equity method investments held for disposition

142,404

Transaction price(4)

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 upon 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) Based upon actual or indicative transaction values of the respective loans, investments or underlying assets of the investee. At December 31, 2020, acquisition price was deemed to approximate 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. Loans receivable and equity method investments under the fair value option are predominantly held for disposition. Realized and unrealized gains (losses) are included in AOCI for AFS debt securities and in other gain (loss) on the consolidated statement of operations for other assets carried at fair value.


			Fair Value Option
(In thousands)	AFS Debt Securities		Loans Held for Investment and Held for Disposition		Equity Method Investments (including Held for Disposition)









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	594		74,236		762
Paydowns, distributions and sales	(1,651)		(49,133)		(781)

Change in accrued interest and capitalization of paid-in-kind interest	—		11,849		—
Allowance for credit losses	(816)		—		—
Realized and unrealized gains (losses) in earnings, net	—		3,105		(179)
Other comprehensive income (loss) (1)	1,488		(21,265)		(4,337)
Fair value at March 31, 2020	$	54,474	$	1,588,427	$	218,340

Net unrealized gains (losses) on instruments held at March 31, 2020
In earnings	$	(816)	$	3,105	$	(179)
In other comprehensive income (loss)	$	1,488	$	—	$	—

Fair value at December 31, 2020	$	28,576	$	1,295,337	$	181,799
Purchases, drawdowns, contributions and accretion	10,337		3,631		—
Paydowns, distributions and sales	(691)		(8,798)		(6,953)
Change in accrued interest and capitalization of paid-in-kind interest	—		4,745		—

Allowance for credit losses	(194)		—		—
Realized and unrealized gains (losses) in earnings, net	—		(199,082)		(15,635)
Other comprehensive income (loss) (1)	(3,309)		(32,802)		(4,708)
Fair value at March 31, 2021	$	34,719	$	1,063,031	$	154,503

Net unrealized gains (losses) on instruments held at March 31, 2021
In earnings	$	(194)	$	(199,082)	$	(16,560)
In other comprehensive income (loss)	$	(3,309)	N/A		N/A

__________

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

Investments Carried at Fair Value Using Net Asset Value

Investments in Company-sponsored private fund and non-traded REIT, and limited partnership interest in a third party real estate private fund that is held for disposition are valued using NAV of the respective vehicles.


	March 31, 2021				December 31, 2020
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	13,416	$	8,026	$	15,680	$	8,026
Non-traded REIT—real estate	20,772		—		18,272		—
Private fund—emerging market private equity	1,909		—		2,224		—

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, are expected to consider alternatives for providing liquidity to the non-traded REIT shares beginning 2021, five years from completion of the offering stage, 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, Notes 5 and 14 for equity method investments, and Notes 6 and 14 for investment management intangible assets, including goodwill.

Fair Value Information on Financial Instruments Reported at Cost

Carrying amounts and estimated fair value of financial instruments reported at amortized cost are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2021
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	1,076,175	$	13,095	$	—	$	1,089,270	$	504,981
Secured debt	—		—		6,043,875		6,043,875		6,167,692
Secured debt related to assets held for disposition	—		—		1,691,130		1,691,130		1,702,425
Junior subordinated debt	—		—		227,697		227,697		204,618
December 31, 2020
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	898,231	$	13,095	$	—	$	911,326	$	535,897
Secured debt	—		—		6,003,375		6,003,375		6,132,605
Secured debt related to assets held for disposition	—		—		4,258,019		4,258,019		4,411,467
Junior subordinated debt	—		—		201,018		201,018		203,848

Debt—Senior notes were valued using the last trade price in active markets and unadjusted quoted prices in non-active markets. Fair value of the corporate credit facility and secured debt was estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments. Junior subordinated debt was valued based upon unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data.

Other—The carrying values of cash, 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.

- 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

Fee Income

3 Months Ended

Mar. 31, 2021

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, non-traded REIT, and other investment vehicles for which the Company earns fee income.

Fee income, as presented below, excludes base management fees from CLNC (which was based upon 1.5% per annum of CLNC's stockholders' equity) and the Company's private real estate credit funds and co-investment vehicles, all of which are included in discontinued operations (Note 14).

The Company earns fee income from the following sources:


	Three Months Ended March 31,
(In thousands)		2021		2020
Institutional funds and other investment vehicles		$	30,200	$	20,562

Non-traded REIT		2,769		4,431
Other		710		135
		$	33,679	$	25,128

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


	Three Months Ended March 31,
(In thousands)		2021		2020
Management fees ($32,096 and $24,116 from affiliates, respectively)		$	32,096	$	24,116
Incentive fees		594		—
Other fee income—affiliates		989		1,012
Total fee income		$	33,679	$	25,128

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

•Private Funds and similar investment vehicles—generally 0.45% to 1.50% per annum of investors' committed capital during commitment or investment period and thereafter, of contributed or invested capital; and

•Non-Traded REIT—1.5% per annum of most recently published NAV (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. $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).

Incentive Fees—Pursuant to the terms of a sub-advisory agreement, the Company manages a sub-account of a third party private fund and earns an incentive fee, but not management fees, based upon the returns of the sub-account, measured on a monthly basis, and subject to the recovery of any initial losses in the account that are allocated to the Company.

Other Fee Income—Other fees include primarily service fees for information technology, facilities and operational support provided to portfolio companies.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Interest income	$ 2,676	$ 2,607
Total revenues	315,704	217,213
Expenses
Property operating expense	132,264	83,477
Interest expense	72,485	63,441
Investment and servicing expense	8,108	5,732
Transaction-related costs	2,685	596
Depreciation and amortization	170,967	76,236
Impairment loss	15,232	48,532
Compensation expense—cash and equity-based	83,419	42,737
Compensation expense—carried interest and incentive fee	(33)	0
Administrative expenses	18,957	29,558
Settlement loss	0	5,090
Total expenses	504,084	355,399
Other loss
Other loss, net	(8,714)	(9,703)
Equity method losses	(18,686)	(11,879)
Equity method losses—carried interest	(222)	0
Loss from continuing operations before income taxes	(216,002)	(159,768)
Income tax benefit	25,825	5,569
Loss from continuing operations	(190,177)	(154,199)
Loss from discontinued operations	(437,422)	(249,858)
Net loss	(627,599)	(404,057)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	2,449	(548)
Investment entities	(355,862)	(21,749)
Operating Company	(27,896)	(39,601)
Net loss attributable to Colony Capital, Inc.	(246,290)	(342,159)
Preferred stock dividends	18,516	19,474
Net loss attributable to common stockholders	$ (264,806)	$ (361,633)
Loss per share—basic
Loss from continuing operations (in dollars per share)	$ (0.30)	$ (0.28)
Net loss attributable to common stockholders per common share - basic (in dollars per share)	(0.56)	(0.76)
Loss per share—diluted
Loss from continuing operations (in dollars per share)	(0.30)	(0.28)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.56)	$ (0.76)
Weighted average number of shares
Basic (in shares)	474,899	479,106
Diluted (in shares)	474,899	479,106
Dividends declared per common share (in dollars per share)	$ 0	$ 0.11
Property operating income
Revenues
Income	$ 275,216	$ 183,953
Fee income
Revenues
Income	33,679	25,128
Other income
Revenues
Income	$ 4,133	$ 5,525

Equity and Debt Investments - Debt Securities (Details) - N-Star CDO bonds, available for sale - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Without Allowance for Credit Loss	$ 56,207	$ 46,561
Allowance for Credit Loss	(24,882)	(24,688)
Gross cumulative unrealized gains	3,394	6,703
Gross cumulative unrealized loss	0	0
Fair Value	$ 34,719	$ 28,576

Fair Value - Loans Receivable, Past Due (Details) - 90 days or more past due or nonaccrual - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Fair Value Less Unpaid Principal Balance, Past due, Loans held for investment	$ 5,075	$ 4,226
Fair Value Less Unpaid Principal Balance, Past due, Loans held for disposition	(1,354,082)	(1,290,559)
Fair Value
Financing Receivable, Past Due [Line Items]
Loans held for investment	48,449	47,233
Loans held for disposition	687,944	825,972
Carrying Value
Financing Receivable, Past Due [Line Items]
Loans held for investment	43,374	43,007
Loans held for disposition	$ 2,042,026	$ 2,116,531

