View Filing Data

25,914,000

778,000

^[2]

47,440,000

9,665,000

24,476,000

^[2]

Other expenses

7,774,000

1,640,000

601,000

^[2]

General and administrative expenses

^[3]

159,820,000

125,817,000

88,855,000

^[2]

Total general and administrative expenses

41,404,000

33,386,000

17,717,000

^[2]

201,224,000

159,203,000

106,572,000

^[2]

Depreciation and amortization

10,020,000

1,880,000

894,000

^[2]

Total expenses

314,026,000

290,556,000

236,971,000

^[2]

Unrealized gain (loss) on investments and other

(4,492,000)

(4,274,000)

(410,000)

^[2]

Realized gain (loss) on investments and other

(16,226,000)

^[2]

Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)

63,798,000

140,991,000

21,761,000

^[2]

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

(5,782,000)

1,625,000

(1,039,000)

^[2]

Income (loss) before income tax benefit (expense)

58,016,000

142,616,000

20,722,000

^[2]

(11,022,000)

(21,869,000)

(1,622,000)

^[2]

Net (income) loss attributable to non-controlling interests

46,994,000

120,747,000

19,100,000

^[2]

(442,000)

(953,000)

^[2]

Net (income) loss attributable to redeemable non-controlling interests

(4,271,000)

^[2]

Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders

$ 42,281,000

$ 119,794,000

$ 19,100,000

^[2]

Earnings (loss) per share:

Basic (in dollars per share)

$ 0.21

$ 0.61

$ 0.10

^[2]

Diluted (in dollars per share)

$ 0.21

$ 0.61

$ 0.10

^[2]

Weighted average number of shares:

Basic (shares)

183,327,035

188,705,876

187,852,524

^[2]

Dilutive (shares)

185,111,530

191,014,044

190,441,189

^[2]

Statement of Comprehensive Income [Abstract]

$ 61,577,000

$ 57,468,000

$ 51,650,000

[1]	NSAM began earning fees on July 1, 2014, in connection with the management agreement with NorthStar Realty and began earnings fees on November 1, 2015, in connection with the management agreement with NorthStar Europe (refer to Note 3).
[2]	The consolidated financial statements for the year ended December 31, 2014 represent NSAM’s results of operations following the NSAM Spin-off on June 30, 2014. The year ended December 31, 2014 includes: (i) NSAM’s results of operations for the six months ended December 31, 2014, which represents the activity following the NSAM Spin-off; and (ii) NSAM’s results of operations for the six months ended June 30, 2014, which represents a carve-out of its historical financial information including revenues and expenses attributable to NSAM, related to NorthStar Realty’s historical asset management business. As a result, the two years ended December 31, 2016 may not be comparable to the prior period presented.
[3]	The years ended December 31, 2016, 2015 and 2014 include $61.6 million, $57.5 million and $51.7 million, respectively, of equity-based compensation expense. Refer to Note 9 for further disclosure.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Foreign currency translation adjustment, net

$ 46,994

$ 120,747

$ 19,100

^[1]

Other comprehensive income (loss):

(335)

Total other comprehensive income (loss)

(335)

Comprehensive income (loss)

46,659

120,747

19,100

Comprehensive (income) loss attributable to non-controlling interests

(442)

(953)

Comprehensive (income) loss attributable to redeemable non-controlling interests

(4,216)

Comprehensive income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders

$ 42,001

$ 119,794

$ 19,100

[1]

The consolidated financial statements for the year ended December 31, 2014 represent NSAM’s results of operations following the NSAM Spin-off on June 30, 2014. The year ended December 31, 2014 includes: (i) NSAM’s results of operations for the six months ended December 31, 2014, which represents the activity following the NSAM Spin-off; and (ii) NSAM’s results of operations for the six months ended June 30, 2014, which represents a carve-out of its historical financial information including revenues and expenses attributable to NSAM, related to NorthStar Realty’s historical asset management business. As a result, the two years ended December 31, 2016 may not be comparable to the prior period presented.

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total NorthStar Stockholders’ Equity	Common Stock	Common Stock Performance Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Non-controlling Interests
Beginning Balance (shares) at Dec. 31, 2013			0	0
Beginning Balance at Dec. 31, 2013	$ 28,368	$ 28,368	$ 0	$ 0	$ 105,498	$ 0	$ (77,130)	$ 0
Increase (Decrease) in Stockholders' Equity
Capital contribution of NorthStar Realty (shares)			188,597
Capital contribution of NorthStar Realty	121,209	121,209	$ 1,886		119,323
Amortization of equity-based compensation	51,519	51,519			51,519			0
Issuance of common stock to directors (shares)			38
Issuance of common stock related to transactions (shares)			956
Issuance of common stock related to transactions (refer to Note 4)	10,310	10,310	$ 10		10,300
Issuance of common stock relating to equity-based compensation, net of forfeitures (shares)			827
Issuance of common stock relating to equity-based compensation, net of forfeitures	0		$ 8		(8)
Settlement of RSUs to common stock, net (shares)			3,030
Settlement of RSUs to common stock, net (refer to Note 9)	0		$ 31		(31)
Settlement of RSUs to performance common stock (shares) (refer to Note 9)				3,738
Settlement of RSUs to performance common stock (refer to Note 9)	0			$ 37	(37)
Dividends on common stock and equity-based awards (refer to Note 9)	(19,063)	(19,063)					(19,063)	0
Restricted Stock, Shares, Tax Withholding Related to Vesting			(500)
Restricted Stock, Value, Tax Withholding Related to Vesting	(11,294)	(11,294)	$ (5)		(11,289)
Excess tax benefit from equity-based compensation	1,599	1,599			1,599
Net income (loss)	19,100	19,100					19,100	0
Ending Balance (shares) at Dec. 31, 2014			192,948	3,738
Ending Balance at Dec. 31, 2014	201,748	201,748	$ 1,930	$ 37	276,874	0	(77,093)	0
Increase (Decrease) in Stockholders' Equity
Amortization of equity-based compensation	58,366	53,416			53,416			4,950
Issuance of common stock related to transactions (shares)			208
Issuance of common stock related to transactions (refer to Note 4)	4,507	4,507	$ 2		4,505
Issuance of common stock relating to equity-based compensation, net of forfeitures (shares)			275
Issuance of common stock relating to equity-based compensation, net of forfeitures	0		$ 3		(3)
Settlement of RSUs to common stock, net (shares)			49
Settlement of RSUs to common stock, net (refer to Note 9)	(7,227)	(7,227)	$ 0		(7,227)
Dividends on common stock and equity-based awards (refer to Note 9)	(78,391)	(77,853)					(77,853)	(538)
Excess tax benefit from equity-based compensation	(1,068)	(1,068)			(1,068)
Conversion of Deferred LTIP Units to LTIP Units and common stock, net (shares)			4
Conversion of Deferred LTIP Units to LTIP Units and common stock, net	0	(4,400)	$ 0		(4,400)			4,400
Retirement of shares of common stock (shares)			(7,799)
Retirement of shares of common stock	(105,156)	(105,156)	$ (78)		(105,078)
Issuance of performance common stock (shares)				475
Issuance of performance common stock (refer to Note 9)	0			$ 5	(5)
Reallocation of non-controlling interests in the NSAM OP (refer to Note 11)	0	8,087			8,087			(8,087)
Call Spread premium, net	(16,783)	(16,783)			(16,783)
Net income (loss)	120,747	119,794					119,794	953
Ending Balance (shares) at Dec. 31, 2015			185,685	4,213
Ending Balance at Dec. 31, 2015	176,743	175,065	$ 1,857	$ 42	208,318	0	(35,152)	1,678
Increase (Decrease) in Stockholders' Equity
Amortization of equity-based compensation	63,217	59,411			59,411			3,806
Issuance of common stock related to transactions (shares)			94
Issuance of common stock related to transactions (refer to Note 4)	1,010	1,010	$ 1		1,009
Issuance of common stock relating to equity-based compensation, net of forfeitures (shares)			1,430
Issuance of common stock relating to equity-based compensation, net of forfeitures	(17,068)	(17,068)	$ 14		(17,082)
Settlement of RSUs to common stock, net (shares)			362
Settlement of RSUs to common stock, net (refer to Note 9)	(3,152)	(3,152)	$ 4		(3,156)
Dividends on common stock and equity-based awards (refer to Note 9)	(76,387)	(75,670)					(75,670)	(717)
Excess tax benefit from equity-based compensation	(480)	(480)			(480)
Conversion of Deferred LTIP Units to LTIP Units and common stock, net (shares)			201
Conversion of Deferred LTIP Units to LTIP Units and common stock, net	0	275	$ 2		273			(275)
Issuance of restricted stock related to Townsend (shares)			658
Issuance of restricted stock related to Townsend (refer to Note 9)	0		$ 6		(6)
Issuance of performance common stock (shares)				997
Issuance of performance common stock (refer to Note 9)	0			$ 10	(10)
Reallocation of non-controlling interests in the NSAM OP (refer to Note 11)	0	3,381			3,381			(3,381)
Allocation of redeemable non-controlling interests (refer to Note 11)	(661)	(661)			(661)
Other comprehensive income (loss)	(280)	(280)				(280)
Net income (loss)	42,723	42,281					42,281	442
Ending Balance (shares) at Dec. 31, 2016			188,430	5,210
Ending Balance at Dec. 31, 2016	$ 185,665	$ 184,112	$ 1,884	$ 52	$ 250,997	$ (280)	$ (68,541)	$ 1,553

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Cash flows from operating activities:

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

$ 46,994

$ 120,747

$ 19,100

^[1]

Equity in (earnings) losses of unconsolidated ventures

5,782

(1,625)

1,039

^[1]

Impairment on convertible debt

1,000

Allowance for uncollectible accounts

167

Depreciation and amortization

10,020

1,880

894

Amortization of deferred financing costs

3,956

337

Amortization of equity-based compensation

61,145

57,036

51,519

Unrealized (gain) loss on investments and other

4,492

4,274

410

Realized (gain) loss on investments and other

16,226

Deferred income tax, net

(5,794)

7,785

3,095

Other income

(1,838)

Distribution from unconsolidated ventures

2,001

4,444

Straight line rental expense

(541)

123

153

Change in assets and liabilities:

Restricted cash

16,733

(33,590)

(3,190)

Receivables, net

43,618

(16,183)

(54,439)

Other assets

(255)

(16,662)

(17,602)

Other liabilities

2,587

(34)

Accounts payable and accrued expenses

(36,453)

44,433

35,546

Commission payable

(1,091)

(3,553)

10,196

Net cash provided by (used in) operating activities

168,749

169,412

46,721

Cash flows from investing activities:

Acquisition of Townsend, net (refer to Note 1)

(377,355)

Investment in convertible debt

(1,092)

Distribution from unconsolidated ventures

(6,115)

(35,631)

(43,582)

15,021

6,349

Settlement of acquisition of securities (Refer to Note 6)

(7,612)

(43,357)

(6,040)

Net cash provided by (used in) investing activities

(383,193)

(72,639)

(43,582)

Cash flows from financing activities:

Contribution from NorthStar Realty

116,397

Borrowings from credit facility

100,000

Borrowings from term loan

500,000

Repayment of term loan

(3,750)

Repayment of credit facility

(100,000)

Payment of financing costs

(34,821)

(1,240)

Call Spread Premium, net

16,783

Repurchase of shares related to equity-based awards and tax withholding

(18,099)

(18,521)

Excess tax benefit from equity-based compensation

(480)

(1,068)

1,599

Dividends

(75,939)

(77,968)

(19,063)

Contributions from redeemable non-controlling interests

500

Distributions to redeemable non-controlling interests

(5,471)

Retirement of shares of common stock

(105,156)

Net cash provided by (used in) financing activities

261,940

(120,736)

98,933

Effect of foreign exchange rate changes on cash

(537)

(529)

(410)

Net increase (decrease) in cash

46,959

(24,492)

101,662

Cash - beginning of period

84,707

109,199

7,537

Cash - end of period

131,666

84,707

109,199

Supplemental disclosure of non-cash investing and financing activities:

Contributions from redeemable non-controlling interests

74,759

Note receivable from third party related to the sale of the Island Interest

28,485

Assumption of deferred tax liability

5,928

Reclassification related to measurement adjustments/other

2,850

Reallocation of non-controlling interests in the NSAM OP

3,381

8,087

2,310

11,294

Issuance of common stock related to settlement of award (refer to Note 9)

1,010

Allocation of redeemable non-controlling interests in Townsend

661

Dividend payable related to RSUs

450

423

Conversion of LTIP Units to common stock

275

Issuance of common stock related to transactions (refer to Note 4)

4,507

10,310

Conversion of Deferred LTIP Units to LTIP Units

4,400

Deemed capital contribution from NorthStar Realty

4,811

Accrued transaction costs relating to investments in unconsolidated ventures

1,538

Distribution from unconsolidated ventures

231

Equity incentive plan

Supplemental Cash Flow Information [Abstract]

Payment of interest expense

18,039

346

Payment of income tax

$ 22,292

$ 25,568

$ 6,700

[1]

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NSAM Historical Business NorthStar Asset Management Group Inc. (“NSAM”), commenced operations on July 1, 2014 upon the spin-off by NorthStar Realty Finance Corp. (“NorthStar Realty”), of its asset management business into a separate publicly-traded company, or the NSAM Spin-off. Prior to the Mergers, as defined below, NSAM was a global asset management firm focused on strategically managing real estate and other investment platforms in the United States and internationally including a substantial business raising and managing capital in the retail marketplace accessing a variety of pools of capital through various vehicles that include real estate investment trusts (“REITs”) and closed-end funds, which is referred to as the Retail Companies. Such Retail Companies raise capital through the retail market through NorthStar Securities, LLC (“NorthStar Securities”), a captive broker-dealer platform registered with the United States Securities and Exchange Commission (“SEC”). In addition, NSAM managed NorthStar Realty and NorthStar Realty Europe Corp. (“NorthStar Europe”), two publicly listed REITs, referred to as the NorthStar Listed Companies, and together with the Retail Companies are referred to as the Managed Companies. In addition, NSAM entered into strategic partnerships and joint ventures with third parties with expertise in commercial real estate or other sectors and markets to augment NSAM’s business operations, while at the same time benefiting from fee streams generated by such strategic partnerships and joint ventures. Such investments have included the acquisition of an 84% interest in Townsend, a 43% interest in American Healthcare Investors LLC (“AHI” or “AHI Interest”) and a 45% interest in Island Hospitality Management Inc. (“Island” or “Island Interest”). Mergers of NorthStar Asset Management Group Inc. with Colony Capital, Inc. and NorthStar Realty Finance Corp. On January 10, 2017, NSAM completed the tri-party merger with Colony Capital, Inc. (“Colony”) and NorthStar Realty under which the companies combined in an all-stock merger of equals transaction to create an internally-managed, diversified real estate and investment management company (referred to as the “Mergers”). The Mergers create a leading global equity REIT with an embedded investment management platform with increased scale and capabilities. Under the terms of the merger agreement, NSAM redomesticated to Maryland and elected to be treated as a REIT beginning in 2017 and Colony and NorthStar Realty, through a series of transactions, merged with and into the redomesticated NSAM, which was renamed Colony NorthStar, Inc. (“Colony NorthStar”). NSAM’s common stockholders received one share of Colony NorthStar’s common stock for each share of NSAM common stock they owned. NSAM’s stockholders received approximately 32.85%, Colony stockholders received approximately 33.25% and NorthStar Realty stockholders received approximately 33.90% of the combined company on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Mergers. Prior to the closing of the Mergers, NSAM’s board of directors declared a special cash dividend in the amount of $228 million to NSAM’s common stockholders. NSAM, Colony and NorthStar Realty each have significant pre-combination activities and the Mergers will be accounted for as a business combination by the combined company in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations. Although NSAM is the legal acquirer in the Mergers, Colony has been designated as the accounting acquirer, resulting in a reverse acquisition of NSAM for accounting purposes. The historical consolidated financial statements included herein represent NSAM’s consolidated financial position, results of operations, other comprehensive income and cash flows prior to the Mergers. As such, the consolidated financial statements included herein do not reflect Colony NorthStar’s financial position, results of operations, other comprehensive income and cash flows in the future or what Colony NorthStar’s financial position, results of operations, other comprehensive income and cash flows would have been had NSAM been merged with Colony and NorthStar Realty during the historical periods presented. References to “Colony NorthStar” refer to Colony subsequent to the Mergers unless the context specifically requires otherwise. References to “NSAM” refer to the historical business of NSAM prior to the Mergers unless the context specifically requires otherwise.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Accounting

The accompanying consolidated financial statements and related notes of NSAM are presented on a carve-out basis for the periods prior to June 30, 2014 and have been prepared from the historical consolidated balance sheets, statements of operations and cash flows attributed to the historical asset management business of NorthStar Realty and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

The consolidated financial statements for the years ended December 31, 2016 and 2015 represent NSAM’s results of operations following the NSAM Spin-off. In connection with the NSAM Spin-off, most of NorthStar Realty’s employees at the time of the NSAM Spin-off became employees of NSAM except for executive officers, employees engaged in NorthStar Realty’s loan origination business at the time of the NSAM Spin-off and certain other employees that became co-employees of both NSAM and NorthStar Realty. Therefore, subsequent to June 30, 2014, NSAM generally incurred substantially all employee-related cash costs.

Periods prior to June 30, 2014 present a carve-out of NorthStar Realty’s historical financial information, including revenues and expenses attributable to NSAM, related to NorthStar Realty’s historical asset management business. Expenses also included an allocation of indirect expenses from NorthStar Realty, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had NorthStar Realty’s historical asset management business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of NorthStar Realty’s operations. Additionally, periods prior to June 30, 2014 did not reflect the management agreement NSAM entered into with NorthStar Realty effective July 1, 2014.

Principles of Consolidation

NSAM’s consolidated financial statements include the accounts of NSAM, its operating partnership (“NSAM OP”) and their consolidated subsidiaries. NSAM consolidates variable interest entities (“VIE”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by NSAM. All significant intercompany balances are eliminated in consolidation.

Variable Interest Entities

A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. NSAM bases the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.

NSAM reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. NSAM determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for NSAM or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to NSAM’s business activities and the other interests. NSAM reassesses the determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.

NSAM evaluates the Managed Companies, investments in unconsolidated ventures and securitization financing transactions to which NSAM is the special servicer to determine whether they are a VIE. NSAM analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.

Voting Interest Entities

A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If NSAM has a majority voting interest in a voting interest entity, the entity will generally be consolidated. NSAM does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote.

NSAM performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.

Investments in Unconsolidated Ventures

A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method, at fair value or the cost method.

Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.

NSAM may account for an investment in an unconsolidated entity at fair value by electing the fair value option. NSAM may record the change in fair value for its share of the projected future cash flow or may follow the practical expedient of the net asset value of the underlying fund investment based on the most recent available information, which is generally on a one quarter lag. NSAM will record the change from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).

NSAM may account for an investment in an unconsolidated entity that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if it determines that it does not have significant influence. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.

NSAM reviews its investments in unconsolidated ventures for which it did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, NSAM considers U.S. and global macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in equity in earnings (losses) of unconsolidated ventures in the consolidated statements of operations.

Non-controlling Interests

A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to NSAM. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.

Redeemable Non-controlling Interests

A redeemable non-controlling interest is the non-controlling interest in a subsidiary in which the holders have the ability to require NSAM to repurchase interests in the subsidiary. These interests are presented as redeemable non-controlling interests, outside of permanent equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) attributable to redeemable non-controlling interests. NSAM records the redeemable non-controlling interest at its redemption value and adjusts the carrying amount of such interest to the redemption value at the end of each reporting period, but such amount will not be less than the initial carrying amount. An allocation to a redeemable non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.

Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.

Reclassifications

Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.

Cash

NSAM considers all highly-liquid investments with an original maturity date of three months or less and deposits held with third parties that are readily convertible to cash to be cash equivalents. Cash, including amounts restricted at certain banks and financial institutions and amounts held outside of the United States, may at times exceed insurable amounts. NSAM mitigates credit risk by placing cash with major financial institutions. To date, NSAM has not experienced any losses on cash.

Restricted Cash

Restricted cash primarily represents cash held by NSAM’s foreign subsidiaries due to certain regulatory capital requirements.

Business Combinations

NSAM accounts for purchases of assets that qualify as business combinations using the acquisition method where the purchase price is allocated to tangible and intangible assets acquired based on estimated fair value. The excess of the fair value of purchase consideration over the fair value of these identifiable assets is recorded as goodwill. Such valuation requires management to make significant estimates and assumptions, especially with respect to intangible assets including, but not limited to, customer relationships, acquired technology and trade names. Management’s estimate of fair value is based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ materially from estimates. During the measurement period, which is up to one year from the acquisition date, NSAM may record adjustments to the assets acquired, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred.

On January 29, 2016, NSAM acquired an approximate 84% interest in Townsend for $383.0 million, net of post closing adjustments. The following table presents the final allocation of the purchase price of the assets acquired and the liabilities assumed upon the closing of Townsend (dollars in thousands):



Assets:
Cash	$	14,318
Investments in unconsolidated ventures⁽¹⁾	17,738
Intangible assets	209,320
Goodwill⁽²⁾⁽³⁾	243,328
Other assets acquired	42,547
Total assets	$	527,251
Liabilities:
Accounts payable and accrued expenses	$	34,312
Other liabilities acquired	26,476
Total liabilities	60,788
Redeemable non-controlling interests	75,320
Total equity⁽⁴⁾	391,143
Total liabilities and equity	$	527,251

_____________________


(1)	Represents Townsend’s interest in real estate private equity funds sponsored by Townsend (“Townsend Funds”) (refer to Note 4).


(2)	Colony NorthStar expects $166.5 million of goodwill to be deductible for tax purposes.


(3)	Goodwill includes $5.5 million related to a share deal acquisition of the seller’s corporate entity. The deferred tax liability and corresponding goodwill are recorded at acquisition based on differences between book and tax basis.


(4)	Represents NSAM’s investment in Townsend prior to a post closing adjustment of $7.6 million relating to a distribution of excess cash to NSAM.

From the Townsend Acquisition Date through December 31, 2016, NSAM recorded revenue of $66.2 million and net income of $24.4 million.

