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Business Combination (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Fair Value of the Merger Consideration

Fair value of the merger consideration was determined as follows (in thousands, except exchange ratio and price per share):



	NorthStar I		NorthStar II		Total
Outstanding shares of common stock at January 31, 2018⁽¹⁾	119,333		114,943
Exchange ratio⁽²⁾	0.3532		0.3511
Shares of Class A common stock issued in the mergers⁽³⁾	42,149		40,356		82,505
Fair value consideration per share⁽⁴⁾	$	24.50	$	24.50	$	24.50
Fair value of NorthStar I and NorthStar II consideration	$	1,032,651	$	988,722	$	2,021,373

_________________________________________


(1)	Includes 21,000 and 25,000 shares of common stock of NorthStar I and NorthStar II equity awards, respectively, that vested in connection with the consummation of the Combination.


(2)	Represents the pre-determined exchange ratio of 0.3532 NorthStar I shares and 0.3511 NorthStar II shares per one share of the Class A common stock.


(3)	Includes the issuance of fractional shares, aggregating to approximately 21,000 shares, for which holders received cash in lieu of the fractional shares.

(4)

Represents the estimated per share fair value of the Company at the Closing Date.

Schedule of Fair Values Assigned to the Assets Acquired, Liabilities Assumed and Noncontrolling Interest

The following table presents the final allocation of the Combination consideration to assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II based on their respective fair values as of the Closing Date (dollars in thousands):



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

The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2019 and the year ended December 31, 2018 (dollars in thousands):



					Purchase Price Allocation
Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price⁽¹⁾		Land and Improvements⁽²⁾		Building and Improvements⁽²⁾		Furniture, Fixtures and Equipment		Lease Intangible Assets⁽²⁾		Other Assets		Other Liabilities
Year Ended December 31, 2019
June	Retail - Massachusetts⁽³⁾	3	$	21,919	$	9,294	$	6,598	$	—	$	5,256	$	1,538	$	(767	)
January	Various - in U.S.⁽³⁾	28	105,437		38,145		66,413		—		879		3,223		(3,223		)
			$	127,356	$	47,439	$	73,011	$	—	$	6,135	$	4,761	$	(3,990	)
Year Ended December 31, 2018
July	Office - Norway⁽⁴⁾	26	$	318,860	$	60,510	$	271,983	$	—	$	25,287	$	—	$	(38,920	)
August	Hotel - Dallas, TX⁽³⁾	1	75,663		8,216		61,580		3,947		465		2,023		(568		)
August	Industrial - Various in U.S.⁽⁴⁾	2	292,000		66,844		189,105		—		36,051		—		—
September	Hotel - Pittsburgh, PA⁽³⁾	1	42,315		7,247		26,363		3,025		1,408		4,392		(120		)
			$	728,838	$	142,817	$	549,031	$	6,972	$	63,211	$	6,415	$	(39,608	)

_________________________________________


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


(2)	Useful life of real estate acquired is 4 to 41 years for buildings, 1 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1 to 20 years for lease intangibles.


(3)	Represents assets acquired by the Company through foreclosure.

(4)

Represents net lease properties acquired by the Company.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 69,619	$ 77,317
Restricted cash	126,065	110,146
Loans and preferred equity held for investment, net	2,576,332	2,020,497
Real estate securities, available for sale, at fair value	252,824	228,185
Real estate, net	1,484,796	1,959,690
Investments in unconsolidated ventures ($10,283 and $160,851 at fair value, respectively)	595,305	903,037
Receivables, net	46,456	48,806
Deferred leasing costs and intangible assets, net	112,762	134,068
Assets held for sale	189,470	0
Other assets	87,707	62,006
Mortgage loans held in securitization trusts, at fair value	1,872,970	3,116,978
Total assets	7,414,306	8,660,730
Liabilities
Securitization bonds payable, net	833,153	81,372
Mortgage and other notes payable, net	1,256,112	1,173,019
Credit facilities	1,099,233	1,365,918
Due to related party (Note 11)	11,016	15,019
Accrued and other liabilities	140,424	106,187
Intangible liabilities, net	22,149	15,096
Liabilities related to assets held for sale	294	0
Escrow deposits payable	74,497	65,995
Dividends payable	13,164	18,986
Mortgage obligations issued by securitization trusts, at fair value	1,762,914	2,973,936
Total liabilities	5,212,956	5,815,528
Commitments and contingencies (Note 18)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 and 2018	0	0
Additional paid-in capital	2,909,181	2,899,353
Accumulated deficit	(819,738)	(193,327)
Accumulated other comprehensive income (loss)	28,294	(399)
Total stockholders’ equity	2,119,022	2,706,905
Noncontrolling interests in investment entities	31,631	72,683
Noncontrolling interests in the Operating Partnership	50,697	65,614
Total equity	2,201,350	2,845,202
Total liabilities and equity	7,414,306	8,660,730
Primary beneficiary
Assets
Cash and cash equivalents	14,109	12,561
Restricted cash	25,646	18,464
Loans and preferred equity held for investment, net	1,016,781	167,219
Real estate, net	381,608	547,444
Receivables, net	26,044	17,811
Deferred leasing costs and intangible assets, net	36,323	38,681
Assets held for sale	102,397	0
Other assets	26,463	1,698
Mortgage loans held in securitization trusts, at fair value	1,872,970	3,116,978
Total assets	3,502,341	3,920,856
Liabilities
Securitization bonds payable, net	833,153	43,870
Mortgage and other notes payable, net	341,480	325,187
Credit facilities	23,882	0
Accrued and other liabilities	124,969	32,452
Intangible liabilities, net	20,230	11,993
Liabilities related to assets held for sale	251	0
Escrow deposits payable	10,485	9,603
Mortgage obligations issued by securitization trusts, at fair value	1,762,914	2,973,936
Total liabilities	3,117,364	3,397,041
Class A
Stockholders’ equity
Common stock	1,285	834
Class B-3
Stockholders’ equity
Common stock	$ 0	$ 444

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Share-based compensation expense	$ 10,810,000	$ 7,113,000	$ 0

Business and Organization (Details)	Sep. 15, 2017 USD ($)	Dec. 31, 2019 employee $ / shares	Dec. 31, 2018 $ / shares	Jan. 31, 2018 $ / shares
Schedule of Investments [Line Items]
Initial capital contribution \| $	$ 1,000
Entity number of employees \| employee		0
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Credit RE Operating Company, LLC
Schedule of Investments [Line Items]
Ownership percentage by parent (in percentage)		97.70%
Ownership percentage by noncontrolling owners (in percentage)		2.30%
Class A
Schedule of Investments [Line Items]
Common stock, par value (in dollars per share)				$ 0.01

Real Estate Securities, Available for Sale - Assets and Liabilities Related to Securitized Trust (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans held in securitization trusts, at fair value	$ 1,872,970		$ 3,116,978
Receivables, net	46,456		48,806
Total assets	7,414,306		8,660,730
Liabilities
Mortgage obligations issued by securitization trusts, at fair value	1,762,914		2,973,936
Accrued and other liabilities	140,424		106,187
Total liabilities	5,212,956		5,815,528
Primary beneficiary
Assets
Mortgage loans held in securitization trusts, at fair value	1,872,970		3,116,978
Receivables, net	7,020		13,178
Total assets	1,879,990	$ 1,200,000	3,130,156
Liabilities
Mortgage obligations issued by securitization trusts, at fair value	1,762,914		2,973,936
Accrued and other liabilities	6,267		12,233
Total liabilities	$ 1,769,181	$ 1,200,000	$ 2,986,169

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares												12 Months Ended
	Nov. 07, 2019	Oct. 17, 2019	Sep. 17, 2019	Aug. 01, 2019	Jul. 17, 2019	Jun. 17, 2019	May 02, 2019	Apr. 15, 2019	Mar. 18, 2019	Feb. 15, 2019	Jan. 17, 2019	Dec. 31, 2019	Dec. 31, 2018
Dividends declared per share of common stock (in dollars per share)	$ 0.10	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145
Class A
Dividends declared per share of common stock (in dollars per share)												$ 1.65	$ 1.60

Investments in Unconsolidated Ventures - Investments in Unconsolidated Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 585,022	$ 742,186
Investments under fair value option	10,283	160,851
Investments in Unconsolidated Ventures	$ 595,305	$ 903,037

Real Estate, net and Real Estate Held for Sale - Minimum Future Rents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2020	$ 120,967
2021	113,170
2022	102,314
2023	85,367
2024	71,714
2025 and thereafter	448,812
Total	942,344
Operating Leases, Future Minimum Payments Receivable [Abstract]
2019		$ 113,525
2020		107,413
2021		98,343
2022		88,270
2023		73,257
2024 and thereafter		765,652
Total		$ 1,246,460
Minimum future rents for real estate, held for sale through 2029	$ 48,100

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of Lease Expense

The following table presents lease expense, included in property operating expense, for the year ended December 31, 2019 (dollars in thousands):



	Year Ended December 31, 2019
Operating lease expense:
Minimum lease expense	$	3,134
Variable lease expense	—
	$	3,134

Schedule of Future Minimum Rental Payments

The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of December 31, 2019 (dollars in thousands):



2020	$	3,232
2021	3,216
2022	3,244
2023	3,274
2024	2,383
2025 and thereafter	23,079
Total lease payments	38,428
Less: Present value discount	12,933
Operating lease liability (Note 9)	$	25,495

Schedule of Future Minimum Rental Payments as of December 31, 2018

The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of December 31, 2018 (dollars in thousands):



2019	$	2,821
2020	2,819
2021	2,804
2022	1,882
2023	1,388
2024 and thereafter	12,998
Total	$	24,712

Real Estate Securities, Available for Sale

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Real Estate Securities, Available for Sale

Investments in CRE Securities

CRE securities are composed of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The following table presents CMBS investments as of December 31, 2019 and December 31, 2018 (dollars in thousands):



																Weighted Average
		Principal Amount⁽¹⁾		Total Discount			Amortized Cost		Cumulative Unrealized on Investments					Fair Value		Coupon⁽²⁾		Unleveraged Current Yield
As of Date:	Count	Principal Amount⁽¹⁾		Total Discount			Amortized Cost		Gain		(Loss)			Fair Value		Coupon⁽²⁾		Unleveraged Current Yield
December 31, 2019	43	$	292,284	$	(55,981	)	$	236,303	$	17,084	$	(563	)	$	252,824	3.19	%	7.12	%
December 31, 2018	43	292,284		(62,772		)	229,512		2,167		(3,494		)	228,185		3.19	%	7.10	%

_________________________________________


(1)	CRE securities serve as collateral for financing transactions including carrying value of $251.0 million for the CMBS Credit Facilities (refer to Note 10, "Debt," for further detail). The remainder is unleveraged.


(2)	All CMBS are fixed rate.

The Company recorded an unrealized gain in OCI of $17.8 million for the year ended December 31, 2019 and an unrealized loss in OCI of $1.3 million for the year ended December 31, 2018. As of December 31, 2019, the Company held two securities with a carrying value of $12.2 million and an unrealized loss of $0.6 million, which was not in an unrealized loss position for a period of greater than 12 months. Based on management’s quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of the amortized cost basis, which may be at expected maturity.

As of December 31, 2019, the weighted average contractual maturity of CRE securities was 31.0 years with an expected maturity of 6.4 years.

The Company had $0.7 million and $0.8 million of interest receivable related to its real estate securities, available for sale as of December 31, 2019 and December 31, 2018, respectively.

Investments in Investing VIEs

The Company is the directing certificate holder of two securitization trusts and has the ability to appoint and replace the special servicer on all mortgage loans. As such, U.S. GAAP requires the Company to consolidate the assets, liabilities, income and expenses of the securitization trusts as Investing VIEs. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on Investing VIEs.

In July 2019, the Company sold its retained investments in the subordinate tranches of one securitization trust for $33.4 million in total proceeds. As a result of the sale, the Company deconsolidated one of the securitization trusts with gross assets and liabilities of approximately $1.2 billion and $1.2 billion, respectively.

Other than the securities represented by the Company’s subordinate tranches of the securitization trusts, the Company does not have any claim to the assets or exposure to the liabilities of the securitization trusts. The original issuers, who are unrelated third parties, guarantee the interest and principal payments related to the investment grade securitization bonds in the securitization trusts, therefore these obligations do not have any recourse to the general credit of the Company as the consolidator of the securitization trusts. The Company’s maximum exposure to loss would not exceed the carrying value of its retained investments in the securitization trusts, or the subordinate tranches of the securitization trusts.

As of December 31, 2019, the mortgage loans and the related mortgage obligations held in the securitization trusts had an unpaid principal balance of $1.8 billion and $1.6 billion, respectively. As of December 31, 2018, the mortgage loans and the related mortgage obligations held in the securitization trusts had an unpaid principal balance of $3.1 billion and $2.9 billion, respectively. As of December 31, 2019, across the two consolidated securitization trusts, the underlying collateral consisted of 115 underlying commercial mortgage loans, with a weighted average coupon of 4.5% and a weighted average loan to value ratio of 56.6%.

The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Assets
Mortgage loans held in a securitization trust, at fair value	$	1,872,970	$	3,116,978
Receivables, net	7,020		13,178
Total assets	$	1,879,990	$	3,130,156
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	1,762,914	$	2,973,936
Accrued and other liabilities	6,267		12,233
Total liabilities	$	1,769,181	$	2,986,169

The Company elected the fair value option to measure the assets and liabilities of the securitization trusts, which requires that changes in valuations of the securitization trusts be reflected in the Company’s consolidated statements of operations.

The difference between the carrying values of the mortgage loans held in securitization trusts and the carrying value of the mortgage obligations issued by securitization trusts was $110.1 million and $143.0 million as of December 31, 2019 and December 31, 2018, respectively, and approximates the fair value of the Company’s retained investments in the subordinate tranches of the securitization trusts, which are eliminated in consolidation. Refer to Note 15, “Fair Value” for a description of the valuation techniques used to measure fair value of assets and liabilities of the Investing VIEs.

The below table presents net income attributable to the Company’s common stockholders for the years ended December 31, 2019 and 2018 generated from the Company’s investments in the subordinate tranches of the securitization trusts (dollars in thousands):



	Year Ended December 31,
	2019			2018⁽¹⁾
Statement of Operations
Interest expense	$	(957	)	$	—
Interest income on mortgage loans held in securitization trusts	120,203			143,371
Interest expense on mortgage obligations issued by securitization trusts	(109,964		)	(132,411		)
Net interest income	9,282			10,960
Administrative expense	(1,114		)	(1,528		)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	4,090			5,003
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net	2,772			(3,447		)
Net income attributable to Colony Credit Real Estate, Inc. common stockholders	$	15,030		$	10,988

_________________________________________

(1)

The net income attributable to the Company’s stockholders for the year ended December 31, 2018 reflects eleven months of activity, as the Company’s investments in the subordinate tranches of the securitization trusts were acquired from NorthStar I and NorthStar II in the Combination on February 1, 2018.

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses at beginning of period	$ 109,328	$ 517	$ 3,386
Provision for loan losses	220,572	109,328	518
Charge-off	(46,693)	0	(3,387)
Recoveries	0	(517)	0
Transfer to loans held for sale	(10,583)	0	0
Allowance for loan losses at end of period	$ 272,624	$ 109,328	$ 517

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	$ 0	$ 8	$ 8
Below-market lease values	7,076	4,329	15
Amortization of capitalized above/below market leases	2,904	52	(268)
Deferred leasing costs	8,400	7,343	655
Amortization expense	30,295	34,716	3,312
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	4,172	4,277	283
Below-market ground lease obligations
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	0	8	8
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	21,445	27,239	2,657
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Mortgage notes above/below market value amortization	$ 450	$ 134	$ 0

Subsequent Events (Details) $ / shares in Units, $ in Millions															2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 18, 2020 $ / shares	Feb. 10, 2020 $ / shares	Jan. 15, 2020 $ / shares	Nov. 07, 2019 $ / shares	Oct. 17, 2019 $ / shares	Sep. 17, 2019 $ / shares	Aug. 01, 2019 $ / shares	Jul. 17, 2019 $ / shares	Jun. 17, 2019 $ / shares	May 02, 2019 $ / shares	Apr. 15, 2019 $ / shares	Mar. 18, 2019 $ / shares	Feb. 15, 2019 $ / shares	Jan. 17, 2019 $ / shares	Feb. 27, 2020 USD ($) loan property	Mar. 31, 2020 USD ($)	Dec. 31, 2019 loan $ / shares	Dec. 31, 2018 $ / shares
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)				$ 0.10	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145
Number of loans \| loan																	56
Class A
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)																	$ 1.65	$ 1.60
Class A \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.10		$ 0.10
Annualized dividend (in dollars per share)		$ 1.20
Legacy, Non-Strategic Portfolio \| Subsequent Event
Subsequent Event [Line Items]
Number of properties sold \| property															1
Number of loans sold \| loan															1
Proceeds from sale of joint ventures \| $															$ 21.5
Forecast \| Subsequent Event
Subsequent Event [Line Items]
Gains from real estate and real estate joint ventures \| $																$ 1.7

Debt - Schedule of Debt (Details) kr in Billions	12 Months Ended
Debt - Schedule of Debt (Details) kr in Billions	Dec. 31, 2019 USD ($) extension debt_instrument property	Dec. 31, 2019 NOK (kr) property	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 3,199,923,000		$ 2,624,691,000
Carrying value	3,188,498,000		2,620,309,000
Mortgage and other notes payable, net	1,256,112,000		1,173,019,000
Net lease 2
Debt Instrument [Line Items]
Mortgage and other notes payable, net	$ 182,000,000.0	kr 1.6
Other real estate 10
Debt Instrument [Line Items]
Number of instruments \| debt_instrument	2
Weighted average interest rate (in percentage)	5.44%	5.44%
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount	$ 840,423,000		81,372,000
Carrying value	$ 833,153,000		81,372,000
Securitization bonds payable, net \| CLNC 2019-FL1 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.59%
Securitization bonds payable, net \| 2014 FL1
Debt Instrument [Line Items]
Principal amount	$ 0		25,549,000
Carrying value	0		25,549,000
Securitization bonds payable, net \| 2014 FL2
Debt Instrument [Line Items]
Principal amount	0		18,320,000
Carrying value	0		18,320,000
Securitization bonds payable, net \| Securitization 2016-1
Debt Instrument [Line Items]
Principal amount	0		37,503,000
Carrying value	0		37,503,000
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal amount	1,260,267,000		1,177,401,000
Carrying value	1,256,112,000		1,173,019,000
Mortgage and other notes payable, net \| Loan 9
Debt Instrument [Line Items]
Principal amount	65,958,000		0
Carrying value	$ 65,958,000		0
Mortgage and other notes payable, net \| Loan 9 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	3.00%
Mortgage and other notes payable, net \| Other notes payable
Debt Instrument [Line Items]
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date \| extension	3
Mortgage and other notes payable, net \| Net lease 1, periodic payment of principal and interest
Debt Instrument [Line Items]
Number of properties \| property	2	2
Mortgage and other notes payable, net \| Net lease 1, periodic payment of interest
Debt Instrument [Line Items]
Number of properties \| property	1	1
Credit Facilities
Debt Instrument [Line Items]
Principal amount	$ 1,099,233,000		1,365,918,000
Carrying value	$ 1,099,233,000		1,365,918,000
Credit Facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.25%
Credit Facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 2,250,000,000
Principal amount	780,211,000		880,288,000
Carrying value	$ 780,211,000		880,288,000
Percent of recourse of the financed amount	25.00%	25.00%
Credit Facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 205,522,000		190,630,000
Carrying value	205,522,000		190,630,000
Credit Facilities \| Bank credit facility
Debt Instrument [Line Items]
Capacity	560,000,000
Principal amount	113,500,000		295,000,000
Carrying value	113,500,000		295,000,000
Credit Facilities \| Bank 1 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	400,000,000
Principal amount	106,309,000		143,400,000
Carrying value	$ 106,309,000		143,400,000
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date \| extension	2
Credit Facilities \| Bank 1 facility 3 \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.94%
Credit Facilities \| Bank 2 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 200,000,000
Principal amount	22,750,000		22,750,000
Carrying value	$ 22,750,000		22,750,000
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date \| extension	2
Credit Facilities \| Bank 2 facility 3 \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.50%
Credit Facilities \| Bank 3 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 600,000,000
Principal amount	265,633,000		352,108,000
Carrying value	$ 265,633,000		352,108,000
Credit Facilities \| Bank 3 facility 3 \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.22%
Credit Facilities \| Bank 7 facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 500,000,000
Principal amount	221,421,000		308,434,000
Carrying value	$ 221,421,000		308,434,000
Debt term extension available (in years)	1 year
Credit Facilities \| Bank 7 facility 1 \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.91%
Credit Facilities \| Bank 8 facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 250,000,000
Principal amount	164,098,000		53,596,000
Carrying value	$ 164,098,000		53,596,000
Debt term extension available (in years)	1 year
Credit Facilities \| Bank 8 facility 1 \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.00%
Credit Facilities \| Bank 9 Facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 300,000,000
Principal amount	0		0
Carrying value	$ 0		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date \| extension	2
Credit Facilities \| Bank 1 facility 1 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 20,375,000		18,542,000
Carrying value	$ 20,375,000		18,542,000
Credit Facilities \| Bank 1 facility 1 \| CMBS credit facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.21%
Credit Facilities \| Bank 1 facility 2 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 18,834,000		17,237,000
Carrying value	$ 18,834,000		17,237,000
Credit Facilities \| Bank 1 facility 2 \| CMBS credit facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.21%
Credit Facilities \| Bank 3 facility \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 0		0
Carrying value	0		0
Credit Facilities \| Bank 4 facility \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	0		0
Carrying value	0		0
Credit Facilities \| Bank 5 facility 1 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	0		0
Carrying value	0		0
Credit Facilities \| Bank 5 facility 2 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	0		0
Carrying value	0		0
Credit Facilities \| Bank 6 facility 1 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	83,584,000		80,838,000
Carrying value	$ 83,584,000		80,838,000
Credit Facilities \| Bank 6 facility 1 \| CMBS credit facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.27%
Credit Facilities \| Bank 6 facility 2 \| CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 82,729,000		74,013,000
Carrying value	$ 82,729,000		74,013,000
Credit Facilities \| Bank 6 facility 2 \| CMBS credit facilities \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.10%
Bank credit facility
Debt Instrument [Line Items]
Principal amount	$ 113,500,000		295,000,000
Carrying value	$ 113,500,000		295,000,000
Bank credit facility \| Bank credit facility
Debt Instrument [Line Items]
Debt term extension available (in years)	6 months
Number of optional extensions to initial maturity date \| extension	2
Minimum \| Securitization bonds payable, net
Debt Instrument [Line Items]
Initial debt term (in years)	2 years
Minimum \| Credit Facilities \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	1.10%	1.10%
Initial debt term (in years)	1 month
Minimum \| Credit Facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)	1 month
Minimum \| Credit Facilities \| Bank 9 Facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Percent of recourse of the financed amount	25.00%	25.00%
Maximum \| Securitization bonds payable, net
Debt Instrument [Line Items]
Initial debt term (in years)	3 years
Maximum \| Credit Facilities \| Master repurchase facilities \| LIBOR
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	2.75%	2.75%
Maximum \| Credit Facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)	2 months
Maximum \| Credit Facilities \| Bank 9 Facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Percent of recourse of the financed amount	50.00%	50.00%
Collateralized by a property in Company's Core Portfolio \| Net lease 6
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.45%	4.45%
Collateralized by a property in Company's Core Portfolio \| Net lease 5
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.08%	4.08%
Collateralized by a property in Company's Core Portfolio \| Net lease 1
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.31%	4.31%
Collateralized by a property in Company's Core Portfolio \| Net lease 2
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	3.91%	3.91%
Collateralized by a property in Company's Core Portfolio \| Net lease 3
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.77%	4.77%
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 6
Debt Instrument [Line Items]
Principal amount	$ 24,117,000		24,606,000
Carrying value	24,117,000		24,606,000
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Principal amount	31,821,000		32,378,000
Carrying value	31,539,000		32,054,000
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 4
Debt Instrument [Line Items]
Principal amount	74,916,000		73,702,000
Carrying value	74,845,000		73,696,000
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 1
Debt Instrument [Line Items]
Principal amount	250,000,000		250,000,000
Carrying value	246,961,000		246,522,000
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 2
Debt Instrument [Line Items]
Principal amount	181,952,000		184,320,000
Carrying value	184,532,000		186,934,000
Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net \| Net lease 3
Debt Instrument [Line Items]
Principal amount	200,000,000		200,000,000
Carrying value	$ 198,521,000		198,449,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Net lease 5
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.45%	4.45%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Net lease 4
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.45%	4.45%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Net lease 1
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.45%	4.45%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Net lease 3
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.00%	4.00%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 4
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.84%	4.84%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 2
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.94%	4.94%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 8
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	5.15%	5.15%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 10
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	5.44%	5.44%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 9
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	3.98%	3.98%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 1
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.47%	4.47%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Other real estate 3
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.30%	4.30%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 6
Debt Instrument [Line Items]
Principal amount	$ 1,658,000		2,078,000
Carrying value	$ 1,615,000		2,024,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 6 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.15%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Principal amount	$ 3,422,000		3,484,000
Carrying value	3,329,000		3,378,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 4
Debt Instrument [Line Items]
Principal amount	7,384,000		7,519,000
Carrying value	$ 7,184,000		7,290,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 4 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.50%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 1
Debt Instrument [Line Items]
Principal amount	$ 18,579,000		18,917,000
Carrying value	18,076,000		18,342,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 3
Debt Instrument [Line Items]
Principal amount	12,450,000		12,786,000
Carrying value	12,368,000		12,648,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 4
Debt Instrument [Line Items]
Principal amount	42,925,000		43,500,000
Carrying value	$ 43,407,000		44,008,000
Debt term extension available (in years)	1 year
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 2
Debt Instrument [Line Items]
Principal amount	$ 42,443,000		43,000,000
Carrying value	42,851,000		43,501,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 8
Debt Instrument [Line Items]
Principal amount	15,819,000		16,000,000
Carrying value	16,324,000		16,561,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 10
Debt Instrument [Line Items]
Principal amount	11,744,000		11,964,000
Carrying value	11,939,000		12,228,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 9
Debt Instrument [Line Items]
Principal amount	23,885,000		24,289,000
Carrying value	23,133,000		23,485,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 1
Debt Instrument [Line Items]
Principal amount	108,719,000		108,850,000
Carrying value	109,475,000		109,779,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 3
Debt Instrument [Line Items]
Principal amount	75,256,000		76,448,000
Carrying value	74,554,000		75,620,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 5
Debt Instrument [Line Items]
Principal amount	33,498,000		31,126,000
Carrying value	$ 32,801,000		29,974,000
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 5 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	4.00%
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 6
Debt Instrument [Line Items]
Principal amount	$ 21,500,000		0
Carrying value	$ 20,825,000		0
Debt term extension available (in years)	1 year
Number of optional extensions to initial maturity date \| extension	2
Collateralized by a property in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Other real estate 6 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.95%
Collateralized by properties in Legacy, Non-Strategic Portfolio \| Net lease 1
Debt Instrument [Line Items]
Contractual interest rate (in percentage)	4.38%	4.38%
Collateralized by properties in Legacy, Non-Strategic Portfolio \| Mortgage and other notes payable, net \| Net lease 1
Debt Instrument [Line Items]
Principal amount	$ 12,221,000		12,434,000
Carrying value	$ 11,758,000		11,920,000
Number of properties \| property	3	3
CLNC 2019-FL1 \| Investment grade notes
Debt Instrument [Line Items]
Principal amount	$ 840,423,000		0
Carrying value	$ 833,153,000		$ 0

Real Estate, net and Real Estate Held for Sale - Summary of Assets And Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Real estate, net	$ 178,564
Deferred leasing costs and intangible assets, net	5,890
Total assets held for sale	184,454
Liabilities
Intangible liabilities, net	294
Total liabilities related to assets held for sale	$ 294	$ 0

