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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2020	May 05, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	COLONY CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	515 South Flower Street
Entity Address, Address Line Two	44th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	310
Local Phone Number	282-8820
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		481,201,839
Class A Common Stock \| New York Stock Exchange
Entity Information [Line Items]
Title of Class	Class A Common Stock, $0.01 par value
Trading Symbol(s)	CLNY
Name of Each Exchange on Which Registered	NYSE
Series G \| New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRG
Name of Each Exchange on Which Registered	NYSE
Series H \| New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRH
Name of Each Exchange on Which Registered	NYSE
Series I \| New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRI
Name of Each Exchange on Which Registered	NYSE
Series J \| New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRJ
Name of Each Exchange on Which Registered	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		733,931

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,361,769	$ 1,205,190
Restricted cash	166,568	203,923
Real estate, net	10,458,057	10,860,518
Loans receivable (at fair value at March 31, 2020)	1,588,427	1,566,328
Equity and debt investments ($418,830 and $457,693 at fair value, respectively)	2,177,961	2,313,805
Goodwill	1,373,891	1,452,891
Deferred leasing costs and intangible assets, net	595,250	638,853
Assets held for sale	749,416	870,052
Other assets ($26,919 and $21,386 at fair value, respectively)	640,220	669,144
Due from affiliates	48,503	51,480
Total assets	19,160,062	19,832,184
Liabilities
Debt, net	9,453,338	8,983,908
Accrued and other liabilities ($95,811 and $136,861 at fair value, respectively)	837,281	1,015,898
Intangible liabilities, net	102,077	111,484
Liabilities related to assets held for sale	260,959	268,152
Due to affiliates	34,301	34,064
Dividends and distributions payable	77,228	83,301
Preferred stock redemptions payable	0	402,855
Total liabilities	10,765,184	10,899,662
Commitments and contingencies (Note 21)
Redeemable noncontrolling interests	3,162	6,107
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding	999,490	999,490
Additional paid-in capital	7,532,213	7,553,599
Accumulated deficit	(3,806,308)	(3,389,592)
Accumulated other comprehensive income	16,222	47,668
Total stockholders’ equity	4,746,426	5,216,043
Noncontrolling interests in investment entities	3,233,910	3,254,188
Noncontrolling interests in Operating Company	411,380	456,184
Total equity	8,391,716	8,926,415
Total liabilities, redeemable noncontrolling interests and equity	19,160,062	19,832,184
Class A, 949,000 shares authorized; 480,118 and 487,044 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,802	4,871
Class B, 1,000 shares authorized; 734 shares issued and outstanding
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Equity and debt investments, fair value disclosure	$ 418,830	$ 457,693
Other assets, fair value	26,919	21,386
Accrued and other liabilities, at fair value	$ 95,811	$ 136,861
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,033,750	$ 1,033,750
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	41,350,000	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000	41,350,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	480,118,000	487,044,000
Common stock, shares outstanding (in shares)	480,118,000	487,044,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Interest income	$ 32,868	$ 46,070
Total revenues	507,513	548,059
Expenses
Property operating expense	263,633	270,742
Interest expense	123,413	134,889
Investment and servicing expense	12,178	18,449
Transaction costs	421	2,504
Depreciation and amortization	136,858	111,352
Provision for loan loss	0	3,611
Impairment loss	387,268	25,622
Compensation expense—cash and equity-based	53,034	31,517
Compensation expense—carried interest and incentive fee	(9,181)	1,272
Administrative expenses	32,758	22,694
Settlement loss	5,090	0
Total expenses	1,005,472	622,652
Other income (loss)
Gain on sale of real estate	7,932	29,453
Other loss, net	(3,471)	(49,069)
Equity method earnings	115,702	34,063
Equity method earnings—carried interest	(18,411)	4,896
Loss from continuing operations before income taxes	(396,207)	(55,250)
Income tax expense	(8,324)	(1,198)
Loss from continuing operations	(404,531)	(56,448)
Income from discontinued operations	474	26,293
Net loss	(404,057)	(30,155)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(548)	1,444
Investment entities	(21,749)	49,988
Operating Company	(39,601)	(6,611)
Net loss attributable to Colony Capital, Inc.	(342,159)	(74,976)
Preferred stock dividends	19,474	27,137
Net loss attributable to common stockholders	$ (361,633)	$ (102,113)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (0.76)	$ (0.23)
Net loss per basic common share (in dollars per share)	(0.76)	(0.21)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(0.76)	(0.23)
Net loss per diluted common share (in dollars per share)	$ (0.76)	$ (0.21)
Weighted average number of shares
Basic (in shares)	479,106	478,874
Diluted (in shares)	479,106	478,874
Dividends declared per common share (in dollars per share)	$ 0.11	$ 0.11
Property operating income
Revenues
Income	$ 425,416	$ 458,898
Fee income ($43,100 and $30,850 from affiliates, respectively)
Revenues
Income	43,505	31,028
Other income ($2,486 and $9,845 from affiliates, respectively)
Revenues
Income	$ 5,724	$ 12,063

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total fee income
Income	$ 43,505	$ 31,028
Total fee income \| Affiliated Entity
Income	43,100	30,850
Other Income
Income	5,724	12,063
Other Income \| Affiliated Entity
Income	$ 2,486	$ 9,845

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net loss	$ (404,057)	$ (30,155)
Changes in accumulated other comprehensive income (loss) related to:
Investments in unconsolidated ventures, net	(26,477)	4,910
Available-for-sale debt securities	1,489	2,064
Cash flow hedges	41	(663)
Foreign currency translation	(60,374)	(28,246)
Net investment hedges	21,608	12,864
Other comprehensive loss	(63,713)	(9,071)
Comprehensive loss	(467,770)	(39,226)
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive loss attributable to stockholders	(373,573)	(66,931)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(548)	1,444
Comprehensive income attributable to noncontrolling interests	(50,608)	32,359
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (43,041)	$ (6,098)

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Class A Common Stock	Class A Common Stock Total Stockholders’ Equity	Class A Common Stock Additional Paid-in Capital	Class A Common Stock Noncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2018		$ 7,006,052	$ 1,407,495	$ 4,841	$ 7,598,019	$ (2,018,302)	$ 13,999
Beginning balance at Dec. 31, 2018								$ 3,779,728	$ 360,590
Beginning balance at Dec. 31, 2018	$ 11,146,370						13,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31,599)	(74,976)				(74,976)
Net income (loss)	49,988							49,988
Net income (loss)	(6,611)								(6,611)
Other comprehensive loss	(9,071)	8,045					8,045	(17,629)	513
Common stock repurchases	(3,167)	(3,167)		(7)	(3,160)
Redemption of OP Units for cash and class A common										$ 0	$ 33	$ 33	$ (33)
Equity-based compensation	6,541	6,350		27	6,323			191
Shares canceled for tax withholdings on vested stock awards	(3,007)	(3,007)		(6)	(3,001)
Contributions from noncontrolling interests	305,216							305,216
Distributions to noncontrolling interests	(110,827)							(107,377)	(3,450)
Preferred stock dividends	(27,137)	(27,137)				(27,137)
Common stock dividends declared	(53,410)	(53,410)				(53,410)
Reallocation of equity (Note 2 and 15)	0	12,827			12,733		94	(12,533)	(294)
Ending balance at Mar. 31, 2019		6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138
Ending balance at Mar. 31, 2019								3,996,206	350,530
Ending balance at Mar. 31, 2019	11,215,441						22,138
Beginning balance at Dec. 31, 2018		7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999
Beginning balance at Dec. 31, 2018								3,779,728	360,590
Beginning balance at Dec. 31, 2018	11,146,370						13,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of OP Units for cash and class A common					(12,400)
Ending balance at Dec. 31, 2019	5,216,043	5,216,043	999,490	4,878	7,553,599	(3,389,592)	47,668
Ending balance at Dec. 31, 2019								3,254,188	456,184
Ending balance at Dec. 31, 2019	8,926,415						47,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(403,509)	(342,159)				(342,159)
Net income (loss)	(21,749)							(21,749)
Net income (loss)	(39,601)								(39,601)
Other comprehensive loss	(63,713)	(31,414)					(31,414)	(28,859)	(3,440)
Common stock repurchases	(24,749)	(24,749)		(127)	(24,622)
Equity-based compensation	12,774	12,190		76	12,114				584
Shares canceled for tax withholdings on vested stock awards	(5,069)	(5,069)		(18)	(5,051)
Contributions from noncontrolling interests	87,736							87,736
Distributions to noncontrolling interests	(61,686)							(55,829)	(5,857)
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Common stock dividends declared	(52,854)	(52,854)				(52,854)
Reallocation of equity (Note 2 and 15)	0	(3,859)			(3,827)		(32)		3,859
Ending balance at Mar. 31, 2020	4,746,426	$ 4,746,426	$ 999,490	$ 4,809	$ 7,532,213	$ (3,806,308)	16,222
Ending balance at Mar. 31, 2020								$ 3,233,910	$ 411,380
Ending balance at Mar. 31, 2020	$ 8,391,716						$ 16,222

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.11

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net loss	$ (404,057)	$ (30,155)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(594)	(5,426)
Paid-in-kind interest added to loan principal, net of interest received	(21,218)	(9,780)
Straight-line rents	(2,069)	(5,529)
Amortization of above- and below-market lease values, net	(3,506)	(3,643)
Amortization of deferred financing costs and debt discount and premium	15,260	19,594
Equity method earnings	(97,291)	(38,487)
Distributions of income from equity method investments	20,496	26,923
Provision for loan loss	0	3,611
Allowance for doubtful accounts	404	4,389
Impairment of real estate and related intangibles and right-of-use assets	308,268	25,622
Goodwill impairment	79,000	0
Depreciation and amortization	137,491	150,797
Equity-based compensation	8,249	6,663
Unrealized settlement loss	3,890	0
Gain on sales of real estate, net	(7,932)	(52,301)
Payment of cash collateral on derivative	(6,641)	(31,054)
Deferred income tax benefit	(9,138)	(840)
Other loss, net	9,279	49,077
Increase in other assets and due from affiliates	(6,406)	(3,584)
Decrease in accrued and other liabilities and due to affiliates	(81,407)	(37,205)
Other adjustments, net	(1,747)	(2,036)
Net cash provided by (used in) operating activities	(59,669)	66,636
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(126,837)	(101,335)
Return of capital from equity method investments	29,386	18,310
Acquisition of loans receivable and debt securities	0	(451)
Net disbursements on originated loans	(63,812)	(21,892)
Repayments of loans receivable	49,133	89,199
Proceeds from sales of loans receivable and debt securities	0	13,373
Cash receipts in excess of accretion on purchased credit-impaired loans	0	8,607
Acquisition of and additions to real estate, related intangibles and leasing commissions	(78,283)	(1,267,762)
Proceeds from sales of real estate	126,741	294,667
Proceeds from paydown and maturity of debt securities	1,623	3,338
Proceeds from sale of equity investments	231,078	19,505
Investment deposits	(3,593)	(14,294)
Net receipts on settlement of derivatives	3,227	19,608
Other investing activities, net	(1,742)	14,176
Net cash provided by (used in) investing activities	166,921	(924,951)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(23,785)	(27,137)
Dividends paid to common stockholders	(53,657)	(53,426)
Repurchase of common stock	(24,749)	(10,734)
Borrowings from corporate credit facility	600,000	0
Borrowings from secured debt	8,052	1,169,777
Repayments of secured debt	(111,678)	(498,259)
Payment of deferred financing costs	(140)	(16,700)
Contributions from noncontrolling interests	87,083	247,033
Distributions to and redemptions of noncontrolling interests	(68,320)	(129,734)
Redemption of preferred stock	(402,855)	0
Shares canceled for tax withholdings on vested stock awards	(5,069)	(3,007)
Other financing activities, net	0	(1,138)
Net cash provided by financing activities	4,882	676,675
Effect of exchange rates on cash, cash equivalents and restricted cash	(3,650)	(1,196)
Net increase (decrease) in cash, cash equivalents and restricted cash	108,484	(182,836)
Cash, cash equivalents and restricted cash, beginning of period	1,424,698	832,730
Cash, cash equivalents and restricted cash, end of period	1,533,182	649,894
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	1,205,190	461,912
Restricted cash	203,923	364,605
Restricted cash included in assets held for sale	15,585	6,213
Cash, cash equivalents and restricted cash, beginning of period	1,424,698	832,730
Cash and cash equivalents	1,361,769	321,199
Restricted cash	166,568	323,503
Restricted cash included in assets held for sale	4,845	5,192
Cash, cash equivalents and restricted cash, end of period	$ 1,533,182	$ 649,894

Business	3 Months Ended
Business	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a global investment firm with a focus on becoming the leading digital real estate provider and funding source for the occupancy, infrastructure, equity and credit needs of the world’s mobile communications and data-driven companies. Following the acquisition in July 2019 of Digital Bridge Holdings, LLC (“DBH”), an investment manager dedicated to digital real estate and infrastructure, the Company is currently the only global REIT that owns, manages, and/or operates across all major infrastructure components of the digital ecosystem including data centers, cell towers, fiber networks and small cells. As part of the DBH transaction, Marc C. Ganzi, who co-founded DBH, is slated to become the Chief Executive Officer ("CEO") of the Company effective July 1, 2020. Thomas J. Barrack, Jr., the Company's Executive Chairman and CEO, will continue in his position as Executive Chairman. At March 31, 2020, the Company has approximately $50 billion of assets under management, of which $38 billion is capital managed on behalf of third-party investors and the remainder represents investment interests on the Company's own balance sheet managed on behalf of its stockholders. With respect to investment interests, the Company owns (a) a 20% controlling interest in Data Bridge Holdings, LLC and its wholly-owned subsidiary, DataBank Holdings, Ltd. (collectively, "DataBank"), a leading provider of enterprise-class data center, cloud, and connectivity services, (b) a portfolio of healthcare properties, (c) a portfolio of hospitality properties, (d) a 36.5% interest in Colony Credit Real Estate, Inc. (NYSE: CLNC) and (e) interests in various other equity and debt investments, including general partner (“GP”) interests in funds sponsored by the Company, commercial real estate equity and debt investments and other real estate related securities. The Company also owns and operates an investment management business with $18.5 billion of fee earning equity under management, including $7.7 billion in digital real estate investments and the remainder in traditional commercial real estate debt and equity investments. The Company continues to operate its non-digital business units to maximize cash flows and value over time. Organization The Company was organized in May 2016 as a Maryland corporation and was formed through a tri-party merger (the "Merger") among Colony Capital, Inc. ("Colony"), NorthStar Asset Management Group Inc. ("NSAM") and NorthStar Realty Finance Corp. ("NRF"). The Company elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2017. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the "OP"). At March 31, 2020, the Company owned 90% of the OP, as its sole managing member. The remaining 10% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Effects of COVID-19 At the time of preparation of the first quarter 2020 financial statements, the world is facing a global pandemic, the coronavirus disease 2019, or COVID-19. Efforts to address the pandemic, such as social distancing, closures or reduced capacity of retail and service outlets, hotels, factories and public venues, often mandated by governments, are having a significant impact on the global economy and financial markets across major industries, including many sectors of real estate. While the Company is transitioning to a digitally-focused strategy that the Company believes is more resilient and better positioned for growth in an increasingly digital reliant economy, currently a significant portion of the Company's assets and revenues continue to be tied to its non-digital real estate business and investments. In particular, the Company's real estate investments in the hospitality, healthcare and retail sectors either have experienced or anticipate a myriad of challenges, including, but not limited to: significant declines in operating cash flows at the Company's hotel and healthcare properties which in turn affect their ability to meet debt service and covenant requirements on investment-level debt (non-recourse to the Company) and ability to refinance or extend upcoming maturities (see Note 10); flexible lease payment terms sought by tenants in our healthcare and retail properties; potential payment defaults on the Company's loans receivable; and a distressed market affecting real estate values in general. The COVID-19 crisis may also lead to heightened risk of litigation at the investment and corporate level, with an ensuing increase in litigation and related costs. As the timing of many of the closures and ensuing economic turmoil did not occur until late in the first quarter of 2020, the effects of COVID-19 on the Company's business, other than hotel properties, were not material and adverse in the first quarter of 2020. However, the Company anticipates more pronounced and material effects on the Company's financial condition and results of operations in future periods, beginning with the second quarter of 2020. The sharp decline and volatility in equity and debt markets, and the challenges faced by the Company as a result of the economic fallout from COVID-19 have affected valuation of the Company's financial assets carried at fair value, and also represent indicators of potential impairment on certain non-financial assets at the end of the first quarter of 2020. The Company's consideration and assessment of fair value and impairment are discussed further in Note 4 on real estate, Note 6 on equity and debt investments, and Note 7 on goodwill. If a general economic downturn resulting from efforts to contain COVID-19 persists, it could have a prolonged material and negative impact on the Company's financial condition and results of operations. At this time, as the extent and duration of the increasingly broad effects of COVID-19 on the global economy remain unclear, it is difficult for the Company to assess and estimate the impact on the Company's results of operations with any meaningful precision. Accordingly, any estimates of the effects of COVID-19 as reflected and/or discussed in these financial statements are based upon the Company's best estimates using information known to the Company at this time, and such estimates may change in the near term, the effects of which could be material. Cooperation Agreement with Blackwells Capital In March 2020, the Company entered into a cooperation agreement with Blackwells Capital LLC ("Blackwells"), a stockholder of the Company. Pursuant to the cooperation agreement, Blackwells agreed to a standstill in its proxy contest with the Company, and to abide by certain voting commitments, including a standstill with respect to the Company until the expiration of the agreement in March 2030 and voting in favor of the Board of Director’s recommendations until the third anniversary of the agreement. Contemporaneously, the Company and Blackwells entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of CLNY common stock. Distributions to be made through the joint venture arrangement effectively represent a settlement of the proxy contest with Blackwells. At the inception of the arrangement, the fair value of future distributions to Blackwells was estimated at $3.9 million, included in other liabilities on the consolidated balance sheet, and as a settlement loss on the consolidated statement of operations, along with $1.2 million reimbursement of legal costs to Blackwells in the first quarter of 2020. Refer to Note 12 for further description of the settlement liability.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business in December 2019, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16). Reclassifications Interest receivable, which was included in other assets as of December 31, 2019, has been reclassified to be presented as part of loans receivable to conform to current period presentation. The reclassification did not affect the Company's financial position, results of operations or cash flows. Accounting Standards Adopted in 2020 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses, followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as Accounting Standards Codification ("ASC") Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. Recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. The accounting model for purchased credit-impaired loans and debt securities will be simplified to be consistent with the CECL model for originated and purchased non-credit-impaired assets. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other-than-temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application of the CECL model for other than temporarily impaired debt securities and purchased credit-impaired assets. The Company adopted the new standard on January 1, 2020. The Company elected the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by $3.3 million. Under the fair value option, the loans receivable are measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in other gain (loss) on the consolidated statement of operations. The loans are no longer be subject to evaluation for impairment through an allowance for loan loss as such losses will be captured through fair value changes. Additionally, there is no longer an amortization of loan origination fees or discounts on purchased loans as additional interest income. The Company had no debt securities with unrealized loss in accumulated other comprehensive income ("AOCI") at December 31, 2019 and accordingly, there was no impact upon adoption of the new standard. As it relates to the Company's other accounts receivable that are subject to CECL, the effect of adoption was immaterial. The Company reflected the effect of adoption of CECL by its equity method investee, CLNC, through an adjustment to decrease beginning retained earnings by approximately $8.5 million on January 1, 2020, representing the Company's share of CLNC's cumulative effect adjustment. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the net asset value ("NAV") practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. The Company adopted ASU No. 2018-13 on January 1, 2020. Related Party Guidance for VIEs In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. The Company adopted ASU No. 2018-17 on January 1, 2020, with no transitional impact upon adoption. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions affected by the transition from interbank offered rates (such as the London Interbank Offered Rate ("LIBOR")) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as the Secured Overnight Financing Rate ("SOFR")). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company has elected to apply the hedge accounting expedients related to probability and assessment of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives, which preserves existing derivative treatment and presentation. The Company may elect other practical expedients or exceptions as applicable over time as reference rate reform activities occur. Future Application of Accounting Standards Income Tax Accounting In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes. The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company is currently evaluating the impact of this new guidance. Accounting for Certain Equity Investments In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323—Investments Equity Method and Joint Ventures, and Topic 815—Derivatives and Hedging. The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, an equity method investment is transitioned into measurement alternative, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance.

Business Combinations

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Business Combinations

DBH

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

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

The acquisition is a strategic transaction that is expected to generate meaningful accretion in value to the Company through expansion of the digital real estate management platform by combining the industry sector knowledge, experience and relationships from the DBH team with the capital raising resources of the Company, as represented by the goodwill value.

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

DataBank

On December 20, 2019, the Company acquired from third party investors a 20% interest in DataBank, a portfolio company managed by DBH and invested in by the principals and senior professionals of DBH. The Company is deemed to have a controlling interest in DataBank as control over the operations of DataBank resides substantially with the Company. Consideration included the payment of cash to third parties for the Company’s interests in DataBank and the issuance of 612,072 OP Units to Mr. Ganzi and Benjamin Jenkins (the DBH principals) for incentive units owned by the DBH principals and allocable to the Company’s acquired interests, measured based upon the closing price of the Company's class A common stock on December 20, 2019 of $4.85 per share. The OP Units were issued to the principals of DBH who had previously received incentive units from DataBank, in exchange for certain of their incentive units such that the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank (Note 20). The DBH principals otherwise retained their equity interests in DataBank.

Allocation of Consideration Transferred

The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. The estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing.



(In thousands)	DBH			DataBank
Consideration
Cash	$	181,167		$	182,731
Deferred consideration	35,500			—
OP Units issued	111,903			2,962
Total consideration for equity interest acquired	328,570			185,693

Fair value of equity interest in Digital Colony Manager	51,400			—
	$	379,970		$	185,693

Assets acquired, liabilities assumed and noncontrolling interests
Cash	$	—		$	10,366
Real estate	—			847,458
Assets held for sale	—			29,114
Intangible assets	153,300			222,455
Other assets	13,008			106,648
Debt	—			(539,155		)
Tax liabilities, net	(17,392		)	(113,228		)
Intangible and other liabilities	(16,194		)	(132,480		)
Fair value of net assets acquired	132,722			431,178
Noncontrolling interests in investment entities	—			(724,567		)
Goodwill	$	247,248		$	479,082

DBH


•	Intangible assets acquired included primarily management contracts, investor relationships and trade name.


•	The fair value of management contracts, including the Company's 50% interest in Digital Colony Manager, was estimated based upon estimated net cash flows generated from those contracts, discounted at 8%, with remaining lives estimated between 3 and 10 years.


•	Investor relationships represent the fair value of potential fees, net of operating costs, to be generated from repeat DBH investors in future sponsored funds, discounted at 11.5%, and potential carried interest discounted at 25%.


•	The Digital Bridge trade name was valued using a relief-from-royalty method, based upon estimated savings from avoided royalty at a rate of 1% on expected net income, discounted at 11.5%, with an estimated useful life of 10 years.


•	Other liabilities assumed were primarily deferred revenues and deferred tax liabilities recognized upon acquisition, representing the tax effect on the book-to-tax basis difference associated with management contract intangibles.

DataBank

•

Real estate and lease intangibles of DataBank were measured based upon recent third party appraised values, allocated to tangible assets of land, building, construction in progress, data center infrastructure, as well as identified intangibles of in-place leases, above- and below-market leases, and tenant relationships. The remaining intangible assets acquired include customer relationships and trade name. Customer relationships were valued as the incremental net income attributable to these relationships considering the projected net cash flows of the business with and without the customer relationships in place. The trade name of DataBank was valued based upon estimated savings from avoided royalty at a royalty rate of 2%.


•	Other assets acquired and liabilities assumed primarily include right-of-use lease assets associated with leasehold data centers and corresponding lease liabilities. Deferred tax liabilities represent the tax effect on the book-to-tax basis difference related primarily to real estate assets arising from the transaction.


•	All assumed debt bears variable rates, with carrying values approximating fair values based upon market rates and spreads that prevailed at the time of acquisition.


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

The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests was recorded as goodwill assigned to the DataBank reporting unit within the digital segment. Goodwill represents the value of the business acquired not already captured in identifiable assets, such as the potential for future customers, synergies, revenue and profit growth, as well as industry knowledge, experience and relationships that the DataBank management team brings.

Real Estate

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Real Estate

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



(In thousands)	March 31, 2020			December 31, 2019
Land	$	1,396,084		$	1,360,435
Buildings and improvements	8,658,473			9,022,971
Tenant improvements	105,277			105,440
Data center infrastructure	613,114			595,603
Furniture, fixtures and equipment	576,048			511,329
Construction in progress	196,125			255,115
	11,545,121			11,850,893
Less: Accumulated depreciation	(1,087,064		)	(990,375		)
Real estate assets, net ⁽¹⁾	$	10,458,057		$	10,860,518

__________


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

Real Estate Sales

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Proceeds from sales of real estate	$	126,741	$	294,667
Gain on sale of real estate	7,932		52,301

Real Estate Acquisitions

There were no real estate acquisitions in the three months ended March 31, 2020. The following table summarizes the Company's real estate acquisitions in 2019, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land		Buildings and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2019
Asset Acquisitions
	February	Bulk industrial—Various in U.S. ⁽²⁾	6	$	373,182	$	49,446	$	296,348	$	27,553	$	(165	)
	October	Healthcare—United Kingdom ⁽³⁾	1	12,376		3,478		9,986		732		(1,820		)
	Various	Light industrial—Various in U.S. ⁽⁴⁾	84	1,158,423		264,816		850,550		47,945		(4,888		)
				$	1,543,981	$	317,740	$	1,156,884	$	76,230	$	(6,873	)

__________


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


⁽²⁾	The bulk industrial portfolio was classified as held for sale in June 2019.


⁽³⁾	Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance.


⁽⁴⁾	The entire light industrial portfolio was sold in December 2019.

Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.