The following table presents unaudited consolidated pro forma results of operations based on NSAM’s historical financial statements and adjusted for the acquisition of Townsend and related borrowing as if it occurred on January 1, 2015. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of NSAM would have been, nor are they indicative of the consolidated results of operations in the future (dollars in thousands, except per share data):



	Years Ended December 31,
	2016⁽¹⁾		2015⁽¹⁾
Pro forma total revenues	$	402,422	$	501,776
Pro forma net income (loss) attributable to common stockholders	$	48,820	$	115,621
Pro forma EPS - basic	$	0.25	$	0.59
Pro forma EPS - diluted	$	0.25	$	0.59

_____________________


(1)	Excludes non-recurring transaction costs and prior compensation arrangements of Townsend.

Intangible Assets

NSAM records acquired identified intangibles, which includes intangible assets (such as goodwill and other intangibles), based on estimated fair value. Other intangible assets are amortized into depreciation and amortization expense in the consolidated statements of operations on a straight-line basis over the estimated useful life, reflecting the manner in which the related benefit is expected to be realized.

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. NSAM performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. NSAM first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit, related to such goodwill, is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill with the carrying amount of such goodwill. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, allocating the reporting unit’s estimated fair value to its net assets and identifiable intangible assets. The residual amount represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment loss is recorded in the consolidated statements of operations.

Estimates of fair value used in the evaluation of goodwill (if necessary based on our qualitative assessment), are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as EBITDA, EBITDA margins, revenue growth rates and capital spending requirements, estimates of future cash flow, discount rates, general economic conditions and trends or other available market data. NSAM’s ability to accurately predict future operating results and cash flow and to estimate and allocate fair value impacts the timing and recognition of impairment. While NSAM believes its assumptions are reasonable, changes in these assumptions may have a material impact on its financial results.

The following table presents identified intangibles as of December 31, 2016 (dollars in thousands):



	Gross Amount		Estimated Useful Life	Accumulated Amortization			Net Amount
Intangible assets:
Customer relationships⁽¹⁾	$	185,580	20 to 30 years	$	(6,488	)	$	179,092
Performance fees⁽¹⁾	5,710		2 to 11 years	(579		)	5,131
Trade names	17,820		30 years	(545		)	17,275
Proprietary technology	210		3 years	(77		)	133
Subtotal intangible assets	209,320			(7,689		)	201,631
Goodwill	243,328			—			243,328
Total	$	452,648		$	(7,689	)	$	444,959

_____________________


(1)	Includes existing customers and expected retention of such customers.

The following table presents annual amortization of intangible assets (dollars in thousands):



Years Ending December 31:
2017	$	8,388
2018	8,256
2019	8,199
2020	8,199
2021	8,199
Thereafter	160,390
Total	$	201,631

Other Assets and Liabilities and Accounts Payable and Accrued Expenses

The following tables present a summary of other assets, other liabilities and accounts payable and accrued expenses as of December 31, 2016 and 2015 (dollars in thousands):



	December 31,
	2016		2015
Other assets:
Note receivable⁽¹⁾	$	28,485	$	—
Deferred tax asset, net	19,543		10,880
Prepaid expenses	8,571		4,781
Prepaid income taxes	6,874		—
Due from related party⁽²⁾	5,106		—
Furniture, fixtures and equipment, net	4,065		4,333
Pending deal costs	3,945		625
Security deposits	2,587		2,380
Other	747		932
Due from participating broker-dealers	133		398
Deferred financing costs, net	—		912
Total	$	80,056	$	25,241



	December 31,
	2016		2015
Other liabilities:
Townsend Funds liability⁽³⁾	$	16,516	$	—
Deferred tax liability, net⁽⁴⁾	9,442		—
Deposit payable	2,420		—
Deferred incentive fees⁽⁵⁾	1,913		—
Other	556		930
Total	$	30,847	$	930

________________


(1)	Represents a $28.5 million note receivable from a third party related to the sale of the Island Interest (refer to Note 4) in connection with the Mergers.


(2)	NSAM recorded the present value of the expected future distribution fees as receivable/income from certain Retail Companies and corresponding payable/expense to participating broker-dealers each of $5.1 million as of December 31, 2016.


(3)	Represents an obligation to the sellers who are entitled to approximately 84% of the value of the Townsend Funds at the Townsend Acquisition Date, along with any income related to capital contributed prior to acquisition. NSAM is obligated to fund contributions and is entitled to any income on such contributions subsequent to the Townsend Acquisition Date (refer to Note 4).


(4)	Primarily represents deferred tax liability related to the Townsend acquisition related to a share deal acquisition of the seller’s corporate entity. The deferred tax liability and corresponding goodwill are recorded at acquisition based on differences between the book and tax basis.


(5)	Represents incentive fees received that are not yet earned related to the Townsend Funds (refer to below) and as a result, represents a contingent obligation.



	December 31,
	2016		2015
Accounts payable and accrued expenses:
Accrued bonus and related taxes	$	46,538	$	63,935
Incentive fee compensation⁽¹⁾	12,565		—
Accrued operating expenses	17,479		8,771
Accrued payroll	1,273		1,312
Accrued interest payable	3,916		92
Accrued tax withholding⁽²⁾	2,310		—
Dividends payable related to equity-based awards	526		574
Accrued equity-based compensation awards (refer to Note 9)	896		763
Accrued participating interest buyout⁽³⁾	—		8,110
Share purchase payable⁽⁴⁾	—		6,603
Total	$	85,503	$	90,160

__________________

(1)

Approximately 50% of incentive fees received by the Townsend Funds are due to certain employees of Townsend. Payment is made to such employees when such incentive fee income is earned and approved by executive management of Townsend (refer to below). NSAM records the expense in compensation expense in the consolidated statements of operations when payment becomes probable and reasonably estimable but no later than the period in which the underlying income is recognized.


(2)	Represents withholding tax related to vesting and net settlement of equity-based awards.


(3)	Represented a one-time buyout in satisfaction of all participating interests related to non-executive incentive interests in the advisor to NSAM’s first Retail Company (refer to Note 3).


(4)	Related to the purchase of NorthStar Realty shares which were settled in January 2016 (refer to Note 6).

Securities

The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. NSAM elected to apply the fair value option for its securities investments because management believes it is a more useful presentation for such investments. Any unrealized gain (loss) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations. Dividend income is recorded in other income in the consolidated statements of operations.

Deferred Financing Costs

Deferred financing costs represent legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, if any, are expensed in the period in which it is determined that the financing will not occur.

Revenue Recognition

Asset Management and Other Fees

Asset management and other fees include base and incentive fees earned from the NorthStar Listed Companies, acquisition, disposition and other fees earned from the Retail Companies and fees earned from clients and limited partners of Townsend. Asset management and other fees are recognized based on contractual terms specified in the underlying governing documents in the periods during which the related services are performed and the amounts have been contractually earned. Incentive fees and payments are recognized subject to the achievement of return hurdles in accordance with the respective terms set forth in the governing documents. Incentive fees that are subject to contingent repayment are not recognized as revenue until all related contingencies have been resolved.

Selling Commission and Dealer Manager Fees and Commission Expense

Selling commission and dealer manager fees represent income earned by NSAM for selling equity in the Retail Companies through NorthStar Securities. Selling commission, dealer manager fees and commission expense are accrued on a trade date basis. As of December 31, 2016, commission payable of $5.7 million includes $0.1 million due to NorthStar Securities’ employees.

The present value of the expected future distribution fees earned from certain Retail Companies and incurred to participating broker-dealers is recorded gross on the consolidated balance sheets and in the consolidated statements of operations.

Allowance for Doubtful Accounts

An allowance for a doubtful account is established when, in the opinion of NSAM, a full recovery of a receivable becomes doubtful. A receivable is written off when it is no longer collectible and/or legally discharged. As of December 31, 2016, there was $0.6 million of allowance for doubtful accounts.

Equity-Based Compensation

NSAM accounts for equity-based compensation awards, including awards granted to co-employees (refer to Note 9), using the fair value method, which requires an estimate of the fair value of the award. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. NSAM recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. NSAM recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. NSAM recognizes compensation expense over the requisite service period, net of estimated forfeitures, on a straight-line basis.

For awards with a combination of performance or market measures, NSAM estimates the fair value as if it were two separate awards. First, NSAM estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, NSAM recognizes the compensation expense based on the fair value of the market measure, as described above. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, NSAM records compensation expense based on the performance-based measure. NSAM would then record a cumulative catch-up adjustment for any additional compensation expense.

Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest, if any.

In connection with the Mergers, substantially all outstanding time-based equity awards issued to executives and non-executive employees vested in accordance with their terms. In addition, all or a portion of the outstanding NSAM performance-based awards issued to executives and non-executives vested in accordance with their terms, subject to forfeiture and reduction. As such, substantially all remaining unrecognized compensation cost was recognized immediately.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the spot currency exchange rate at the time of the transaction. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on foreign currency in the consolidated statements of operations.

Comprehensive Income (Loss)

NSAM reported consolidated comprehensive income (loss) in a separate statement following the consolidated statements of operations. Comprehensive income (loss) is defined as a change in equity resulting from net income (loss) and OCI. The component of OCI includes an adjustment for foreign currency translation.

Earnings Per Share

NSAM’s basic earnings per share (“EPS”) is calculated using the two-class method for each class of common stock and participating security as if all earnings had been distributed by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS reflects the maximum potential dilution that could occur from NSAM’s share-based compensation, consisting of unvested restricted stock awards, restricted stock units (“RSUs”), performance common stock or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock, including limited partnership interests in the NSAM OP which are structured as profits interests (“LTIP Units”). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. NSAM’s unvested restricted stock awards, certain RSUs and LTIPs Units contain rights to receive non-forfeitable dividends and thus are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive.

Under the two-class method, net income is first reduced for distributions declared on all classes of participating securities to arrive at undistributed earnings. Under the two-class method, net loss is reduced for distributions declared on participating securities only if such security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity.

Income Taxes

Certain of NSAM’s subsidiaries are subject to taxation by federal, state, local and foreign authorities for the periods presented. On March 13, 2015, NSAM restructured by forming the NSAM OP, under Delaware law, by converting an existing limited liability company disregarded as separate from NSAM for federal income tax purposes to a Delaware limited partnership and admitting as limited partners LTIP Unit holders. The NSAM OP is taxed as a partnership for federal income tax purposes and consequently, its items of income gain, loss, deduction and credit are passed through to, and included in, the taxable income of each of its partners including NSAM. For the period prior to March 13, 2015, NSAM and its U.S. subsidiaries filed consolidated federal income tax returns. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred tax assets and liabilities.

Recent Accounting Pronouncements

The below represent the evaluation by Colony NorthStar of the impact of recent accounting pronouncements on its consolidated financial position, results of operations and financial statement disclosures subsequent to the Mergers as it relates to NSAM’s historical business.

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. The accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to extent that it is probable a significant revenue reversal would not occur. The new revenue standard may be applied retrospectively to each prior period presented (full retrospective) or retrospectively to contracts not completed as of date of initial application with the cumulative effect recognized in retained earnings (modified retrospective). In July 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. These amendments have the same effective date and transition requirements as the new standard. Colony NorthStar plans to adopt the standard on its required effective date of January 1, 2018 using the modified retrospective approach. While Colony NorthStar continues to assess all potential impacts of the standard on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers, it currently believes that NSAM’s historical management fees and selling commission and dealer manager fees will not be materially affected and continue to monitor accounting updates as it relates to NSAM’s historical performance fees which will be subject to the revenue recognition provisions for variable consideration.

In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. NSAM adopted this guidance in the first quarter 2016 and determined the NSAM OP is considered a VIE. NSAM is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and NSAM’s partnership interest is considered a majority voting interest. As such, this standard did not have a material impact on NSAM’s historical consolidated financial position or results of operations.

In May 2015, the FASB issued updated guidance that removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied retrospectively to all periods presented. In the first quarter 2016, NSAM adopted this guidance and, as a result, the fair value of its interest in real estate private equity funds sponsored by Townsend of $21.0 million is not included in Level 3 within the fair value hierarchy as of December 31, 2016. NSAM did not have any investments measured using net asset value as of December 31, 2015.

In January 2016, the FASB issued an accounting update that addressed certain aspects of accounting and disclosure requirements of financial instruments, including the requirement that equity investments with readily determinable fair value be measured at fair value with changes in fair value recognized in results of operations. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. NSAM does not have any equity investments with readily determinable fair value recorded as available-for-sale. Colony NorthStar does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In February 2016, the FASB issued an accounting update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The update is expected to result in the recognition of a right-to-use asset and related liability to account for NSAM’s future obligations under its lease arrangements for which it is the lessee. As of December 31, 2016, the remaining contractual payments under lease agreements are discussed in Note 8. Additionally, the new update will require that lessees capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The new guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Colony NorthStar continues to assess the potential effect that the adoption of the updated guidance will have on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In March 2016, the FASB issued guidance which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. The update requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment become qualified for equity method accounting. The update should be applied prospectively upon their effective date to increases in the level of ownership interests or degree of influence that results in the adoption of the equity method. The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Colony NorthStar will adopt the new guidance prospectively on January 1, 2017 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In March 2016, the FASB issued guidance which amends several aspects of the accounting for equity-based payment transactions, including the income tax consequences, increasing the fair value of shares applied for income tax withholding without triggering liability accounting, allowing forfeitures related to service condition to be recognized upon occurrence, classification of awards as either equity or liabilities and classification on the statements of cash flows. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Colony NorthStar will adopt the new guidance prospectively on January 1, 2017 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In June 2016, the FASB issued guidance that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures (e.g., loan commitments). The new guidance is effective for reporting periods beginning after December 15, 2019 and will be applied as a cumulative adjustment to retained earnings as of the effective date. Colony NorthStar is currently assessing the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In August 2016, the FASB issued guidance that makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. Colony NorthStar does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In November 2016, the FASB issued guidance which requires entities to show the changes in the total of cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. Entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017 and will be applied retrospectively to all periods presented. Colony NorthStar does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In January 2017, the FASB issued guidance to clarify the definition of a business under ASC 805. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The amendments in this update will be applied on a prospective basis. Colony NorthStar does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

In January 2017, the FASB issued guidance which removes Step 2 from the goodwill impairment test. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Colony NorthStar anticipates early adoption of this guidance for the annual goodwill impairment test in 2017 for its consolidated financial statements and related disclosures, as applicable, subsequent to the Mergers as it relates to NSAM’s historical business.

Management Agreements

12 Months Ended

Dec. 31, 2016

Management Agreements [Abstract]

Management Agreements

The following table presents asset management and other fees earned from the Managed Companies and Townsend (dollars in thousands):



	Years Ended December 31,
	2016		2015		2014
NorthStar Listed Companies	$	200,833	$	201,049	$	82,759
Retail Companies	99,594		106,939		64,979
Institutional Capital⁽¹⁾	66,188		—		—
Total	$	366,615	$	307,988	$	147,738

_________________


(1)	Represents fees earned through NSAM’s investment in Townsend. NSAM began earning fees on the Townsend Acquisition Date. NSAM was also entitled to $1.8 million of management and other fees from January 14, 2016 to the Townsend Acquisition Date, which was recorded net of operating expenses in other income in the consolidated statements of operations.

NorthStar Listed Companies

Management Agreement

As an asset manager, NSAM was responsible for the NorthStar Listed Companies’ day-to-day activities, subject to supervision and management by each of the NorthStar Listed Companies’ board of directors, as applicable. The management agreements with the NorthStar Listed Companies provided for a base management fee and incentive fee.

Upon completion of the Mergers, the management agreement with NorthStar Realty ceased to exist.

Base Management Fee and Incentive Fee

The following table presents a summary of the fee arrangements and amounts earned from the NorthStar Listed Companies:



	NorthStar Realty	NorthStar Europe
Commencement date	July 1, 2014	November 1, 2015
In place annual base management fee⁽¹⁾	$187.1 million	$14.2 million
Incentive fee hurdle to CAD per share⁽²⁾
15%	Excess of $0.68 and up to $0.78⁽³⁾	Excess of $0.30 and up to $0.36
25%	Excess of $0.78⁽³⁾	Excess of $0.36

__________________

(1)

The base management fee will increase for NorthStar Europe by an amount equal to 1.5% per annum of the sum of: the cumulative net proceeds of all future common equity and preferred equity issued, equity issued in exchange or conversion of exchangeable senior notes or stock-settlable notes based on the stock price at the date of issuance and any other issuances of common equity, preferred equity or other forms of equity, including but not limited to limited partnership interests in the NorthStar Europe operating partnerships, which are structured as profits interests (excluding units issued to the parent company and equity-based compensation, but including issuances related to an acquisition, investment, joint venture or partnership) by the NorthStar Europe and cumulative cash available for distribution (“CAD”) of the NorthStar Europe, in excess of cumulative distributions paid on common stock, LTIP units or other equity awards beginning the first full calendar quarter after the NSAM Spin-off and NRE Spin-off, respectively.

(2)

The incentive fee is calculated by the product of 15% or 25% and CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is within a certain hurdle multiplied by the weighted average shares outstanding of the NorthStar Listed Companies for the calendar quarter. Weighted average shares represent the number of shares of the NorthStar Listed Companies’ common stock, LTIP Units or other equity-based awards (with some exclusions), outstanding on a daily weighted average basis.


(3)	After giving effect to NorthStar Realty’s reverse stock split in October 2015 and the NRE Spin-off.

Payment of Costs and Expenses and Expense Allocation

The NorthStar Listed Companies are each responsible for all of their direct costs and expenses and reimburse NSAM for costs and expenses incurred by NSAM on their behalf. In addition, NSAM may allocate indirect costs to the NorthStar Listed Companies related to employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the applicable NorthStar Listed Company’s management agreements with NSAM (the “G&A Allocation”). NSAM’s management agreements with the NorthStar Listed Companies each provide that the amount of the G&A Allocation will not exceed the following: (i) 20.0% of the combined total of: (a) the NorthStar Listed Companies’ general and administrative expenses as reported in their consolidated financial statements excluding (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to NSAM under the terms of the applicable management agreement and (4) any allocation of expenses from NSAM to the NorthStar Listed Companies (“NorthStar Listed Companies’ G&A”); and (b) NSAM’s general and administrative expenses as reported in its consolidated financial statements, excluding equity-based compensation expense and adding back any costs or expenses allocated to any of the Managed Companies; less (ii) the NorthStar Listed Companies’ G&A. The G&A Allocation may include the applicable NorthStar Listed Company’s allocable share of NSAM’s compensation and benefit costs associated with dedicated or partially dedicated personnel who spend all or a portion of their time managing such NorthStar Listed Company’s affairs, based upon the percentage of time devoted by such personnel to such NorthStar Listed Company’s affairs. The G&A Allocation may also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses which may be allocated based on various methodologies, such as weighted average employee count or the percentage of time devoted by personnel to such NorthStar Listed Companies’ affairs. In addition, each NorthStar Listed Company will pay directly or reimburse NSAM for an allocable portion of any severance paid pursuant to any employment, consulting or similar service agreements in effect between NSAM and any of its executives, employees or other service providers. For the years ended December 31, 2016 and 2015 and six months ended December 31, 2014, NSAM allocated $2.2 million, $10.3 million and $5.2 million, respectively, of costs to the NorthStar Listed Companies. Such amounts are recorded net in general and administrative expense in the consolidated statements of operations.

Following the NRE Spin-off, as provided in NSAM’s management agreements with each NorthStar Listed Company, such NorthStar Listed Company’s obligations to reimburse NSAM for the G&A Allocation and any severance are shared among the NorthStar Listed Companies, at NSAM’s discretion, and the 20% cap on the G&A Allocation, as described above, applies on an aggregate basis to the NorthStar Listed Companies. NSAM currently determined to allocate these amounts based on total investments.

Pursuant to the management agreements with NorthStar Realty and NorthStar Europe, NorthStar Realty together with NorthStar Europe and any company spun-off from NorthStar Realty or NorthStar Europe, was obligated to pay directly or reimburse NSAM for up to 50% of any long-term bonus or other compensation that NSAM’s compensation committee determines shall be paid and/or settled in the form of equity and/or equity-based compensation to executives, employees and service providers of NSAM during any year. In accordance with these agreements, NorthStar Realty and NorthStar Europe were responsible for paying 50% of the 2016 and 2015 long-term bonuses earned under the NSAM Bonus Plan.

Retail Companies

The following table presents a summary of the Retail Companies, including capital raise activity and investments as of or through February 23, 2017: NorthStar Real Estate Income Trust, Inc. (“NorthStar Income”); NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”); NorthStar Real Estate Income II, Inc. (“NorthStar Income II”); NorthStar/RXR New York Metro Real Estate, Inc. (“NorthStar/RXR New York Metro”); NorthStar Real Estate Capital Income Fund (“NorthStar Capital Fund”) and NorthStar/Townsend Institutional Real Estate Fund Inc. (“NorthStar/Townsend Investment”):

Retail Company

Primary Strategy

Offering Amount(in millions)⁽¹⁾

Offering Period

Capital Raised (in millions)⁽¹⁾

Total Investments (in millions)

Effective

NorthStar Income

CRE Debt

1,200.0

Completed July 2013

1,293.4

1,599.9

NorthStar Healthcare

Healthcare Equity and Debt

2,100.0

Completed January 2016⁽²⁾

1,880.8

3,413.7

NorthStar Income II

CRE Debt

1,650.0

Completed November 2016⁽²⁾

1,145.5

1,739.8

NorthStar/RXR New York Metro⁽³⁾

New York Metro Area CRE Equity and Debt

2,000.0

Ends February 2018⁽⁴⁾⁽⁵⁾

12.8

⁽⁹⁾

11.0

NorthStar Capital Fund

CRE Debt and Equity

3,200.0

⁽⁶⁾

Ends July 2019⁽⁵⁾⁽⁷⁾

2.2

⁽⁹⁾

0.1

Not Yet Effective

NorthStar/Townsend Investment

CRE Debt and Equity

1,000.0

N/A⁽⁸⁾

N/A

________________


(1)	Represents amount of shares registered and raised to offer pursuant to each Retail Company’s public offering, distribution reinvestment plan and follow-on public offering.


(2)	NorthStar Healthcare successfully completed its initial public offering on February 2, 2015 by raising $1.1 billion in capital and its follow-on public offering on January 19, 2016 by raising $0.7 billion in capital. NorthStar Income II closed its initial public offering on November 9, 2016 and raised $1.1 billion in capital.