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	83,000
Encumbrances	$ 1,087,863
Initial cost, land	219,211
Initial cost, building & improvements	1,578,736
Capitalized subsequent to acquisition, land, buildings & improvements	(203,077)
Gross amount carried at close of period, land	195,698
Gross amount carried at close of period, building & improvements	1,399,172
Gross amount carried, total	1,594,870	$ 2,017,252	$ 225,710
Balance at December 31, held for investment	110,074	$ 57,562	$ 5,970
Total	1,484,796
Aggregate cost of properties for federal income tax purposes	$ 1,700,000
Industrial \| Industrial-Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	738
Initial cost, building & improvements	286
Capitalized subsequent to acquisition, land, buildings & improvements	8
Gross amount carried at close of period, land	720
Gross amount carried at close of period, building & improvements	312
Gross amount carried, total	1,032
Balance at December 31, held for investment	41
Total	$ 991
Life on Which Depreciation is Computed	10 years
Industrial \| Industrial-Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 77,864
Initial cost, land	14,494
Initial cost, building & improvements	59,991
Capitalized subsequent to acquisition, land, buildings & improvements	78
Gross amount carried at close of period, land	14,494
Gross amount carried at close of period, building & improvements	60,069
Gross amount carried, total	74,563
Balance at December 31, held for investment	2,625
Total	$ 71,938
Life on Which Depreciation is Computed	31 years
Industrial \| Industrial-California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 122,136
Initial cost, land	32,552
Initial cost, building & improvements	148,911
Capitalized subsequent to acquisition, land, buildings & improvements	79
Gross amount carried at close of period, land	32,552
Gross amount carried at close of period, building & improvements	148,990
Gross amount carried, total	181,542
Balance at December 31, held for investment	6,943
Total	$ 174,599
Life on Which Depreciation is Computed	28 years
Industrial \| Industrial-Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	23,000
Encumbrances	$ 74,916
Initial cost, land	13,933
Initial cost, building & improvements	132,724
Capitalized subsequent to acquisition, land, buildings & improvements	(19,484)
Gross amount carried at close of period, land	11,721
Gross amount carried at close of period, building & improvements	115,452
Gross amount carried, total	127,173
Balance at December 31, held for investment	11,497
Total	$ 115,676
Life on Which Depreciation is Computed	39 years
Industrial \| Industrial-Various
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	22,000
Encumbrances	$ 250,000
Initial cost, land	27,852
Initial cost, building & improvements	307,534
Capitalized subsequent to acquisition, land, buildings & improvements	4,702
Gross amount carried at close of period, land	27,852
Gross amount carried at close of period, building & improvements	312,236
Gross amount carried, total	340,088
Balance at December 31, held for investment	24,148
Total	$ 315,940
Life on Which Depreciation is Computed	40 years
Multifamily \| Multifamily-Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 42,925
Initial cost, land	3,646
Initial cost, building & improvements	70,190
Capitalized subsequent to acquisition, land, buildings & improvements	(4,412)
Gross amount carried at close of period, land	3,396
Gross amount carried at close of period, building & improvements	66,028
Gross amount carried, total	69,424
Balance at December 31, held for investment	3,601
Total	$ 65,823
Life on Which Depreciation is Computed	30 years
Multifamily \| Multifamily-Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 42,443
Initial cost, land	4,191
Initial cost, building & improvements	88,645
Capitalized subsequent to acquisition, land, buildings & improvements	3,593
Gross amount carried at close of period, land	4,190
Gross amount carried at close of period, building & improvements	92,239
Gross amount carried, total	96,429
Balance at December 31, held for investment	6,562
Total	$ 89,867
Life on Which Depreciation is Computed	30 years
Office \| Office-Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 31,821
Initial cost, land	2,359
Initial cost, building & improvements	41,410
Capitalized subsequent to acquisition, land, buildings & improvements	2,982
Gross amount carried at close of period, land	2,359
Gross amount carried at close of period, building & improvements	44,392
Gross amount carried, total	46,751
Balance at December 31, held for investment	3,921
Total	$ 42,830
Life on Which Depreciation is Computed	40 years
Office \| Office-Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 24,117
Initial cost, land	3,773
Initial cost, building & improvements	26,916
Capitalized subsequent to acquisition, land, buildings & improvements	3,519
Gross amount carried at close of period, land	3,772
Gross amount carried at close of period, building & improvements	30,436
Gross amount carried, total	34,208
Balance at December 31, held for investment	3,149
Total	$ 31,059
Life on Which Depreciation is Computed	40 years
Office \| Office-Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	0
Initial cost, building & improvements	4,035
Capitalized subsequent to acquisition, land, buildings & improvements	(729)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	3,306
Gross amount carried, total	3,306
Balance at December 31, held for investment	185
Total	$ 3,121
Life on Which Depreciation is Computed	33 years
Office \| Office-Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 108,719
Initial cost, land	22,079
Initial cost, building & improvements	131,292
Capitalized subsequent to acquisition, land, buildings & improvements	(46,383)
Gross amount carried at close of period, land	14,725
Gross amount carried at close of period, building & improvements	92,263
Gross amount carried, total	106,988
Balance at December 31, held for investment	11,883
Total	$ 95,105
Life on Which Depreciation is Computed	39 years
Office \| Office-Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	3,686
Initial cost, building & improvements	12,846
Capitalized subsequent to acquisition, land, buildings & improvements	(2,779)
Gross amount carried at close of period, land	2,879
Gross amount carried at close of period, building & improvements	10,874
Gross amount carried, total	13,753
Balance at December 31, held for investment	1,628
Total	$ 12,125
Life on Which Depreciation is Computed	33 years
Office \| Office-New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 12,450
Initial cost, land	4,956
Initial cost, building & improvements	13,429
Capitalized subsequent to acquisition, land, buildings & improvements	(5,559)
Gross amount carried at close of period, land	3,087
Gross amount carried at close of period, building & improvements	9,739
Gross amount carried, total	12,826
Balance at December 31, held for investment	1,540
Total	$ 11,286
Life on Which Depreciation is Computed	40 years
Office \| Office-North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	13,000
Encumbrances	$ 0
Initial cost, land	5,214
Initial cost, building & improvements	26,417
Capitalized subsequent to acquisition, land, buildings & improvements	(5,192)
Gross amount carried at close of period, land	4,048
Gross amount carried at close of period, building & improvements	22,391
Gross amount carried, total	26,439
Balance at December 31, held for investment	2,422
Total	$ 24,017
Office \| Office-Norway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 181,952
Initial cost, land	55,054
Initial cost, building & improvements	277,439
Capitalized subsequent to acquisition, land, buildings & improvements	(25,656)
Gross amount carried at close of period, land	54,540
Gross amount carried at close of period, building & improvements	252,297
Gross amount carried, total	306,837
Balance at December 31, held for investment	11,713
Total	$ 295,124
Life on Which Depreciation is Computed	37 years
Office \| Office-Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	4,431
Initial cost, building & improvements	29,363
Capitalized subsequent to acquisition, land, buildings & improvements	(16,486)
Gross amount carried at close of period, land	2,074
Gross amount carried at close of period, building & improvements	15,234
Gross amount carried, total	17,308
Balance at December 31, held for investment	2,320
Total	$ 14,988
Life on Which Depreciation is Computed	40 years
Office \| Office-Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 75,256
Initial cost, land	12,480
Initial cost, building & improvements	130,942
Capitalized subsequent to acquisition, land, buildings & improvements	(55,163)
Gross amount carried at close of period, land	7,675
Gross amount carried at close of period, building & improvements	80,584
Gross amount carried, total	88,259
Balance at December 31, held for investment	8,168
Total	$ 80,091
Life on Which Depreciation is Computed	40 years
Retail \| Retail-Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	4,890
Initial cost, building & improvements	8,850
Capitalized subsequent to acquisition, land, buildings & improvements	(2,447)
Gross amount carried at close of period, land	3,882
Gross amount carried at close of period, building & improvements	7,411
Gross amount carried, total	11,293
Balance at December 31, held for investment	2,263
Total	$ 9,030
Life on Which Depreciation is Computed	7 years
Retail \| Retail-Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 4,370
Initial cost, land	0
Initial cost, building & improvements	7,338
Capitalized subsequent to acquisition, land, buildings & improvements	(3,578)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	3,760
Gross amount carried, total	3,760
Balance at December 31, held for investment	553
Total	$ 3,207
Life on Which Depreciation is Computed	40 years
Retail \| Retail-Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 3,422
Initial cost, land	0
Initial cost, building & improvements	5,171
Capitalized subsequent to acquisition, land, buildings & improvements	(1,769)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	3,402
Gross amount carried, total	3,402
Balance at December 31, held for investment	395
Total	$ 3,007
Life on Which Depreciation is Computed	40 years
Retail \| Retail-Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 5,441
Initial cost, land	1,048
Initial cost, building & improvements	7,023
Capitalized subsequent to acquisition, land, buildings & improvements	(3,770)
Gross amount carried at close of period, land	535
Gross amount carried at close of period, building & improvements	3,766
Gross amount carried, total	4,301
Balance at December 31, held for investment	614
Total	$ 3,687
Life on Which Depreciation is Computed	40 years
Retail \| Retail-Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 1,658
Initial cost, land	0
Initial cost, building & improvements	6,317
Capitalized subsequent to acquisition, land, buildings & improvements	(3,953)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	2,364
Gross amount carried, total	2,364
Balance at December 31, held for investment	481
Total	$ 1,883
Life on Which Depreciation is Computed	40 years
Retail \| Retail-Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	2,000
Encumbrances	$ 8,310
Initial cost, land	0
Initial cost, building & improvements	12,254
Capitalized subsequent to acquisition, land, buildings & improvements	(5,939)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	6,315
Gross amount carried, total	6,315
Balance at December 31, held for investment	932
Total	$ 5,383
Life on Which Depreciation is Computed	40 years
Retail \| Retail-New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	2,000
Encumbrances	$ 16,152
Initial cost, land	1,495
Initial cost, building & improvements	21,488
Capitalized subsequent to acquisition, land, buildings & improvements	(11,487)
Gross amount carried at close of period, land	915
Gross amount carried at close of period, building & improvements	10,581
Gross amount carried, total	11,496
Balance at December 31, held for investment	1,733
Total	$ 9,763
Life on Which Depreciation is Computed	40 years
Retail \| Retail-New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 3,911
Initial cost, land	0
Initial cost, building & improvements	6,372
Capitalized subsequent to acquisition, land, buildings & improvements	(3,074)
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	3,298
Gross amount carried, total	3,298
Balance at December 31, held for investment	480
Total	$ 2,818
Life on Which Depreciation is Computed	40 years
Retail \| Retail-South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties \| property	1,000
Encumbrances	$ 0
Initial cost, land	340
Initial cost, building & improvements	1,553
Capitalized subsequent to acquisition, land, buildings & improvements	(178)
Gross amount carried at close of period, land	282
Gross amount carried at close of period, building & improvements	1,433
Gross amount carried, total	1,715
Balance at December 31, held for investment	277
Total	$ 1,438
Life on Which Depreciation is Computed	9 years
Buildings and improvements \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed	2 years
Buildings and improvements \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed	48 years

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Assets
Gross amounts of assets included on consolidated balance sheets	$ 4,122	$ 14,139
Gross amounts not offset on consolidated balance sheets (assets)	(2,157)	(10)
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	0	0
Net amounts of assets	1,965	14,129
Derivative Liabilities
Gross amounts of (liabilities) included on consolidated balance sheets	(19,133)	(6,042)
Gross amounts not offset on consolidated balance sheets liabilities	2,157	10
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	16,976	5,490
Net amounts of liabilities	0	(542)
Foreign exchange contracts
Derivative Assets
Gross amounts of assets included on consolidated balance sheets	4,122	14,108
Gross amounts not offset on consolidated balance sheets (assets)	(2,157)	(10)
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	0	0
Net amounts of assets	1,965	14,098
Derivative Liabilities
Gross amounts of (liabilities) included on consolidated balance sheets	(2,157)	(10)
Gross amounts not offset on consolidated balance sheets liabilities	2,157	10
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	0	0
Net amounts of liabilities	0	0
Interest rate contracts
Derivative Assets
Gross amounts of assets included on consolidated balance sheets	0	31
Gross amounts not offset on consolidated balance sheets (assets)	0	0
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	0	0
Net amounts of assets	0	31
Derivative Liabilities
Gross amounts of (liabilities) included on consolidated balance sheets	(16,976)	(6,032)
Gross amounts not offset on consolidated balance sheets liabilities	0	0
Gross amounts not offset on consolidated balance sheets (cash collateral pledged)	16,976	5,490
Net amounts of liabilities	$ 0	$ (542)

Commitments and Contingencies - Ground Lease Obligation (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term				15 years 3 months 18 days
Ground lease expense	$ 2.8	$ 2.8	$ 2.1
Weighted average discount rate (as a percentage)				5.20%

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Feb. 27, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) loan variable_interest_entity	Dec. 31, 2019 USD ($) loan investment variable_interest_entity	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)
Variable Interest Entity [Line Items]
Conversion of stock, conversion ratio	1
Provision for loan losses			$ 220,572	$ 220,572	$ 113,911	$ 518
Impairment of operating real estate			$ 282,749	282,800	31,813	0
Investments in unconsolidated ventures				$ 48,400
Unconsolidated ventures (number of impaired loans) \| loan			3	3
Unconsolidated ventures (number of equity participation interests impaired) \| investment				2
Income tax expense (benefit)			$ 3,172	$ 3,172	37,059	$ 2,208
Operating right-of-use asset			25,480	25,480	$ 0		$ 26,300
Operating lease liability			$ 25,495	$ 25,495			$ 26,300
Primary beneficiary
Variable Interest Entity [Line Items]
Number of investing VIEs \| variable_interest_entity			2	2
CLNY OP \| Minimum
Variable Interest Entity [Line Items]
Ownership percentage by parent (in percentage)	38.00%
CLNY OP \| Maximum
Variable Interest Entity [Line Items]
Ownership percentage by parent (in percentage)	100.00%
Third Party Joint Venture Partners \| Minimum \| Not primary beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)			3.50%	3.50%
Third Party Joint Venture Partners \| Maximum \| Not primary beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)			20.00%	20.00%
Legacy, Non-Strategic Portfolio
Variable Interest Entity [Line Items]
Loans held-for-sale, number of loans \| loan				1
Forecast \| Subsequent Event \| Accounting Standards Update 2016-13
Variable Interest Entity [Line Items]
Expected increase in the allowance for loan losses		$ 23,500
Allowance for loan and lease losses (in USD per share) \| $ / shares		$ 0.18
Allowance for loan and lease losses percentage of aggregate commitment (in percentage)		0.81%

Investments in Unconsolidated Ventures - Narrative (Details) $ in Millions	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 27, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) loan	Dec. 31, 2019 USD ($) loan
Investment [Line Items]
Investments in unconsolidated ventures				$ 48.4
Number of impaired loans \| loan			3	3
Minimum
Investment [Line Items]
Investments fair value option, ownership percentage (in percentage)			0.10%	0.10%
Maximum
Investment [Line Items]
Investments fair value option, ownership percentage (in percentage)			21.90%	21.90%
Investments in unconsolidated ventures - PE Investments
Investment [Line Items]
Sale of portion of PE Investments				$ 139.8
Loss recognized on sale PE Investments				0.3
Proceeds related to sale of PE Investments				$ 125.3
Loans and equity partnership interest, legacy, non-strategic portfolio
Investment [Line Items]
Investments in unconsolidated ventures			$ 16.1
Number of impaired loans \| loan			2	2
Equity participation interest in joint venture, core portfolio
Investment [Line Items]
Investments in unconsolidated ventures				$ 17.6
Commercial mortgage, regional mall loans \| Southeast regional mall
Investment [Line Items]
Investments in unconsolidated ventures				$ 14.7
Number of impaired loans \| loan			1	1
Interest in joint venture (in percentage)			50.00%	50.00%
Forecast \| Investments in unconsolidated ventures - PE Investments
Investment [Line Items]
Proceeds related to sale of PE Investments		$ 1.9
Subsequent Event \| Commercial mortgage, regional mall loans \| Southeast regional mall
Investment [Line Items]
Proceeds from sale of loans held-for-sale	$ 13.5
Gains from sale of properties	$ 2.2

Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

Determination of Fair Value

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

PE Investments

The Company accounts for PE Investments at fair value which is determined based on either a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate, or pending sales prices, if applicable. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy, unless the PE Investments are valued based on pending sales prices,

which are classified as Level 2 of the fair value hierarchy. The Company considers cash flow and NAV information provided by general partners of the underlying funds (“GP NAV”) and the implied yields of those funds in valuing its PE Investments. The Company also considers the values derived from the valuation model as a percentage of GP NAV, and compares the resulting percentage of GP NAV to precedent transactions, independent research, industry reports as well as pricing from executed purchase and sale agreements related to the disposition of its PE Investments. The Company may, as a result of that comparison, apply a mark-to-market adjustment. The Company has not elected the practical expedient to measure the fair value of its PE Investments using the NAV of the underlying funds.

Real Estate Securities

CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market.

Investing VIEs

As discussed in Note 6, “Real Estate Securities, Available for Sale,” the Company has elected the fair value option for the financial assets and liabilities of the consolidated Investing VIEs. The Investing VIEs are “static,” that is no reinvestment is permitted and there is very limited active management of the underlying assets. The Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the Investing VIEs are more observable, but in either case, the methodology results in the fair value of the assets of the securitization trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of the securitization trusts are more observable, since market prices for the liabilities are available from a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The financial assets of the securitization trusts are not readily marketable and their fair value measurement requires information that may be limited in availability.

In determining the fair value of the trusts’ financial liabilities, the dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s collateralized mortgage obligations are classified as Level 2 of the fair value hierarchy, where a third-party pricing service or broker quotations are available, and as Level 3 of the fair value hierarchy, where internal price is utilized which may have less observable pricing. In accordance with ASC 810, Consolidation, the assets of the securitization trusts are an aggregate value derived from the fair value of the trust’s liabilities, and the Company has determined that the valuation of the trust’s assets in their entirety including its retained interests from the securitizations (eliminated in consolidation in accordance with U.S. GAAP) should be classified as Level 3 of the fair value hierarchy.

Derivatives

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

Fair Value Hierarchy

Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 by level within the fair value hierarchy (dollars in thousands):



	December 31, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in unconsolidated ventures - PE Investments	$	—	$	1,425	$	8,858	$	10,283	$	—	$	—	$	160,851	$	160,851
Real estate securities, available for sale	—		252,824		—		252,824		—		228,185		—		228,185
Mortgage loans held in securitization trusts, at fair value	—		—		1,872,970		1,872,970		—		—		3,116,978		3,116,978
Other assets - derivative assets	—		4,122		—		4,122		—		14,139		—		14,139
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	$	—	$	1,762,914	$	—	$	1,762,914	$	—	$	2,973,936	$	—	$	2,973,936
Other liabilities - derivative liabilities	—		19,133		—		19,133		—		6,042		—		6,042

The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the years ended December 31, 2019 and 2018 (dollars in thousands):



	Year Ended December 31, 2019						Year Ended December 31, 2018
	Investments in unconsolidated ventures - PE Investments			Mortgage loans held in securitization trusts⁽¹⁾			Investments in unconsolidated ventures - PE Investments			Mortgage loans held in securitization trusts⁽¹⁾
Beginning balance	$	160,851		$	3,116,978		$	24,417		$	—
Contributions⁽²⁾/purchases	151			—			248,390			3,327,199
Distributions/paydowns	(18,407		)	(55,288		)	(78,424		)	(147,824		)
Deconsolidation of securitization trust⁽³⁾	—			(1,239,627		)	—			—
Equity in earnings	—			—			21,709			—
Sale of investments	(48,930		)	(39,848		)	—			—
Transfers out of Level 3	(84,807		)	—			—			—
Unrealized gain (loss) in earnings	—			87,983			(55,241		)	(58,950		)
Realized (loss) in earnings				2,772			—			(3,447		)
Ending balance	$	8,858		$	1,872,970		$	160,851		$	3,116,978

_________________________________________


(1)	For the year ended December 31, 2019, unrealized gain of $88.0 million related to mortgage loans held in securitization trusts, at fair value was offset by unrealized loss of $83.9 million related to mortgage obligations issued by securitization trusts, at fair value.


(2)	Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings.


(3)	In July 2019, the Company sold its retained investments in the subordinate tranches of one securitization trust. As a result of the sale, the Company deconsolidated one of the securitization trusts. See Note 6, “Real Estate Securities, Available for Sale” for further information.

Transfers of assets into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. Assets transferred out of Level 3 represent PE Investments that were valued based on their contracted sales price in March 2019.

For the years ended December 31, 2019 and December 31, 2018, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of December 31, 2019 and December 31, 2018, the key unobservable inputs used in the analysis of PE Investments included discount rates with a range of 11.0% to 12.0% and 11.0% to 15.0%, respectively, and timing and amount of expected future cash flows. As of December 31, 2018, the Company applied additional mark-to-market adjustments based on a percentage of GP NAV with a

weighted average of 11.2%. No additional mark-to-market adjustments were recorded as of December 31, 2019. As of December 31, 2019 and December 31, 2018, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included yields ranging from 15.0% to 16.1% and 14.5% and 19.0%, respectively, and a weighted average life of 5.4 years and 5.4 years, respectively. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs.

For the year ended December 31, 2019, the Company recorded a realized loss associated with the sale of a portion of the Company’s PE Investments of $0.3 million. For the year ended December 31, 2018, the Company recorded an unrealized loss on PE Investments of $55.2 million, respectively. These amounts, when incurred, are recorded as equity in earnings of unconsolidated ventures in the consolidated statements of operations.

For the years ended December 31, 2019 and December 31, 2018 the Company recorded a net unrealized gain of $4.1 million and $5.0 million respectively, related to mortgage loans held in and mortgage obligations issued by securitization trusts, at fair value. These amounts, when incurred, are recorded as unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations.

For the years ended December 31, 2019 and December 31, 2018, the Company recorded realized gain of $2.8 million and a realized loss of $3.4 million, respectively, on mortgage loans held in securitization trusts, at fair value, which represents the gain upon the sale of the Company’s retained interests in the subordinate tranches of one securitization trust. This amount is recorded as realized gain on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations.

Fair Value Option

The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. The Company elected the fair value option for PE Investments and eligible financial assets and liabilities of its consolidated Investing VIEs because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. As of December 31, 2019 and December 31, 2018, the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities.

Fair Value of Financial Instruments

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

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019							December 31, 2018
	Principal Amount			Carrying Value		Fair Value		Principal Amount			Carrying Value		Fair Value
Financial assets:⁽¹⁾
Loans and preferred equity held for investment, net	$	2,858,423	⁽²⁾	$	2,576,332	$	2,470,561	$	2,129,857	⁽²⁾	$	2,020,497	$	2,025,216
Financial liabilities:⁽¹⁾
Securitization bonds payable, net	$	840,423		$	833,153	$	840,423	$	81,372		$	81,372	$	81,372
Mortgage and other notes payable, net	1,260,267			1,256,112		1,260,675		1,177,401			1,173,019		1,177,669
Master repurchase facilities	1,099,233			1,099,233		1,099,233		1,365,918			1,365,918		1,365,918

_________________________________________


(1)	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.


(2)	Excludes future funding commitments of $276.6 million and $135.0 million as of December 31, 2019 and December 31, 2018, respectively.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2019. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been

comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Loans and Preferred Equity Held for Investment, Net

For loans and preferred equity held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Carrying values of loans and preferred equity held for investment are presented net of allowance for loan losses, where applicable.

Securitization Bonds Payable, Net

The Company’s securitization bonds payable, net bear floating rates of interest. As of December 31, 2019, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Mortgage and Other Notes Payable, Net

For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Master Repurchase Facilities

The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of December 31, 2019, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Other

The carrying values of cash and cash equivalents, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risk, if any, are negligible.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment.

The following table summarizes assets carried at fair value on a nonrecurring basis as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans and preferred equity held for investment, net	$	—	$	—	$	104,797	$	104,797	$	—	$	—	$	349,614	$	349,614
Loans held for sale	—		—		5,016		5,016		—		—		—		—
Real estate, net	—		—		448,690		448,690		—		—		48,934		48,934
Real estate assets held for sale	—		—		134,966		134,966		—		—		—		—
Investments in unconsolidated ventures	—		—		211,024		211,024		—		—				—
Deferred leasing costs and intangible assets, net	—		—		42,122		42,122		—		—		497		497

The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented (dollars in thousands):



	Year Ended December 31, 2019		Year Ended December 31, 2018
Provision for loan losses:
Loans and preferred equity held for investment, net	$	209,988	$	114,428
Loans held for sale	10,584		—
Total provision for loan losses	$	220,572	$	114,428

Impairment:
Real estate, net	$	208,891	$	29,378
Real estate held for sale	56,286		—
Investments in unconsolidated ventures	48,407		—
Deferred leasing costs and intangible assets, net	1,043		—
Total impairment	$	314,627	$	29,378

Loans and preferred equity held for investment, net—Provision for loan losses consisted of certain loans in the Company’s Legacy, Non-Strategic Portfolio segment, which reflected the reduction of the estimated fair value of the collateral. The fair value of the loans collateral was determined using independent third party valuations and applying terminal capitalization rates ranging from 11% to 29%. The Company recorded $210.0 million and $114.4 million of provision for loan losses related to its loans and preferred equity included in its Legacy, Non-Strategic Portfolio segment during the years ended December 31, 2019 and December 31, 2018, respectively.

Loans held for sale— Provision for loan losses consisted of one loan in the Company’s Legacy, Non-Strategic Portfolio segment. The fair value of the loan was based on a discounted cash flow projection of principal and interest expected to be collected, utilizing a discount rate of 10.5%, which includes consideration of the financial standing of the borrower as well as operating results of the underlying collateral. The Company recorded $10.6 million of provision for loan losses related to the loan during the year ended December 31, 2019.

Investments in unconsolidated ventures—Impaired investments in unconsolidated ventures consisted of the company’s proportionate share of impairment on one loan in the Company’s Legacy, Non-Strategic Portfolio segment, which reflected the reduction of the estimated fair value of the collateral. The fair value of the loans collateral was determined using independent third party valuations and applying a terminal capitalization rate of 20%. The Company recorded $14.7 million of impairment related to the loan during the year ended December 31, 2019.

Also, the Company recorded its proportionate share of impairment on two loans and an equity partnership interest secured by residential development projects included in its Legacy, Non-Strategic Portfolio, which were a result of revised sales expectations based on market prices of similar properties recently sold or currently being offered for sale. The Company recorded $16.1 million of impairment related to the two loans and equity partnership interest during the year ended December 31, 2019.

Furthermore, the Company recorded its proportionate share of impairment related to an equity participation interest in a joint venture, within its Core Portfolio, to reflect the estimated value of the collateral. The fair value of the loans collateral was determined using independent third party valuations and applying a terminal capitalization rate of 8%. The Company recorded $17.6 million of impairment related to its equity participation interest during the year ended December 31, 2019.

Real estate, net— Impaired real estate held for investment consisted of certain properties in the Company’s net leased real estate segment in its Core Portfolio and Legacy, Non-Strategic Portfolio segments with substantially all of such impairment resulting from the reduction in the estimated holding period of the properties. Fair value of the impaired properties was determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price generally based on broker price opinions, independent third party valuations and/or applying a terminal capitalization rate ranging from 6% to 14%. The Company recorded $23.9 million of impairment on its net leased real estate properties in its Core Portfolio during the year ended December 31, 2019. The Company recorded $185.0 million and $7.1 million of impairment on its Legacy, Non-Strategic Portfolio properties during the years ended December 31, 2019 and December 31, 2018, respectively.

The Company previously recorded $7.1 million of impairment on a separate legacy, non-strategic property during the third quarter of 2018.

Real estate held for sale— Impaired real estate held for sale consisted of certain properties in the company’s net leased real estate segment included in its Core Portfolio and Legacy, Non-Strategic Portfolio segments resulting from one or more changes including reduction in the estimated holding period of the properties, rent reductions and exposure to the retail market. Fair value of the impaired properties was determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price generally based on broker price opinions and/or applying a terminal capitalization rate ranging from 3% to 20%. The Company recorded $73.8 million and $22.3 million of impairment on its Legacy, Non-Strategic Portfolio properties held for sale during the years ended December 31, 2019 and December 31, 2018, respectively.

See Note 7, “Real Estate, net and Real Estate Held for Sale” for further information.

- 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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Summary of Distributions Declared

During the year ended December 31, 2019, the Company declared the following dividends on its common stock:



Declaration Date	Record Date	Payment Date	Per Share
January 17, 2019	January 31, 2019	February 11, 2019	$0.145
February 15, 2019	February 28, 2019	March 11, 2019	$0.145
March 18, 2019	March 29, 2019	April 10, 2019	$0.145
April 15, 2019	April 30, 2019	May 10, 2019	$0.145
May 2, 2019	May 31, 2019	June 10, 2019	$0.145
June 17, 2019	June 30, 2019	July 10, 2019	$0.145
July 17, 2019	July 31, 2019	August 9, 2019	$0.145
August 1, 2019	August 31, 2019	September 10, 2019	$0.145
September 17, 2019	September 30, 2019	October 10, 2019	$0.145
October 17, 2019	October 31, 2019	November 12, 2019	$0.145
November 7, 2019	November 30, 2019	December 10, 2019	$0.10
November 7, 2019	December 31, 2019	January 10, 2020	$0.10

Reclassification out of Accumulated Other Comprehensive Income

The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect.

Changes in Components of AOCI - Stockholders



(in thousands)	Unrealized gain (loss) on real estate securities, available for sale			Unrealized gain on net investment hedges		Foreign currency translation loss			Total
AOCI at December 31, 2016	$	—		$	—	$	—		$	—
Other comprehensive income (loss)	—			—		—			—
AOCI at December 31, 2017	—			—		—			—
Other comprehensive income (loss)	(1,295		)	11,037		(10,141		)	(399		)
AOCI at December 31, 2018	(1,295		)	11,037		(10,141		)	(399		)
Other comprehensive income (loss)	17,204			14,835		(3,346		)	28,693
AOCI at December 31, 2019	$	15,909		$	25,872	$	(13,487	)	$	28,294

Changes in Components of AOCI - Noncontrolling Interests in the OP



(in thousands)	Unrealized gain (loss) on real estate securities, available for sale			Unrealized gain on net investment hedges		Foreign currency translation loss			Total
AOCI at December 31, 2016	$	—		$	—	$	—		$	—
Other comprehensive income (loss)	—			—		—			—
AOCI at December 31, 2017	—			—		—			—
Other comprehensive income (loss)	(32		)	268		(246		)	(10		)
AOCI at December 31, 2018	(32		)	268		(246		)	(10		)
Other comprehensive income (loss)	644			625		(555		)	714
AOCI at December 31, 2019	$	612		$	893	$	(801	)	$	704

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale [Line Items]
Loans and preferred equity held for investment, net	$ 2,576,332	$ 2,020,497
Total assets held for sale	189,470	$ 0
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Loans and preferred equity held for investment, net	5,016
Total assets held for sale	$ 5,016

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Noncontrolling interests include the aggregate limited partnership interests in the OP held by RED REIT. Net income (loss) attributable to the noncontrolling interests is based on the limited partners’ ownership percentage of the OP. Net loss attributable to the noncontrolling interests of the OP was $9.9 million and $4.1 million for the years ended December 31, 2019 and 2018, respectively. Investment Entities Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net loss attributable to noncontrolling interests in the investment entities for the years ended December 31, 2019 and 2018 was $38.2 million and $4.8 million, respectively. Net income attributable to noncontrolling interests in the investment entities for the year ended December 31, 2017 was $39.4 million.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Segment Reporting

The following tables present segment reporting for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):



	Core
	Senior and MezzanineLoans and Preferred Equity			CRE Debt Securities			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2019
Net interest income (expense)	$	75,952		$	20,967		$	9		$	(9,581	)	$	87,347		$	10,331		$	97,678
Property and other income	729			429			115,642			504			117,304			138,984			256,288
Management fee expense	—			—			—			(33,912		)	(33,912		)	(8,478		)	(42,390		)
Property operating expense	—			—			(31,733		)	—			(31,733		)	(81,068		)	(112,801		)
Transaction, investment and servicing expense	(2,142		)	(4		)	(214		)	(854		)	(3,214		)	(3,977		)	(7,191		)
Interest expense on real estate	—			—			(34,430		)	—			(34,430		)	(20,985		)	(55,415		)
Depreciation and amortization	—			—			(49,003		)	—			(49,003		)	(54,217		)	(103,220		)
Provision for loan losses	—			—			—			—			—			(220,572		)	(220,572		)
Impairment of operating real estate	—			—			(23,911		)	—			(23,911		)	(258,838		)	(282,749		)
Administrative expense	(1,036		)	(1,208		)	(380		)	(14,267		)	(16,891		)	(15,045		)	(31,936		)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	—			5,127			—			(1,037		)	4,090			—			4,090
Realized gain on mortgage loans and obligations held in securitization trusts, net	—			48			—			2,724			2,772			—			2,772
Other gain (loss), net	30			(10,931		)	2,430			1			(8,470		)	7,498			(972		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	73,533			14,428			(21,590		)	(56,422		)	9,949			(506,367		)	(496,418		)
Equity in earnings (loss) of unconsolidated ventures	56,241			—			—			—			56,241			(19,299		)	36,942
Income tax benefit (expense)	(881		)	—			524			(382		)	(739		)	(2,433		)	(3,172		)
Net income (loss)	$	128,893		$	14,428		$	(21,066	)	$	(56,804	)	$	65,451		$	(528,099	)	$	(462,648	)

_________________________________________

(1)

Includes income earned from the CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the year ended December 31, 2019, $1.7 million, was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The corresponding interest expense is recorded in net interest income in the Corporate column.