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 16,625,250	$ 20,200,560
Equity Method Investments	586,169	609,147
Held for disposition
Segment Reporting Information [Line Items]
Total Assets	3,828,953	7,256,996
Equity Method Investments	745,538	845,094
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	16,625,250	20,200,560
Equity Method Investments	1,331,707	1,454,241
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total Assets	6,973,585	6,926,634
Equity Method Investments	0	0
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total Assets	489,517	490,632
Equity Method Investments	19,004	19,167
Operating Segments \| Digital Other
Segment Reporting Information [Line Items]
Total Assets	387,560	482,464
Equity Method Investments	161,062	158,564
Operating Segments \| Wellness Infrastructure
Segment Reporting Information [Line Items]
Total Assets	4,006,161	4,025,743
Equity Method Investments	13,868	14,941
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total Assets	550,348	663,139
Equity Method Investments	392,235	416,475
Amounts Not Allocated to Segments
Segment Reporting Information [Line Items]
Total Assets	389,126	354,952
Equity Method Investments	$ 0	$ 0

Fee Income - Narrative (Details) - Base Management Fees - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Management Fee Income [Line Items]
Revenue from contract with customer	$ 32,096	$ 24,116
Private funds \| Fee income \| Minimum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital	0.45%
Private funds \| Fee income \| Maximum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital	1.50%
Non-traded REIT \| Fee income
Management Fee Income [Line Items]
Revenue from contract with customer	$ 2,500
Non-traded REIT \| Fee income \| Maximum \| NorthStar Healthcare
Management Fee Income [Line Items]
Percent of gross assets or equity	1.50%

Real Estate - Real Estate Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Proceeds from sales of real estate	$ 64,808	$ 126,741
Gain on sale of real estate	$ 45,750	$ 7,932

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Straight-line rents	$ 37,776		$ 52,136
Investment deposits and pending deal costs	0		33,977
Prefunded capital expenditures for Vantage SDC	42,647		48,881
Deferred financing costs, net	700		1,189
Derivative assets (Note 10)			99
Prepaid taxes and deferred tax assets, net	66,992		59,932
Operating lease right-of-use asset, net	388,697		391,935
Finance lease right-of-use asset, net	140,271		143,182
Accounts receivable, net	88,356		61,693
Prepaid expenses	30,455		28,563
Other assets	13,321		43,966
Fixed assets, net	20,823		21,264
Other Assets, Total	834,318		886,817
Impairment loss	15,232	$ 48,532
Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Impairment loss	$ 0	$ 0
Corporate, Non-Segment \| Office Leases
Property, Plant and Equipment [Line Items]
Impairment loss			$ 9,400

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	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 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 pronouncement	$ 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)
Beginning 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]
Cumulative effect of adoption of new accounting pronouncement	8,391,716	999,490	4,809	7,532,213	(3,806,308)	16,222	4,746,426	3,233,910	411,380						$ (5,113)	$ (3,187)	$ (3,187)	$ (1,577)	$ (349)
Net loss	(403,509)				(342,159)		(342,159)	(21,749)	(39,601)
Other comprehensive loss	(63,713)					(31,414)	(31,414)	(28,859)	(3,440)
Common stock repurchases	(24,749)		(127)	(24,622)			(24,749)
Equity-based compensation	12,774		76	12,114			12,190	0	584
Shares canceled for tax withholdings on vested stock awards	(5,069)		(18)	(5,051)			(5,069)
Contributions from noncontrolling interests	87,736							87,736
Distributions to noncontrolling interests	(61,686)							(55,829)	(5,857)
Preferred stock dividends	(18,516)				(18,516)		(18,516)
Common stock dividends declared	(52,854)				(52,854)		(52,854)
Reallocation of equity	0			(3,827)		(32)	(3,859)	0	3,859
Ending balance at Mar. 31, 2020	8,391,716	999,490	4,809	7,532,213	(3,806,308)	16,222	4,746,426	3,233,910	411,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncement	8,391,716	999,490	4,809	7,532,213	(3,806,308)	16,222	4,746,426	3,233,910	411,380
Cumulative effect of adoption of new accounting pronouncement	6,984,590	999,490	4,841	7,570,473	(6,195,456)	122,123	2,501,471	4,327,372	155,747
Beginning 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]
Cumulative effect of adoption of new accounting pronouncement	6,984,590	999,490	4,878	7,576,873	(6,460,262)	101,056	2,222,035	4,003,905	124,397
Net loss	(630,048)				(246,290)		(246,290)	(355,862)	(27,896)
Other comprehensive loss	(60,232)					(21,143)	(21,143)	(36,656)	(2,433)
Equity-based compensation	18,200		48	16,536			16,584	308	1,308
Shares canceled for tax withholdings on vested stock awards	(7,718)		(11)	(7,707)			(7,718)
Contributions from noncontrolling interests	113,213							113,213
Distributions to noncontrolling interests	(26,739)							(26,739)	0
Preferred stock dividends	(18,516)				(18,516)		(18,516)
Reallocation of equity	0			(2,445)		76	(2,369)	4,682	(2,313)
Ending balance at Mar. 31, 2021	6,350,337	999,490	4,878	7,576,873	(6,460,262)	101,056	2,222,035	4,003,905	124,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Decrease from Deconsolidation	(22,413)							(22,413)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests										$ 0	$ 0	$ 16	$ 16	$ (16)
Cumulative effect of adoption of new accounting pronouncement	$ 6,350,337	$ 999,490	$ 4,878	$ 7,576,873	$ (6,460,262)	$ 101,056	$ 2,222,035	$ 4,003,905	$ 124,397

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

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. Refer to Note 14 for further details on discontinued operations.


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















Three Months Ended March 31, 2021
Total revenues	$	189,202	$	29,498	$	1,140	$	93,543	$	1,580	$	741	$	315,704
Income (loss) from continuing operations	(62,844)		6,041		7,869		(41,210)		(32,218)		(67,815)		(190,177)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(8,793)		5,412		3,949		(32,906)		(29,145)		(59,593)		(121,076)
Loss from discontinued operations attributable to Colony Capital, Inc.													(125,214)
Net loss attributable to Colony Capital, Inc.													$	(246,290)

Three Months Ended March 31, 2020
Total revenues	$	45,167	$	19,179	$	160	$	144,679	$	3,198	$	4,830	$	217,213
Income (loss) from continuing operations	(18,295)		2,110		(3,035)		(66,288)		(11,295)		(57,396)		(154,199)
Income (loss) from continuing operations attributable to Colony Capital, Inc.	(3,418)		1,902		(2,242)		(49,938)		(10,179)		(49,817)		(113,692)
Loss from discontinued operations attributable to Colony Capital, Inc.													(228,467)
Net loss attributable to Colony Capital, Inc.													$	(342,159)

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


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



















Three Months Ended March 31, 2021
Property operating income	$	189,002	$	—	$	—	$	86,214	$	—	$	—	$	275,216
Interest income	104		1		690		1,815		7		59		2,676
Fee income	—		29,443		—		2,769		1,467		—		33,679
Property operating expense	79,862		—		—		52,400		2		—		132,264
Interest expense	31,132		—		—		32,705		—		8,648		72,485
Depreciation and amortization	122,221		6,267		—		31,418		10,457		604		170,967
Impairment loss	—		—		—		15,232		—		—		15,232

Equity method earnings (losses), including carried interest	—		(195)		2,776		—		(21,489)		—		(18,908)
Income tax benefit (expense)	12,268		(2,645)		1,090		2,421		208		12,483		25,825

Three Months Ended March 31, 2020
Property operating income	$	45,149	$	—	$	—	$	138,249	$	555	$	—	$	183,953
Interest income	—		30		7		792		54		1,724		2,607
Fee income	—		18,944		—		4,431		1,753		—		25,128
Property operating expense	16,906		—		—		66,567		4		—		83,477
Interest expense	9,402		—		—		43,952		405		9,682		63,441
Depreciation and amortization	30,030		6,603		—		37,460		633		1,510		76,236
Impairment loss	—		—		—		48,532		—		—		48,532