(3)	Any asset management and other fees incurred by NorthStar/RXR New York Metro will be shared equally between NSAM and RXR Realty, as co-sponsors.


(4)	NorthStar/RXR New York Metro’s registration statement became effective in 2015 and began raising capital in 2016. Colony NorthStar expects the capital raise to accelerate in 2017.


(5)	Offering period subject to extension as determined by the board of directors or trustees of each Retail Company.


(6)	Offering is for two feeder funds in a master feeder structure.


(7)	NorthStar Capital Fund’s registration statement was declared effective by the SEC in May 2016. Colony NorthStar expects NorthStar Capital Fund to begin raising capital from third parties in the first half 2017.


(8)	NorthStar/Townsend Investment submitted a registration statement on Form N-2 to the SEC in October 2016. Colony NorthStar expects NorthStar/Townsend Investment to begin raising capital in the first half 2017.


(9)	In connection with the distribution support agreement with each Retail Company, an affiliate of Colony NorthStar purchased shares of common stock in NorthStar/RXR New York Metro and NorthStar Capital Fund for $1.5 million and $2.0 million, respectively, since inception through December 31, 2016.

Pursuant to each of the advisory agreements with the current Retail Companies, NSAM may determine, in its sole discretion, to defer or waive, in whole or in part, certain asset management and other fees incurred. In considering whether to defer or waive any such fees, NSAM evaluated the specific facts and circumstances surrounding the incurrence of a particular fee and made the decision on a case by case basis. For the year ended December 31, 2016, NSAM is not seeking $4.0 million of acquisition fees related to investments in certain private equity funds and CRE securities.

Distribution Support

An affiliate of Colony NorthStar is committed to invest up to $10.0 million in each of the Retail Companies during the respective two-year period following commencement of the offering. In addition, an affiliate of Colony NorthStar is committed up to $10.0 million for distribution support in the event that the Retail Companies’ distributions to stockholders exceed certain measures of operating performance, in any Retail Company that Colony NorthStar may sponsor, up to a total of five new companies per year. The distribution support agreement related to NorthStar/RXR New York Metro is an obligation of both an affiliate of Colony NorthStar and RXR Realty, where each agreed to purchase 75% and 25% of any shares purchased, respectively. The distribution support agreement related to NorthStar Capital Fund is an obligation of an affiliate of Colony NorthStar.

Payment of Costs and Expenses and Expense Allocation

In addition, NSAM is entitled to certain expense allocations for costs paid on behalf of the Retail Companies which include: (i) reimbursement for organization and offering costs such as professional fees and other costs associated with the formation and offering of the Retail Company not to exceed 1.0% to 1.5% of the proceeds expected to be raised from the offering and excluding shares being offered pursuant to distribution reinvestment plans; and (ii) reimbursement for direct and indirect operating costs such as certain salaries, bonus, equity-based compensation and professional and other costs such as rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses associated with managing the operations of the Retail Company. The operating cost reimbursement is calculated based on the four preceding fiscal quarters not to exceed the greater of: (i) 2.0% of each Retail Company’s average invested assets; or (ii) 25.0% of each Retail Company’s net income determined without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of assets for that period. NSAM facilitates the payments of organization, offering and direct operating cost amounts, which are recorded in receivables on NSAM’s consolidated balance sheets until repaid. The reimbursement of indirect operating cost amounts are recorded net in general and administrative expenses in the consolidated statements of operations.

For the years ended December 31, 2016 and 2015 and six months ended December 31, 2014, NSAM allocated $32.6 million, $36.6 million and $11.1 million of expense related to the Retail Companies, respectively.

Townsend

Townsend generates management, advisory and incentive fees of $66.2 million from the Townsend Acquisition Date through December 31, 2016. NSAM was also entitled to $1.8 million of management and other fees from January 14, 2016 to the Townsend Acquisition Date, which was recorded net of operating expenses in other income in the consolidated statements of operations.

Certain contracts contain provisions to reimburse Townsend for expenses incurred on behalf of its clients such as legal due diligence and investment advisory team travel expenses. From the Townsend Acquisition Date through December 31, 2016, NSAM recorded $2.1 million in both other income and other expenses related to such reimbursements in the consolidated statements of operations.

Selling Commission and Dealer Manager Fees and Commission Expense

Selling commission and dealer manager fees represent fees earned for selling equity in the Retail Companies through NorthStar Securities. The Retail Companies offer various share class structures which have a range of selling commissions and dealer manager fees:


•	Class A shares: selling commissions of up to 7% of gross offering proceeds raised and dealer manager fee of up to 3% of gross offering proceeds raised.


•	Class T shares: selling commissions of up to 2% of gross offering proceeds raised and dealer manager fee of up to 2.75% of gross offering proceeds raised.


•	Class D shares: no selling commissions and dealer manager fees of up to 2% of gross offering proceeds raised.


•	Class I Shares: no selling commissions or dealer manager fees.

Commission expense represents fees to participating broker-dealers with whom NorthStar Securities has selling agreements with to raise capital for the Retail Companies and commissions to employees of NorthStar Securities. All or a portion of the dealer manager fees may be reallowed to participating broker-dealers and paid to certain employees of NorthStar Securities.

Certain of the Retail Companies’ share classes, and currently the T share class, may include a trail commission commonly described as a distribution fee that are paid over time, of up to 1% per annum, to NorthStar Securities of which all or a portion may be reallowed to participating broker-dealers. NSAM recorded the present value of the expected future distribution fees receivable/income from certain Retail Companies and corresponding payable/expense to participating broker-dealers each of $5.1 million as of December 31, 2016.

Colony NorthStar continues to observe the market and may modify existing share classes or introduce a new share class to the Retail Companies in the future.

The following table summarizes selling commission and dealer manager fees, commission expense and net commission income for the years ended December 31, 2016, 2015 and 2014 (dollar in thousands):



	Years Ended December 31,
	2016		2015		2014
Selling commission and dealer manager fees	$	22,803	$	126,907	$	110,563
Commission expense⁽¹⁾	21,654		117,390		104,428
Net commission income⁽²⁾	$	1,149	$	9,517	$	6,135

________________________


(1)	Includes selling commission expense to NorthStar Securities employees. For the years ended December 31, 2016, 2015 and 2014, NSAM incurred $2.7 million, $14.0 million and $13.8 million, respectively.


(2)	Excludes direct expenses of NorthStar Securities.

Other

A subsidiary of NSAM is a rated special servicer by Standard & Poor’s and Fitch Ratings and receives special servicing fees for services related to certain securitization transactions. For the years ended December 31, 2016, 2015 and 2014, NSAM earned $0.7 million, $0.9 million and $0.8 million of special servicing fees, respectively.

NSAM provided certain services under advisory and sub-advisory agreements between wholly-owned subsidiaries. As part of one such agreement, NSAM Luxembourg S.A.R.L. (“NSAM Luxembourg”) engaged NSAM US LLC to perform certain non-discretionary advisory and administrative services with respect to assets managed by the group. For the year ended December 31, 2016, NSAM Luxembourg paid $166.5 million to NSAM US LLC for services, of which $66.4 million was paid in advance for services expected to be rendered and earned during 2017. This intercompany transaction is eliminated in the consolidated financial statements.

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

NSAM accounts for investments in unconsolidated ventures using the equity method, at fair value or the cost method. The following table summarizes NSAM’s investments in unconsolidated ventures (dollars in thousands):



			December 31,
Investment⁽¹⁾	Acquisition Date	Ownership Interest	2016		2015
Indirect Investments
AHI Interest⁽²⁾	Dec-14	43%	$	34,866	$	45,581
Island Interest⁽³⁾	Jan-15	45%	—		39,809
Subtotal Indirect Investments			34,866		85,390
Townsend Funds⁽⁴⁾	Various	Various	20,970		—
Total			$	55,836	$	85,390

____________________

(1)

Excludes NSAM’s acquired interest in Distributed Finance Corporation (“Distributed Finance”) in June 2014, a marketplace finance platform, for $4.0 million with a carrying value of $2.7 million as of December 31, 2015. In addition, NSAM entered into a convertible debt investment in Distributed Finance in January 2016 for $1.0 million. As of December 31, 2016, both investments are fully impaired.

(2)

NSAM acquired the AHI Interest in AHI Newco, LLC (“AHI Ventures”), a direct wholly-owned subsidiary of AHI for $57.5 million, consisting of $37.5 million in cash and $20.0 million of NSAM’s common stock, subject to certain lock-up and vesting restrictions ($10.0 million of NSAM’s common stock vested immediately). NSAM’s investment in AHI Ventures is structured as a joint venture between NSAM, the principals of AHI and James F. Flaherty III. The members of AHI are entitled to receive certain distributions of operating cash flow and certain promote fees in accordance with the allocations set forth in the joint venture agreement. For the years ended December 31, 2016 and 2015, NSAM received distributions of $5.7 million and $4.6 million related to the AHI Interest, respectively.

(3)

NSAM acquired the Island Interest in Island through Island Hospitality Joint Venture, LLC (“Island Ventures”), a subsidiary of Island JV Members Inc. (“Island Members”) for $37.7 million, consisting of $33.2 million in cash and $4.5 million of NSAM’s common stock, subject to certain lock-up and vesting restrictions ($4.5 million of NSAM’s common stock vested immediately). NSAM’s investment in Island Ventures was structured as a joint venture between NSAM and Island Members. The members of Island Ventures were entitled to receive certain distributions of operating cash flow and certain promote fees in accordance with the allocations set forth in the joint venture agreement. For the years ended December 31, 2016 and 2015, NSAM received distributions of $6.5 million and $4.5 million related to the Island Interest, respectively. In December 2016, in connection with the Mergers, NSAM sold the Island Interest for a note receivable of $28.5 million that matures in January 2027 at 8% and cash of $3.2 million, resulting in a realized loss of $15.4 million, which includes closing and other related costs.


(4)	Represents interests in real estate private equity funds sponsored by Townsend. The following table summarizes the Townsend Funds, which are accounted for as cost method investments at fair value, as of December 31, 2016 and for the period from the Townsend Acquisition Date through December 31, 2016 (dollars in thousands):



As of December 31, 2016					Period from the Townsend Acquisition Date through December 31, 2016
Number of Funds⁽¹⁾	Fair Value⁽²⁾		Unfunded Commitments⁽²⁾⁽³⁾		Income⁽⁴⁾		Distributions⁽²⁾		Contributions
26	$	20,970	$	9,633	$	1,980	$	4,831	$	6,115

_________________


(1)	Investments in closed-ended funds are not redeemable and investments in open-ended funds have semi-annual redemption options with 120 days advance notice.

(2)

NSAM assumed an obligation to the sellers of Townsend, including certain Townsend employees, under which they are entitled to approximately 84% of the value of the Townsend Funds at the Townsend Acquisition Date along with any income related to capital contributed prior to acquisition. NSAM is obligated to fund all future contributions and is entitled to any income on such contributions subsequent to the Townsend Acquisition Date. As of December 31, 2016, the carrying amount of such liability is $16.5 million and is recorded in other liabilities on the consolidated balance sheet. Certain distributions received are paid against the assumed obligation of $16.5 million to the sellers.


(3)	Subsequent to the Townsend Acquisition Date, NSAM has commitments to co-invest approximately 1% of the total unfunded commitment in the Townsend Funds.


(4)	NSAM’s portion of equity in earnings (losses) from the Townsend Funds is $0.7 million for the period from the Townsend Acquisition Date through December 31, 2016.

Summarized Financial Information

The combined balance sheets for the unconsolidated ventures as of December 31, 2016 and 2015 are as follows (dollars in thousands):



	As of December 31,
	2016⁽¹⁾		2015
Total assets	$	75,975	$	193,720
Total liabilities	4,018		15,098
Non-controlling interests	2,518		2,390
Total equity	71,957		178,622

_________________


(1)	Decrease primarily due to the sale of the Island Interest in connection with the Mergers.

The combined statements of operations for the unconsolidated ventures for the year ended December 31, 2016 and from the respective acquisition date through 2015 or 2014 are as follows (dollars in thousands):



	Year Ended December 31,			Acquisition Date through December 31,
	2016⁽¹⁾			2015⁽²⁾			2014⁽³⁾
Total revenues	$	66,463		$	76,703		$	2,158
Total expenses	69,634			56,128			2,829
Net income (loss)	(3,171		)	20,575			(671		)
Net (income) loss attributable to non-controlling interests	2,627			(12,994		)	(601		)
Net income (loss) attributable to unconsolidated ventures	$	(544	)	$	7,581		$	(1,272	)

_________________


(1)	Includes Island and AHI for the year ended December 31, 2016.


(2)	Includes Island from acquisition date (January 9, 2015) through December 31, 2015 and AHI for the year ended December 31, 2015.


(3)	Includes AHI from acquisition date (December 5, 2014) through December 31, 2014.

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings Corporate Facilities In January 2016, upon the closing of Townsend, NSAM entered into a $500.0 million term loan (the “Term Loan”), less applicable original issue discounts and certain upfront fees, and used the proceeds to repay its outstanding revolving credit agreement of $100.0 million. The Term Loan bears interest at LIBOR, subject to a floor of 0.75%, plus 3.875% per year and matures on January 29, 2023. The Term Loan is guaranteed by NSAM and certain domestic subsidiaries of NSAM and secured by substantially all of the assets of NSAM. The Term Loan was repaid in January 2017 in connection with the Mergers. The Term Loan related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. As of December 31, 2016, NSAM was in compliance with all of its financial covenants.

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements NorthStar Realty Investment Opportunities Under the management agreement with NorthStar Realty prior to the Mergers, NorthStar Realty agreed to make available to NSAM for the benefit of the Managed Companies, including NorthStar Realty, all investment opportunities sourced by NorthStar Realty. NSAM agreed to fairly allocate such opportunities among the Managed Companies, including NorthStar Realty, in accordance with NSAM’s investment allocation policy. Pursuant to the management agreement, NorthStar Realty is entitled to fair and reasonable compensation for its services in connection with any loan origination opportunities sourced by it, which may include first mortgage loans, subordinate mortgage interests, mezzanine loans and preferred equity interests, in each case relating to commercial real estate. For the years ended December 31, 2016 and 2015, NSAM incurred $1.0 million and $3.0 million, respectively, to NorthStar Realty for services in connection with loan origination opportunities. NSAM provided services with regard to such areas as payroll, human resources and employee benefits, financial systems management, treasury and cash management, accounts payable services, telecommunications services, information technology services, property management services, legal and accounting services and various other corporate services to NorthStar Realty as it related to its loan origination business for CRE debt. Credit Agreement In connection with the NSAM Spin-off, NSAM entered into a revolving credit agreement with NorthStar Realty pursuant to which NorthStar Realty makes available to NSAM, on an “as available basis,” up to $250 million of financing with a maturity of June 30, 2019 at LIBOR plus 3.50%. The revolving credit facility was unsecured. The terms of the revolving credit facility contained various representations, warranties, covenants and conditions, including the condition that NorthStar Realty’s obligation to advance proceeds to NSAM is dependent upon NorthStar Realty and its affiliates having at least $100 million of either unrestricted cash and cash equivalents or amounts available under committed lines of credit, after taking into account the amount NSAM seeks to draw under the facility. As of December 31, 2016, NSAM had no borrowings outstanding under the credit agreement. In January 2017, NSAM borrowed $40 million under the credit agreement, which was eliminated in connection with the Mergers. Loan Agreements Separately, in January 2017 and prior to the Mergers, affiliates of NSAM entered into a loan agreement with affiliates of NorthStar Realty in the aggregate amount of $500.9 million with a maturity of January 10, 2027 at 8.0%. Such intercompany loans remain outstanding between subsidiaries of Colony NorthStar subsequent to the Mergers. NorthStar Listed Companies Shares NSAM purchased 2.7 million and 0.2 million shares of NorthStar Realty and NorthStar Europe, respectively, in the open market for $52.2 million in the aggregate. For the years ended December 31, 2016 and 2015, NSAM recorded an unrealized loss of $4.3 million and $3.8 million, respectively. For the year ended December 31, 2016, NSAM recorded $4.4 million of related dividend income in other income in the consolidated statements of operations. Recent Sales or Commitments to Sell to the Retail Companies During 2016, NorthStar Realty entered into agreements to sell certain assets to the Retail Companies. The board of directors of each Retail Company, including all of the independent directors, approved of the respective transactions after considering, among other matters, third party pricing support. Healthcare Strategic Joint Venture In January 2014, NSAM entered into a long-term strategic partnership with James F. Flaherty III, former Chief Executive Officer of HCP, Inc., focused on expanding its healthcare business into a preeminent healthcare platform (“Healthcare Strategic Partnership”). In connection with the partnership, Mr. Flaherty oversees both NorthStar Realty’s healthcare real estate portfolio and the portfolio of NorthStar Healthcare. In connection with entering into the partnership, NorthStar Realty granted Mr. Flaherty certain restricted stock units, or RSUs, half of which became RSUs of NSAM as a result of the NSAM Spin-off (refer to Note 9). The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% above certain hurdles for new and existing healthcare real estate investments held by NorthStar Realty and NorthStar Healthcare. The Healthcare Strategic Partnership is also entitled to any incentive fees earned from NorthStar Healthcare or any future healthcare retail vehicles sponsored by NSAM, NorthStar Realty or any affiliates, as well as future healthcare retail vehicles sponsored by AHI Ventures. For the years ended December 31, 2016 and 2015, NSAM did not earn incentive fees related to the Healthcare Strategic Partnership. On February 2, 2015, in connection with the completion of NorthStar Healthcare’s initial primary offering, NSAM issued 20,305 RSUs to Mr. Flaherty. On December 17, 2015, in connection with the completion of NorthStar Healthcare’s follow-on public offering, NSAM issued 139,473 RSUs to Mr. Flaherty. On January 19, 2016, NSAM issued an additional 527 RSUs to Mr. Flaherty. AHI Venture In connection with the AHI Interest, AHI Ventures provides certain asset management, property management and other services to affiliates of NSAM assisting in managing the current and future healthcare assets (excluding any joint venture assets) of NorthStar Realty and other Retail Companies, including the assets formerly owned by Griffin-American Healthcare REIT II, Inc. (“Griffin-American”) and its former operating partnership, Griffin-American Healthcare REIT II Holdings, LP (“Griffin-America OP portfolio”) and third party assets, representing $7.5 billion, of which $5.5 billion is owned by NorthStar Realty and NorthStar Healthcare. AHI Ventures receives a base management fee of $1.6 million per year plus an additional 0.50% on certain additional equity invested by NorthStar Realty or NorthStar Healthcare in future healthcare assets (excluding assets in the Griffin-American OP portfolio and other joint ventures) that AHI Ventures may manage. AHI Ventures may also participate in the incentive fees earned by NSAM and its affiliates with respect to new and existing healthcare real estate investments held by NorthStar Realty and NorthStar Healthcare, including the Griffin-American OP portfolio, any future healthcare retail vehicles sponsored by NSAM, NorthStar Realty or any affiliates, as well as any future healthcare retail vehicles sponsored by AHI Ventures. AHI Ventures would also be entitled to additional base management fees should it manage assets on behalf of any other Managed Companies. AHI Ventures also intends to directly or indirectly sponsor, co-sponsor, form, register, market, advise, manage and/or operate investment vehicles that are intended to invest primarily in healthcare real estate assets. In addition, Mr. Flaherty acquired a 12.3% interest, as adjusted, in AHI Ventures. For the years ended December 31, 2016 and 2015, NSAM incurred $2.4 million and $1.4 million, respectively, of base management fees to AHI, which is recorded in other expenses in the consolidated statements of operations. Also, AHI provides certain asset management, property management and other services to NorthStar Realty to assist in managing its properties. For the years ended December 31, 2016 and 2015, NorthStar Realty incurred $1.7 million of property management fees to AHI in each period. In April 2015, Griffin-American Healthcare REIT III, Inc., a vehicle managed by an affiliate of AHI, distributed shares of its common stock to the members of AHI Ventures, of which NSAM received 0.2 million shares in connection with the distribution, which is recorded in other assets on the consolidated balance sheets. Island Venture Island provides certain asset management, property management and other services to NorthStar Realty to assist in managing its hotel properties. Island receives a base management fee of 2.5% to 3.0% of the current monthly revenue of the NorthStar Realty hotel properties it manages for NorthStar Realty. For the year ended December 31, 2016 and for the period from acquisition date (January 9, 2015) through December 31, 2015, NorthStar Realty incurred $17.6 million and $16.6 million, respectively, of base property management and other fees to Island. In December 2016, in connection with the Mergers, NSAM sold the Island Interest for a note receivable of $28.5 million that matures in January 2027 at 8% and cash of $3.2 million, resulting in a realized loss of $15.4 million, which includes closing and other related costs. RXR Realty In December 2013, NorthStar Realty entered into a strategic transaction with RXR Realty, the co-sponsor of NorthStar/RXR New York Metro. The investment in RXR Realty includes an approximate 27% equity interest. NorthStar Realty’s equity interest in RXR Realty is structured so that the Company is entitled to the portion of distributable cash flow from RXR Realty’s investment management business in excess of the $10 million minimum annual base amount set forth in the management agreement with NorthStar Realty (refer to Note 3). For the years ended December 31, 2016 and 2015, the Company was not entitled to any excess. Upon completion of the Mergers, the management agreement with NorthStar Realty ceased to exist.

Fair Value

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value

Fair Value Measurement

NSAM follows fair value guidance in accordance with U.S. GAAP to account for its financial instruments. NSAM categorizes its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Financial assets and liabilities are recorded at fair value on its consolidated balance sheets and are categorized based on the inputs to the valuation techniques as follows:


Level 1.	Quoted prices for identical assets or liabilities in an active market.


Level 2.	Financial assets and liabilities whose values are based on the following:


(a)	Quoted prices for similar assets or liabilities in active markets.


(b)	Quoted prices for identical or similar assets or liabilities in non-active markets.


(c)	Pricing models whose inputs are observable for substantially the full term of the asset or liability.


(d)	Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.


Level 3.	Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following is a description of the valuation techniques used to measure fair value of assets and liabilities accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy.

Securities

As of December 31, 2016, securities are valued using quoted prices in an active market, and as such, are classified as Level 1 of the fair value hierarchy. As of December 31, 2016 and 2015, the fair value is $44.2 million and $46.2 million, respectively.