	Core
	Senior and MezzanineLoans and Preferred Equity			CRE Debt Securities			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2018
Net interest income (expense)	$	59,178		$	24,778		$	4		$	(6,602	)	$	77,358		$	38,181		$	115,539
Property and other income	315			84			88,691			1,131			90,221			91,769			181,990
Management fee expense	—			—			—			(34,551		)	(34,551		)	(8,639		)	(43,190		)
Property operating expense	10			—			(26,683		)	—			(26,673		)	(46,943		)	(73,616		)
Transaction, investment and servicing expense	(1,847		)	(80		)	(468		)	(33,500		)	(35,895		)	(905		)	(36,800		)
Interest expense on real estate	—			—			(25,372		)	—			(25,372		)	(18,065		)	(43,437		)
Depreciation and amortization	—			—			(45,735		)	—			(45,735		)	(45,251		)	(90,986		)
Provision for loan losses	517			—			—			—			517			(114,428		)	(113,911		)
Impairment of operating real estate	—			—			(2,435		)	—			(2,435		)	(29,378		)	(31,813		)
Administrative expense	(501		)	(1,617		)	(145		)	(12,119		)	(14,382		)	(12,252		)	(26,634		)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—			1,642			—			3,361			5,003			—			5,003
Realized loss on mortgage loans and obligations held in securitization trusts, net	—			(3,447		)	—			—			(3,447		)	—			(3,447		)
Other gain (loss), net	(114		)	(6,032		)	2,736			—			(3,410		)	644			(2,766		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	57,558			15,328			(9,407		)	(82,280		)	(18,801		)	(145,267		)	(164,068		)
Equity in earnings (loss) of unconsolidated ventures	42,484			—			—			—			42,484			(18,710		)	23,774
Income tax expense	—			—			(1,125		)	—			(1,125		)	(35,934		)	(37,059		)
Net income (loss)	$	100,042		$	15,328		$	(10,532	)	$	(82,280	)	$	22,558		$	(199,911	)	$	(177,353	)

_________________________________________

(1)

Includes income earned from the CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the year ended December 31, 2018, $3.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The corresponding interest expense is recorded in net interest income in the Corporate column.



	Core
	Senior and MezzanineLoans and Preferred Equity			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2017
Net interest income (expense)	$	71,172		$	—		$	—		$	71,172		$	48,023		$	119,195
Property and other income	468			7,556			—			8,024			16,517			24,541
Property operating expense	—			(1,236		)	—			(1,236		)	(6,742		)	(7,978		)
Transaction, investment and servicing expense	(2,309		)	(200		)	—			(2,509		)	(61		)	(2,570		)
Interest expense on real estate	—			(2,968		)	—			(2,968		)	(2,127		)	(5,095		)
Depreciation and amortization	—			(3,084		)	—			(3,084		)	(6,053		)	(9,137		)
Provision for loan losses	(518		)	—			—			(518		)	—			(518		)
Impairment of operating real estate	—			—			—			—			—			—
Administrative expense	(1,078		)	(1		)	(5,782		)	(6,861		)	(5,808		)	(12,669		)
Other gain (loss), net	(400		)	—			—			(400		)	10			(390		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	67,335			67			(5,782		)	61,620			43,759			105,379
Equity in earnings (loss) of unconsolidated ventures	3,000			—			—			3,000			21,709			24,709
Income tax benefit (expense)				—			—			—			(2,208		)	(2,208		)
Net income (loss)	$	70,335		$	67		$	(5,782	)	$	64,620		$	63,260		$	127,880

Summary of Total Assets by Segment

The following table presents total assets by segment as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	Core
Total Assets	Senior and Mezzanine Loans and Preferred Equity⁽¹⁾		CRE Debt Securities		Net Leased Real Estate		Corporate⁽²⁾			Total Core Portfolio		Legacy, Non-Strategic Portfolio⁽³⁾		Total
December 31, 2019	$	2,464,963	$	2,226,448	$	1,181,609	$	496,714		$	6,369,734	$	1,044,572	$	7,414,306
December 31, 2018	2,111,443		3,507,404		1,313,220		(70,600		)	6,861,467		1,799,263		8,660,730

_________________________________________


(1)	Includes investments in unconsolidated ventures totaling $585.0 million and $742.2 million as of December 31, 2019 and December 31, 2018, respectively.


(2)	Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of the securitization trusts in consolidation.

(3)

Includes PE Investments totaling $10.3 million and $160.9 million as of December 31, 2019 and December 31, 2018, respectively.

Schedule of Revenue by Geographic Areas

Geography information on total income and long lived assets are presented as follows (dollars in thousands):



	Year Ended December 31,
	2019		2018		2017
Total income by geography:
United States	$	539,094	$	481,404	$	185,853
Europe	49,476		17,487		—
Other	32		1,897		3,611
Total⁽¹⁾	$	588,602	$	500,788	$	189,464

Schedule of Long-lived Assets by Geographic Areas



	December 31, 2019		December 31, 2018
Long-lived assets by geography:
United States	$	1,282,189	$	1,764,247
Europe	315,369		329,511
Total⁽²⁾	$	1,597,558	$	2,093,758

_________________________________________


(1)	Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

(2)

Long-lived assets are comprised of real estate and real estate related intangible assets, and excludes financial instruments and assets held for sale.

Summary of Significant Accounting Policies - Assets and Liabilities from Deconsolidation (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ (432,149)		$ (443,143)
Liabilities
Total liabilities	(318,255)		(319,310)
Stockholders’ equity	(113,894)		(123,833)
Total liabilities and equity	$ (432,149)		$ (443,143)
CLNS Investment Entities
Assets
Cash and cash equivalents		$ (11,408)
Restricted cash		(14,704)
Loans and preferred equity held for investment, net		(553,678)
Investments in unconsolidated ventures		127,062
Receivables, net		(4,344)
Other assets		(114)
Total assets		(457,186)
Liabilities
Mortgage and other notes payable, net		(128,709)
Accrued and other liabilities		(640)
Escrow deposits payable		(14,704)
Total liabilities		(144,053)
Stockholders’ equity		(313,133)
Total liabilities and equity		$ (457,186)

Related Party Arrangements - Other Payables to Manager (Details) - Affiliated Entity - Other payables to manager - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Assumed in the combination	$ 0	$ 6,900,000
Liabilities assumed in the combination		$ 6,400,000

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	48 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years

Derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

As of December 31, 2019 and December 31, 2018, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):



	December 31, 2019									December 31, 2018
	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	—		$	4,122		$	4,122		$	11,312		$	2,796		$	14,108
Interest rate contracts	—			—			—			—			31			31
Included in other assets	$	—		$	4,122		$	4,122		$	11,312		$	2,827		$	14,139
Derivative Liabilities
Foreign exchange contracts	$	(2,128	)	$	(29	)	$	(2,157	)	$	(10	)	$	—		$	(10	)
Interest rate contracts	—			(16,976		)	(16,976		)	—			(6,032		)	(6,032		)
Included in accrued and other liabilities	$	(2,128	)	$	(17,005	)	$	(19,133	)	$	(10	)	$	(6,032	)	$	(6,042	)

Schedule of Derivative Liabilities at Fair Value

As of December 31, 2019 and December 31, 2018, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):



	December 31, 2019									December 31, 2018
	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	—		$	4,122		$	4,122		$	11,312		$	2,796		$	14,108
Interest rate contracts	—			—			—			—			31			31
Included in other assets	$	—		$	4,122		$	4,122		$	11,312		$	2,827		$	14,139
Derivative Liabilities
Foreign exchange contracts	$	(2,128	)	$	(29	)	$	(2,157	)	$	(10	)	$	—		$	(10	)
Interest rate contracts	—			(16,976		)	(16,976		)	—			(6,032		)	(6,032		)
Included in accrued and other liabilities	$	(2,128	)	$	(17,005	)	$	(19,133	)	$	(10	)	$	(6,032	)	$	(6,042	)

Schedule of Derivative Instruments

The following table summarizes the foreign exchange and interest rate contracts as of December 31, 2019:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Designated

Non-Designated

FX Forward

EUR

€

164,686

€

—

June 2020 - June 2023

FX Forward

NOK

NOK 585,600

NOK 318,400

January 2020 - July 2023

Interest Rate Swap

USD

—

403,838

April 2020 - August 2028

The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the years ended December 31, 2019 and 2018 (dollars in thousands):



	Year Ended December 31,
	2019			2018
Other gain (loss), net
Non-designated foreign exchange contracts	$	1,286		$	2,796
Non-designated interest rate contracts	(10,966		)	(6,001		)
	$	(9,680	)	$	(3,205	)
Accumulated other comprehensive income (loss)
Designated foreign exchange contracts	$	15,460		$	11,305
	$	15,460		$	11,305
Interest income
Non-designated interest rate contracts	$	—		$	2,176

Offsetting Derivative Assets

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
				(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	4,122		$	(2,157	)	$	—	$	1,965
Interest rate contracts	—			—			—		—
	$	4,122		$	(2,157	)	$	—	$	1,965
Derivative Liabilities
Foreign exchange contracts	$	(2,157	)	$	2,157		$	—	$	—
Interest rate contracts	(16,976		)	—			16,976		—
	$	(19,133	)	$	2,157		$	16,976	$	—

December 31, 2018
Derivative Assets
Foreign exchange contracts	$	14,108		$	(10	)	$	—	$	14,098
Interest rate contracts	31			—			—		31
	$	14,139		$	(10	)	$	—	$	14,129
Derivative Liabilities
Foreign exchange contracts	$	(10	)	$	10		$	—	$	—
Interest rate contracts	(6,032		)	—			5,490		(542		)
	$	(6,042	)	$	10		$	5,490	$	(542	)

Offsetting Derivative Liabilities



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
				(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	4,122		$	(2,157	)	$	—	$	1,965
Interest rate contracts	—			—			—		—
	$	4,122		$	(2,157	)	$	—	$	1,965
Derivative Liabilities
Foreign exchange contracts	$	(2,157	)	$	2,157		$	—	$	—
Interest rate contracts	(16,976		)	—			16,976		—
	$	(19,133	)	$	2,157		$	16,976	$	—

December 31, 2018
Derivative Assets
Foreign exchange contracts	$	14,108		$	(10	)	$	—	$	14,098
Interest rate contracts	31			—			—		31
	$	14,139		$	(10	)	$	—	$	14,129
Derivative Liabilities
Foreign exchange contracts	$	(10	)	$	10		$	—	$	—
Interest rate contracts	(6,032		)	—			5,490		(542		)
	$	(6,042	)	$	10		$	5,490	$	(542	)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Narrative (Details)		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) loan borrower	Jan. 31, 2019 property	Dec. 31, 2019 USD ($) loan borrower property	Dec. 31, 2019 USD ($) loan investment borrower property	Dec. 31, 2018 USD ($) loan investment borrower property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 30, 2016 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and preferred equity held for investment, net	$ 2,576,332,000		$ 2,576,332,000	$ 2,576,332,000	$ 2,020,497,000
Maturity period of debt instruments depending upon the asset type (in years)	4 years 1 month 6 days
Interest receivable	$ 9,800,000		$ 9,800,000	$ 9,800,000	$ 8,600,000
Number of loans, non-accrual status \| loan	4		4	4
Number of properties collateralized \| property		28			24
Provision for loan loss					$ 31,700,000
Executed sale, collateralized, number of properties \| loan					4
Unpaid principal balances on collateralized loans								$ 284,200,000
Troubled debt restructuring, number of contracts \| loan	0		0	0
Troubled debt restructuring, default, number of contracts \| loan					3
Allowance for loan losses	$ 272,624,000		$ 272,624,000	$ 272,624,000	$ 109,328,000	$ 517,000	$ 3,386,000
Carrying value of loans	409,700,000		409,700,000	409,700,000	458,900,000
Assets-held-for-sale, including discontinued operations	$ 0		$ 0	$ 0	$ 0
Real estate debt investments with contractual payments past due	5		5	5	13
Number of borrowers, contractual payments past due \| borrower	2		2	2
Number of CRE debt investments contributed to more than 10% of interest income \| investment				0
Percent of interest income contributed by investment (in percentage)				10.00%
Future funding commitments	$ 276,600,000		$ 276,600,000	$ 276,600,000	$ 135,000,000.0
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring, number of contracts \| loan					1
Carrying value before allowance loan losses					$ 28,600,000
Other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring, number of contracts \| loan					3
Carrying value before allowance loan losses					$ 108,500,000
Commercial mortgage, regional mall loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties collateralized \| property			3
Provision for loan loss			$ 37,300,000		$ 23,800,000
Number of loans with potential loss \| loan	4		4	4	3
Number of borrowers with potential loss \| borrower					2
Number of loans commencing with foreclosure proceedings \| loan					2
Commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and preferred equity held for investment, net	$ 2,848,956,000		$ 2,848,956,000	$ 2,848,956,000	$ 2,129,825,000
Carrying value of loans	377,421,000		377,421,000	377,421,000	458,942,000
Future funding commitments	$ 276,600,000		$ 276,600,000	276,600,000
Purchased credit-impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss					$ 5,100,000
Troubled debt restructuring, number of contracts \| loan					4
NY Hospitality Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss				154,300,000	$ 53,800,000
Northeast Regional Mall B \| Commercial mortgage, regional mall loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss				$ 10,500,000
West Regional Mall \| Commercial mortgage, regional mall loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties collateralized \| property				1
Provision for loan loss				$ 18,500,000
Number of loans with potential loss \| loan	2		2	2
Legacy, Non-Strategic Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale, number of loans \| loan				1
Non-Core \| Legacy, Non-Strategic Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans, non-accrual status \| loan	1		1	1
Impaired financing receivable, recorded impairment				$ 10,600,000
Number of loans with potential loss \| loan	7		7	7
Number of borrowers with potential loss \| borrower	5		5	5
Remaining Number of Loans, Notified with Potential Loss \| loan			6
Core \| Midwest Hospitality \| Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans, non-accrual status \| loan	1		1	1
Commercial Mortgage, Regional Malls, Excluding PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balances on collateralized loans					$ 36,900,000

Real Estate Securities, Available for Sale - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) loan security securitization_trust	Jul. 31, 2019 USD ($) securitization_trust	Dec. 31, 2019 USD ($) loan security securitization_trust	Dec. 31, 2019 USD ($) loan security securitization_trust	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Securities, Available-for-sale [Line Items]
Unrealized gains (losses) in OCI			$ 17,800		$ 1,300
Number of securities in an unrealized loss position, less than 12 months \| security	2		2	2
Securities in an unrealized loss position, less than 12 months	$ 12,200		$ 12,200	$ 12,200
Unrealized loss on securities in an unrealized loss position, less than 12 months	600		600	600
Interest receivable	$ 700		$ 700	$ 700	800
Number of securitization trusts held \| securitization_trust	2		2	2
Proceeds from sale of mortgage loans held in securitization trusts				$ 39,848	0	$ 0
Gross assets	$ 7,414,306		$ 7,414,306	7,414,306	8,660,730
Gross liabilities	$ 5,212,956		5,212,956	5,212,956	5,815,528
Real estate securities, available for sale
Debt Securities, Available-for-sale [Line Items]
Weighted average contractual maturity	31 years
Expected maturity	6 years 4 months 24 days
Primary beneficiary
Debt Securities, Available-for-sale [Line Items]
Number of securitization trusts sold \| securitization_trust		1
Proceeds from sale of mortgage loans held in securitization trusts		$ 33,400
Gross assets	$ 1,879,990	1,200,000	1,879,990	1,879,990	3,130,156
Gross liabilities	1,769,181	$ 1,200,000	1,769,181	1,769,181	2,986,169
Primary beneficiary
Debt Securities, Available-for-sale [Line Items]
Gross assets	3,502,341		3,502,341	3,502,341	3,920,856
Gross liabilities	3,117,364		3,117,364	3,117,364	3,397,041
Mortgage loans held in trust, unpaid principal balance	1,800,000		1,800,000	1,800,000	3,100,000
Mortgage obligations held in trust, unpaid principal balance	$ 1,600,000		$ 1,600,000	$ 1,600,000	2,900,000
Number of underlying mortgage loans \| loan	115		115	115
Weighted average coupon (in percentage)	4.50%		4.50%	4.50%
Weighted average loan to value ratio (in percentage)	56.60%		56.60%	56.60%
Difference between held and issued mortgage loans in securitization trusts	$ 110,100		$ 110,100	$ 110,100	$ 143,000

Fair Value - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Real estate securities, available for sale	$ 252,824	$ 228,185
Mortgage loans held in securitization trusts, at fair value	1,872,970	3,116,978
Other assets - derivative assets	4,122	14,139
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	1,762,914	2,973,936
Other liabilities - derivative liabilities	19,133	21,576
Recurring basis
Assets:
Investments in unconsolidated ventures - PE Investments	10,283	160,851
Real estate securities, available for sale	252,824	228,185
Mortgage loans held in securitization trusts, at fair value	1,872,970	3,116,978
Other assets - derivative assets	4,122	14,139
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	1,762,914	2,973,936
Other liabilities - derivative liabilities	19,133	6,042
Recurring basis \| Level 1
Assets:
Investments in unconsolidated ventures - PE Investments	0	0
Real estate securities, available for sale	0	0
Mortgage loans held in securitization trusts, at fair value	0	0
Other assets - derivative assets	0	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	0	0
Other liabilities - derivative liabilities	0	0
Recurring basis \| Level 2
Assets:
Investments in unconsolidated ventures - PE Investments	1,425	0
Real estate securities, available for sale	252,824	228,185
Mortgage loans held in securitization trusts, at fair value	0	0
Other assets - derivative assets	4,122	14,139
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	1,762,914	2,973,936
Other liabilities - derivative liabilities	19,133	6,042
Recurring basis \| Level 3
Assets:
Investments in unconsolidated ventures - PE Investments	8,858	160,851
Real estate securities, available for sale	0	0
Mortgage loans held in securitization trusts, at fair value	1,872,970	3,116,978
Other assets - derivative assets	0	0
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	0	0
Other liabilities - derivative liabilities	$ 0	$ 0

Restricted Cash, Other Assets and Accrued and Other Liabilities

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restricted Cash, Other Assets and Accrued and Other Liabilities

The following table presents a summary of restricted cash as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Restricted cash:
Borrower escrow deposits	$	74,496	$	65,995
Margin pledged as collateral	19,536		7,567
Real estate escrow reserves	18,020		15,750
Capital expenditure reserves	8,882		8,994
Working capital and other reserves	4,198		2,905
Tenant lockboxes	933		5,642
Restricted cash of consolidated Securitization 2016-1	—		3,293
Total	$	126,065	$	110,146

The following table presents a summary of other assets as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Other assets:
Right-of-use lease asset⁽¹⁾	$	25,480	$	—
Prepaid taxes and deferred tax assets	21,989		32,878
Investment deposits and pending deal costs	20,779		—
Deferred financing costs, net - credit facilities	8,382		9,415
Prepaid expenses	5,311		5,574
Derivative asset	4,122		14,139
Other assets	1,644		—
Total	$	87,707	$	62,006

_________________________________________


(1)	Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019, the Company, as lessee of various ground leases, recognized right-of-use lease assets and corresponding liabilities for future obligations under lease arrangements on balance sheet.

The following table presents a summary of accrued and other liabilities as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Accrued and other liabilities:
Current and deferred tax liability	$	31,510	$	36,730
Accounts payable, accrued expenses and other liabilities	28,278		29,151
Operating lease liability⁽¹⁾	25,495		—
Derivative liability	19,133		21,576
Prepaid rent and unearned revenue	16,744		6,042
Interest payable	16,259		10,481
Tenant security deposits	3,005		2,207
Total	$	140,424	$	106,187

_________________________________________

(1)

Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019, the Company, as lessee of various ground leases, recognized right-of-use lease assets and corresponding liabilities for future obligations under lease arrangements on balance sheet.

Real Estate, net and Real Estate Held for Sale - Real Estate Sales (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)
Real Estate [Line Items]
Gain (loss) on sale of properties \| $		$ 9,900
Number of real estate properties \| property		6	1
Impairment of operating real estate \| $		$ 282,749	$ 31,813	$ 0
Multi-tenant office portfolio in bothell, washington
Real Estate [Line Items]
Proceeds from sale of real estate \| $	$ 177,000	$ 97,000
Impairment of operating real estate \| $			$ 2,400
Company's Legacy, Non-Strategic Portfolio \| Retail
Real Estate [Line Items]
Number of real estate properties \| property		4
Company's Legacy, Non-Strategic Portfolio \| Office
Real Estate [Line Items]
Number of real estate properties \| property		1
Company’s Core Portfolio \| Hotel
Real Estate [Line Items]
Number of real estate properties \| property		1

Income Taxes - Summary of Tax Provisions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Federal		$ (6,316)	$ (7,534)	$ (389)
State and local		(1,824)	(583)	(75)
Foreign		316	(588)	0
Total current tax benefit (expense)		(7,824)	(8,705)	(464)
Deferred
Federal		2,226	(27,817)	(1,760)
State and local		0	0	16
Foreign		2,426	(537)	0
Total deferred tax benefit (expense)		4,652	(28,354)	(1,744)
Total income tax expense	$ (3,172)	$ (3,172)	$ (37,059)	$ (2,208)

Fair Value - Summary of Assets Carried at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and preferred equity held for investment, net	$ 2,576,332	$ 2,020,497
Real estate, net	1,484,796	1,959,690
Assets held for sale	189,470	0
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and preferred equity held for investment, net	104,797	349,614
Loans held for sale	5,016	0
Real estate, net	448,690	48,934
Assets held for sale	134,966	0
Investments in unconsolidated ventures - PE Investments	211,024	0
Deferred leasing costs and intangible assets, net	42,122	497
Fair value, measurements, nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and preferred equity held for investment, net	0	0
Loans held for sale	0	0
Real estate, net	0	0
Assets held for sale	0	0
Investments in unconsolidated ventures - PE Investments	0	0
Deferred leasing costs and intangible assets, net	0	0
Fair value, measurements, nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and preferred equity held for investment, net	0	0
Loans held for sale	0	0
Real estate, net	0	0
Assets held for sale	0	0
Investments in unconsolidated ventures - PE Investments	0	0
Deferred leasing costs and intangible assets, net	0	0
Fair value, measurements, nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and preferred equity held for investment, net	104,797	349,614
Loans held for sale	5,016	0
Real estate, net	448,690	48,934
Assets held for sale	134,966	0
Investments in unconsolidated ventures - PE Investments	211,024
Deferred leasing costs and intangible assets, net	42,122	497
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	10,283	160,851
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	0	0
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	1,425	0
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	$ 8,858	$ 160,851

Earnings Per Share (Details) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 31, 2018 shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)		$ (462,648)	$ (462,648)	$ (177,353)	$ 127,880
Net loss attributable to noncontrolling interests:
Investment entities			38,208	4,771	(39,376)
Operating Partnership			9,928	4,084	(5,734)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders			(414,512)	(168,498)	82,770
Numerator:
Net income allocated to participating securities (nonvested shares)			(2,187)	(1,439)	0
Net income (loss) attributable to common stockholders			$ (416,699)	$ (169,937)	$ 82,770
Denominator:
Weighted average shares outstanding - basic and diluted (in shares) \| shares			128,391,000	120,677,000	44,399,000
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares			3,075,623		3,075,623
Net income (loss) per common share - basic and diluted (in dollars per share) \| $ / shares			$ (3.25)	$ (1.41)	$ 1.86
Conversion of stock, conversion ratio	1
Option conversion ratio			1
Class B-3
Denominator:
Common stock, shares outstanding (in shares) \| shares	44,400,000	0	0	44,399,444

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Tax Provisions

The following table provides a summary of the Company’s tax provisions (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Current
Federal	$	(6,316	)	$	(7,534	)	$	(389	)
State and local	(1,824		)	(583		)	(75		)
Foreign	316			(588		)	—
Total current tax benefit (expense)	(7,824		)	(8,705		)	(464		)
Deferred
Federal	2,226			(27,817		)	(1,760		)
State and local	—			—			16
Foreign	2,426			(537		)	—
Total deferred tax benefit (expense)	4,652			(28,354		)	(1,744		)
Total income tax expense	$	(3,172	)	$	(37,059	)	$	(2,208	)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows (dollars in thousands):



	December 31,
	2019			2018
Deferred tax assets
Basis difference - investment in partnerships	$	40,626		$	40,205
Disallowed interest expense carry forwards	524			2,659
Net operating and capital loss carry forwards⁽¹⁾	9,910			3,974
Other	746			746
Gross deferred tax asset	51,806			47,584
Valuation allowance	(49,244		)	(46,842		)
Deferred tax assets, net of valuation allowance	$	2,562		$	742

Deferred tax liabilities
Basis difference - real estate	(31,463		)	(34,418		)
Gross deferred tax liabilities	(31,463		)	(34,418		)
Net deferred tax liability	$	(28,901	)	$	(33,676	)

_________________________________________

(1)

As of December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $27.1 million and $15.6 million, respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2034, or can be carried forward indefinitely.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. income tax to the Company’s effective income tax is presented as follows (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Pre-tax income (loss) attributable to taxable entities	$	(1,316	)	$	(39,843	)	$	548
Federal tax expense (benefit) at statutory tax rate (21%, 21% and 35%, respectively)	(276		)	(8,367		)	192
State and local taxes, net of federal income tax expense (benefit)	71			(644		)	12
Permanent adjustments	2,850			41			—
Foreign income tax differential	(1,328		)	24			—
Foreign income tax rate change	(1,383		)	—			—
Return to provision	(273		)	—			—
Valuation allowance, net	2,402			43,078			—
Revaluation of deferred taxes due to "Tax Cuts and Jobs Act"	—			1,725			212
Other	1,109			1,202			1,792
Income tax expense	$	3,172		$	37,059		$	2,208

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 126,065	$ 110,146	$ 41,901	$ 58,530
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	74,496	65,995
Margin pledged as collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	19,536	7,567
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,882	8,994
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	18,020	15,750
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,198	2,905
Tenant lockboxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	933	5,642
Restricted cash of consolidated Securitization 2016-1
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 3,293

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Carrying Value of Commercial Real Estate Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 2,005,497	$ 1,300,784	$ 1,523,426
Loans and preferred equity held for investment acquired in the Combination (Note 3)	0	1,249,733	0
Deconsolidation of investment entities	0	(553,678)	0
Acquisitions/originations/additional funding	1,337,583	904,461	374,981
Loan maturities/principal repayments	(444,736)	(627,219)	(547,252)
Foreclosure of loans held for investment	(174,048)	(117,878)	(20,204)
Combination adjustment	0	(50,314)	0
Discount accretion/premium amortization	6,293	2,582	8,551
Capitalized interest	12,190	5,837	1,802
Provision for loan losses	(220,572)	(109,328)	(518)
Charge-off	46,693	0	0
Recoveries	0	517	0
Payments received from PCI loans	0	0	(56,832)
Accretion on PCI loans	0	0	4,396
Consolidation of loans receivable held by investment entities	0	0	12,434
Transfer to loans held for sale	(5,016)	0	0
Balance at December 31	2,563,884	2,005,497	$ 1,300,784
Senior loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal amount and carrying value not related to real estate	$ 12,400	$ 15,000

Related Party Arrangements - Reimbursements of Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party expenses incurred	$ 11.1	$ 10.4
Affiliated Entity \| Operating costs
Related Party Transaction [Line Items]
Due to related party	$ 2.7	$ 3.5

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale

The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands):



	December 31, 2019								December 31, 2018
	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon⁽¹⁾		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon⁽¹⁾		Weighted Average Maturity in Years
Fixed rate
Mezzanine loans	$	223,395	$	222,503		12.8	%	4.2	$	175,448	$	174,830		12.7	%	4.9
Preferred equity interests	115,384		115,313			12.5	%	6.9	113,860		113,687			12.6	%	7.7
Other loans⁽²⁾	12,572		12,448			15.0	%	4.4	15,000		15,000			16.0	%	0.5
	351,351		350,264						304,308		303,517
Variable rate
Senior loans	1,462,467		1,457,738			6.0	%	3.8	1,432,416		1,430,635			6.3	%	4.2
Securitized loans⁽³⁾	1,006,495		1,002,696			5.2	%	4.2	302,868		305,106			7.9	%	1.1
Mezzanine loans	38,110		38,258			11.4	%	2.0	90,265		90,567			12.2	%	2.0
	2,507,072		2,498,692						1,825,549		1,826,308
	2,858,423		2,848,956						2,129,857		2,129,825

Allowance for loan losses⁽⁴⁾	NA		(272,624		)				NA		(109,328		)
Loans and preferred equity held for investment, net	$	2,858,423	$	2,576,332					$	2,129,857	$	2,020,497

_________________________________________


(1)	Calculated based on contractual interest rate.


(2)	Includes one corporate term loan secured by the borrower’s limited partnership interests in a fund at December 31, 2019 and one senior loan at December 31, 2018.


(3)	Represents loans transferred into securitization trusts that are consolidated by the Company.


(4)	At December 31, 2018, allowance for loan losses does not include $5.1 million of provision for loan losses associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans for which the Company took ownership of the underlying collateral in January 2019.

As of December 31, 2019, the weighted average maturity, including extensions, of loans and preferred equity investments was 4.1 years.

The Company had $9.8 million and $8.6 million of interest receivable related to its loans and preferred equity held for investment, net as of December 31, 2019 and December 31, 2018, respectively.

Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands):



	Year Ended December 31,
	2019			2018
Balance at January 1	$	2,020,497		$	1,300,784
Loans held for investment acquired in the Combination (Note 3)	—			1,249,733
Deconsolidation of investment entities⁽¹⁾	—			(553,678		)
Acquisitions/originations/additional funding	1,350,120			919,461
Loan maturities/principal repayments	(460,147		)	(627,219		)
Foreclosure of loans held for investment	(174,048		)	(117,878		)
Transfer to loans held for sale	(5,016		)	—
Combination adjustment⁽²⁾	—			(50,314		)
Discount accretion/premium amortization	6,319			2,582
Capitalized interest	12,486			5,837
Provision for loan losses	(220,572		)	(109,328		)
Charge-off	46,693			—
Recoveries	—			517
Balance at December 31	$	2,576,332		$	2,020,497

_________________________________________


(1)	Represents loans and preferred equity held for investment, net which were deconsolidated as a result of the Combination. Refer to Note 2, “Summary of Significant Accounting Policies,” for further detail.


(2)	Represents a loan held for investment, net that was previously sold by the CLNY Investment Entities to NorthStar I and was treated as a secured financing by the CLNY Investment Entities. This loan was eliminated as a result of the Combination.

Nonaccrual and Past Due Loans and Preferred Equity

Loans and preferred equity that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. At December 31, 2019, other than the NY hospitality loans and the Midwest hospitality loan discussed below, all other loans and preferred equity held for investment remain current on interest payments.

In March 2018, the borrower on the Company’s four NY hospitality loans in its Legacy, Non-Strategic Portfolio failed to make all required interest payments and the loans were placed on nonaccrual status. These four loans are secured by the same collateral. The Company believes ultimate sale of the underlying collateral and repayment of the loans from the sales proceeds is the most likely outcome. During 2018, the Company recorded $53.8 million of provision for loan losses to reflect the estimated value to be recovered from the borrower following a sale. During the year ended December 31, 2019, the Company recorded an additional provision for loan loss of $154.3 million based on significant deterioration in the NY hospitality market, feedback from the sales process and the estimated value to be recovered from the borrower following a potential sale.