Equity method earnings (losses), including carried interest	—		3		465		—		(12,347)		—		(11,879)
Income tax benefit (expense)	5,730		(393)		—		129		(52)		155		5,569

Assets and Equity Method Investments of Reportable Segments

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


	March 31, 2021				December 31, 2020
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Operating	$	6,973,585	$	—	$	6,926,634	$	—
Digital Investment Management	489,517		19,004		490,632		19,167
Digital Other	387,560		161,062		482,464		158,564
Wellness Infrastructure	4,006,161		13,868		4,025,743		14,941
Other	550,348		392,235		663,139		416,475
Amounts not allocated to segments	389,126		—		354,952		—
Assets held for disposition related to discontinued operations	3,828,953		745,538		7,256,996		845,094
	$	16,625,250	$	1,331,707	$	20,200,560	$	1,454,241

Revenue by Geographic Areas


	Three Months Ended March 31,
(In thousands)		2021		2020
Total income by geography:
United States		$	289,933	$	188,753
Europe		(5,946)		11,522
Other		11,324		877
Total (1)		$	295,311	$	201,152

Long-lived Assets by Geographic Areas


(In thousands)	March 31, 2021		December 31, 2020
Long-lived assets by geography:
United States	$	7,912,752	$	8,139,565
Europe	771,768		730,358
Other	631,039		624,680
Total (2)	$	9,315,559	$	9,494,603

__________

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

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, 2019	41,350	487,044	734




Repurchase of common stock, net (1)	—	(12,733)	—
Equity-based compensation, net of forfeitures	—	7,646	—
Shares canceled for tax withholding on vested stock awards	—	(1,839)	—
Shares outstanding at March 31, 2020	41,350	480,118	734

Shares outstanding at December 31, 2020	41,350	483,406	734



Shares issued upon redemption of OP Units	—	5	—


Equity-based compensation, net of forfeitures	—	4,839	—
Shares canceled for tax withholding on vested stock awards	—	(1,147)	—
Shares outstanding at March 31, 2021	41,350	487,103	734

__________

(1) Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 10.

The table below summarizes the preferred stock issued and outstanding at March 31, 2021:


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, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668
Other comprehensive income (loss) before reclassifications	(23,850)		1,330		7		(24,929)		16,384		(31,058)
Amounts reclassified from AOCI	—		—		—		246		(634)		(388)
AOCI at March 31, 2020	$	(14,569)	$	9,153	$	(219)	$	(24,544)	$	46,401	$	16,222

AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(2,438)		(2,992)		—		(19,631)		3,761		(21,300)
Amounts reclassified from AOCI	—		—		233		—		—		233
AOCI at March 31, 2021	$	15,280	$	3,080	$	—	$	33,201	$	49,495	$	101,056

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, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)
Other comprehensive income (loss) before reclassifications	33		(32,958)		4,865		(28,060)
Amounts reclassified from AOCI	—		—		(799)		(799)
AOCI at March 31, 2020	$	(972)	$	(50,871)	$	14,725	$	(37,118)

AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive income (loss) before reclassifications	—		(37,686)		—		(37,686)
Amounts reclassified from AOCI	1,030		—		—		1,030
AOCI at March 31, 2021	$	—	$	46,159	$	15,099	$	61,258

Reclassification out of Accumulated Other Comprehensive Income


(In thousands)	Three Months Ended March 31,
Component of AOCI reclassified into earnings		2021			2020



Release of foreign currency cumulative translation adjustments			$	—		$	(246)
Unrealized gain on dedesignated net investment hedges			—			634

Realized loss on cash flow hedges			(233)			—

- 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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+ Details

Acquisitions - Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
zColo France
Business Acquisition [Line Items]
Cash	$ 0
Real estate	26,083
Intangible assets	8,702
Lease right-of-use ("ROU") and other assets	9,536
Debt	0
Intangible, lease and other liabilities	(11,303)
Fair value of net assets acquired for cash consideration	$ 33,018
Vantage SDC
Business Acquisition [Line Items]
Cash		$ 0
Real estate		2,720,870
Intangible assets		765,137
Lease right-of-use ("ROU") and other assets		181,260
Debt		(2,060,307)
Intangible, lease and other liabilities		(82,350)
Fair value of net assets acquired for cash consideration		1,524,610
zColo US and UK
Business Acquisition [Line Items]
Cash		266
Real estate		882,327
Intangible assets		303,119
Lease right-of-use ("ROU") and other assets		415,038
Debt		0
Intangible, lease and other liabilities		(419,262)
Fair value of net assets acquired for cash consideration		$ 1,181,488

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	3 Months Ended
	Mar. 31, 2021 quarter
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters	6

Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

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 an approximately 90% equity interest in entities that hold Vantage Data Centers Holdings, LLC's ("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 approximately $200 million or a 13% equity interest in Vantage SDC. Vantage SDC is a carve-out from Vantage's data center business. The acquisition excluded 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 continue to be managed by Vantage's existing management company in exchange for management fees, and subject to certain approval rights held by the Company and the co-investors in connection with material actions.

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 previous 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. Pursuant to this arrangement, Vantage SDC entered into a lease with a tenant related to a portion of the expansion capacity in the first quarter of 2021, which triggered a payment of $14.8 million to the previous owners of Vantage SDC. The payment was treated as an asset acquisition, which consideration was allocated to data center infrastructure and in-place lease acquired, and as additional consideration for land and building on a relative fair value basis based upon the valuation of the initial acquisition.

zColo Colocation Data Centers

In December 2020, the Company's DataBank subsidiary acquired zColo, the colocation business 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 is $145 million ($188 million at the time of closing), which maintained 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. Zayo is an anchor tenant within the zColo facilities and is a significant customer of DataBank.

Allocation of Consideration Transferred


	Asset Acquisitions
	2021		2020
(In thousands)	zColo France			Vantage SDC		zColo US and UK









Assets acquired and liabilities assumed
Cash	$	—		$	—	$	266
Real estate	26,083			2,720,870		882,327

Intangible assets	8,702			765,137		303,119
Lease right-of-use ("ROU") and other assets	9,536			181,260		415,038
Debt	—			(2,060,307)		—

Intangible, lease and other liabilities	(11,303)			(82,350)		(419,262)
Fair value of net assets acquired for cash consideration	$	33,018		$	1,524,610	$	1,181,488

•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 estimated selling costs for real estate held for sale. Useful lives of real estate acquired ranges from 30 to 50 years for buildings and improvements, 7 to 21 years for site improvements, 12 to 19 years for data center infrastructure, and 1 to 5 years for furniture, fixtures and equipment.

•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 3 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 2 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 estimated time it would require to execute a new lease or backfill a vacant space, discounted at rates between 6% and 11.5%, with estimated useful lives between 5 and 15 years.

•Other intangible assets acquired were as follows:

•Customer service contracts were valued based upon estimated net cash flows generated from the 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 3 and 15 years.

•Customer relationships were valued as the incremental net cash flows to the zColo business attributable to the in-place customer relationships, discounted at 10%, with estimated useful life of 12 years.

•Trade name of zColo was valued based upon estimated savings from avoided royalty at a rate of 1%, discounted at 11.5%, with useful life of 1 year.

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

•Other assets acquired and liabilities assumed include primarily lease ROU assets associated with leasehold data centers and corresponding lease liabilities. Lease liabilities were measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate of the respective acquirees.

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

Other Real Estate Asset Acquisitions

The following table summarizes the Company's other real estate asset acquisitions in 2020 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		Lease ROU and Other Assets		Debt		Intangible, Lease and Other Liabilities






2020
Various	Hotel—France (2)	9	$	37,916	$	5,243	$	34,038	$	—	$	43,503	$	(2,245)	$	(42,623)
Various	Easements—Various in U.S. (3)	—	2,586		2,586		—		—		—		—		—
October	Office—U.K. and Ireland (4)	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)

__________

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

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0	$ 0.11

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 125,959	$ 114,952	$ 42,297	$ 49,278
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,618	13,516
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,645	10,225
Lender restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	93,809	82,419
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 12,887	$ 8,792

Goodwill, Deferred Leasing Costs and Other Intangibles

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

Goodwill balance by reportable segment is as follows, excluding goodwill in the Other segment that is held for disposition (Note 7).