Townsend Funds

The fair value of the Townsend Funds are estimated by NSAM’s proportionate share of net asset value provided by the underlying fund investment based on the most recent available information, which is on a one quarter lag. NSAM reviews the net asset value provided by the underlying fund investment managers on an ongoing basis and compares these values to the audited financial statements, as applicable. As of December 31, 2016, the fair value is $21.0 million.

Fair Value of Financial Instruments

In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by NSAM using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts NSAM could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The fair value of other financial instruments such as receivables and payables is estimated to approximate their carrying value.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Note Receivable

Fair value was approximated based on the unobservable sales price in connection with the Island Interest (refer to Note 4), and as such, is classified as Level 3 of the fair value hierarchy. As of December 31, 2016, the carrying value of the note receivable is $28.5 million, which approximates fair value.

Term Loan

NSAM uses term to maturity and LIBOR rates to estimate fair value. This fair value measurement is based on observable inputs and as such, is classified as Level 2 of the fair value hierarchy. As of December 31, 2016, the carrying value of the Term Loan is $468.4 million, which approximates fair value. The Term Loan was repaid in full in connection with the Mergers.

Commitments and Contingencies Disclosure [Abstract]

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies

Merger Related Arrangements and Other Costs

NSAM entered into fee arrangements with service providers and advisors pursuant to which certain fees incurred by NSAM in connection with the Mergers became payable upon consummation of the Mergers. NSAM incurred other fees and costs related to the Mergers, including compensation expenses to executives and employees related to severance, retention and related costs. In January 2017 in connection with the Mergers, NSAM incurred approximately $32.4 million of costs to third parties, excluding compensation costs.

On December 22, 2016, NSAM declared a special dividend for its common stockholders of $228 million or approximately $1.16 per share contingent upon consummation of the Mergers. The special dividend was paid on January 27, 2017 to common stockholders of record as of the close of business on January 3, 2017.

Obligations Under Lease Agreements

As of December 31, 2016, NSAM leased offices domestically in locations including New York, Denver, Bethesda and Dallas and internationally including London, Bermuda and Luxembourg and through NSAM’s interest in Townsend it has locations in Cleveland, San Francisco, London and Hong Kong. NSAM did not own any real property.

The following table presents minimum future rental payments under these contractual lease obligations as of December 31, 2016 (dollars in thousands):



Years Ending December 31:
2017	$	4,956
2018	1,971
2019	1,484
2020	184
2021	184
Thereafter	—
Total minimum lease payments	$	8,779

NSAM incurred $5.7 million, $4.5 million and $2.1 million in rental expense for the years ended December 31, 2016, 2015 and 2014, respectively, which is recorded in other general and administrative expenses in the consolidated statements of operations.

Litigation

NSAM may be involved in various litigation matters arising in the ordinary course of its business. Although NSAM is unable to predict with certainty the eventual outcome of any litigation, in the opinion of management, the legal proceedings are not expected to have a material adverse effect on NSAM’s financial position or results of operations.

Other

Effective July 1, 2014, in connection with the NSAM Spin-off, NSAM adopted the NSAM 401(k) Retirement Plan (the “401(k) Plan”) for its employees. Eligible employees under the 401(k) Plan may begin participation on the first day of the month after they have completed 30 days of employment. NSAM’s matching contribution is calculated as 100% of the first 3% and 50% of the next 2% of participant’s eligible earnings contributed (utilizing earnings that are not in excess of the amount established by the IRS. NSAM’s aggregate matching contribution for the years ended December 31, 2016, 2015 and 2014 was $2.2 million, $1.3 million and $0.2 million, respectively, which is recorded in general and administrative expenses in the consolidated statements of operations.

Compensation Expense

12 Months Ended

Dec. 31, 2016

Share-based Compensation [Abstract]

Compensation Expense

Summary

The following table presents a summary of compensation expense for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):



	Years Ended December 31,
	2016		2015		2014
Salaries and related expenses	$	98,243	$	68,349	$	37,205
Equity-based compensation expense	61,577		57,468		51,650
Total	$	159,820	$	125,817	$	88,855

Equity-based compensation expense for the years ended December 31, 2016 and 2015 represents equity-based compensation expense following the NSAM Spin-off.

As of December 31, 2016, equity-based compensation expense to be recognized over the remaining vesting period through December 2020 is $69.9 million, provided there are no forfeitures.

Equity Plans

Prior to the NSAM Spin-Off, NorthStar Realty issued equity-based awards to directors, officers, employees and advisors pursuant to its equity plans which were adjusted upon the spin as discussed below. In addition, NSAM issued equity-based awards to directors, officers, employees and advisors pursuant to the (the “NSAM Stock Plan”) and (the “NSAM Bonus Plan” and collectively, with the NSAM Stock Plan, the “NSAM Plans”) based in whole or in part on the fair value of the restricted stock, LTIP Units or performance common stock which may contain certain service or performance requirements. The performance hurdles are based on achieving performance hurdles and/or total stockholder return hurdles for a four-year period, subject to the participant’s continued employment through the payment date.

In connection with the NSAM Bonus Plan for the years ended 2014 and 2015, approximately 31.65% of the long-term bonus was paid in LTIP Units/restricted stock and approximately 18.35% of the long-term bonus was paid by NSAM by issuing performance common stock subject to performance-based hurdles. In the first quarter 2016, NSAM’s compensation committee established bonus pools, awarded bonus pool percentages and established the performance goals, vesting requirements and other terms and conditions applicable to bonuses for 2016 under the NSAM Bonus Plan. Subsequently, pursuant to letter agreements that the Company entered into with its executives in connection with the Mergers, the number of shares of common stock eligible to be granted as long-term bonus, the portions of the performance-based equity awards that were to vest in connection with the Mergers and the size of the bonus pool for 2016 under the NSAM Bonus Plan were fixed. In January 2017, the Company issued 738,225 restricted shares of common stock to NSAM’s executive officers as long-term bonuses for 2016 related to time-based and performance-based awards, which reflected the fixed number of shares previously agreed to in connection with the Mergers.

A portion of these shares were vested upon grant and the remainder vested in connection with the Mergers. In addition, in January 2017, the Company granted 794,993 restricted shares of common stock to certain of its non-executive employees, which vested in accordance with their terms in connection with the Mergers and were otherwise subject to vesting based on continued employment through specified dates. In connection with the issuance and vesting of these shares, in January 2017, the Company retired 82,832 of the vested shares of common stock to satisfy the minimum statutory withholding requirements.

As of December 31, 2016, an aggregate of 30,072,659 shares of NSAM’s common stock were reserved for the issuance of awards under the NSAM Stock Plan, subject to equitable adjustment upon the occurrence of certain corporate events.

The following table presents activity related to the issuance, vesting and forfeitures of restricted stock, LTIP Units, performance common stock and restricted common units (“RSUs”). The balance as of December 31, 2016 represents unvested restricted stock, vested and unvested LTIP Units, unvested RSUs and unvested performance common stock (grants in thousands):



	Year Ended December 31, 2016
	Restricted Stock⁽¹⁾			LTIP Units		Restricted Stock Units⁽³⁾			Performance Common Stock⁽⁵⁾	Total Grants		Weighted Average Grant Price
December 31, 2015	3,269			1,792		2,647		⁽⁴⁾	4,213	11,921		$	16.80
New grants	2,625			—		1			997	3,623		8.86
Townsend grants	658			—		—			—	658		11.00
Vesting	(2,761	)	⁽²⁾	—		(705	)		—	(3,466	)	13.61
Conversions	—			(201	)	—			—	(201	)	17.15
Forfeited or canceled grants	(44	)		(2	)	(23	)		—	(69	)	16.30
December 31, 2016	3,747			1,589		1,920			5,210	12,466		$	15.07

___________________

(1)

Represents restricted stock included in common stock outstanding. Included 0.7 million of shares of common stock issued to certain members of Townsend’s management team who own the remaining interest in Townsend. The grant was based on NSAM’s stock price on such date and is related to future services to be rendered and subject to time-based vesting conditions through December 31, 2020. Such shares were not part of the acquisition cost.


(2)	Included 2.4 million shares of restricted stock that vested and 0.4 million shares of restricted stock that were retired to satisfy minimum statutory withholding requirements.

(3)

Includes previous time-based grants of 0.7 million to Mr. Jay Flaherty. In connection with entering into the Healthcare Strategic Partnership, NorthStar Realty granted Mr. Flaherty 0.5 million on January 22, 2014, adjusted to reflect NorthStar Realty’s reverse stock split and the NSAM Spin-Off, which vest on January 22, 2019, unless certain conditions are met. The RSUs are entitled to dividend equivalents prior to vesting and may be settled either in shares of common stock of NSAM or in cash at the option of NSAM. Mr. Flaherty is also entitled to incremental grants of NSAM’s common stock subject to certain conditions being met pursuant to a separate contractual arrangement entered into in connection with the Healthcare Strategic Partnership. Such incremental grants totaled approximately 0.2 million RSUs issued in connection with the completion of NorthStar Healthcare’s initial public offering and follow-on public offering and the services Mr. Flaherty provides to the Healthcare Strategic Partnership and vest on the third anniversary of the grant date, unless certain conditions are met.


(4)	December 31, 2015 included 1.1 million RSUs previously issued from NorthStar Realty, 0.8 million performance based RSUs granted to non-executive employees as part of the NSAM Spin-off and 0.7 million RSUs related to NorthStar Realty’s bonus plan for 2012 that were settled in January 2016 by NSAM issuing 362,006 shares of common stock, net of the minimum statutory tax withholding requirements.

(5)

December 31, 2015 included 3.7 million shares of performance common stock issued by NSAM to executives as part of the NSAM Spin-Off and 0.5 million shares of performance common stock issued as part of NSAM’s 2014 bonus plan to executives. During 2016, 1.0 million of shares of performance common stock were issued to executives as part of NSAM’s 2015 bonus plan. The grant price per share for the performance common stock issued as part of the NSAM bonus plan was $3.43 per share, which was determined using a risk free interest rate of 0.88%. Upon vesting, these shares of performance common stock automatically convert into shares of common stock and the executives will be entitled to receive the distributions that would have been paid with respect to a share of common stock (for each share of performance common stock that vests) on or after January 1, 2015.

Impact of Spin-offs

All of the vested and unvested equity-based awards granted by NorthStar Realty prior to the NSAM Spin-off remained outstanding (including Deferred LTIP Units which represented the right to receive LTIP Units in NorthStar Realty’s successor operating partnership or shares of NorthStar Realty common stock) following the NSAM Spin-off. Appropriate adjustments were made to all awards to reflect the impact of NorthStar Realty’s reverse stock split and the NSAM Spin-off with respect to employment conditions for service-based awards and total stockholder return for performance-based awards. On March 13, 2015, such Deferred LTIP Units were settled in LTIP Units in the NSAM OP, or shares of restricted stock, which remain subject to the same vesting conditions that applied to the Deferred LTIP Units.

Following the NSAM Spin-off, NorthStar Realty and the compensation committee of its board of directors (the “NorthStar Realty Compensation Committee”) continue to administer all awards issued under the NorthStar Realty Equity Plans but NSAM is obligated to issue shares of NSAM’s common stock or other equity awards of its subsidiaries or make cash payments in lieu thereof and NSAM is obligated to make cash payments with respect to dividend or distribution equivalent obligations relating to such shares to the extent required by such awards previously issued under the NorthStar Realty Equity Plans. These awards will continue to be governed by the NorthStar Realty Equity Plans, as applicable, and shares of NSAM’s common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability, under the NorthStar Realty Equity Plans.

In connection with the NSAM Spin-off, most of NorthStar Realty’s employees at the time of the NSAM Spin-off became employees of NSAM except for executive officers, employees engaged in NorthStar Realty’s loan origination business at the time of the NSAM Spin-off and certain other employees that became co-employees of both NSAM and NorthStar Realty.

In anticipation of the NSAM Spin-off, on April 3, 2014, NSAM granted an aggregate of 6,230,529 RSUs to its executive officers pursuant to the NSAM Stock Plan. The RSUs vest over four years and are subject to the achievement of performance-based vesting conditions and continued employment. 40% of these RSUs were performance-based awards and were subject to the achievement of performance-based hurdles relating to CAD of NSAM and NorthStar Realty and capital raising of the Retail Companies, as well as continued employment through December 31, 2017 (“Performance RSUs”). 30% of these RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to NSAM’s absolute total stockholder return and continued employment over a four-year period ended April 2, 2018 (“Absolute RSUs”). The remaining 30% of these RSUs are market-based awards and are subject to the achievement of performance-based hurdles based on NSAM’s total stockholder return relative to the Russell 2000 Index and continued employment over a four-year period ended April 2, 2018 (“Relative RSUs”). With respect to these grants, the grant date fair value for the Performance RSUs, Absolute RSUs and Relative RSUs ranged from $10.22 to $17.01 per RSU. The grant date fair value was determined using a risk-free interest rate of 1.48%. In May 2014, NSAM also granted an aggregate of 1,279,089 of the Performance RSUs, Absolute RSUs and Relative RSUs (net of forfeitures occurring prior to December 31, 2016) with substantially similar terms as the RSUs granted to executives in April 2014 to certain employees pursuant to the NSAM Stock Plan. With respect to these grants, the grant date fair value for the Performance RSUs, Absolute RSUs and Relative RSUs ranged from $9.95 to $16.80 per RSU. The grant date fair value of the Absolute RSUs and Relative RSUs was determined using a risk-free interest rate of 1.29%. In December 2014, NSAM determined that the performance hurdles relating to the Performance RSUs were met. On December 31, 2014, the Performance RSUs were settled in shares of NSAM’s common stock, net of the minimum statutory tax withholding requirements, of which 25% were vested and the remainder (in the form of restricted stock) were subject to vesting in equal installments on December 31, 2015, 2016 and 2017, subject to continued employment. On December 31, 2014, the Absolute RSUs and Relative RSUs related to the executives were settled in shares of performance common stock. Upon vesting pursuant to the terms of the Absolute RSUs and Relative RSUs, shares of performance common stock will automatically convert into shares of common stock and the executive will be entitled to receive the distributions that would have been paid with respect to a share of common stock (for each share of performance common stock that vests) on or after the date the shares of performance common stock were initially issued.

Other Issuances

AHI

On December 8, 2014, NSAM acquired an interest in AHI for $37.5 million in cash and $20.0 million of common stock, representing 956,462 shares. In connection with this acquisition, NSAM required the seller to subject one-half of these shares to forfeiture conditions that lapse based on the continued service to AHI of its three principals, with forfeiture conditions with respect to 50% of these shares lapsing two years after the closing date of NSAM’s acquisition and the remaining 50% lapsing five years after the closing date. As a result of this vesting arrangement, $10.0 million of common stock (or 478,231 shares) subject to this arrangement is treated as a contingent consideration arrangement tied to continued employment of the AHI principals as an incentive to remain as employees of AHI. As such, this contingent consideration arrangement is accounted for separately as a compensatory arrangement with amortization of such equity award being recorded by NSAM through equity in earnings (losses). The AHI principals are also entitled to incremental grants of NSAM’s common stock subject to certain conditions being met pursuant to a separate contractual arrangement entered into in connection with NSAM’s AHI investment. For the year ended December 31, 2016, no incremental awards were issued.

In March 2016, NSAM issued 93,896 shares of common stock to employees of AHI in settlement of the commitment to contribute $1.0 million in shares of common stock related to equity incentives and will contribute $1.0 million in shares of common stock in March 2017 related to the year ended 2016.

Restricted stock/LTIP Units/RSUs with Service Conditions

NSAM granted restricted stock/LTIP Units/RSUs to executive officers, certain non-executive officers, board of directors, non-employees and selected advisers. The fair value of restricted stock/LTIP Units/RSUs are based on the closing price on the date of grant, multiplied by the number of unvested awards and expensed over the assumed service period for employees with subsequent changes in fair value, through the vesting date, expensed over remaining service period with a cumulative catch-up adjustment in the period of change for non-employees. Such vesting periods range from three to five years. Certain awards vest subject to minimum statutory tax withholding requirements.

Equity-Based Awards with Performance Conditions

NSAM also granted certain equity-based awards with performance requirements to executive officers and non-executives including awards issued as part of the NSAM Spin-Off. These market based awards (other than the spin-awards) are subject to achieving total stockholder return hurdles for the four year period ended December 31 following the plan year. Certain awards vest subject to minimum statutory tax withholding requirements.

Stockholders' Equity Note [Abstract]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity

Stockholders’ Equity

Share Repurchase

In April 2015, NSAM’s board of directors authorized the repurchase of up to $400 million of its outstanding common stock. In May 2016, NSAM’s board of directors extended the authorization for an additional year. The authorization ceased to exist in connection with the Mergers. From April 2015 through December 31, 2015, NSAM repurchased 7.8 million shares of its common stock for approximately $105.2 million. For the year ended December 31, 2016, NSAM did not repurchase any shares of its common stock.

Call Spread

In September 2015, NSAM entered into a call spread transaction (the “Call Spread”) with a third-party counterparty related to its share repurchase program. In connection with the Call Spread, certain subsidiaries of NSAM purchased and sold a call option on NSAM’s common stock with a notional amount of $100.0 million with various expiration dates beginning in December 2018 and a final maturity date in February 2019. Subsequent to the Mergers, the obligation to the counterparty under the sold call option is guaranteed by Colony NorthStar. In October 2015, NSAM paid a net premium of $16.0 million, which is recorded as a reduction in paid-in capital.

Subsequent to the Mergers, at maturity, Colony NorthStar can, at its election, exercise the purchased call option on a cash basis, share basis or a net share basis. Upon exercise, the net value of the consideration is identical and can range from zero to approximately $40.0 million, depending upon the market price per share of Colony NorthStar’s common stock at the time. In the event there is an early unwind of one or more components of the Call Spread, the amount of cash to be received by Colony NorthStar will depend upon its market price of common stock and the remaining term of the Call Spread. The number of shares and the strike prices are subject to customary adjustments.

Earnings Per Share

Basic and diluted earnings per share and the average number of common shares outstanding were calculated using the number of common stock outstanding. The following table presents EPS for the years ended December 31, 2016, 2015 and 2014 (dollars and shares in thousands, except per share data):



	Years Ended December 31,
	2016			2015			2014
Numerator:
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	42,281		$	119,794		$	19,100
Less: Earnings (loss) allocated to unvested participating securities	(3,424		)	(4,253		)	(190		)
Numerator for basic income (loss) per share	38,857			115,541			18,910
Add: Undistributed earnings allocated to participating nonvested shares	—			1,594			—
Less: Undistributed earnings reallocated to participating nonvested shares	—			(1,567		)	—
Net income (loss) attributable to LTIP Units non-controlling interests	442			953			—
Numerator for diluted income (loss) per share	$	39,299		$	116,521		$	18,910

Denominator:
Weighted average number of shares of common stock	183,327			188,706			187,853
Incremental diluted shares	1,785			2,308			2,588
Weighted average number of diluted shares⁽¹⁾	185,112			191,014			190,441
Earnings (loss) per share:
Basic	$	0.21		$	0.61		$	0.10
Diluted	$	0.21		$	0.61		$	0.10

______________________


(1)	Diluted EPS excludes the effect of equity-based awards issued that were not dilutive for the periods presented. These instruments could potentially impact diluted EPS in future periods, depending on changes in NSAM’s stock price and other factors.

Dividends

The following table presents NSAM’s dividends declared (on a per share basis) for the year ended December 31, 2016:



Common Stock
Declaration Date	Dividend
2016
December 22	$	1.16	⁽¹⁾
November 1	$	0.10
August 2	$	0.10
May 4	$	0.10
February 25	$	0.10

_______________________


(1)	On December 22, 2016, NSAM declared a special dividend for its common stockholders of $228 million or approximately $1.16 per share contingent upon consummation of the Mergers. The special dividend was paid on January 27, 2017 to common stockholders of record as of the close of business on January 3, 2017.

Non-controlling Interests

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Non-controlling Interests

12 Months Ended

Dec. 31, 2016

Noncontrolling Interest [Abstract]

NSAM OP

Non-controlling interests include the aggregate LTIP Units held by limited partners (the “Unit Holders”) in the NSAM OP. Net income (loss) attributable to the non-controlling interest is based on the weighted average Unit Holders’ ownership percentage of the NSAM OP for the respective period. The issuance of additional common stock or LTIP Units changes the percentage ownership of both the Unit Holders and NSAM. Since an LTIP Unit is generally redeemable for cash or common stock at the option of NSAM, it is deemed to be equivalent to common stock. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders’ equity and non-controlling interests on the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the NSAM OP. On a quarterly basis, the carrying value of such non-controlling interest is allocated based on the number of LTIP Units held by Unit Holders in total in proportion to the number of LTIP Units in total plus the number of shares of common stock. In connection with the formation of the NSAM OP, NSAM recorded a non-controlling interest of $4.4 million related to LTIP Units. As of December 31, 2016, 1,588,998 LTIP units were outstanding, representing an approximate 1.0% ownership and non-controlling interest in the NSAM OP. Income attributable to the NSAM OP non-controlling interest for the years ended December 31, 2016 and 2015 was $0.4 million and $1.0 million, respectively.

Redeemable Non-Controlling Interests

Townsend is a consolidated majority-owned subsidiary of NSAM. Prior to the Mergers, certain members of Townsend management own interests in Townsend in the form of Class B units where the holders have the ability to require NSAM to purchase a certain percentage of such units annually beginning December 31, 2016 through December 31, 2020 with settlement in: (i) cash; (ii) NSAM’s common stock; or (iii) a combination of cash and NSAM’s common stock, subject to certain conditions. Such interest is considered redeemable non-controlling interest and net income (loss) attributable to such interest is based on the member’s ownership percentage of Townsend for the respective period. Subsequent to the Mergers, the same terms and conditions exist except NSAM’s common stock merged out of existence and is now Colony NorthStar’s common stock.