Within its Legacy, Non-Strategic Portfolio, the Company holds seven loans to five separate borrowers, all secured by regional malls. One of the loans secured by a regional mall (“Midwest Regional Mall”) was placed on non-accrual status during the fourth quarter of 2019 as collectability of the principal is uncertain; as such, interest collected is recognized using the cost recovery method by applying interest collected as a reduction to loan carrying value. The Company recorded $10.6 million of impairment related to Midwest Regional Mall during the year ended December 31, 2019. Additionally, this loan was classified as held for sale as of December 31, 2019. While the remaining six loans are current on interest payments and not in default of loan covenants, given the ongoing challenges and deterioration of the retail market, the Company has been monitoring the estimated fair value of each loan’s underlying collateral. As a result, the Company has recognized the loan loss provisions where it does not expect full principal payment upon maturity, as follows:


•	During 2018, the Company recorded $23.8 million of provision for loan losses for two separate borrowers on three of the Company’s regional mall loans that are secured by two regional malls (“Northeast Regional Mall A” and “Northeast

Regional Mall B”) to reflect the estimated fair value of the collateral. In June 2019, the Company completed foreclosure proceedings on two loans secured by Northeast Regional Mall A with unpaid principal balances of $36.9 million. The Company sold Northeast Regional Mall A during the fourth quarter of 2019. See Note 7, “Real estate, net and Real Estate Held for Sale” for further information.


•	During the year ended December 31, 2019, the Company recognized additional provisions for loan loss of $10.5 million on Northeast Regional Mall B. The additional provisions were based on then-current and prospective leasing activity to reflect the estimated fair value of the collateral. Interest payments are current and the Company has been and is continuing to sweep all cash.


•	Also, during the year ended December 31, 2019, the Company separately recognized provisions for loan loss of $18.5 million on two loans secured by one regional mall (“West Regional Mall”) to reflect the estimated fair value of the collateral. Interest payments are current and the Company has been and is continuing to sweep all cash.

•

Furthermore, during the year ended December 31, 2019, the Company recognized a $37.3 million provision for loan loss on four loans to three separate borrowers (“South Regional Mall A”, “South Regional Mall B”, and Midwest Regional Mall) to reflect the estimated fair value of the collateral. Interest payments for South Regional Mall A and South Regional Mall B are all current and the Company has been and is continuing to sweep all cash related to South Regional Mall A and South Regional Mall B. Midwest Regional Mall was placed on non-accrual status and transferred to held for sale as of December 31, 2019.

Additionally, within its Core Portfolio, the Company placed one loan secured by a hotel (“Midwest Hospitality”) on non-accrual status due to a borrower default during the fourth quarter of 2019. The Company is sweeping cash from the hotel to amortize the unpaid principal balance of the loan.

The following table provides an aging summary of loans and preferred equity held for investment at carrying values before allowance for loan losses, if any (dollars in thousands):



	Current or Less Than 30 Days Past Due		30-59 Days Past Due⁽¹⁾		60-89 Days Past Due		90 Days or More Past Due⁽²⁾		Total Loans
December 31, 2019	$	2,558,505	$	32,322	$	—	$	258,129	$	2,848,956
December 31, 2018	1,632,817		58,751		42,995		395,262		2,129,825

_________________________________________


(1)	At December 31, 2019, 30-59 days past due includes one loan (Midwest Hospitality) that was placed on non-accrual status during the fourth quarter of 2019 following a borrower default.


(2)	At December 31, 2019, 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with combined carrying value before allowance for loan losses of $258.1 million on nonaccrual status. All other loans in this table remain current on interest payments.

Troubled Debt Restructuring

During the year ended December 31, 2019, there were no loans modified as TDRs.

At December 31, 2019, the Company did not have any TDR loans. At December 31, 2018, there was one mezzanine loan previously modified in a TDR with carrying value before allowance for loan losses of $28.6 million. At December 31, 2018, the Company also had three other loans with a combined carrying value before provision for loan loss of $108.5 million that are cross-collateralized with the TDR loan to the same borrower. All three loans were in default at December 31, 2018. All four loans were cross-collateralized with 28 office, retail, multifamily and industrial properties. The Company recorded a $31.7 million provision for loan loss on the four loans and an additional $5.1 million provision for loan loss associated with a receivable for operating expenses paid on behalf of the borrower during the year ended December 31, 2018.

The Company completed foreclosure proceedings under the mezzanine loan to take control of the 28 cross-collateralized properties in January 2019. During the year ended December 31, 2019, the Company sold four of the properties. To improve the operating performance of the remaining 24 properties, the Company has engaged new property managers, working under the oversight of its asset management team. See Note 7, “Real Estate, net and Real Estate Held for Sale” for further discussion.

Impaired Loans

Loans are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table presents impaired loans at the respective reporting dates (dollars in thousands):



	Unpaid Principal Balance⁽¹⁾		Gross Carrying Value
	Unpaid Principal Balance⁽¹⁾		With Allowance for Loan Losses⁽²⁾		Without Allowance for Loan Losses		Total⁽²⁾		Allowance for Loan Losses⁽³⁾
December 31, 2019	$	408,058	$	377,421	$	32,322	$	409,743	$	272,624
December 31, 2018	456,703		458,942		—		458,942		109,328

_________________________________________


(1)	At December 31, 2019, includes four loans to the same borrower and secured by the same collateral with combined unpaid principal balance of $257.2 million and gross carrying value of $258.1 million on nonaccrual status. All other loans included in this table remain current on interest payments.


(2)	Includes unpaid principal balance plus any applicable exit fees less net deferred loan fees.


(3)	At December 31, 2018, allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans for which the Company took possession of the underlying collateral in January 2019.

The average carrying value and interest income recognized on impaired loans were as follows (dollars in thousands):



	Year Ended December 31,
	2019		2018		2017
Average carrying value before allowance for loan losses	$	434,343	$	463,043	$	124,743
Interest income	11,469		21,105		12,431

Allowance for Loan Losses

As of December 31, 2019, the allowance for loan losses was $272.6 million related to $409.7 million in carrying value of loans. As of December 31, 2018, the allowance for loan losses was $109.3 million related to $458.9 million in carrying value of loans.

Changes in allowance for loan losses on loans are presented below (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Allowance for loan losses at beginning of period	$	109,328		$	517		$	3,386
Provision for loan losses	220,572			109,328			518
Charge-off	(46,693		)	—			(3,387		)
Recoveries	—			(517		)	—
Transfer to loans held for sale	(10,583		)	—			—
Allowance for loan losses at end of period	$	272,624		$	109,328		$	517

Loans and Preferred Equity Held for Sale

The following table summarizes the Company’s assets held for sale related to loans and preferred equity (dollars in thousands):



	December 31, 2019
Assets
Loans and preferred equity held for investment, net	$	5,016
Total assets held for sale	$	5,016

During the year ended December 31, 2019, the Company classified one loan in its Legacy, Non-Strategic Portfolio segment as held for sale.

There were no assets held for sale that constituted discontinued operations as of December 31, 2019 and December 31, 2018.

Credit Quality Monitoring

Loan and preferred equity investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its loan and preferred equity investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity.

As of December 31, 2019, there were five loans to two borrowers with contractual payments past due, which were the NY hospitality loans in our Legacy, Non-Strategic Portfolio and the Midwest Hospitality loan in our Core Portfolio, as previously discussed. An additional loan, Midwest Regional Mall, was placed on non-accrual status during the fourth quarter of 2019 as collectability of the principal is uncertain; as such, interest collected is recognized using the cost recovery method by applying interest collected as a reduction to loan carrying value. The loan was also classified as held for sale as of December 31, 2019. The remaining loans and preferred equity investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. There were 13 loans held for investment with contractual payments past due as of December 31, 2018. For the year ended December 31, 2019, no debt investment contributed more than 10.0% of interest income.

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2019, assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $276.6 million. Refer to Note 18, “Commitments and Contingencies” for further details.

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Assets [Abstract]
Right-of-use lease asset	$ 25,480	$ 26,300	$ 0
Prepaid taxes and deferred tax assets	21,989		32,878
Investment deposits and pending deal costs	20,779		0
Deferred financing costs, net - credit facilities	8,382		9,415
Prepaid expenses	5,311		5,574
Derivative asset	4,122		14,139
Other assets	1,644		0
Total	$ 87,707		$ 62,006

Real Estate, net and Real Estate Held for Sale - Real Estate Asset Acquisitions (Details) $ in Thousands		1 Months Ended				12 Months Ended
	Jun. 30, 2019 USD ($) building	Jan. 31, 2019 USD ($) building	Sep. 30, 2018 USD ($)	Aug. 31, 2018 USD ($) building	Jul. 31, 2018 USD ($) building	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2019 USD ($) building
Real Estate [Line Items]
Purchase Price						$ 127,356	$ 728,838
Land and Improvements						47,439	142,817
Building and Improvements						73,011	549,031
Furniture, Fixtures and Equipment						0	6,972
Lease intangible assets						6,135	63,211
Other Assets						4,761	6,415
Other Liabilities						$ (3,990)	$ (39,608)
Retail - Massachusetts
Real Estate [Line Items]
Number of Buildings \| building	3
Purchase Price	$ 21,919
Land and Improvements	9,294
Building and Improvements	6,598
Furniture, Fixtures and Equipment	0
Lease intangible assets	5,256
Other Assets	1,538
Other Liabilities	$ (767)
Office - Norway
Real Estate [Line Items]
Number of Buildings \| building					26
Purchase Price					$ 318,860
Land and Improvements					60,510
Building and Improvements					271,983
Furniture, Fixtures and Equipment					0
Lease intangible assets					25,287
Other Assets					0
Other Liabilities					$ (38,920)
Hotel - Dallas, TX
Real Estate [Line Items]
Number of Buildings \| building				1
Purchase Price				$ 75,663
Land and Improvements				8,216
Building and Improvements				61,580
Furniture, Fixtures and Equipment				3,947
Lease intangible assets				465
Other Assets				2,023
Other Liabilities				$ (568)
Industrial - Various in U.S.
Real Estate [Line Items]
Number of Buildings \| building		28		2
Purchase Price		$ 105,437		$ 292,000
Land and Improvements		38,145		66,844
Building and Improvements		66,413		189,105
Furniture, Fixtures and Equipment		0		0
Lease intangible assets		879		36,051
Other Assets		3,223		0
Other Liabilities		$ (3,223)		$ 0
Hotel - Pittsburgh, PA
Real Estate [Line Items]
Number of Buildings \| building								1
Purchase Price			$ 42,315
Land and Improvements								$ 7,247
Building and Improvements								26,363
Furniture, Fixtures and Equipment								3,025
Lease intangible assets								1,408
Other Assets								4,392
Other Liabilities								$ (120)
Building (fee interest) \| Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						4 years
Building (fee interest) \| Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						41 years
Site improvements \| Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						1 year
Site improvements \| Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						15 years
Tenant improvements \| Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						15 years
Tenant improvements \| Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						20 years
Furniture, fixtures and equipment \| Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						2 years
Furniture, fixtures and equipment \| Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						3 years
In-place lease values \| Minimum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						1 year
In-place lease values \| Maximum
Real Estate [Line Items]
Useful lives of intangibles acquired (in years)						20 years

Equity-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

On January 29, 2018 the Company’s Board of Directors adopted the 2018 Plan. The 2018 Plan permits the grant of awards with respect to 4.0 million shares of the Class A common stock, subject to adjustment pursuant to the terms of the 2018 Plan. Awards may be granted under the 2018 Plan to (x) the Manager or any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, the Manager or their affiliates and (y) any other individual whose participation in the 2018 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2018 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards.

Shares subject to an award granted under the 2018 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2018 Plan will again become available for issuance under the 2018 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2018 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. The shares granted in May 2019 to the independent directors of the Company under the 2018 Plan vest in May 2020. Shares granted to non-independent directors, officers and the Manager under the 2018 Plan vest ratably in three annual installments.

The table below summarizes our awards granted, forfeited or vested under the 2018 Plan during the years ended December 31, 2019 and December 31, 2018:



	Number of Shares
	Restricted Stock		Total		Weighted Average Grant Date Fair Value
Unvested Shares at December 31, 2017	—		—		$	—
Granted	1,003,818		1,003,818		19.39
Vested	(79,368	)	(79,368	)	19.39
Forfeited	(34,737	)	(34,737	)	19.39
Unvested Shares at December 31, 2018	889,713		889,713		$	19.39
Granted	831,910		831,910		15.53
Vested	(379,546	)	(379,546	)	18.98
Forfeited	(6,487	)	(6,487	)	19.39
Unvested shares at December 31, 2019	1,335,590		1,335,590		$	17.79

Fair value of equity awards that vested during the years ended December 31, 2019 and December 31, 2018, determined based on their respective fair values at vesting date, was $5.7 million and $1.5 million, respectively. There was no equity-based compensation plan for the year ended December 31, 2017. Fair value of granted awards is determined based on the closing price of the Class A common stock on the date of grant of the awards. Equity-based compensation is classified within administrative expense in the consolidated statement of operations.

At December 31, 2019, aggregate unrecognized compensation cost for all unvested equity awards was $15.3 million, which is expected to be recognized over a weighted-average period of 1.8 years.

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Future Scheduled Minimum Principal Payments
2020	$ 219,909
2021	253,533
2022	512,324
2023	341,095
2024	214,215
2025 and thereafter	1,658,847
Total	3,199,923
Securitization Bonds Payable, Net
Future Scheduled Minimum Principal Payments
2020	0
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	840,423
Total	840,423
Mortgage Notes Payable, Net
Future Scheduled Minimum Principal Payments
2020	14,387
2021	89,435
2022	2,520
2023	121,286
2024	214,215
2025 and thereafter	818,424
Total	1,260,267
Future minimum principal payments related to assets held for sale	106,400
Credit Facilities
Future Scheduled Minimum Principal Payments
2020	205,522
2021	164,098
2022	509,804
2023	219,809
2024	0
2025 and thereafter	0
Total	$ 1,099,233

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

Summary

The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands):



	December 31, 2019		December 31, 2018
Equity method investments	$	585,022	$	742,186
Investments under fair value option	10,283		160,851
Investments in Unconsolidated Ventures	$	595,305	$	903,037

Equity Method Investments

Investment Ventures

Certain of the Company’s equity method investments are structured as joint ventures with one or more private funds or other investment vehicles managed by Colony Capital with third party joint venture partners. These investment entities are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements.

The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance as of December 31, 2019 and December 31, 2018, respectively.

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):



		Carrying Value
Investments	Description	December 31, 2019		December 31, 2018
ADC investments⁽¹⁾⁽²⁾	Interests in three 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	$	59,576	$	165,823
Other investment ventures⁽¹⁾	Interests in eleven investments, each with less than $171.5 million carrying value at December 31, 2019	525,446		576,363

_________________________________________

(1)

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


(2)	The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

Impairment

During the year ended December 31, 2019, the Company recognized its proportionate share of impairment loss totaling $14.7 million on one senior loan secured by a regional mall (“Southeast Regional Mall”) of which the Company owns 50.0% of the joint venture. Southeast Regional Mall is included in the Company’s Legacy, Non-Strategic Portfolio. The impairments recorded are a result of the ongoing deterioration of the retail market and reflect the estimated fair value of the collateral. Subsequent to December 31, 2019, the Southeast Regional Mall loan was sold. The Company received a total of $13.5 million in gross sales proceeds and will recognize a gain of approximately $2.2 million. See Note 21, “Subsequent Events” for further information.

Also during the year ended December 31, 2019, the Company recorded its proportionate share of impairment loss totaling $16.1 million on two loans and an equity partnership interest secured by residential development projects included in its Legacy, Non-Strategic Portfolio. The impairment losses are as a result of revised property sales expectations. The Company also recorded a $17.6 million impairment loss related to an equity participation interest in a joint venture, within its Core Portfolio, to reflect the estimated fair value of the collateral.

The impairment recorded on each of these investments is included in equity in earnings of unconsolidated ventures on the Company’s consolidated statements of operations.

Investments under Fair Value Option

Private Funds

The Company elected to account for its limited partnership interests, which range from 0.1% to 21.9%, in PE Investments under the fair value option. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows.

During the year ended December 31, 2019, the Company received $125.3 million in proceeds related to the sale of its PE Investments and recognized a loss of $0.3 million, which is included in earnings from investments in unconsolidated ventures on the Company’s consolidated statements of operations.

As of December 31, 2019, the Company has collectively received $139.8 million related to the sale of its PE Investments and expects to receive the remaining $1.9 million during the first quarter of 2020.

Summarized Financial Information

The following tables present summarized financial information for significant equity method investees (dollars in thousands):

Balance Sheet Information



	December 31, 2019		December 31, 2018
Assets
Total assets	$	432,149	$	443,143

Liabilities and equity
Total liabilities	$	318,255	$	319,310
Equity	113,894		123,833
Total liabilities and equity	$	432,149	$	443,143

Statements of Operations Information



	Year Ended December 31,
	2019		2018		2017
Total revenues	$	41,503	$	41,262	$	42,451
Net income	$	8,379	$	3,632	$	10,104

Real Estate, net and Real Estate Held for Sale - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Depreciation expense on real estate	$ 72.9	$ 56.3	$ 5.8

Derivatives - Schedule of Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Assets
Derivative assets included in other assets	$ 4,122	$ 14,139
Derivative Liabilities
Derivative liability included in accrued and other liabilities	(19,133)	(21,576)
Other assets
Derivative Assets
Designated hedges included in other assets	0	11,312
Non-designated hedges included in other assets	4,122	2,827
Derivative assets included in other assets	4,122	14,139
Other assets \| Foreign exchange contracts
Derivative Assets
Designated hedges included in other assets	0	11,312
Non-designated hedges included in other assets	4,122	2,796
Derivative assets included in other assets	4,122	14,108
Other assets \| Interest rate contracts
Derivative Assets
Designated hedges included in other assets	0	0
Non-designated hedges included in other assets	0	31
Derivative assets included in other assets	0	31
Accrued and other liabilities
Derivative Liabilities
Designated hedges included in accrued and other liabilities	(2,128)	(10)
Non-designated hedges included in accrued and other liabilities	(17,005)	(6,032)
Derivative liability included in accrued and other liabilities	(19,133)	(6,042)
Accrued and other liabilities \| Foreign exchange contracts
Derivative Liabilities
Designated hedges included in accrued and other liabilities	(2,128)	(10)
Non-designated hedges included in accrued and other liabilities	(29)	0
Derivative liability included in accrued and other liabilities	(2,157)	(10)
Accrued and other liabilities \| Interest rate contracts
Derivative Liabilities
Designated hedges included in accrued and other liabilities	0	0
Non-designated hedges included in accrued and other liabilities	(16,976)	(6,032)
Derivative liability included in accrued and other liabilities	$ (16,976)	$ (6,032)

Summary of Significant Accounting Policies - Classification, Carrying Value and Maximum Exposure of VIEs (Details) - Unconsolidated VIEs $ in Thousands	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Carrying Value	$ 801,449
Maximum Exposure to Loss	835,783
Real estate securities, available for sale
Variable Interest Entity [Line Items]
Carrying Value	252,824
Maximum Exposure to Loss	236,303
Investments in unconsolidated ventures
Variable Interest Entity [Line Items]
Carrying Value	481,047
Maximum Exposure to Loss	531,902
Loans and preferred equity held for investment, net
Variable Interest Entity [Line Items]
Carrying Value	67,578
Maximum Exposure to Loss	$ 67,578

Real Estate, net and Real Estate Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Schedule of Operating Real Estate Properties

The following table presents the Company’s net lease portfolio, net, as of December 31, 2019, and December 31, 2018 (dollars in thousands):



	December 31, 2019			December 31, 2018
Land and improvements	$	209,693		$	226,141
Buildings, building leaseholds, and improvements	899,889			1,010,339
Tenant improvements	25,077			24,060
Construction-in-progress	415			437
Subtotal	$	1,135,074		$	1,260,977
Less: Accumulated depreciation	(63,995		)	(34,532		)
Less: Impairment⁽¹⁾	(23,911		)	(7,094		)
Net lease portfolio, net	$	1,047,168		$	1,219,351

_________________________________________


(1)	See Note 15, “Fair Value,” for discussion of impairment of real estate.

The following table presents the Company’s portfolio of real estate included in its Legacy, Non-Strategic Portfolio, including foreclosed properties, as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019			December 31, 2018
Land and improvements	$	91,997		$	113,495
Buildings, building leaseholds, and improvements	536,046			627,612
Tenant improvements	38,230			24,001
Furniture, fixtures and equipment	3,183			17,910
Construction-in-progress	6,325			2,635
Subtotal	$	675,781		$	785,653
Less: Accumulated depreciation	(46,079		)	(23,030		)
Less: Impairment⁽¹⁾	(192,074		)	(22,284		)
Other portfolio, net	$	437,628		$	740,339

_________________________________________

(1)

See Note 15, “Fair Value,” for discussion of impairment of real estate.

Property Operating Income

For the year ended December 31, 2019, the components of property operating income were as follows (dollars in thousands):



	Year Ended December 31,
	2019
Lease revenues⁽¹⁾
Minimum lease revenue	$	180,734
Variable lease revenue	24,419
	$	205,153
Hotel operating income	45,898
	$	251,051

_________________________________________

(1)

Excludes net amortization income related to above and below-market leases of $4.2 million and $7.1 million for the year ended December 31, 2019, respectively.

Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases, 2019

The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of December 31, 2019 (dollars in thousands):



2020	$	120,967
2021	113,170
2022	102,314
2023	85,367
2024	71,714
2025 and thereafter	448,812
Total⁽¹⁾	$	942,344

_________________________________________

(1)

Excludes minimum future rents for real estate that is classified as held for sale totaling $48.1 million through 2029

Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases, 2018

The following table presents approximate future minimum rental income under noncancellable operating leases to be received over the next five years and thereafter as of December 31, 2018 (dollars in thousands):



2019	$	113,525
2020	107,413
2021	98,343
2022	88,270
2023	73,257
2024 and thereafter	765,652
Total	$	1,246,460

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



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

The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2019 and the year ended December 31, 2018 (dollars in thousands):



					Purchase Price Allocation
Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price⁽¹⁾		Land and Improvements⁽²⁾		Building and Improvements⁽²⁾		Furniture, Fixtures and Equipment		Lease Intangible Assets⁽²⁾		Other Assets		Other Liabilities
Year Ended December 31, 2019
June	Retail - Massachusetts⁽³⁾	3	$	21,919	$	9,294	$	6,598	$	—	$	5,256	$	1,538	$	(767	)
January	Various - in U.S.⁽³⁾	28	105,437		38,145		66,413		—		879		3,223		(3,223		)
			$	127,356	$	47,439	$	73,011	$	—	$	6,135	$	4,761	$	(3,990	)
Year Ended December 31, 2018
July	Office - Norway⁽⁴⁾	26	$	318,860	$	60,510	$	271,983	$	—	$	25,287	$	—	$	(38,920	)
August	Hotel - Dallas, TX⁽³⁾	1	75,663		8,216		61,580		3,947		465		2,023		(568		)
August	Industrial - Various in U.S.⁽⁴⁾	2	292,000		66,844		189,105		—		36,051		—		—
September	Hotel - Pittsburgh, PA⁽³⁾	1	42,315		7,247		26,363		3,025		1,408		4,392		(120		)
			$	728,838	$	142,817	$	549,031	$	6,972	$	63,211	$	6,415	$	(39,608	)

_________________________________________


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


(2)	Useful life of real estate acquired is 4 to 41 years for buildings, 1 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1 to 20 years for lease intangibles.


(3)	Represents assets acquired by the Company through foreclosure.

(4)

Represents net lease properties acquired by the Company.

Schedule of Operating Real Estate Held for Sale

The following table summarizes the Company’s assets and related liabilities held for sale related to real estate (dollars in thousands):



	December 31, 2019
Assets
Real estate, net	$	178,564
Deferred leasing costs and intangible assets, net	5,890
Total assets held for sale	$	184,454

Liabilities
Intangible liabilities, net	$	294
Total liabilities related to assets held for sale	$	294

Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests	$ (9,928)	$ (4,084)	$ 0
Net income (loss) attributable to noncontrolling interests, investment entities	$ (38,208)	$ (4,771)	$ 39,376

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Classification, Carrying Value and Maximum Exposure of VIEs

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2019 (dollars in thousands):



	Carrying Value		Maximum Exposure to Loss
Real estate securities, available for sale	$	252,824	$	236,303
Investments in unconsolidated ventures	481,047		531,902
Loans and preferred equity held for investment, net	67,578		67,578
Total assets	$	801,449	$	835,783



	Year Ended December 31,
	2019			2018⁽¹⁾
Statement of Operations
Interest expense	$	(957	)	$	—
Interest income on mortgage loans held in securitization trusts	120,203			143,371
Interest expense on mortgage obligations issued by securitization trusts	(109,964		)	(132,411		)
Net interest income	9,282			10,960
Administrative expense	(1,114		)	(1,528		)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	4,090			5,003
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net	2,772			(3,447		)
Net income attributable to Colony Credit Real Estate, Inc. common stockholders	$	15,030		$	10,988

_________________________________________

(1)



	December 31, 2019		December 31, 2018
Assets
Mortgage loans held in a securitization trust, at fair value	$	1,872,970	$	3,116,978
Receivables, net	7,020		13,178
Total assets	$	1,879,990	$	3,130,156
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	1,762,914	$	2,973,936
Accrued and other liabilities	6,267		12,233
Total liabilities	$	1,769,181	$	2,986,169

Schedule of Deconsolidation of CLNS Investment Entities

The following table presents the deconsolidation of the assets and liabilities of certain of the CLNY Investment Entities, and accounting for the Company’s interests in these CLNY Investment Entities as equity method investments as of the Closing Date (dollars in thousands):



	As of the Closing Date
Assets
Cash and cash equivalents	$	(11,408	)
Restricted cash	(14,704		)
Loans and preferred equity held for investment, net	(553,678		)
Investments in unconsolidated ventures	127,062
Receivables, net	(4,344		)
Other assets	(114		)
Total assets	$	(457,186	)
Liabilities
Mortgage and other notes payable, net	$	(128,709	)
Accrued and other liabilities	(640		)
Escrow deposits payable	(14,704		)
Total liabilities	(144,053		)

Stockholders’ equity	(313,133		)
Total liabilities and equity	$	(457,186	)

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):



		Carrying Value
Investments	Description	December 31, 2019		December 31, 2018
ADC investments⁽¹⁾⁽²⁾	Interests in three 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	$	59,576	$	165,823
Other investment ventures⁽¹⁾	Interests in eleven investments, each with less than $171.5 million carrying value at December 31, 2019	525,446		576,363

_________________________________________

(1)

(2)

The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

Balance Sheet Information



	December 31, 2019		December 31, 2018
Assets
Total assets	$	432,149	$	443,143

Liabilities and equity
Total liabilities	$	318,255	$	319,310
Equity	113,894		123,833
Total liabilities and equity	$	432,149	$	443,143

Statements of Operations Information



	Year Ended December 31,
	2019		2018		2017
Total revenues	$	41,503	$	41,262	$	42,451
Net income	$	8,379	$	3,632	$	10,104

Schedule of Operating Real Estate Estimated Useful Lives

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



Real Estate Assets		Term
Building (fee interest)		7 to 48 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of the useful life or remaining life of the building
Land improvements		1 to 15 years
Tenant improvements		Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment		2 to 8 years

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Fair Value - Changes in Fair Value of Financial Assets Measured on a Recurring Basis (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2019 securitization_trust	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Additional information about financial assets
Realized (loss) in earnings		$ 2,772	$ 2,772	$ (3,447)	$ 0
Investments in unconsolidated ventures - PE Investments
Additional information about financial assets
Realized (loss) in earnings			(300)
Investments in unconsolidated ventures - PE Investments \| Recurring basis \| Level 3
Additional information about financial assets
Beginning balance			160,851	24,417
Contributions/purchases			151	248,390
Distributions/paydowns			(18,407)	(78,424)
Deconsolidation of securitization trust			0	0
Equity in earnings			0	21,709
Sale of investments			(48,930)	0
Transfers out of Level 3			(84,807)	0
Unrealized gain (loss) in earnings			0	(55,241)
Realized (loss) in earnings				0
Ending balance		8,858	8,858	160,851	24,417
Mortgage obligations issued by securitization trusts \| Recurring basis \| Level 3
Additional information about financial assets
Beginning balance			3,116,978	0
Contributions/purchases			0	3,327,199
Distributions/paydowns			(55,288)	(147,824)
Deconsolidation of securitization trust			(1,239,627)	0
Equity in earnings			0	0
Sale of investments			(39,848)	0
Transfers out of Level 3			0	0
Unrealized gain (loss) in earnings			87,983	(58,950)
Realized (loss) in earnings			2,772	(3,447)
Ending balance		$ 1,872,970	1,872,970	$ 3,116,978	$ 0
Unrealized loss in earnings			$ (83,900)
Primary beneficiary
Additional information about financial assets
Number of securitization trusts sold \| securitization_trust	1

Deferred Leasing Costs and Other Intangibles - (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred leasing costs
Carrying Amount	$ 42,345	$ 39,130
Accumulated Amortization	(13,637)	(6,848)
Net Carrying Amount	28,708	32,282
Deferred Leasing Costs and Intangible Assets
Carrying Amount	171,802	172,069
Accumulated Amortization	(59,040)	(38,001)
Net Carrying Amount	112,762	134,068
Intangible Liabilities - Below-market lease values
Carrying Amount	32,652	19,374
Accumulated Amortization	(10,503)	(4,278)
Net Carrying Amount	22,149	15,096
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	115,139	115,778
Accumulated Amortization	(39,093)	(27,120)
Net Carrying Amount	76,046	88,658
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	14,318	16,203
Accumulated Amortization	(6,310)	(3,883)
Net Carrying Amount	8,008	12,320
Other intangibles
Deferred Leasing Costs and Intangible Assets
Carrying Amount	0	906
Accumulated Amortization	0	(134)
Net Carrying Amount	$ 0	772
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Carrying Amount		52
Accumulated Amortization		(16)
Net Carrying Amount		$ 36

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance	$ 2,706,905
Other comprehensive income (loss)	28,693	$ (399)	$ 0
AOCI, ending balance	2,119,022	2,706,905
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Other comprehensive income (loss)	714	(10)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance	(399)	0	0
AOCI, ending balance	28,294	(399)	0
Unrealized gain (loss) on real estate securities, available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance	(1,295)	0	0
Other comprehensive income (loss)	17,204	(1,295)	0
AOCI, ending balance	15,909	(1,295)	0
Unrealized gain on net investment hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance	11,037	0	0
Other comprehensive income (loss)	14,835	11,037	0
AOCI, ending balance	25,872	11,037	0
Foreign currency translation loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance	(10,141)	0	0
Other comprehensive income (loss)	(3,346)	(10,141)	0
AOCI, ending balance	(13,487)	(10,141)	0
Unrealized gain (loss) on real estate securities, available for sale
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI, beginning balance	(32)	0	0
Other comprehensive income (loss)	644	(32)	0
AOCI, ending balance	612	(32)	0
Unrealized gain on net investment hedges
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI, beginning balance	268	0	0
Other comprehensive income (loss)	625	268	0
AOCI, ending balance	893	268	0
Foreign currency translation loss
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI, beginning balance	(246)	0	0
Other comprehensive income (loss)	(555)	(246)	0
AOCI, ending balance	(801)	(246)	0
AOCI Attributable to Noncontrolling Interest
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
AOCI, beginning balance	(10)	0	0
AOCI, ending balance	$ 704	$ (10)	$ 0