(In thousands)	March 31, 2021		December 31, 2020
Balance by reportable segment:
Digital Operating	$	463,120	$	463,120
Digital Investment Management (1)	298,248		298,248
	$	761,368	$	761,368

__________

(1) Goodwill of $140.5 million is deductible for income tax purposes.

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.


	March 31, 2021						December 31, 2020
(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)	$	1,251,299	$	(230,981)	$	1,020,318	$	1,245,878	$	(180,372)	$	1,065,506
Investment management intangibles (3)	226,471		(98,219)		128,252		226,471		(90,624)		135,847
Customer relationships and service contracts (4)	218,081		(23,275)		194,806		217,809		(13,547)		204,262
Trade names	41,900		(16,665)		25,235		41,900		(4,713)		37,187
Other (5)	24,596		(679)		23,917		25,574		(651)		24,923
Total deferred leasing costs and intangible assets	$	1,762,347	$	(369,819)	$	1,392,528	$	1,757,632	$	(289,907)	$	1,467,725
Intangible Liabilities
Lease intangible liabilities (2)	$	154,103	$	(64,188)	$	89,915	$	153,808	$	(59,956)	$	93,852

__________

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

(2) Lease intangible assets are composed of in-place leases, above-market leases, 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 data center services provided in the colocation data center business.

(5) Represents primarily assembled workforce acquired in an asset acquisition and certificates of need associated with certain wellness infrastructure portfolios which are not subject to amortization.

Impairment of Identifiable Intangible Assets

During the year ended December 31, 2020, investment management contracts were impaired by $8.2 million to an aggregate fair value of $12.4 million at the time of impairment. Fair value was based upon the revised future net cash flows over the remaining life of the respective contracts, generally discounted at 10%, and represent Level 3 fair values. There was no impairment recorded in the three months ended March 31, 2021.

Real estate related intangible assets 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 14):


	Three Months Ended March 31,
(In thousands)		2021		2020



Net increase (decrease) to rental income (1)		$	(5,836)	$	3,660

Amortization expense
Deferred leasing costs and lease related intangibles		$	45,475	$	15,240
Investment management intangibles		6,238		6,658
Customer relationships and service contracts		9,837		3,695
Trade name		11,951		1,098
Other		459		74
		$	73,960	$	26,765

__________

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

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


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



Net increase (decrease) to rental income	$	53	$	1,431	$	3,111	$	2,392	$	1,168	$	(5,047)	$	3,108











Amortization expense	189,235		162,906		141,252		112,248		100,057		581,627		1,287,325

Stockholders' Equity - Narrative (Details)	1 Months Ended		3 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 31, 2020 USD ($) $ / shares	Apr. 30, 2015	Mar. 31, 2021 USD ($) vote director $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)			$ 25.00
Number of directors vote entitles \| director			2
Redemption of preferred stock \| $	$ 402,900,000		$ 0	$ 402,855,000
Minimum affirmative vote required for changes to any series of preferred stock			66.67%
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 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
Value of shares repurchased \| $				$ 24,600,000
Weighted average price per share (in dollars per share)				$ 1.93
Stock repurchase, authorized amount \| $				$ 300,000,000
Class A common stock acquired under the DRIP Plan (in shares) \| shares			0	0
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote			36.5

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 144,512,000
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group	clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup	$ 170,230,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (627,599)	$ (404,057)
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	0	(594)
Paid-in-kind interest added to loan principal, net of interest received	(4,267)	(21,218)
Straight-line rent income	18,800	(2,069)
Amortization of above- and below-market lease values, net	6,098	(3,506)
Amortization of deferred financing costs and debt discount and premium, net	43,729	15,260
Equity method losses (gains)	111,519	(97,291)
Distributions of income from equity method investments	520	20,496
Allowance for doubtful accounts	205	404
Impairment of real estate and related intangibles and right-of-use assets	123,760	308,268
Goodwill impairment	0	79,000
Depreciation and amortization	190,305	137,491
Equity-based compensation	19,319	8,249
Unrealized settlement loss	0	3,890
Gain on sales of real estate, net	(45,750)	(7,932)
Settlement of forward starting interest rate swap	0	(6,641)
Deferred income tax benefit	(34,480)	(9,138)
Other loss, net	213,661	9,279
Decrease (increase) in other assets and due from affiliates	(31,721)	(6,406)
(Increase) decrease in accrued and other liabilities and due to affiliates	(7,460)	(81,407)
Other adjustments, net	(576)	(1,747)
Net cash provided by (used in) operating activities	(23,937)	(59,669)
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(117,776)	(126,837)
Return of capital from equity method investments	2,253	29,386
Acquisition of loans receivable and debt securities	(9,697)	0
Net disbursements on originated loans	(3,631)	(63,812)
Repayments of loans receivable	8,798	49,133
Acquisition of and additions to real estate, related intangibles and leasing commissions	(74,024)	(78,283)
Proceeds from sales of real estate	64,808	126,741
Proceeds from paydown and maturity of debt securities	0	1,623
Proceeds from sale of equity investments	90,509	231,078
Investment deposits	0	(3,593)
Proceeds from sale of non-real estate fixed assets	14,946	0
Net receipts on settlement of derivatives	15,913	3,227
Other investing activities, net	0	(1,742)
Net cash (used in) provided by investing activities	(7,901)	166,921
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(18,516)	(23,785)
Dividends paid to common stockholders	0	(53,657)
Repurchase of common stock	0	(24,749)
Repayment of convertible senior notes	(31,502)	0
Borrowings from corporate credit facility	0	600,000
Borrowings from secured debt	684,537	8,052
Repayments of secured debt	(600,082)	(111,678)
Payment of deferred financing costs	(18,543)	(140)
Contributions from noncontrolling interests	123,852	87,083
Distributions to and redemptions of noncontrolling interests	(32,857)	(68,320)
Redemption of preferred stock	0	(402,855)
Shares canceled for tax withholdings on vested stock awards	(7,718)	(5,069)
Net cash provided by financing activities	99,171	4,882
Effect of exchange rates on cash, cash equivalents and restricted cash	4,050	(3,650)
Net increase in cash, cash equivalents and restricted cash	71,383	108,484
Cash, cash equivalents and restricted cash, beginning of period	963,008	1,424,698
Cash, cash equivalents and restricted cash, end of period	1,034,391	1,533,182
Cash and cash equivalents	788,361	1,361,769
Restricted cash	125,959	42,297
Restricted cash included in assets held for disposition	$ 120,071	$ 129,116

Real Estate - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Real Estate - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue Benchmark \| Customer Concentration Risk
Real Estate [Line Items]
Tenant concentration	11.00%
Revenue Benchmark \| Customer Concentration Risk \| Parent Company [Member]
Real Estate [Line Items]
Tenant concentration		13.00%
Held for disposition \| Level 3 \| Nonrecurring
Real Estate [Line Items]
Assets, fair value	$ 82.7
Held for disposition \| Level 3 \| Nonrecurring \| Held for disposition
Real Estate [Line Items]
Assets, fair value	897.9		$ 1,000.0
Held for investment \| Level 3 \| Nonrecurring
Real Estate [Line Items]
Carrying value of real estate	$ 1.1		1,300.0
Held for investment \| Level 3 \| Nonrecurring \| Held for investment
Real Estate [Line Items]
Carrying value of real estate			$ 2,400.0
Minimum
Real Estate [Line Items]
Capitalization rate	10.00%
Terminal capitalization rate	7.30%
Discount rate	8.50%
Minimum \| Held for disposition
Real Estate [Line Items]
Selling costs, percentage	1.00%
Maximum
Real Estate [Line Items]
Capitalization rate	12.00%
Terminal capitalization rate	11.30%
Discount rate	9.50%
Maximum \| Held for disposition
Real Estate [Line Items]
Selling costs, percentage	3.00%