The following table presents a summary of changes in the redeemable non-controlling interests from the Townsend Acquisition Date through December 31, 2016 (dollars in thousands):



Beginning balance	$	—
Contributions	75,259
Distributions	(5,471		)
Net income (loss)	4,271
Allocation of redeemable non-controlling interests	661
Currency translation adjustment and other	(195		)
Ending balance	$	74,525

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Certain subsidiaries of NSAM are subject to taxation by federal, state, local and foreign authorities for the periods presented. The NSAM OP is treated as a partnership for federal income tax purposes and consequently, its items of income gain, loss, deduction and credit are passed through to, and included in, the taxable income of each of its partners including NSAM. NSAM operates internationally and domestically through multiple operating subsidiaries. Each of the jurisdictions in which NSAM operates has its own tax law and tax rate and the tax rate outside the United States may be lower than the U.S. federal statutory income tax rate.

The following table presents the income taxes benefit (expense) for the years ended December 31, 2016 and 2015 and the six months ended December 31, 2014 (dollars in thousands):



	Years Ended December 31,						Six Months Ended
	2016			2015			December 31, 2014⁽¹⁾
Current:
U.S. federal	$	(12,151	)	$	(24,238	)	$	(2,516	)
U.S. state and local	(1,333		)	(3,856		)	(503		)
Non-U.S.	(3,332		)	(2,652		)	(1,934		)
Subtotal current	(16,816		)	(30,746		)	(4,953		)
Deferred:
U.S. federal	5,745			7,530			2,293
U.S. state and local	(44		)	943			458
Non-U.S.	93			404			580
Subtotal deferred	5,794			8,877			3,331
Income tax benefit (expense)	$	(11,022	)	$	(21,869	)	$	(1,622	)

__________________


(1)	Subsequent to the NSAM Spin-off, NSAM became subject to both domestic and international income tax, as such, there was no income tax benefit (expense) for the six months ended June 30, 2014.

Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The following table presents the tax effects of the temporary differences as of December 31, 2016 and 2015 (dollars in thousands):



	December 31,
	2016			2015
Deferred tax asset
Equity-based compensation	$	11,875		$	7,944
Investments in unconsolidated ventures	7,139			3,846
Capital loss	3,727			—
Other	5,922			244
Valuation allowance	(5,474		)	—
Total deferred tax asset	$	23,189		$	12,034
Deferred tax liability
State tax deduction	$	1,260		$	811
Intangible assets	4,809			—
Other	7,019			343
Total deferred tax liability	$	13,088		$	1,154

NSAM operates internationally and domestically through multiple operating subsidiaries. Each of the jurisdictions in which NSAM operates has its own tax law and tax rate, where the tax rate outside the United States may be lower than the U.S. federal statutory income tax rate. The following table presents the reconciliation of the provision for income taxes (expense) benefit to the U.S. federal statutory income tax rate for the years ended December 31, 2016 and 2015 and six months ended December 31, 2014:



	Years Ended December 31,				Six Months Ended December 31,
	2016		2015		2014⁽¹⁾
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
U.S. state and local income taxes	1.0		1.4		2.9
Change in valuation allowance	10.3		—		(21.3	)
Transaction costs	20.7		4.0		—
Equity-based compensation	6.8		0.4		4.0
Other permanent items	3.5		0.1		0.4
Effect of foreign operations taxed at various rates	(53.6	)	(24.5	)	(17.9	)
Other	(3.2	)	(1.1	)	0.1
Effective income tax rate	20.5	%	15.3	%	3.2	%

__________________


(1)	Subsequent to the NSAM Spin-off, NSAM became subject to both domestic and international income tax, as such, there was no income tax benefit (expense) for the six months ended June 30, 2014.

NSAM considers the operating earnings of certain non-U.S. subsidiaries to be indefinitely reinvested outside the United States based on NSAM’s current needs for those earnings to be reinvested offshore as well as estimates that future domestic cash generated from operations and/or borrowings will be sufficient to meet future domestic cash needs for the foreseeable future. No provision has been made for U.S. federal that may result from future remittances of the undistributed earnings of these foreign subsidiaries. For the years ended December 31, 2016 and 2015 and for the six months ended December 31, 2014, the cumulative undistributed earnings was $247.0 million, $147.2 million and $30.1 million, respectively. The determination of the amount of such unrecognized tax liability is not practicable.

Excess tax benefits are recognized upon actual realization of the related tax benefit. As of December 31, 2016 and 2015, NSAM recognized a windfall tax shortfall of $0.1 million and windfall tax benefit of $1.1 million, respectively, relating to equity-based compensation expense, which is a reduction to income tax payable and recorded in additional paid-in capital on the consolidated balance sheets.

In the normal course of business, NSAM is subject to examination by federal, state, local and foreign tax regulators. The normal statute of limitations started and the examination period opened with the initial filings of the 2014 federal, state, local and foreign tax returns.

The guidance for accounting for uncertainty in income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. NSAM does not believe that it has any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. Furthermore, NSAM does not have any material uncertain tax positions at December 31, 2016.

As of December 31, 2016, NSAM had no unrecognized tax benefits. NSAM would record penalties and interest related to uncertain tax positions as a component of income tax expense, where applicable.

Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

The following presents selected quarterly information for the years ended December 31, 2016 and 2015 (dollars in thousands):



	Three Months Ended
	December 31,			September 30,			June 30,			March 31,
	2016			2016			2016			2016
Asset management and other fees, related parties	$	90,276		$	89,977		$	90,081		$	96,281
Selling commission and dealer manager fees, related parties	7,688			3,856			4,888			6,371
Commission expense	7,629			3,608			4,471			5,946
Interest expense	6,947			6,882			6,922			5,163
Total general and administrative expenses	62,497			46,676			44,559			47,492
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(7,492		)	31,464			14,145			25,681
Income (loss) before income taxes	(8,180		)	31,651			13,293			21,252
Income tax benefit (expense)	(1,691		)	(5,708		)	(1,154		)	(2,469		)
Net income (loss)	(9,871		)	25,943			12,139			18,783
Net (income) loss attributable to non-controlling interests	91			(246		)	(111		)	(176		)
Net (income) loss attributable to redeemable non-controlling interests	(1,280		)	(855		)	(1,104		)	(1,032		)
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	(11,060	)	$	24,842		$	10,924		$	17,575
Earnings (loss) per share:⁽¹⁾
Basic	$	(0.06	)	$	0.13		$	0.06		$	0.09
Diluted	$	(0.06	)	$	0.13		$	0.06		$	0.09

_________________


(1)	The total for the year may differ from the sum of the quarters as a result of weighting.



	Three Months Ended
	December 31,			September 30,			June 30,			March 31,
	2015			2015			2015			2015
Asset management and other fees, related parties	$	77,257		$	78,994		$	90,358		$	61,379
Selling commission and dealer manager fees, related parties	39,543			29,104			28,337			29,923
Commission expense	36,379			26,978			26,338			27,695
Transaction costs	778			—			—			—
Total general and administrative expenses	44,403			40,970			41,962			31,868
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	22,251			37,785			50,177			30,778
Income (loss) before income taxes	24,712			37,729			50,267			29,908
Income tax benefit (expense)	(5,701		)	3,825			(12,055		)	(7,938		)
Net income (loss)	19,011			41,554			38,212			21,970
Net (income) loss attributable to non-controlling interests	(182		)	(381		)	(188		)	(202		)
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	18,829		$	41,173		$	38,024		$	21,768
Earnings (loss) per share:⁽¹⁾
Basic	$	0.10		$	0.21		$	0.19		$	0.11
Diluted	$	0.10		$	0.21		$	0.19		$	0.11

__________________


(1)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

NSAM’s historical businesses were through the following five segments, which was based on how management reviewed and managed the business:


•	NorthStar Listed Companies - Provided asset management and other services on a fee basis by managing the day-to-day activities of the NorthStar Listed Companies. NSAM began earning fees from NorthStar Realty on July 1, 2014 and NorthStar Europe on November 1, 2015.


•	Retail Companies - Provided asset management and other services on a fee basis by managing the day-to-day activities of the Retail Companies.


•	Broker-dealer - Raised capital in the retail market through NorthStar Securities and earned dealer manager fees for selling equity in the Retail Companies.


•	Direct Investments - Invested in strategic partnerships and joint ventures with third-parties, either consolidated or unconsolidated, with expertise in commercial real estate or other sectors and markets, where NSAM benefited from the fee stream and potential incentive fee. NSAM began earning fees from Townsend on the Townsend Acquisition Date.


•	Corporate/Other - Included corporate level general and administrative expenses, as well as special servicing on a fee basis in connection with certain securitization transactions. In addition, such segment included opportunistic investments, such as the purchase of the NorthStar Listed Companies common stock.

The following tables present segment reporting for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):



Statement of Operations:
Year Ended December 31, 2016	NorthStar Listed Companies			Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments			Corporate/Other				Total
Asset management and other fees	$	200,833		$	99,594		$	—		$	66,188		$	—			$	366,615
Selling commission and dealer manager fees, related parties	—			—			22,803			—			—				22,803
Commission expense	—			—			21,654			—			—				21,654
Interest expense	—			—			—			—			25,914				25,914
Compensation expense	—			—			9,783			27,385			122,652				159,820
Other general and administrative expenses	—			—			7,995			5,653			27,756				41,404
Equity in earnings (losses) of unconsolidated ventures⁽²⁾	—			—			—			(5,782		)	—				(5,782		)
Income tax benefit (expense)	—			—			—			—			(11,022		)		(11,022		)
Net income (loss)	200,833			99,594			(16,732		)	4,714			(241,415		)	⁽³⁾	46,994

Balance Sheet:
December 31, 2016
Total assets	$	24,019	⁽⁴⁾	$	58,771	⁽⁴⁾	$	12,054		$	533,679		$	222,104			$	850,627
Investments in unconsolidated ventures	$	—		$	—		$	—		$	55,836		$	—			$	55,836

_______________


(1)	Direct general and administrative expenses incurred by the broker-dealer.


(2)	For the year ended December 31, 2016, NSAM recognized in equity in earnings (losses), operating income of $10.8 million, which excludes $14.1 million of equity-based compensation expense and depreciation and amortization expense and $0.5 million related to the Townsend Funds.


(3)	Includes general and administrative expenses including equity-based compensation of $59.0 million, of which $0.4 million related to Townsend grants, transaction costs of $47.4 million and unrealized loss of $4.5 million.


(4)	Primarily represents receivables from related parties. Subsequent to December 31, 2016, NSAM received $10.0 million from the Managed Companies.



Statement of Operations:
Year Ended December 31, 2015	NorthStar Listed Companies			Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments		Corporate/Other				Total
Asset management and other fees, related parties	$	201,049		$	106,939		$	—		$	—	$	—			$	307,988
Selling commission and dealer manager fees, related parties	—			—			126,907			—		—				126,907
Commission expense	—			—			117,390			—		—				117,390
Interest expense	—			—			—			—		778				778
Compensation expense	—			—			10,204			—		115,613				125,817
Other general and administrative expenses	—			—			6,655			—		26,731				33,386
Equity in earnings (losses) of unconsolidated ventures⁽²⁾	—			—			—			1,625		—				1,625
Income tax benefit (expense)	—			—			—			—		(21,869		)		(21,869		)
Net income (loss)	201,049			106,939			(6,833		)	429		(180,837		)	⁽³⁾	120,747

Balance Sheet:
December 31, 2015
Total assets	$	50,924	⁽⁴⁾	$	66,246	⁽⁴⁾	$	16,470		$	88,069	$	153,112			$	374,821
Investments in unconsolidated ventures	$	—		$	—		$	—		$	88,069	$	—			$	88,069

_______________


(1)	Direct general and administrative expenses incurred by the broker-dealer.


(2)	For the year ended December 31, 2015, NSAM recognized in equity in losses, operating income of $14.5 million, which excludes $2.0 million of equity-based compensation expense and $10.8 million of depreciation and amortization expense.


(3)	Includes $3.8 million of unrealized loss.


(4)	Primarily represents receivables from related parties as of December 31, 2015. Subsequent to December 31, 2015, NSAM received $53.6 million of reimbursements from the Managed Companies.



Statement of Operations:
Year Ended December 31, 2014	NorthStar Listed Companies				Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments			Corporate/Other			Total
Asset management and other fees, related parties	$	82,759			$	64,979		$	—		$	—		$	—		$	147,738
Selling commission and dealer manager fees, related parties	—				—			110,563			—			—			110,563
Commission expense	—				—			104,428			—			—			104,428
Compensation expense	—				—			6,831			—			82,024			88,855
Other general and administrative expenses	—				—			8,126			—			9,591			17,717
Equity in earnings (losses) of unconsolidated ventures	—				—			—			(1,039		)	—			(1,039		)
Income tax benefit (expense)	—				—			—			—			(1,622		)	(1,622		)
Net income (loss)	82,759				64,979			(8,916		)	(1,039		)	(118,683		)	19,100

Balance Sheet:
December 31, 2014
Total assets	$	60,909	⁽³	⁾	$	29,458	⁽³⁾	$	17,868		$	54,480		$	101,154		$	263,869
Investments in unconsolidated ventures	$	—			$	—		$	—		$	54,480		$	—		$	54,480

_______________


(1)	NSAM began earning fees on July 1, 2014 with NorthStar Realty and November 1, 2015 with NorthStar Europe (refer to Note 3).


(2)	Direct general and administrative expenses incurred by the broker-dealer.


(3)	Primarily represents receivables from related parties as of December 31, 2015.

Principles of Consolidation

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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Colony NorthStar On January 10, 2017, NSAM completed the tri-party merger with Colony and NorthStar Realty under which the companies combined in an all-stock merger of equals transaction to create an internally-managed, diversified real estate and investment management company. The Mergers create a global equity REIT with an embedded investment management platform with increased scale and capabilities. Under the terms of the merger agreement, NSAM redomesticated to Maryland and elected to be treated as a REIT beginning in 2017 and Colony and NorthStar Realty, through a series of transactions, merged with and into the redomesticated NSAM, which was renamed Colony NorthStar, Inc. NSAM’s common stockholders received one share of Colony NorthStar’s common stock for each share of NSAM common stock they owned. NSAM’s stockholders received approximately 32.85%, Colony stockholders received approximately 33.25% and NorthStar Realty stockholders received approximately 33.90% of the combined company on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Mergers. Healthcare Joint Venture In January 2017, Colony NorthStar completed the sale of an 18.7% interest in its healthcare real estate portfolio for net proceeds of approximately $340 million. The healthcare real estate portfolio is currently comprised of the Company’s ownership interest, excluding existing minority interest holders, in 191 senior housing properties, 114 medical office properties, 14 hospitals and 107 skilled nursing facilities (such properties collectively referred to as the “Healthcare Properties”). The transaction represents an implied valuation for the Healthcare Properties of approximately $5.4 billion. Dividends On December 22, 2016, NSAM declared a special dividend for its common stockholders of $228 million or approximately $1.16 per share contingent upon consummation of the Mergers. The common stock dividend was paid on January 27, 2017 to stockholders of record as of the close of business on January 3, 2017. Credit Facility In connection with the Mergers, the operating partnership of Colony NorthStar entered into a revolving credit facility with an aggregate principal amount of up to $1 billion with JP Morgan Chase Bank, N.A. as administrative agent and the several lenders that are parties thereto. This facility matures in January 2021 and includes two six-month extension options.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Accounting

Variable Interest Entities

NSAM reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

Voting Interest Entities

Investments in Unconsolidated Ventures

A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method, at fair value or the cost method.

Non-controlling Interests

Redeemable Non-controlling Interests

Estimates

Reclassifications

Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.

Cash

Restricted Cash

Restricted cash primarily represents cash held by NSAM’s foreign subsidiaries due to certain regulatory capital requirements.

Business Combinations

Intangible Assets

Securities

Deferred Financing Costs

Revenue Recognition

Asset Management and Other Fees

Selling Commission and Dealer Manager Fees and Commission Expense

Allowance for Doubtful Accounts

Equity-Based Compensation

Foreign Currency

Comprehensive Income (Loss)

Earnings Per Share

Income Taxes

Recent Accounting Pronouncements

Fair Value Measurement

Financial assets and liabilities are recorded at fair value on its consolidated balance sheets and are categorized based on the inputs to the valuation techniques as follows:


Level 1.	Quoted prices for identical assets or liabilities in an active market.


Level 2.	Financial assets and liabilities whose values are based on the following:


(a)	Quoted prices for similar assets or liabilities in active markets.


(b)	Quoted prices for identical or similar assets or liabilities in non-active markets.


(c)	Pricing models whose inputs are observable for substantially the full term of the asset or liability.


(d)	Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.


Level 3.	Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Allocation of Purchase Price



Assets:
Cash	$	14,318
Investments in unconsolidated ventures⁽¹⁾	17,738
Intangible assets	209,320
Goodwill⁽²⁾⁽³⁾	243,328
Other assets acquired	42,547
Total assets	$	527,251
Liabilities:
Accounts payable and accrued expenses	$	34,312
Other liabilities acquired	26,476
Total liabilities	60,788
Redeemable non-controlling interests	75,320
Total equity⁽⁴⁾	391,143
Total liabilities and equity	$	527,251

_____________________


(1)	Represents Townsend’s interest in real estate private equity funds sponsored by Townsend (“Townsend Funds”) (refer to Note 4).


(2)	Colony NorthStar expects $166.5 million of goodwill to be deductible for tax purposes.


(3)	Goodwill includes $5.5 million related to a share deal acquisition of the seller’s corporate entity. The deferred tax liability and corresponding goodwill are recorded at acquisition based on differences between book and tax basis.


(4)	Represents NSAM’s investment in Townsend prior to a post closing adjustment of $7.6 million relating to a distribution of excess cash to NSAM.

Summary of Pro Forma Amounts

From the Townsend Acquisition Date through December 31, 2016, NSAM recorded revenue of $66.2 million and net income of $24.4 million.



	Years Ended December 31,
	2016⁽¹⁾		2015⁽¹⁾
Pro forma total revenues	$	402,422	$	501,776
Pro forma net income (loss) attributable to common stockholders	$	48,820	$	115,621
Pro forma EPS - basic	$	0.25	$	0.59
Pro forma EPS - diluted	$	0.25	$	0.59

_____________________


(1)	Excludes non-recurring transaction costs and prior compensation arrangements of Townsend.

Schedule of Intangible Assets

The following table presents identified intangibles as of December 31, 2016 (dollars in thousands):



	Gross Amount		Estimated Useful Life	Accumulated Amortization			Net Amount
Intangible assets:
Customer relationships⁽¹⁾	$	185,580	20 to 30 years	$	(6,488	)	$	179,092
Performance fees⁽¹⁾	5,710		2 to 11 years	(579		)	5,131
Trade names	17,820		30 years	(545		)	17,275
Proprietary technology	210		3 years	(77		)	133
Subtotal intangible assets	209,320			(7,689		)	201,631
Goodwill	243,328			—			243,328
Total	$	452,648		$	(7,689	)	$	444,959

_____________________


(1)	Includes existing customers and expected retention of such customers.

Schedule of Annual Amortization for Intangible Assets

The following table presents annual amortization of intangible assets (dollars in thousands):



Years Ending December 31:
2017	$	8,388
2018	8,256
2019	8,199
2020	8,199
2021	8,199
Thereafter	160,390
Total	$	201,631

Schedule of Other Assets & Liabilities

The following tables present a summary of other assets, other liabilities and accounts payable and accrued expenses as of December 31, 2016 and 2015 (dollars in thousands):



	December 31,
	2016		2015
Other assets:
Note receivable⁽¹⁾	$	28,485	$	—
Deferred tax asset, net	19,543		10,880
Prepaid expenses	8,571		4,781
Prepaid income taxes	6,874		—
Due from related party⁽²⁾	5,106		—
Furniture, fixtures and equipment, net	4,065		4,333
Pending deal costs	3,945		625
Security deposits	2,587		2,380
Other	747		932
Due from participating broker-dealers	133		398
Deferred financing costs, net	—		912
Total	$	80,056	$	25,241



	December 31,
	2016		2015
Other liabilities:
Townsend Funds liability⁽³⁾	$	16,516	$	—
Deferred tax liability, net⁽⁴⁾	9,442		—
Deposit payable	2,420		—
Deferred incentive fees⁽⁵⁾	1,913		—
Other	556		930
Total	$	30,847	$	930

________________


(1)	Represents a $28.5 million note receivable from a third party related to the sale of the Island Interest (refer to Note 4) in connection with the Mergers.


(2)	NSAM recorded the present value of the expected future distribution fees as receivable/income from certain Retail Companies and corresponding payable/expense to participating broker-dealers each of $5.1 million as of December 31, 2016.


(3)	Represents an obligation to the sellers who are entitled to approximately 84% of the value of the Townsend Funds at the Townsend Acquisition Date, along with any income related to capital contributed prior to acquisition. NSAM is obligated to fund contributions and is entitled to any income on such contributions subsequent to the Townsend Acquisition Date (refer to Note 4).


(4)	Primarily represents deferred tax liability related to the Townsend acquisition related to a share deal acquisition of the seller’s corporate entity. The deferred tax liability and corresponding goodwill are recorded at acquisition based on differences between the book and tax basis.


(5)	Represents incentive fees received that are not yet earned related to the Townsend Funds (refer to below) and as a result, represents a contingent obligation.

Schedule of Accounts Payable and Accrued Expenses



	December 31,
	2016		2015
Accounts payable and accrued expenses:
Accrued bonus and related taxes	$	46,538	$	63,935
Incentive fee compensation⁽¹⁾	12,565		—
Accrued operating expenses	17,479		8,771
Accrued payroll	1,273		1,312
Accrued interest payable	3,916		92
Accrued tax withholding⁽²⁾	2,310		—
Dividends payable related to equity-based awards	526		574
Accrued equity-based compensation awards (refer to Note 9)	896		763
Accrued participating interest buyout⁽³⁾	—		8,110
Share purchase payable⁽⁴⁾	—		6,603
Total	$	85,503	$	90,160

__________________

(1)


(2)	Represents withholding tax related to vesting and net settlement of equity-based awards.


(3)	Represented a one-time buyout in satisfaction of all participating interests related to non-executive incentive interests in the advisor to NSAM’s first Retail Company (refer to Note 3).


(4)	Related to the purchase of NorthStar Realty shares which were settled in January 2016 (refer to Note 6).