Stockholders' Equity - Narrative (Details) - USD ($)														12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Feb. 18, 2020	Jan. 15, 2020	Nov. 07, 2019	Oct. 17, 2019	Sep. 17, 2019	Aug. 01, 2019	Jul. 17, 2019	Jun. 17, 2019	May 02, 2019	Apr. 15, 2019	Mar. 18, 2019	Feb. 15, 2019	Jan. 17, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)														1,000,000,000.0
Common stock, par value (in dollars per share)														$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share)														$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)														50,000,000.0	50,000,000
Preferred stock, shares issued (in shares)														0	0
Preferred stock, shares outstanding (in shares)														0	0
Dividends declared per share of common stock (in dollars per share)			$ 0.10	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145	$ 0.145
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)																$ 0.01
Common stock, shares authorized (in shares)														950,000,000.0	905,000,000
Dividends declared per share of common stock (in dollars per share)														$ 1.65	$ 1.60
Stock repurchase program, amount authorized for repurchase														$ 300,000,000.0
Shares repurchased under Stock Repurchase Program (in shares)														0
Subsequent Event \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.10	$ 0.10

Restricted Cash, Other Assets and Accrued and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Restricted Cash

The following table presents a summary of restricted cash as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Restricted cash:
Borrower escrow deposits	$	74,496	$	65,995
Margin pledged as collateral	19,536		7,567
Real estate escrow reserves	18,020		15,750
Capital expenditure reserves	8,882		8,994
Working capital and other reserves	4,198		2,905
Tenant lockboxes	933		5,642
Restricted cash of consolidated Securitization 2016-1	—		3,293
Total	$	126,065	$	110,146

Summary of Other Assets

The following table presents a summary of other assets as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Other assets:
Right-of-use lease asset⁽¹⁾	$	25,480	$	—
Prepaid taxes and deferred tax assets	21,989		32,878
Investment deposits and pending deal costs	20,779		—
Deferred financing costs, net - credit facilities	8,382		9,415
Prepaid expenses	5,311		5,574
Derivative asset	4,122		14,139
Other assets	1,644		—
Total	$	87,707	$	62,006

_________________________________________

(1)

Summary of Other Liabilities

The following table presents a summary of accrued and other liabilities as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019		December 31, 2018
Accrued and other liabilities:
Current and deferred tax liability	$	31,510	$	36,730
Accounts payable, accrued expenses and other liabilities	28,278		29,151
Operating lease liability⁽¹⁾	25,495		—
Derivative liability	19,133		21,576
Prepaid rent and unearned revenue	16,744		6,042
Interest payable	16,259		10,481
Tenant security deposits	3,005		2,207
Total	$	140,424	$	106,187

_________________________________________

(1)

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2019	Feb. 26, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-38377
Entity Registrant Name	COLONY CREDIT REAL ESTATE, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-4046290
Entity Address, Address Line One	515 S. 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
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	CLNC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,280
Entity Common Stock, Shares Outstanding		128,516,531
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement with respect to its 2020 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Company’s fiscal year ended December 31, 2019 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001717547
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation



				Initial Cost							Gross Amount Carried at December 31, 2019 ⁽¹⁾
Property Description / Location	Number of Properties	Encumbrances		Land		Building and Improvements		Costs Capitalized Subsequent to Acquisition ⁽¹⁾⁽²⁾			Land		Building and Improvements		Total		Accumulated Depreciation ⁽³⁾		Total		Date of Acquisition ⁽⁴⁾	Life on Which Depreciation is Computed
Industrial-Alaska	1	$	—	$	738	$	286	$	8		$	720	$	312	$	1,032	$	41	$	991	2019	10 years
Industrial-Arizona	1	77,864		14,494		59,991		78			14,494		60,069		74,563		2,625		71,938		2018	31 years
Industrial-California	1	122,136		32,552		148,911		79			32,552		148,990		181,542		6,943		174,599		2018	28 years
Industrial-Ohio	23	74,916		13,933		132,724		(19,484		)	11,721		115,452		127,173		11,497		115,676		2018	39 years
Industrial-Various	22	250,000		27,852		307,534		4,702			27,852		312,236		340,088		24,148		315,940		2018	40 years
Multifamily-Louisiana	1	42,925		3,646		70,190		(4,412		)	3,396		66,028		69,424		3,601		65,823		2018	30 years
Multifamily-Michigan	1	42,443		4,191		88,645		3,593			4,190		92,239		96,429		6,562		89,867		2018	30 years
Office-Colorado	1	31,821		2,359		41,410		2,982			2,359		44,392		46,751		3,921		42,830		2017	40 years
Office-Indiana	1	24,117		3,773		26,916		3,519			3,772		30,436		34,208		3,149		31,059		2017	40 years
Office-Maine	1	—		—		4,035		(729		)	—		3,306		3,306		185		3,121		2019	33 years
Office-Missouri	1	108,719		22,079		131,292		(46,383		)	14,725		92,263		106,988		11,883		95,105		2018	39 years
Office-Nebraska	1	—		3,686		12,846		(2,779		)	2,879		10,874		13,753		1,628		12,125		2019	33 years
Office-New Jersey	1	12,450		4,956		13,429		(5,559		)	3,087		9,739		12,826		1,540		11,286		2017	40 years
Office-North Carolina	13	—		5,214		26,417		(5,192		)	4,048		22,391		26,439		2,422		24,017		2019	Various
Office-Norway	1	181,952		55,054		277,439		(25,656		)	54,540		252,297		306,837		11,713		295,124		2018	37 years
Office-Ohio	1	—		4,431		29,363		(16,486		)	2,074		15,234		17,308		2,320		14,988		2017	40 years
Office-Pennsylvania	1	75,256		12,480		130,942		(55,163		)	7,675		80,584		88,259		8,168		80,091		2018	40 years
Retail-Alaska	1	—		4,890		8,850		(2,447		)	3,882		7,411		11,293		2,263		9,030		2019	7 years
Retail-Illinois	1	4,370		—		7,338		(3,578		)	—		3,760		3,760		553		3,207		2017	40 years
Retail-Indiana	1	3,422		—		5,171		(1,769		)	—		3,402		3,402		395		3,007		2017	40 years
Retail-Kansas	1	5,441		1,048		7,023		(3,770		)	535		3,766		4,301		614		3,687		2017	40 years
Retail-Maine	1	1,658		—		6,317		(3,953		)	—		2,364		2,364		481		1,883		2017	40 years
Retail-Massachusetts	2	8,310		—		12,254		(5,939		)	—		6,315		6,315		932		5,383		2017	40 years
Retail-New Hampshire	2	16,152		1,495		21,488		(11,487		)	915		10,581		11,496		1,733		9,763		2017	40 years
Retail-New York	1	3,911		—		6,372		(3,074		)	—		3,298		3,298		480		2,818		2017	40 years
Retail-South Carolina	1	—		340		1,553		(178		)	282		1,433		1,715		277		1,438		2019	9 years
Total operating real estate, net	83	$	1,087,863	$	219,211	$	1,578,736	$	(203,077	)	$	195,698	$	1,399,172	$	1,594,870	$	110,074	$	1,484,796

______________________________


(1)	The aggregate gross cost of total real estate assets for federal income tax purposes is $1.7 billion as of December 31, 2019.


(2)	Gross amount carried is shown net of impairment and net of the effect of changes in foreign exchange rates.


(3)	Depreciation is calculated using a useful life of 2 to 48 years for buildings and improvements.


(4)	Properties consolidated upon the Combination reflect an acquisition date of February 1, 2018, the effective date of consolidation.

COLONY CREDIT REAL ESTATE, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(Dollars in Thousands)

Changes in the Company’s operating real estate portfolio gross of accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows:



	Year Ended December 31,
	2019			2018			2017
Balance at January 1	$	2,017,252		$	225,710		$	9,083
Real estate acquired in the Combination (Note 3)	—			1,287,515			205,376
Property acquisitions⁽¹⁾	120,139			695,794			—
Improvements and capitalized costs	23,406			23,417			20,193
Impairment	(265,312		)	(31,813		)	—
Dispositions	(103,242		)	(161,513		)	(8,942		)
Effect of changes in foreign exchange rates	(3,991		)	(21,858		)	—
Balance at December 31	1,788,252			2,017,252			225,710
Classified as held for sale, net⁽²⁾	(193,382		)	—			—
Balance at December 31, held for investment	$	1,594,870		$	2,017,252		$	225,710

__________________________________________________


(1)	Includes REO foreclosures of $120.1 million.


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

Changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows:



	Year Ended December 31,
	2019			2018			2017
Balance at January 1	$	57,562		$	5,970		$	145
Depreciation expense	72,926			56,270			5,825
Dispositions	(5,368		)	(4,272		)	—
Effect of changes in foreign exchange rates	(228		)	(406		)	—
Balance at December 31	$	124,892		$	57,562		$	5,970
Classified as held for sale⁽¹⁾	(14,818		)	—			—
Balance at December 31, held for investment	$	110,074		$	57,562		$	5,970

__________________________________________________

(1)

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

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Management Agreement On January 31, 2018, the Company and the OP entered into a management agreement (the “Management Agreement”) with the Manager, pursuant to which the Manager manages the Company’s assets and its day-to-day operations. The Manager is responsible for, among other matters, (1) the selection, origination, acquisition, management and sale of the Company’s portfolio investments, (2) the Company’s financing activities and (3) providing the Company with investment advisory services. The Manager is also responsible for the Company’s day-to-day operations and will perform (or will cause to be performed) such services and activities relating to the Company’s investments and business and affairs as may be appropriate. The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Board of Directors. Each of the Company’s executive officers is also an employee of the Manager or its affiliates. The Manager’s role as Manager will be under the supervision and direction of the Company’s Board of Directors. The initial term of the Management Agreement expires on the third anniversary of the Closing Date and will be automatically renewed for a one-year term each anniversary date thereafter unless earlier terminated as described below. The Company’s independent directors review the Manager’s performance and the fees that may be payable to the Manager annually and, following the initial term, the Management Agreement may be terminated if there has been an affirmative vote of at least two-thirds of the Company’s independent directors determining that (1) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) the compensation payable to the Manager, in the form of base management fees and incentive fees taken as a whole, or the amount thereof, is not fair to the Company, subject to the Manager’s right to prevent such termination due to unfair fees by accepting reduced compensation as agreed to by at least two-thirds of the Company’s independent directors. The Company must provide the Manager 180 days’ prior written notice of any such termination. The Company may also terminate the Management Agreement for cause (as defined in the Management Agreement) at any time, including during the initial term, without the payment of any termination fee, with at least 30 days’ prior written notice from the Company’s Board of Directors. Unless terminated for cause, the Manager will be paid a termination fee as described below. The Manager may terminate the Management Agreement if the Company becomes required to register as an investment company under the Investment Company Act with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. The Manager may decline to renew the Management Agreement by providing the Company with 180 days’ prior written notice, in which case the Company would not be required to pay a termination fee. The Manager may also terminate the Management Agreement with at least 60 days’ prior written notice if the Company breaches the Management Agreement in any material respect or otherwise is unable to perform its obligations thereunder and the breach continues for a period of 30 days after written notice to the Company, in which case the Manager will be paid a termination fee as described below. In November 2019 the Manager, the Company and the OP amended and restated the Management Agreement to modify the “Core Earnings” definition, providing that “unrealized provisions for loan losses and real estate impairments” shall only be applied as exclusions from the definition of Core Earnings if approved by a majority of the independent directors of the Company. Such change became effective during the fourth quarter 2019 and results in a reduction to Core Earnings which thereby reduces the annual management fee and any incentive fee paid by the Company due to accumulated unrealized provisions for loan losses and real estate impairments to date. Fees to Manager Base Management Fee The base management fee payable to the Manager is equal to 1.5% of the Company’s stockholders’ equity (as defined in the Management Agreement), per annum (0.375% per quarter), payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the net proceeds received by the Company (or, without duplication, the Company’s direct subsidiaries, such as the OP) from all issuances of the Company’s or such subsidiaries’ common and preferred equity securities since inception (allocated on a pro rata basis for such issuances during the calendar quarter of any such issuance), plus (2) the Company’s cumulative Core Earnings (as defined in the Management Agreement) from and after the Closing Date to the end of the most recently completed calendar quarter, less (b)(1) any distributions to the Company’s common stockholders (or owners of common equity of the Company’s direct subsidiaries, such as the OP, other than the Company or any of such subsidiaries), (2) any amount that the Company or any of the Company’s direct subsidiaries, such as the OP, have paid to (x) repurchase for cash the Company’s common stock or common equity securities of such subsidiaries or (y) repurchase or redeem for cash the Company’s preferred equity securities or preferred equity securities of such subsidiaries, in each case since the Closing Date and (3) any incentive fee (as described below) paid to the Manager since the Closing Date. For the years ended December 31, 2019 and 2018, the total management fee expense incurred was $42.4 million and $43.2 million, respectively. As of December 31, 2019 and December 31, 2018, $8.4 million and $11.5 million, respectively, of unpaid management fee were included in due to related party in the Company’s consolidated balance sheets. Incentive Fee The incentive fee payable to the Manager is equal to the difference between (i) the product of (a) 20% and (b) the difference between (1) Core Earnings (as defined in the Management Agreement) for the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), including the current quarter, and (2) the product of (A) common equity (as defined in the Management Agreement) in the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), and (B) 7% per annum and (ii) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or the Closing Date if it has been less than 12 months since the Closing Date), provided, however, that no incentive fee is payable with respect to any calendar quarter unless Core Earnings (as defined in the Management Agreement) is greater than zero for the most recently completed 12 calendar quarters (or the Closing Date if it has been less than 12 calendar quarters since the Closing Date). The Company did not incur any incentive fees during the years ended December 31, 2019 and 2018. Reimbursements of Expenses Reimbursement of expenses related to the Company incurred by the Manager, including legal, accounting, financial, due diligence and other services are paid on the Company’s behalf by the OP or its designee(s). The Company reimburses the Manager for the Company’s allocable share of the salaries and other compensation of the Company’s chief financial officer and certain of its affiliates’ non-investment personnel who spend all or a portion of their time managing the Company’s affairs, and the Company’s share of such costs are based upon the percentage of such time devoted by personnel of the Manager (or its affiliates) to the Company’s affairs. The Company may be required to pay the Company’s pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its affiliates required for the Company’s operations. For the years ended December 31, 2019 and December 31, 2018, the total reimbursements of expenses incurred by the Manager on behalf of the Company and reimbursable in accordance with the Management Agreement was $11.1 million and $10.4 million, respectively, and are included in administrative expense on the consolidated statements of operations. As of December 31, 2019 and December 31, 2018, there was $2.7 million and $3.5 million, respectively, of unpaid expenses included in due to related party in the Company’s consolidated balance sheets. Other Payables to Manager Other payables to the Manager include Combination related adjustments that consist of certain cash contributions from and distributions to Colony Capital or its subsidiaries on behalf of the CLNY Contributed Portfolio. For the year ended December 31, 2019, there were no other payables to the Manager. For the year ended December 31, 2018, the other payables to Manager incurred was $6.9 million and the net liabilities assumed in the Combination was $6.4 million. Both of these were paid as of December 31, 2018. Equity Plan Grants In March 2019, the Company granted 800,000 shares to the Manager and/or employees thereof under the 2018 Equity Incentive Plan (the “2018 Plan”). In March 2018, the Company granted 978,946 shares to its non-independent directors, officers and the Manager and/or employees thereof under the 2018 Plan. 1,382,778 shares remain granted and unvested as of December 31, 2019. See Note 12, “Equity-Based Compensation” for further discussion on the 2018 Plan including shares issued to independent directors of the Company. In connection with these grants, the Company recognized share-based compensation expense of $10.3 million and $6.8 million to its Manager within administrative expense in the consolidated statement of operations for the years ended December 31, 2019 and December 31, 2018 respectively. Colony Capital, Inc. Internalization Discussions with the Company On November 6, 2019, Colony Capital sent a letter to our independent directors proposing to explore with us the possible internalization of the management of the Company and a transfer of Colony Capital’s credit management business to us. The letter provided that an internalization would be subject to, among other things, the negotiation of terms and definitive documentation and approval of our Board of Directors and the board of directors of Colony Capital (or an authorized committee thereof in each case). In response, the Board of Directors has formed a Special Committee consisting exclusively of independent and disinterested directors to explore this internalization proposal as well as other strategic alternatives. In connection therewith, and as reflected by Schedule 13D filed by Colony Capital with the U.S. Securities and Exchange Commission on February 27, 2020, Colony Capital plans to take any and all actions as may be necessary or appropriate for Colony Capital to enter into an agreement with us and/or one or more third parties with respect to a disposition of Colony Capital’s management agreement with us, subject to our consent, whether in the form of an internalization of our management (including, but not limited to, the possible internalization set forth in the November 6, 2019 letter), a sale of Colony Capital’s management agreement with us, or any other transaction the effect of which is to dispose of Colony Capital’s management agreement with us. The scope of any such transaction is focused on Colony Capital’s management agreement with us, and not Colony Capital’s private credit investment management platform or associated private credit assets. The Special Committee is committed to taking all appropriate steps to maximize value for the Company and its shareholders, and has been actively engaged in a robust process to explore a range of value-enhancing opportunities, including, but not limited to, the potential transactions proposed by Colony Capital. The Special Committee has engaged both an independent financial advisor and legal advisor. We can give no assurance as to whether we and Colony Capital will enter into an agreement to internalize the management of the Company, the terms or scope of such agreement and the timing of closing, or whether we may pursue other strategic alternatives. Investment Activity All investment acquisitions are approved in accordance with the Company’s investment and related party guidelines, which may include approval by either the audit committee or disinterested members of the Company’s Board of Directors. No investment by the Company will require approval under the related party transaction policy solely because such investment constitutes a co-investment made by and between the Company and any of its subsidiaries, on the one hand, and one or more investment vehicles formed, sponsored, or managed by an affiliate of the Manager on the other hand. In November 2016, NorthStar II entered into a $284.2 million securitization financing transaction (“Securitization 2016-1”). Securitization 2016-1 was collateralized by a pool of 10 CRE debt investments with a committed aggregate principal balance of $254.7 million primarily originated by NorthStar II and three senior participations with a committed aggregate principal balance of $29.5 million originated by NorthStar I. An affiliate of the Manager was appointed special servicer of Securitization 2016-1. The transaction was approved by the NorthStar II’s board of directors, including all of its independent directors. Securitization 2016-1 was assumed by the Company in connection with the Combination. Securitization 2016-1 was repaid in August 2018. In July 2017, NorthStar II entered into a joint venture with an affiliate of the Manager to make a $60.0 million investment in a $180.0 million mezzanine loan which was originated by such affiliate of the Manager. The transaction was approved by NorthStar II’s board of directors, including all of its independent directors. The investment was purchased by the Company in connection with the Combination. In June 2018, the Company increased its commitment to $101.8 million in connection with the joint venture bifurcating the mezzanine loan into a mezzanine loan and a preferred equity investment. The Company’s interest in both the underlying mezzanine loan and preferred equity investment is 31.8%, and the affiliate entities own the remaining 68.2%. Both the underlying mezzanine loan and preferred equity investment carry a fixed 12.9% interest rate. This investment is recorded in investments in unconsolidated ventures in the Company’s consolidated balance sheets. In July 2019, the Company increased its commitment in the mezzanine loan from $101.8 million to $189.0 million. The Company’s interest in the upsized mezzanine loan is 45.2% and it carries a fixed 12.9% interest rate. As of December 31, 2019, the Company had an unfunded commitment of $48.9 million remaining. In May 2018, the Company acquired an $89.1 million (at par) preferred equity investment in an investment vehicle that owns a seven-property office portfolio located in the New York metropolitan area from an affiliate of the Company’s Manager. The affiliate has a 27.2% ownership interest in the borrower. The preferred equity investment carries a fixed 12.0% interest rate. This investment is recorded in loans and preferred equity held for investment, net in the Company’s consolidated balance sheets. In July 2018, the Company acquired a $326.8 million Class A office campus located in Norway from an affiliate of the Company’s Manager. In connection with the purchase, the Company assumed senior mortgage financing from a private bond issuance of $197.7 million. The bonds have a five-year term remaining, and carry a fixed interest rate of 3.91%. In July 2018, the Company entered into a joint venture to invest in a development project for land and a Grade A office building in Ireland. The Company agreed to invest up to $69.9 million of the $139.7 million total commitment. The Company co-invested along with two affiliates of the Manager, with the Company owning 50.0% of the joint venture and the affiliate entities owning the remaining 50.0%. The joint venture invested in a senior mortgage loan of $66.7 million with a fixed interest rate of 12.5% and a maturity date of 3.5 years from origination and common equity. In October 2018, the Company entered into a joint venture to invest in a mixed-use development project in Ireland. The Company agreed to invest up to $162.4 million of the $266.5 million total commitment. The Company co-invested along with two affiliates of the Manager, with the Company owning 61.0% of the joint venture and the affiliate entities owning the remaining 39.0%. The joint venture will invest in a senior mortgage loan with a fixed interest rate of 15.0% and a maturity date of two years from origination. In October 2018, the Company acquired a $20.0 million mezzanine loan from an affiliate of the Company’s Manager, secured by a pledge of an ownership interest in a luxury condominium development project located in New York, NY. The loan bears interest at 9.5% plus LIBOR.

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) loan borrower	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Mortgage Loans on Real Estate
Number \| loan	56
Prior Liens	$ 1,260,082
Unpaid Principal Balance	2,845,851
Carrying Value	2,563,884	$ 2,005,497	$ 1,300,784
Principal amount subject to delinquent principal or interest	$ 408,058
Percentage of total carrying value for individual loans (less than)	3.00%
Allowance for loan losses	$ 272,624	109,328	$ 517	$ 3,386
Loans and preferred equity held for investment, tax basis	$ 2,800,000
Troubled debt restructuring, number of contracts \| loan	0
Loans and preferred equity held for investment, net	$ 2,576,332	2,020,497
First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	44
Prior Liens	$ 0
Unpaid Principal Balance	2,468,962
Carrying Value	2,305,063
Principal amount subject to delinquent principal or interest	$ 290,832
Mezzanine loan
Mortgage Loans on Real Estate
Number \| loan	10
Prior Liens	$ 753,478
Unpaid Principal Balance	261,505
Carrying Value	143,508
Principal amount subject to delinquent principal or interest	$ 117,226
Preferred equity interests
Mortgage Loans on Real Estate
Number \| loan	2
Prior Liens	$ 506,604
Unpaid Principal Balance	115,384
Carrying Value	115,313
Principal amount subject to delinquent principal or interest	0
Senior loan
Mortgage Loans on Real Estate
Loan carrying value	12,600
Unpaid principal amount and carrying value not related to real estate	12,400	$ 15,000
Commercial mortgage, hospitality loan \| 90 Days or More Past Due / Nonaccrual \| First mortgage loans
Mortgage Loans on Real Estate
Loans and preferred equity held for investment, net	$ 258,100
CALIFORNIA \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	6.80%
Prior Liens	$ 0
Unpaid Principal Balance	93,869
Carrying Value	93,080
Principal amount subject to delinquent principal or interest	$ 0
NEW YORK \| Office \| Preferred equity interests
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	12.00%
Prior Liens	$ 439,204
Unpaid Principal Balance	97,735
Carrying Value	97,735
Principal amount subject to delinquent principal or interest	$ 0
NEW YORK \| Industrial \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.25%
Prior Liens	$ 0
Unpaid Principal Balance	116,000
Carrying Value	115,005
Principal amount subject to delinquent principal or interest	$ 0
NEW YORK \| Other \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.40%
Prior Liens	$ 0
Unpaid Principal Balance	66,073
Carrying Value	65,310
Principal amount subject to delinquent principal or interest	$ 0
Various, USA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	2
Prior Liens	$ 0
Unpaid Principal Balance	105,063
Carrying Value	105,277
Principal amount subject to delinquent principal or interest	$ 32,063
Troubled debt restructuring, number of contracts \| loan	1
Financing receivable, modifications, number of borrowers, outstanding \| borrower	1
Various, USA \| Office \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	13
Prior Liens	$ 0
Unpaid Principal Balance	549,275
Carrying Value	546,142
Principal amount subject to delinquent principal or interest	$ 0
Various, USA \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.50%
Prior Liens	$ 0
Unpaid Principal Balance	92,000
Carrying Value	91,560
Principal amount subject to delinquent principal or interest	$ 0
Various, USA \| Multifamily \| Mezzanine loan
Mortgage Loans on Real Estate
Number \| loan	5
Prior Liens	$ 252,346
Unpaid Principal Balance	103,944
Carrying Value	103,053
Principal amount subject to delinquent principal or interest	$ 0
Various, USA \| Retail \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	6
Prior Liens	$ 0
Unpaid Principal Balance	151,948
Carrying Value	94,490
Principal amount subject to delinquent principal or interest	$ 112,648
Troubled debt restructuring, number of contracts \| loan	5
Financing receivable, modifications, number of borrowers, outstanding \| borrower	4
CALIFORNIA \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.35%
Prior Liens	$ 0
Unpaid Principal Balance	173,760
Carrying Value	173,002
Principal amount subject to delinquent principal or interest	$ 0
Various, UNITED STATES \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	11
Prior Liens	$ 0
Unpaid Principal Balance	339,729
Carrying Value	339,358
Principal amount subject to delinquent principal or interest	$ 0
COLORADO \| Retail \| Mezzanine loan
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	9.76%
Prior Liens	$ 28,890
Unpaid Principal Balance	6,110
Carrying Value	0
Principal amount subject to delinquent principal or interest	$ 6,110
Troubled debt restructuring, number of contracts \| loan	1
Financing receivable, modifications, number of borrowers, outstanding \| borrower	1
NEVADA \| Office \| Preferred equity interests
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	15.00%
Prior Liens	$ 67,400
Unpaid Principal Balance	17,649
Carrying Value	17,578
Principal amount subject to delinquent principal or interest	$ 0
Hotel, California 1 \| CALIFORNIA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.96%
Prior Liens	$ 0
Unpaid Principal Balance	173,486
Carrying Value	173,486
Principal amount subject to delinquent principal or interest	$ 0
Hotel, California 2 \| CALIFORNIA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.00%
Prior Liens	$ 0
Unpaid Principal Balance	120,000
Carrying Value	119,092
Principal amount subject to delinquent principal or interest	$ 0
Hotel, California 3 \| CALIFORNIA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	6.60%
Prior Liens	$ 0
Unpaid Principal Balance	141,466
Carrying Value	140,437
Principal amount subject to delinquent principal or interest	$ 0
Hotel, New York 1 \| NEW YORK \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	4.12%
Prior Liens	$ 0
Unpaid Principal Balance	75,976
Carrying Value	50,000
Principal amount subject to delinquent principal or interest	$ 75,976
Hotel, New York 1 \| NEW YORK \| Hotel \| Mezzanine loan
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	14.47%
Prior Liens	$ 146,121
Unpaid Principal Balance	61,750
Carrying Value	0
Principal amount subject to delinquent principal or interest	$ 61,750
Hotel, New York 2 \| NEW YORK \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	8.04%
Prior Liens	$ 0
Unpaid Principal Balance	70,145
Carrying Value	0
Principal amount subject to delinquent principal or interest	$ 70,145
Hotel, New York 2 \| NEW YORK \| Hotel \| Mezzanine loan
Mortgage Loans on Real Estate
Number \| loan	3
Prior Liens	$ 326,121
Unpaid Principal Balance	89,701
Carrying Value	40,455
Principal amount subject to delinquent principal or interest	$ 49,366
Office, California 1 \| CALIFORNIA \| Office \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.70%
Prior Liens	$ 0
Unpaid Principal Balance	113,384
Carrying Value	112,953
Principal amount subject to delinquent principal or interest	$ 0
Office, Connecticut \| CONNECTICUT \| Office \| First mortgage loans
Mortgage Loans on Real Estate
Number \| loan	1
Interest rate	5.65%
Prior Liens	$ 0
Unpaid Principal Balance	86,788
Carrying Value	85,871
Principal amount subject to delinquent principal or interest	$ 0
Hotel, New York \| Hotel \| Commercial mortgage, hospitality loan \| 90 Days or More Past Due / Nonaccrual
Mortgage Loans on Real Estate
Troubled debt restructuring, number of contracts \| loan	4
Loans and preferred equity held for investment, net	$ 257,200
Minimum \| Various, USA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	5.22%
Minimum \| Various, USA \| Office \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	4.21%
Minimum \| Various, USA \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	4.45%
Minimum \| Various, USA \| Multifamily \| Mezzanine loan
Mortgage Loans on Real Estate
Interest rate	9.45%
Minimum \| Various, USA \| Retail \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	6.00%
Minimum \| Hotel, New York 2 \| NEW YORK \| Hotel \| Mezzanine loan
Mortgage Loans on Real Estate
Interest rate	11.50%
Maximum \| Various, USA \| Hotel \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	7.72%
Maximum \| Various, USA \| Office \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	6.57%
Maximum \| Various, USA \| Multifamily \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	6.91%
Maximum \| Various, USA \| Multifamily \| Mezzanine loan
Mortgage Loans on Real Estate
Interest rate	13.50%
Maximum \| Various, USA \| Retail \| First mortgage loans
Mortgage Loans on Real Estate
Interest rate	8.26%
Maximum \| Hotel, New York 2 \| NEW YORK \| Hotel \| Mezzanine loan
Mortgage Loans on Real Estate
Interest rate	12.71%

Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Noncancelable ground leases on real estate
2020	$ 3,232
2021	3,216
2022	3,244
2023	3,274
2024	2,383
2025 and thereafter	23,079
Total lease payments	38,428
Less: Present value discount	12,933
Operating lease liability (Note 9)	$ 25,495	$ 26,300
Noncancelable ground leases on real estate as of December 31, 2018
2019			$ 2,821
2020			2,819
2021			2,804
2022			1,882
2023			1,388
2024 and thereafter			12,998
Total			$ 24,712

Real Estate, net and Real Estate Held for Sale - Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Total lease revenue		$ 160,700			$ 21,600
Lease revenues
Minimum lease revenue			$ 180,734
Variable lease revenue			24,419
Total lease revenues			205,153
Hotel operating income		17,500	45,898		2,200
Property operating income			251,051
Net amortization income related to above and below-market leases	$ 4,200		$ 7,100
Property operating income, property tax paid by lessee					4,300
Property taxes paid directly by lessees		$ 3,400		$ 4,600	$ 4,400