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Recurring Fair Values

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 Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2021
Assets
Marketable equity securities	$	129,103	$	—	$	—	$	129,103
AFS debt securities	—		—		34,719		34,719
Other assets—derivative assets	—		4,280		—		4,280
Fair Value Option:
Loans held for investment	—		—		85,272		85,272
Loans held for disposition	—		—		977,759		977,759
Equity method investments	—		—		39,342		39,342
Equity method investments held for disposition	—		—		115,161		115,161
Liabilities
Other liabilities—derivative liabilities	—		1,216		—		1,216
Other liabilities—settlement liability	—		—		36,939		36,939
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	—		—		84,030		84,030
Loans held for disposition	—		—		1,211,307		1,211,307
Equity method investments	—		—		31,012		31,012
Equity method investments held for disposition	—		—		150,787		150,787
Liabilities
Other liabilities—derivative liabilities	—		103,772		—		103,772
Other liabilities—settlement liability	—		—		24,285		24,285

Schedule of Realized and Unrealized Gains and Losses on Derivatives Not Designated as Hedges

Realized and unrealized gains and losses on derivative instruments are recorded in other gain (loss) on the consolidated statement of operations, other than interest expense, as follows:


	Three Months Ended March 31,
(In thousands)		2021		2020
Foreign currency contracts:

Unrealized gain transferred from AOCI to earnings (1)		$	—	$	1,502
Unrealized loss in earnings on non-designated contracts		(245)		—
Interest rate contracts:
Interest expense on designated contracts (2)		20		2
Unrealized gain (loss) in earnings on non-designated contracts		(16)		179
Realized loss transferred from AOCI to earnings		(1,292)		—

__________

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

rate debt.

Company Loans Receivable


	March 31, 2021						December 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
90 days or more past due or nonaccrual
Loans held for investment (1)	$	48,449	$	43,374	$	5,075	$	47,233	$	43,007	$	4,226
Loans held for disposition	687,944		2,042,026		(1,354,082)		825,972		2,116,531		(1,290,559)

__________

(1) Fair value includes accrued interest that is currently expected to be collected.

Summary of Quantitative Level 3 Recurring Fair Values

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)

March 31, 2021

AFS debt securities

34,719

Discounted cash flows

Discount rate

29.3%
(18.3% - 57.8%)

Decrease

Fair Value Option:

Loans held for investment

85,272

Discounted cash flows

Discount rate

8.3%
(7.2% - 8.8%)

Decrease

Loans held for disposition

977,759

Transaction price(4)

N/A

Equity method investments—third party private equity funds

2,542

NAV(3)

N/A

Equity method investments—other

36,800

Discounted cash flows

Discount rate

25.0%

Decrease

Equity method investments held for disposition

115,161

Transaction price(4)

N/A

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

84,030

Discounted cash flows

Discount rate

7.9%

(6.9% - 8.9%)

Decrease

Loans held for disposition

1,211,307

Discounted cash flows

Discount rate

13.7%
(9.0% - 25.7%)

Decrease

Equity method investments—third party private equity funds

2,472

NAV(3)

N/A

Equity method investments—other

28,540

Discounted cash flows

Discount rate

30.0%

Decrease

Equity method investments held for disposition

8,383

Discounted cash flows

Discount rate

19.3%

(19.0% - 20.0%)

Decrease

Equity method investments held for disposition

142,404

Transaction price(4)

N/A

__________

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

Summary of Changes in Recurring Level 3 Fair Value


			Fair Value Option
(In thousands)	AFS Debt Securities		Loans Held for Investment and Held for Disposition		Equity Method Investments (including Held for Disposition)









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	594		74,236		762
Paydowns, distributions and sales	(1,651)		(49,133)		(781)

Change in accrued interest and capitalization of paid-in-kind interest	—		11,849		—
Allowance for credit losses	(816)		—		—
Realized and unrealized gains (losses) in earnings, net	—		3,105		(179)
Other comprehensive income (loss) (1)	1,488		(21,265)		(4,337)
Fair value at March 31, 2020	$	54,474	$	1,588,427	$	218,340

Net unrealized gains (losses) on instruments held at March 31, 2020
In earnings	$	(816)	$	3,105	$	(179)
In other comprehensive income (loss)	$	1,488	$	—	$	—

Fair value at December 31, 2020	$	28,576	$	1,295,337	$	181,799
Purchases, drawdowns, contributions and accretion	10,337		3,631		—
Paydowns, distributions and sales	(691)		(8,798)		(6,953)
Change in accrued interest and capitalization of paid-in-kind interest	—		4,745		—

Allowance for credit losses	(194)		—		—
Realized and unrealized gains (losses) in earnings, net	—		(199,082)		(15,635)
Other comprehensive income (loss) (1)	(3,309)		(32,802)		(4,708)
Fair value at March 31, 2021	$	34,719	$	1,063,031	$	154,503

Net unrealized gains (losses) on instruments held at March 31, 2021
In earnings	$	(194)	$	(199,082)	$	(16,560)
In other comprehensive income (loss)	$	(3,309)	N/A		N/A

__________

Summary of Changes in Recurring Level 3 Fair Values


			Fair Value Option
(In thousands)	AFS Debt Securities		Loans Held for Investment and Held for Disposition		Equity Method Investments (including Held for Disposition)









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	594		74,236		762
Paydowns, distributions and sales	(1,651)		(49,133)		(781)

Change in accrued interest and capitalization of paid-in-kind interest	—		11,849		—
Allowance for credit losses	(816)		—		—
Realized and unrealized gains (losses) in earnings, net	—		3,105		(179)
Other comprehensive income (loss) (1)	1,488		(21,265)		(4,337)
Fair value at March 31, 2020	$	54,474	$	1,588,427	$	218,340

Net unrealized gains (losses) on instruments held at March 31, 2020
In earnings	$	(816)	$	3,105	$	(179)
In other comprehensive income (loss)	$	1,488	$	—	$	—

Fair value at December 31, 2020	$	28,576	$	1,295,337	$	181,799
Purchases, drawdowns, contributions and accretion	10,337		3,631		—
Paydowns, distributions and sales	(691)		(8,798)		(6,953)
Change in accrued interest and capitalization of paid-in-kind interest	—		4,745		—

Allowance for credit losses	(194)		—		—
Realized and unrealized gains (losses) in earnings, net	—		(199,082)		(15,635)
Other comprehensive income (loss) (1)	(3,309)		(32,802)		(4,708)
Fair value at March 31, 2021	$	34,719	$	1,063,031	$	154,503

Net unrealized gains (losses) on instruments held at March 31, 2021
In earnings	$	(194)	$	(199,082)	$	(16,560)
In other comprehensive income (loss)	$	(3,309)	N/A		N/A

__________

Summary of Investments Carried at Fair Value Using Net Asset Value


	March 31, 2021				December 31, 2020
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	13,416	$	8,026	$	15,680	$	8,026
Non-traded REIT—real estate	20,772		—		18,272		—
Private fund—emerging market private equity	1,909		—		2,224		—

Summary of Fair Value Information on Financial Instruments Reported at Cost

Carrying amounts and estimated fair value of financial instruments reported at amortized cost are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2021
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	1,076,175	$	13,095	$	—	$	1,089,270	$	504,981
Secured debt	—		—		6,043,875		6,043,875		6,167,692
Secured debt related to assets held for disposition	—		—		1,691,130		1,691,130		1,702,425
Junior subordinated debt	—		—		227,697		227,697		204,618
December 31, 2020
Liabilities
Debt at amortized cost

Convertible and exchangeable senior notes	$	898,231	$	13,095	$	—	$	911,326	$	535,897
Secured debt	—		—		6,003,375		6,003,375		6,132,605
Secured debt related to assets held for disposition	—		—		4,258,019		4,258,019		4,411,467
Junior subordinated debt	—		—		201,018		201,018		203,848

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Three Months Ended March 31,
(In thousands)	2021		2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $204 and $214	$	126,892	$	112,278
Cash paid for income taxes, net of refunds	2,123		1,272
Cash paid for operating lease liabilities	16,781		7,096