	Three Months Ended March 31,
(In thousands)	2020		2019
Depreciation of real estate held for investment	$	103,305	$	93,293
Impairment of real estate and related asset group
Held for sale	7,577		25,183
Held for investment ⁽¹⁾	300,691		439

__________


⁽¹⁾	Includes impairment of real estate intangibles of $7.0 million and right-of-use asset on ground leases of $13.0 million in the three months ended March 31, 2020.

Impairment of Real Estate Held for Sale

Real estate held for sale is carried at the lower of amortized cost or fair value. Real estate carried at fair value totaled $171.1 million at March 31, 2020 and $253.4 million at December 31, 2019 based upon impairments recorded during the three months ended March 31, 2020 and year ended December 31, 2019, respectively, generally representing Level 3 fair values.

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

At March 31, 2020, the Company also considered the impact of a global economic downturn as a result of COVID-19, specifically as it affects real estate values, and where appropriate, factored in a reduction in potential sales prices on certain properties, which resulted in additional impairment on real estate held for sale in the first quarter of 2020.

Impairment of Real Estate Held for Investment

Real estate held for investment that was written down to fair value during the three months ended March 31, 2020 and year ended December 31, 2019 had carrying values totaling $990.4 million and $355.0 million, respectively, at the time of impairment, representing Level 3 fair values.

Impairment was driven by various factors, primarily: change in expected holding period assumptions and/or decline in operating performance which decreased the amount of carrying value recoverable from future cash flows, and economic fallout from COVID-19. Fair value of impaired real estate held for investment was estimated primarily utilizing the income approach, based upon direct income capitalization using capitalization rates between 7.8% and 12.0%, or discounted cash flow analyses using terminal capitalization rates between 8.0% and 8.3%, and discount rates between 9.8% and 12.0%.

In the first quarter of 2020, the Company engaged a third party advisor to evaluate strategic and financial alternatives to maximize the value of its hospitality portfolio while balancing the need to preserve liquidity and prioritize the growth of its digital business. Based upon preliminary results from the evaluation, certain properties in its hospitality portfolio indicated a low level of financial viability, and sub-optimal returns from the significant amount of capital expenditures and equity support that would be required in the near and intermediate future, indicating potential impairment of such assets. Accordingly, the Company reassessed and shortened the holding period for those assets and reduced the estimated undiscounted future net cash flows to be generated, which indicated that the carrying value in those assets would not be recoverable. As a result, the Company recognized an impairment charge on these hotels in the first quarter of 2020.

The Company also considered the likelihood of a lease renewal or tenant replacement and potential effects of COVID-19 on future net operating income of its real estate held for investment, particularly in its healthcare and hotel portfolios, as an indicator of impairment. The Company applied a combination of the following approaches to estimate revised cash flow projections for these properties to account for an expected decline in future operating performance: (i) reevaluated property holding periods, in some cases taking into consideration potential defaults on underlying mortgage debt as a result of expected shortfalls in future property operating cash flows; and/or (ii) applied a range of reductions to near term expected cash flows for individual properties. For properties for which undiscounted expected net cash flows over their respective holding periods fell short of carrying values, the Company expects that the carrying value of these properties would likely not be recoverable.

Fair values were estimated for the above mentioned properties based upon either: (i) the income capitalization approach, using net operating income for each property and applying indicative capitalization rates; or (ii) discounted cash

flow analyses with terminal values determined using indicative capitalization rates. The Company considered the risk characteristics of each property in determining capitalization rates and where applicable, adjusted capitalization rates or discount rates higher to reflect the inherent stress on real estate values in a deteriorating economic environment. Impairment was measured as the excess of carrying value over fair value for each of these properties.

Due to uncertainties over the severity and duration of the economic fallout from COVID-19 on the Company's real estate operations and its ability to meet its mortgage debt obligations, it is difficult for the Company to assess and estimate the economic effects with meaningful precision. The Company has applied its best estimate for purposes of its impairment assessment as of March 31, 2020 based upon available information at this time. Actual impact of COVID-19 will depend upon many factors beyond the Company’s control and knowledge, and may differ materially from the Company's current expectations. Furthermore, if the Company is unable to restructure or receive forbearance or other accommodations from lenders on defaulted investment-level debt (Note 10), and if the Company is unable to repay the debt, the collateral securing the debt could potentially be foreclosed upon, which would significantly shorten the holding period for these assets. All of these factors may result in further impairment charges in the near future, which could be material.

Property Operating Income

Following the acquisition of DataBank in December 2019, lease income includes: (i) fixed lease payments for colocation rent, interconnection services and a committed amount of power in connection with contracted leased space; and (ii) variable payments for additional metered power reimbursements based upon usage at prevailing rates.

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

For the three months ended March 31, 2020 and 2019, components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16).



	Three Months Ended March 31,
(In thousands)	2020		2019
Lease income:
Fixed lease income	$	182,092	$	170,414
Variable lease income	16,291		16,349
	198,383		186,763
Hotel operating income	215,060		272,135
Data center service revenue	11,973		—
	$	425,416	$	458,898

Lease Concessions Related to COVID-19

Beginning in April 2020, some tenants in our healthcare properties have failed to make rent payments, and some have sought more flexible payment terms as a result of the COVID-19 crisis. Local governments in certain jurisdictions are also implementing programs that permit or require the forbearance of rent payments by tenants affected by COVID-19. The Company is currently engaged with affected tenants on a case by case basis to evaluate and respond to the current environment.

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

Loans Receivable

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Loans Receivable

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

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



	March 31, 2020
($ in thousands)	Unpaid Principal Balance		Fair Value		Weighted Average Coupon		Weighted Average Maturity in Years
Fixed rate
Mortgage loans	$	1,570,885	$	651,113	8.2	%	1.0
Mezzanine loans	542,274		544,518		12.7	%	0.3
Non-mortgage loans	174,600		175,368		13.2	%	5.2
	2,287,759		1,370,999
Variable rate
Mortgage loans	164,335		171,089		3.9	%	0.2
Mezzanine loans	46,339		46,339		12.6	%	1.3
	210,674		217,428
Loans receivable	$	2,498,433	$	1,588,427

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



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

Past Due and Nonaccrual Loans

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

The table below presents the fair value and unpaid principal balance by aging of loans receivable at March 31, 2020 for which fair value option was elected.



	March 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
Loans receivable—fair value option
Current or less than 30 days past due	$	1,060,721	$	1,015,709	$	45,012
30-59 days past due	—		—		—
60-89 days past due	—		—		—
90 days or more past due or nonaccrual	527,706		1,482,724		(955,018		)
	$	1,588,427	$	2,498,433	$	(910,006	)

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



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

For the Three Months Ended March 31, 2019 and as of December 31, 2019

Troubled Debt Restructuring

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

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

Non-PCI Impaired Loans

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

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



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

The average carrying value and interest income recognized on non-PCI impaired loans for the three months ended March 31, 2019 were as follows.



(In thousands)	Three Months Ended March 31, 2019
Average carrying value before allowance for loan losses and interest receivable	$	244,532
Total interest income recognized during the period impaired	3,003
Cash basis interest income recognized	447

Purchased Credit-Impaired Loans

PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance.

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

There were no PCI loans acquired in the three months ended March 31, 2019.

Changes in accretable yield of PCI loans for the three months ended March 31, 2019 were as follows:



(In thousands)	Three Months Ended March 31, 2019
Beginning accretable yield	$	9,620
Changes in accretable yield	1,442
Accretion recognized in earnings	(3,087		)
Effect of changes in foreign exchange rates	(40		)
Ending accretable yield	$	7,935

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

Allowance for Loan Losses

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



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

Changes in allowance for loan losses for the three months ended March 31, 2019 are presented below. All provision for loan losses for the period related to PCI loans.



(In thousands)	Three Months Ended March 31, 2019
Allowance for loan losses at January 1	$	32,940
Provision for loan losses, net	3,611
Charge-off	(194		)
Allowance for loan losses at March 31	$	36,357

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At March 31, 2020, total unfunded lending commitments was $220.8 million, of which the Company's share was $85.3 million, net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity and Debt Investments

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



(In thousands)	March 31, 2020		December 31, 2019
Equity Investments
Equity method investments
Investment ventures	$	1,703,174	$	1,845,129
Private funds	183,150		142,386
	1,886,324		1,987,515
Other equity investments
Marketable equity securities	102,399		138,586
Investment ventures	91,147		91,472
Private funds and non-traded REIT	41,393		38,641
Total equity investments	2,121,263		2,256,214

Debt Securities
N-Star CDO bonds, available for sale	54,474		54,859
CMBS of consolidated fund, at fair value	2,224		2,732
Total debt securities	56,698		57,591
Equity and debt investments	$	2,177,961	$	2,313,805

Equity Investments

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

Equity Method Investments

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

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

The Company’s investments accounted for under the equity method are summarized below, excluding investments classified as held for sale (Note 8):



($ in thousands)			Ownership Interestat March 31, 2020⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat March 31, 2020⁽¹⁾	March 31, 2020		December 31, 2019
Colony Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.5%	$	666,059	$	725,443
RXR Realty, LLC	Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020)		—%	—		93,390
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	138,420		138,428
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	532,654		543,296
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)		Various	175,274		115,055
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles		Various	3,260		21,940
Other investment ventures	Interests in 12 investments at March 31, 2020		Various	152,317		127,088
Fair value option	Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds		Various	218,340		222,875
				$	1,886,324	$	1,987,515

__________

⁽¹⁾

The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.


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


⁽³⁾	Some preferred equity investments may not have a stated ownership interest.


⁽⁴⁾	The Company owns varying levels of stated equity interests in certain acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements.

Significant Sales of Equity Method Investments

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

Impairment of Equity Method Investments

The Company evaluates its equity method investments for OTTI at each reporting period and recorded impairment of $0.8 million and $2.6 million for the three months ended March 31, 2020 and 2019, respectively. Equity method investments that were written down to fair value during the year ended December 31, 2019 had carrying values totaling $745.3 million at the time of their respective impairment. The investment impaired during the three months ended March 31, 2020 was fully resolved during the quarter. Impairment charges were generally driven by write-downs to respective offer prices on investments sold, other than for CLNC in 2019 as discussed below.

CLNC

Other-Than-Temporary Impairment Assessment—In the second quarter of 2019, the Company determined that its investment in CLNC was other-than-temporarily impaired given the prolonged period of time that the carrying value of the Company's investment in CLNC had exceeded its market value. The Company recorded an impairment charge, included in equity method loss, of $227.9 million, measured as the excess of carrying value over market value of its investment in CLNC based upon CLNC's closing stock price of $15.50 per share on June 30, 2019.

At March 31, 2020, the Company's investment in CLNC had a carrying value of $666.1 million, which was in excess of its fair value of $188.9 million based upon the closing stock price of $3.94 per share on March 31, 2020. The Company

determined that its investment in CLNC as of March 31, 2020 was not other-than-temporarily impaired. There was a notable decrease in CLNC's stock price in March 2020, which was reflective of the significant volatility in equity markets and significant decline in equity prices as a whole in response to the COVID-19 crisis. There was no large disparity, however, between the Company's carrying value in CLNC and CLNC's internal estimated NAV as of March 31, 2020. The Company believes that, over the long term, the equity markets at large as well as CLNC's stock will not sustain the losses experienced in March 2020. The Company considered that at this time, it has both the intent and the ability to hold its investment in CLNC for a period of time that it believes would be sufficient to allow for an anticipated recovery in market value. Given the uncertainty over how prolonged the economic fallout from COVID-19 will affect financial markets and global economies, the Company will continue to reassess the recoverability of its investment in CLNC as circumstances evolve, which may result in the recognition of an other-than-temporary impairment in the future.

Basis Difference—The impairment charge in June 2019 resulted in a basis difference between the Company's carrying value of its investment in CLNC and the Company's proportionate share of CLNC's book value of equity. The impairment charge was applied to the Company's investment in CLNC as a whole and was not determined based on an impairment assessment of individual assets held by CLNC. In order to address this basis difference, the Company allocated the impairment charge on a relative fair value basis to investments identified by CLNC as non-strategic assets. Accordingly, for any future impairment charges taken by CLNC on these non-strategic assets, the Company's share thereof will be applied to reduce the basis difference and will not be recorded as an equity method loss until such time the basis difference associated with the respective underlying investments has been fully eliminated. For the three months ended March 31, 2020, the Company reduced its share of loss from CLNC by $19.2 million, representing the basis difference allocated to non-strategic assets realized by CLNC during the three months ended March 31, 2020. The remaining basis difference at March 31, 2020 was $67.5 million.

Other Equity Investments

Other equity investments that are not accounted for under the equity method consist of the following:

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

Investment Ventures—This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner). There were no adjustments for any impairment or observable price changes as of March 31, 2020.

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

Investment Commitments

Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At March 31, 2020, the Company’s share of these commitments was $58.2 million.

Private Funds—At March 31, 2020, the Company has unfunded commitments of $244.3 million to funds sponsored by the Company that are accounted for as equity method investments.

Debt Securities

The Company's investment in debt securities is composed of N-Star CDO Bonds, classified as AFS, and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company that is currently in liquidation, accounted for at fair value through earnings.

AFS Debt Securities

The N-Star CDO bonds are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF that were subsequently repurchased by NRF at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities.

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



	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss			Gross Cumulative Unrealized
(in thousands)	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss			Gains		Losses		Fair Value
March 31, 2020	$	44,945	$	(816	)	$	10,345	$	—	$	54,474
December 31, 2019	46,002		NA			8,857		—		54,859

There were no sales of N-Star CDO bonds during the three months ended March 31, 2020 and year ended December 31, 2019.

At March 31, 2020, the contractual maturities of N-Star CDO bonds ranged from 17 to 21 years. The expected maturity, on a weighted average basis, was 1.8 years.

Impairment of AFS Debt Securities

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


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


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

•

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

•

Prior to adoption of CECL on January 1, 2020, the Company evaluated if the decline in fair value is other than temporary, in which case, the credit loss component was recognized in earnings as a write-off of the amortized cost basis of the debt security that is not subject to subsequent reversal. The non-credit loss component was recognized in OCI. If the impairment is not other-than-temporary, the entire unrealized loss is recognized in OCI.

For the three months ended March 31, 2020, the Company recorded an allowance for credit loss in other gain (loss) of $0.8 million. The credit loss was determined based upon an analysis of the present value of contractual cash flows expected to be collected from the underlying collateral as compared to the amortized cost basis of the security. At March 31, 2020, there were no AFS debt securities in unrealized loss positions without allowance for credit loss.

For the three months ended March 31, 2019, the Company recorded OTTI loss on AFS debt securities of $0.7 million in other gain (loss). The losses were due to an adverse change in expected cash flows on N-Star CDO bonds. The Company believed that it was not likely that it would recover the full amortized cost on these securities, primarily based upon the performance and value of the underlying collateral. At December 31, 2019, there were no AFS debt securities with unrealized loss in AOCI.

Goodwill, Deferred Leasing Costs and Other Intangibles

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

During the three months ended March 31, 2020, $51.0 million of goodwill was reassigned from the other investment management segment to the digital reportable segment to reflect the value associated with certain existing investment vehicles that were repurposed to execute an investment strategy focused on the digital sector, as well as a team of professionals dedicated to the strategy. The amount that was reassigned to the digital segment was determined based upon the fair value of this digital strategy platform relative to the overall other investment management goodwill balance prior to the reassignment. The remaining goodwill balance assigned to the other investment management reportable segment was impaired by $79.0 million in the first quarter of 2020, as discussed further below.

Goodwill balance by reportable segment is as follows.



(In thousands)	March 31, 2020		December 31, 2019
Balance by reportable segment:
Digital ⁽¹⁾	$	777,330	$	726,330
Other investment management	596,561		726,561
	$	1,373,891	$	1,452,891

__________


⁽¹⁾	At March 31, 2020 and December 31, 2019, goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes.

Impairment of Goodwill

In the first quarter of 2020, the Company considered whether changes in the current economic environment as a result of COVID-19 and the impact thereof on the Company's real estate and investment management business represent indicators of potential impairment to goodwill.

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

Other Investment Management—The Company determined that the prevailing deterioration in current economic conditions, particularly i) the recent decline in the Company's stock price which in turn resulted in a decline in the Company's market capitalization; ii) the potential effects of a global economic downturn on future capital raising assumptions and exit strategies; and iii) a distressed market affecting asset values on the Company's balance sheet, represent indicators of impairment of goodwill assigned to other investment management.

Accordingly, the Company updated its quantitative test of the other investment management goodwill, which indicated that the carrying value of the other investment management reporting unit including goodwill at March 31, 2020 exceeded its estimated fair value. As a result, the Company recognized an impairment charge to its other investment management goodwill of $79.0 million in the first quarter of 2020.

Similar to the last valuation in the fourth quarter of 2019, the fair value of the investment management reporting unit was generally estimated using the income approach. Projections of discounted net cash flows were based upon various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 16x to 20x, and discount rates between 10% and 15% for fee related earnings and 20% for carried interest. The Company considered a range of fee related earnings multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. As it relates to the CLNC management contract that was previously valued based upon a potential sale of the contract, the valuation was updated with a reduced sales price, taking into account bids received by the Company. At this time, the Company has delayed any sale transaction until such time that market conditions improve.

The Company also considered the hypothetical value of its non-digital investment management business in a spinoff that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's non-digital balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. The valuation of the hypothetical contract contemplated a gradually diminishing balance sheet in non-digital assets, as the Company anticipates a redeployment of available capital into its digital business over time.

Due to the inherently judgmental nature of capital raising projections, exit strategies and various other assumptions used in the goodwill valuation, which are further exacerbated by uncertainties over the extent and duration of economic instability resulting from COVID-19, actual results may differ from current expectations which may lead to further decline in fair value of the other investment management reporting unit and further impairment to the other investment management goodwill in the future.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

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



	March 31, 2020							December 31, 2019
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount ⁽¹⁾		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount ⁽¹⁾
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease intangible assets ⁽²⁾	$	417,877	$	(145,658	)	$	272,219	$	425,106	$	(123,686	)	$	301,420
Investment management intangibles ⁽³⁾	285,233		(105,488		)	179,745		285,233		(96,466		)	188,767
Customer relationships ⁽⁴⁾	71,000		(1,723		)	69,277		71,000		(250		)	70,750
Trade names ⁽⁵⁾	39,600		(1,283		)	38,317		39,600		(185		)	39,415
Other ⁽⁶⁾	38,677		(2,985		)	35,692		41,211		(2,710		)	38,501
Total deferred leasing costs and intangible assets	$	852,387	$	(257,137	)	$	595,250	$	862,150	$	(223,297	)	$	638,853
Intangible Liabilities
Lease intangible liabilities ⁽²⁾	$	172,211	$	(70,134	)	$	102,077	$	174,208	$	(62,724	)	$	111,484

__________


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


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


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


⁽⁴⁾	Represent DataBank customer relationships.


⁽⁵⁾	Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years. The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization.


⁽⁶⁾	Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with hotel properties which are subject to amortization over the term of the respective agreements.

Impairment of Identifiable Intangible Assets

An investment management contract that was written down to fair value during the year ended December 31, 2019 had a carrying value of $62.4 million at the time of impairment. The fair value of the intangible asset was based upon revised future net cash flows to be generated over the remaining life of the contract, representing Level 3 inputs.

Other than real estate intangibles which were impaired as part of the real estate asset group as discussed in Note 4, there were no impairments on other identifiable intangible assets in the three months ended March 31, 2020 and 2019.

Amortization of Intangible Assets and Liabilities

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Net increase to rental income ⁽¹⁾	$	3,354	$	1,903

Amortization expense
Deferred leasing costs and lease intangibles	$	20,089	$	8,671
Investment management intangibles	9,022		8,663
Customer relationships	1,473		—
Trade name	1,098		—
Other	286		252
	$	31,968	$	17,586

__________


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

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



	Year Ending December 31,
(In thousands)	Remaining 2020		2021		2022		2023		2024		2025 and Thereafter			Total
Net increase (decrease) to rental income	$	8,509	$	5,561	$	3,711	$	6,716	$	249	$	(13,549	)	$	11,197
Amortization expense	80,127		78,005		58,921		49,931		42,403		153,017			462,404

Assets and Related Liabilities Held For Sale

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Assets and Related Liabilities Held for Sale

The Company's assets and related liabilities held for sale are summarized below:



(In thousands)	March 31, 2020		December 31, 2019
Assets
Restricted cash	$	4,845	$	15,585
Real estate, net	696,171		799,415
Deferred leasing costs and intangible assets, net	30,921		33,236
Other assets	17,479		21,816
Total assets held for sale	$	749,416	$	870,052

Liabilities
Debt, net	$	233,166	$	232,944
Lease intangibles and other liabilities, net	27,793		35,208
Total liabilities related to assets held for sale	$	260,959	$	268,152

Assets and Liabilities Related to Discontinued Operations

At March 31, 2020 and December 31, 2019, the bulk industrial portfolio remained held for sale, with assets consisting primarily of real estate and related intangibles totaling $0.4 billion, and liabilities consisting primarily of debt totaling $0.2 billion.Discontinued Operations

For the three months ended March 31, 2020, discontinued operations represent the results of operations of the bulk industrial portfolio. For the three months ended March 31, 2019, discontinued operations also included results of the light

industrial portfolio and management platform in 2019 prior to their sale in December 2019. Discontinued operations in 2019 included (i) direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, predominantly carried interest, and compensation related to carried interest sharing, which were previously reported under the investment management segment, prior to the sale of the light industrial business, including the interests of all limited partners in the industrial closed-end and open-end funds.

Income from discontinued operations is presented below.



	Three Months Ended March 31,
(In thousands)	2020		2019
Revenues
Property operating income	$	5,379	$	81,232
Fee income	—		2,472
Interest and other income	17		1,140
Revenues from discontinued operations	5,396		84,844
Expenses
Property operating expense	1,473		22,337
Interest expense	2,406		14,627
Investment and servicing expense	—		530
Depreciation and amortization	633		39,445
Compensation expense—cash and equity-based ⁽¹⁾	82		2,659
Compensation expense—carried interest	—		(221		)
Administrative expenses	332		1,629
Expenses from discontinued operations	4,926		81,006
Other income (loss)
Gain on sale of real estate	—		22,848
Other gain, net	4		(8		)
Equity method earnings (losses), including carried interest	—		(472		)
Income from discontinued operations before income taxes	474		26,206
Income tax benefit	—		87
Income from discontinued operations	474		26,293
Income from discontinued operations attributable to:
Noncontrolling interests in investment entities	170		17,309
Noncontrolling interests in Operating Company	30		545
Income from discontinued operations attributable to Colony Capital, Inc.	$	274	$	8,439

__________

⁽¹⁾

Includes equity-based compensation of $0.7 million for the three months ended March 31, 2019.

Restricted Cash, Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

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



(In thousands)	March 31, 2020		December 31, 2019
Capital expenditures reserves ⁽¹⁾	$	61,524	$	89,901
Real estate escrow reserves ⁽²⁾	34,061		38,326
Borrower escrow deposits	8,234		8,079
Lender restricted cash ⁽³⁾	39,019		41,591
Other	23,730		26,026
Total restricted cash	$	166,568	$	203,923

__________


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


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


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

Other Assets

The following table summarizes the Company's other assets:



(In thousands)	March 31, 2020		December 31, 2019
Straight-line rents	$	39,111	$	37,352
Hotel-related deposits and reserves ⁽¹⁾	19,247		18,065
Investment deposits and pending deal costs	36,199		32,994
Deferred financing costs, net ⁽²⁾	2,168		2,794
Derivative assets(Note 11)	26,919		21,386
Prepaid taxes and deferred tax assets, net	64,459		82,344
Receivables from resolution of investments ⁽³⁾	47,702		63,984
Operating lease right-of-use asset, net	202,764		220,560
Accounts receivable, net ⁽⁴⁾	83,047		83,723
Prepaid expenses	43,449		30,761
Other assets	31,957		30,413
Fixed assets, net	43,198		44,768
Total other assets	$	640,220	$	669,144

__________


⁽¹⁾	Represents reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment ("FF&E") expenditures and to a lesser extent, working capital deposits. Funding of FF&E reserves is made periodically based on a percentage of hotel operating income.


⁽²⁾	Deferred financing costs relate to revolving credit arrangements.


⁽³⁾	Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement.


⁽⁴⁾	Includes receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $3.0 million at March 31, 2020 and $2.8 million at December 31, 2019.

Impact of CARES Act on Deferred Tax Asset

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. Among other things, the CARES Act temporarily removed the 80% limitation on the amount of taxable income that can be offset with a net operating loss (“NOL”) for 2019 and 2020, and allowed for a carryback of NOL generated in years 2018 through 2020 to the five taxable years preceding the taxable year of loss. The Company estimates that it has approximately $26.5 million of NOL available for carryback under the CARES Act and recorded $3.3 million of income tax benefit during the quarter ended March 31, 2020 to reflect the carryback. The Company also reclassified approximately $8.6 million of deferred tax asset to current tax receivable in anticipation of refunds expected to be received in the next twelve months as a result of the carryback.

Accrued and Other Liabilities

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



(In thousands)	March 31, 2020		December 31, 2019
Tenant security deposits and payable	$	15,628	$	15,293
Borrower escrow deposits	8,234		9,903
Deferred income ⁽¹⁾	37,896		32,318
Interest payable	36,325		38,487
Derivative liabilities (Note 11)	84,271		127,531
Current and deferred income tax liability	208,818		222,206
Operating lease liability	178,692		181,297
Accrued compensation	34,963		83,351
Accrued carried interest and incentive fee compensation	1,179		50,360
Accrued real estate and other taxes	37,709		39,923
Accounts payable and accrued expenses	136,439		143,852
Other liabilities	57,127		71,377
Total accrued and other liabilities	$	837,281	$	1,015,898

__________

⁽¹⁾

Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $22.1 million at March 31, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.5 years and 1.2 years, respectively.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8).