Management Agreements (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Asset Management and Other Fees with Retail Companies

Retail Company

Primary Strategy

Offering Amount(in millions)⁽¹⁾

Offering Period

Capital Raised (in millions)⁽¹⁾

Total Investments (in millions)

Effective

NorthStar Income

CRE Debt

1,200.0

Completed July 2013

1,293.4

1,599.9

NorthStar Healthcare

Healthcare Equity and Debt

2,100.0

Completed January 2016⁽²⁾

1,880.8

3,413.7

NorthStar Income II

CRE Debt

1,650.0

Completed November 2016⁽²⁾

1,145.5

1,739.8

NorthStar/RXR New York Metro⁽³⁾

New York Metro Area CRE Equity and Debt

2,000.0

Ends February 2018⁽⁴⁾⁽⁵⁾

12.8

⁽⁹⁾

11.0

NorthStar Capital Fund

CRE Debt and Equity

3,200.0

⁽⁶⁾

Ends July 2019⁽⁵⁾⁽⁷⁾

2.2

⁽⁹⁾

0.1

Not Yet Effective

NorthStar/Townsend Investment

CRE Debt and Equity

1,000.0

N/A⁽⁸⁾

N/A

________________


(1)	Represents amount of shares registered and raised to offer pursuant to each Retail Company’s public offering, distribution reinvestment plan and follow-on public offering.


(2)	NorthStar Healthcare successfully completed its initial public offering on February 2, 2015 by raising $1.1 billion in capital and its follow-on public offering on January 19, 2016 by raising $0.7 billion in capital. NorthStar Income II closed its initial public offering on November 9, 2016 and raised $1.1 billion in capital.


(3)	Any asset management and other fees incurred by NorthStar/RXR New York Metro will be shared equally between NSAM and RXR Realty, as co-sponsors.


(4)	NorthStar/RXR New York Metro’s registration statement became effective in 2015 and began raising capital in 2016. Colony NorthStar expects the capital raise to accelerate in 2017.


(5)	Offering period subject to extension as determined by the board of directors or trustees of each Retail Company.


(6)	Offering is for two feeder funds in a master feeder structure.


(7)	NorthStar Capital Fund’s registration statement was declared effective by the SEC in May 2016. Colony NorthStar expects NorthStar Capital Fund to begin raising capital from third parties in the first half 2017.


(8)	NorthStar/Townsend Investment submitted a registration statement on Form N-2 to the SEC in October 2016. Colony NorthStar expects NorthStar/Townsend Investment to begin raising capital in the first half 2017.


(9)	In connection with the distribution support agreement with each Retail Company, an affiliate of Colony NorthStar purchased shares of common stock in NorthStar/RXR New York Metro and NorthStar Capital Fund for $1.5 million and $2.0 million, respectively, since inception through December 31, 2016.

Schedule of Net Commission Revenue

The following table summarizes selling commission and dealer manager fees, commission expense and net commission income for the years ended December 31, 2016, 2015 and 2014 (dollar in thousands):



	Years Ended December 31,
	2016		2015		2014
Selling commission and dealer manager fees	$	22,803	$	126,907	$	110,563
Commission expense⁽¹⁾	21,654		117,390		104,428
Net commission income⁽²⁾	$	1,149	$	9,517	$	6,135

________________________


(1)	Includes selling commission expense to NorthStar Securities employees. For the years ended December 31, 2016, 2015 and 2014, NSAM incurred $2.7 million, $14.0 million and $13.8 million, respectively.


(2)	Excludes direct expenses of NorthStar Securities.

Asset Management and Other Fees

Schedule of Related Party Transactions

The following table presents asset management and other fees earned from the Managed Companies and Townsend (dollars in thousands):



	Years Ended December 31,
	2016		2015		2014
NorthStar Listed Companies	$	200,833	$	201,049	$	82,759
Retail Companies	99,594		106,939		64,979
Institutional Capital⁽¹⁾	66,188		—		—
Total	$	366,615	$	307,988	$	147,738

_________________


(1)	Represents fees earned through NSAM’s investment in Townsend. NSAM began earning fees on the Townsend Acquisition Date. NSAM was also entitled to $1.8 million of management and other fees from January 14, 2016 to the Townsend Acquisition Date, which was recorded net of operating expenses in other income in the consolidated statements of operations.

Base Management Fee and Incentive Fee

Schedule of Related Party Transactions

The following table presents a summary of the fee arrangements and amounts earned from the NorthStar Listed Companies:



	NorthStar Realty	NorthStar Europe
Commencement date	July 1, 2014	November 1, 2015
In place annual base management fee⁽¹⁾	$187.1 million	$14.2 million
Incentive fee hurdle to CAD per share⁽²⁾
15%	Excess of $0.68 and up to $0.78⁽³⁾	Excess of $0.30 and up to $0.36
25%	Excess of $0.78⁽³⁾	Excess of $0.36

__________________

(1)

(2)


(3)	After giving effect to NorthStar Realty’s reverse stock split in October 2015 and the NRE Spin-off.

Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Ventures

The following table summarizes NSAM’s investments in unconsolidated ventures (dollars in thousands):



			December 31,
Investment⁽¹⁾	Acquisition Date	Ownership Interest	2016		2015
Indirect Investments
AHI Interest⁽²⁾	Dec-14	43%	$	34,866	$	45,581
Island Interest⁽³⁾	Jan-15	45%	—		39,809
Subtotal Indirect Investments			34,866		85,390
Townsend Funds⁽⁴⁾	Various	Various	20,970		—
Total			$	55,836	$	85,390

____________________

(1)

(2)

(3)


(4)	Represents interests in real estate private equity funds sponsored by Townsend. The following table summarizes the Townsend Funds, which are accounted for as cost method investments at fair value, as of December 31, 2016 and for the period from the Townsend Acquisition Date through December 31, 2016 (dollars in thousands):



As of December 31, 2016					Period from the Townsend Acquisition Date through December 31, 2016
Number of Funds⁽¹⁾	Fair Value⁽²⁾		Unfunded Commitments⁽²⁾⁽³⁾		Income⁽⁴⁾		Distributions⁽²⁾		Contributions
26	$	20,970	$	9,633	$	1,980	$	4,831	$	6,115

_________________


(1)	Investments in closed-ended funds are not redeemable and investments in open-ended funds have semi-annual redemption options with 120 days advance notice.

(2)


(3)	Subsequent to the Townsend Acquisition Date, NSAM has commitments to co-invest approximately 1% of the total unfunded commitment in the Townsend Funds.


(4)	NSAM’s portion of equity in earnings (losses) from the Townsend Funds is $0.7 million for the period from the Townsend Acquisition Date through December 31, 2016.

Schedule of Townsend Funds

The following table summarizes the Townsend Funds, which are accounted for as cost method investments at fair value, as of December 31, 2016 and for the period from the Townsend Acquisition Date through December 31, 2016 (dollars in thousands):



As of December 31, 2016					Period from the Townsend Acquisition Date through December 31, 2016
Number of Funds⁽¹⁾	Fair Value⁽²⁾		Unfunded Commitments⁽²⁾⁽³⁾		Income⁽⁴⁾		Distributions⁽²⁾		Contributions
26	$	20,970	$	9,633	$	1,980	$	4,831	$	6,115

_________________


(1)	Investments in closed-ended funds are not redeemable and investments in open-ended funds have semi-annual redemption options with 120 days advance notice.

(2)


(3)	Subsequent to the Townsend Acquisition Date, NSAM has commitments to co-invest approximately 1% of the total unfunded commitment in the Townsend Funds.


(4)	NSAM’s portion of equity in earnings (losses) from the Townsend Funds is $0.7 million for the period from the Townsend Acquisition Date through December 31, 2016.

Schedule of Summarized Financial Information

The combined balance sheets for the unconsolidated ventures as of December 31, 2016 and 2015 are as follows (dollars in thousands):



	As of December 31,
	2016⁽¹⁾		2015
Total assets	$	75,975	$	193,720
Total liabilities	4,018		15,098
Non-controlling interests	2,518		2,390
Total equity	71,957		178,622

_________________


(1)	Decrease primarily due to the sale of the Island Interest in connection with the Mergers.



	Year Ended December 31,			Acquisition Date through December 31,
	2016⁽¹⁾			2015⁽²⁾			2014⁽³⁾
Total revenues	$	66,463		$	76,703		$	2,158
Total expenses	69,634			56,128			2,829
Net income (loss)	(3,171		)	20,575			(671		)
Net (income) loss attributable to non-controlling interests	2,627			(12,994		)	(601		)
Net income (loss) attributable to unconsolidated ventures	$	(544	)	$	7,581		$	(1,272	)

_________________


(1)	Includes Island and AHI for the year ended December 31, 2016.


(2)	Includes Island from acquisition date (January 9, 2015) through December 31, 2015 and AHI for the year ended December 31, 2015.


(3)	Includes AHI from acquisition date (December 5, 2014) through December 31, 2014.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Future Rental Payments

The following table presents minimum future rental payments under these contractual lease obligations as of December 31, 2016 (dollars in thousands):



Years Ending December 31:
2017	$	4,956
2018	1,971
2019	1,484
2020	184
2021	184
Thereafter	—
Total minimum lease payments	$	8,779

Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2016

Share-based Compensation [Abstract]

Schedule of Compensation Expense

The following table presents a summary of compensation expense for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):



	Years Ended December 31,
	2016		2015		2014
Salaries and related expenses	$	98,243	$	68,349	$	37,205
Equity-based compensation expense	61,577		57,468		51,650
Total	$	159,820	$	125,817	$	88,855

Summary of LTIP Units and Unvested Restricted Stock



	Year Ended December 31, 2016
	Restricted Stock⁽¹⁾			LTIP Units		Restricted Stock Units⁽³⁾			Performance Common Stock⁽⁵⁾	Total Grants		Weighted Average Grant Price
December 31, 2015	3,269			1,792		2,647		⁽⁴⁾	4,213	11,921		$	16.80
New grants	2,625			—		1			997	3,623		8.86
Townsend grants	658			—		—			—	658		11.00
Vesting	(2,761	)	⁽²⁾	—		(705	)		—	(3,466	)	13.61
Conversions	—			(201	)	—			—	(201	)	17.15
Forfeited or canceled grants	(44	)		(2	)	(23	)		—	(69	)	16.30
December 31, 2016	3,747			1,589		1,920			5,210	12,466		$	15.07

___________________

(1)


(2)	Included 2.4 million shares of restricted stock that vested and 0.4 million shares of restricted stock that were retired to satisfy minimum statutory withholding requirements.

(3)


(4)	December 31, 2015 included 1.1 million RSUs previously issued from NorthStar Realty, 0.8 million performance based RSUs granted to non-executive employees as part of the NSAM Spin-off and 0.7 million RSUs related to NorthStar Realty’s bonus plan for 2012 that were settled in January 2016 by NSAM issuing 362,006 shares of common stock, net of the minimum statutory tax withholding requirements.

(5)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of Earnings Per Share

The following table presents EPS for the years ended December 31, 2016, 2015 and 2014 (dollars and shares in thousands, except per share data):



	Years Ended December 31,
	2016			2015			2014
Numerator:
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	42,281		$	119,794		$	19,100
Less: Earnings (loss) allocated to unvested participating securities	(3,424		)	(4,253		)	(190		)
Numerator for basic income (loss) per share	38,857			115,541			18,910
Add: Undistributed earnings allocated to participating nonvested shares	—			1,594			—
Less: Undistributed earnings reallocated to participating nonvested shares	—			(1,567		)	—
Net income (loss) attributable to LTIP Units non-controlling interests	442			953			—
Numerator for diluted income (loss) per share	$	39,299		$	116,521		$	18,910

Denominator:
Weighted average number of shares of common stock	183,327			188,706			187,853
Incremental diluted shares	1,785			2,308			2,588
Weighted average number of diluted shares⁽¹⁾	185,112			191,014			190,441
Earnings (loss) per share:
Basic	$	0.21		$	0.61		$	0.10
Diluted	$	0.21		$	0.61		$	0.10

______________________


(1)	Diluted EPS excludes the effect of equity-based awards issued that were not dilutive for the periods presented. These instruments could potentially impact diluted EPS in future periods, depending on changes in NSAM’s stock price and other factors.

Schedule of Dividends

The following table presents NSAM’s dividends declared (on a per share basis) for the year ended December 31, 2016:



Common Stock
Declaration Date	Dividend
2016
December 22	$	1.16	⁽¹⁾
November 1	$	0.10
August 2	$	0.10
May 4	$	0.10
February 25	$	0.10

_______________________


(1)	On December 22, 2016, NSAM declared a special dividend for its common stockholders of $228 million or approximately $1.16 per share contingent upon consummation of the Mergers. The special dividend was paid on January 27, 2017 to common stockholders of record as of the close of business on January 3, 2017.

Non-controlling Interests (Tables)

12 Months Ended

Dec. 31, 2016

Noncontrolling Interest [Abstract]

Summary of Redeemable Noncontrolling Interest

The following table presents a summary of changes in the redeemable non-controlling interests from the Townsend Acquisition Date through December 31, 2016 (dollars in thousands):



Beginning balance	$	—
Contributions	75,259
Distributions	(5,471		)
Net income (loss)	4,271
Allocation of redeemable non-controlling interests	661
Currency translation adjustment and other	(195		)
Ending balance	$	74,525

Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the income taxes benefit (expense) for the years ended December 31, 2016 and 2015 and the six months ended December 31, 2014 (dollars in thousands):



	Years Ended December 31,						Six Months Ended
	2016			2015			December 31, 2014⁽¹⁾
Current:
U.S. federal	$	(12,151	)	$	(24,238	)	$	(2,516	)
U.S. state and local	(1,333		)	(3,856		)	(503		)
Non-U.S.	(3,332		)	(2,652		)	(1,934		)
Subtotal current	(16,816		)	(30,746		)	(4,953		)
Deferred:
U.S. federal	5,745			7,530			2,293
U.S. state and local	(44		)	943			458
Non-U.S.	93			404			580
Subtotal deferred	5,794			8,877			3,331
Income tax benefit (expense)	$	(11,022	)	$	(21,869	)	$	(1,622	)

__________________


(1)	Subsequent to the NSAM Spin-off, NSAM became subject to both domestic and international income tax, as such, there was no income tax benefit (expense) for the six months ended June 30, 2014.

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of the temporary differences as of December 31, 2016 and 2015 (dollars in thousands):



	December 31,
	2016			2015
Deferred tax asset
Equity-based compensation	$	11,875		$	7,944
Investments in unconsolidated ventures	7,139			3,846
Capital loss	3,727			—
Other	5,922			244
Valuation allowance	(5,474		)	—
Total deferred tax asset	$	23,189		$	12,034
Deferred tax liability
State tax deduction	$	1,260		$	811
Intangible assets	4,809			—
Other	7,019			343
Total deferred tax liability	$	13,088		$	1,154

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation of the provision for income taxes (expense) benefit to the U.S. federal statutory income tax rate for the years ended December 31, 2016 and 2015 and six months ended December 31, 2014:



	Years Ended December 31,				Six Months Ended December 31,
	2016		2015		2014⁽¹⁾
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
U.S. state and local income taxes	1.0		1.4		2.9
Change in valuation allowance	10.3		—		(21.3	)
Transaction costs	20.7		4.0		—
Equity-based compensation	6.8		0.4		4.0
Other permanent items	3.5		0.1		0.4
Effect of foreign operations taxed at various rates	(53.6	)	(24.5	)	(17.9	)
Other	(3.2	)	(1.1	)	0.1
Effective income tax rate	20.5	%	15.3	%	3.2	%

__________________


(1)	Subsequent to the NSAM Spin-off, NSAM became subject to both domestic and international income tax, as such, there was no income tax benefit (expense) for the six months ended June 30, 2014.

Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following presents selected quarterly information for the years ended December 31, 2016 and 2015 (dollars in thousands):



	Three Months Ended
	December 31,			September 30,			June 30,			March 31,
	2016			2016			2016			2016
Asset management and other fees, related parties	$	90,276		$	89,977		$	90,081		$	96,281
Selling commission and dealer manager fees, related parties	7,688			3,856			4,888			6,371
Commission expense	7,629			3,608			4,471			5,946
Interest expense	6,947			6,882			6,922			5,163
Total general and administrative expenses	62,497			46,676			44,559			47,492
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(7,492		)	31,464			14,145			25,681
Income (loss) before income taxes	(8,180		)	31,651			13,293			21,252
Income tax benefit (expense)	(1,691		)	(5,708		)	(1,154		)	(2,469		)
Net income (loss)	(9,871		)	25,943			12,139			18,783
Net (income) loss attributable to non-controlling interests	91			(246		)	(111		)	(176		)
Net (income) loss attributable to redeemable non-controlling interests	(1,280		)	(855		)	(1,104		)	(1,032		)
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	(11,060	)	$	24,842		$	10,924		$	17,575
Earnings (loss) per share:⁽¹⁾
Basic	$	(0.06	)	$	0.13		$	0.06		$	0.09
Diluted	$	(0.06	)	$	0.13		$	0.06		$	0.09

_________________


(1)	The total for the year may differ from the sum of the quarters as a result of weighting.



	Three Months Ended
	December 31,			September 30,			June 30,			March 31,
	2015			2015			2015			2015
Asset management and other fees, related parties	$	77,257		$	78,994		$	90,358		$	61,379
Selling commission and dealer manager fees, related parties	39,543			29,104			28,337			29,923
Commission expense	36,379			26,978			26,338			27,695
Transaction costs	778			—			—			—
Total general and administrative expenses	44,403			40,970			41,962			31,868
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	22,251			37,785			50,177			30,778
Income (loss) before income taxes	24,712			37,729			50,267			29,908
Income tax benefit (expense)	(5,701		)	3,825			(12,055		)	(7,938		)
Net income (loss)	19,011			41,554			38,212			21,970
Net (income) loss attributable to non-controlling interests	(182		)	(381		)	(188		)	(202		)
Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders	$	18,829		$	41,173		$	38,024		$	21,768
Earnings (loss) per share:⁽¹⁾
Basic	$	0.10		$	0.21		$	0.19		$	0.11
Diluted	$	0.10		$	0.21		$	0.19		$	0.11

__________________


(1)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables present segment reporting for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):



Statement of Operations:
Year Ended December 31, 2016	NorthStar Listed Companies			Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments			Corporate/Other				Total
Asset management and other fees	$	200,833		$	99,594		$	—		$	66,188		$	—			$	366,615
Selling commission and dealer manager fees, related parties	—			—			22,803			—			—				22,803
Commission expense	—			—			21,654			—			—				21,654
Interest expense	—			—			—			—			25,914				25,914
Compensation expense	—			—			9,783			27,385			122,652				159,820
Other general and administrative expenses	—			—			7,995			5,653			27,756				41,404
Equity in earnings (losses) of unconsolidated ventures⁽²⁾	—			—			—			(5,782		)	—				(5,782		)
Income tax benefit (expense)	—			—			—			—			(11,022		)		(11,022		)
Net income (loss)	200,833			99,594			(16,732		)	4,714			(241,415		)	⁽³⁾	46,994

Balance Sheet:
December 31, 2016
Total assets	$	24,019	⁽⁴⁾	$	58,771	⁽⁴⁾	$	12,054		$	533,679		$	222,104			$	850,627
Investments in unconsolidated ventures	$	—		$	—		$	—		$	55,836		$	—			$	55,836

_______________


(1)	Direct general and administrative expenses incurred by the broker-dealer.


(2)	For the year ended December 31, 2016, NSAM recognized in equity in earnings (losses), operating income of $10.8 million, which excludes $14.1 million of equity-based compensation expense and depreciation and amortization expense and $0.5 million related to the Townsend Funds.


(3)	Includes general and administrative expenses including equity-based compensation of $59.0 million, of which $0.4 million related to Townsend grants, transaction costs of $47.4 million and unrealized loss of $4.5 million.


(4)	Primarily represents receivables from related parties. Subsequent to December 31, 2016, NSAM received $10.0 million from the Managed Companies.



Statement of Operations:
Year Ended December 31, 2015	NorthStar Listed Companies			Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments		Corporate/Other				Total
Asset management and other fees, related parties	$	201,049		$	106,939		$	—		$	—	$	—			$	307,988
Selling commission and dealer manager fees, related parties	—			—			126,907			—		—				126,907
Commission expense	—			—			117,390			—		—				117,390
Interest expense	—			—			—			—		778				778
Compensation expense	—			—			10,204			—		115,613				125,817
Other general and administrative expenses	—			—			6,655			—		26,731				33,386
Equity in earnings (losses) of unconsolidated ventures⁽²⁾	—			—			—			1,625		—				1,625
Income tax benefit (expense)	—			—			—			—		(21,869		)		(21,869		)
Net income (loss)	201,049			106,939			(6,833		)	429		(180,837		)	⁽³⁾	120,747

Balance Sheet:
December 31, 2015
Total assets	$	50,924	⁽⁴⁾	$	66,246	⁽⁴⁾	$	16,470		$	88,069	$	153,112			$	374,821
Investments in unconsolidated ventures	$	—		$	—		$	—		$	88,069	$	—			$	88,069

_______________


(1)	Direct general and administrative expenses incurred by the broker-dealer.


(2)	For the year ended December 31, 2015, NSAM recognized in equity in losses, operating income of $14.5 million, which excludes $2.0 million of equity-based compensation expense and $10.8 million of depreciation and amortization expense.


(3)	Includes $3.8 million of unrealized loss.


(4)	Primarily represents receivables from related parties as of December 31, 2015. Subsequent to December 31, 2015, NSAM received $53.6 million of reimbursements from the Managed Companies.



Statement of Operations:
Year Ended December 31, 2014	NorthStar Listed Companies				Retail Companies			Broker- Dealer⁽¹⁾			Direct Investments			Corporate/Other			Total
Asset management and other fees, related parties	$	82,759			$	64,979		$	—		$	—		$	—		$	147,738
Selling commission and dealer manager fees, related parties	—				—			110,563			—			—			110,563
Commission expense	—				—			104,428			—			—			104,428
Compensation expense	—				—			6,831			—			82,024			88,855
Other general and administrative expenses	—				—			8,126			—			9,591			17,717
Equity in earnings (losses) of unconsolidated ventures	—				—			—			(1,039		)	—			(1,039		)
Income tax benefit (expense)	—				—			—			—			(1,622		)	(1,622		)
Net income (loss)	82,759				64,979			(8,916		)	(1,039		)	(118,683		)	19,100

Balance Sheet:
December 31, 2014
Total assets	$	60,909	⁽³	⁾	$	29,458	⁽³⁾	$	17,868		$	54,480		$	101,154		$	263,869
Investments in unconsolidated ventures	$	—			$	—		$	—		$	54,480		$	—		$	54,480

_______________


(1)	NSAM began earning fees on July 1, 2014 with NorthStar Realty and November 1, 2015 with NorthStar Europe (refer to Note 3).