Stockholders' Equity - Dividends (Details) - $ / shares	Jan. 10, 2020	Dec. 10, 2019	Nov. 12, 2019	Nov. 07, 2019	Oct. 17, 2019	Oct. 10, 2019	Sep. 17, 2019	Sep. 10, 2019	Aug. 09, 2019	Aug. 01, 2019	Jul. 17, 2019	Jul. 10, 2019	Jun. 17, 2019	Jun. 10, 2019	May 10, 2019	May 02, 2019	Apr. 15, 2019	Apr. 10, 2019	Mar. 18, 2019	Mar. 11, 2019	Feb. 15, 2019	Feb. 11, 2019	Jan. 17, 2019
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)				$ 0.10	$ 0.145		$ 0.145			$ 0.145	$ 0.145		$ 0.145			$ 0.145	$ 0.145		$ 0.145		$ 0.145		$ 0.145
Dividends paid per share of common stock (in dollars per share)		$ 0.10	$ 0.145			$ 0.145		$ 0.145	$ 0.145			$ 0.145		$ 0.145	$ 0.145			$ 0.145		$ 0.145		$ 0.145
Subsequent Event
Subsequent Event [Line Items]
Dividends paid per share of common stock (in dollars per share)	$ 0.10

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Pre-tax income (loss) attributable to taxable entities		$ (1,316)	$ (39,843)	$ 548
Federal tax expense (benefit) at statutory tax rate (21%, 35% and 35%, respectively)		(276)	(8,367)	192
State and local taxes, net of federal income tax benefit		71	(644)	12
Permanent adjustments		2,850	41	0
Foreign income tax differential		(1,328)	24	0
Foreign income tax rate change		(1,383)	0	0
Return to provision		(273)	0	0
Valuation allowance, net		2,402	43,078	0
Revaluation of deferred taxes due to Tax Cuts and Jobs Act		0	1,725	212
Other		1,109	1,202	1,792
Income tax expense	$ 3,172	$ 3,172	$ 37,059	$ 2,208

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments under fair value option	$ 10,283	$ 160,851
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A
Common stock, shares authorized (in shares)	950,000,000.0	905,000,000
Common stock, shares issued (in shares)	128,538,703	83,410,376
Common stock, shares outstanding (in shares)	128,538,703	83,410,376
Class B-3
Common stock, shares authorized (in shares)	0	45,000,000
Common stock, shares issued (in shares)	0	44,399,444
Common stock, shares outstanding (in shares)	0	44,399,444

Commitments and Contingencies - Summary of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum lease expense	$ 3,134
Variable lease expense	0
Operating lease expense	$ 3,134

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Company’s Stockholders’ Equity	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in the Operating Partnership	Class A Common Stock	Class B-3 Common Stock
Beginning balance (in shares) at Dec. 31, 2016								0	0
Beginning balance at Dec. 31, 2016	$ 1,235,564	$ 884,716	$ 714,443	$ 170,273	$ 0	$ 350,848	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Equity contribution from the Combination	324,358	324,358	324,358
Contributions	132,052	81,549	81,549			50,503
Distributions	(412,284)	(299,319)	(299,319)			(112,965)
Conversion of Class B-3 common stock	0
Other comprehensive income (loss)	0
Net income (loss)	127,880	88,504		88,504		39,376	0
Ending balance (in shares) at Dec. 31, 2017								0	0
Ending balance at Dec. 31, 2017	1,407,570	1,079,808	821,031	258,777	0	327,762	0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Contributions	290					290
Distributions	(20,104)					(20,104)
Adjustments related to the Combination (in shares)								82,484	44,399
Adjustments related to the Combination	1,837,492	1,994,360	2,072,865	(79,774)		(230,494)	73,626	$ 825	$ 444
Conversion of Class B-3 common stock	0
Issuance and amortization of equity-based compensation (in shares)								968
Issuance and amortization of equity-based compensation	7,113	7,113	7,103					$ 10
Other comprehensive income (loss)	(409)	(399)			(399)		(10)
Dividends and distributions declared	(208,737)	(203,832)		(203,832)			(4,905)
Shares canceled for tax withholding on vested stock awards (in shares)								(42)
Shares canceled for tax withholding on vested stock awards	(660)	(660)	(659)	0	0	0	0	$ (1)
Reallocation of equity		(987)	(987)				987
Net income (loss)	(177,353)	(168,498)		(168,498)		(4,771)	(4,084)
Ending balance (in shares) at Dec. 31, 2018								83,410	44,399
Ending balance at Dec. 31, 2018	2,845,202	2,706,905	2,899,353	(193,327)	(399)	72,683	65,614	$ 834	$ 444
Increase (Decrease) in Stockholders' Equity
Contributions	156					156
Distributions	(3,000)					(3,000)
Conversion of Class B-3 common stock (in shares)								(44,399)	(44,399)
Conversion of Class B-3 common stock	444							$ 444	$ (444)
Issuance and amortization of equity-based compensation (in shares)								832
Issuance and amortization of equity-based compensation	10,810	10,810	10,802					$ 8
Other comprehensive income (loss)	29,407	28,693			28,693		714
Dividends and distributions declared	(216,980)	(211,899)		(211,899)			(5,081)
Shares canceled for tax withholding on vested stock awards (in shares)								(102)
Shares canceled for tax withholding on vested stock awards	(1,597)	(1,597)	(1,596)	0	0	0	0	$ (1)
Reallocation of equity		622	622				(622)
Net income (loss)	(462,648)	(414,512)		(414,512)		(38,208)	(9,928)
Ending balance (in shares) at Dec. 31, 2019								128,539	0
Ending balance at Dec. 31, 2019	$ 2,201,350	$ 2,119,022	$ 2,909,181	$ (819,738)	$ 28,294	$ 31,631	$ 50,697	$ 1,285	$ 0

Real Estate Securities, Available for Sale (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of the CMBS Investments

The following table presents CMBS investments as of December 31, 2019 and December 31, 2018 (dollars in thousands):



																Weighted Average
		Principal Amount⁽¹⁾		Total Discount			Amortized Cost		Cumulative Unrealized on Investments					Fair Value		Coupon⁽²⁾		Unleveraged Current Yield
As of Date:	Count	Principal Amount⁽¹⁾		Total Discount			Amortized Cost		Gain		(Loss)			Fair Value		Coupon⁽²⁾		Unleveraged Current Yield
December 31, 2019	43	$	292,284	$	(55,981	)	$	236,303	$	17,084	$	(563	)	$	252,824	3.19	%	7.12	%
December 31, 2018	43	292,284		(62,772		)	229,512		2,167		(3,494		)	228,185		3.19	%	7.10	%

_________________________________________


(1)	CRE securities serve as collateral for financing transactions including carrying value of $251.0 million for the CMBS Credit Facilities (refer to Note 10, "Debt," for further detail). The remainder is unleveraged.

(2)

All CMBS are fixed rate.

Schedule of Classification, Carrying Value and Maximum Exposure of VIEs

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2019 (dollars in thousands):



	Carrying Value		Maximum Exposure to Loss
Real estate securities, available for sale	$	252,824	$	236,303
Investments in unconsolidated ventures	481,047		531,902
Loans and preferred equity held for investment, net	67,578		67,578
Total assets	$	801,449	$	835,783



	Year Ended December 31,
	2019			2018⁽¹⁾
Statement of Operations
Interest expense	$	(957	)	$	—
Interest income on mortgage loans held in securitization trusts	120,203			143,371
Interest expense on mortgage obligations issued by securitization trusts	(109,964		)	(132,411		)
Net interest income	9,282			10,960
Administrative expense	(1,114		)	(1,528		)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	4,090			5,003
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net	2,772			(3,447		)
Net income attributable to Colony Credit Real Estate, Inc. common stockholders	$	15,030		$	10,988

_________________________________________

(1)



	December 31, 2019		December 31, 2018
Assets
Mortgage loans held in a securitization trust, at fair value	$	1,872,970	$	3,116,978
Receivables, net	7,020		13,178
Total assets	$	1,879,990	$	3,130,156
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	1,762,914	$	2,973,936
Accrued and other liabilities	6,267		12,233
Total liabilities	$	1,769,181	$	2,986,169

- Definition

+ References + Details

Derivatives

12 Months Ended

Dec. 31, 2019

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

As of December 31, 2019 and December 31, 2018, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):



	December 31, 2019									December 31, 2018
	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	—		$	4,122		$	4,122		$	11,312		$	2,796		$	14,108
Interest rate contracts	—			—			—			—			31			31
Included in other assets	$	—		$	4,122		$	4,122		$	11,312		$	2,827		$	14,139
Derivative Liabilities
Foreign exchange contracts	$	(2,128	)	$	(29	)	$	(2,157	)	$	(10	)	$	—		$	(10	)
Interest rate contracts	—			(16,976		)	(16,976		)	—			(6,032		)	(6,032		)
Included in accrued and other liabilities	$	(2,128	)	$	(17,005	)	$	(19,133	)	$	(10	)	$	(6,032	)	$	(6,042	)

For the year ended December 31, 2019, the Company posted $13.4 million in net cash collateral to counterparties for its derivative contracts. As of December 31, 2019, those counterparties held $18.9 million in cash collateral.

The following table summarizes the foreign exchange and interest rate contracts as of December 31, 2019:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Designated

Non-Designated

FX Forward

EUR

€

164,686

€

—

June 2020 - June 2023

FX Forward

NOK

NOK 585,600

NOK 318,400

January 2020 - July 2023

Interest Rate Swap

USD

—

403,838

April 2020 - August 2028



	Year Ended December 31,
	2019			2018
Other gain (loss), net
Non-designated foreign exchange contracts	$	1,286		$	2,796
Non-designated interest rate contracts	(10,966		)	(6,001		)
	$	(9,680	)	$	(3,205	)
Accumulated other comprehensive income (loss)
Designated foreign exchange contracts	$	15,460		$	11,305
	$	15,460		$	11,305
Interest income
Non-designated interest rate contracts	$	—		$	2,176

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Any unrealized gain or loss on the dedesignated portion of net investment hedges is transferred into earnings, recorded in other gain (loss), net. During the years ended December 31, 2019 and 2018, no gain (loss) was transferred from accumulated other comprehensive income (loss).

Offsetting Assets and Liabilities

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



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
				(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
December 31, 2019
Derivative Assets
Foreign exchange contracts	$	4,122		$	(2,157	)	$	—	$	1,965
Interest rate contracts	—			—			—		—
	$	4,122		$	(2,157	)	$	—	$	1,965
Derivative Liabilities
Foreign exchange contracts	$	(2,157	)	$	2,157		$	—	$	—
Interest rate contracts	(16,976		)	—			16,976		—
	$	(19,133	)	$	2,157		$	16,976	$	—

December 31, 2018
Derivative Assets
Foreign exchange contracts	$	14,108		$	(10	)	$	—	$	14,098
Interest rate contracts	31			—			—		31
	$	14,139		$	(10	)	$	—	$	14,129
Derivative Liabilities
Foreign exchange contracts	$	(10	)	$	10		$	—	$	—
Interest rate contracts	(6,032		)	—			5,490		(542		)
	$	(6,042	)	$	10		$	5,490	$	(542	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the results of operations of Colony Credit Real Estate, Inc. and certain consolidated investment entities contributed by Colony Capital (the “CLNY Investment Entities”) for periods on or prior to the closing of the Combination on January 31, 2018 and the combined operations of Colony Credit Real Estate, Inc., NorthStar I and NorthStar II beginning February 1, 2018, following the closing of the Combination.

The assets and liabilities contributed by Colony Capital to the Company consisted of its ownership interests in the CLNY Investment Entities, ranging from 38% to 100%. The remaining interests in the CLNY Investment Entities are owned by investment vehicles sponsored by Colony Capital or third parties and were not contributed to the Company.

The CLNY Contributions were accounted for as a reorganization of entities under common control, since both the Company and the CLNY Investment Entities were under common control of Colony Capital at the time the contributions were made. Accordingly, the contributed assets and liabilities were recorded at carryover basis and the Company’s financial statements for prior periods were recast to reflect the consolidation of the CLNY Investment Entities as if the contribution had occurred on the date of the earliest period presented. The assets, liabilities and noncontrolling interests of the CLNY Investment Entities in the consolidated financial statements for periods prior to the Combination were carved out of the books and records of Colony Capital at their historical carrying amounts. Accordingly, the historical consolidated financial statements were prepared giving consideration to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and related guidance provided by the SEC Staff with respect to carve-out financial statements and reflect allocations of certain corporate costs from Colony Capital. These charges were based on either specifically identifiable costs incurred on behalf of the CLNY Investment Entities or an allocation of costs estimated to be applicable to the CLNY Investment Entities, primarily based on the relative assets under management of the CLNY Investment Entities to Colony Capital’s total assets under management. Such costs do not necessarily reflect what the actual costs would have been if the Company had been operating as a separate stand-alone public entity for periods prior to the Combination.

Following the Combination, the Company reconsidered whether it was the primary beneficiary of certain variable interest entities (“VIEs”), which resulted in the deconsolidation of certain of the CLNY Investment Entities and the consolidation of certain securitization trusts in which NorthStar I or NorthStar II held an interest, as more fully described below. Accordingly, comparisons of financial information for periods prior to the Combination with subsequent periods may not be meaningful.

The Combination

The Combination is accounted for under the acquisition method for business combinations pursuant to ASC Topic 805, Business Combinations. In the Combination, the Company was considered to be the accounting acquirer so all of its assets and liabilities immediately prior to the closing of the Combination are reflected at their historical carrying values. The consideration transferred by the Company established a new accounting basis for the assets acquired, liabilities assumed and noncontrolling interests of NorthStar I and NorthStar II, which were measured at their respective fair values on the Closing Date.

Formation of Colony Capital

Colony Capital was formed through a tri-party merger (the “CLNY Merger”) among Colony Capital, NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. (“NRF”), which closed on January 10, 2017 (the “CLNY Merger Closing Date”). Colony Capital was determined to be the accounting acquirer in the CLNY Merger. Accordingly, the combined financial information of the CLNY Investment Entities included herein as of any date or for any periods on or prior to the CLNY Merger Closing Date represent the CLNY Investment Entities from Colony Capital. On the CLNY Merger Closing Date, the CLNY Investment Entities were reflected by Colony Capital at their pre-CLNY Merger carrying values, while the CLNY Investment Entities from NRF were reflected by Colony Capital at their CLNY Merger fair values. The results of operations of the CLNY Investment Entities from NRF are included in these pre-Combination financial statements effective from January 11, 2017.

Use of Estimates

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

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements.

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

Variable Interest Entities

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

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

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment.

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

As of December 31, 2019, the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

Consolidated VIEs

The Company’s operating subsidiary, the OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in the OP, is the managing member of the OP and exercises full responsibility, discretion and control over the day-to-day management of the OP. The noncontrolling

interests in the OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render the OP to be a VIE. The Company, as managing member, has the power to direct the core activities of the OP that most significantly affect the OP’s performance, and through its majority interest in the OP, has both the right to receive benefits from and the obligation to absorb losses of the OP. Accordingly, the Company is the primary beneficiary of the OP and consolidates the OP. As the Company conducts its business and holds its assets and liabilities through the OP, the total assets and liabilities of the OP represent substantially all of the total consolidated assets and liabilities of the Company.

Other consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. The noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 3.5% to 20.0%. These noncontrolling interests do not have substantive kick-out nor participating rights.

Investing VIEs

The Company’s investments in securitization financing entities (“Investing VIEs”) include subordinate first-loss tranches of securitization trusts, which represent interests in such VIEs. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the most subordinate tranches of the securitization trust. Generally, a securitization trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint and remove the special servicer for the trust, and as such may qualify as the primary beneficiary of the trust.

If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss tranches of the securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidating parent entity of an Investing VIE, nor to any of the Company’s other consolidated entities.

As of December 31, 2019, the Company held subordinate tranches of securitization trusts in two Investing VIEs for which the Company has determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of the securitization trusts. The Company’s subordinate tranches of the securitization trusts, which represent the retained interest and related interest income, are eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trusts, less the Company’s retained interest from the subordinate tranches of the securitization trusts), income and expenses of the Investing VIEs are presented in the consolidated financial statements of the Company although the Company legally owns the subordinate tranches of the securitization trusts only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trusts. Refer to Note 6, “Real Estate Securities, Available for Sale” for further discussion.

The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIEs. Interest income and interest expense associated with the Investing VIEs are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIEs are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 15, “Fair Value” for further discussion.

The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIEs, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIEs are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIEs. Refer to Note 15, “Fair Value” for further discussion.

Unconsolidated VIEs

As of December 31, 2019, the Company identified unconsolidated VIEs related to its securities investments, indirect interests in real estate through real estate private equity funds (“PE Investments”) and CRE debt investments. Based on management’s analysis,

the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2019.

Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

Noncontrolling Interests

Noncontrolling Interests in Investment Entities—This represents interests in consolidated investment entities held by third party joint venture partners and prior to the closing of the Combination, such interests held by private funds managed by Colony Capital. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive.

Noncontrolling Interests in the Operating Partnership—This represents membership interests in the OP held by RED REIT. Noncontrolling interests in the OP are allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP have the right to require the OP to redeem part or all of the membership units in the OP for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company’s election as managing member of the OP, through the issuance of shares of Class A common stock on a one-for-one basis. Refer to Note 3, “Business Combination,” for further discussion of OP membership units. At the end of each reporting period, noncontrolling interests in the OP is adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable.

Comprehensive Income (Loss)

The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation.

Fair Value Measurement

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

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

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

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

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

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

Fair Value Option

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

The Company has elected the fair value option for PE Investments. The Company has also elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted the measurement alternative allowing the Company to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable.

Business Combinations

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

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

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

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at December 31, 2019 or December 31, 2018. The Company’s cash is held with major financial institutions and may at times exceed federally insured limits.

Restricted Cash

Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.

Loans and Preferred Equity Held for Investment

The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan.

Loans and Preferred Equity Held for Investment

Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred.

Interest Income—Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income.

The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due.

Nonaccrual—Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured.

Impairment and Allowance for Loan Losses—On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and preferred equity investment and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan or preferred equity investment, liquidation value of collateral properties, and financial wherewithal of any loan guarantors, as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. During the year ended December 31, 2019, the Company recorded $220.6 million of provision for loan losses. See Note 4, “Loans and Preferred Equity Held for Investment, net and Loans Held for Sale” for further detail.

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

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

Loans Held for Sale

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

During the year ended December 31, 2019, the Company classified one loan in its Legacy, Non-Strategic Portfolio as held for sale. See Note 4, “Loans and Preferred Equity Held for Investment, net and Loans Held for Sale” for further detail.

Acquisition, Development and Construction (“ADC”) Arrangements

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

Operating Real Estate

Real Estate Acquisitions—Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

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

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

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



Real Estate Assets		Term
Building (fee interest)		7 to 48 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of the useful life or remaining life of the building
Land improvements		1 to 15 years
Tenant improvements		Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment		2 to 8 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. During the year ended December 31, 2019, the Company recorded $282.8 million of impairment loss on its operating real estate portfolio. See Note 7, “Real Estate, net and Real Estate Held for Sale” and Note 15, “Fair Value,” for further detail.

Real Estate Held for Sale

Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

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

As of December 31, 2019, the Company classified several of its properties in its Legacy, Non-Strategic Portfolio as held for sale. See Note 7, “Real Estate, net and Real Estate Held for Sale”, Note 19, “Segment Reporting” and Note 21, “Subsequent Events” for further detail.

Foreclosed Properties

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

Real Estate Securities

The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for the assets and liabilities of its consolidated Investing VIEs, and as a result, any unrealized gains (losses) on the consolidated Investing VIEs are recorded in unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. As of December 31, 2019, the Company held subordinate tranches of two securitization trusts, which represent the Company’s retained interest in the securitization trusts, which the Company consolidates under U.S. GAAP. Refer to Note 6, “Real Estate Securities, Available for Sale” for further discussion.

Impairment

CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized loss on mortgage loans and obligations held in securitization trust, net as losses occur.

CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.

Investments in Unconsolidated Ventures

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

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

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

At December 31, 2019 and December 31, 2018, the Company’s investments in unconsolidated joint ventures consisted of investments in PE Investments, senior loans, mezzanine loans and preferred equity held in joint ventures, as well as ADC arrangements accounted for as equity method investments.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable.

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

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

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

Identified Intangibles

Identifiable Intangibles

In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life.

Lease Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense.

The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively.

Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.

Transfers of Financial Assets

Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset.

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

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

Derivative Instruments and Hedging Activities

The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting.

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

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

Cash Flow Hedges—The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings.

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

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

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

Financing Costs

Financing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to realized gain (loss) when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.

Revenue Recognition

Property Operating Income

Property operating income includes the following:

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

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

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

Tenant Reimbursements—In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.

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

Real Estate Securities

Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.

Foreign Currency

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

associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss), net on the consolidated statements of operations.

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Equity Based Compensation

Equity-Based Compensation

Equity-classified stock awards granted to executive officers and both independent and non-independent directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards.

The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within administrative expense in the consolidated statement of operations.

Earnings Per Share

The Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.

Income Taxes

For U.S. federal income tax purposes, the Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018. To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the real estate qualification of sources of its income, the real estate composition and values of its assets, the amounts it distributes to stockholders and the diversity of ownership of its stock.

To the extent that the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable.

The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company also holds investments in Europe which are subject to tax in each local jurisdiction.

The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) which may be subject to taxation by U.S. federal, state and local authorities. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the Company cannot hold directly and engage in most real estate or non-real estate-related business.

Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period during which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of

earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the U.S. federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry-specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax benefit (expense) in the consolidated statements of operations.

Recent Accounting Pronouncements

Accounting Standards Adopted in 2019

Leases—In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases, which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in ASC Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use (“ROU”) asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard.

ASC 842 also narrows the definition of initial leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company’s statement of operations.

The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019. There was no impact to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods.

The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases.

Lessee Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company's operating leases relate primarily to ground leases acquired with real estate. For these ground leases, the Company has elected the accounting policy to combine lease and related nonlease components as a single lease component.

ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company does not have any variable lease payments. The Company made the accounting policy election to recognize lease payments on short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised.

As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company or its subsidiary, where applicable, would have to pay to borrow over the lease term on a collateralized basis.

Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases.

The Company recognized an operating lease ROU asset totaling $26.3 million in other assets and a corresponding operating lease liability totaling $26.3 million in accrued and other liabilities for ground leases in its real estate portfolio. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre-existing balances, including below-market ground lease obligations.

Lessor Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. The Company has operating leases with property tenants that expire at various dates through 2038 with renewal options typically exercised at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Lease revenue is composed of rental income, which includes the effect of minimum rent increases and rent abatements, and tenant reimbursements, such as common area maintenance costs and other costs associated to the leases.

As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant.

Lease revenue is recognized on a straight-line basis over the remaining lease term and is included in property operating income on the consolidated statements of operations. The Company receives variable lease revenues from tenant reimbursements.

Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease income is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. The impact to the Company’s financial condition and results of operations is de minimis on adoption of this standard.

Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses.

Hedge Accounting—In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation.

The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s net cash flow and investment hedges, the Company recorded the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. There was no impact to the Company’s financial condition and results of operations upon adoption of this standard.

Future Application of Accounting Standards

Credit Losses—In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses, which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss (“CECL”) model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity (“HTM”) debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available-for-sale (“AFS”) debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019, and will be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. The company has completed the development of its credit loss models and has implemented policies, systems and controls required for the implementation and ongoing management of CECL. The CECL reserve required under ASU 2016-13 is a valuation account that is deducted from the related loans’ amortized cost basis on our balance sheet and will reduce our total stockholders’ equity. The initial CECL reserve recorded on January 1, 2020 will be reflected as a direct charge to retained earnings; however future net changes to the CECL reserve will be recognized through net income on our consolidated statements of operations. ASU 2016-13 specifies that the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. The company’s credit loss models utilized historical loss rates derived from a commercial mortgage backed securities database with historical losses from 1998 to 2019 provided by a third party, Trepp LLC. Our loans may include commitments to fund incremental proceeds to our borrowers over the life of the loan, which are also subject to the CECL model. The CECL reserve related to future loan fundings will be recorded as a component of Other Liabilities on our balance sheet and be estimated using the same process as for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. Upon adoption of ASU 2016-13 on January 1, 2020, we expect to record an initial CECL reserve for our outstanding loans and future loan funding commitments of approximately $23.5 million, or $0.18 per share, which is 0.81% of the aggregate commitment amount of the Company’s loan portfolio at December 31, 2019.

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 the balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain 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 the reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective January 1, 2020. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures.

Variable Interest Entities—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 the 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 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. ASU No. 2018-17 is effective January 1, 2020, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance and does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

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

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

Deferred Leasing Costs and Other Intangibles

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Leasing Costs and Other Intangibles

The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at December 31, 2019 and December 31, 2018 are as follows (dollars in thousands):



	December 31, 2019
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,139	$	(39,093	)	$	76,046
Deferred leasing costs	42,345		(13,637		)	28,708
Above-market lease values	14,318		(6,310		)	8,008
Other intangibles	—		—			—
	$	171,802	$	(59,040	)	$	112,762
Intangible Liabilities
Below-market lease values	$	32,652	$	(10,503	)	$	22,149



	December 31, 2018
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,778	$	(27,120	)	$	88,658
Deferred leasing costs	39,130		(6,848		)	32,282
Above-market lease values	16,203		(3,883		)	12,320
Other intangibles	906		(134		)	772
Below-market ground lease obligations⁽¹⁾	52		(16		)	36
	$	172,069	$	(38,001	)	$	134,068
Intangible Liabilities
Below-market lease values	$	19,374	$	(4,278	)	$	15,096

_________________________________________


(1)	Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019 the below-market ground lease obligations are included in right-of-use lease assets.

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Above-market lease values	$	(4,172	)	$	(4,277	)	$	(283	)
Below-market lease values	7,076			4,329			15
Net increase (decrease) to property operating income	$	2,904		$	52		$	(268	)

Below-market ground lease obligations⁽¹⁾	$	—		$	8		$	8
Increase to property operating expense	$	—		$	8		$	8

In-place lease values	$	21,445		$	27,239		$	2,657
Deferred leasing costs	8,400			7,343			655
Other intangibles	450			134			—
Amortization expense	$	30,295		$	34,716		$	3,312

_________________________________________


(1)	Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019 the below-market ground lease obligations are included in right-of-use lease assets.

The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale, for each of the next five years and thereafter as of December 31, 2019 (dollars in thousands):




	2020			2021			2022			2023			2024			2025 and thereafter			Total
Above-market lease values	$	2,580		$	1,906		$	1,514		$	807		$	588		$	613		$	8,008
Below-market lease values	(5,536		)	(5,133		)	(3,778		)	(941		)	(642		)	(6,119		)	(22,149		)
Net increase (decrease) to property operating income	$	(2,956	)	$	(3,227	)	$	(2,264	)	$	(134	)	$	(54	)	$	(5,506	)	$	(14,141	)

In-place lease values	$	14,464		$	11,509		$	8,445		$	5,411		$	4,232		$	31,985		$	76,046
Deferred leasing costs	6,674			5,343			4,464			3,075			1,818			7,334			28,708
Amortization expense	$	21,138		$	16,852		$	12,909		$	8,486		$	6,050		$	39,319		$	104,754

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local non-U.S. jurisdictions, primarily in Europe. The Company’s current primary sources of income subject to tax are income from its hotel investments, certain PE Investments, and real estate and loan investments in Europe.

The following table provides a summary of the Company’s tax provisions (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Current
Federal	$	(6,316	)	$	(7,534	)	$	(389	)
State and local	(1,824		)	(583		)	(75		)
Foreign	316			(588		)	—
Total current tax benefit (expense)	(7,824		)	(8,705		)	(464		)
Deferred
Federal	2,226			(27,817		)	(1,760		)
State and local	—			—			16
Foreign	2,426			(537		)	—
Total deferred tax benefit (expense)	4,652			(28,354		)	(1,744		)
Total income tax expense	$	(3,172	)	$	(37,059	)	$	(2,208	)

Deferred Income Tax Assets and Liabilities

Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities on the consolidated balance sheets.

The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows (dollars in thousands):



	December 31,
	2019			2018
Deferred tax assets
Basis difference - investment in partnerships	$	40,626		$	40,205
Disallowed interest expense carry forwards	524			2,659
Net operating and capital loss carry forwards⁽¹⁾	9,910			3,974
Other	746			746
Gross deferred tax asset	51,806			47,584
Valuation allowance	(49,244		)	(46,842		)
Deferred tax assets, net of valuation allowance	$	2,562		$	742

Deferred tax liabilities
Basis difference - real estate	(31,463		)	(34,418		)
Gross deferred tax liabilities	(31,463		)	(34,418		)
Net deferred tax liability	$	(28,901	)	$	(33,676	)

_________________________________________


(1)	As of December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $27.1 million and $15.6 million, respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2034, or can be carried forward indefinitely.

Effective Income Tax

The Company’s income tax expense varied from the amount computed by applying the statutory income tax rate to income before income taxes. A reconciliation of the statutory U.S. income tax to the Company’s effective income tax is presented as follows (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Pre-tax income (loss) attributable to taxable entities	$	(1,316	)	$	(39,843	)	$	548
Federal tax expense (benefit) at statutory tax rate (21%, 21% and 35%, respectively)	(276		)	(8,367		)	192
State and local taxes, net of federal income tax expense (benefit)	71			(644		)	12
Permanent adjustments	2,850			41			—
Foreign income tax differential	(1,328		)	24			—
Foreign income tax rate change	(1,383		)	—			—
Return to provision	(273		)	—			—
Valuation allowance, net	2,402			43,078			—
Revaluation of deferred taxes due to "Tax Cuts and Jobs Act"	—			1,725			212
Other	1,109			1,202			1,792
Income tax expense	$	3,172		$	37,059		$	2,208

Tax Examinations and Uncertainty in Income Tax

The Company is no longer subject to U.S. federal, state and local tax examinations by tax authorities for years prior to 2016.

There were no material uncertain tax positions as of December 31, 2019. For the years ended December 31, 2019, 2018 and 2017 the Company has not recognized any interest or penalties related to uncertain tax positions.

Real Estate, net and Real Estate Held for Sale

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Real Estate, net and Real Estate Held for Sale

The following table presents the Company’s net lease portfolio, net, as of December 31, 2019, and December 31, 2018 (dollars in thousands):



	December 31, 2019			December 31, 2018
Land and improvements	$	209,693		$	226,141
Buildings, building leaseholds, and improvements	899,889			1,010,339
Tenant improvements	25,077			24,060
Construction-in-progress	415			437
Subtotal	$	1,135,074		$	1,260,977
Less: Accumulated depreciation	(63,995		)	(34,532		)
Less: Impairment⁽¹⁾	(23,911		)	(7,094		)
Net lease portfolio, net	$	1,047,168		$	1,219,351

_________________________________________


(1)	See Note 15, “Fair Value,” for discussion of impairment of real estate.



	December 31, 2019			December 31, 2018
Land and improvements	$	91,997		$	113,495
Buildings, building leaseholds, and improvements	536,046			627,612
Tenant improvements	38,230			24,001
Furniture, fixtures and equipment	3,183			17,910
Construction-in-progress	6,325			2,635
Subtotal	$	675,781		$	785,653
Less: Accumulated depreciation	(46,079		)	(23,030		)
Less: Impairment⁽¹⁾	(192,074		)	(22,284		)
Other portfolio, net	$	437,628		$	740,339

_________________________________________


(1)	See Note 15, “Fair Value,” for discussion of impairment of real estate.