(In thousands)	Corporate Credit Facility⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured Debt ⁽²⁾			Junior Subordinated Notes			Total Debt
March 31, 2020
Debt at amortized cost
Principal	$	600,000	$	616,105		$	8,131,000		$	280,117		$	9,627,222
Premium (discount), net	—		2,127			(15,530		)	(78,373		)	(91,776		)
Deferred financing costs	—		(3,690		)	(78,418		)	—			(82,108		)
	$	600,000	$	614,542		$	8,037,052		$	201,744		$	9,453,338
December 31, 2019
Debt at amortized cost
Principal	$	—	$	616,105		$	8,276,620		$	280,117		$	9,172,842
Premium (discount), net	—		2,243			(17,126		)	(78,927		)	(93,810		)
Deferred financing costs	—		(4,296		)	(90,828		)	—			(95,124		)
	$	—	$	614,052		$	8,168,666		$	201,190		$	8,983,908

__________


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


⁽²⁾	Debt principal totaling $474.1 million at March 31, 2020 and $515.6 million at December 31, 2019 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8).

The following table summarizes certain information about debt carried at amortized cost. For information as of March 31, 2020, weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the date of this filing, and the extension option is at the Company’s discretion. The Company is providing the updated information even if extension criteria had been met as of March 31, 2020 given the post period defaults as described below. For information as of December 31, 2019, weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of December 31, 2019 and the extension option is at the Company’s discretion.



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾
March 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	600,000	2.86	%	1.8	$	600,000	2.86	%	1.8
Convertible and exchangeable senior notes	616,105		4.27	%	1.8	—		N/A		N/A	616,105		4.27	%	1.8
Junior subordinated debt	—		N/A		N/A	280,117		4.31	%	16.2	280,117		4.31	%	16.2
Secured debt ⁽¹⁾	34,520		5.02	%	5.7	—		N/A		N/A	34,520		5.02	%	5.7
	650,625					880,117					1,530,742
Non-recourse
Secured debt
Digital	—		N/A		N/A	515,831		6.30	%	4.6	515,831		6.30	%	4.6
Healthcare	405,069		4.55	%	4.9	2,521,305		4.56	%	4.0	2,926,374		4.56	%	4.1
Hospitality	13,432		12.79	%	0.4	2,653,478		4.06	%	1.0	2,666,910		4.11	%	1.0
Other Real Estate Equity	150,477		4.26	%	3.0	1,585,958		3.62	%	1.6	1,736,435		3.68	%	1.7
Real Estate Debt	—		N/A		N/A	250,930		3.37	%	1.7	250,930		3.37	%	1.7
	568,978					7,527,502					8,096,480
	$	1,219,603				$	8,407,619				$	9,627,222
December 31, 2019
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	N/A		2.0	$	—	N/A		2.0
Convertible and exchangeable senior notes	616,105		4.27	%	2.0	—		N/A		N/A	616,105		4.27	%	2.0
Junior subordinated debt	—		N/A		N/A	280,117		4.77	%	16.4	280,117		4.77	%	16.4
Secured debt ⁽¹⁾	35,072		5.02	%	5.9	—		N/A		N/A	35,072		5.02	%	5.9
	651,177					280,117					931,294
Non-recourse
Secured debt
Digital	—		N/A		N/A	539,155		6.98	%	4.8	539,155		6.98	%	4.8
Healthcare	405,980		4.55	%	5.1	2,547,726		5.22	%	4.3	2,953,706		5.13	%	4.4
Hospitality	13,494		12.71	%	1.6	2,653,853		4.83	%	4.6	2,667,347		4.87	%	4.6
Other Real Estate Equity	151,777		4.26	%	3.4	1,652,870		4.08	%	2.8	1,804,647		4.09	%	2.9
Real Estate Debt	—		N/A		N/A	276,693		3.72	%	1.8	276,693		3.72	%	1.8
	571,251					7,670,297					8,241,548
	$	1,222,428				$	7,950,414				$	9,172,842

__________


⁽¹⁾	The fixed rate recourse debt is secured by the Company's aircraft.


⁽²⁾	Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date.


⁽³⁾	Calculated based upon initial maturity dates of the respective debt, or extended maturity dates if extension criteria are met and extension option is at the Company's discretion as described above.

Investment-Level Debt in Default

Non-recourse mortgage debt in the hospitality, healthcare and other real estate equity segments with aggregate outstanding principal of $3.54 billion through the date of this filing ($234.1 million at March 31, 2020 and $235.6 million at December 31, 2019 in healthcare and other equity and debt segments) was either in payment default or was not in compliance with certain debt and/or lease covenants. A combined $3.16 billion of the defaulted debt related to the hospitality segment and the THL Hotel Portfolio (Note 12) in the other equity and debt segment as a result of the economic fallout from COVID-19. In May 2020, the Company received a notice of acceleration with respect to $780.0 million of defaulted debt in the hospitality segment. The Company is in active negotiations with the respective lenders to execute or extend forbearances, execute debt modifications, including extension of upcoming maturities in 2020, or seek

other accommodations. The remaining $346.7 million of outstanding debt principal in the hospitality segment was not in default. With respect to other defaulted debt, the Company is negotiating with its lenders and tenants to restructure the debt and/or leases, as applicable. There can be no assurance that the Company will be successful in any of the negotiations with its lenders or tenants.

Corporate Credit Facility

On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent, as amended from time to time (as amended, the “Credit Agreement”).

The Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $750 million, with an option to increase up to $1.25 billion, subject to agreement by existing or substitute lenders and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021, with two 6-month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise.

The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). As of March 31, 2020, the Company had drawn $600 million of the approximately $700 million available under the credit facility.

Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.25% at March 31, 2020), depending upon the amount of facility utilization.

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

The Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the Credit Agreement. As of March 31, 2020 and through the date of this filing, the Company was in compliance with all of the financial covenants.

The Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility.

Convertible and Exchangeable Senior Notes

Convertible senior notes and exchangeable senior notes are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis.

Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)⁽¹⁾	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
									March 31, 2020		December 31, 2019
									March 31, 2020		December 31, 2019
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013	June 15, 2033	5.375	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
									$	616,105	$	616,105

__________

⁽¹⁾

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

The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date.

The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption.

The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents.

Secured Debt

These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable.

Junior Subordinated Debt

A subsidiary of the Company (the “Issuer”) assumed certain junior subordinated debt through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NorthStar Realty Finance Trust I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes").

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

Derivatives

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”).

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



	March 31, 2020						December 31, 2019
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	24,385	$	1,861	$	26,246	$	15,307	$	1,271	$	16,578
Interest rate contracts	115		411		526		78		237		315
Performance swaps	—		147		147		—		4,493		4,493
Included in other assets	$	24,500	$	2,419	$	26,919	$	15,385	$	6,001	$	21,386
Derivative Liabilities
Foreign exchange contracts	$	346	$	55	$	401	$	8,134	$	2,482	$	10,616
Forward contracts	—		83,870		83,870		—		116,915		116,915
Included in accrued and other liabilities	$	346	$	83,925	$	84,271	$	8,134	$	119,397	$	127,531

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit, included in other assets, of $16.6 million and $10.0 million at March 31, 2020 and December 31, 2019, respectively, all of which related to the forward contracts and performance swaps discussed below.

Foreign Exchange Contracts

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

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

Designated

Non-Designated

EUR

FX Collar

€

8,099

€

9,950

Min $1.06 / Max $1.31

May 2020 to November 2020

EUR

FX Forward

€

286,119

€

7,610

Min $1.08 / Max $1.38

April 2020 to February 2024

GBP

FX Forward

65,957

11,533

Min $1.24 / Max $1.32

May 2020 to December 2020

Designated Net Investment Hedges

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €497.0 million and £272.8 million, or a total of $0.9 billion at March 31, 2020, and €517.9 million and £275.5 million, or a total of $0.9 billion at December 31, 2019.

The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows:


•	forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and


•	foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level.

Foreign exchange contracts are used to protect the Company’s foreign denominated investments from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments.

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Designated net investment hedges:
Realized gain transferred from AOCI to earnings	$	—	$	240

Non-Designated Hedges

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Non-designated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings	$	1,502	$	(419	)

Interest Rate Contracts

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



	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index	Strike Rate / Forward Rate	Range of Expiration Dates
Interest rate caps	$	—	$	6,436,254	1-Month LIBOR	3.0% - 6.26%	June 2020 to November 2021
Interest rate caps	€	232,845	€	485,405	3-Month EURIBOR	1.0% - 1.5%	January 2021 to June 2024
Interest rate caps	£	—	£	355,973	3-Month GBP LIBOR	1.5% - 2.25%	November 2020 to October 2022

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Interest expense on designated interest rate contracts ⁽¹⁾	$	2	$	—
Realized and unrealized gain (loss) net on non-designated interest rate contracts ⁽²⁾	179		(59,526		)

__________


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


⁽²⁾	For the three months ended March 31, 2019, amount includes unrealized loss of $59.2 million on a $2.0 billion notional forward starting swap assumed through the Merger, which was settled at the end of 2019.

Forward Contracts and Performance Swaps

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

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



	Three Months Ended March 31,
(In thousands)	2020			2019
Realized and unrealized gain (loss), net on derivatives:
Forward contracts	$	33,045		$	(11,284	)
Performance swaps	1,460			2,622
Unrealized gain (loss) on marketable equity securities held at period end:
Real estate mutual fund	(33,115		)	11,825

Offsetting Assets and Liabilities

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

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



	Gross Assets (Liabilities) on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)	Gross Assets (Liabilities) on Consolidated Balance Sheets			(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
March 31, 2020
Derivative Assets
Foreign exchange contracts	$	26,246		$	(244	)	$	—	$	26,002
Interest rate contracts	526			—			—		526
Performance swaps	147			(147		)	—		—
	$	26,919		$	(391	)	$	—	$	26,528
Derivative Liabilities
Foreign exchange contracts	$	(401	)	$	244		$	—	$	(157	)
Forward contracts	(83,870		)	147			16,622		(67,101		)
	$	(84,271	)	$	391		$	16,622	$	(67,258	)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578		$	(4,385	)	$	—	$	12,193
Interest rate contracts	315			—			—		315
Performance swaps	4,493			(4,493		)	—		—
	$	21,386		$	(8,878	)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616	)	$	4,385		$	—	$	(6,231	)
Forward contracts	(116,915		)	4,493			9,981		(102,441		)
	$	(127,531	)	$	8,878		$	9,981	$	(108,672	)

Fair Value

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

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

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

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

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



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2020
Assets
Marketable equity securities	$	102,399	$	—	$	—	$	102,399
Debt securities available for sale—N-Star CDO bonds	—		—		54,474		54,474
CMBS of consolidated fund	—		2,224		—		2,224
Other assets—derivative assets	—		26,919		—		26,919
Fair Value Option:
Loans receivable	—		—		1,588,427		1,588,427
Equity method investments	—		—		218,340		218,340
Liabilities
Other liabilities—derivative liabilities	—		84,271		—		84,271
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		6,630		6,630
Other liabilities—settlement liability	—		—		4,910		4,910
December 31, 2019
Assets
Marketable equity securities	$	138,586	$	—	$	—	$	138,586
Debt securities available for sale—N-Star CDO bonds	—		—		54,859		54,859
CMBS of consolidated fund	—		2,732		—		2,732
Other assets—derivative assets	—		21,386		—		21,386
Fair Value Option:
Equity method investments	—		—		222,875		222,875
Liabilities
Other liabilities—derivative liabilities	—		127,531		—		127,531
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		9,330		9,330

Marketable Equity Securities

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

Debt Securities

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

CMBS of consolidated fund—Fair value is determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy.

Derivatives

Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Other Liabilities—Contingent Consideration for THL Hotel Portfolio

In connection with the consensual foreclosure in July 2017 of a portfolio of limited service hotels ("THL Hotel Portfolio"), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million based upon the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company and certain investment vehicles managed by the Company. Fair value of the contingent consideration is measured based upon the probability of the former preferred equity holder receiving such payment, with

cash flows discounted at 12%, classified as Level 3 fair value. The contingent consideration liability decreased $2.7 million to $6.6 million for the three months ended March 31, 2020, and increased $0.4 million to $9.3 million for the year ended December 31, 2019. Changes in fair value of the contingent consideration liability are recorded in other gain (loss) on the consolidated statements of operations.

Other Liabilities—Settlement Liability

As discussed in Note 1, in connection with the cooperation agreement entered into with Blackwells in March 2020, the Company and Blackwells contemporaneously entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of the Company's class A common stock. Pursuant to the arrangement, the Company contributed its class A common stock, valued at $14.7 million by the venture, and Blackwells contributed $1.47 million of cash that was then distributed to the Company, resulting in a net capital contribution of $13.23 million held by the Company in the venture. All of the class A common stock held in the venture had been repurchased by the Company in March 2020 (Note 14). Blackwells may cause the arrangement to be dissolved and all underlying assets distributed at any time, and the Company may do the same after three years. Distributions to be made through the joint venture arrangement effectively represent a settlement of the proxy contest with Blackwells. At the inception of the arrangement, the fair value of future distributions to Blackwells was estimated at $3.9 million, included in other liabilities on the consolidated balance sheet, and as a settlement loss on the consolidated statement of operations, along with $1.2 million reimbursement of legal costs to Blackwells in the first quarter of 2020.

The settlement liability is a fair value measurement of the disproportionate allocation of future profits distribution to Blackwells pursuant to the joint venture arrangement. Such profits will be derived from dividend payments and any appreciation in value of the Company's class A common stock, allocated between the Company and Blackwells based upon specified return hurdles. The profits distribution is payable in cash, the Company's class A common stock or a combination of both at the Company's election. The settlement liability is a Level 3 fair value using a Monte Carlo simulation under a risk-neutral premise, assuming that the final distribution occurs at the end of the third year in March 2023, and is remeasured at each reporting period. At March 31, 2020, the settlement liability was valued at $4.9 million, applying the following assumptions: (a) expected volatility of the Company's class A common stock of 67.1% based upon a combination of historical and implied volatility of the Company's class A common stock; (b) average historical dividend yield on the Company's class A common stock of 9.6%; and (c) risk free rate of 1.97% based upon a compounded zero-coupon U.S. Treasury yield. The $1.0 million increase in liability from inception was recorded as other loss on the consolidated statement of operations.

Fair Value Option

Loans Receivable

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

Equity Method Investments

Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings.

Level 3 Recurring Fair Value Measurements

Quantitative information about recurring Level 3 fair value assets, for which information about unobservable inputs is reasonably available to the Company, are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average⁽¹⁾

(Range)

March 31, 2020

N-Star CDO bonds

54,474

Discounted cash flows

Discount rate

24.9%
(18.2% - 65.0%)

Decrease

Fair Value Option:

Loans receivable

1,568,302

Discounted cash flows

Discount rate

12.7%
(7.2% - 25.5%)

Decrease

Loans receivable

20,125

Transaction price⁽⁵⁾

N/A

Equity method investments—third party private equity funds

4,616

NAV⁽³⁾

N/A

Equity method investments—other

17,870

Discounted cash flows

Discount rate

12.0%
(5.1% - 16.5%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

4.1x

⁽⁴⁾

Equity method investments—other

170,854

Transaction price⁽⁵⁾

N/A

December 31, 2019

N-Star CDO bonds

54,859

Discounted cash flows

Discount rate

22.3%
(16.8% - 65.0%)

Decrease

Fair Value Option:

Equity method investments—third party private equity funds

5,391

NAV⁽³⁾

N/A

Equity method investments—other

18,574

Discounted cash flows

Discount rate

10.1%
(5.1% - 15.8%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

3.7x

⁽⁴⁾

Equity method investments—other

173,910

Transaction price⁽⁵⁾

N/A

__________


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


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


⁽³⁾	Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management


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


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

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



				Fair Value Option
(In thousands)	Securities			Loans Receivable			Equity Method Investments
Fair value at December 31, 2018	$	64,127		$	—		$	81,085
Purchases, contributions and accretion	1,769			—			101,195
Paydowns, distributions and sales	(2,882		)	—			(6,341		)
Realized and unrealized gains (losses) in earnings, net	(667		)	—			2,192
Other comprehensive income	2,063			—			—
Fair value at March 31, 2019	$	64,410		$	—		$	178,131

Net unrealized gains (losses) in earnings on instruments held at March 31, 2019	$	—		$	—		$	1,437

Fair value at December 31, 2019	$	54,859		$	—		$	222,875
Election of fair value option on January 1, 2020	—			1,556,131			—
Reclassification of accrued interest on January 1, 2020	—			13,504			—
Purchases, drawdowns, contributions and accretion	594			74,236			762
Paydowns, distributions and sales	(1,651		)	(49,133		)	(781		)
Interest accrual, including capitalization of paid-in-kind interest	—			11,849			—
Allowance for credit losses	(816		)	—			—
Realized and unrealized gains (losses) in earnings, net	—			3,105			(179		)
Other comprehensive income (loss) ⁽¹⁾	1,488			(21,265		)	(4,337		)
Fair value at March 31, 2020	$	54,474		$	1,588,427		$	218,340

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

__________


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

Investments Carried at Fair Value Using Net Asset Value

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



	March 31, 2020				December 31, 2019
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	17,271	$	9,137	$	16,271	$	11,058
Non-traded REIT—real estate	21,858		—		19,358		—
Private fund—emerging market private equity	2,264		—		3,012		—

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

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

Nonrecurring Fair Values

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

Fair Value Information on Financial Instruments Reported at Cost

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



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2020
Liabilities
Debt at amortized cost
Corporate credit facility	—		600,000		—		600,000		600,000
Convertible and exchangeable senior notes	493,926		13,095		—		507,021		614,542
Secured debt	—		—		7,941,079		7,941,079		8,037,052
Secured debt related to assets held for sale	—		—		235,000		235,000		233,166
Junior subordinated debt	—		—		92,701		92,701		201,744
December 31, 2019
Assets
Loans at amortized cost	$	—	$	—	$	1,557,850	$	1,557,850	$	1,552,824
Liabilities
Debt at amortized cost
Convertible and exchangeable senior notes	602,000		13,095		—		615,095		614,052
Secured debt	—		—		8,213,550		8,213,550		8,168,666
Secured debt related to assets held for sale	—		—		235,000		235,000		232,944
Junior subordinated debt	—		—		225,835		225,835		201,190

Debt—Fair value of convertible notes and exchangeable notes were determined using the last trade price in active markets and unadjusted quoted prices in non-active market, respectively. Fair values of the corporate credit facility and secured debt were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments, which fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. As a reaction to the COVID-19 crisis, the credit market has generally stalled refinancing for most product types except at the lowest leverage levels. While it is difficult to gauge market rates across the Company's portfolio for specific assets, fair value of debt associated with hospitality and healthcare assets presented as of March 31, 2020 incorporate a premium to nominal contractual rates to reflect the increased risk and lack of available financing in the current environment.

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

- Definition

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

+ References + Details

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund—The Company currently consolidates a sponsored private fund in which it has more than an insignificant equity interest in the fund as general partner. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $15.7 million at March 31, 2020 and $18.5 million at December 31, 2019. The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. At March 31, 2020 and December 31, 2019, the consolidated private fund had total assets of $19.5 million and $24.7 million, respectively, and total liabilities of $0.6 million and $0.1 million, respectively. Assets and liabilities were made up primarily of marketable equity securities and unsettled trades. Unconsolidated Company-Sponsored Private Funds—The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $178.5 million at March 31, 2020 and $137.0 million at December 31, 2019, included within equity and debt investments and where applicable, assets held for sale, on the consolidated balance sheets. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. Unconsolidated Securitizations—The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO bonds, which aggregate to $44.1 million at March 31, 2020 and $46.0 million at December 31, 2019. Trusts The Company, through the Merger, acquired the Trusts, wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 10). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at March 31, 2020 and December 31, 2019, recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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



	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2018	57,464	483,347		734
Shares issued upon redemption of OP Units	—	3		—
Repurchase of common stock	—	(652	)	—
Equity-based compensation, net of forfeitures	—	2,659		—
Shares canceled for tax withholding on vested stock awards	—	(582	)	—
Shares outstanding at March 31, 2019	57,464	484,775		734

Shares outstanding at December 31, 2019	41,350	487,044		734
Repurchase of common stock, net ⁽¹⁾	—	(12,733	)	—
Equity-based compensation, net of forfeitures	—	7,646		—
Shares canceled for tax withholding on vested stock awards	—	(1,839	)	—
Shares outstanding at March 31, 2020	41,350	480,118		734

__________


⁽¹⁾	Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 12.

Preferred Stock

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

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



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series G	7.5	%	June 2014	3,450	$	35	$	86,250	Currently redeemable
Series H	7.125	%	April 2015	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				41,350	414		1,033,750

All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on Series G, H, I and J of preferred stock are payable quarterly in arrears in January, April, July and October. Prior to their full redemption as discussed below, dividends on Series B and E preferred stock were payable in February, May, August and November.

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

Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.

In May 2020, the Company's board of directors elected to defer the declaration of a dividend on its preferred stock until June 30, 2020, subject to its assessment of the effects of COVID-19.

Redemption of Preferred Stock

The Company issued notices of redemption for remaining outstanding shares of Series B preferred stock and all outstanding shares of Series E preferred stock in December 2019, with redemption settled in January 2020.

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

Common Stock

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

The Company is suspending the dividend on its class A common stock for the second quarter of 2020 as the board of directors and management believe it is prudent to conserve cash during the current period of uncertainty.

Common Stock Repurchases

During the three months ended March 31, 2020 and for the year ended December 31, 2019, the Company repurchased its class A common stock totaling 12,733,204 shares at a cost of $24.6 million and 652,311 shares at a cost of $3.2 million, respectively, or a weighted average price of $1.93 and $4.84 per share, respectively.

All share repurchases were made pursuant to a $300 million share repurchase program authorized by the Company's board of directors in May 2018, and extended in May 2019 for an additional one year term.

Dividend Reinvestment and Direct Stock Purchase Plan

The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances during the three months ended March 31, 2020 and 2019.

Accumulated Other Comprehensive Income (Loss)

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

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2018	$	3,629		$	(3,175	)	$	(91	)	$	6,618		$	7,018		$	13,999
Other comprehensive income (loss) before reclassifications	4,683			1,312			(129		)	(11,103		)	13,954			8,717
Amounts reclassified from AOCI	—			626			—			(955		)	(249		)	(578		)
AOCI at March 31, 2019	$	8,312		$	(1,237	)	$	(220	)	$	(5,440	)	$	20,723		$	22,138

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

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2018	$	(390	)	$	(600	)	$	9,644		$	8,654
Other comprehensive loss before reclassifications	(525		)	(15,379		)	(2,169		)	(18,073		)
Amounts reclassified from AOCI	—			—			444			444
AOCI at March 31, 2019	$	(915	)	$	(15,979	)	$	7,919		$	(8,975	)

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

Reclassifications out of AOCI—Stockholders

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



(In thousands)	Three Months Ended March 31,						Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2020			2019
Other-than-temporary impairment	$	—		$	(626	)	Other gain (loss), net
Release of cumulative translation adjustments	(246		)	955			Other gain (loss), net
Unrealized gain on dedesignated net investment hedges	634			24			Other gain (loss), net
Realized gain on net investment hedges	—			225			Other gain (loss), net

Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company.



	Three Months Ended March 31,
(In thousands)	2020			2019
Beginning balance	$	6,107		$	9,385
Contributions	250			—
Distributions and redemptions	(2,647		)	(3,366		)
Net income (loss)	(548		)	1,444
Ending balance	$	3,162		$	7,463

Noncontrolling Interests in Investment Entities

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

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

Noncontrolling Interests in Operating Company

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

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

Redemption of OP Units—For the year ended December 31, 2019, the Company redeemed 187,995 OP Units, with the issuance of an equal number of shares of class A common stock on a one-for-one basis. There were no OP Units redeemed in the three months ended March 31, 2020.

Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and Related Liabilities Held for Sale

The Company's assets and related liabilities held for sale are summarized below:



(In thousands)	March 31, 2020		December 31, 2019
Assets
Restricted cash	$	4,845	$	15,585
Real estate, net	696,171		799,415
Deferred leasing costs and intangible assets, net	30,921		33,236
Other assets	17,479		21,816
Total assets held for sale	$	749,416	$	870,052

Liabilities
Debt, net	$	233,166	$	232,944
Lease intangibles and other liabilities, net	27,793		35,208
Total liabilities related to assets held for sale	$	260,959	$	268,152

Assets and Liabilities Related to Discontinued Operations

Income from discontinued operations is presented below.



	Three Months Ended March 31,
(In thousands)	2020		2019
Revenues
Property operating income	$	5,379	$	81,232
Fee income	—		2,472
Interest and other income	17		1,140
Revenues from discontinued operations	5,396		84,844
Expenses
Property operating expense	1,473		22,337
Interest expense	2,406		14,627
Investment and servicing expense	—		530
Depreciation and amortization	633		39,445
Compensation expense—cash and equity-based ⁽¹⁾	82		2,659
Compensation expense—carried interest	—		(221		)
Administrative expenses	332		1,629
Expenses from discontinued operations	4,926		81,006
Other income (loss)
Gain on sale of real estate	—		22,848
Other gain, net	4		(8		)
Equity method earnings (losses), including carried interest	—		(472		)
Income from discontinued operations before income taxes	474		26,206
Income tax benefit	—		87
Income from discontinued operations	474		26,293
Income from discontinued operations attributable to:
Noncontrolling interests in investment entities	170		17,309
Noncontrolling interests in Operating Company	30		545
Income from discontinued operations attributable to Colony Capital, Inc.	$	274	$	8,439

__________

⁽¹⁾

Includes equity-based compensation of $0.7 million for the three months ended March 31, 2019.