(2)	Direct general and administrative expenses incurred by the broker-dealer.


(3)	Primarily represents receivables from related parties as of December 31, 2015.

Business and Organization (Details) $ in Thousands	1 Months Ended
Business and Organization (Details) $ in Thousands	Jan. 31, 2017	Jan. 10, 2017	Dec. 31, 2016 USD ($)	Dec. 22, 2016 USD ($)	Jan. 29, 2016	Dec. 31, 2015 USD ($)
Variable Interest Entity [Line Items]
Special cash dividend declared, prior to closing of Mergers			$ 526			$ 574
Townsend
Variable Interest Entity [Line Items]
Business Acquisition, Percentage of Voting Interests Committed to Acquire			84.00%
Ownership interest acquired					84.00%
AHI Interest
Variable Interest Entity [Line Items]
Ownership interest acquired			43.00%
Island Interest
Variable Interest Entity [Line Items]
Ownership interest acquired			45.00%
Merger Agreement with NorthStar Realty and Colony Capital, Inc. \| Subsequent Event
Variable Interest Entity [Line Items]
Common stock conversion ratio	1
Ownership interest acquired		32.85%
Merger Agreement with NorthStar Realty and Colony Capital, Inc. \| Subsequent Event \| NorthStar Realty
Variable Interest Entity [Line Items]
Ownership interest acquired		33.90%
Merger Agreement with NorthStar Realty and Colony Capital, Inc. \| Subsequent Event \| Colony Capital, Inc.
Variable Interest Entity [Line Items]
Ownership interest acquired		33.25%
Common Stock \| Merger Agreement with NorthStar Realty and Colony Capital, Inc.
Variable Interest Entity [Line Items]
Special cash dividend declared, prior to closing of Mergers				$ 228,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		11 Months Ended
	Jan. 29, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Commission payable		$ 5.7
Allowance for doubtful accounts		0.6
Fair value of fund		21.0
North Star Realty Securities
Related Party Transaction [Line Items]
Commission payable due to employees		0.1
Townsend
Related Party Transaction [Line Items]
Ownership interest acquired	84.00%
Consideration for acquisition	$ 383.0
Revenue		66.2
Net income		$ 24.4

Summary of Significant Accounting Policies - Final Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Jan. 29, 2016	Dec. 31, 2016	Dec. 31, 2015
Assets
Goodwill		$ 243,328	$ 0
Liabilities
Share deal acquisition		$ 9,442	$ 0
Townsend
Assets
Cash	$ 14,318
Investments in unconsolidated ventures	17,738
Intangible assets	209,320
Goodwill	243,328
Other assets acquired	42,547
Total assets	527,251
Liabilities
Accounts payable and accrued expenses	34,312
Other liabilities acquired	26,476
Total liabilities	60,788
Redeemable non-controlling interests	75,320
Total equity	391,143
Total liabilities and equity	527,251
Expected goodwill deductible for tax purposes	166,500
Share deal acquisition	5,500
Closing adjustment related to dividends	$ 7,600

Summary of Significant Accounting Policies - Pro Forma Revenue (Details) - Townsend - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Pro forma total revenues	$ 402,422	$ 501,776
Pro forma net income (loss) attributable to common stockholders	$ 48,820	$ 115,621
Pro forma EPS - basic (in dollars per share)	$ 0.25	$ 0.59
Pro forma EPS - diluted (in dollars per share)	$ 0.25	$ 0.59

Summary of Significant Accounting Policies - Identified Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 209,320
Accumulated Amortization	(7,689)
Net Amount	201,631
Goodwill	243,328	$ 0
Gross Amount, Total	452,648
Net Amount, Total	444,959
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	185,580
Accumulated Amortization	(6,488)
Net Amount	$ 179,092
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	20 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	30 years
Performance fees
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 5,710
Accumulated Amortization	(579)
Net Amount	$ 5,131
Performance fees \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	2 years
Performance fees \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	11 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 17,820
Estimated Useful Life	30 years
Accumulated Amortization	$ (545)
Net Amount	17,275
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 210
Estimated Useful Life	3 years
Accumulated Amortization	$ (77)
Net Amount	$ 133

Summary of Significant Accounting Policies - Annual Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Accounting Policies [Abstract]
2017	$ 8,388
2018	8,256
2019	8,199
2020	8,199
2021	8,199
Thereafter	160,390
Net Amount	$ 201,631

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other assets:
Note receivable	$ 28,485	$ 0
Deferred tax asset, net	19,543	10,880
Prepaid expenses	8,571	4,781
Prepaid income taxes	6,874	0
Due from related party	5,106	0
Furniture, fixtures and equipment, net	4,065	4,333
Pending deal costs	3,945	625
Security deposits	2,587	2,380
Other	747	932
Due from participating broker-dealers	133	398
Deferred financing costs, net	0	912
Total	$ 80,056	$ 25,241

Summary of Significant Accounting Policies - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jan. 29, 2016	Dec. 31, 2015
Other liabilities:
Townsend Funds liability	$ 16,516		$ 0
Deferred tax liability, net	9,442		0
Deposit payable	2,420		0
Deferred incentive fees	1,913		0
Other	556		930
Total	$ 30,847		$ 930
Townsend
Other liabilities:
Deferred tax liability, net		$ 5,500
Business Acquisition [Line Items]
Percentage of obligations		84.00%

Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts payable and accrued expenses:
Accrued bonus and related taxes	$ 46,538	$ 63,935
Incentive fee compensation	12,565	0
Accrued operating expenses	17,479	8,771
Accrued payroll	1,273	1,312
Accrued interest payable	3,916	92
Accrued tax withholding	2,310	0
Dividends payable related to equity-based awards	526	574
Accrued equity-based compensation awards	896	763
Accrued participating interests buyout	0	8,110
Share purchase payable	0	6,603
Total	$ 85,503	$ 90,160
Townsend
Business Acquisition [Line Items]
Incentive fees	50.00%

Management Agreements - Asset Management and Other Fees (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 29, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Asset Management and Other Fees
Related Party Transaction [Line Items]
Fee revenue			$ 366,615	$ 307,988	$ 147,738
Asset Management and Other Fees \| Institutional Capital
Related Party Transaction [Line Items]
Fee revenue			66,188	0	0
Asset Management and Other Fees \| NorthStar Listed Companies
Related Party Transaction [Line Items]
Fee revenue			200,833	201,049	82,759
Asset Management and Other Fees \| Retail Companies
Related Party Transaction [Line Items]
Fee revenue			$ 99,594	$ 106,939	$ 64,979
Other Income \| Institutional Capital \| Direct Investments
Related Party Transaction [Line Items]
Operating expense	$ 1,800	$ 2,100

Management Agreements - Base Management and Incentive Fee (Details) - NorthStar Listed Companies - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Nov. 01, 2015	Jul. 01, 2014	Dec. 31, 2016
NorthStar Realty \| Base management fee
Related Party Transaction [Line Items]
Current in place annual base management fee		$ 187.1
Base management fee increase per annum			1.50%
NorthStar Realty \| Incentive fee \| Minimum
Related Party Transaction [Line Items]
Incentive fee hurdle		15.00%	15.00%
NorthStar Realty \| Incentive fee \| Maximum
Related Party Transaction [Line Items]
Incentive fee hurdle		25.00%	25.00%
NorthStar Realty \| Incentive fee \| Excess of $0.68 and up to $0.78 \| Minimum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)		$ 0.68
NorthStar Realty \| Incentive fee \| Excess of $0.68 and up to $0.78 \| Maximum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)		0.78
NorthStar Realty \| Incentive fee \| Excess of $0.78 \| Maximum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)		$ 0.78
NorthStar Europe \| Base management fee
Related Party Transaction [Line Items]
Current in place annual base management fee	$ 14.2
NorthStar Europe \| Incentive fee \| Minimum
Related Party Transaction [Line Items]
Incentive fee hurdle	15.00%
NorthStar Europe \| Incentive fee \| Maximum
Related Party Transaction [Line Items]
Incentive fee hurdle	25.00%
NorthStar Europe \| Incentive fee \| Excess of $0.30 and up to $0.36 \| Minimum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)	$ 0.30
NorthStar Europe \| Incentive fee \| Excess of $0.30 and up to $0.36 \| Maximum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)	0.36
NorthStar Europe \| Incentive fee \| Excess of $0.36 \| Minimum
Related Party Transaction [Line Items]
Cumulative cash available for distribution (CAD) per share (in dollars per share)	$ 0.36

Management Agreements - Payment of Costs and Expenses and Expense Allocation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Expenses covered by NorthStar Realty		20.00%
Long-term bonus or other compensation reimbursement requirement		50.00%
NSAM bonus plan
Related Party Transaction [Line Items]
Percent of long-term bonuses paid under NSAM Bonus Plan		50.00%
NorthStar Listed Companies
Related Party Transaction [Line Items]
Related party allocated costs	$ 5.2	$ 2.2	$ 10.3
Reimbursement cap on the Additional Allocation		20.00%
NorthStar Realty
Related Party Transaction [Line Items]
Related party allocated costs		$ 1.0	$ 3.0

Management Agreements - Retail Companies (Details) $ in Thousands				12 Months Ended
	Nov. 09, 2016 USD ($)	Jan. 19, 2016 USD ($)	Feb. 02, 2015 USD ($)	Dec. 31, 2016 USD ($) fund	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Related Party Transaction [Line Items]
Total investments				$ 850,627	$ 374,821	$ 263,869
Issuance of performance common stock (refer to Note 9)				0	$ 0
Deferred acquisition fees				4,000
NorthStar Income
Related Party Transaction [Line Items]
Offering amount				1,200,000
Total capital raised				1,293,400
Total investments				1,599,900
NorthStar Healthcare
Related Party Transaction [Line Items]
Offering amount		$ 700,000	$ 1,100,000	2,100,000
Total capital raised				1,880,800
Total investments				3,413,700
NorthStar Income II
Related Party Transaction [Line Items]
Offering amount	$ 1,100,000			1,650,000
Total capital raised				1,145,500
Total investments				1,739,800
NorthStar/RXR New York Metro
Related Party Transaction [Line Items]
Offering amount				2,000,000
Total capital raised				12,800
Total investments				11,000
Issuance of performance common stock (refer to Note 9)				1,500
NorthStar Corporate Fund
Related Party Transaction [Line Items]
Offering amount				3,200,000
Total capital raised				2,200
Total investments				$ 100
Number of feeder funds \| fund				2
Issuance of performance common stock (refer to Note 9)				$ 2,000
NorthStar Capital Fund
Related Party Transaction [Line Items]
Offering amount				$ 1,000,000

Management Agreements - Retail Companies (Narrative) (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2016 USD ($) company	Dec. 31, 2015 USD ($)
Related Party Transaction [Line Items]
Commitment to purchase common stock period		2 years
Operating Costs (percent of average invested assets)		2.00%
Operating Costs (percent of net income)		25.00%
Minimum
Related Party Transaction [Line Items]
Organization and offering costs (percent of proceeds expected to be raised)		1.00%
Maximum
Related Party Transaction [Line Items]
Organization and offering costs (percent of proceeds expected to be raised)		1.50%
Retail Companies
Related Party Transaction [Line Items]
Related party allocated costs	$ 11,100,000	$ 32,600,000	$ 36,600,000
NorthStar Realty
Related Party Transaction [Line Items]
Commitment to invest in initial public offering		10,000,000.0
Commitment to invest as distribution support		$ 10,000,000.0
Number of new sponsored companies per year \| company		5
NorthStar Realty \| Class A shares
Related Party Transaction [Line Items]
Commitment to purchase common stock (percent)		75.00%
RXR Realty \| Class A shares
Related Party Transaction [Line Items]
Commitment to purchase common stock (percent)		25.00%

Management Agreements - Townsend (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended
	Jan. 29, 2016	Dec. 31, 2016
Townsend \| Direct Investments \| Other Income
Related Party Transaction [Line Items]
Management and other fees	$ 1.8	$ 2.1

Management Agreements - Selling Commission and Dealer Manager Fees and Commission Expense (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from related party	$ 5,106	$ 0
Class A shares
Related Party Transaction [Line Items]
Selling commission as percentage of gross primary offering proceeds	7.00%
Dealer manager fee rate, percent of gross proceeds	3.00%
Class T shares
Related Party Transaction [Line Items]
Selling commission as percentage of gross primary offering proceeds	2.00%
Dealer manager fee rate, percent of gross proceeds	2.75%
Class D shares
Related Party Transaction [Line Items]
Selling commission as percentage of gross primary offering proceeds	2.00%
Trail Commission \| Retail Companies
Related Party Transaction [Line Items]
Selling commission as percentage of gross primary offering proceeds	1.00%

Management Agreements - Selling Commission and Dealer Manager Fees, Commission Expense and Net Commission Income (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Selling commission and dealer manager fees (refer to Note 3)

$ 7,688

$ 3,856

$ 4,888

$ 6,371

$ 39,543

$ 29,104

$ 28,337

$ 29,923

$ 22,803

$ 126,907

$ 110,563

^[1]

Reallowed commission expense

$ 7,629

$ 3,608

$ 4,471

$ 5,946

$ 36,379

$ 26,978

$ 26,338

$ 27,695

21,654

117,390

104,428

^[1]

Net commission income

1,149

9,517

6,135

NorthStar Securities

$ 2,700

$ 14,000

$ 13,800

[1]

Management Agreements - Other (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Management Agreements [Abstract]
Special servicing fees	$ 0.7	$ 0.9	$ 0.8
Payments for administrative services, intercompany transaction	166.5
Advance payments for administrative services, intercompany transaction	$ 66.4

Investments in Unconsolidated Ventures - Unconsolidated Ventures (Details) - USD ($) $ in Thousands		1 Months Ended			12 Months Ended			13 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Jan. 31, 2016	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Indirect Investments
Investment		$ 21,000			$ 21,000
Total	$ 54,480	55,836			55,836	$ 88,069	$ 54,480
Distributions					15,021	6,349	0
Notes receivable from sale of equity method investment					28,485
AHI Interest, Island Interest, and Townsend Funds
Indirect Investments
Total		55,836			55,836	85,390
Subtotal Indirect Investments
Indirect Investments
Indirect Investments		$ 34,866			$ 34,866	85,390
AHI Interest
Indirect Investments
Ownership Interest		43.00%			43.00%
Indirect Investments		$ 34,866			$ 34,866	45,581
Consideration	57,500
Cash consideration	37,500
Common stock consideration	20,000						20,000
Common stock consideration that vested immediately	$ 10,000						$ 10,000
Distributions					$ 5,700	4,600
Island Interest
Indirect Investments
Ownership Interest		45.00%			45.00%
Indirect Investments		$ 0			$ 0	39,809
Common stock consideration that vested immediately				$ 4,500
Distributions					6,500	4,500
Consideration for acquisition				37,700
Payments to acquire marketplace finance platform				33,200
Stock issued				$ 4,500
Notes receivable from sale of equity method investment		$ 28,500
Notes receivable interest rate		8.00%
Proceeds from sale of equity method investments		$ 3,200
Realized loss on equity method investment		15,400
Townsend
Indirect Investments
Investment		$ 20,970			$ 20,970	0
Distributed Finance
Indirect Investments
Indirect Investments						$ 2,700
Investment in the form of convertible debt			$ 1,000
Payments to acquire marketplace finance platform								$ 4,000

Investments in Unconsolidated Ventures - Townsend Funds (Details) $ in Thousands	8 Months Ended	12 Months Ended
	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) fund	Dec. 31, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Fair Value		$ 21,000
Carrying amount of liability		$ 16,516	$ 0
Townsend
Schedule of Equity Method Investments [Line Items]
Number of Funds \| fund		26
Fair Value		$ 20,970	$ 0
Unfunded Commitments		$ 9,633
Income	$ 1,980
Distributions	4,831
Contributions	6,115
Notice period		120 days
Ownership interest		84.00%
Carrying amount of liability		$ 16,500
Commitments to co-invest total capital in Townsend Funds		1.00%
Portion of equity in earnings (losses)	$ 700

Investments in Unconsolidated Ventures - Combined Balance Sheets (Details) - Unconsolidated Ventures - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total assets	$ 75,975	$ 193,720
Total liabilities	4,018	15,098
Non-controlling interests	2,518	2,390
Total equity	$ 71,957	$ 178,622

Investments in Unconsolidated Ventures - Combined Statements of Operations (Details) - Unconsolidated Ventures - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 2,158	$ 66,463	$ 76,703
Total expenses	2,829	69,634	56,128
Net income (loss)	(671)	(3,171)	20,575
Net (income) loss attributable to non-controlling interests	(601)	2,627	(12,994)
Net income (loss) attributable to unconsolidated ventures’	$ (1,272)	$ (544)	$ 7,581

Borrowings (Details) - USD ($)	1 Months Ended	12 Months Ended
Borrowings (Details) - USD ($)	Jan. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Repayments of outstanding revolving credit agreement		$ 100,000,000	$ 0	$ 0
Term Loan \| January 2016 Term Loan
Debt Instrument [Line Items]
Term loan	$ 500,000,000.0
Interest rate floor	0.75%
Term Loan \| January 2016 Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.875%
Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Repayments of outstanding revolving credit agreement	$ 100,000,000

Related Party Arrangements - NorthStar Realty (Narrative) (Details) - USD ($) shares in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Jan. 31, 2017	Jan. 10, 2017
Related Party Transaction [Line Items]
Credit facility		$ 0	$ 100,000,000
NorthStar Listed Shares
Related Party Transaction [Line Items]
Related party expense	$ 5,200,000	2,200,000	10,300,000
Value of shares purchased		52,200,000
Unrealized loss		4,300,000	3,800,000
Dividend income		4,400,000
NorthStar Realty
Related Party Transaction [Line Items]
Related party expense		$ 1,000,000	$ 3,000,000
NorthStar Realty \| NorthStar Listed Shares
Related Party Transaction [Line Items]
Shares purchased (shares)		2.7
NorthStar Realty \| Revolving credit facility
Related Party Transaction [Line Items]
Borrowing capacity		$ 250,000,000
Financial covenant, unrestricted cash or cash equivalents amount		100,000,000
Credit facility		$ 0
NorthStar Realty \| Revolving credit facility \| LIBOR
Related Party Transaction [Line Items]
Basis spread on variable rate		3.50%
NorthStar Europe \| NorthStar Listed Shares
Related Party Transaction [Line Items]
Shares purchased (shares)		0.2
Subsequent Event \| Revolving credit facility
Related Party Transaction [Line Items]
Borrowing capacity					$ 1,000,000,000
Subsequent Event \| NorthStar Realty \| Revolving credit facility
Related Party Transaction [Line Items]
Credit facility				$ 40,000,000
Subsequent Event \| Loan Agreement \| NorthStar Realty \| Revolving credit facility
Related Party Transaction [Line Items]
Loan Agreement				$ 500,900,000.0
Loan agreement, interest rate				8.00%

Related Party Arrangements - Healthcare Strategic Joint Venture (Narrative) (Details) - shares	Jan. 19, 2016	Dec. 17, 2015	Feb. 02, 2015	Dec. 31, 2016
Healthcare Strategic Partnership \| Minimum
Related Party Transaction [Line Items]
Incentive fees				20.00%
Healthcare Strategic Partnership \| Maximum
Related Party Transaction [Line Items]
Incentive fees				25.00%
Mr. Flaherty \| Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Number of common shares issued (shares)	527	139,473	20,305

Related Party Arrangements - AHI Venture (Narrative) (Details) - AHI Venture - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Value of assets		$ 7,500.0
Base management fee		2.4	$ 1.4
Property management fees
Related Party Transaction [Line Items]
Related party expense		1.7	$ 1.7
NorthStar Realty and NorthStar Healthcare
Related Party Transaction [Line Items]
Value of assets		5,500.0
AHI Ventures
Related Party Transaction [Line Items]
Base management fee		$ 1.6
Ownership interest		0.50%
Mr. Flaherty
Related Party Transaction [Line Items]
Ownership interest		12.30%
Other assets \| AHI Ventures
Related Party Transaction [Line Items]
Shares received in connection with distribution (shares)	0.2

Related Party Arrangements - Island Venture (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Notes receivable from sale of equity method investment		$ 28,485
Island Interest \| NorthStar Realty
Related Party Transaction [Line Items]
Base management fee		$ 17,600	$ 16,600
Island Interest \| NorthStar Realty \| Minimum
Related Party Transaction [Line Items]
Base management fee (percent of monthly revenue)		2.50%
Island Interest \| NorthStar Realty \| Maximum
Related Party Transaction [Line Items]
Base management fee (percent of monthly revenue)		3.00%
Island Interest
Related Party Transaction [Line Items]
Notes receivable from sale of equity method investment	$ 28,500
Notes receivable interest rate	8.00%
Proceeds from sale of equity method investments	$ 3,200
Realized loss on equity method investment	$ 15,400

Related Party Arrangements - RXR Realty (Narrative) (Details) - RXR Realty - NorthStar Realty - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2013
Related Party Transaction [Line Items]
Ownership interest		27.00%
Additional annual base management fee	$ 10

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of securities	$ 44,210	$ 46,215
Fair value of fund	21,000
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fund	21,000
Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of securities	44,200	$ 46,200
Recurring Basis \| Reported Value Measurement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan, at fair value	468,400
Island Interest \| Recurring Basis \| Estimate of Fair Value Measurement \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable, fair value	$ 28,500

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 4,956
2018	1,971
2019	1,484
2020	184
2021	184
Thereafter	0
Total minimum lease payments	$ 8,779

Commitments and Contingencies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 01, 2014	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 22, 2016
Subsequent Event [Line Items]
Special cash dividend declared, prior to closing of Mergers			$ 526	$ 574
Rent expense			5,700	4,500	$ 2,100
Number of days of employment to qualify for 401(k) plan	30 days
Employee matching contribution for the first level of earnings	100.00%
Employee match level one	3.00%
Employee matching contribution for the second level of earnings	50.00%
Employer match level two	2.00%
Aggregate matching contribution			$ 2,200	$ 1,300	$ 200
Subsequent Event
Subsequent Event [Line Items]
Transaction costs		$ 32,400
Common Stock \| Merger Agreement with NorthStar Realty and Colony Capital, Inc.
Subsequent Event [Line Items]
Special cash dividend declared, prior to closing of Mergers						$ 228,000
Special dividend (in dollars per share)						$ 1.16

Compensation Expense - Summary of Compensation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Salaries and related expenses

$ 98,243

$ 68,349

$ 37,205

Equity-based compensation expense to be recognized over the remaining vesting period

61,577

57,468

51,650

Total

^[1]

159,820

$ 125,817

$ 88,855

^[2]

$ 69,900

[1]

The years ended December 31, 2016, 2015 and 2014 include $61.6 million, $57.5 million and $51.7 million, respectively, of equity-based compensation expense. Refer to Note 9 for further disclosure.