Supplemental Disclosure of Cash Flows from Discontinued Operations
Hotel:
Net cash provided by (used in) operating activities of discontinued operations	$	(34,154)	$	(8,535)
Net cash provided by (used in) investing activities of discontinued operations	(20,243)		(43,020)
Net cash provided by (used in) financing activities of discontinued operations	(3,416)		(920)
Industrial:
Net cash provided by (used in) operating activities of discontinued operations	—		(38,822)
Net cash provided by (used in) investing activities of discontinued operations	—		4,534
Net cash provided by (used in) financing activities of discontinued operations	—		(3,886)
Other:
Net cash provided by (used in) operating activities of discontinued operations	(640)		22,954
Net cash provided by (used in) investing activities of discontinued operations	52,907		27,465
Net cash provided by (used in) financing activities of discontinued operations	(1,563)		(57,627)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	18,516	$	77,228
Improvements in operating real estate in accrued and other liabilities	6,268		12,282
Proceeds from loan repayments and asset sales held in escrow	—		47,702
Operating lease right-of-use assets and lease liabilities established	7,170		2,408

Finance lease payments accrued in accounts payable	2,224		—
Redemption of OP Units for common stock	16		—





















Assets of investment entities deconsolidated, net of cash and restricted cash contributed (Note 14)	2,814,793		—
Liabilities of investment entities deconsolidated (Note 14)	2,840,065		—
Noncontrolling interests of investment entities deconsolidated (Note 14)	22,413		—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net loss	$ (627,599)	$ (404,057)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	(2,708)	(26,477)
Available-for-sale debt securities	(3,309)	1,489
Cash flow hedges	1,285	41
Foreign currency translation	(59,618)	(60,374)
Net investment hedges	4,118	21,608
Other comprehensive loss	(60,232)	(63,713)
Comprehensive loss	(687,831)	(467,770)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	2,449	(548)
Comprehensive loss attributable to stockholders	(267,433)	(373,573)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	(392,518)	(50,608)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ (30,329)	$ (43,041)

Equity and Debt Investments - Changes in Allowance For Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 24,688	$ 0
Provision for credit losses	194	816
Ending balance	$ 24,882	$ 816

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company may be involved in litigation in the ordinary course of business. As of March 31, 2021, 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.

Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

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


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
Net loss allocated to common stockholders
Loss from continuing operations	$	(190,177)	$	(154,199)
Loss from continuing operations attributable to noncontrolling interests	69,101		40,507
Loss from continuing operations attributable to Colony Capital, Inc.	(121,076)		(113,692)
Loss from discontinued operations attributable to Colony Capital, Inc.	(125,214)		(228,467)
Net loss attributable to Colony Capital, Inc.	(246,290)		(342,159)

Preferred dividends	(18,516)		(19,474)
Net loss attributable to common stockholders	(264,806)		(361,633)
Net income allocated to participating securities	—		(1,250)
Net loss allocated to common stockholders—basic	(264,806)		(362,883)
Interest expense attributable to convertible and exchangeable notes (1)	—		—
Net loss allocated to common stockholders—diluted	$	(264,806)	$	(362,883)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	474,899		479,106
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	474,899		479,106
Loss per share—basic
Loss from continuing operations	$	(0.30)	$	(0.28)
Loss from discontinued operations	(0.26)		(0.48)
Net loss attributable to common stockholders per common share—basic	$	(0.56)	$	(0.76)
Loss per share—diluted
Loss from continuing operations	$	(0.30)	$	(0.28)
Loss from discontinued operations	(0.26)		(0.48)
Net loss attributable to common stockholders per common share—diluted	$	(0.56)	$	(0.76)

__________

(1) For the three months ended March 31, 2021 and 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $7.7 million and $7.1 million of interest expense, respectively, and 144,576,000 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) No unvested non-participating restricted shares were outstanding during the three months ended March 31, 2021 and 2020. The calculation of diluted earnings per share excludes the effect of class A common stock that are contingently issuable in relation to performance stock units (Note 17) with weighted average shares of 10,395,900 and 1,520,700 for the three months ended March 31, 2021 and 2020, respectively, as the effect would be antidilutive. Also excluded from the calculation of diluted earnings per share is the effect of class A common stock that are issuable to net settle the exercise of warrants (Note 13) with weighted average shares of 7,680,900 for the three months ended March 31, 2021 as the effect would be antidilutive.

(3) OP Units may be redeemed for registered or unregistered class A common stock on a one-for-one basis. At March 31, 2021 and 2020 there were 51,072,000 and 53,261,100 OP Units, respectively. OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fixed lease income
Revenue from External Customer [Line Items]
Income	$ 231,631	$ 161,896
Variable lease income
Revenue from External Customer [Line Items]
Income	28,198	10,084
Lease income:
Revenue from External Customer [Line Items]
Income	259,829	171,980
Data center service revenue
Revenue from External Customer [Line Items]
Income	15,387	11,973
Property operating income
Revenue from External Customer [Line Items]
Income	$ 275,216	$ 183,953

- Definition

+ References

+ Details

Equity and Debt Investments - Summary of Investments and Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equity Investments
Equity method investments	$ 586,169	$ 609,147
Total equity investments	743,100	848,127
Debt Securities
Equity and debt investments	777,819	876,703
Marketable equity securities \| Level 1
Equity Investments
Marketable equity securities	129,103	218,485
N-Star CDO bonds, available for sale
Debt Securities
N-Star CDO bonds, available for sale	34,719	28,576
CLNC
Equity Investments
Equity method investments	352,822	385,193
Other
Equity Investments
Equity method investments	18,641	19,903
Private funds
Equity Investments
Equity method investments	175,364	173,039
Non-traded REIT and private funds	27,828	20,495
Investments under fair value option
Equity Investments
Equity method investments	$ 39,342	$ 31,012

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
Net loss allocated to common stockholders
Loss from continuing operations	$	(190,177)	$	(154,199)
Loss from continuing operations attributable to noncontrolling interests	69,101		40,507
Loss from continuing operations attributable to Colony Capital, Inc.	(121,076)		(113,692)
Loss from discontinued operations attributable to Colony Capital, Inc.	(125,214)		(228,467)
Net loss attributable to Colony Capital, Inc.	(246,290)		(342,159)

Preferred dividends	(18,516)		(19,474)
Net loss attributable to common stockholders	(264,806)		(361,633)
Net income allocated to participating securities	—		(1,250)
Net loss allocated to common stockholders—basic	(264,806)		(362,883)
Interest expense attributable to convertible and exchangeable notes (1)	—		—
Net loss allocated to common stockholders—diluted	$	(264,806)	$	(362,883)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	474,899		479,106
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	474,899		479,106
Loss per share—basic
Loss from continuing operations	$	(0.30)	$	(0.28)
Loss from discontinued operations	(0.26)		(0.48)
Net loss attributable to common stockholders per common share—basic	$	(0.56)	$	(0.76)
Loss per share—diluted
Loss from continuing operations	$	(0.30)	$	(0.28)
Loss from discontinued operations	(0.26)		(0.48)
Net loss attributable to common stockholders per common share—diluted	$	(0.56)	$	(0.76)

__________

Debt - Convertible and Exchangeable Senior Notes (Details) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal		$ 513,605,000			$ 545,107,000
Repayments of convertible debt		$ 31,502,000		$ 0
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)		$ 15.76
Conversion or Exchange Shares (in shares)		12,694
Convertible and exchangeable senior notes, outstanding principal		$ 200,000,000			$ 200,000,000
Conversion or Exchange Ratio (in shares)		63.4700
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate		3.875%			3.875%
Conversion or Exchange Price (in USD per share)		$ 16.57
Conversion or Exchange Shares (in shares)		1,901
Convertible and exchangeable senior notes, outstanding principal		$ 0			$ 31,502,000
Repayments of convertible debt	$ 31,500,000
Conversion or Exchange Ratio (in shares)		60.3431
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)		$ 12.04
Conversion or Exchange Shares (in shares)		1,130
Convertible and exchangeable senior notes, outstanding principal		$ 13,605,000			13,605,000
Conversion or Exchange Ratio (in shares)		83.0837
Convertible and Exchangeable Senior Notes \| 5.75% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate		5.75%
Conversion or Exchange Price (in USD per share)		$ 2.30
Conversion or Exchange Shares (in shares)		130,435
Convertible and exchangeable senior notes, outstanding principal		$ 300,000,000			$ 300,000,000
Conversion or Exchange Ratio (in shares)		434.7826
Convertible and exchangeable senior notes \| 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Converted instrument, amount		$ 1,000
Colony Capital Operating Company, LLC \| Convertible and Exchangeable Senior Notes \| 3.875% Convertible Senior Notes
Debt Instrument [Line Items]
Repayments of convertible debt			$ 371,000,000.0