Earnings per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

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



	Three Months Ended March 31,
(In thousands, except per share data)	2020			2019
Net loss allocated to common stockholders
Loss from continuing operations	$	(404,531	)	$	(56,448	)
(Income) loss from continuing operations attributable to noncontrolling interests	62,098			(26,967		)
Loss from continuing operations attributable to Colony Capital, Inc.	(342,433		)	(83,415		)
Income from discontinued operations attributable to Colony Capital, Inc.	274			8,439
Net loss attributable to Colony Capital, Inc.	(342,159		)	(74,976		)
Preferred dividends	(19,474		)	(27,137		)
Net loss attributable to common stockholders	(361,633		)	(102,113		)
Net income allocated to participating securities	(1,250		)	(720		)
Net loss allocated to common stockholders—basic	(362,883		)	(102,833		)
Interest expense attributable to convertible notes ⁽¹⁾	—			—
Net loss allocated to common stockholders—diluted	$	(362,883	)	$	(102,833	)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	479,106			478,874
Weighted average effect of dilutive shares ^(1)(2)(3)	—			—
Weighted average number of common shares outstanding—diluted	479,106			478,874
Basic loss per share
Loss from continuing operations	$	(0.76	)	$	(0.23	)
Income from discontinued operations	—			0.02
Net loss attributable to common stockholders per basic common share	$	(0.76	)	$	(0.21	)
Diluted loss per share
Loss from continuing operations	$	(0.76	)	$	(0.23	)
Income from discontinued operations	—			0.02
Net loss attributable to common stockholders per diluted common share	$	(0.76	)	$	(0.21	)

__________


⁽¹⁾	For both the three months ended March 31, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive.

⁽²⁾

The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 137,900 for the three months ended March 31, 2019 as the effect would be antidilutive. No unvested non-participating restricted shares were outstanding during the three months ended March 31, 2020. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 19) of 1,520,659 and 3,814,300 for the three months ended March 31, 2020 and 2019, respectively.

⁽³⁾

OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common stock on a one-for-one basis. At March 31, 2020 and 2019 there were 53,261,100 and 31,355,700 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Fee Income

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

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

The Company's fee income is earned from the following sources:



	Three Months Ended March 31,
(In thousands)	2020		2019
Institutional funds and other investment vehicles	$	30,476	$	10,638
Public companies (CLNC, and NRE prior to its sale in September 2019)	8,058		15,106
Non-traded REIT	4,431		5,106
Other	540		178
	$	43,505	$	31,028

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Base management fees ($41,514 and $30,201 from affiliates, respectively)	$	41,619	$	30,364
Asset management fees ($532 and $635 from affiliates, respectively)	809		635
Other fee income ($1,054 and $14 from affiliates, respectively)	1,077		29
Total fee income	$	43,505	$	31,028

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


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


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


•	Non-Traded REIT—1.5% per annum of most recently published NAV (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare, with $2.5 million per quarter paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution); and


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

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

Incentive Fees—The Company may earn incentive fees from CLNC, and prior to its termination, from NRE, determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50%) is allocable to senior management, investment professionals and certain other employees of the Company, included in carried interest and incentive fee compensation expense. There were no incentive fees earned in the three months ended March 31, 2020 and 2019.

Other Fee Income—Other fees include service fees for information technology and operational support services and facilities to portfolio companies, advisory fees, and licensing fee on the Company's proprietary real estate index, a rules-based strategy that invests in common stock of U.S. REITs.

Equity-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "Equity Incentive Plan") provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards to the Company's officers, directors (including non-employee directors), employees, co-employees,

consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At March 31, 2020, an aggregate 64.1 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan.

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

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

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



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

__________


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


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


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


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

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

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

LTIP units issued to certain employees have a service condition only, and are valued based upon the Company's class A common stock price on grant date.

In connection with the acquisition of DBH in July 2019, the Company granted 10 million LTIP units to Marc C. Ganzi, co-founder and Chief Executive Officer ("CEO") of DBH and CEO-elect of the Company, subject to both a service condition and a market condition. The LTIP units will vest based upon achievement of the Company's class A common stock price closing at or above $10.00 over any 90 consecutive trading days prior to the fifth anniversary of the grant date, subject to Mr. Ganzi's continuous employment to the time of such vesting. Fair value of these LTIP units was determined

using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:



Expected volatility of the Company's class A common stock⁽¹⁾		28.3%
Expected dividend yield ⁽²⁾		8.1%
Risk-free rate (per annum)⁽³⁾		1.8%

__________


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


⁽²⁾	Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date.


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

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

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

Equity-based compensation expense, excluding amounts related to the industrial segment in 2019 which is presented as discontinued operations (Note 16), is as follows:



	Three Months Ended March 31,
(In thousands)	2020		2019
Compensation expense (including $283 and $122 amortization of fair value of dividend equivalent rights)	$	8,249	$	5,914

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



										Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units	DSUs		PSUs ⁽¹⁾		Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2019	7,641,708		10,000,000	265,784		5,680,195		23,587,687		$	3.66	$	3.25
Granted	7,676,444		—	42,455		4,324,375		12,043,274		1.64		1.94
Vested	(4,195,879	)	—	(36,495	)	—		(4,232,374	)	—		4.40
Forfeited	(30,948	)	—	—		(14,852	)	(45,800	)	4.53		5.45
Unvested shares and units at March 31, 2020	11,091,325		10,000,000	271,744		9,989,718		31,352,787		2.78		2.55

__________


⁽¹⁾	Represents the number of PSUs granted, which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return measured at the end of the performance period.

Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $10.1 million and $8.5 million for the three months ended March 31, 2020 and 2019, respectively.

At March 31, 2020, aggregate unrecognized compensation cost for all unvested equity awards was $52.8 million, which is expected to be recognized over a weighted average period of 2.2 years.

Awards Granted by Managed Companies

CLNC and NRE, both managed by the Company prior to termination of NRE's management agreement concurrent with the sale of NRE in September 2019, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). CLNC awards are primarily restricted stock

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

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

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

Equity-based compensation recognized related to managed company awards was an expense reversal of $3.4 million and an expense of $2.8 million for the three months ended March 31, 2020 and 2019, respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20). At March 31, 2020, aggregate unrecognized compensation cost for unvested managed company awards of CLNC was $3.2 million, which is expected to be recognized over a weighted average period of 1.6 years.

Transactions with Affiliates

3 Months Ended

Mar. 31, 2020

Transactions with Affiliates

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

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



(In thousands)	March 31, 2020		December 31, 2019
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	36,028	$	36,106
Cost reimbursements and recoverable expenses	11,460		14,624
Employees and other affiliates	1,015		750
	$	48,503	$	51,480
Due to Affiliates
Employees and other affiliates	$	34,301	$	34,064
	$	34,301	$	34,064

Transactions with affiliates include the following:

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

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


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


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


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


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


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


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

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



	Three Months Ended March 31,
(In thousands)	2020			2019
Retail companies	$	951		$	738
Public companies (CLNC, NRE)	2,500			2,632
Private investment vehicles and other	2,946			3,535
Equity awards of CLNC and NRE (Note 19)	(3,911		)	2,940
	$	2,486		$	9,845

Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies(excluding shares offered pursuant to distribution reinvestment plans).

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

Liquidating Trust—As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I was not transferred to CLNC, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. The Company entered into a management services agreement with the liquidating trust to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial.

Acquisition of DBH and DataBank—In connection with the acquisition of DBH in July 2019, payment of a portion of the cash consideration was deferred until the expiration of certain customary seller indemnification obligations (Note 3). The deferred consideration of $32.5 million remaining at March 31, 2020 is payable to principals of DBH, including Mr. Ganzi, who became employees or affiliate of the Company post-acquisition.

In connection with the Company's acquisition in December 2019 of interests in DataBank from third parties (Note 3), Mr. Ganzi and Mr. Jenkins, the Chairman of the Company’s digital realty platform, entered into voting agreements with the Company, which provide the Company with majority voting power over DataBank's board. The Company took a series of steps to mitigate conflicts in the transaction, including receiving a fairness opinion on its purchase price from a nationally recognized third party valuation firm. Additionally, in exchange for incentive units owned by Messrs. Ganzi and Jenkins allocable to the DataBank stake acquired by the Company, the Company issued OP Units with a value of $3 million, which are subject to a multi-year lockup. The value represents consideration paid to Messrs. Ganzi and Jenkins by the Company for such incentive units in connection with its investment in DataBank, which was in addition to the cash consideration paid to third parties by the Company for its acquired interests in Databank. As a result, the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank. In addition, the DataBank transaction was approved by the Company's board of directors.

Arrangements with Company-Sponsored Private Funds—The Company co-invests alongside its sponsored private funds through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private funds and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a

proportionate share of the costs of the private funds such as financing and administrative costs. Such costs expensed during the three months ended March 31, 2020 and 2019 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund.

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

Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At March 31, 2020 and December 31, 2019, such investments in consolidated investment vehicles and general partner entities totaled $6.5 million and $4.0 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $0.7 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively.

Corporate Aircraft—The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $0.4 million and $0.2 million for personal flights taken during the three months ended March 31, 2020 and 2019, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingent Consideration In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder in an amount up to $13.0 million (Note 12), subject to the Company achieving certain agreed upon returns. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of March 31, 2020, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

The Company's six reportable segments are as follows:

•

Digital Real Estate and Investment Management ("Digital")—The Company's digital segment is composed of balance sheet equity interests in digital infrastructure and real estate; and digital infrastructure and real estate investment management business. For digital investments on our balance sheet, these assets earn rental income from providing use of space and/or capacity in or on our digital assets through long-term leases, services and other agreements. In the digital investment management business, we earn management fees, generally based on the amount of assets or capital managed in investment vehicles, and have the potential to earn carried interest based on the performance of such investment vehicles subject to the achievement of minimum return hurdles.

•

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


•	Hospitality—The Company's hospitality segment is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton.


•	CLNC—This segment is composed of our 36% interest in CLNC, an externally managed commercial real estate credit REIT. CLNC is focused on originating, acquiring, financing and managing a diversified commercial real estate portfolio, consisting primarily of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States.

•

Other Equity and Debt—This segment is composed of a diversified group of non-digital real estate and real estate-related debt and equity investments, including investments for which the Company acts as a general partner and/or manager ("GP co-investments") and receives various forms of investment management economics on related third-party capital on such investments, other real estate equity and debt investments and other real estate related securities, among other holdings. Over time, the Company expects to monetize the bulk of its existing portfolio as it completes its digital evolution.

•

Other Investment Management—This segment, which is separate from the digital investment management business that resides in the digital segment, encompasses the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, a public non-traded healthcare REIT and interests in other investment management platforms, among other smaller investment funds. The Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or potential carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles.

Amounts not allocated to specific segments generally include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as corporate level transaction costs.

The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments.

Selected Segment Results of Operations

The results of operations of the Company's digital reportable segment is derived from its equity method investments in the DCP fund and its manager beginning in 2018, the DBH investment management business beginning in July 2019 and the DataBank data center business beginning in December 2019.

Beginning in 2020, the industrial segment no longer constitutes a reportable segment. In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which represented the vast majority of the industrial segment. The Company continues to own the bulk industrial assets which remain held for sale. Current and prior period results of the industrial segment and the industrial investment management business which resides in the other investment management segment are presented as discontinued operations on the consolidated statements of operations (Note 16).

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



(In thousands)	Digital			Healthcare			Hospitality			CLNC			Other Equity and Debt			Other Investment Management			Amounts Not Allocated to Segments			Total

Three Months Ended March 31, 2020
Total revenues	$	64,506		$	139,182		$	153,526		$	—		$	121,119		$	24,299		$	4,881		$	507,513
Property operating expenses	16,906			66,567			120,995			—			59,165			—			—			263,633
Interest expense	9,402			39,866			39,789			—			20,588			—			13,768			123,413
Depreciation and amortization	36,633			37,460			36,444			—			22,220			2,591			1,510			136,858
Impairment loss	—			48,532			250,162			—			9,574			79,000			—			387,268
Gain on sale of real estate	—			—			—			—			7,932			—			—			7,932
Equity method earnings (losses)	468			—			—			(10,069		)	17,701			107,602			—			115,702
Equity method earnings—carried interest	—			—			—			—			—			(18,411		)	—			(18,411		)
Income tax benefit (expense)	5,337			130			1,879			—			(1,343		)	(14,482		)	155			(8,324		)
Income (loss) from continuing operations	(19,220		)	(64,145		)	(295,757		)	(10,069		)	29,977			18,130			(63,447		)	(404,531		)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(3,758		)	(48,012		)	(241,232		)	(9,075		)	(1,452		)	16,359			(55,263		)	(342,433		)
Net income attributable to Colony Capital, Inc. from discontinued operations																						274
Net income (loss) attributable to Colony Capital, Inc.																						$	(342,159	)

Three Months Ended March 31, 2019
Total revenues	$	—		$	145,774		$	196,615		$	—		$	162,688		$	40,005		$	2,977		$	548,059
Property operating expenses	—			64,302			136,345			—			70,095			—			—			270,742
Interest expense	—			47,527			42,065			—			31,853			—			13,444			134,889
Depreciation and amortization	—			40,131			36,248			—			24,783			8,669			1,521			111,352
Provision for loan losses	—			—			—			—			3,611			—			—			3,611
Impairment loss	—			—			3,850			—			21,772			—			—			25,622
Gain on sale of real estate	—			—			139			—			29,314			—			—			29,453
Equity method earnings	3,276			—			—			5,513			24,573			701			—			34,063
Equity method earnings—carried interest	—			—			—			—			—			4,896			—			4,896
Income tax benefit (expense)	—			1,874			(836		)	—			(2,074		)	94			(256		)	(1,198		)
Income (loss) from continuing operations	3,016			(7,206		)	(26,077		)	5,513			59,528			17,657			(108,879		)	(56,448		)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	2,833			(7,462		)	(22,981		)	5,178			23,889			15,737			(100,609		)	(83,415		)
Net income attributable to Colony Capital, Inc. from discontinued operations																						8,439
Net income (loss) attributable to Colony Capital, Inc.																						$	(74,976	)

Total assets and equity method investments excluding investments held for sale (Note 8) of the reportable segments are summarized as follows:



	March 31, 2020				December 31, 2019
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital	$	2,319,640	$	116,906	$	2,160,402	$	47,891
Healthcare	4,758,363		—		4,886,374		—
Hospitality	3,501,146		—		3,789,098		—
CLNC	666,059		666,059		725,443		725,443
Other Equity and Debt	5,518,288		1,071,775		5,749,455		1,070,462
Other Investment Management	792,465		27,842		1,085,234		139,977
Amounts not allocated to segments	1,163,767		3,742		977,505		3,742
Assets held for sale related to discontinued operations	440,334		—		458,673		—
	$	19,160,062	$	1,886,324	$	19,832,184	$	1,987,515

Geography

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Total income by geography:
United States	$	557,070	$	490,915
Europe	44,371		86,258
Other	877		—
Total ⁽¹⁾	$	602,318	$	577,173



(In thousands)	March 31, 2020		December 31, 2019
Long-lived assets by geography:
United States	$	9,599,554	$	9,956,282
Europe	1,410,674		1,508,347
Total ⁽²⁾	$	11,010,228	$	11,464,629

__________


⁽¹⁾	Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States.

⁽²⁾

Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease right-of-use assets and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at March 31, 2020 and December 31, 2019 included $463 million and $522 million located in the United States, respectively, and $266 million and $283 million located in Europe, respectively.

Supplemental Disclosure of Cash Flow Information

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information



	Three Months Ended March 31,
(In thousands)	2020			2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $214 and $1,046	$	112,278		$	127,948
Cash received for income tax refunds (paid for income taxes), net	(1,272		)	19,113
Cash paid for operating leases	7,096			3,438
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(38,822	)	$	41,789
Net cash provided by (used in) investing activities of discontinued operations	4,534			(1,073,525		)
Net cash provided by (used in) financing activities of discontinued operations	(3,886		)	973,937



	Three Months Ended March 31,
(In thousands)	2020		2019
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	$	77,228	$	83,996
Improvements in operating real estate in accrued and other liabilities	12,282		23,023
Proceeds from loan repayments and asset sales held in escrow	47,702		32,624
Right-of-use assets and operating lease liabilities	2,408		126,810
Contributions receivable from noncontrolling interests	—		113,200
Securities acquired, subject to forward contract deliverable, net of cash collateral	—		90,000
Distributions payable to noncontrolling interests included in other liabilities	—		3,756

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
Business Combinations	Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets.
Discontinued Operations	Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business in December 2019, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16).
Reclassifications	Reclassifications Interest receivable, which was included in other assets as of December 31, 2019, has been reclassified to be presented as part of loans receivable to conform to current period presentation. The reclassification did not affect the Company's financial position, results of operations or cash flows.
Accounting Standards Adopted in 2020 and Future Application of Accounting Standards	Accounting Standards Adopted in 2020 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses, followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as Accounting Standards Codification ("ASC") Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. Recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. The accounting model for purchased credit-impaired loans and debt securities will be simplified to be consistent with the CECL model for originated and purchased non-credit-impaired assets. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other-than-temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application of the CECL model for other than temporarily impaired debt securities and purchased credit-impaired assets. The Company adopted the new standard on January 1, 2020. The Company elected the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by $3.3 million. Under the fair value option, the loans receivable are measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in other gain (loss) on the consolidated statement of operations. The loans are no longer be subject to evaluation for impairment through an allowance for loan loss as such losses will be captured through fair value changes. Additionally, there is no longer an amortization of loan origination fees or discounts on purchased loans as additional interest income. The Company had no debt securities with unrealized loss in accumulated other comprehensive income ("AOCI") at December 31, 2019 and accordingly, there was no impact upon adoption of the new standard. As it relates to the Company's other accounts receivable that are subject to CECL, the effect of adoption was immaterial. The Company reflected the effect of adoption of CECL by its equity method investee, CLNC, through an adjustment to decrease beginning retained earnings by approximately $8.5 million on January 1, 2020, representing the Company's share of CLNC's cumulative effect adjustment. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the net asset value ("NAV") practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. The Company adopted ASU No. 2018-13 on January 1, 2020. Related Party Guidance for VIEs In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. The Company adopted ASU No. 2018-17 on January 1, 2020, with no transitional impact upon adoption. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions affected by the transition from interbank offered rates (such as the London Interbank Offered Rate ("LIBOR")) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as the Secured Overnight Financing Rate ("SOFR")). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company has elected to apply the hedge accounting expedients related to probability and assessment of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives, which preserves existing derivative treatment and presentation. The Company may elect other practical expedients or exceptions as applicable over time as reference rate reform activities occur. Future Application of Accounting Standards Income Tax Accounting In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes. The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company is currently evaluating the impact of this new guidance. Accounting for Certain Equity Investments In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323—Investments Equity Method and Joint Ventures, and Topic 815—Derivatives and Hedging. The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, an equity method investment is transitioned into measurement alternative, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance.

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed



(In thousands)	DBH			DataBank
Consideration
Cash	$	181,167		$	182,731
Deferred consideration	35,500			—
OP Units issued	111,903			2,962
Total consideration for equity interest acquired	328,570			185,693

Fair value of equity interest in Digital Colony Manager	51,400			—
	$	379,970		$	185,693

Assets acquired, liabilities assumed and noncontrolling interests
Cash	$	—		$	10,366
Real estate	—			847,458
Assets held for sale	—			29,114
Intangible assets	153,300			222,455
Other assets	13,008			106,648
Debt	—			(539,155		)
Tax liabilities, net	(17,392		)	(113,228		)
Intangible and other liabilities	(16,194		)	(132,480		)
Fair value of net assets acquired	132,722			431,178
Noncontrolling interests in investment entities	—			(724,567		)
Goodwill	$	247,248		$	479,082

The following table summarizes the Company's real estate acquisitions in 2019, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land		Buildings and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2019
Asset Acquisitions
	February	Bulk industrial—Various in U.S. ⁽²⁾	6	$	373,182	$	49,446	$	296,348	$	27,553	$	(165	)
	October	Healthcare—United Kingdom ⁽³⁾	1	12,376		3,478		9,986		732		(1,820		)
	Various	Light industrial—Various in U.S. ⁽⁴⁾	84	1,158,423		264,816		850,550		47,945		(4,888		)
				$	1,543,981	$	317,740	$	1,156,884	$	76,230	$	(6,873	)

__________


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


⁽²⁾	The bulk industrial portfolio was classified as held for sale in June 2019.


⁽³⁾	Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance.

⁽⁴⁾

The entire light industrial portfolio was sold in December 2019.

Real Estate (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Schedule of Components of Real Estates

he Company's real estate held for investment. Real estate held for sale is presented in Note 8.



(In thousands)	March 31, 2020			December 31, 2019
Land	$	1,396,084		$	1,360,435
Buildings and improvements	8,658,473			9,022,971
Tenant improvements	105,277			105,440
Data center infrastructure	613,114			595,603
Furniture, fixtures and equipment	576,048			511,329
Construction in progress	196,125			255,115
	11,545,121			11,850,893
Less: Accumulated depreciation	(1,087,064		)	(990,375		)
Real estate assets, net ⁽¹⁾	$	10,458,057		$	10,860,518

__________

⁽¹⁾

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

Schedule of Proceeds From Sales of Real Estate

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Proceeds from sales of real estate	$	126,741	$	294,667
Gain on sale of real estate	7,932		52,301

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



(In thousands)	DBH			DataBank
Consideration
Cash	$	181,167		$	182,731
Deferred consideration	35,500			—
OP Units issued	111,903			2,962
Total consideration for equity interest acquired	328,570			185,693

Fair value of equity interest in Digital Colony Manager	51,400			—
	$	379,970		$	185,693

Assets acquired, liabilities assumed and noncontrolling interests
Cash	$	—		$	10,366
Real estate	—			847,458
Assets held for sale	—			29,114
Intangible assets	153,300			222,455
Other assets	13,008			106,648
Debt	—			(539,155		)
Tax liabilities, net	(17,392		)	(113,228		)
Intangible and other liabilities	(16,194		)	(132,480		)
Fair value of net assets acquired	132,722			431,178
Noncontrolling interests in investment entities	—			(724,567		)
Goodwill	$	247,248		$	479,082

The following table summarizes the Company's real estate acquisitions in 2019, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land		Buildings and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2019
Asset Acquisitions
	February	Bulk industrial—Various in U.S. ⁽²⁾	6	$	373,182	$	49,446	$	296,348	$	27,553	$	(165	)
	October	Healthcare—United Kingdom ⁽³⁾	1	12,376		3,478		9,986		732		(1,820		)
	Various	Light industrial—Various in U.S. ⁽⁴⁾	84	1,158,423		264,816		850,550		47,945		(4,888		)
				$	1,543,981	$	317,740	$	1,156,884	$	76,230	$	(6,873	)

__________


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


⁽²⁾	The bulk industrial portfolio was classified as held for sale in June 2019.


⁽³⁾	Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance.

⁽⁴⁾

The entire light industrial portfolio was sold in December 2019.

Schedule of Real Estate Depreciation and Impairment

The following table summarizes real estate depreciation and impairment.



	Three Months Ended March 31,
(In thousands)	2020		2019
Depreciation of real estate held for investment	$	103,305	$	93,293
Impairment of real estate and related asset group
Held for sale	7,577		25,183
Held for investment ⁽¹⁾	300,691		439

__________

⁽¹⁾

Includes impairment of real estate intangibles of $7.0 million and right-of-use asset on ground leases of $13.0 million in the three months ended March 31, 2020.

Schedule of Components of Property Operating Income

For the three months ended March 31, 2020 and 2019, components of property operating income are as follows, excluding amounts related to discontinued operations (Note 16).



	Three Months Ended March 31,
(In thousands)	2020		2019
Lease income:
Fixed lease income	$	182,092	$	170,414
Variable lease income	16,291		16,349
	198,383		186,763
Hotel operating income	215,060		272,135
Data center service revenue	11,973		—
	$	425,416	$	458,898

Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Company Loans Receivable

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



	March 31, 2020
($ in thousands)	Unpaid Principal Balance		Fair Value		Weighted Average Coupon		Weighted Average Maturity in Years
Fixed rate
Mortgage loans	$	1,570,885	$	651,113	8.2	%	1.0
Mezzanine loans	542,274		544,518		12.7	%	0.3
Non-mortgage loans	174,600		175,368		13.2	%	5.2
	2,287,759		1,370,999
Variable rate
Mortgage loans	164,335		171,089		3.9	%	0.2
Mezzanine loans	46,339		46,339		12.6	%	1.3
	210,674		217,428
Loans receivable	$	2,498,433	$	1,588,427

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



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

Summary of Past Due Loans

The table below presents the fair value and unpaid principal balance by aging of loans receivable at March 31, 2020 for which fair value option was elected.



	March 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Fair Value less Unpaid Principal Balance
Loans receivable—fair value option
Current or less than 30 days past due	$	1,060,721	$	1,015,709	$	45,012
30-59 days past due	—		—		—
60-89 days past due	—		—		—
90 days or more past due or nonaccrual	527,706		1,482,724		(955,018		)
	$	1,588,427	$	2,498,433	$	(910,006	)

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



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

Non-PCI Impaired Loans

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



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

The average carrying value and interest income recognized on non-PCI impaired loans for the three months ended March 31, 2019 were as follows.



(In thousands)	Three Months Ended March 31, 2019
Average carrying value before allowance for loan losses and interest receivable	$	244,532
Total interest income recognized during the period impaired	3,003
Cash basis interest income recognized	447

Changes in Accretable Yield for the PCI loans

Changes in accretable yield of PCI loans for the three months ended March 31, 2019 were as follows:



(In thousands)	Three Months Ended March 31, 2019
Beginning accretable yield	$	9,620
Changes in accretable yield	1,442
Accretion recognized in earnings	(3,087		)
Effect of changes in foreign exchange rates	(40		)
Ending accretable yield	$	7,935

Impairment and Allowance for Loan Losses

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



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

Changes in allowance for loan losses for the three months ended March 31, 2019 are presented below. All provision for loan losses for the period related to PCI loans.