[2]

Compensation Expense - NorthStar Asset Management Plans (Narrative) (Details) - shares		1 Months Ended	12 Months Ended
	Apr. 03, 2014	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)			3,623,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)			1,000
Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)			997,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)			2,625,000
NSAM Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares reserved for future awards (shares)			30,072,659
NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Percent of RSUs subject to performance based hurdles	40.00%
Number of shares granted in period (shares)	6,230,529
NSAM bonus plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of RSUs subject to performance based hurdles				31.65%	31.65%
NSAM bonus plan \| Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of RSUs subject to performance based hurdles				18.35%	18.35%
Subsequent Event \| Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)		738,225
Subsequent Event \| Restricted Stock \| Non-executive employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)		794,993
Subsequent Event \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of retired shares (shares)		82,832

Compensation Expense - NorthStar Realty Equity Plans (Narrative) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)	3,623
Incremental shares vested upon performance hurdle being met (shares)	3,466
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)	1
Incremental shares vested upon performance hurdle being met (shares)	705
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)	2,625
Incremental shares vested upon performance hurdle being met (shares)	2,761

Compensation Expense - Summary of LTIP Units and Restricted Stock (Details) - $ / shares			3 Months Ended		12 Months Ended		36 Months Ended
	Jan. 04, 2016	Jan. 22, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)			11,921,000		11,921,000
Grants (shares)					3,623,000
Vesting (shares)					(3,466,000)
Conversions (shares)					(201,000)
Forfeited or canceled grants (shares)					(69,000)
Ending balance (shares)					12,466,000	11,921,000	12,466,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted Average Grant Price (in dollars per share)			$ 16.80		$ 16.80
New grants, Weighted Average Grant Price (in dollars per share)					8.86
Vesting of restricted stock, Weighted Average Grant Price (in dollars per share)					13.61
Converted grants, Weighted Average Grant Price (in dollars per share)					17.15
Forfeited or canceled grants, Weighted Average Grant Price (in dollars per share)					16.30
Ending Balance, Weighted Average Grant Price (in dollars per share)					$ 15.07	$ 16.80	$ 15.07
Restricted stock vested to common stock (shares)					2,400,000
Restricted stock retired to satisfy minimum statutory requirement (shares)					400,000
Townsend grants
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)					658,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
New grants, Weighted Average Grant Price (in dollars per share)					$ 11.00
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)			3,269,000		3,269,000
Grants (shares)					2,625,000
Vesting (shares)					(2,761,000)
Conversions (shares)					0
Forfeited or canceled grants (shares)					(44,000)
Ending balance (shares)					3,747,000	3,269,000	3,747,000
Restricted Stock \| Townsend grants
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)					658,000
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)			1,792,000		1,792,000
Grants (shares)					0
Vesting (shares)					0
Conversions (shares)					(201,000)
Forfeited or canceled grants (shares)					(2,000)
Ending balance (shares)					1,589,000	1,792,000	1,589,000
LTIP Units \| Townsend grants
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)					0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)			2,647,000		2,647,000
Grants (shares)					1,000
Vesting (shares)					(705,000)
Conversions (shares)					0
Forfeited or canceled grants (shares)					(23,000)
Ending balance (shares)					1,920,000	2,647,000	1,920,000
Restricted Stock Units (RSUs) \| Townsend grants
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)					0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares issued (shares)	362,006
Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)			4,213,000		4,213,000
Grants (shares)					997,000
Vesting (shares)					0
Conversions (shares)					0
Forfeited or canceled grants (shares)					0
Ending balance (shares)					5,210,000	4,213,000	5,210,000
Performance Common Stock \| Townsend grants
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)					0
Mr. James F. Flaherty III \| Restricted Stock Units (RSUs) \| Healthcare Strategic Partnership
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (shares)		500,000.0				200,000.0	700,000.0
Northstar Realty Equity Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares issued (shares)				1,100,000
NorthStar Realty Bonus Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares issued (shares)				700,000
Non-executive employees \| Northstar Realty Equity Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares issued (shares)				800,000
Executive Officer \| NSAM Spin-off \| Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares issued (shares)				3,700,000
Executive Officer \| NSAM bonus plan \| Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
New grants, Weighted Average Grant Price (in dollars per share)			$ 3.43
Shares issued (shares)			1,000,000	500,000
Fair value assumptions, risk free interest rate			0.88%

Compensation Expense - Equity-based Compensation Expense (Details) - $ / shares			1 Months Ended	12 Months Ended
	Dec. 31, 2014	Apr. 03, 2014	May 31, 2014	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)				3,623,000
New grants, Weighted Average Grant Price (in dollars per share)				$ 8.86
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)				1,000
NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)			1,279,089
Fair value assumptions, risk free interest rate			1.29%
NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)		6,230,529
Award vesting period		4 years
Percent of RSUs subject to performance based hurdles		40.00%
Percent of RSUs, subject to performance-based hurdles, total shareholder return		30.00%
Employment period		4 years
Percent of RSUs subject to performance based hurdles, total shareholder return, Russell 2000 Index		30.00%
Fair value assumptions, risk free interest rate		1.48%
NSAM Stock Plan \| Period One \| Performance RSUs [Member] \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	25.00%
NSAM Stock Plan \| Period Two \| Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	25.00%
NSAM Stock Plan \| Period Three \| Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	25.00%
NSAM Stock Plan \| Period Four \| Performance RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	25.00%
Minimum \| NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New grants, Weighted Average Grant Price (in dollars per share)		$ 9.95
Minimum \| NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New grants, Weighted Average Grant Price (in dollars per share)		10.22
Maximum \| NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New grants, Weighted Average Grant Price (in dollars per share)		16.80
Maximum \| NSAM Stock Plan \| Restricted Stock Units (RSUs) \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New grants, Weighted Average Grant Price (in dollars per share)		$ 17.01

Compensation Expense - Other Issuances (Narrative) (Details) $ in Millions		1 Months Ended		12 Months Ended
	Dec. 08, 2014 USD ($) principal shares	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($) shares	Dec. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)				3,623,000
AHI Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to acquire business \| $	$ 37.5
Cash and stock consideration \| $	$ 20.0
Number of shares acquired (shares)	956,462
Number of principals for continued service \| principal	3
Percentage of shares subject to forfeiture conditions	50.00%
Lapsing period for first 50% of shares	2 years
Lapsing period for remaining 50% of shares	5 years
Number of shares granted in period (shares)			93,896
Contribution of equity incentives \| $			$ 1.0
AHI Interest \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contribution of equity incentives \| $		$ 1.0
AHI Interest \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and stock consideration \| $	$ 10.0
Number of shares acquired (shares)	478,231
Number of shares granted in period (shares)				0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)				1,000
Performance Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (shares)				997,000
Restricted Stock / LTIP Units / RSUs with Service Conditions \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock / LTIP Units / RSUs with Service Conditions \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Equity-Based Awards with Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years

Stockholders' Equity (Performance Common Stock and Share Repurchase) (Narrative) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Apr. 30, 2015
Stockholders' Equity Note [Abstract]
Authorized repurchase of common stock			$ 400,000,000
Common shares repurchased (shares)	7,800,000	0
Common stock repurchased	$ 105,200,000

Stockholders' Equity (Call Spread) (Narrative) (Details) - Call Option - USD ($)	1 Months Ended
	Oct. 31, 2015	Sep. 30, 2015
Option Indexed to Issuer's Equity [Line Items]
Notional amount		$ 100,000,000.0
Net premium to be paid	$ 16,000,000
Minimum
Option Indexed to Issuer's Equity [Line Items]
Net value of the consideration range		0
Maximum
Option Indexed to Issuer's Equity [Line Items]
Net value of the consideration range		$ 40,000,000.0

Stockholders' Equity (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Numerator:

Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders

$ (11,060)

$ 24,842

$ 10,924

$ 17,575

$ 18,829

$ 41,173

$ 38,024

$ 21,768

$ 42,281

$ 119,794

$ 19,100

^[1]

Less: Earnings (loss) allocated to unvested participating securities

(3,424)

(4,253)

(190)

Numerator for basic income (loss) per share

38,857

115,541

18,910

Add: Undistributed earnings allocated to participating nonvested shares

1,594

Less: Undistributed earnings reallocated to participating nonvested shares

(1,567)

Net income (loss) attributable to LTIP Units non-controlling interests

$ (91)

$ 246

$ 111

$ 176

$ 182

$ 381

$ 188

$ 202

442

953

^[1]

Numerator for diluted income (loss) per share

$ 39,299

$ 116,521

$ 18,910

Denominator:

Weighted average number of shares of common stock (shares)

183,327,035

188,705,876

187,852,524

^[1]

Incremental diluted shares (shares)

1,785,000

2,308,000

2,588,000

Weighted average number of diluted shares (shares)

185,111,530

191,014,044

190,441,189

^[1]

Earnings (loss) per share:

Basic (in dollars per share)

$ (0.06)

$ 0.13

$ 0.06

$ 0.09

$ 0.10

$ 0.21

$ 0.19

$ 0.11

$ 0.21

$ 0.61

$ 0.10

^[1]

Diluted (in dollars per share)

$ (0.06)

$ 0.13

$ 0.06

$ 0.09

$ 0.10

$ 0.21

$ 0.19

$ 0.11

$ 0.21

$ 0.61

$ 0.10

^[1]

[1]

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 22, 2016	Nov. 01, 2016	Aug. 02, 2016	May 04, 2016	Feb. 25, 2016	Dec. 31, 2016	Dec. 31, 2015
Dividends Payable [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 1.16	$ 0.10	$ 0.10	$ 0.10	$ 0.10
Special cash dividend declared, prior to closing of Mergers						$ 526	$ 574
Merger Agreement with NorthStar Realty and Colony Capital, Inc. \| Common Stock
Dividends Payable [Line Items]
Special cash dividend declared, prior to closing of Mergers	$ 228,000
Special dividend (in dollars per share)	$ 1.16

Non-controlling Interests - Operating Partnership (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

Noncontrolling Interest [Line Items]

Non-controlling interest related to LTIP Units

$ 4,400

Ownership and non-controlling interest

1.00%

Income attributable to Operating Partnership non-controlling interest

$ (91)

$ 246

$ 111

$ 176

$ 182

$ 381

$ 188

$ 202

$ 442

$ 953

$ 0

Non-controlling Interests | LTIP Units

Noncontrolling Interest [Line Items]

LTIP units outstanding (shares)

1,588,998

[1]

Non-controlling Interests - Redeemable Non-Controlling Interests (Details) - USD ($)
$ in Thousands

3 Months Ended

11 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

Increase (Decrease) in Temporary Equity [Roll Forward]

Beginning balance

$ 0

Allocation of redeemable non-controlling interests

$ 1,280

$ 855

$ 1,104

$ 1,032

4,271

$ 0

661

Ending balance

74,525

$ 74,525

74,525

$ 0

Townsend

Increase (Decrease) in Temporary Equity [Roll Forward]

75,259

(5,471)

4,271

Allocation of redeemable non-controlling interests

661

Currency translation adjustment and other

(195)

Ending balance

$ 74,525

[1]

Income Taxes - Narrative (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Unrecognized tax benefits

$ 1,691,000

$ 5,708,000

$ 1,154,000

$ 2,469,000

$ 5,701,000

$ (3,825,000)

$ 12,055,000

$ 7,938,000

$ 1,622,000

$ 0

$ 11,022,000

$ 21,869,000

$ 1,622,000

^[1]

Undistributed earnings

247,000,000

$ 147,200,000

$ 30,100,000

$ 247,000,000

$ 147,200,000

$ 30,100,000

Effective tax rate

3.20%

20.50%

15.30%

Excess tax benefits

$ 100,000

$ 1,100,000

$ 0

[1]

Income Taxes - Income Taxes Benefit (Expense) (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

Current:

U.S. federal

$ (2,516,000)

$ (12,151,000)

$ (24,238,000)

U.S. state and local

(503,000)

(1,333,000)

(3,856,000)

Non-U.S.

(1,934,000)

(3,332,000)

(2,652,000)

Subtotal current

(4,953,000)

(16,816,000)

(30,746,000)

Deferred:

U.S. federal

2,293,000

5,745,000

7,530,000

U.S. state and local

458,000

(44,000)

943,000

Non-U.S.

580,000

93,000

404,000

Subtotal deferred

3,331,000

5,794,000

8,877,000

Effective Income Tax Rate Reconciliation, Percent [Abstract]

$ (1,691,000)

$ (5,708,000)

$ (1,154,000)

$ (2,469,000)

$ (5,701,000)

$ 3,825,000

$ (12,055,000)

$ (7,938,000)

$ (1,622,000)

$ 0

$ (11,022,000)

$ (21,869,000)

$ (1,622,000)

[1]

Income Taxes - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax asset
Equity-based compensation	$ 11,875	$ 7,944
Investments in unconsolidated ventures	7,139	3,846
Capital loss	3,727	0
Other	5,922	244
Valuation allowance	(5,474)	0
Total deferred tax asset	23,189	12,034
Deferred tax liability
State tax deduction	1,260	811
Intangible assets	4,809	0
Other	7,019	343
Total deferred tax liability	$ 13,088	$ 1,154

Income Taxes - Reconciliation of Provision for Income Taxes (Expense) Benefit (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

U.S. federal statutory income tax rate

35.00%

U.S. state and local income taxes

2.90%

1.00%

1.40%

Change in valuation allowance

(21.30%)

10.30%

0.00%

Equity-based compensation

0.00%

20.70%

4.00%

4.00%

6.80%

0.40%

Other permanent items

0.40%

3.50%

0.10%

Effect of foreign operations taxed at various rates

(17.90%)

(53.60%)

(24.50%)

Other

0.10%

(3.20%)

(1.10%)

Effective income tax rate

3.20%

20.50%

15.30%

Quarterly Financial Information Disclosure [Abstract]

$ 1,691,000

$ 5,708,000

$ 1,154,000

$ 2,469,000

$ 5,701,000

$ (3,825,000)

$ 12,055,000

$ 7,938,000

$ 1,622,000

$ 0

$ 11,022,000

$ 21,869,000

$ 1,622,000

[1]

Quarterly Financial Information (Unaudited) (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[2]

Asset management and other fees, related parties

$ 90,276,000

$ 89,977,000

$ 90,081,000

$ 96,281,000

$ 77,257,000

$ 78,994,000

$ 90,358,000

$ 61,379,000

$ 366,615,000

^[1]

$ 307,988,000

^[1]

$ 147,738,000

^[1]

Selling commission and dealer manager fees, related parties

7,688,000

3,856,000

4,888,000

6,371,000

39,543,000

29,104,000

28,337,000

29,923,000

22,803,000

126,907,000

110,563,000

7,629,000

3,608,000

4,471,000

5,946,000

36,379,000

26,978,000

26,338,000

27,695,000

21,654,000

117,390,000

104,428,000

6,947,000

6,882,000

6,922,000

5,163,000

25,914,000

778,000

Total general and administrative expenses

778,000

47,440,000

9,665,000

24,476,000

62,497,000

46,676,000

44,559,000

47,492,000

44,403,000

40,970,000

41,962,000

31,868,000

201,224,000

159,203,000

106,572,000

Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)

(7,492,000)

31,464,000

14,145,000

25,681,000

22,251,000

37,785,000

50,177,000

30,778,000

63,798,000

140,991,000

21,761,000

Income (loss) before income taxes

(8,180,000)

31,651,000

13,293,000

21,252,000

24,712,000

37,729,000

50,267,000

29,908,000

58,016,000

142,616,000

20,722,000

(1,691,000)

(5,708,000)

(1,154,000)

(2,469,000)

(5,701,000)

3,825,000

(12,055,000)

(7,938,000)

$ (1,622,000)

$ 0

(11,022,000)

(21,869,000)

(1,622,000)

Net (income) loss attributable to non-controlling interests

(9,871,000)

25,943,000

12,139,000

18,783,000

19,011,000

41,554,000

38,212,000

21,970,000

46,994,000

120,747,000

19,100,000

91,000

(246,000)

(111,000)

(176,000)

(182,000)

(381,000)

(188,000)

(202,000)

(442,000)

(953,000)

Net (income) loss attributable to redeemable non-controlling interests

(1,280,000)

(855,000)

(1,104,000)

(1,032,000)

(4,271,000)

Net income (loss) attributable to NorthStar Asset Management Group Inc. common stockholders

$ (11,060,000)

$ 24,842,000

$ 10,924,000

$ 17,575,000

$ 18,829,000

$ 41,173,000

$ 38,024,000

$ 21,768,000

$ 42,281,000

$ 119,794,000

$ 19,100,000

Earnings (loss) per share:

Basic (in dollars per share)

$ (0.06)

$ 0.13

$ 0.06

$ 0.09

$ 0.10

$ 0.21

$ 0.19

$ 0.11

$ 0.21

$ 0.61

$ 0.10

Diluted (in dollars per share)

$ (0.06)

$ 0.13

$ 0.06

$ 0.09

$ 0.10

$ 0.21

$ 0.19

$ 0.11

$ 0.21

$ 0.61

$ 0.10

[1]

NSAM began earning fees on July 1, 2014, in connection with the management agreement with NorthStar Realty and began earnings fees on November 1, 2015, in connection with the management agreement with NorthStar Europe (refer to Note 3).

[2]

Segment Reporting (Details)

2 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Feb. 28, 2017

USD ($)

Dec. 31, 2016

USD ($)

Sep. 30, 2016

USD ($)

Jun. 30, 2016

USD ($)

Mar. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Jun. 30, 2014

USD ($)

Dec. 31, 2016

USD ($)

segment

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Number of segments | segment

Selling commission and dealer manager fees (refer to Note 3)

$ 90,276,000

$ 89,977,000

$ 90,081,000

$ 96,281,000

$ 77,257,000

$ 78,994,000

$ 90,358,000

$ 61,379,000

$ 366,615,000

^[1]

$ 307,988,000

^[1]

$ 147,738,000

^[1],[2]

7,688,000

3,856,000

4,888,000

6,371,000

39,543,000

29,104,000

28,337,000

29,923,000

22,803,000

126,907,000

110,563,000

^[2]

7,629,000

3,608,000

4,471,000

5,946,000

36,379,000

26,978,000

26,338,000

27,695,000

21,654,000

117,390,000

104,428,000

^[2]

6,947,000

6,882,000

6,922,000

5,163,000

25,914,000

778,000

^[2]

^[3]

159,820,000

125,817,000

88,855,000

^[2]

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

41,404,000

33,386,000

17,717,000

^[2]

(5,782,000)

1,625,000

(1,039,000)

^[2]

(1,691,000)

(5,708,000)

(1,154,000)

(2,469,000)

(5,701,000)

3,825,000

(12,055,000)

(7,938,000)

$ (1,622,000)

$ 0

(11,022,000)

(21,869,000)

(1,622,000)

^[2]

(9,871,000)

$ 25,943,000

$ 12,139,000

$ 18,783,000

19,011,000

41,554,000

38,212,000

21,970,000

46,994,000

120,747,000

19,100,000

^[2]

Depreciation and amortization expense

61,577,000

57,468,000

51,650,000

10,020,000

1,880,000

894,000

^[2]

778,000

$ 0

47,440,000

9,665,000

24,476,000

^[2]

Unrealized loss

4,492,000

4,274,000

410,000

^[2]

850,627,000

374,821,000

263,869,000

850,627,000

374,821,000

263,869,000

Managed Companies and Townsend

55,836,000

88,069,000

54,480,000

55,836,000

88,069,000

54,480,000

Managed Companies and Townsend | Subsequent Event

Reimbursement revenue

53,600,000

NorthStar Listed Companies

Reimbursement revenue

$ 10,000,000

Selling commission and dealer manager fees (refer to Note 3)

200,833,000

201,049,000

82,759,000

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

200,833,000

201,049,000

82,759,000

24,019,000

50,924,000

60,909,000

24,019,000

50,924,000

60,909,000

Retail Companies

Selling commission and dealer manager fees (refer to Note 3)

99,594,000

106,939,000

64,979,000

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

99,594,000

106,939,000

64,979,000

58,771,000

66,246,000

29,458,000

58,771,000

66,246,000

29,458,000

Broker-Dealer

Selling commission and dealer manager fees (refer to Note 3)

22,803,000

126,907,000

110,563,000

21,654,000

117,390,000

104,428,000

9,783,000

10,204,000

6,831,000

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

7,995,000

6,655,000

8,126,000

(16,732,000)

(6,833,000)

(8,916,000)

12,054,000

16,470,000

17,868,000

12,054,000

16,470,000

17,868,000

Direct Investments

Selling commission and dealer manager fees (refer to Note 3)

66,188,000

27,385,000

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

5,653,000

(5,782,000)

1,625,000

(1,039,000)

4,714,000

429,000

(1,039,000)

Operating income

10,800,000

14,500,000

Depreciation and amortization expense

2,000,000

10,800,000

533,679,000

88,069,000

54,480,000

533,679,000

88,069,000

54,480,000

Direct Investments | Townsend

55,836,000

88,069,000

54,480,000

55,836,000

88,069,000

54,480,000

Depreciation and amortization expense

14,100,000

500,000

Corporate/Other

Selling commission and dealer manager fees (refer to Note 3)

25,914,000

778,000

122,652,000

115,613,000

82,024,000

Equity in earnings (losses) of unconsolidated ventures (refer to Note 4)

27,756,000

26,731,000

9,591,000

(11,022,000)

(21,869,000)

(1,622,000)

(241,415,000)

(180,837,000)

(118,683,000)

59,000,000

47,400,000

Unrealized loss

4,500,000

3,800,000

222,104,000

153,112,000

101,154,000

222,104,000

153,112,000

101,154,000

Corporate/Other | Townsend

$ 0