Fair Value - Level 3 Valuation Technique and Inputs (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
N-Star CDO bonds, available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 34,719	$ 28,576
Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments held for disposition		8,383
Discounted cash flows \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		28,576
Transaction price \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for disposition	977,759	1,211,307
Equity method investments held for disposition		142,404
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:	85,272	84,030
Private funds \| NAV \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	2,542	2,472
Other \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Option:	$ 36,800	$ 28,540
Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.193
Discount rate \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.137
Discount rate \| Discounted cash flows \| N-Star CDO bonds, available for sale \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.293	0.289
Discount rate \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.083
Discount rate \| Loan and interest receivable \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.079
Discount rate \| Other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.250
Discount rate \| Other \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		30.0
Discount rate \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.190
Discount rate \| Minimum \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.090
Discount rate \| Minimum \| Discounted cash flows \| 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	0.183
Discount rate \| Minimum \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.072
Discount rate \| Minimum \| Loan and interest receivable \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.069
Discount rate \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200
Discount rate \| Maximum \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.257
Discount rate \| Maximum \| Discounted cash flows \| 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	0.578
Discount rate \| Maximum \| Loan and interest receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.088
Discount rate \| Maximum \| Loan and interest receivable \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.089

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Net increase (decrease) to rental income
Remaining 2021	$ 53
2022	1,431
2023	3,111
2024	2,392
2025	1,168
2026 and Thereafter	(5,047)
Total	3,108
Amortization expense
Remaining 2021	189,235
2022	162,906
2023	141,252
2024	112,248
2025	100,057
2026 and Thereafter	581,627
Total	$ 1,287,325

Fee Income (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The Company earns fee income from the following sources:


	Three Months Ended March 31,
(In thousands)		2021		2020
Institutional funds and other investment vehicles		$	30,200	$	20,562

Non-traded REIT		2,769		4,431
Other		710		135
		$	33,679	$	25,128

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


	Three Months Ended March 31,
(In thousands)		2021		2020
Management fees ($32,096 and $24,116 from affiliates, respectively)		$	32,096	$	24,116
Incentive fees		594		—
Other fee income—affiliates		989		1,012
Total fee income		$	33,679	$	25,128

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 305,278	$ 6,107
Distributions and redemptions	(26,739)	(61,686)
Ending balance	315,922	3,162
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	10,640	250
Distributions and redemptions	(2,445)	(2,647)
Net income (loss)	$ 2,449	$ (548)

Assets and Related Liabilities Held For Disposition - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020 hotel	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
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
Impairment loss		$ 15,232		$ 48,532
Goodwill impairment		0		79,000
Goodwill		761,368			$ 761,368
Investor Relationship
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangibles		4,000		0
Other Intangible Assets, Net		5,500
Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments		$ 479,300			$ 701,800
Level 3 \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input					0.193
Level 3 \| Minimum \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input					0.190
Level 3 \| Maximum \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input					0.200
CLNC \| Minimum \| ADC Investments [Member] \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input		0.10
CLNC \| Maximum \| ADC Investments [Member] \| Discount rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input		0.20
CLNC \| Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		$ 82,900		800
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment		0	$ 515,000	79,000
Goodwill		81,600
Held for disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		104,500		$ 259,700
Held for disposition \| Loan and interest receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		200,700
Held for disposition \| Private funds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		3,100
Held for disposition \| Equity Method Investment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		$ 25,100

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total income by geography	$ 295,311	$ 201,152
Long-lived assets by geography	9,315,559		$ 9,494,603
Impairment loss	15,232	48,532
Income (loss) from discontinued operations	(437,422)	(249,858)
Total assets held for disposition	4,094,657		7,426,268
Held for disposition
Segment Reporting Information [Line Items]
Impairment loss	104,500	259,700
Income (loss) from discontinued operations	(437,422)	(249,858)
Equity Method Investments (including Held for Disposition) \| Nonrecurring
Segment Reporting Information [Line Items]
Impairment loss	82,900	800
United States
Segment Reporting Information [Line Items]
Total income by geography	289,933	188,753
Long-lived assets by geography	7,912,752		8,139,565
United States \| Held for disposition
Segment Reporting Information [Line Items]
Income (loss) from discontinued operations	143,800	369,800
Total assets held for disposition	1,100,000		3,800,000
Europe
Segment Reporting Information [Line Items]
Total income by geography	(5,946)	11,522
Long-lived assets by geography	771,768		730,358
Europe \| Held for disposition
Segment Reporting Information [Line Items]
Income (loss) from discontinued operations	(2,300)	32,800
Total assets held for disposition	1,000,000		1,200,000
Other
Segment Reporting Information [Line Items]
Total income by geography	11,324	$ 877
Long-lived assets by geography	$ 631,039		$ 624,680

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 6,984,590	$ 8,926,415
Ending balance	6,350,337	8,391,716
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	122,123	47,668
Other comprehensive income (loss) before reclassifications	(21,300)	(31,058)
Amounts reclassified from AOCI	233	(388)
Ending balance	101,056	16,222
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	17,718	9,281
Other comprehensive income (loss) before reclassifications	(2,438)	(23,850)
Amounts reclassified from AOCI	0	0
Ending balance	15,280	(14,569)
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	6,072	7,823
Other comprehensive income (loss) before reclassifications	(2,992)	1,330
Amounts reclassified from AOCI	0	0
Ending balance	3,080	9,153
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(233)	(226)
Other comprehensive income (loss) before reclassifications	0	7
Amounts reclassified from AOCI	233	0
Ending balance	0	(219)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	52,832	139
Other comprehensive income (loss) before reclassifications	(19,631)	(24,929)
Amounts reclassified from AOCI	0	246
Ending balance	33,201	(24,544)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	45,734	30,651
Other comprehensive income (loss) before reclassifications	3,761	16,384
Amounts reclassified from AOCI	0	(634)
Ending balance	49,495	46,401
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	97,914	(8,259)
Other comprehensive income (loss) before reclassifications	(37,686)	(28,060)
Amounts reclassified from AOCI	1,030	(799)
Ending balance	61,258	(37,118)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,030)	(1,005)
Other comprehensive income (loss) before reclassifications	0	33
Amounts reclassified from AOCI	1,030	0
Ending balance	0	(972)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	83,845	(17,913)
Other comprehensive income (loss) before reclassifications	(37,686)	(32,958)
Amounts reclassified from AOCI	0	0
Ending balance	46,159	(50,871)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	15,099	10,659
Other comprehensive income (loss) before reclassifications	0	4,865
Amounts reclassified from AOCI	0	(799)
Ending balance	$ 15,099	$ 14,725

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt


(In thousands)	Corporate Credit Facility(1)		Convertible and Exchangeable Senior Notes		Secured Debt(2)		Junior Subordinated Notes		Total Debt
March 31, 2021
Debt at amortized cost
Principal	$	—	$	513,605	$	6,229,504	$	280,117	$	7,023,226
Premium (discount), net	—		(6,180)		20,265		(75,499)		(61,414)
Deferred financing costs	—		(2,444)		(82,077)		—		(84,521)
	$	—	$	504,981	$	6,167,692	$	204,618	$	6,877,291
December 31, 2020
Debt at amortized cost
Principal	$	—	$	545,107	$	6,178,579	$	280,117	$	7,003,803
Premium (discount), net	—		(6,540)		21,811		(76,269)		(60,998)
Deferred financing costs	—		(2,670)		(67,785)		—		(70,455)
	$	—	$	535,897	$	6,132,605	$	203,848	$	6,872,350