(In thousands)	Three Months Ended March 31, 2019
Allowance for loan losses at January 1	$	32,940
Provision for loan losses, net	3,611
Charge-off	(194		)
Allowance for loan losses at March 31	$	36,357

Equity and Debt Investments (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

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



(In thousands)	March 31, 2020		December 31, 2019
Equity Investments
Equity method investments
Investment ventures	$	1,703,174	$	1,845,129
Private funds	183,150		142,386
	1,886,324		1,987,515
Other equity investments
Marketable equity securities	102,399		138,586
Investment ventures	91,147		91,472
Private funds and non-traded REIT	41,393		38,641
Total equity investments	2,121,263		2,256,214

Debt Securities
N-Star CDO bonds, available for sale	54,474		54,859
CMBS of consolidated fund, at fair value	2,224		2,732
Total debt securities	56,698		57,591
Equity and debt investments	$	2,177,961	$	2,313,805

Equity Method Investments

The Company’s investments accounted for under the equity method are summarized below, excluding investments classified as held for sale (Note 8):



($ in thousands)			Ownership Interestat March 31, 2020⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat March 31, 2020⁽¹⁾	March 31, 2020		December 31, 2019
Colony Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.5%	$	666,059	$	725,443
RXR Realty, LLC	Common equity in investment venture with a real estate investor, developer and investment manager (sold in February 2020)		—%	—		93,390
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	138,420		138,428
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	532,654		543,296
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)		Various	175,274		115,055
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles		Various	3,260		21,940
Other investment ventures	Interests in 12 investments at March 31, 2020		Various	152,317		127,088
Fair value option	Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds		Various	218,340		222,875
				$	1,886,324	$	1,987,515

__________

⁽¹⁾


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


⁽³⁾	Some preferred equity investments may not have a stated ownership interest.

⁽⁴⁾

The Company owns varying levels of stated equity interests in certain acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements.

Schedule of Available-for-sale Debt Securities

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



	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss			Gross Cumulative Unrealized
(in thousands)	Amortized Cost Without Allowance for Credit Loss		Allowance for Credit Loss			Gains		Losses		Fair Value
March 31, 2020	$	44,945	$	(816	)	$	10,345	$	—	$	54,474
December 31, 2019	46,002		NA			8,857		—		54,859

There were no sales of N-Star CDO bonds during the three months ended March 31, 2020 and year ended December 31, 2019.

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill balance by reportable segment is as follows.



(In thousands)	March 31, 2020		December 31, 2019
Balance by reportable segment:
Digital ⁽¹⁾	$	777,330	$	726,330
Other investment management	596,561		726,561
	$	1,373,891	$	1,452,891

__________

⁽¹⁾

At March 31, 2020 and December 31, 2019, goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes.

Schedule of Deferred Leasing Costs and Other Intangibles

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



	March 31, 2020							December 31, 2019
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount ⁽¹⁾		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount ⁽¹⁾
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease intangible assets ⁽²⁾	$	417,877	$	(145,658	)	$	272,219	$	425,106	$	(123,686	)	$	301,420
Investment management intangibles ⁽³⁾	285,233		(105,488		)	179,745		285,233		(96,466		)	188,767
Customer relationships ⁽⁴⁾	71,000		(1,723		)	69,277		71,000		(250		)	70,750
Trade names ⁽⁵⁾	39,600		(1,283		)	38,317		39,600		(185		)	39,415
Other ⁽⁶⁾	38,677		(2,985		)	35,692		41,211		(2,710		)	38,501
Total deferred leasing costs and intangible assets	$	852,387	$	(257,137	)	$	595,250	$	862,150	$	(223,297	)	$	638,853
Intangible Liabilities
Lease intangible liabilities ⁽²⁾	$	172,211	$	(70,134	)	$	102,077	$	174,208	$	(62,724	)	$	111,484

__________


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


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


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


⁽⁴⁾	Represent DataBank customer relationships.


⁽⁵⁾	Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years. The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization.

⁽⁶⁾

Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with hotel properties which are subject to amortization over the term of the respective agreements

Schedule of Amortization of Intangible Assets and Liabilities

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Net increase to rental income ⁽¹⁾	$	3,354	$	1,903

Amortization expense
Deferred leasing costs and lease intangibles	$	20,089	$	8,671
Investment management intangibles	9,022		8,663
Customer relationships	1,473		—
Trade name	1,098		—
Other	286		252
	$	31,968	$	17,586

__________

⁽¹⁾

Represents the impact of amortizing above- and below-market leases and lease incentives.

Schedule of Estimated Annual Amortization Expense



	Year Ending December 31,
(In thousands)	Remaining 2020		2021		2022		2023		2024		2025 and Thereafter			Total
Net increase (decrease) to rental income	$	8,509	$	5,561	$	3,711	$	6,716	$	249	$	(13,549	)	$	11,197
Amortization expense	80,127		78,005		58,921		49,931		42,403		153,017			462,404

Assets and Related Liabilities Held For Sale (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets and Liabilities Held-for-sale

The Company's assets and related liabilities held for sale are summarized below:



(In thousands)	March 31, 2020		December 31, 2019
Assets
Restricted cash	$	4,845	$	15,585
Real estate, net	696,171		799,415
Deferred leasing costs and intangible assets, net	30,921		33,236
Other assets	17,479		21,816
Total assets held for sale	$	749,416	$	870,052

Liabilities
Debt, net	$	233,166	$	232,944
Lease intangibles and other liabilities, net	27,793		35,208
Total liabilities related to assets held for sale	$	260,959	$	268,152

Restricted Cash, Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

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



(In thousands)	March 31, 2020		December 31, 2019
Capital expenditures reserves ⁽¹⁾	$	61,524	$	89,901
Real estate escrow reserves ⁽²⁾	34,061		38,326
Borrower escrow deposits	8,234		8,079
Lender restricted cash ⁽³⁾	39,019		41,591
Other	23,730		26,026
Total restricted cash	$	166,568	$	203,923

__________


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


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

⁽³⁾

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

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:



(In thousands)	March 31, 2020		December 31, 2019
Straight-line rents	$	39,111	$	37,352
Hotel-related deposits and reserves ⁽¹⁾	19,247		18,065
Investment deposits and pending deal costs	36,199		32,994
Deferred financing costs, net ⁽²⁾	2,168		2,794
Derivative assets(Note 11)	26,919		21,386
Prepaid taxes and deferred tax assets, net	64,459		82,344
Receivables from resolution of investments ⁽³⁾	47,702		63,984
Operating lease right-of-use asset, net	202,764		220,560
Accounts receivable, net ⁽⁴⁾	83,047		83,723
Prepaid expenses	43,449		30,761
Other assets	31,957		30,413
Fixed assets, net	43,198		44,768
Total other assets	$	640,220	$	669,144

__________


⁽¹⁾	Represents reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment ("FF&E") expenditures and to a lesser extent, working capital deposits. Funding of FF&E reserves is made periodically based on a percentage of hotel operating income.


⁽²⁾	Deferred financing costs relate to revolving credit arrangements.


⁽³⁾	Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement.

⁽⁴⁾

Includes receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $3.0 million at March 31, 2020 and $2.8 million at December 31, 2019.

Schedule of Accrued and Other Liabilities

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



(In thousands)	March 31, 2020		December 31, 2019
Tenant security deposits and payable	$	15,628	$	15,293
Borrower escrow deposits	8,234		9,903
Deferred income ⁽¹⁾	37,896		32,318
Interest payable	36,325		38,487
Derivative liabilities (Note 11)	84,271		127,531
Current and deferred income tax liability	208,818		222,206
Operating lease liability	178,692		181,297
Accrued compensation	34,963		83,351
Accrued carried interest and incentive fee compensation	1,179		50,360
Accrued real estate and other taxes	37,709		39,923
Accounts payable and accrued expenses	136,439		143,852
Other liabilities	57,127		71,377
Total accrued and other liabilities	$	837,281	$	1,015,898

__________

⁽¹⁾

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8).



(In thousands)	Corporate Credit Facility⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured Debt ⁽²⁾			Junior Subordinated Notes			Total Debt
March 31, 2020
Debt at amortized cost
Principal	$	600,000	$	616,105		$	8,131,000		$	280,117		$	9,627,222
Premium (discount), net	—		2,127			(15,530		)	(78,373		)	(91,776		)
Deferred financing costs	—		(3,690		)	(78,418		)	—			(82,108		)
	$	600,000	$	614,542		$	8,037,052		$	201,744		$	9,453,338
December 31, 2019
Debt at amortized cost
Principal	$	—	$	616,105		$	8,276,620		$	280,117		$	9,172,842
Premium (discount), net	—		2,243			(17,126		)	(78,927		)	(93,810		)
Deferred financing costs	—		(4,296		)	(90,828		)	—			(95,124		)
	$	—	$	614,052		$	8,168,666		$	201,190		$	8,983,908

__________


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


⁽²⁾	Debt principal totaling $474.1 million at March 31, 2020 and $515.6 million at December 31, 2019 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8).



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾	Outstanding Principal		Weighted Average Interest Rate (Per Annum)⁽²⁾		Weighted Average Years Remaining to Maturity⁽³⁾
March 31, 2020
Recourse
Corporate credit facility	$	—	N/A		N/A	$	600,000	2.86	%	1.8	$	600,000	2.86	%	1.8
Convertible and exchangeable senior notes	616,105		4.27	%	1.8	—		N/A		N/A	616,105		4.27	%	1.8
Junior subordinated debt	—		N/A		N/A	280,117		4.31	%	16.2	280,117		4.31	%	16.2
Secured debt ⁽¹⁾	34,520		5.02	%	5.7	—		N/A		N/A	34,520		5.02	%	5.7
	650,625					880,117					1,530,742
Non-recourse
Secured debt
Digital	—		N/A		N/A	515,831		6.30	%	4.6	515,831		6.30	%	4.6
Healthcare	405,069		4.55	%	4.9	2,521,305		4.56	%	4.0	2,926,374		4.56	%	4.1
Hospitality	13,432		12.79	%	0.4	2,653,478		4.06	%	1.0	2,666,910		4.11	%	1.0
Other Real Estate Equity	150,477		4.26	%	3.0	1,585,958		3.62	%	1.6	1,736,435		3.68	%	1.7
Real Estate Debt	—		N/A		N/A	250,930		3.37	%	1.7	250,930		3.37	%	1.7
	568,978					7,527,502					8,096,480
	$	1,219,603				$	8,407,619				$	9,627,222
December 31, 2019
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	N/A		2.0	$	—	N/A		2.0
Convertible and exchangeable senior notes	616,105		4.27	%	2.0	—		N/A		N/A	616,105		4.27	%	2.0
Junior subordinated debt	—		N/A		N/A	280,117		4.77	%	16.4	280,117		4.77	%	16.4
Secured debt ⁽¹⁾	35,072		5.02	%	5.9	—		N/A		N/A	35,072		5.02	%	5.9
	651,177					280,117					931,294
Non-recourse
Secured debt
Digital	—		N/A		N/A	539,155		6.98	%	4.8	539,155		6.98	%	4.8
Healthcare	405,980		4.55	%	5.1	2,547,726		5.22	%	4.3	2,953,706		5.13	%	4.4
Hospitality	13,494		12.71	%	1.6	2,653,853		4.83	%	4.6	2,667,347		4.87	%	4.6
Other Real Estate Equity	151,777		4.26	%	3.4	1,652,870		4.08	%	2.8	1,804,647		4.09	%	2.9
Real Estate Debt	—		N/A		N/A	276,693		3.72	%	1.8	276,693		3.72	%	1.8
	571,251					7,670,297					8,241,548
	$	1,222,428				$	7,950,414				$	9,172,842

__________


⁽¹⁾	The fixed rate recourse debt is secured by the Company's aircraft.


⁽²⁾	Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index plus spread at balance sheet date.

⁽³⁾

Calculated based upon initial maturity dates of the respective debt, or extended maturity dates if extension criteria are met and extension option is at the Company's discretion as described above.

Convertible Senior Notes Issued

Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)⁽¹⁾	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
									March 31, 2020		December 31, 2019
									March 31, 2020		December 31, 2019
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013	June 15, 2033	5.375	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
									$	616,105	$	616,105

__________

⁽¹⁾

Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross fair value of derivative assets and liabilities

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



	March 31, 2020						December 31, 2019
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	24,385	$	1,861	$	26,246	$	15,307	$	1,271	$	16,578
Interest rate contracts	115		411		526		78		237		315
Performance swaps	—		147		147		—		4,493		4,493
Included in other assets	$	24,500	$	2,419	$	26,919	$	15,385	$	6,001	$	21,386
Derivative Liabilities
Foreign exchange contracts	$	346	$	55	$	401	$	8,134	$	2,482	$	10,616
Forward contracts	—		83,870		83,870		—		116,915		116,915
Included in accrued and other liabilities	$	346	$	83,925	$	84,271	$	8,134	$	119,397	$	127,531

Schedule of foreign exchange contracts

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

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

Designated

Non-Designated

EUR

FX Collar

€

8,099

€

9,950

Min $1.06 / Max $1.31

May 2020 to November 2020

EUR

FX Forward

€

286,119

€

7,610

Min $1.08 / Max $1.38

April 2020 to February 2024

GBP

FX Forward

65,957

11,533

Min $1.24 / Max $1.32

May 2020 to December 2020

Schedule of net investment hedges included in accumulated other comprehensive income (loss)



	Three Months Ended March 31,
(In thousands)	2020		2019
Designated net investment hedges:
Realized gain transferred from AOCI to earnings	$	—	$	240

Non-Designated Hedges



	Three Months Ended March 31,
(In thousands)	2020		2019
Non-designated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings	$	1,502	$	(419	)

Schedule of interest rate derivatives

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Interest expense on designated interest rate contracts ⁽¹⁾	$	2	$	—
Realized and unrealized gain (loss) net on non-designated interest rate contracts ⁽²⁾	179		(59,526		)

__________


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

⁽²⁾

For the three months ended March 31, 2019, amount includes unrealized loss of $59.2 million on a $2.0 billion notional forward starting swap assumed through the Merger, which was settled at the end of 2019.

The following table summarizes the interest rate contracts held by the Company at March 31, 2020.



	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index	Strike Rate / Forward Rate	Range of Expiration Dates
Interest rate caps	$	—	$	6,436,254	1-Month LIBOR	3.0% - 6.26%	June 2020 to November 2021
Interest rate caps	€	232,845	€	485,405	3-Month EURIBOR	1.0% - 1.5%	January 2021 to June 2024
Interest rate caps	£	—	£	355,973	3-Month GBP LIBOR	1.5% - 2.25%	November 2020 to October 2022

Schedule of realized and unrealized gains and losses on derivatives not designated as hedges

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



	Three Months Ended March 31,
(In thousands)	2020			2019
Realized and unrealized gain (loss), net on derivatives:
Forward contracts	$	33,045		$	(11,284	)
Performance swaps	1,460			2,622
Unrealized gain (loss) on marketable equity securities held at period end:
Real estate mutual fund	(33,115		)	11,825

Offsetting derivative assets

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



	Gross Assets (Liabilities) on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)	Gross Assets (Liabilities) on Consolidated Balance Sheets			(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
March 31, 2020
Derivative Assets
Foreign exchange contracts	$	26,246		$	(244	)	$	—	$	26,002
Interest rate contracts	526			—			—		526
Performance swaps	147			(147		)	—		—
	$	26,919		$	(391	)	$	—	$	26,528
Derivative Liabilities
Foreign exchange contracts	$	(401	)	$	244		$	—	$	(157	)
Forward contracts	(83,870		)	147			16,622		(67,101		)
	$	(84,271	)	$	391		$	16,622	$	(67,258	)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578		$	(4,385	)	$	—	$	12,193
Interest rate contracts	315			—			—		315
Performance swaps	4,493			(4,493		)	—		—
	$	21,386		$	(8,878	)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616	)	$	4,385		$	—	$	(6,231	)
Forward contracts	(116,915		)	4,493			9,981		(102,441		)
	$	(127,531	)	$	8,878		$	9,981	$	(108,672	)

Offsetting derivative liabilities

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



	Gross Assets (Liabilities) on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)	Gross Assets (Liabilities) on Consolidated Balance Sheets			(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
March 31, 2020
Derivative Assets
Foreign exchange contracts	$	26,246		$	(244	)	$	—	$	26,002
Interest rate contracts	526			—			—		526
Performance swaps	147			(147		)	—		—
	$	26,919		$	(391	)	$	—	$	26,528
Derivative Liabilities
Foreign exchange contracts	$	(401	)	$	244		$	—	$	(157	)
Forward contracts	(83,870		)	147			16,622		(67,101		)
	$	(84,271	)	$	391		$	16,622	$	(67,258	)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	16,578		$	(4,385	)	$	—	$	12,193
Interest rate contracts	315			—			—		315
Performance swaps	4,493			(4,493		)	—		—
	$	21,386		$	(8,878	)	$	—	$	12,508
Derivative Liabilities
Foreign exchange contracts	$	(10,616	)	$	4,385		$	—	$	(6,231	)
Forward contracts	(116,915		)	4,493			9,981		(102,441		)
	$	(127,531	)	$	8,878		$	9,981	$	(108,672	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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

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



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2020
Assets
Marketable equity securities	$	102,399	$	—	$	—	$	102,399
Debt securities available for sale—N-Star CDO bonds	—		—		54,474		54,474
CMBS of consolidated fund	—		2,224		—		2,224
Other assets—derivative assets	—		26,919		—		26,919
Fair Value Option:
Loans receivable	—		—		1,588,427		1,588,427
Equity method investments	—		—		218,340		218,340
Liabilities
Other liabilities—derivative liabilities	—		84,271		—		84,271
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		6,630		6,630
Other liabilities—settlement liability	—		—		4,910		4,910
December 31, 2019
Assets
Marketable equity securities	$	138,586	$	—	$	—	$	138,586
Debt securities available for sale—N-Star CDO bonds	—		—		54,859		54,859
CMBS of consolidated fund	—		2,732		—		2,732
Other assets—derivative assets	—		21,386		—		21,386
Fair Value Option:
Equity method investments	—		—		222,875		222,875
Liabilities
Other liabilities—derivative liabilities	—		127,531		—		127,531
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		9,330		9,330

Schedule of Fair Value Assumptions Related to Contingent Consideration

Quantitative information about recurring Level 3 fair value assets, for which information about unobservable inputs is reasonably available to the Company, are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average⁽¹⁾

(Range)

March 31, 2020

N-Star CDO bonds

54,474

Discounted cash flows

Discount rate

24.9%
(18.2% - 65.0%)

Decrease

Fair Value Option:

Loans receivable

1,568,302

Discounted cash flows

Discount rate

12.7%
(7.2% - 25.5%)

Decrease

Loans receivable

20,125

Transaction price⁽⁵⁾

N/A

Equity method investments—third party private equity funds

4,616

NAV⁽³⁾

N/A

Equity method investments—other

17,870

Discounted cash flows

Discount rate

12.0%
(5.1% - 16.5%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

4.1x

⁽⁴⁾

Equity method investments—other

170,854

Transaction price⁽⁵⁾

N/A

December 31, 2019

N-Star CDO bonds

54,859

Discounted cash flows

Discount rate

22.3%
(16.8% - 65.0%)

Decrease

Fair Value Option:

Equity method investments—third party private equity funds

5,391

NAV⁽³⁾

N/A

Equity method investments—other

18,574

Discounted cash flows

Discount rate

10.1%
(5.1% - 15.8%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

3.7x

⁽⁴⁾

Equity method investments—other

173,910

Transaction price⁽⁵⁾

N/A

__________


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


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


⁽³⁾	Fair value was estimated based on underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management


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

⁽⁵⁾

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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation



				Fair Value Option
(In thousands)	Securities			Loans Receivable			Equity Method Investments
Fair value at December 31, 2018	$	64,127		$	—		$	81,085
Purchases, contributions and accretion	1,769			—			101,195
Paydowns, distributions and sales	(2,882		)	—			(6,341		)
Realized and unrealized gains (losses) in earnings, net	(667		)	—			2,192
Other comprehensive income	2,063			—			—
Fair value at March 31, 2019	$	64,410		$	—		$	178,131

Net unrealized gains (losses) in earnings on instruments held at March 31, 2019	$	—		$	—		$	1,437

Fair value at December 31, 2019	$	54,859		$	—		$	222,875
Election of fair value option on January 1, 2020	—			1,556,131			—
Reclassification of accrued interest on January 1, 2020	—			13,504			—
Purchases, drawdowns, contributions and accretion	594			74,236			762
Paydowns, distributions and sales	(1,651		)	(49,133		)	(781		)
Interest accrual, including capitalization of paid-in-kind interest	—			11,849			—
Allowance for credit losses	(816		)	—			—
Realized and unrealized gains (losses) in earnings, net	—			3,105			(179		)
Other comprehensive income (loss) ⁽¹⁾	1,488			(21,265		)	(4,337		)
Fair value at March 31, 2020	$	54,474		$	1,588,427		$	218,340

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

__________

⁽¹⁾

Amounts recorded in OCI for loans receivable and equity investments represent

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



				Fair Value Option
(In thousands)	Securities			Loans Receivable			Equity Method Investments
Fair value at December 31, 2018	$	64,127		$	—		$	81,085
Purchases, contributions and accretion	1,769			—			101,195
Paydowns, distributions and sales	(2,882		)	—			(6,341		)
Realized and unrealized gains (losses) in earnings, net	(667		)	—			2,192
Other comprehensive income	2,063			—			—
Fair value at March 31, 2019	$	64,410		$	—		$	178,131

Net unrealized gains (losses) in earnings on instruments held at March 31, 2019	$	—		$	—		$	1,437

Fair value at December 31, 2019	$	54,859		$	—		$	222,875
Election of fair value option on January 1, 2020	—			1,556,131			—
Reclassification of accrued interest on January 1, 2020	—			13,504			—
Purchases, drawdowns, contributions and accretion	594			74,236			762
Paydowns, distributions and sales	(1,651		)	(49,133		)	(781		)
Interest accrual, including capitalization of paid-in-kind interest	—			11,849			—
Allowance for credit losses	(816		)	—			—
Realized and unrealized gains (losses) in earnings, net	—			3,105			(179		)
Other comprehensive income (loss) ⁽¹⁾	1,488			(21,265		)	(4,337		)
Fair value at March 31, 2020	$	54,474		$	1,588,427		$	218,340

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

__________

⁽¹⁾

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

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

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



	March 31, 2020				December 31, 2019
(In thousands)	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private fund—real estate	$	17,271	$	9,137	$	16,271	$	11,058
Non-traded REIT—real estate	21,858		—		19,358		—
Private fund—emerging market private equity	2,264		—		3,012		—

Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2020
Liabilities
Debt at amortized cost
Corporate credit facility	—		600,000		—		600,000		600,000
Convertible and exchangeable senior notes	493,926		13,095		—		507,021		614,542
Secured debt	—		—		7,941,079		7,941,079		8,037,052
Secured debt related to assets held for sale	—		—		235,000		235,000		233,166
Junior subordinated debt	—		—		92,701		92,701		201,744
December 31, 2019
Assets
Loans at amortized cost	$	—	$	—	$	1,557,850	$	1,557,850	$	1,552,824
Liabilities
Debt at amortized cost
Convertible and exchangeable senior notes	602,000		13,095		—		615,095		614,052
Secured debt	—		—		8,213,550		8,213,550		8,168,666
Secured debt related to assets held for sale	—		—		235,000		235,000		232,944
Junior subordinated debt	—		—		225,835		225,835		201,190

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Activity of Preferred and Common Stock

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



	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2018	57,464	483,347		734
Shares issued upon redemption of OP Units	—	3		—
Repurchase of common stock	—	(652	)	—
Equity-based compensation, net of forfeitures	—	2,659		—
Shares canceled for tax withholding on vested stock awards	—	(582	)	—
Shares outstanding at March 31, 2019	57,464	484,775		734

Shares outstanding at December 31, 2019	41,350	487,044		734
Repurchase of common stock, net ⁽¹⁾	—	(12,733	)	—
Equity-based compensation, net of forfeitures	—	7,646		—
Shares canceled for tax withholding on vested stock awards	—	(1,839	)	—
Shares outstanding at March 31, 2020	41,350	480,118		734

__________


⁽¹⁾	Net of reissuance of 964,160 shares of class A common stock that had been repurchased by the Company during March 2020. Refer to discussion of settlement liability in Note 12.

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



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series G	7.5	%	June 2014	3,450	$	35	$	86,250	Currently redeemable
Series H	7.125	%	April 2015	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				41,350	414		1,033,750

Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2018	$	3,629		$	(3,175	)	$	(91	)	$	6,618		$	7,018		$	13,999
Other comprehensive income (loss) before reclassifications	4,683			1,312			(129		)	(11,103		)	13,954			8,717
Amounts reclassified from AOCI	—			626			—			(955		)	(249		)	(578		)
AOCI at March 31, 2019	$	8,312		$	(1,237	)	$	(220	)	$	(5,440	)	$	20,723		$	22,138

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

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2018	$	(390	)	$	(600	)	$	9,644		$	8,654
Other comprehensive loss before reclassifications	(525		)	(15,379		)	(2,169		)	(18,073		)
Amounts reclassified from AOCI	—			—			444			444
AOCI at March 31, 2019	$	(915	)	$	(15,979	)	$	7,919		$	(8,975	)

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

Reclassification out of Accumulated Other Comprehensive Income

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



(In thousands)	Three Months Ended March 31,						Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2020			2019
Other-than-temporary impairment	$	—		$	(626	)	Other gain (loss), net
Release of cumulative translation adjustments	(246		)	955			Other gain (loss), net
Unrealized gain on dedesignated net investment hedges	634			24			Other gain (loss), net
Realized gain on net investment hedges	—			225			Other gain (loss), net

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2020

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company.



	Three Months Ended March 31,
(In thousands)	2020			2019
Beginning balance	$	6,107		$	9,385
Contributions	250			—
Distributions and redemptions	(2,647		)	(3,366		)
Net income (loss)	(548		)	1,444
Ending balance	$	3,162		$	7,463

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

Income from discontinued operations is presented below.