For the year ended December 31, 2019, the Company had no single property with rental and other income equal to or greater than 10.0% of total revenue.

At December 31, 2019 and December 31, 2018, the Company held foreclosed properties which are included in real estate, net with a carrying value of $50.7 million and $128.8 million, respectively. At December 31, 2019, the Company held foreclosed properties in assets held for sale of $57.9 million.

Depreciation Expense

Depreciation expense on real estate was $72.9 million, $56.3 million and $5.8 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Property Operating Income

For the year ended December 31, 2018, property operating income was composed of $160.7 million of total lease revenue and $17.5 million of hotel operating income, respectively. For the year ended December 31, 2017, property operating income was composed of $21.6 million of total lease revenue and $2.2 million of hotel operating income, respectively. For the year ended December 31, 2019, the components of property operating income were as follows (dollars in thousands):



	Year Ended December 31,
	2019
Lease revenues⁽¹⁾
Minimum lease revenue	$	180,734
Variable lease revenue	24,419
	$	205,153
Hotel operating income	45,898
	$	251,051

_________________________________________


(1)	Excludes net amortization income related to above and below-market leases of $4.2 million and $7.1 million for the year ended December 31, 2019, respectively.

For the year ended December 31, 2018, property operating income and property operating expense included $3.4 million and $4.6 million respectively, of property taxes paid directly by lessees. For the year ended December 31, 2017, property operating income and property operating expense included $4.3 million and $4.4 million, respectively, of property taxes paid directly by lessees.

Minimum Future Rents

Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of December 31, 2019 (dollars in thousands):



2020	$	120,967
2021	113,170
2022	102,314
2023	85,367
2024	71,714
2025 and thereafter	448,812
Total⁽¹⁾	$	942,344

_________________________________________


(1)	Excludes minimum future rents for real estate that is classified as held for sale totaling $48.1 million through 2029.



2019	$	113,525
2020	107,413
2021	98,343
2022	88,270
2023	73,257
2024 and thereafter	765,652
Total	$	1,246,460

The rental properties owned at December 31, 2019 are leased under noncancellable operating leases with current expirations ranging from 2020 to 2038, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index.

Commitments and Contractual Obligations

Ground Lease Obligation

In connection with real estate acquisitions, the Company assumed certain noncancellable operating ground leases as lessee or sublessee with expiration dates through 2055. Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the years ended December 31, 2019, 2018 and 2017 was approximately $3.1 million, $2.8 million and $2.1 million, respectively.

Refer to Note 18, “Commitments and Contingencies” for the details of future minimum rental payments on noncancellable ground lease on real estate as of December 31, 2019.

Real Estate Asset Acquisitions

The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2019 and the year ended December 31, 2018 (dollars in thousands):



					Purchase Price Allocation
Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price⁽¹⁾		Land and Improvements⁽²⁾		Building and Improvements⁽²⁾		Furniture, Fixtures and Equipment		Lease Intangible Assets⁽²⁾		Other Assets		Other Liabilities
Year Ended December 31, 2019
June	Retail - Massachusetts⁽³⁾	3	$	21,919	$	9,294	$	6,598	$	—	$	5,256	$	1,538	$	(767	)
January	Various - in U.S.⁽³⁾	28	105,437		38,145		66,413		—		879		3,223		(3,223		)
			$	127,356	$	47,439	$	73,011	$	—	$	6,135	$	4,761	$	(3,990	)
Year Ended December 31, 2018
July	Office - Norway⁽⁴⁾	26	$	318,860	$	60,510	$	271,983	$	—	$	25,287	$	—	$	(38,920	)
August	Hotel - Dallas, TX⁽³⁾	1	75,663		8,216		61,580		3,947		465		2,023		(568		)
August	Industrial - Various in U.S.⁽⁴⁾	2	292,000		66,844		189,105		—		36,051		—		—
September	Hotel - Pittsburgh, PA⁽³⁾	1	42,315		7,247		26,363		3,025		1,408		4,392		(120		)
			$	728,838	$	142,817	$	549,031	$	6,972	$	63,211	$	6,415	$	(39,608	)

_________________________________________


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


(2)	Useful life of real estate acquired is 4 to 41 years for buildings, 1 to 15 years for site improvements, 15 to 20 years for tenant improvements, 2 to 3 years for furniture, fixtures and equipment, and 1 to 20 years for lease intangibles.


(3)	Represents assets acquired by the Company through foreclosure.


(4)	Represents net lease properties acquired by the Company.

Real Estate Held for Sale

The following table summarizes the Company’s assets and related liabilities held for sale related to real estate (dollars in thousands):



	December 31, 2019
Assets
Real estate, net	$	178,564
Deferred leasing costs and intangible assets, net	5,890
Total assets held for sale	$	184,454

Liabilities
Intangible liabilities, net	$	294
Total liabilities related to assets held for sale	$	294

During the year ended December 31, 2019, the Company classified several properties in its net leased real estate and Legacy, Non-Strategic Portfolio segments as held for sale.

There were no assets held for sale that constituted discontinued operations as of December 31, 2019 and December 31, 2018.

Real Estate Sales

During the year ended December 31, 2019, the Company completed the sale of six properties, including four retail, one office and one hotel for a total gross sales price of $97.0 million and a total gain on sale of $9.9 million. The retail and office properties were included in the Company’s Legacy, Non-Strategic Portfolio segment while the hotel was included in the Company’s Core Portfolio.

During the year ended December 31, 2018, the Company completed the sale of one property for a sales price of $177.0 million. In connection with the sale, the Company recorded a $2.4 million loss.

The real estate sold during the years ended December 31, 2019 and 2018 did not constitute discontinued operations.

Refer to Note 21, “Subsequent Events” for further detail on additional real estate sales.

Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Capital

As of December 31, 2019, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock. On February 1, 2019, the Class B-3 common stock automatically converted to Class A common stock and each unissued share of Class B-3 common stock was automatically reclassified as one share of Class A common stock.

The Company had no shares of preferred stock issued and outstanding as of December 31, 2019.

Dividends

During the year ended December 31, 2019, the Company declared the following dividends on its common stock:



Declaration Date	Record Date	Payment Date	Per Share
January 17, 2019	January 31, 2019	February 11, 2019	$0.145
February 15, 2019	February 28, 2019	March 11, 2019	$0.145
March 18, 2019	March 29, 2019	April 10, 2019	$0.145
April 15, 2019	April 30, 2019	May 10, 2019	$0.145
May 2, 2019	May 31, 2019	June 10, 2019	$0.145
June 17, 2019	June 30, 2019	July 10, 2019	$0.145
July 17, 2019	July 31, 2019	August 9, 2019	$0.145
August 1, 2019	August 31, 2019	September 10, 2019	$0.145
September 17, 2019	September 30, 2019	October 10, 2019	$0.145
October 17, 2019	October 31, 2019	November 12, 2019	$0.145
November 7, 2019	November 30, 2019	December 10, 2019	$0.10
November 7, 2019	December 31, 2019	January 10, 2020	$0.10

During the fourth quarter of 2019, the Company elected to modify its dividend payment and paid monthly cash dividends of $0.10 per share of Class A common stock beginning with the month ending November 30, 2019.

Stock Repurchase Program

The Company’s Board of Directors authorized a stock repurchase program (the “Stock Repurchase Program”), under which the Company may repurchase up to $300.0 million of its outstanding Class A common stock until March 31, 2020. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, through tender offers or otherwise in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

As of December 31, 2019, the Company had not repurchased any shares under the Stock Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

Changes in Components of AOCI - Stockholders



(in thousands)	Unrealized gain (loss) on real estate securities, available for sale			Unrealized gain on net investment hedges		Foreign currency translation loss			Total
AOCI at December 31, 2016	$	—		$	—	$	—		$	—
Other comprehensive income (loss)	—			—		—			—
AOCI at December 31, 2017	—			—		—			—
Other comprehensive income (loss)	(1,295		)	11,037		(10,141		)	(399		)
AOCI at December 31, 2018	(1,295		)	11,037		(10,141		)	(399		)
Other comprehensive income (loss)	17,204			14,835		(3,346		)	28,693
AOCI at December 31, 2019	$	15,909		$	25,872	$	(13,487	)	$	28,294

Changes in Components of AOCI - Noncontrolling Interests in the OP



(in thousands)	Unrealized gain (loss) on real estate securities, available for sale			Unrealized gain on net investment hedges		Foreign currency translation loss			Total
AOCI at December 31, 2016	$	—		$	—	$	—		$	—
Other comprehensive income (loss)	—			—		—			—
AOCI at December 31, 2017	—			—		—			—
Other comprehensive income (loss)	(32		)	268		(246		)	(10		)
AOCI at December 31, 2018	(32		)	268		(246		)	(10		)
Other comprehensive income (loss)	644			625		(555		)	714
AOCI at December 31, 2019	$	612		$	893	$	(801	)	$	704

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net interest income
Interest income	$ 175,169	$ 151,653	$ 140,214
Interest expense	(87,730)	(47,074)	(21,019)
Interest income on mortgage loans held in securitization trusts	120,203	143,371	0
Interest expense on mortgage obligations issued by securitization trusts	(109,964)	(132,411)	0
Net interest income	97,678	115,539	119,195
Property and other income
Property operating income	253,955	178,339	23,750
Other income	2,333	3,651	791
Total property and other income	256,288	181,990	24,541
Expenses
Management fee expense	42,390	43,190	0
Property operating expense	112,801	73,616	7,978
Transaction, investment and servicing expense	7,191	36,800	2,570
Interest expense on real estate	55,415	43,437	5,095
Depreciation and amortization	103,220	90,986	9,137
Provision for loan losses	220,572	113,911	518
Impairment of operating real estate	282,749	31,813	0
Administrative expense (including $10,810, $7,113 and $0 of equity-based compensation expense, respectively)	31,936	26,634	12,669
Total expenses	856,274	460,387	37,967
Other income (loss)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	4,090	5,003	0
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net	2,772	(3,447)	0
Other loss, net	(972)	(2,766)	(390)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(496,418)	(164,068)	105,379
Equity in earnings of unconsolidated ventures	36,942	23,774	24,709
Income tax expense	(3,172)	(37,059)	(2,208)
Net income (loss)	(462,648)	(177,353)	127,880
Net loss attributable to noncontrolling interests:
Investment entities	38,208	4,771	(39,376)
Operating Partnership	9,928	4,084	0
Net loss attributable to Colony Credit Real Estate, Inc. common stockholders	$ (414,512)	$ (168,498)	$ 88,504
Net loss per common share - basic and diluted (Note 20) (in dollars per share)	$ (3.25)	$ (1.41)	$ 1.86
Weighted average shares of common stock outstanding, basic and diluted (Note 20) (in shares)	128,391	120,677	44,399

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

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Deferred tax assets
Basis difference - investment in partnerships	$ 40,205	$ 40,626
Disallowed interest expense carry forwards	2,659	524
Net operating and capital loss carry forwards(1)	3,974	9,910
Other	746	746
Gross deferred tax asset	47,584	51,806
Valuation allowance	46,842	49,244
Deferred tax assets, net of valuation allowance	742	2,562
Deferred tax liabilities
Basis difference - real estate	(34,418)	(31,463)
Net operating and capital loss carry forwards	(34,418)	(31,463)
Net deferred tax liability	(33,676)	(28,901)
Deferred tax asset was recognized on net operating losses	15,600	$ 27,100
Investments in unconsolidated ventures - PE Investments
Deferred tax liabilities
Unrealized loss	$ (55,200)

Real Estate, net and Real Estate Held for Sale - Real Estate Portfolios (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)
Real Estate [Line Items]
Net lease portfolio, net	$ 1,484,796	$ 1,959,690
Foreclosed properties included in real estate	50,700	128,800
Net lease portfolio, net
Real Estate [Line Items]
Land and improvements	209,693	226,141
Buildings, building leaseholds, and improvements	899,889	1,010,339
Tenant improvements	25,077	24,060
Construction-in-progress	415	437
Subtotal	1,135,074	1,260,977
Less: Accumulated depreciation	(63,995)	(34,532)
Less: Impairment	(23,911)	(7,094)
Net lease portfolio, net	1,047,168	1,219,351
Other portfolio, net
Real Estate [Line Items]
Land and improvements	91,997	113,495
Buildings, building leaseholds, and improvements	536,046	627,612
Tenant improvements	38,230	24,001
Furniture, fixtures and equipment	3,183	17,910
Construction-in-progress	6,325	2,635
Subtotal	675,781	785,653
Less: Accumulated depreciation	(46,079)	(23,030)
Less: Impairment	(192,074)	(22,284)
Net lease portfolio, net	$ 437,628	$ 740,339
Property Concentration Risk \| Revenue
Real Estate [Line Items]
Concentration risk, number of properties \| property	0
Concentration risk (in percentage)	10.00%
Held-for-sale
Real Estate [Line Items]
Foreclosed properties included in real estate	$ 57,900

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 432,149	$ 443,143
Liabilities and equity
Total liabilities	318,255	319,310
Equity	113,894	123,833
Total liabilities and equity	432,149	443,143
Total revenues	41,503	41,262	$ 42,451
Net income	$ 8,379	$ 3,632	$ 10,104

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

The following table presents debt as of December 31, 2019 and December 31, 2018 (dollars in thousands):



							December 31, 2019				December 31, 2018
	Capacity ($)		Recourse vs. Non-Recourse⁽¹⁾	Final Maturity	Contractual Interest Rate		Principal Amount⁽²⁾		Carrying Value⁽²⁾		Principal Amount⁽²⁾		Carrying Value⁽²⁾
Securitization bonds payable, net
2014 FL1⁽³⁾			Non-recourse	NA	NA		$	—	$	—	$	25,549	$	25,549
2014 FL2⁽³⁾			Non-recourse	NA	NA		—		—		18,320		18,320
Securitization 2016-1⁽³⁾			Non-recourse	NA	NA		—		—		37,503		37,503
CLNC 2019-FL1⁽³⁾			Non-recourse	Aug-35	LIBOR + 1.59%		840,423		833,153		—		—
Subtotal securitization bonds payable, net							840,423		833,153		81,372		81,372

Mortgage and other notes payable, net
Net lease 6⁽⁴⁾			Non-recourse	Oct-27	4.45%		24,117		24,117		24,606		24,606
Net lease 5⁽⁵⁾			Non-recourse	Nov-26	4.45%		3,422		3,329		3,484		3,378
Net lease 4⁽⁵⁾			Non-recourse	Nov-26	4.45%		7,384		7,184		7,519		7,290
Net lease 3⁽⁵⁾			Non-recourse	Jun-21	4.00%		12,450		12,368		12,786		12,648
Net lease 6⁽⁵⁾			Non-recourse	Jul-23	LIBOR + 2.15%		1,658		1,615		2,078		2,024
Net lease 5⁽⁴⁾			Non-recourse	Aug-26	4.08%		31,821		31,539		32,378		32,054
Net lease 1⁽⁵⁾⁽⁶⁾			Non-recourse	Nov-26	4.45%		18,579		18,076		18,917		18,342
Net lease 1⁽⁷⁾			Non-recourse	Mar-28	4.38%		12,221		11,758		12,434		11,920
Net lease 4⁽⁴⁾			Non-recourse	Apr-21⁽⁸⁾	LIBOR + 2.50%		74,916		74,845		73,702		73,696
Net lease 1⁽⁴⁾			Non-recourse	Jul-25	4.31%		250,000		246,961		250,000		246,522
Net lease 2⁽⁴⁾⁽⁹⁾			Non-recourse	Jun-25	3.91%		181,952		184,532		184,320		186,934
Net lease 3⁽⁴⁾			Non-recourse	Sep-33	4.77%		200,000		198,521		200,000		198,449
Other real estate 4⁽⁵⁾			Non-recourse	Dec-23	4.84%		42,925		43,407		43,500		44,008
Other real estate 2⁽⁵⁾			Non-recourse	Dec-23	4.94%		42,443		42,851		43,000		43,501
Other real estate 8⁽⁵⁾			Non-recourse	Jan-24	5.15%		15,819		16,324		16,000		16,561
Other real estate 10^(5)(10)			Non-recourse	Dec-20	5.44%		11,744		11,939		11,964		12,228
Other real estate 9⁽⁵⁾			Non-recourse	Nov-26	3.98%		23,885		23,133		24,289		23,485
Other real estate 1⁽⁵⁾			Non-recourse	Oct-24	4.47%		108,719		109,475		108,850		109,779
Other real estate 3⁽⁵⁾			Non-recourse	Jan-25	4.30%		75,256		74,554		76,448		75,620
Other real estate 5⁽⁵⁾			Non-recourse	Apr-23	LIBOR + 4.00%		33,498		32,801		31,126		29,974
Other real estate 6^(5)(11)			Non-recourse	Apr-24	LIBOR + 2.95%		21,500		20,825		—		—
Loan 9⁽¹²⁾			Non-recourse	Jun-24	LIBOR + 3.00%		65,958		65,958		—		—
Subtotal mortgage and other notes payable, net							1,260,267		1,256,112		1,177,401		1,173,019

Bank credit facility
Bank credit facility	$	560,000	Recourse	Feb-23⁽¹³⁾	LIBOR + 2.25%		113,500		113,500		295,000		295,000
Subtotal bank credit facility							113,500		113,500		295,000		295,000

Master repurchase facilities
Bank 1 facility 3	$	400,000	Limited Recourse⁽¹⁴⁾	Apr-23⁽¹⁵⁾	LIBOR + 1.94%	(16)	106,309		106,309		143,400		143,400
Bank 2 facility 3	200,000		Limited Recourse⁽¹⁴⁾	Oct-22⁽¹⁷⁾	LIBOR + 2.50%	(16)	22,750		22,750		22,750		22,750
Bank 3 facility 3	600,000		Limited Recourse⁽¹⁴⁾	Apr-22	LIBOR + 2.22%	(16)	265,633		265,633		352,108		352,108
Bank 7 facility 1	500,000		Limited Recourse⁽¹⁴⁾	Apr-22⁽¹⁸⁾	LIBOR + 1.91%	(16)	221,421		221,421		308,434		308,434



							December 31, 2019				December 31, 2018
	Capacity ($)		Recourse vs. Non-Recourse⁽¹⁾	Final Maturity	Contractual Interest Rate		Principal Amount⁽²⁾		Carrying Value⁽²⁾		Principal Amount⁽²⁾		Carrying Value⁽²⁾
Bank 8 facility 1	250,000		Limited Recourse⁽¹⁴⁾	Jun-21⁽¹⁹⁾	LIBOR + 2.00%	(16)	164,098		164,098		53,596		53,596
Bank 9 facility 1	300,000		⁽²⁰⁾	Nov-23⁽²¹⁾	(22)	(16)	—		—		—		—
Subtotal master repurchase facilities	$	2,250,000					780,211		780,211		880,288		880,288

CMBS credit facilities
Bank 1 facility 1			Recourse	(23)	LIBOR + 1.21%	(16)	20,375		20,375		18,542		18,542
Bank 1 facility 2			Recourse	(23)	LIBOR + 1.21%	(16)	18,834		18,834		17,237		17,237
Bank 3 facility			Recourse	(23)	NA	(24)	—		—		—		—
Bank 4 facility			Recourse	(23)	NA	(24)	—		—		—		—
Bank 5 facility 1			Recourse	(23)	NA	(24)	—		—		—		—
Bank 5 facility 2			Recourse	(23)	NA	(24)	—		—		—		—
Bank 6 facility 1			Recourse	(23)	LIBOR + 1.27%	(16)	83,584		83,584		80,838		80,838
Bank 6 facility 2			Recourse	(23)	LIBOR + 1.10%	(16)	82,729		82,729		74,013		74,013
Subtotal CMBS credit facilities							205,522		205,522		190,630		190,630
Subtotal credit facilities							1,099,233		1,099,233		1,365,918		1,365,918

Total							$	3,199,923	$	3,188,498	$	2,624,691	$	2,620,309

_________________________________________


(1)	Subject to customary non-recourse carveouts.


(2)	Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.

(3)

The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.


(4)	Represents a mortgage note collateralized by an investment in the Company’s Core Portfolio.


(5)	Represents a mortgage note collateralized by an investment in the Company’s Legacy, Non-Strategic Portfolio.


(6)	Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.


(7)	Represents a mortgage note collateralized by three properties in the Company’s Legacy, Non-Strategic Portfolio.


(8)	The current maturity of the mortgage payable is April 2020, with a one-year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(9)	As of December 31, 2019, the outstanding principal of the mortgage payable was NOK 1.6 billion, which translated to $182.0 million.


(10)	Represents two separate senior mortgage notes with a weighted average maturity of December 2020 and weighted average interest rate of 5.44%.


(11)	The current maturity of the mortgage payable is April 2022, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(12)	The current maturity of the note payable is June 2021, with three one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. The loan is included in the Company’s Core Portfolio.


(13)	The ability to borrow additional amounts terminates on February 1, 2022 at which time the Company may, at its election, extend the termination date for two additional six-month terms.


(14)	Recourse solely with respect to 25.0% of the financed amount.


(15)	The next maturity date is April 2021, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.


(16)	Represents the weighted average spread as of December 31, 2019. The contractual interest rate depends upon asset type and characteristics and ranges from one-month London Interbank Offered Rates (“LIBOR”) plus 1.10% to 2.75%.


(17)	The next maturity date is October 2020, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(18)	The next maturity date is April 2021, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(19)	The next maturity date is June 2020, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(20)	Recourse is either 25.0% or 50.0% depending on loan metrics.


(21)	The next maturity date is November 2021, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(22)	The interest rate will be determined by the lender in its sole discretion.


(23)	The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from one to two months.


(24)	CMBS Credit Facilities are undrawn and fully available.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments at December 31, 2019 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):



	Total		Securitization Bonds Payable, Net		Mortgage Notes Payable, Net⁽¹⁾		Credit Facilities
2020	$	219,909	$	—	$	14,387	$	205,522
2021	253,533		—		89,435		164,098
2022	512,324		—		2,520		509,804
2023	341,095		—		121,286		219,809
2024	214,215		—		214,215		—
2025 and thereafter	1,658,847		840,423		818,424		—
Total	$	3,199,923	$	840,423	$	1,260,267	$	1,099,233

_________________________________________


(1)	Includes $106.4 million of future minimum principal payments related to assets held for sale.

Bank Credit Facility

On February 1, 2018, the Company, through subsidiaries, including the OP, entered into a credit agreement with several lenders to provide a revolving credit facility in the aggregate principal amount of up to $400.0 million (the “Bank Credit Facility”). On February 4, 2019, the aggregate amount of revolving commitments was increased to $560.0 million. The Bank Credit Facility will mature on February 1, 2022, unless the OP elects to extend the maturity date for up to two additional six-month terms.

The maximum amount available for borrowing at any time under the Bank Credit Facility is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. At December 31, 2019, the borrowing base valuation was sufficient to support the outstanding principal amount of $113.5 million.

Advances under the Bank Credit Facility accrue interest at a per annum rate equal to, at the applicable borrower’s election, either a LIBOR rate plus a margin of 2.25%, or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.35% at December 31, 2019), depending upon the amount of facility utilization.

Substantially all material wholly owned subsidiaries of the Company guarantee the obligations of the Company and any other borrowers under the Bank Credit Facility. As security for the advances under the Bank Credit Facility, the Company pledged substantially all equity interests it owns and granted a security interest in deposit accounts in which the proceeds of investment asset distributions are maintained.

The Bank Credit Facility contains various affirmative and negative covenants including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as specified in the Bank Credit Facility. At December 31, 2019, the Company was in compliance with all of the financial covenants.

Securitization Financing Transactions

Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans.

In October 2019, the Company executed a securitization transaction, through wholly-owned subsidiaries, CLNC 2019-FL1, Ltd. and CLNC 2019-FL1, LLC (collectively, “CLNC 2019-FL1”), which resulted in the sale of $840.4 million of investment grade notes. The securitization reflects an advance rate of 83.5% at a weighted average cost of funds of LIBOR plus 1.59%, and is collateralized by a pool of 22 senior loans originated by the Company.

As of December 31, 2019, the Company had $1.0 billion carrying value of CRE debt investments financed with $840.4 million of securitization bonds payable, net.

Master Repurchase Facilities

As of December 31, 2019, the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.3 billion to finance the origination of first mortgage loans and senior loan participations secured by CRE debt investments (“Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of December 31, 2019, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities.

As of December 31, 2019, the Company had $1.1 billion carrying value of CRE debt investments financed with $780.2 million under the master repurchase facilities.

CMBS Credit Facilities

As of December 31, 2019, the Company entered into eight master repurchase agreements (collectively the “CMBS Credit Facilities”) to finance CMBS investments. The CMBS Credit Facilities are on a recourse basis and contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. As of December 31, 2019, the Company had $251.0 million carrying value of CRE securities financed with $181.9 million under its CMBS Credit Facilities. As of December 31, 2019, the Company had $41.3 million carrying value of underlying investments in the subordinate tranches of the securitization trusts financed with $23.6 million under its CMBS Credit Facilities.

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Summary of Loans Held for Investment, Net (Details) $ in Thousands			12 Months Ended
	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,858,423	$ 2,129,857	$ 2,129,857
Allowance for loan losses	(272,624)	(109,328)	(109,328)	$ (517)	$ (3,386)
Loans and preferred equity held for investment, net	$ 2,576,332	2,020,497	2,020,497
Provision for loan loss			31,700
Troubled debt restructuring, number of contracts \| loan	0
Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 351,351	304,308	304,308
Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	2,507,072	1,825,549	1,825,549
Commercial Mortgage, Including PCI Loans
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	2,858,423	2,129,857	2,129,857
Loans and preferred equity held for investment, net	2,848,956	2,129,825	2,129,825
Mezzanine loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 223,395	$ 175,448	175,448
Weighted average coupon (in percentage)	12.80%	12.70%
Weighted Average Maturity in Years	4 years 2 months 12 days	4 years 10 months 24 days
Mezzanine loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 38,110	$ 90,265	90,265
Weighted average coupon (in percentage)	11.40%	12.20%
Weighted Average Maturity in Years	2 years	2 years
Preferred equity interests \| Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 115,384	$ 113,860	113,860
Weighted average coupon (in percentage)	12.50%	12.60%
Weighted Average Maturity in Years	6 years 10 months 24 days	7 years 8 months 12 days
Other Loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 12,572	$ 15,000	15,000
Weighted average coupon (in percentage)	15.00%	16.00%
Weighted Average Maturity in Years	4 years 4 months 24 days	15 days
Senior loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,462,467	$ 1,432,416	1,432,416
Weighted average coupon (in percentage)	6.00%	6.30%
Weighted Average Maturity in Years	3 years 9 months 18 days	4 years 2 months 12 days
Securitized loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,006,495	$ 302,868	302,868
Weighted average coupon (in percentage)	5.20%	7.90%
Weighted Average Maturity in Years	4 years 2 months 12 days	1 year 1 month 6 days
Purchased credit-impaired loans
Financing Receivable, Impaired [Line Items]
Provision for loan loss			$ 5,100
Troubled debt restructuring, number of contracts \| loan		4	4
Loans and preferred equity held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 350,264	$ 303,517	$ 303,517
Loans and preferred equity held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	2,498,692	1,826,308	1,826,308
Loans and preferred equity held for investment \| Commercial Mortgage, Including PCI Loans
Financing Receivable, Impaired [Line Items]
Loan carrying value	2,848,956	2,129,825	2,129,825
Loans and preferred equity held for investment \| Mezzanine loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	222,503	174,830	174,830
Loans and preferred equity held for investment \| Mezzanine loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	38,258	90,567	90,567
Loans and preferred equity held for investment \| Preferred equity interests \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	115,313	113,687	113,687
Loans and preferred equity held for investment \| Other Loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	12,448	15,000	15,000
Loans and preferred equity held for investment \| Senior loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	1,457,738	1,430,635	1,430,635
Loans and preferred equity held for investment \| Securitized loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 1,002,696	$ 305,106	$ 305,106

Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

Following the Combination, the Company conducted its business through the following five operating segments: the loan portfolio, CRE debt securities, net leased real estate, other, and corporate. The Company continually monitors and reviews its segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact our reportable segments.

During the third quarter of 2019, the Company realigned the business and reportable segment information to reflect how the CODM regularly review and manage the business. As a result, the Company presents its business segments as follows:


•	Core Portfolio, which consists of the following four segments and remain unchanged from the prior segments:


◦	Senior and Mezzanine Loans and Preferred Equity—CRE debt investments including senior mortgage loans, mezzanine loans, and preferred equity interests as well as participations in such loans. The segment also includes ADC loan arrangements accounted for as equity method investments.


◦	CRE Debt Securities—investments in CMBS (including “B-pieces” of a CMBS securitization pool) or CRE CLOs (collateralized by pools of CRE debt investments).


◦	Net Leased Real Estate—direct investments in CRE with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes.


◦	Corporate—includes corporate-level asset management and other fees, related party and general and administrative expenses to the Core Portfolio only.

•

Legacy, Non-Strategic Portfolio—segment consists of direct investments in operating real estate such as multi-tenant office and multifamily residential assets such as real estate acquired in settlement of loans (“REO”) which the Company plans to exit. It also includes two portfolios of PE Investments and certain retail and other legacy loans originated prior to the Combination. This segment includes corporate-level asset management and other fees, related party and general and administrative expenses related to the Legacy, Non-Strategic Portfolio only.

There were no changes in the structure of the Company’s internal organization that prompted the change in reportable segments. Prior period amounts have been revised to conform to the current year presentation shown below.

The Company primarily generates revenue from net interest income on the loan, preferred equity and securities portfolios, rental and other income from its net leased, hotel, multi-tenant office, and multifamily real estate assets, as well as equity in earnings of unconsolidated ventures. CRE debt securities include the Company’s investment in the subordinate tranches of the securitization trusts which are eliminated in consolidation. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.