__________

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

The following table summarizes certain characteristics of the Company's debt.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)
March 31, 2021
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	0.8	$	—	—	%	0.8
Convertible and exchangeable senior notes(3)	513,605		5.31	%	3.3	—		N/A		N/A	513,605		5.31	%	3.3
Junior subordinated debt (4)	—		N/A		N/A	280,117		3.06	%	15.2	280,117		3.06	%	15.2

	513,605					280,117					793,722
Non-recourse (5)
Secured debt
Digital Operating	2,789,338		2.49	%	4.6	580,000		5.70	%	4.7	3,369,338		3.04	%	4.6
Wellness Infrastructure	400,075		4.55	%	3.9	2,283,458		3.89	%	3.1	2,683,533		4.02	%	3.2

Other—Other Equity and Debt	21,316		5.63	%	—	155,317		4.85	%	0.8	176,633		4.94	%	0.7
	3,210,729					3,018,775					6,229,504
	$	3,724,334				$	3,298,892				$	7,023,226

December 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	—	%	1.0	$	—	—	%	1.0
Convertible and exchangeable senior notes(3)	545,107		5.36	%	3.6	—		N/A		N/A	545,107		5.36	%	3.6
Junior subordinated debt (4)	—		N/A		N/A	280,117		3.10	%	15.4	280,117		3.10	%	15.4
Secured debt (6)	32,815		5.02	%	—	—		N/A		N/A	32,815		5.02	%	—
	577,922					280,117					858,039
Non-recourse (5)
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	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	21,316		5.63	%	—	164,472		3.85	%	0.1	185,788		4.05	%	0.1
	2,555,935					3,589,829					6,145,764
	$	3,133,857				$	3,869,946				$	7,003,803

__________

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

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

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

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 credit facility provides revolving commitments of $400 million as of March 31, 2021 ($450 million at December 31, 2020) and is scheduled to mature in July 2021, with one remaining 6-month extension option, subject to a fee of 0.10% of the commitment amount upon exercise. Advances under the credit facility accrue interest at a per annum

rate equal to, at the Company’s election, either LIBOR plus a margin of 2.75%, or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.75%. 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 $400 million is available to be drawn under the facility.

The Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, and debt service ratios as well as a maximum leverage ratio, as defined in the Credit Agreement. As of March 31, 2021 and through the date of this filing, the Company was in compliance with all of the financial covenants. The Credit Agreement also provides the Company with the flexibility to determine not to maintain REIT status without requiring lender approval.

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


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
										March 31, 2021		December 31, 2020

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
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		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
										$	513,605	$	545,107

__________

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.

Repurchase and Repayment of Senior Notes

The 3.875% convertible senior notes were fully extinguished following a $31.5 million repayment upon maturity in January 2021 and a $371.0 million repurchase in the third quarter of 2020, primarily funded by net proceeds from the July 2020 issuance of the 5.75% exchangeable senior notes by the Operating Company.

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 March 2021 and October 2020, DataBank and Vantage SDC, the Company's subsidiaries in the Digital Operating segment, raised $657.9 million and $1.3 billion of securitized notes at blended fixed rates of 2.3% and 1.8%, with 5 years and 6 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 DataBank and Vantage SDC.

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"). Neither the Company nor the OP is an obligor or guarantor on the Junior Notes or the 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.

Fee Income - Summary of Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 33,679	$ 25,128
Management fees ($32,096 and $24,116 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	32,096	24,116
Other fee income—affiliates
Related Party Transaction [Line Items]
Revenue from contract with customer	989	1,012
Institutional funds and other investment vehicles \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	30,200	20,562
Non-traded REIT \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	2,769	4,431
Other \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	710	135
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	33,679	25,128
Affiliated Entity \| Management fees ($32,096 and $24,116 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	32,096	24,116
Affiliated Entity \| Incentive fees
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 594	$ 0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in 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 13) 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.
Business Combinations	Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business 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	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 accelerated monetization of a substantial majority of the Company’s OED investments and Other IM business in the Other segment that is in progress as of March 2021; the disposition of the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in the Other segment in March 2021; and the disposition of the bulk industrial portfolio in December 2020, all represent strategic shifts that have or will have major effects on the Company’s operations and financial results, and have met the criteria as discontinued operations as of March 2021, 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 7) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 14). Discontinued operations in prior periods include investments in the Other segment that were disposed or otherwise resolved in those periods.
Reclassifications and Adjustment to Accumulated Deficit	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 20. Additionally, costs related to unconsummated transactions that were previously included within investment and servicing expense in prior periods have been reclassified into transaction-related costs on the consolidated statement of operations to conform to current period presentation. These reclassifications did not affect the Company's financial position, results of operations or cash flows. Adjustment to Accumulated Deficit On January 1, 2020, upon adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments— Credit Losses, the Company recorded a $5.1 million increase to accumulated deficit, composed of: (i) an $8.4 million increase to accumulated deficit, representing the Company's share of the cumulative effect adjustment of adopting the lifetime current expected credit loss model by its equity method investee, CLNC; partially offset by (ii) a $3.3 million decrease to accumulated deficit, reflecting the cumulative effect adjustment of the Company's election of the fair value option for all of its then outstanding loans receivable.
Accounting Standards Adopted in 2021	Accounting Standards Adopted in 2021 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. The Company adopted ASU No. 2019-12 on January 1, 2021, with no resulting effect upon adoption. 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. The Company adopted the new guidance on January 1, 2021, with no resulting effect upon adoption. Accounting for Convertible Instruments and Contracts on Entity's Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU (1) simplifies an issuer’s accounting for convertible instruments as a single unit of account; (2) allows more contracts on an entity’s own equity to qualify for equity classification and more embedded derivatives meeting the derivative scope exception; and (3) simplifies diluted earnings per share ("EPS") computation. •The guidance eliminates the requirement to separate embedded conversion features in convertible instruments, except for (1) a convertible instrument that contains features requiring bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument that was issued at a substantial premium. 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. The Company early adopted the new standard on January 1, 2021 using a modified retrospective approach, with no resulting effect upon adoption.

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill balance by reportable segment is as follows, excluding goodwill in the Other segment that is held for disposition (Note 7).


(In thousands)	March 31, 2021		December 31, 2020
Balance by reportable segment:
Digital Operating	$	463,120	$	463,120
Digital Investment Management (1)	298,248		298,248
	$	761,368	$	761,368

__________

(1) Goodwill of $140.5 million 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.


	March 31, 2021						December 31, 2020
(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)	$	1,251,299	$	(230,981)	$	1,020,318	$	1,245,878	$	(180,372)	$	1,065,506
Investment management intangibles (3)	226,471		(98,219)		128,252		226,471		(90,624)		135,847
Customer relationships and service contracts (4)	218,081		(23,275)		194,806		217,809		(13,547)		204,262
Trade names	41,900		(16,665)		25,235		41,900		(4,713)		37,187
Other (5)	24,596		(679)		23,917		25,574		(651)		24,923
Total deferred leasing costs and intangible assets	$	1,762,347	$	(369,819)	$	1,392,528	$	1,757,632	$	(289,907)	$	1,467,725
Intangible Liabilities
Lease intangible liabilities (2)	$	154,103	$	(64,188)	$	89,915	$	153,808	$	(59,956)	$	93,852

__________

(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 data center services provided in the colocation data center business.

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 14):


	Three Months Ended March 31,
(In thousands)		2021		2020



Net increase (decrease) to rental income (1)		$	(5,836)	$	3,660

Amortization expense
Deferred leasing costs and lease related intangibles		$	45,475	$	15,240
Investment management intangibles		6,238		6,658
Customer relationships and service contracts		9,837		3,695
Trade name		11,951		1,098
Other		459		74
		$	73,960	$	26,765

__________

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

Schedule of Estimated Annual Amortization Expense


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



Net increase (decrease) to rental income	$	53	$	1,431	$	3,111	$	2,392	$	1,168	$	(5,047)	$	3,108











Amortization expense	189,235		162,906		141,252		112,248		100,057		581,627		1,287,325