	Three Months Ended March 31,
(In thousands)	2020		2019
Revenues
Property operating income	$	5,379	$	81,232
Fee income	—		2,472
Interest and other income	17		1,140
Revenues from discontinued operations	5,396		84,844
Expenses
Property operating expense	1,473		22,337
Interest expense	2,406		14,627
Investment and servicing expense	—		530
Depreciation and amortization	633		39,445
Compensation expense—cash and equity-based ⁽¹⁾	82		2,659
Compensation expense—carried interest	—		(221		)
Administrative expenses	332		1,629
Expenses from discontinued operations	4,926		81,006
Other income (loss)
Gain on sale of real estate	—		22,848
Other gain, net	4		(8		)
Equity method earnings (losses), including carried interest	—		(472		)
Income from discontinued operations before income taxes	474		26,206
Income tax benefit	—		87
Income from discontinued operations	474		26,293
Income from discontinued operations attributable to:
Noncontrolling interests in investment entities	170		17,309
Noncontrolling interests in Operating Company	30		545
Income from discontinued operations attributable to Colony Capital, Inc.	$	274	$	8,439

__________

⁽¹⁾

Includes equity-based compensation of $0.7 million for the three months ended March 31, 2019.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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



	Three Months Ended March 31,
(In thousands, except per share data)	2020			2019
Net loss allocated to common stockholders
Loss from continuing operations	$	(404,531	)	$	(56,448	)
(Income) loss from continuing operations attributable to noncontrolling interests	62,098			(26,967		)
Loss from continuing operations attributable to Colony Capital, Inc.	(342,433		)	(83,415		)
Income from discontinued operations attributable to Colony Capital, Inc.	274			8,439
Net loss attributable to Colony Capital, Inc.	(342,159		)	(74,976		)
Preferred dividends	(19,474		)	(27,137		)
Net loss attributable to common stockholders	(361,633		)	(102,113		)
Net income allocated to participating securities	(1,250		)	(720		)
Net loss allocated to common stockholders—basic	(362,883		)	(102,833		)
Interest expense attributable to convertible notes ⁽¹⁾	—			—
Net loss allocated to common stockholders—diluted	$	(362,883	)	$	(102,833	)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	479,106			478,874
Weighted average effect of dilutive shares ^(1)(2)(3)	—			—
Weighted average number of common shares outstanding—diluted	479,106			478,874
Basic loss per share
Loss from continuing operations	$	(0.76	)	$	(0.23	)
Income from discontinued operations	—			0.02
Net loss attributable to common stockholders per basic common share	$	(0.76	)	$	(0.21	)
Diluted loss per share
Loss from continuing operations	$	(0.76	)	$	(0.23	)
Income from discontinued operations	—			0.02
Net loss attributable to common stockholders per diluted common share	$	(0.76	)	$	(0.21	)

__________


⁽¹⁾	For both the three months ended March 31, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as their inclusion would be antidilutive.

⁽²⁾

⁽³⁾

Fee Income (Tables)

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The Company's fee income is earned from the following sources:



	Three Months Ended March 31,
(In thousands)	2020		2019
Institutional funds and other investment vehicles	$	30,476	$	10,638
Public companies (CLNC, and NRE prior to its sale in September 2019)	8,058		15,106
Non-traded REIT	4,431		5,106
Other	540		178
	$	43,505	$	31,028

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



	Three Months Ended March 31,
(In thousands)	2020		2019
Base management fees ($41,514 and $30,201 from affiliates, respectively)	$	41,619	$	30,364
Asset management fees ($532 and $635 from affiliates, respectively)	809		635
Other fee income ($1,054 and $14 from affiliates, respectively)	1,077		29
Total fee income	$	43,505	$	31,028

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Components of Share-Based Compensation

Fair value of these LTIP units was determined

using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:



Expected volatility of the Company's class A common stock⁽¹⁾		28.3%
Expected dividend yield ⁽²⁾		8.1%
Risk-free rate (per annum)⁽³⁾		1.8%

__________


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


⁽²⁾	Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date.

⁽³⁾

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

Equity-based compensation expense, excluding amounts related to the industrial segment in 2019 which is presented as discontinued operations (Note 16), is as follows:



	Three Months Ended March 31,
(In thousands)	2020		2019
Compensation expense (including $283 and $122 amortization of fair value of dividend equivalent rights)	$	8,249	$	5,914

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



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

__________


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


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


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

⁽⁴⁾

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

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

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



										Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units	DSUs		PSUs ⁽¹⁾		Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2019	7,641,708		10,000,000	265,784		5,680,195		23,587,687		$	3.66	$	3.25
Granted	7,676,444		—	42,455		4,324,375		12,043,274		1.64		1.94
Vested	(4,195,879	)	—	(36,495	)	—		(4,232,374	)	—		4.40
Forfeited	(30,948	)	—	—		(14,852	)	(45,800	)	4.53		5.45
Unvested shares and units at March 31, 2020	11,091,325		10,000,000	271,744		9,989,718		31,352,787		2.78		2.55

__________


⁽¹⁾	Represents the number of PSUs granted, which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return measured at the end of the performance period.

Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Related Party Disclosures

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



	Three Months Ended March 31,
(In thousands)	2020			2019
Retail companies	$	951		$	738
Public companies (CLNC, NRE)	2,500			2,632
Private investment vehicles and other	2,946			3,535
Equity awards of CLNC and NRE (Note 19)	(3,911		)	2,940
	$	2,486		$	9,845

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



(In thousands)	March 31, 2020		December 31, 2019
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	36,028	$	36,106
Cost reimbursements and recoverable expenses	11,460		14,624
Employees and other affiliates	1,015		750
	$	48,503	$	51,480
Due to Affiliates
Employees and other affiliates	$	34,301	$	34,064
	$	34,301	$	34,064

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Operating Results and Net Investments for Each of Reportable Operating Segment

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



(In thousands)	Digital			Healthcare			Hospitality			CLNC			Other Equity and Debt			Other Investment Management			Amounts Not Allocated to Segments			Total

Three Months Ended March 31, 2020
Total revenues	$	64,506		$	139,182		$	153,526		$	—		$	121,119		$	24,299		$	4,881		$	507,513
Property operating expenses	16,906			66,567			120,995			—			59,165			—			—			263,633
Interest expense	9,402			39,866			39,789			—			20,588			—			13,768			123,413
Depreciation and amortization	36,633			37,460			36,444			—			22,220			2,591			1,510			136,858
Impairment loss	—			48,532			250,162			—			9,574			79,000			—			387,268
Gain on sale of real estate	—			—			—			—			7,932			—			—			7,932
Equity method earnings (losses)	468			—			—			(10,069		)	17,701			107,602			—			115,702
Equity method earnings—carried interest	—			—			—			—			—			(18,411		)	—			(18,411		)
Income tax benefit (expense)	5,337			130			1,879			—			(1,343		)	(14,482		)	155			(8,324		)
Income (loss) from continuing operations	(19,220		)	(64,145		)	(295,757		)	(10,069		)	29,977			18,130			(63,447		)	(404,531		)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(3,758		)	(48,012		)	(241,232		)	(9,075		)	(1,452		)	16,359			(55,263		)	(342,433		)
Net income attributable to Colony Capital, Inc. from discontinued operations																						274
Net income (loss) attributable to Colony Capital, Inc.																						$	(342,159	)

Three Months Ended March 31, 2019
Total revenues	$	—		$	145,774		$	196,615		$	—		$	162,688		$	40,005		$	2,977		$	548,059
Property operating expenses	—			64,302			136,345			—			70,095			—			—			270,742
Interest expense	—			47,527			42,065			—			31,853			—			13,444			134,889
Depreciation and amortization	—			40,131			36,248			—			24,783			8,669			1,521			111,352
Provision for loan losses	—			—			—			—			3,611			—			—			3,611
Impairment loss	—			—			3,850			—			21,772			—			—			25,622
Gain on sale of real estate	—			—			139			—			29,314			—			—			29,453
Equity method earnings	3,276			—			—			5,513			24,573			701			—			34,063
Equity method earnings—carried interest	—			—			—			—			—			4,896			—			4,896
Income tax benefit (expense)	—			1,874			(836		)	—			(2,074		)	94			(256		)	(1,198		)
Income (loss) from continuing operations	3,016			(7,206		)	(26,077		)	5,513			59,528			17,657			(108,879		)	(56,448		)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	2,833			(7,462		)	(22,981		)	5,178			23,889			15,737			(100,609		)	(83,415		)
Net income attributable to Colony Capital, Inc. from discontinued operations																						8,439
Net income (loss) attributable to Colony Capital, Inc.																						$	(74,976	)

Assets and Equity Method Investments of Reportable Segments

Total assets and equity method investments excluding investments held for sale (Note 8) of the reportable segments are summarized as follows:



	March 31, 2020				December 31, 2019
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital	$	2,319,640	$	116,906	$	2,160,402	$	47,891
Healthcare	4,758,363		—		4,886,374		—
Hospitality	3,501,146		—		3,789,098		—
CLNC	666,059		666,059		725,443		725,443
Other Equity and Debt	5,518,288		1,071,775		5,749,455		1,070,462
Other Investment Management	792,465		27,842		1,085,234		139,977
Amounts not allocated to segments	1,163,767		3,742		977,505		3,742
Assets held for sale related to discontinued operations	440,334		—		458,673		—
	$	19,160,062	$	1,886,324	$	19,832,184	$	1,987,515

Revenue by Geographic Areas



	Three Months Ended March 31,
(In thousands)	2020		2019
Total income by geography:
United States	$	557,070	$	490,915
Europe	44,371		86,258
Other	877		—
Total ⁽¹⁾	$	602,318	$	577,173



(In thousands)	March 31, 2020		December 31, 2019
Long-lived assets by geography:
United States	$	9,599,554	$	9,956,282
Europe	1,410,674		1,508,347
Total ⁽²⁾	$	11,010,228	$	11,464,629

__________


⁽¹⁾	Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States.

⁽²⁾

Long-lived Assets by Geographic Areas



(In thousands)	March 31, 2020		December 31, 2019
Long-lived assets by geography:
United States	$	9,599,554	$	9,956,282
Europe	1,410,674		1,508,347
Total ⁽²⁾	$	11,010,228	$	11,464,629

__________


⁽¹⁾	Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States.

⁽²⁾

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures



	Three Months Ended March 31,
(In thousands)	2020			2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $214 and $1,046	$	112,278		$	127,948
Cash received for income tax refunds (paid for income taxes), net	(1,272		)	19,113
Cash paid for operating leases	7,096			3,438
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(38,822	)	$	41,789
Net cash provided by (used in) investing activities of discontinued operations	4,534			(1,073,525		)
Net cash provided by (used in) financing activities of discontinued operations	(3,886		)	973,937



	Three Months Ended March 31,
(In thousands)	2020		2019
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	$	77,228	$	83,996
Improvements in operating real estate in accrued and other liabilities	12,282		23,023
Proceeds from loan repayments and asset sales held in escrow	47,702		32,624
Right-of-use assets and operating lease liabilities	2,408		126,810
Contributions receivable from noncontrolling interests	—		113,200
Securities acquired, subject to forward contract deliverable, net of cash collateral	—		90,000
Distributions payable to noncontrolling interests included in other liabilities	—		3,756

Business (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
Business (Details) - USD ($) $ in Millions	Dec. 20, 2019	Mar. 31, 2020	Mar. 31, 2020	Mar. 01, 2020
Business Acquisition [Line Items]
Assets under management		$ 50,000.0	$ 50,000.0
Parent \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent			90.00%
Certain Employees \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent			10.00%
Third-party investor
Business Acquisition [Line Items]
Assets under management		38,000.0	$ 38,000.0
Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management		18,500.0	18,500.0
Digital Real Estate \| Unnamed Investment Management Business
Business Acquisition [Line Items]
Assets under management		$ 7,700.0	$ 7,700.0
DatabaBank
Business Acquisition [Line Items]
Ownership percentage	20.00%		20.00%
Combination Agreement
Business Acquisition [Line Items]
Ownership percentage		36.50%	36.50%
Blackwell Capital LLC Joint Venture
Business Acquisition [Line Items]
Voting term		3 years
Settlement liability				$ 3.9
Blackwell Capital LLC Joint Venture \| Blackwells Capital LLC
Business Acquisition [Line Items]
Legal fees		$ 1.2	$ 1.2

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020 USD ($)	Dec. 31, 2019 security	Jan. 01, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Units to common stock, conversion ratio	1
Cumulative effect of adoption of new accounting pronouncement		$ (5,113)		$ (4,468)
Number of AFS debt securities with unrealized loss in AOCI \| security			0
Accounting Standards Update 2016-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of adoption of new accounting pronouncement		(8,500)
Cumulative Effect, Period of Adoption, Adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of adoption of new accounting pronouncement		$ 3,300

Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 20, 2019 USD ($) $ / shares shares	Jul. 25, 2019 portfolio shares	Jul. 24, 2019 $ / shares	Jul. 31, 2019 shares	Mar. 31, 2020 USD ($) shares
OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares						0
DBH
Business Acquisition [Line Items]
Shares issued (USD per share) \| $ / shares				$ 5.21
Number of portfolio companies managed by DBH \| portfolio			6
Outstanding ownership percentage before acquisition (percent)			50.00%	50.00%
Ownership percentage			50.00%
Fair value of equity interest in Digital Colony Manager \| $	$ 51,400
Discount rate for future fee income (percentage)			8.00%
Discount rate used for calculating future fee income (percentage)			11.50%
Potential carried interest, discount rate (as a percentage)			25.00%
Royalty rate (percentage)			1.00%
Discount rate for projected future royalty fees (percentage)			11.50%
DBH \| OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares			21,478,515		21,478,515
DatabaBank
Business Acquisition [Line Items]
Shares issued (USD per share) \| $ / shares		$ 4.85
Outstanding ownership percentage before acquisition (percent)		20.00%				20.00%
Fair value of equity interest in Digital Colony Manager \| $		$ 0
Royalty rate (percentage)		2.00%
DatabaBank \| OP Units
Business Acquisition [Line Items]
Issuance of shares (in shares) \| shares		612,072
Digital Colony Manager \| DBH
Business Acquisition [Line Items]
Fair value of equity interest in Digital Colony Manager \| $						$ 51,400
Management Contract \| Minimum \| DBH
Business Acquisition [Line Items]
Useful life			3 years
Management Contract \| Maximum \| DBH
Business Acquisition [Line Items]
Useful life			10 years
Trade name \| DBH
Business Acquisition [Line Items]
Useful life			10 years

Business Combinations - Schedule of DBH and DataBank Consideration (Details) - USD ($) $ in Thousands			1 Months Ended
	Mar. 31, 2020	Dec. 20, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,373,891		$ 1,452,891
DBH
Business Acquisition [Line Items]
Cash	181,167
Deferred consideration	35,500
OP Units issued	111,903
Total consideration for equity interest acquired	328,570
Fair value of equity interest in Digital Colony Manager	51,400
Fair value of equity interest	379,970
Cash	0
Real estate	0
Assets held for sale	0
Intangible assets	153,300
Other assets	13,008
Debt	0
Tax liabilities, net	(17,392)
Intangible and other liabilities	(16,194)
Fair value of net assets acquired	132,722
Goodwill	$ 247,248
DataBank
Business Acquisition [Line Items]
Cash		$ 182,731
Deferred consideration		0
OP Units issued		2,962	$ 3,000
Total consideration for equity interest acquired		185,693
Fair value of equity interest in Digital Colony Manager		0
Fair value of equity interest		185,693
Cash		10,366
Real estate		847,458
Assets held for sale		29,114
Intangible assets		222,455
Other assets		106,648
Debt		(539,155)
Tax liabilities, net		(113,228)
Intangible and other liabilities		(132,480)
Fair value of net assets acquired		431,178
Noncontrolling interests in investment entities		(724,567)
Goodwill		$ 479,082

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 1,396,084	$ 1,360,435
Buildings and improvements	8,658,473	9,022,971
Tenant improvements	105,277	105,440
Data center infrastructure	613,114	595,603
Furniture, fixtures and equipment	576,048	511,329
Construction in progress	196,125	255,115
Real estate held for investment, gross	11,545,121	11,850,893
Less: Accumulated depreciation	(1,087,064)	(990,375)
Real estate assets, net	$ 10,458,057	$ 10,860,518

Real Estate - Real Estate Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Proceeds from sales of real estate	$ 126,741	$ 294,667
Gain on sale of real estate	$ 7,932	$ 52,301

Real Estate - Real Estate Acquisitions (Details) - Asset Acquisitions $ in Thousands	1 Months Ended		3 Months Ended
	Oct. 31, 2019 USD ($) property	Feb. 28, 2019 USD ($) property	Mar. 31, 2020 USD ($) property
Business Acquisition [Line Items]
Acquisition price			$ 1,543,981
Land			317,740
Buildings and Improvements			1,156,884
Lease Intangible Assets			76,230
Lease Intangible Liabilities			$ (6,873)
Bulk Industrial \| United States
Business Acquisition [Line Items]
Number of Buildings \| property		6
Acquisition price		$ 373,182
Land		49,446
Buildings and Improvements		296,348
Lease Intangible Assets		27,553
Lease Intangible Liabilities		$ (165)
Healthcare \| United Kingdom
Business Acquisition [Line Items]
Number of Buildings \| property	1
Acquisition price	$ 12,376
Land	3,478
Buildings and Improvements	9,986
Lease Intangible Assets	732
Lease Intangible Liabilities	$ (1,820)
Light industrial \| United States
Business Acquisition [Line Items]
Number of Buildings \| property			84
Acquisition price			$ 1,158,423
Land			264,816
Buildings and Improvements			850,550
Lease Intangible Assets			47,945
Lease Intangible Liabilities			$ (4,888)

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 387,268	$ 25,622
Real estate impairment	7,000
Held for investment
Real Estate [Line Items]
Impairment of real estate and related asset group	300,691	439
Held for investment \| Real Estate
Real Estate [Line Items]
Depreciation of real estate held for investment	103,305	93,293
Nonrecurring \| Held for sale
Real Estate [Line Items]
Impairment of real estate and related asset group	7,577	$ 25,183
Nonrecurring \| Level 3 \| Held for sale
Real Estate [Line Items]
Real estate	171,100		$ 253,400
Nonrecurring \| Level 3 \| Held for investment
Real Estate [Line Items]
Carrying value of real estate	$ 990,400		$ 355,000
Minimum \| Held for sale
Real Estate [Line Items]
Selling costs (percentage)	1.00%
Maximum \| Held for sale
Real Estate [Line Items]
Selling costs (percentage)	3.00%
Healthcare Segment \| Minimum
Real Estate [Line Items]
Capitalization rate (percentage)	7.80%
Terminal capitalization rate (percentage)	8.00%
Discount rate (percentage)	9.80%
Healthcare Segment \| Maximum
Real Estate [Line Items]
Capitalization rate (percentage)	12.00%
Terminal capitalization rate (percentage)	8.30%
Discount rate (percentage)	12.00%
Ground Leases
Real Estate [Line Items]
Impairment of real estate and related asset group	$ 13,000

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property operating income
Revenue from External Customer [Line Items]
Income	$ 425,416	$ 458,898
Lease income:
Revenue from External Customer [Line Items]
Income	198,383	186,763
Fixed lease income
Revenue from External Customer [Line Items]
Income	182,092	170,414
Variable lease income
Revenue from External Customer [Line Items]
Income	16,291	16,349
Hotel operating income
Revenue from External Customer [Line Items]
Income	215,060	272,135
Data center service revenue
Revenue from External Customer [Line Items]
Income	$ 11,973	$ 0

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, fair value	$ 1,588,427
Allowance for loan losses		$ (36,357)		$ (32,940)
Loans receivable	1,588,427		$ 1,566,328
Fair Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,498,433
Loans receivable, fair value	1,588,427		1,557,850
Fair Value \| Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,287,759
Loans receivable, fair value	1,370,999
Fair Value \| Fixed rate \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,570,885
Loans receivable, fair value	$ 651,113
Weighted Average Coupon, percentage	8.20%
Weighted Average Maturity in Years	1 year
Fair Value \| Fixed rate \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 542,274
Loans receivable, fair value	$ 544,518
Weighted Average Coupon, percentage	12.70%
Weighted Average Maturity in Years	3 months 18 days
Fair Value \| Fixed rate \| Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 174,600
Loans receivable, fair value	$ 175,368
Weighted Average Coupon, percentage	13.20%
Weighted Average Maturity in Years	5 years 2 months 12 days
Fair Value \| Variable rate
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 210,674
Loans receivable, fair value	217,428
Fair Value \| Variable rate \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	164,335
Loans receivable, fair value	$ 171,089
Weighted Average Coupon, percentage	3.90%
Weighted Average Maturity in Years	2 months 12 days
Fair Value \| Variable rate \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 46,339
Loans receivable, fair value	$ 46,339
Weighted Average Coupon, percentage	12.60%
Weighted Average Maturity in Years	1 year 3 months 18 days
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			2,498,573
Loans receivable, fair value			1,552,824
Interest receivable			13,504
Loans receivable			1,566,328
Carrying Value \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			1,332,769
Amortized Cost			1,352,476
Carrying Value \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance
Amortized Cost			1,552,824
Allowance for loan losses			(48,187)
Carrying Value \| PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			1,165,804
Amortized Cost			248,535
Carrying Value \| Fixed rate \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			1,116,034
Amortized Cost			1,135,570
Carrying Value \| Fixed rate \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			471,472
Amortized Cost			$ 492,709
Weighted Average Coupon, percentage			10.70%
Weighted Average Maturity in Years		1 year 7 months 6 days
Carrying Value \| Fixed rate \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			$ 495,182
Amortized Cost			$ 494,238
Weighted Average Coupon, percentage			12.60%
Weighted Average Maturity in Years		7 months 6 days
Carrying Value \| Fixed rate \| Non-PCI Loans \| Non-mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			$ 149,380
Amortized Cost			$ 148,623
Weighted Average Coupon, percentage			12.90%
Weighted Average Maturity in Years		5 years 4 months 24 days
Carrying Value \| Variable rate \| Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			$ 216,735
Amortized Cost			216,906
Carrying Value \| Variable rate \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			171,848
Amortized Cost			$ 172,269
Weighted Average Coupon, percentage			4.10%
Weighted Average Maturity in Years		3 months 18 days
Carrying Value \| Variable rate \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance			$ 44,887
Amortized Cost			$ 44,637
Weighted Average Coupon, percentage			12.70%
Weighted Average Maturity in Years		1 year 7 months 6 days

Loans Receivable - Aging Summary of Non-PCI Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ (910,006)
Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	45,012
30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	(955,018)
Non-PCI Loans
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 1,352,476
Non-PCI Loans \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		1,042,260
Non-PCI Loans \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due		0
Non-PCI Loans \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due		$ 310,216
Fair Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	1,588,427
Fair Value \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	1,060,721
Fair Value \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Fair Value \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	527,706
Carrying Value
Financing Receivable, Past Due [Line Items]
Loan receivable past due	2,498,433
Carrying Value \| Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Current or less than 30 days past due	1,015,709
Carrying Value \| 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value \| 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0
Carrying Value \| 90 days or more past due or nonaccrual
Financing Receivable, Past Due [Line Items]
Total past due loans receivables	$ 1,482,724

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 loan	Dec. 31, 2019 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of outstanding TDR loans		1
Carrying value of loans before allowance for loan losses \| $		$ 37.8
Troubled debt restructuring, allowance for loan loss \| $		$ 37.8
Number of additional lending commitments outstanding to this TDR		0
Performing Financial Instruments
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans modified	0

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		$ 1,588,427	$ 1,566,328
Allowance for Loan Losses	$ 36,357			$ 32,940
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance			326,151
Average carrying value before allowance for loan losses and interest receivable	244,532
Total interest income recognized during the period impaired	3,003
Cash basis interest income recognized	$ 447
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			89,689
Allowance for Loan Losses			48,187
Loans held for investment, net \| Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			71,754
Without Allowance for Loan Losses			259,011
Total			330,765
Allowance for Loan Losses			$ 48,146

Loans Receivable - Purchase Credit-Impaired Loans (Details)	3 Months Ended
	Mar. 31, 2020 loan
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts acquired	0

Loans Receivable - Changes in Accretable Yield of PCI Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620
Changes in accretable yield	1,442
Accretion recognized in earnings	(3,087)
Effect of changes in foreign exchange rates	(40)
Ending accretable yield	$ 7,935

Loans Receivable - Purchase Credit-Impaired Loans for Recognition of Interest Income (Details)	Dec. 31, 2019 USD ($)
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 0

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses	$ 36,357
Loans receivable		$ 1,588,427	$ 1,566,328
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses, beginning balance	32,940
Provision for loan losses, net	3,611
Charge-off	(194)
Allowance for loan losses, ending balance	$ 36,357
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses			48,187
Loans receivable			89,689
Non-PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses			48,146
Loans receivable			71,754
PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Loan Losses			41
Loans receivable			$ 17,935

Loans Receivable - Lending Commitments (Details) - Investment Commitments - Consolidated Real Estate Debt Investments $ in Millions	Mar. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 220.8
Parent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 85.3

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Equity Investments
Equity method investments	$ 1,886,324	$ 1,987,515
Total equity investments	2,121,263	2,256,214
Debt Securities
Total debt securities	56,698	57,591
Equity and debt investments	2,177,961	2,313,805
Investment ventures
Equity Investments
Equity method investments	1,703,174	1,845,129
Investment ventures and Private funds and non-traded REIT	91,147	91,472
Private funds
Equity Investments
Equity method investments	183,150	142,386
Investment ventures and Private funds and non-traded REIT	41,393	38,641
N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	54,474	54,859
CMBS of consolidated fund
Debt Securities
CMBS of consolidated fund, at fair value	2,224	2,732
Level 1 \| Marketable equity securities
Equity Investments
Marketable equity securities	$ 102,399	$ 138,586

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	Mar. 31, 2020 USD ($) investment	Dec. 31, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 1,886,324	$ 1,987,515
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.50%
Carrying value	$ 666,059	725,443
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	0.00%
Carrying value	$ 0	93,390
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	138,420	138,428
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	532,654	543,296
Private funds
Schedule of Equity Method Investments [Line Items]
Carrying value	175,274	115,055
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	3,260	21,940
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 152,317	127,088
Number of equity method investments \| investment	12
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 218,340	$ 222,875

Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 29, 2020	Feb. 28, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments			$ 231,078,000		$ 19,505,000
Impairment loss			387,268,000		25,622,000
Adjustments for any impairment or observable price changes					700,000
Equity method investments			1,886,324,000			$ 1,987,515,000
RXR Realty, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments		$ 179,100,000
Equity method investment, gain on sale	$ 106,100,000
Equity method investments			0			93,390,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Equity method investments			666,059,000			725,443,000
Proportionate share of loan loss provisions and impairments not recognized			19,200,000
Basis difference			67,500,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			532,654,000			543,296,000
Lending commitments			58,200,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			$ 244,300,000
Class A Common Stock \| Common Stock \| Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)			$ 3.94	$ 15.50
Investment ventures
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes			$ 0
Investment ventures \| Nonrecurring
Schedule of Equity Method Investments [Line Items]
Impairment loss			800,000		$ 2,600,000
Equity Method Investment \| Colony Credit
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value			$ 188,900,000
Adjustments for any impairment or observable price changes				$ 227,900,000
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner (percentage)			50.00%
Level 3
Schedule of Equity Method Investments [Line Items]
Equity method investment, fair value						$ 745,300,000

Equity and Debt Investments - Debt Securities (Details)	3 Months Ended		12 Months Ended
Equity and Debt Investments - Debt Securities (Details)	Mar. 31, 2020 USD ($) security	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss recorded	$ 800,000
Number of AFS debt securities with unrealized loss in AOCI \| security			0
Number of AFS debt securities with unrealized loss without allowance for credit loss \| security	0
OTTI loss on AFS debt securities		$ 700,000
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 44,945,000		$ 46,002,000
Allowance for Credit Loss	(816,000)
Gross cumulative unrealized gains	10,345,000		8,857,000
Gross cumulative unrealized loss	0		0
Fair Value	54,474,000		54,859,000
Colony \| CMBS of consolidated fund
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	$ 0		$ 0
Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	17 years
Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	21 years
Weighted Average
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	1 year 9 months 18 days

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill and Impairment of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) multiple	Mar. 31, 2019 USD ($)
Goodwill [Line Items]
Goodwill impairment	$ 79,000	$ 0
Discount rate for carried interest (percent)	20.00%
Minimum
Goodwill [Line Items]
Terminal year residual multiples on fee related earnings \| multiple	16
Terminal year residual discount rate (percentage)	10.00%
Maximum
Goodwill [Line Items]
Terminal year residual multiples on fee related earnings \| multiple	20
Terminal year residual discount rate (percentage)	15.00%
Other investment management
Goodwill [Line Items]
Goodwill transferred between reporting units	$ (51,000)
Goodwill impairment	79,000
Digital
Goodwill [Line Items]
Goodwill transferred between reporting units	$ 51,000

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 1,373,891	$ 1,452,891
Goodwill deductible for tax purposes	140,500	140,500
Digital
Goodwill [Line Items]
Goodwill	777,330	726,330
Other investment management
Goodwill [Line Items]
Goodwill	$ 596,561	$ 726,561

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 852,387	$ 862,150
Deferred leasing and other intangible assets, accumulated amortization	(257,137)	(223,297)
Deferred leasing and other intangible assets, net carrying amount	595,250	638,853
Intangible Liabilities
Intangible liabilities, carrying amount	172,211	174,208
Intangible liabilities, accumulated amortization	(70,134)	(62,724)
Intangible liabilities, gross	102,077	111,484
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	417,877	425,106
Deferred leasing and other intangible assets, accumulated amortization	(145,658)	(123,686)
Deferred leasing and other intangible assets, net carrying amount	272,219	301,420
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	285,233	285,233
Deferred leasing and other intangible assets, accumulated amortization	(105,488)	(96,466)
Deferred leasing and other intangible assets, net carrying amount	179,745	188,767
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	71,000	71,000
Deferred leasing and other intangible assets, accumulated amortization	(1,723)	(250)
Deferred leasing and other intangible assets, net carrying amount	69,277	70,750
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	39,600	39,600
Deferred leasing and other intangible assets, accumulated amortization	(1,283)	(185)
Deferred leasing and other intangible assets, net carrying amount	38,317	39,415
Intangible Liabilities
Colony trade name, indefinite intangible asset	15,500
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	38,677	41,211
Deferred leasing and other intangible assets, accumulated amortization	(2,985)	(2,710)
Deferred leasing and other intangible assets, net carrying amount	$ 35,692	$ 38,501
Minimum \| DBH \| Trade name
Intangible Liabilities
Useful life	5 years
Maximum \| DBH \| Trade name
Intangible Liabilities
Useful life	10 years

Goodwill, Deferred Leasing Costs and Other Intangibles - Impairment of Identifiable Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Carrying value	$ 595,250,000		$ 638,853,000
Intangible asset impairment	$ 0	$ 0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Carrying value			$ 62,400,000

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Net increase to rental income	$ 3,354	$ 1,903
Amortization expense	31,968	17,586
Deferred leasing costs and lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	20,089	8,671
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	9,022	8,663
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,473	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,098	0
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 286	$ 252

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Net increase (decrease) to rental income
Remaining 2020	$ 8,509
2021	5,561
2022	3,711
2023	6,716
2024	249
2025 and Thereafter	(13,549)
Total	11,197
Amortization expense
Remaining 2020	80,127
2021	78,005
2022	58,921
2023	49,931
2024	42,403
2025 and Thereafter	153,017
Total	$ 462,404

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Restricted cash	$ 4,845	$ 15,585
Real estate, net	696,171	799,415
Deferred leasing costs and intangible assets, net	30,921	33,236
Other assets	17,479	21,816
Total assets held for sale	749,416	870,052
Liabilities
Debt, net	233,166	232,944
Lease intangibles and other liabilities, net	27,793	35,208
Total liabilities related to assets held for sale	260,959	268,152
Industrial
Assets
Total assets held for sale	400,000	400,000
Liabilities
Total liabilities related to assets held for sale	$ 200,000	$ 200,000

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 166,568	$ 203,923	$ 323,503	$ 364,605
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	61,524	89,901
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	34,061	38,326
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,234	8,079
Lender restricted cash
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	39,019	41,591
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 23,730	$ 26,026

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Straight-line rents	$ 39,111	$ 37,352
Hotel-related deposits and reserves	19,247	18,065
Investment deposits and pending deal costs	36,199	32,994
Deferred financing costs, net	2,168	2,794
Derivative assets (Note 11)	26,919	21,386
Prepaid taxes and deferred tax assets, net	64,459	82,344
Receivables from resolution of investments	47,702	63,984
Operating lease right-of-use asset, net	202,764	220,560
Accounts receivable, net	83,047	83,723
Prepaid expenses	43,449	30,761
Other assets	31,957	30,413
Fixed assets, net	43,198	44,768
Total other assets	640,220	669,144
Receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees net of allowance for doubtful accounts	$ 3,000	$ 2,800

Restricted Cash, Other Assets and Other Liabilities - Impact of CARES Act (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Operating loss carryforwards	$ 26.5
Income tax benefit	3.3
Current tax receivable	$ 8.6

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits and payable	$ 15,628	$ 15,293
Borrower escrow deposits	8,234	9,903
Deferred income	37,896	32,318
Interest payable	36,325	38,487
Derivative liabilities (Note 11)	84,271	127,531
Current and deferred income tax liability	208,818	222,206
Operating lease liability	178,692	181,297
Accrued compensation	34,963	83,351
Accrued carried interest and incentive fee compensation	1,179	50,360
Accrued real estate and other taxes	37,709	39,923
Accounts payable and accrued expenses	136,439	143,852
Other liabilities	57,127	71,377
Total accrued and other liabilities	837,281	1,015,898
Deferred asset management fee income	$ 22,100	$ 18,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	1 year 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period		1 year 2 months 12 days

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 9,627,222	$ 9,172,842
Long-term debt	9,453,338	8,983,908
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	474,100	515,600
Corporate credit facility
Debt Instrument [Line Items]
Long-term debt	600,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	614,542
Secured debt
Debt Instrument [Line Items]
Long-term debt	8,037,052
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	201,744
Carrying Value
Debt Instrument [Line Items]
Principal	9,627,222	9,172,842
Premium (discount), net	(91,776)	(93,810)
Deferred financing costs	(82,108)	(95,124)
Long-term debt		8,983,908
Carrying Value \| Corporate credit facility
Debt Instrument [Line Items]
Principal	600,000	0
Premium (discount), net	0	0
Deferred financing costs	0	0
Long-term debt		0
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105	616,105
Premium (discount), net	2,127	2,243
Deferred financing costs	(3,690)	(4,296)
Long-term debt		614,052
Carrying Value \| Secured debt
Debt Instrument [Line Items]
Principal	8,131,000	8,276,620
Premium (discount), net	(15,530)	(17,126)
Deferred financing costs	(78,418)	(90,828)
Long-term debt		8,168,666
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(78,373)	(78,927)
Deferred financing costs	$ 0	0
Long-term debt		$ 201,190

Debt - Components of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Principal	$ 9,627,222	$ 9,172,842
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	1,219,603	1,222,428
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	8,407,619	7,950,414
Recourse
Debt Instrument [Line Items]
Outstanding Principal	1,530,742	931,294
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	650,625	651,177
Recourse \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	880,117	280,117
Recourse \| Corporate credit facility
Debt Instrument [Line Items]
Outstanding Principal	$ 600,000	$ 0
Weighted Average Interest Rate (Per Annum) (percent)	2.86%
Weighted Average Years Remaining to Maturity	1 year 9 months 18 days	2 years
Recourse \| Corporate credit facility \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse \| Corporate credit facility \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 600,000	$ 0
Weighted Average Interest Rate (Per Annum) (percent)	2.86%
Weighted Average Years Remaining to Maturity	1 year 9 months 18 days	2 years
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	1 year 9 months 18 days	2 years
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum) (percent)	4.27%	4.27%
Weighted Average Years Remaining to Maturity	1 year 9 months 18 days	2 years
Recourse \| Convertible and Exchangeable Senior Notes \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse \| Junior subordinated debt
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)	4.31%	4.77%
Weighted Average Years Remaining to Maturity	16 years 2 months 12 days	16 years 4 months 24 days
Recourse \| Junior subordinated debt \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Recourse \| Junior subordinated debt \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum) (percent)	4.31%	4.77%
Weighted Average Years Remaining to Maturity	16 years 2 months 12 days	16 years 4 months 24 days
Recourse \| Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 34,520	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 8 months 12 days	5 years 10 months 24 days
Recourse \| Secured debt \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 34,520	$ 35,072
Weighted Average Interest Rate (Per Annum) (percent)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	5 years 8 months 12 days	5 years 10 months 24 days
Recourse \| Secured debt \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	8,096,480	8,241,548
Non-recourse \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	568,978	571,251
Non-recourse \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	7,527,502	7,670,297
Non-recourse \| Secured debt \| Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 515,831	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	6.30%	6.98%
Weighted Average Years Remaining to Maturity	4 years 7 months 6 days	4 years 9 months 18 days
Non-recourse \| Secured debt \| Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,926,374	$ 2,953,706
Weighted Average Interest Rate (Per Annum) (percent)	4.56%	5.13%
Weighted Average Years Remaining to Maturity	4 years 1 month 6 days	4 years 4 months 24 days
Non-recourse \| Secured debt \| Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,666,910	$ 2,667,347
Weighted Average Interest Rate (Per Annum) (percent)	4.11%	4.87%
Weighted Average Years Remaining to Maturity	1 year	4 years 7 months 6 days
Non-recourse \| Secured debt \| Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,736,435	$ 1,804,647
Weighted Average Interest Rate (Per Annum) (percent)	3.68%	4.09%
Weighted Average Years Remaining to Maturity	1 year 8 months 12 days	2 years 10 months 24 days
Non-recourse \| Secured debt \| Fixed Rate \| Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse \| Secured debt \| Fixed Rate \| Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 405,069	$ 405,980
Weighted Average Interest Rate (Per Annum) (percent)	4.55%	4.55%
Weighted Average Years Remaining to Maturity	4 years 10 months 24 days	5 years 1 month 6 days
Non-recourse \| Secured debt \| Fixed Rate \| Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 13,432	$ 13,494
Weighted Average Interest Rate (Per Annum) (percent)	12.79%	12.71%
Weighted Average Years Remaining to Maturity	4 months 24 days	1 year 7 months 6 days
Non-recourse \| Secured debt \| Fixed Rate \| Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 150,477	$ 151,777
Weighted Average Interest Rate (Per Annum) (percent)	4.26%	4.26%
Weighted Average Years Remaining to Maturity	3 years	3 years 4 months 24 days
Non-recourse \| Secured debt \| Variable Rate \| Digital
Debt Instrument [Line Items]
Outstanding Principal	$ 515,831	$ 539,155
Weighted Average Interest Rate (Per Annum) (percent)	6.30%	6.98%
Weighted Average Years Remaining to Maturity	4 years 7 months 6 days	4 years 9 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Healthcare Segment
Debt Instrument [Line Items]
Outstanding Principal	$ 2,521,305	$ 2,547,726
Weighted Average Interest Rate (Per Annum) (percent)	4.56%	5.22%
Weighted Average Years Remaining to Maturity	4 years	4 years 3 months 18 days
Non-recourse \| Secured debt \| Variable Rate \| Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,653,478	$ 2,653,853
Weighted Average Interest Rate (Per Annum) (percent)	4.06%	4.83%
Weighted Average Years Remaining to Maturity	1 year	4 years 7 months 6 days
Non-recourse \| Secured debt \| Variable Rate \| Other Real Estate Equity Investments
Debt Instrument [Line Items]
Outstanding Principal	$ 1,585,958	$ 1,652,870
Weighted Average Interest Rate (Per Annum) (percent)	3.62%	4.08%
Weighted Average Years Remaining to Maturity	1 year 7 months 6 days	2 years 9 months 18 days
Non-recourse, real estate debt \| Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 250,930	$ 276,693
Weighted Average Interest Rate (Per Annum) (percent)	3.37%	3.72%
Weighted Average Years Remaining to Maturity	1 year 8 months 12 days	1 year 9 months 18 days
Non-recourse, real estate debt \| Secured debt \| Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Non-recourse, real estate debt \| Secured debt \| Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 250,930	$ 276,693
Weighted Average Interest Rate (Per Annum) (percent)	3.37%	3.72%
Weighted Average Years Remaining to Maturity	1 year 8 months 12 days	1 year 9 months 18 days

Debt - Investment Level Debt In Default (Details) - USD ($) $ in Millions	May 11, 2020	May 05, 2020	Mar. 31, 2020	Dec. 31, 2019
Hospitality, Healthcare and Other Real Estate \| Non-recourse
Debt Instrument [Line Items]
Debt not in compliance			$ 234.1	$ 235.6
Hospitality And Other Equity And Debt
Debt Instrument [Line Items]
Carrying value of defaulted debt			$ 3,160.0
Subsequent Event \| Hospitality, Healthcare and Other Real Estate \| Non-recourse
Debt Instrument [Line Items]
Debt not in compliance		$ 3,540.0
Subsequent Event \| Hospitality
Debt Instrument [Line Items]
Carrying value of defaulted debt	$ 780.0
Portion of debt instrument not in default		$ 346.7

Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	3 Months Ended
	Mar. 31, 2020 USD ($) extension
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 750,000,000
Number of extension options \| extension	2
Extension term	6 months
Extension commitment fee (percentage)	0.10%
Amount drawn	$ 600,000,000
Borrowing capacity	$ 700,000,000
Percentage of unused amount (percentage)	0.25%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)	0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)	0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,250,000,000

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) d $ / shares shares	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 616,105,000	$ 616,105,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount (percentage)	100.00%
Threshold percentage of stock price trigger (percentage)	130.00%
Threshold trading days \| d	20
Threshold consecutive trading days \| d	30
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	5.00%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares	$ 15.76
Conversion or Exchange Ratio (In shares per $1,000)	63.4700
Conversion or Exchange Shares (in shares) \| shares	12,694
Convertible and exchangeable senior notes, outstanding principal	$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	3.875%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares	$ 16.57
Conversion or Exchange Ratio (In shares per $1,000)	60.3431
Conversion or Exchange Shares (in shares) \| shares	24,288
Convertible and exchangeable senior notes, outstanding principal	$ 402,500,000	402,500,000
Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate (percentage)	5.375%
Conversion or Exchange Price (in USD per share of common stock) \| $ / shares	$ 12.04
Conversion or Exchange Ratio (In shares per $1,000)	83.0837
Conversion or Exchange Shares (in shares) \| shares	1,130
Convertible and exchangeable senior notes, outstanding principal	$ 13,605,000	$ 13,605,000
Convertible and exchangeable senior notes \| 5.00% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount	$ 1,000

Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes	3 Months Ended
	Mar. 31, 2020 quarter
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters	6

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 26,919	$ 21,386
Derivative Liabilities	84,271	127,531
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	26,919	21,386
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	84,271	127,531
Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	24,500	15,385
Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	346	8,134
Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,419	6,001
Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	83,925	119,397
Foreign exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	26,246	16,578
Foreign exchange contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	401	10,616
Foreign exchange contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	24,385	15,307
Foreign exchange contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	346	8,134
Foreign exchange contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,861	1,271
Foreign exchange contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	55	2,482
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	526	315
Interest rate contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	526	315
Interest rate contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	115	78
Interest rate contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	411	237
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	147	4,493
Performance swaps \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	147	4,493
Performance swaps \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Performance swaps \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	147	4,493
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	83,870	116,915
Forward contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	83,870	116,915
Forward contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Forward contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 83,870	$ 116,915

Derivatives - Narrative (Details) € in Millions, £ in Millions	1 Months Ended
	Jan. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 GBP (£)	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 GBP (£)	Dec. 31, 2019 EUR (€)	Jan. 31, 2019 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets		$ 16,600,000			$ 10,000,000.0
Investments in unconsolidated joint ventures		2,121,263,000			2,256,214,000
Cash Collateral Pledged		0			0			$ 14,300,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures		$ 900,000,000	£ 272.8	€ 497.0	$ 900,000,000	£ 275.5	€ 517.9
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 119,000,000							$ 100,000,000
Forward Contracts and Performance Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain on derivative	$ 5,800,000

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / €	Mar. 31, 2019 USD ($)	Mar. 31, 2020 GBP (£)	Mar. 31, 2020 EUR (€)	Mar. 31, 2020 $ / £
Foreign exchange collars \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor (in $ per unit of foreign currency) \| $ / €	1.06
Foreign exchange collars \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap (in $ per unit of foreign currency) \| $ / €	1.31
Foreign exchange contracts \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.08				1.24
Foreign exchange contracts \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.38				1.32
Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount \| €				€ 8,099
Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 65,957	286,119
Non-Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount \| €				9,950
Non-Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 11,533	€ 7,610
Net Investment Hedging \| Non-Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation \| $	$ 1,502	$ (419)
Net Investment Hedging \| Other gain (loss), net \| Designated Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realization of net gain on net investment hedges \| $	$ 0	$ 240

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 GBP (£)	Mar. 31, 2020 EUR (€)
Interest rate contracts
Derivative [Line Items]
Realized and unrealized gain (loss) net on non-designated interest rate contracts	$ 179,000	$ (59,526,000)
Designated Hedges \| Interest rate caps \| 1-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges \| Interest rate caps \| 3-Month EURIBOR
Derivative [Line Items]
Notional amount \| €				€ 232,845
Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £			£ 0
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR
Derivative [Line Items]
Notional amount	$ 6,436,254,000
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.030		0.030	0.030
Non-Designated Hedges \| Interest rate caps \| 1-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.0626		0.0626	0.0626
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR
Derivative [Line Items]
Notional amount \| €				€ 485,405
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR \| Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.010		0.010	0.010
Non-Designated Hedges \| Interest rate caps \| 3-Month EURIBOR \| Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015		0.015	0.015
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £			£ 355,973
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR \| Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015		0.015	0.015
Non-Designated Hedges \| Interest rate caps \| 3-Month GBP LIBOR \| Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.0225		0.0225	0.0225
Non-Designated Hedges \| Interest rate swaps \| 3-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000,000.0
Unrealized loss on notional forward starting swap		59,200,000
Cash Flow Hedging \| Other gain (loss), net
Derivative [Line Items]
Interest expense on designated interest rate contracts	$ 2,000	$ 0

Derivatives - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on investments	$ (33,115)	$ 11,825
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of swaps	33,045	(11,284)
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of swaps	$ 1,460	$ 2,622

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 31, 2019
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 26,919	$ 21,386
(Assets) Liabilities	(391)	(8,878)
Cash Collateral Pledged	0	0	$ 14,300
Net Amounts of Assets (Liabilities)	26,528	12,508
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(84,271)	(127,531)
(Assets) Liabilities	391	8,878
Cash Collateral Pledged	16,622	9,981
Net Amounts of Assets (Liabilities)	(67,258)	(108,672)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	26,246	16,578
(Assets) Liabilities	(244)	(4,385)
Cash Collateral Pledged	0	0
Net Amounts of Assets (Liabilities)	26,002	12,193
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(401)	(10,616)
(Assets) Liabilities	244	4,385
Cash Collateral Pledged	0	0
Net Amounts of Assets (Liabilities)	(157)	(6,231)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	526	315
(Assets) Liabilities	0	0
Cash Collateral Pledged	0	0
Net Amounts of Assets (Liabilities)	526	315
Performance swaps
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	147	4,493
(Assets) Liabilities	(147)	(4,493)
Cash Collateral Pledged	0	0
Net Amounts of Assets (Liabilities)	0	0
Forward contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(83,870)	(116,915)
(Assets) Liabilities	147	4,493
Cash Collateral Pledged	16,622	9,981
Net Amounts of Assets (Liabilities)	$ (67,101)	$ (102,441)

Fair Value - Recurring Fair Values and Level 3 Recurring Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets	$ 26,919	$ 21,386
Loans receivable, fair value	1,588,427
Equity method investments	218,340	222,875
Other liabilities—derivative liabilities	84,271	127,531
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	0	0
Equity method investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	0	0
Equity method investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value	1,588,427	1,557,850
Equity method investments	218,340	222,875
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	$ 54,474	54,859
Discounted cash flows \| N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale		$ 54,859
Discount rate \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.249	0.223
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	$ 102,399	$ 138,586
Other assets—derivative assets	26,919	21,386
Other liabilities—derivative liabilities	84,271	127,531
Contingent consideration—THL Hotel Portfolio (Note 12)	6,630	9,330
Other liabilities—settlement liability	4,910
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	102,399	138,586
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 12)	0	0
Other liabilities—settlement liability	0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	26,919	21,386
Other liabilities—derivative liabilities	84,271	127,531
Contingent consideration—THL Hotel Portfolio (Note 12)	0	0
Other liabilities—settlement liability	0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 12)		9,330
Other liabilities—settlement liability	4,910
Recurring \| N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	54,474	54,859
Recurring \| N-Star CDO bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring \| N-Star CDO bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	54,474	54,859
Recurring \| CMBS of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	2,224	2,732
Recurring \| CMBS of consolidated fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	0	0
Recurring \| CMBS of consolidated fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	2,224	2,732
Recurring \| CMBS of consolidated fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	0	0
Loans receivable \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	1,568,302
Loans receivable \| Transaction Price \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 20,125
Loans receivable \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.123
Private funds \| NAV \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 4,616	5,391
Other investment ventures \| Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	17,870	18,574
Other investment ventures \| Transaction Price \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	170,854	173,910
Other investment ventures \| Multiple \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 25,000	$ 25,000
Measurement input (percent)	4.1	3.7
Other investment ventures \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.120	0.101
Minimum \| Discount rate \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.182	0.168
Minimum \| Loans receivable \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.072
Minimum \| Other investment ventures \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.051	0.051
Maximum \| Discount rate \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.650	0.650
Maximum \| Loans receivable \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.255
Maximum \| Other investment ventures \| Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percent)	0.165	0.158
THL Hotel Portfolio \| Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 12)	$ 6,630

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020
Securities
Level 3 Assets
Fair value, asset value	$ 54,859	$ 64,127
Purchases, drawdowns, contributions and accretion	594	1,769
Paydowns, distributions and sales	(1,651)	(2,882)
Allowance for credit losses	(816)
Realized and unrealized gains (losses) in earnings, net		(667)
Other comprehensive income	1,488	2,063
Fair value, asset value	54,474	64,410
Unrealized gains (losses) on ending balance in earnings	0	0
Loans Receivable
Level 3 Assets
Fair value, asset value	0
Election of fair value option on January 1, 2020			$ 1,556,131
Reclassification of accrued interest on January 1, 2020			$ 13,504
Purchases, drawdowns, contributions and accretion	74,236
Paydowns, distributions and sales	(49,133)
Interest accrual, including capitalization of paid-in-kind interest	11,849
Realized and unrealized gains (losses) in earnings, net	3,105
Other comprehensive income	(21,265)
Fair value, asset value	1,588,427	0
Unrealized gains (losses) on ending balance in earnings	3,105	0
Equity Method Investments
Level 3 Assets
Fair value, asset value	222,875	81,085
Purchases, drawdowns, contributions and accretion	762	101,195
Paydowns, distributions and sales	(781)	(6,341)
Realized and unrealized gains (losses) in earnings, net	(179)	2,192
Other comprehensive income	(4,337)
Fair value, asset value	218,340	178,131
Unrealized gains (losses) on ending balance in earnings	(179)	$ 1,437
In other comprehensive income (loss) \| Securities
Level 3 Assets
Unrealized gains (losses) on ending balance in earnings	1,488
In other comprehensive income (loss) \| Loans Receivable
Level 3 Assets
Unrealized gains (losses) on ending balance in earnings	0
In other comprehensive income (loss) \| Equity Method Investments
Level 3 Assets
Unrealized gains (losses) on ending balance in earnings	$ 0

Fair Value - Recurring Fair Value Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
Fair Value - Recurring Fair Value Narrative (Details)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 01, 2020 USD ($)
THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability (up to)	$ 13,000,000.0	$ 13,000,000.0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability	6,630,000	6,630,000	$ 9,330,000
Other liabilities—settlement liability	4,910,000	$ 4,910,000
Expected volatility (percent)		67.10%
Historical dividend yield (percent)		9.60%
Risk-free rate (percent)		1.97%
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			9,330,000
Other liabilities—settlement liability	4,910,000	$ 4,910,000
Settlement liability, increase in value from inception		1,000,000.0
Level 3 \| Recurring \| THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability	6,630,000	6,630,000
Contingent consideration \| Level 3 \| Recurring \| THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase (decrease) in contingent liability		(2,700,000)	$ (400,000)
Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	13,230,000
Other liabilities—settlement liability				$ 3,900,000
Blackwell Capital LLC Joint Venture \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities—settlement liability	3,900,000	3,900,000
Colony Capital, Inc. \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	14,700,000
Blackwells Capital LLC \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed	1,470,000
Legal fees	$ 1,200,000	$ 1,200,000
Valuation Technique, Discounted Cash Flow \| Contingent consideration \| Level 3 \| Recurring \| THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash flow discount rate (percent)	0.12	0.12

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Period before considering liquidity alternatives	5 years
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 17,271	$ 16,271
Unfunded Commitments	9,137	11,058
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Non-traded REIT—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	21,858	19,358
Unfunded Commitments	0	0
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Private fund—emerging market private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	2,264	3,012
Unfunded Commitments	$ 0	$ 0
Minimum \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 years
Maximum \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	10 years

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Loans at amortized cost	$ 1,588,427
Level 1
Assets
Loans at amortized cost	0	$ 0
Level 1 \| Corporate credit facility
Liabilities
Secured and unsecured debt	0
Level 1 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	493,926	602,000
Level 1 \| Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Level 2 \| Corporate credit facility
Liabilities
Secured and unsecured debt	600,000
Level 2 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	13,095	13,095
Level 2 \| Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,588,427	1,557,850
Level 3 \| Corporate credit facility
Liabilities
Secured and unsecured debt	0
Level 3 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured debt
Liabilities
Secured and unsecured debt	7,941,079	8,213,550
Level 3 \| Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	235,000
Level 3 \| Junior subordinated debt
Liabilities
Secured and unsecured debt	92,701	225,835
Fair Value
Assets
Loans at amortized cost	1,588,427	1,557,850
Fair Value \| Corporate credit facility
Liabilities
Secured and unsecured debt	600,000
Fair Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	507,021	615,095
Fair Value \| Secured debt
Liabilities
Secured and unsecured debt	7,941,079	8,213,550
Fair Value \| Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	235,000	235,000
Fair Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	92,701	225,835
Carrying Value
Assets
Loans at amortized cost		1,552,824
Carrying Value \| Corporate credit facility
Liabilities
Secured and unsecured debt	600,000
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	614,542	614,052
Carrying Value \| Secured debt
Liabilities
Secured and unsecured debt	8,037,052	8,168,666
Carrying Value \| Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	233,166	232,944
Carrying Value \| Junior subordinated debt
Liabilities
Secured and unsecured debt	$ 201,744	$ 201,190

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 19,160,062	$ 19,832,184
Total liabilities of consolidated private fund	10,765,184	10,899,662
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	15,700	18,500
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	178,500	137,000
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	3,700	3,700
Securitization Vehicles \| Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	44,100	46,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	19,500	24,700
Total liabilities of consolidated private fund	$ 600	$ 100

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred stock, shares outstanding (in shares)	41,350,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000
Preferred stock, shares outstanding (in shares)	41,350,000	57,464,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	487,044,000	483,347,000
Repurchase of common stock (in shares)	(12,733,000)	(652,000)
Equity-based compensation, net of forfeitures (in shares)	7,646,000	2,659,000
Shares canceled for tax withholding on vested stock awards (in shares)	(1,839,000)	(582,000)
Common stock, shares outstanding (in shares)	480,118,000	484,775,000
Reissuance of shares (in shares)	964,160
Class A Common Stock \| OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)		3,000
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)	734,000	734,000
Common stock, shares outstanding (in shares)	734,000	734,000

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	41,350	41,350
Preferred stock, par value (in dollars per share)	$ 414
Preferred stock, liquidation preference	$ 1,033,750	$ 1,033,750
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)	7.50%
Preferred stock, shares outstanding (in shares)	3,450
Preferred stock, par value (in dollars per share)	$ 35
Preferred stock, liquidation preference	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)	7.125%
Preferred stock, shares outstanding (in shares)	11,500
Preferred stock, par value (in dollars per share)	$ 115
Preferred stock, liquidation preference	$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)	7.15%
Preferred stock, shares outstanding (in shares)	13,800
Preferred stock, par value (in dollars per share)	$ 138
Preferred stock, liquidation preference	$ 345,000
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum (as a percentage)	7.125%
Preferred stock, shares outstanding (in shares)	12,600
Preferred stock, par value (in dollars per share)	$ 126
Preferred stock, liquidation preference	$ 315,000

Stockholders' Equity - Narrative (Details)	1 Months Ended		3 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details)	May 31, 2019	Apr. 30, 2015	Mar. 31, 2020 USD ($) vote quarter director $ / shares shares	Mar. 31, 2019 shares	Dec. 31, 2019 USD ($) $ / shares shares	Jan. 31, 2020 $ / shares	May 31, 2018 USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)			$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter			6
Number of directors vote entitles \| director			2
Minimum affirmative vote required for changes to any series of preferred stock			66.67%
Common stock conversion ratio for Class A to Class B / OP Units		1
Class A common stock acquired under the DRIP Plan (in shares) \| shares			0	0
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)						$ 25.00
Liquidation preference per share (in dollars per share)						$ 25.00
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote			1
Shares repurchased (in shares) \| shares			12,733,204		652,311
Value of shares repurchased \| $			$ 24,600,000		$ 3,200,000
Weighted average price per share (in dollars per share)			$ 1.93		$ 4.84
Stock repurchase, authorized amount \| $							$ 300,000,000
Stock repurchase, extension	1 year
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote			36.5

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,926,415	$ 11,146,370
Ending balance	8,391,716	11,215,441
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,668	13,999
Other comprehensive loss before reclassifications	(31,058)	8,717
Amounts reclassified from AOCI	(388)	(578)
Ending balance	16,222	22,138
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,281	3,629
Other comprehensive loss before reclassifications	(23,850)	4,683
Amounts reclassified from AOCI	0	0
Ending balance	(14,569)	8,312
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,823	(3,175)
Other comprehensive loss before reclassifications	1,330	1,312
Amounts reclassified from AOCI	0	626
Ending balance	9,153	(1,237)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(226)	(91)
Other comprehensive loss before reclassifications	7	(129)
Amounts reclassified from AOCI	0	0
Ending balance	(219)	(220)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	139	6,618
Other comprehensive loss before reclassifications	(24,929)	(11,103)
Amounts reclassified from AOCI	246	(955)
Ending balance	(24,544)	(5,440)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	30,651	7,018
Other comprehensive loss before reclassifications	16,384	13,954
Amounts reclassified from AOCI	(634)	(249)
Ending balance	46,401	20,723
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8,259)	8,654
Other comprehensive loss before reclassifications	(28,060)	(18,073)
Amounts reclassified from AOCI	(799)	444
Ending balance	(37,118)	(8,975)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,005)	(390)
Other comprehensive loss before reclassifications	33	(525)
Amounts reclassified from AOCI	0	0
Ending balance	(972)	(915)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(17,913)	(600)
Other comprehensive loss before reclassifications	(32,958)	(15,379)
Amounts reclassified from AOCI	0	0
Ending balance	(50,871)	(15,979)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10,659	9,644
Other comprehensive loss before reclassifications	4,865	(2,169)
Amounts reclassified from AOCI	(799)	444
Ending balance	$ 14,725	$ 7,919

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ (3,471)	$ (49,069)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Other-than-temporary impairment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	(626)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	(246)	955
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	634	24
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ 0	$ 225

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 6,107	$ 9,385
Distributions and redemptions	(61,686)	(110,827)
Ending balance	3,162	7,463
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	250	0
Distributions and redemptions	(2,647)	(3,366)
Net income (loss)	$ (548)	$ 1,444

Noncontrolling Interests - Narrative (Details) $ in Thousands				1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 20, 2019 USD ($) shares	Jul. 25, 2019 shares	Dec. 31, 2019 USD ($)	Jul. 31, 2019 USD ($) shares	Mar. 31, 2020 shares	Dec. 31, 2019 USD ($) shares
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio						1
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio						1
Issuance of shares (in shares) \| shares						0
OP units redeemed (in shares) \| shares						0	187,995
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Net increase to additional paid-in capital							$ 12,400
DBH
Noncontrolling Interest [Line Items]
OP Units issued	$ 111,903
DBH \| OP Units
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) \| shares			21,478,515		21,478,515
OP Units issued					$ 111,900
DatabaBank
Noncontrolling Interest [Line Items]
OP Units issued		$ 2,962		$ 3,000
DatabaBank \| OP Units
Noncontrolling Interest [Line Items]
Issuance of shares (in shares) \| shares		612,072
OP Units issued				$ 3,000

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Revenues
Property operating income	$ 5,379	$ 81,232
Fee income	0	2,472
Interest and other income	17	1,140
Revenues from discontinued operations	5,396	84,844
Expenses
Property operating expenses	1,473	22,337
Interest expense	2,406	14,627
Investment and servicing expense	0	530
Depreciation and amortization	633	39,445
Compensation expense—cash and equity-based	82	2,659
Compensation expense—carried interest	0	(221)
Administrative expenses	332	1,629
Expenses from discontinued operations	4,926	81,006
Other income (loss)
Gain on sale of real estate	0	22,848
Other gain, net	4	(8)
Equity method earnings (losses), including carried interest	0	(472)
Income from discontinued operations before income taxes	474	26,206
Income tax benefit	0	87
Income from discontinued operations	474	26,293
Income from discontinued operations attributable to Colony Capital, Inc.	274	8,439
Equity-based compensation		700
Noncontrolling Interests in Investment Entities
Other income (loss)
Income from discontinued operations attributable to:	170	17,309
Noncontrolling Interests in Operating Company
Other income (loss)
Income from discontinued operations attributable to:	$ 30	$ 545

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares
Net loss allocated to common stockholders
Loss from continuing operations	$ (404,531)	$ (56,448)
(Income) loss from continuing operations attributable to noncontrolling interests	62,098	(26,967)
Loss from continuing operations attributable to Colony Capital, Inc.	(342,433)	(83,415)
Income from discontinued operations attributable to Colony Capital, Inc.	274	8,439
Net loss attributable to Colony Capital, Inc.	(342,159)	(74,976)
Preferred dividends	(19,474)	(27,137)
Net loss attributable to common stockholders	(361,633)	(102,113)
Net income allocated to participating securities	(1,250)	(720)
Net loss allocated to common stockholders—basic	(362,883)	(102,833)
Interest expense attributable to convertible senior notes	0	0
Net loss allocated to common stockholders—diluted	$ (362,883)	$ (102,833)
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) \| shares	479,106,000	478,874,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0
Diluted weighted average number of common shares outstanding (in shares) \| shares	479,106,000	478,874,000
Basic loss per share
Net income from continuing operations (in dollars per share) \| $ / shares	$ (0.76)	$ (0.23)
Income from discontinued operations (in dollars per share) \| $ / shares	0	0.02
Basic (in dollars per share) \| $ / shares	(0.76)	(0.21)
Diluted loss per share
Net income from continuing operations (in dollars per share) \| $ / shares	(0.76)	(0.23)
Income from discontinued operations (in dollars per share) \| $ / shares	0	0.02
Diluted (in dollars per share) \| $ / shares	$ (0.76)	$ (0.21)
OP Units to common stock, conversion ratio	1
Convertible Debt Securities
Diluted loss per share
Interest expense on convertible note excluded from diluted EPS	$ 7,100	$ 7,100
Weighted average dilutive common share (in shares) \| shares	38,112,100	38,112,100
Restricted Stock
Diluted loss per share
Weighted average dilutive common share (in shares) \| shares	0	137,900
Performance Shares
Diluted loss per share
Weighted average dilutive common share (in shares) \| shares	1,520,659	3,814,300
OP Units
Diluted loss per share
Weighted average dilutive common share (in shares) \| shares	53,261,100	31,355,700
OP Units to common stock, conversion ratio	1

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 43,505	$ 31,028
Base management fees ($41,514 and $30,201 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	41,619	30,364
Asset management fees ($532 and $635 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	809	635
Other fee income ($1,054 and $14 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,077	29
Institutional funds and other investment vehicles \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	30,476	10,638
Public companies (CLNC, and NRE prior to its sale in September 2019) \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	8,058	15,106
Non-traded REIT \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	4,431	5,106
Other \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	540	178
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	43,100	30,850
Affiliated Entity \| Base management fees ($41,514 and $30,201 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	41,514	30,201
Affiliated Entity \| Asset management fees ($532 and $635 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	532	635
Affiliated Entity \| Other fee income ($1,054 and $14 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 1,054	$ 14

Fee Income - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Fee Income - Additional Information (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)	1.25%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer	$ 41,619,000	$ 30,364,000
Base Management Fees \| Private funds \| Fee income
Management Fee Income [Line Items]
Limited partner net funded capital (as a percentage)	1.00%
Base Management Fees \| Private funds \| Fee income \| Minimum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage)	0.90%
Base Management Fees \| Private funds \| Fee income \| Maximum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage)	1.75%
Base Management Fees \| Colony Credit Real Estate, Inc. \| Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity (as a percentage)	1.50%
Base Management Fees \| Non-traded REIT \| Fee income
Management Fee Income [Line Items]
Revenue from contract with customer	$ 2,500,000
Base Management Fees \| Non-traded REIT \| Fee income \| Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity (as a percentage)	1.50%
Base Management Fees \| NorthStar Realty Europe Corp. \| Fee income
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)			1.50%
Management fee, threshold amount			$ 2,000,000,000.0
Percent of net asset value in excess of fixed fee amount (as a percentage)			1.25%
Asset Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer	$ 809,000	635,000
Asset Management Fees \| Asset management fees
Management Fee Income [Line Items]
Limited partner net funded capital (as a percentage)	0.50%
Incentive Fees
Management Fee Income [Line Items]
Revenue from contract with customer		$ 0
Management Agreement, Termination Fee	$ 0
Incentive Fees \| Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees (as a percentage)	40.00%
Incentive Fees \| Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees (as a percentage)	50.00%

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)		12,043,274
Fair value of shares vested		$ 10.1	$ 8.5
Aggregate unrecognized compensation cost related to restricted stock granted		$ 52.8
Weighted average period of expected cost		2 years 2 months 12 days
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)	10,000,000	0
Target share price for LTIP vesting (in usd per share)	$ 10.00
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase (percentage)		2.00%
Common stock, shares reserved for future issuance (in shares)		64,100,000
Conversion of units, conversion ratio (LTIP to common OP Unit)		1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Service period		3 years
LTIP units issued (in shares)		7,676,444
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units issued (in shares)		4,324,375
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
LTIP units issued (in shares)		42,455
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted		$ 3.2
Weighted average period of expected cost		1 year 7 months 6 days
Share-based compensation expenses (reversals)		$ (3.4)	$ 2.8
Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period		3 years
Minimum \| Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (percentage)		0.00%
Maximum \| Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (percentage)		200.00%

Equity-Based Compensation - Valuation Technique (Details)	3 Months Ended
	Mar. 31, 2020
2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	26.20%
2018 PSU Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	29.00%
Expected annual dividend yield (percentage)	7.30%
Risk-free rate (per annum) (percentage)	2.10%
2020 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	34.10%
Expected annual dividend yield (percentage)	9.30%
Risk-free rate (per annum) (percentage)	0.40%
LTIP Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	28.30%
Expected annual dividend yield (percentage)	8.10%
Risk-free rate (per annum) (percentage)	1.80%
Minimum \| 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.50%
Risk-free rate (per annum) (percentage)	2.20%
Maximum \| 2019 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.70%
Risk-free rate (per annum) (percentage)	2.40%

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $283 and $122 amortization of fair value of dividend equivalent rights)	$ 8,249	$ 5,914
Amortization of fair value of dividend equivalent right	$ 283	$ 122

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2020
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		23,587,687
Granted (shares)		12,043,274
Vested (shares)		(4,232,374)
Forfeited (shares)		(45,800)
Nonvested shares at period end (shares)		31,352,787
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.25
Granted (USD per share)		1.94
Vested (USD per share)		4.40
Forfeited (USD per share)		5.45
Nonvested shares at period end (USD per share)		$ 2.55
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		7,641,708
Granted (shares)		7,676,444
Vested (shares)		(4,195,879)
Forfeited (shares)		(30,948)
Nonvested shares at period end (shares)		11,091,325
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		10,000,000
Granted (shares)	10,000,000	0
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		10,000,000
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		265,784
Granted (shares)		42,455
Vested (shares)		(36,495)
Forfeited (shares)		0
Nonvested shares at period end (shares)		271,744
PSU
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		5,680,195
Granted (shares)		4,324,375
Vested (shares)		0
Forfeited (shares)		(14,852)
Nonvested shares at period end (shares)		9,989,718
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)		$ 3.66
Granted (USD per share)		1.64
Vested (USD per share)		0
Forfeited (USD per share)		4.53
Nonvested shares at period end (USD per share)		$ 2.78

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from affiliates	$ 48,503	$ 51,480
Due to affiliates	34,301	34,064
Fee income
Related Party Transaction [Line Items]
Due from affiliates	36,028	36,106
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	11,460	14,624
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,015	750
Due to affiliates	$ 34,301	$ 34,064

Transactions with Affiliates - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Dec. 20, 2019	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Apr. 30, 2020
Related Party Transaction [Line Items]
Management fee, percent of net asset value, (percentage)				1.25%
Non-traded REIT
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs (percentage)				2.00%
Expected reimbursable direct and indirect operating costs, percent of net income (percentage)				25.00%
NorthStar Realty Europe Corp.
Related Party Transaction [Line Items]
Percent of combined general and administrative costs (percentage)						20.00%
Minimum \| Non-traded REIT
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs (percentage)				1.00%
NorthStar Healthcare \| Revolving Credit Facility \| Corporate credit facility \| Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility	$ 35,000,000.0			$ 35,000,000.0
Extension option, term				6 months
Commitment fee on unused portion of facility				$ 0
Outstanding advances	0		$ 0	$ 0
LIBOR \| NorthStar Healthcare \| Revolving Credit Facility \| Corporate credit facility \| Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate (percentage)				3.50%
Cost reimbursements \| Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer				$ 400,000	$ 200,000
Cost reimbursements \| Non-traded REIT
Related Party Transaction [Line Items]
Revenue from contract with customer				951,000	738,000
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer				2,486,000	9,845,000
Investment Vehicles \| Redeemable noncontrolling interests \| Affiliated Entity
Related Party Transaction [Line Items]
Investments	6,500,000		4,000,000.0	6,500,000
Net income attributable to noncontrolling interest				700,000	$ 500,000
DBH
Related Party Transaction [Line Items]
Deferred consideration	32,500,000			$ 32,500,000
OP Units issued	$ 111,903,000
DatabaBank
Related Party Transaction [Line Items]
OP Units issued		$ 2,962,000	$ 3,000,000
Subsequent Event \| NorthStar Healthcare \| Revolving Credit Facility \| Corporate credit facility \| Affiliated Entity
Related Party Transaction [Line Items]
Outstanding advances							$ 35,000,000.0

Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 951	$ 738
Public companies (CLNC, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	2,500	2,632
Private investment vehicles and other
Related Party Transaction [Line Items]
Revenue from contract with customer	2,946	3,535
Equity awards of CLNC and NRE (Note 19)
Related Party Transaction [Line Items]
Revenue from contract with customer	(3,911)	2,940
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 2,486	$ 9,845

Commitments and Contingencies - Narrative (Details)	Mar. 31, 2020 USD ($)
THL Hotel Portfolio
Operating Leased Assets [Line Items]
Contingent consideration, liability (up to)	$ 13,000,000.0

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	6
Total revenues	$ 507,513	$ 548,059
Property operating expenses	263,633	270,742
Interest expense	123,413	134,889
Depreciation and amortization	136,858	111,352
Provision for loan losses	0	3,611
Impairment loss	387,268	25,622
Gain on sale of real estate	7,932	29,453
Equity method earnings	115,702	34,063
Equity method earnings—carried interest	(18,411)	4,896
Income tax benefit (expense)	(8,324)	(1,198)
Loss from continuing operations	(404,531)	(56,448)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(342,433)	(83,415)
Net income attributable to Colony Capital, Inc. from discontinued operations	274	8,439
Net loss attributable to Colony Capital, Inc.	(342,159)	(74,976)
Operating segments \| Digital
Segment Reporting Information [Line Items]
Total revenues	64,506	0
Property operating expenses	16,906	0
Interest expense	9,402	0
Depreciation and amortization	36,633	0
Provision for loan losses		0
Impairment loss	0	0
Gain on sale of real estate	0	0
Equity method earnings	468	3,276
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	5,337	0
Loss from continuing operations	(19,220)	3,016
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(3,758)	2,833
Operating segments \| Healthcare
Segment Reporting Information [Line Items]
Total revenues	139,182	145,774
Property operating expenses	66,567	64,302
Interest expense	39,866	47,527
Depreciation and amortization	37,460	40,131
Provision for loan losses		0
Impairment loss	48,532	0
Gain on sale of real estate	0	0
Equity method earnings	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	130	1,874
Loss from continuing operations	(64,145)	(7,206)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(48,012)	(7,462)
Operating segments \| Hospitality
Segment Reporting Information [Line Items]
Total revenues	153,526	196,615
Property operating expenses	120,995	136,345
Interest expense	39,789	42,065
Depreciation and amortization	36,444	36,248
Provision for loan losses		0
Impairment loss	250,162	3,850
Gain on sale of real estate	0	139
Equity method earnings	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	1,879	(836)
Loss from continuing operations	(295,757)	(26,077)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(241,232)	(22,981)
Operating segments \| CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0
Property operating expenses	0	0
Interest expense	0	0
Depreciation and amortization	0	0
Provision for loan losses		0
Impairment loss	0	0
Gain on sale of real estate	0	0
Equity method earnings	(10,069)	5,513
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	0	0
Loss from continuing operations	(10,069)	5,513
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(9,075)	5,178
Operating segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	121,119	162,688
Property operating expenses	59,165	70,095
Interest expense	20,588	31,853
Depreciation and amortization	22,220	24,783
Provision for loan losses		3,611
Impairment loss	9,574	21,772
Gain on sale of real estate	7,932	29,314
Equity method earnings	17,701	24,573
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	(1,343)	(2,074)
Loss from continuing operations	29,977	59,528
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	(1,452)	23,889
Operating segments \| Other Investment Management
Segment Reporting Information [Line Items]
Total revenues	24,299	40,005
Property operating expenses	0	0
Interest expense	0	0
Depreciation and amortization	2,591	8,669
Provision for loan losses		0
Impairment loss	79,000	0
Gain on sale of real estate	0	0
Equity method earnings	107,602	701
Equity method earnings—carried interest	(18,411)	4,896
Income tax benefit (expense)	(14,482)	94
Loss from continuing operations	18,130	17,657
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	16,359	15,737
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	4,881	2,977
Property operating expenses	0	0
Interest expense	13,768	13,444
Depreciation and amortization	1,510	1,521
Provision for loan losses		0
Impairment loss	0	0
Gain on sale of real estate	0	0
Equity method earnings	0	0
Equity method earnings—carried interest	0	0
Income tax benefit (expense)	155	(256)
Loss from continuing operations	(63,447)	(108,879)
Net income (loss) attributable to Colony Capital, Inc. from continuing operations	$ (55,263)	$ (100,609)
Combination Agreement
Segment Reporting Information [Line Items]
Ownership percentage	36.50%

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 19,160,062	$ 19,832,184
Equity method investments	1,886,324	1,987,515
Operating segments \| Digital
Segment Reporting Information [Line Items]
Total Assets	2,319,640	2,160,402
Equity method investments	116,906	47,891
Operating segments \| Healthcare Segment
Segment Reporting Information [Line Items]
Total Assets	4,758,363	4,886,374
Equity method investments	0	0
Operating segments \| Hospitality
Segment Reporting Information [Line Items]
Total Assets	3,501,146	3,789,098
Equity method investments	0	0
Operating segments \| CLNC
Segment Reporting Information [Line Items]
Total Assets	666,059	725,443
Equity method investments	666,059	725,443
Operating segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total Assets	5,518,288	5,749,455
Equity method investments	1,071,775	1,070,462
Operating segments \| Other Investment Management
Segment Reporting Information [Line Items]
Total Assets	792,465	1,085,234
Equity method investments	27,842	139,977
Operating segments \| Industrial
Segment Reporting Information [Line Items]
Total Assets	440,334	458,673
Equity method investments	0	0
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total Assets	1,163,767	977,505
Equity method investments	$ 3,742	$ 3,742

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total income by geography:	$ 602,318	$ 577,173
Long-lived assets by geography:	11,010,228		$ 11,464,629
Assets held for sale	749,416		870,052
United States
Segment Reporting Information [Line Items]
Total income by geography:	557,070	490,915
Long-lived assets by geography:	9,599,554		9,956,282
Europe
Segment Reporting Information [Line Items]
Total income by geography:	44,371	86,258
Long-lived assets by geography:	1,410,674		1,508,347
Other
Segment Reporting Information [Line Items]
Total income by geography:	877	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations \| United States
Segment Reporting Information [Line Items]
Assets held for sale	463,000		522,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| Europe
Segment Reporting Information [Line Items]
Assets held for sale	$ 266,000		$ 283,000

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $214 and $1,046	$ 112,278	$ 127,948
Interest capitalized	214	1,046
Cash received for income tax refunds (paid for income taxes), net	(1,272)	19,113
Cash paid for operating leases	7,096	3,438
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(38,822)	41,789
Net cash provided by (used in) investing activities of discontinued operations	4,534	(1,073,525)
Net cash provided by (used in) financing activities of discontinued operations	(3,886)	973,937
Supplemental Disclosure of Cash Flows from Investing and Financing Activities
Dividends and distributions payable	77,228	83,996	$ 83,301
Improvements in operating real estate in accrued and other liabilities	12,282	23,023
Proceeds from loan repayments and asset sales held in escrow	47,702	32,624
Right-of-use assets and operating lease liabilities	2,408	126,810
Contributions receivable from noncontrolling interests	0	113,200
Securities acquired, subject to forward contract deliverable, net of cash collateral	0	90,000
Distributions payable to noncontrolling interests included in other liabilities	$ 0	$ 3,756

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(3,187,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(3,187,000)
Noncontrolling Interests in Operating Company [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(185,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(349,000)
Noncontrolling Interests in Investment Entities [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,378,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,577,000)