The following tables present segment reporting for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):



	Core
	Senior and MezzanineLoans and Preferred Equity			CRE Debt Securities			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2019
Net interest income (expense)	$	75,952		$	20,967		$	9		$	(9,581	)	$	87,347		$	10,331		$	97,678
Property and other income	729			429			115,642			504			117,304			138,984			256,288
Management fee expense	—			—			—			(33,912		)	(33,912		)	(8,478		)	(42,390		)
Property operating expense	—			—			(31,733		)	—			(31,733		)	(81,068		)	(112,801		)
Transaction, investment and servicing expense	(2,142		)	(4		)	(214		)	(854		)	(3,214		)	(3,977		)	(7,191		)
Interest expense on real estate	—			—			(34,430		)	—			(34,430		)	(20,985		)	(55,415		)
Depreciation and amortization	—			—			(49,003		)	—			(49,003		)	(54,217		)	(103,220		)
Provision for loan losses	—			—			—			—			—			(220,572		)	(220,572		)
Impairment of operating real estate	—			—			(23,911		)	—			(23,911		)	(258,838		)	(282,749		)
Administrative expense	(1,036		)	(1,208		)	(380		)	(14,267		)	(16,891		)	(15,045		)	(31,936		)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	—			5,127			—			(1,037		)	4,090			—			4,090
Realized gain on mortgage loans and obligations held in securitization trusts, net	—			48			—			2,724			2,772			—			2,772
Other gain (loss), net	30			(10,931		)	2,430			1			(8,470		)	7,498			(972		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	73,533			14,428			(21,590		)	(56,422		)	9,949			(506,367		)	(496,418		)
Equity in earnings (loss) of unconsolidated ventures	56,241			—			—			—			56,241			(19,299		)	36,942
Income tax benefit (expense)	(881		)	—			524			(382		)	(739		)	(2,433		)	(3,172		)
Net income (loss)	$	128,893		$	14,428		$	(21,066	)	$	(56,804	)	$	65,451		$	(528,099	)	$	(462,648	)

_________________________________________

(1)



	Core
	Senior and MezzanineLoans and Preferred Equity			CRE Debt Securities			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2018
Net interest income (expense)	$	59,178		$	24,778		$	4		$	(6,602	)	$	77,358		$	38,181		$	115,539
Property and other income	315			84			88,691			1,131			90,221			91,769			181,990
Management fee expense	—			—			—			(34,551		)	(34,551		)	(8,639		)	(43,190		)
Property operating expense	10			—			(26,683		)	—			(26,673		)	(46,943		)	(73,616		)
Transaction, investment and servicing expense	(1,847		)	(80		)	(468		)	(33,500		)	(35,895		)	(905		)	(36,800		)
Interest expense on real estate	—			—			(25,372		)	—			(25,372		)	(18,065		)	(43,437		)
Depreciation and amortization	—			—			(45,735		)	—			(45,735		)	(45,251		)	(90,986		)
Provision for loan losses	517			—			—			—			517			(114,428		)	(113,911		)
Impairment of operating real estate	—			—			(2,435		)	—			(2,435		)	(29,378		)	(31,813		)
Administrative expense	(501		)	(1,617		)	(145		)	(12,119		)	(14,382		)	(12,252		)	(26,634		)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—			1,642			—			3,361			5,003			—			5,003
Realized loss on mortgage loans and obligations held in securitization trusts, net	—			(3,447		)	—			—			(3,447		)	—			(3,447		)
Other gain (loss), net	(114		)	(6,032		)	2,736			—			(3,410		)	644			(2,766		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	57,558			15,328			(9,407		)	(82,280		)	(18,801		)	(145,267		)	(164,068		)
Equity in earnings (loss) of unconsolidated ventures	42,484			—			—			—			42,484			(18,710		)	23,774
Income tax expense	—			—			(1,125		)	—			(1,125		)	(35,934		)	(37,059		)
Net income (loss)	$	100,042		$	15,328		$	(10,532	)	$	(82,280	)	$	22,558		$	(199,911	)	$	(177,353	)

_________________________________________

(1)

Includes income earned from the CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the year ended December 31, 2018, $3.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The corresponding interest expense is recorded in net interest income in the Corporate column.



	Core
	Senior and MezzanineLoans and Preferred Equity			Net Leased Real Estate			Corporate⁽¹⁾			Total Core Portfolio			Legacy, Non-Strategic Portfolio			Total
Year Ended December 31, 2017
Net interest income (expense)	$	71,172		$	—		$	—		$	71,172		$	48,023		$	119,195
Property and other income	468			7,556			—			8,024			16,517			24,541
Property operating expense	—			(1,236		)	—			(1,236		)	(6,742		)	(7,978		)
Transaction, investment and servicing expense	(2,309		)	(200		)	—			(2,509		)	(61		)	(2,570		)
Interest expense on real estate	—			(2,968		)	—			(2,968		)	(2,127		)	(5,095		)
Depreciation and amortization	—			(3,084		)	—			(3,084		)	(6,053		)	(9,137		)
Provision for loan losses	(518		)	—			—			(518		)	—			(518		)
Impairment of operating real estate	—			—			—			—			—			—
Administrative expense	(1,078		)	(1		)	(5,782		)	(6,861		)	(5,808		)	(12,669		)
Other gain (loss), net	(400		)	—			—			(400		)	10			(390		)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	67,335			67			(5,782		)	61,620			43,759			105,379
Equity in earnings (loss) of unconsolidated ventures	3,000			—			—			3,000			21,709			24,709
Income tax benefit (expense)				—			—			—			(2,208		)	(2,208		)
Net income (loss)	$	70,335		$	67		$	(5,782	)	$	64,620		$	63,260		$	127,880

The following table presents total assets by segment as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	Core
Total Assets	Senior and Mezzanine Loans and Preferred Equity⁽¹⁾		CRE Debt Securities		Net Leased Real Estate		Corporate⁽²⁾			Total Core Portfolio		Legacy, Non-Strategic Portfolio⁽³⁾		Total
December 31, 2019	$	2,464,963	$	2,226,448	$	1,181,609	$	496,714		$	6,369,734	$	1,044,572	$	7,414,306
December 31, 2018	2,111,443		3,507,404		1,313,220		(70,600		)	6,861,467		1,799,263		8,660,730

_________________________________________


(1)	Includes investments in unconsolidated ventures totaling $585.0 million and $742.2 million as of December 31, 2019 and December 31, 2018, respectively.


(2)	Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of the securitization trusts in consolidation.


(3)	Includes PE Investments totaling $10.3 million and $160.9 million as of December 31, 2019 and December 31, 2018, respectively.

Geography

Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long lived assets are presented as follows (dollars in thousands):



	Year Ended December 31,
	2019		2018		2017
Total income by geography:
United States	$	539,094	$	481,404	$	185,853
Europe	49,476		17,487		—
Other	32		1,897		3,611
Total⁽¹⁾	$	588,602	$	500,788	$	189,464



	December 31, 2019		December 31, 2018
Long-lived assets by geography:
United States	$	1,282,189	$	1,764,247
Europe	315,369		329,511
Total⁽²⁾	$	1,597,558	$	2,093,758

_________________________________________


(1)	Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

(2)

Long-lived assets are comprised of real estate and real estate related intangible assets, and excludes financial instruments and assets held for sale.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (462,648)	$ (177,353)	$ 127,880
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated ventures	(36,942)	(23,774)	(24,709)
Depreciation and amortization	103,220	90,986	9,137
Straight-line rental income	(6,827)	(6,520)	0
Amortization of above/below market lease values, net	(2,904)	(44)	0
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(13,109)	(7,907)	(8,551)
Amortization of deferred financing costs	9,657	4,794	3,637
Amortization of right-of-use lease assets and operating lease liabilities	101
Paid-in-kind interest added to loan principal, net of interest received	(7,784)	(5,837)	(1,802)
Distributions of cumulative earnings from unconsolidated ventures	65,136	43,481	7,563
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	(4,090)	(5,003)	0
Realized (gain) loss on mortgage loans and obligations held in securitization trusts, net	(2,772)	3,447	0
Provision for loan losses	220,572	113,911	518
Impairment of operating real estate	282,749	31,813	0
Amortization of equity-based compensation	10,810	7,113	0
Mortgage notes above/below market value amortization	400	(576)	0
Deferred income tax (benefit) expense	(4,652)	28,354	1,744
Other loss	9,678	114	0
Changes in assets and liabilities:
Receivables, net	(9,136)	11,062	0
Deferred costs and other assets	(14,871)	(27,931)	(7,743)
Due to related party	(4,003)	5,710	0
Other liabilities	4,591	14,882	(692)
Net cash provided by operating activities	137,176	100,722	106,982
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net	(1,350,120)	(919,461)	(200,203)
Repayment on loans and preferred equity held for investment	465,647	626,622	537,532
Proceeds from sale of loans and preferred equity held for investment	0	0	17,509
Cash and restricted cash received in the Combination	0	328,454	0
Cash and restricted cash received through the CLNY Merger	0	0	6,203
Cash and restricted cash related to the deconsolidation of certain CLNY Contributed Portfolio investments	0	(26,112)	0
Proceeds from sale of real estate	85,389	167,877	8,872
Cash and restricted cash received related to foreclosure of loans held for investment	3,436	4,900	0
Acquisition of and additions to real estate, related intangibles and leasing commissions	(24,218)	(415,117)	(312)
Investments in unconsolidated ventures	(47,938)	(239,663)	(16,333)
Proceeds from sale of investments in unconsolidated ventures	115,298	0	0
Distributions in excess of cumulative earnings from unconsolidated ventures	212,611	98,501	55,107
Acquisition of real estate securities, available for sale	0	(58,665)	0
Repayment of principal in mortgage loans held in securitization trusts	47,540	0	0
Cash received in excess of accretion on purchased credit impaired loans	0	0	52,435
Proceeds from sale of mortgage loans held in securitization trusts	39,848	0	0
Net receipts on settlement of derivative instruments	28,890	0	0
Deposit on investments	(372)	(29,423)	0
Change in escrow deposits	7,964	(5,618)	(21,541)
Net cash provided by (used in) investing activities	(416,025)	(467,705)	439,269
Cash flows from financing activities:
Distributions paid on common stock	(217,721)	(185,291)	0
Distributions paid on common stock to noncontrolling interests	(5,081)	(4,460)	0
Shares canceled for tax withholding on vested stock awards	(1,596)	(659)	0
Borrowings from mortgage notes	93,582	246,365	72,189
Repayment of mortgage notes	(8,349)	(141,818)	(342,898)
Borrowings from credit facilities	1,443,118	1,716,362	0
Repayment of credit facilities	(1,709,802)	(999,312)	(717)
Borrowing from securitization bonds	840,423	0	0
Repayment of securitization bonds	(81,372)	(108,246)	0
Repayment of mortgage obligations issued by securitization trusts	(47,540)	0	0
Payment of deferred financing costs	(16,035)	(15,610)	0
Contributions from CLNY owners	0	0	81,549
Distributions to CLNY owners	0	0	(299,319)
Contributions from noncontrolling interests	156	290	50,503
Distributions to noncontrolling interests	3,000	20,104	112,965
Net cash provided by (used in) financing activities	286,783	487,517	(551,658)
Effect of exchange rates on cash, cash equivalents and restricted cash	287	(176)	0
Net increase (decrease) in cash, cash equivalents and restricted cash	8,221	120,358	(5,407)
Cash, cash equivalents and restricted cash - beginning of period	187,463	67,105	72,512
Cash, cash equivalents and restricted cash - end of period	195,684	187,463	67,105
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Total cash, cash equivalents and restricted cash	187,463	187,463	67,105
Supplemental disclosure of cash flow information:
Cash paid for interest	142,987	81,683	22,885
Cash paid (received) for income taxes, net	(3,093)	27,178	10,497
Supplemental disclosure of non-cash investing and financing activities:
Noncontrolling interests assumed in the Combination	0	82,542	0
Common stock issued for acquisition of NorthStar I and NorthStar II (Note 3)	0	2,021,373	0
Deconsolidation of certain CLNY Contributed Portfolio investments (Note 2)	0	287,021	0
Secured Financing	0	50,314	0
Noncontrolling interests in the Operating Partnership	0	73,626	0
Consolidation of securitization trust (VIE asset/liability additions)	0	211,778	0
Deconsolidation of securitization trust (VIE asset/liability reductions)	(1,239,627)	0
Accrual of distribution payable	13,164	18,986	0
Foreclosure of loans held for investment, net of provision for loan losses	127,356	117,878	20,204
Right-of-use lease assets and operating lease liabilities	27,496
Debt assumed related to acquisition of real estate	0	200,153	0
Deferred tax liabilities assumed related to acquisition of real estate	0	35,958	0
Loans held for investment payoff received from servicer	0	10,201	9,720
Conversion of Class B-3 common stock to Class A common stock	444	0	0
NorthStar I and NorthStar II
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired in the Combination	0	6,651,614	0
Liabilities assumed in the Combination	$ 0	4,821,133	0
Colony NorthStar Merger
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired in the Combination		0	485,891
Liabilities assumed in the Combination		$ 0	$ 161,533

Fair Value - Summary of the Fair Value Write-downs to Assets Carried at nonrecurring Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Provision for loan losses:
Provision for loan losses	$ 220,572	$ 220,572	$ 113,911	$ 518
Impairment:
Impairment of operating real estate		282,749	31,813	$ 0
Investments in unconsolidated ventures		48,400
Loans and preferred equity held for investment, net
Provision for loan losses:
Provision for loan losses		210,000	114,400
Loans held for sale
Provision for loan losses:
Provision for loan losses		10,600
Fair value, measurements, nonrecurring
Provision for loan losses:
Provision for loan losses		220,572	114,428
Impairment:
Impairment of operating real estate		208,891	29,378
Real estate held-for-sale, impairment		56,286	0
Investments in unconsolidated ventures		48,407	0
Deferred leasing costs and intangible assets, net		1,043	0
Total impairment		314,627	29,378
Fair value, measurements, nonrecurring \| Loans and preferred equity held for investment, net
Provision for loan losses:
Provision for loan losses		209,988	114,428
Fair value, measurements, nonrecurring \| Loans held for sale
Provision for loan losses:
Provision for loan losses		$ 10,584	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Basis of Presentation

The Combination

Formation of Colony Capital

Use of Estimates

Principles of Consolidation

Variable Interest Entities

Consolidated VIEs

Investing VIEs

Unconsolidated VIEs

the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2019.

Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2019 (dollars in thousands):



	Carrying Value		Maximum Exposure to Loss
Real estate securities, available for sale	$	252,824	$	236,303
Investments in unconsolidated ventures	481,047		531,902
Loans and preferred equity held for investment, net	67,578		67,578
Total assets	$	801,449	$	835,783

The Company did not provide financial support to the unconsolidated VIEs during the year ended December 31, 2019. As of December 31, 2019, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs. The maximum exposure to loss of real estate securities, available for sale was determined as the amortized cost, which represents the purchase price of the investments adjusted by any unamortized premiums or discounts as of December 31, 2019. The maximum exposure to loss of investments in unconsolidated ventures and loans and preferred equity held for investment, net was determined as the carrying value plus any future funding commitments. Refer to Note 4, “Loans and Preferred Equity Held for Investment, net and Loans Held for Sale” and Note 18, “Commitments and Contingencies” for further discussion.

Deconsolidation of the CLNY Investment Entities

Certain CLNY Investment Entities were joint ventures between Colony Capital and private funds or other investment vehicles managed by Colony Capital (the “Co-Investment Funds”). Colony Capital consolidated such CLNY Investment Entities as it was deemed to have a controlling financial interest in these CLNY Investment Entities. After assuming Colony Capital’s ownership interests in these CLNY Investment Entities and upon the merger with NorthStar I and NorthStar II, the Company does not have a controlling financial interest in these CLNY Investment Entities. The Company does not have the ability to direct key decisions made by the directors of these entities nor is it the primary beneficiary of these entities as Colony Capital continues to be the investment manager of the Co-Investment Funds and the directors and officers of these entities continue to be employees of Colony Capital. The Company itself is managed by a subsidiary of Colony Capital and does not have any employees of its own. Therefore, upon closing of the Combination, the Company deconsolidated the CLNY Investment Entities that are joint ventures with Co-Investment Funds.

The deconsolidation of these CLNY Investment Entities did not result in any gain or loss to the Company. The following table presents the deconsolidation of the assets and liabilities of certain of the CLNY Investment Entities, and accounting for the Company’s interests in these CLNY Investment Entities as equity method investments as of the Closing Date (dollars in thousands):



	As of the Closing Date
Assets
Cash and cash equivalents	$	(11,408	)
Restricted cash	(14,704		)
Loans and preferred equity held for investment, net	(553,678		)
Investments in unconsolidated ventures	127,062
Receivables, net	(4,344		)
Other assets	(114		)
Total assets	$	(457,186	)
Liabilities
Mortgage and other notes payable, net	$	(128,709	)
Accrued and other liabilities	(640		)
Escrow deposits payable	(14,704		)
Total liabilities	(144,053		)

Stockholders’ equity	(313,133		)
Total liabilities and equity	$	(457,186	)

Prior to the deconsolidation of the CLNY Investment Entities, noncontrolling interest as recorded in the CLNY Investment Entities combined financial statements consisted of interests in the held by third party joint ventures. Following the deconsolidation of the CLNY Investment Entities, the noncontrolling interest in the Company’s consolidated financial statements additionally consists of Colony Capital ownership interests in joint ventures. These interests were previously classified as other owners in the CLNY Investment Entities combined financial statements, but have been reclassified to noncontrolling interests in the Company’s consolidated financial statements.

Noncontrolling Interests

Comprehensive Income (Loss)

Fair Value Measurement

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

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

Fair Value Option

Business Combinations

Cash and Cash Equivalents

Restricted Cash

Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.

Loans and Preferred Equity Held for Investment

Loans Held for Sale

Acquisition, Development and Construction (“ADC”) Arrangements

Operating Real Estate

Real Estate Held for Investment

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

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



Real Estate Assets		Term
Building (fee interest)		7 to 48 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of the useful life or remaining life of the building
Land improvements		1 to 15 years
Tenant improvements		Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment		2 to 8 years

Real Estate Held for Sale

Foreclosed Properties

Real Estate Securities

Impairment

Investments in Unconsolidated Ventures

Equity Method Investments

Impairment

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

During the year ended December 31, 2019, the Company’s equity in earnings of unconsolidated ventures included its $48.4 million proportionate share of impairment on three loans and two equity participation interests in joint ventures. See Note 5, “Investments in Unconsolidated Ventures” for further information.

Identifiable Intangibles

Transfers of Financial Assets

Derivative Instruments and Hedging Activities

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

Financing Costs

Revenue Recognition

Property Operating Income

Property operating income includes the following:

Real Estate Securities

Foreign Currency

associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Equity-Based Compensation

The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within administrative expense in the consolidated statement of operations.

Earnings Per Share

Income Taxes

For the years ended December 31, 2019, 2018 and 2017, the Company recorded income tax expense of $3.2 million, $37.1 million and $2.2 million, respectively.

Accounting Standards Adopted in 2019

Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised.

Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases.

Future Application of Accounting Standards

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

Related Party Arrangements - Fees to the Manager (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party expenses incurred	$ 11,100,000	$ 10,400,000
Incentive fees	$ 0	0
Management Fee
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	1.50%
Management Fee per Quarter
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	0.375%
Asset management fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	20.00%
Asset management fees per year
Related Party Transaction [Line Items]
Related party transaction rate (as a percentage)	7.00%
Affiliated Entity \| Asset management fees
Related Party Transaction [Line Items]
Related party expenses incurred	$ 42,400,000	43,200,000
Due to related party	$ 8,400,000	$ 11,500,000

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following table presents financial assets that were accounted for at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 by level within the fair value hierarchy (dollars in thousands):



	December 31, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in unconsolidated ventures - PE Investments	$	—	$	1,425	$	8,858	$	10,283	$	—	$	—	$	160,851	$	160,851
Real estate securities, available for sale	—		252,824		—		252,824		—		228,185		—		228,185
Mortgage loans held in securitization trusts, at fair value	—		—		1,872,970		1,872,970		—		—		3,116,978		3,116,978
Other assets - derivative assets	—		4,122		—		4,122		—		14,139		—		14,139
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	$	—	$	1,762,914	$	—	$	1,762,914	$	—	$	2,973,936	$	—	$	2,973,936
Other liabilities - derivative liabilities	—		19,133		—		19,133		—		6,042		—		6,042

Schedule of Changes in Level 3



	Year Ended December 31, 2019						Year Ended December 31, 2018
	Investments in unconsolidated ventures - PE Investments			Mortgage loans held in securitization trusts⁽¹⁾			Investments in unconsolidated ventures - PE Investments			Mortgage loans held in securitization trusts⁽¹⁾
Beginning balance	$	160,851		$	3,116,978		$	24,417		$	—
Contributions⁽²⁾/purchases	151			—			248,390			3,327,199
Distributions/paydowns	(18,407		)	(55,288		)	(78,424		)	(147,824		)
Deconsolidation of securitization trust⁽³⁾	—			(1,239,627		)	—			—
Equity in earnings	—			—			21,709			—
Sale of investments	(48,930		)	(39,848		)	—			—
Transfers out of Level 3	(84,807		)	—			—			—
Unrealized gain (loss) in earnings	—			87,983			(55,241		)	(58,950		)
Realized (loss) in earnings				2,772			—			(3,447		)
Ending balance	$	8,858		$	1,872,970		$	160,851		$	3,116,978

_________________________________________


(1)	For the year ended December 31, 2019, unrealized gain of $88.0 million related to mortgage loans held in securitization trusts, at fair value was offset by unrealized loss of $83.9 million related to mortgage obligations issued by securitization trusts, at fair value.


(2)	Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings.


(3)	In July 2019, the Company sold its retained investments in the subordinate tranches of one securitization trust. As a result of the sale, the Company deconsolidated one of the securitization trusts. See Note 6, “Real Estate Securities, Available for Sale” for further information.

Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019							December 31, 2018
	Principal Amount			Carrying Value		Fair Value		Principal Amount			Carrying Value		Fair Value
Financial assets:⁽¹⁾
Loans and preferred equity held for investment, net	$	2,858,423	⁽²⁾	$	2,576,332	$	2,470,561	$	2,129,857	⁽²⁾	$	2,020,497	$	2,025,216
Financial liabilities:⁽¹⁾
Securitization bonds payable, net	$	840,423		$	833,153	$	840,423	$	81,372		$	81,372	$	81,372
Mortgage and other notes payable, net	1,260,267			1,256,112		1,260,675		1,177,401			1,173,019		1,177,669
Master repurchase facilities	1,099,233			1,099,233		1,099,233		1,365,918			1,365,918		1,365,918

_________________________________________


(1)	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)

Excludes future funding commitments of $276.6 million and $135.0 million as of December 31, 2019 and December 31, 2018, respectively.

Fair Value Measurements, Nonrecurring

The following table summarizes assets carried at fair value on a nonrecurring basis as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans and preferred equity held for investment, net	$	—	$	—	$	104,797	$	104,797	$	—	$	—	$	349,614	$	349,614
Loans held for sale	—		—		5,016		5,016		—		—		—		—
Real estate, net	—		—		448,690		448,690		—		—		48,934		48,934
Real estate assets held for sale	—		—		134,966		134,966		—		—		—		—
Investments in unconsolidated ventures	—		—		211,024		211,024		—		—				—
Deferred leasing costs and intangible assets, net	—		—		42,122		42,122		—		—		497		497

The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented (dollars in thousands):



	Year Ended December 31, 2019		Year Ended December 31, 2018
Provision for loan losses:
Loans and preferred equity held for investment, net	$	209,988	$	114,428
Loans held for sale	10,584		—
Total provision for loan losses	$	220,572	$	114,428

Impairment:
Real estate, net	$	208,891	$	29,378
Real estate held for sale	56,286		—
Investments in unconsolidated ventures	48,407		—
Deferred leasing costs and intangible assets, net	1,043		—
Total impairment	$	314,627	$	29,378

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	$ 57,562	$ 5,970	$ 145
Depreciation expense	72,926	56,270	5,825
Retirements and disposals	(5,368)	(4,272)	0
Effect of changes in foreign exchange rates	(228)	(406)	0
Ending balance	124,892	57,562	5,970
Classified as held for sale	(14,818)	0	0
Balance at December 31, held for investment	$ 110,074	$ 57,562	$ 5,970

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2019, 2018 and 2017 consist of the following (dollars in thousands, except per share data):



	Year Ended December 31,
	2019			2018			2017
Net income (loss)	$	(462,648	)	$	(177,353	)	$	127,880
Net (income) loss attributable to noncontrolling interests:
Investment Entities	38,208			4,771			(39,376		)
Operating Partnership⁽¹⁾	9,928			4,084			(5,734		)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders	$	(414,512	)	$	(168,498	)	$	82,770

Numerator:
Net income allocated to participating securities (nonvested shares)	$	(2,187	)	$	(1,439	)	$	—
Net income (loss) attributable to common stockholders	$	(416,699	)	$	(169,937	)	$	82,770

Denominator:
Weighted average shares outstanding⁽²⁾⁽³⁾	128,391			120,677			44,399

Net income (loss) per common share - basic and diluted⁽³⁾	$	(3.25	)	$	(1.41	)	$	1.86

_________________________________________


(1)	For earnings per share for the year ended December 31, 2017, the Company allocated the OP’s share of net income as if the OP held 3,075,623 CLNC OP Units during the period for comparative purposes. The CLNC OP Units were not issued until January 31, 2018.


(2)	For earnings per share, the Company assumes 44.4 million shares of Class B-3 common stock were outstanding prior to January 31, 2018 to reflect the standalone pre-merger financial information of the CLNY Investment Entities, the Company’s predecessor for accounting purposes. On February 1, 2019, the Class B-3 common stock automatically converted to Class A common stock on a one-for-one basis.

(3)

Excludes 3,075,623 CLNC OP Units, which are redeemable for cash, or at the Company’s option, shares of Class A common stock on a one-for-one basis, and therefore would not be dilutive.

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Unpaid Principal Balance	$ 2,858,423	$ 2,129,857
Financial liabilities:
Principal amount, financial liabilities	3,199,923	2,624,691
Future funding commitments	276,600	135,000
Carrying Value
Financial assets:
Loans and preferred equity held for investment, net	2,576,332	2,020,497
Fair Value
Financial assets:
Loans and preferred equity held for investment, net	2,470,561	2,025,216
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	840,423	81,372
Securitization bonds payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	833,153	81,372
Securitization bonds payable, net \| Fair Value
Financial liabilities:
Financial liabilities	840,423	81,372
Mortgage and other notes payable, net
Financial liabilities:
Principal amount, financial liabilities	1,260,267	1,177,401
Mortgage and other notes payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	1,256,112	1,173,019
Mortgage and other notes payable, net \| Fair Value
Financial liabilities:
Financial liabilities	1,260,675	1,177,669
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	1,099,233	1,365,918
Master repurchase facilities \| Carrying Value
Financial liabilities:
Financial liabilities	1,099,233	1,365,918
Master repurchase facilities \| Fair Value
Financial liabilities:
Financial liabilities	$ 1,099,233	$ 1,365,918

Business Combination - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Feb. 01, 2018	Jan. 31, 2018 $ / shares shares	Jul. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Conversion of stock, conversion ratio		1
Settlement payment of CLNY true-up adjustment \| $			$ 55.0
Class B-3
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01
CLNY OP Subsidiary \| CLNC OP Units
Business Acquisition [Line Items]
Exchange ratio		1
CLNY OP \| Class B-3
Business Acquisition [Line Items]
Stock issued (in shares)		44,400,000
NorthStar I and NorthStar II
Business Acquisition [Line Items]
Stock issued (in shares)		82,505,000
Investment in unconsolidated ventures, capitalization rate (in percentage)				6.80%
Acquisition related costs \| $				$ 0.7	$ 31.9
NorthStar I
Business Acquisition [Line Items]
Stock issued (in shares)		42,149,000
Exchange ratio		0.3532
Shares vested in business combination (in shares)		21,000
NorthStar II
Business Acquisition [Line Items]
Stock issued (in shares)		40,356,000
Exchange ratio		0.3511
Shares vested in business combination (in shares)		25,000
CLNY OP \| CLNY OP Subsidiary \| CLNC OP Units
Business Acquisition [Line Items]
Stock issued (in shares)		3,100,000
Minimum \| NorthStar I and NorthStar II
Business Acquisition [Line Items]
Real estate and related intangibles, capitalization rates (in percentage)	6.50%
Useful lives of intangibles acquired (in years)	1 year
Maximum \| NorthStar I and NorthStar II
Business Acquisition [Line Items]
Real estate and related intangibles, capitalization rates (in percentage)	8.30%
Useful lives of intangibles acquired (in years)	10 years
CLNY OP
Business Acquisition [Line Items]
Shareholder ownership (in percentage)		37.00%
NorthStar I Stockholders
Business Acquisition [Line Items]
Shareholder ownership (in percentage)		32.00%
NorthStar II Stockholders
Business Acquisition [Line Items]
Shareholder ownership (in percentage)		31.00%
Investment Bankers \| NorthStar I and NorthStar II
Business Acquisition [Line Items]
Acquisition related costs \| $					$ 24.3

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2019, assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments for loans and preferred equity held for investment was $190.2 million for senior loans, $36.0 million for securitized loans, $1.3 million for corporate term loans and $49.1 million for mezzanine loans. Total unfunded commitments for equity method investments was $50.9 million.

Ground Lease Obligation

The Company’s operating leases are ground leases acquired with real estate.

At December 31, 2019, the weighted average remaining lease terms were 15.3 years for ground leases.

For the years ended December 31, 2018 and 2017, ground lease expense, including variable lease expense incurred, was $2.8 million and $2.1 million, respectively. The following table presents lease expense, included in property operating expense, for the year ended December 31, 2019 (dollars in thousands):



	Year Ended December 31, 2019
Operating lease expense:
Minimum lease expense	$	3,134
Variable lease expense	—
	$	3,134

The operating lease liability was determined using a weighted average discount rate of 5.2%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of December 31, 2019 (dollars in thousands):



2020	$	3,232
2021	3,216
2022	3,244
2023	3,274
2024	2,383
2025 and thereafter	23,079
Total lease payments	38,428
Less: Present value discount	12,933
Operating lease liability (Note 9)	$	25,495

The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of December 31, 2018 (dollars in thousands):



2019	$	2,821
2020	2,819
2021	2,804
2022	1,882
2023	1,388
2024 and thereafter	12,998
Total	$	24,712

Litigation and Claims

The Company may be involved in litigation and claims in the ordinary course of the business. As of December 31, 2019, 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.

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at vesting date		$ 5,700,000	$ 1,500,000
Share-based compensation expense		$ 10,810,000	$ 7,113,000	$ 0
Granted, weighted average grant date fair value (in dollars per share)		$ 15.53	$ 19.39
Compensation cost not yet recognized	$ 15,300,000	$ 15,300,000
Compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)					4.0

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance	$ 2,017,252	$ 225,710	$ 9,083
Real estate acquired in the Combination (Note 3)	0	1,287,515	205,376
Property acquisitions	120,139	695,794	0
Improvements and capitalized costs	23,406	23,417	20,193
Impairment	(265,312)	(31,813)	0
Dispositions	(103,242)	(161,513)	(8,942)
Effect of changes in foreign exchange rates	(3,991)	(21,858)	0
Ending balance	1,788,252	2,017,252	225,710
Classified as held for sale, net	(193,382)	0	0
Gross amount carried, total	1,594,870	$ 2,017,252	$ 225,710
Capitalized interest	$ 120,100

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net loss	$ (462,648)	$ (177,353)	$ 127,880
Other comprehensive income (loss)
Unrealized gain on real estate securities, available for sale	17,848	(1,327)	0
Change in fair value of net investment hedges	15,460	11,305	0
Foreign currency translation loss	(3,901)	(10,387)	0
Total other comprehensive income	29,407	(409)	0
Comprehensive loss	(433,241)	(177,762)	127,880
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive loss attributable to common stockholders	(385,819)	(168,897)	88,504
Investment entities
Net loss	(38,208)	(4,771)	39,376
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	38,208	4,771	(39,376)
Operating Partnership
Net loss	(9,928)	(4,084)	0
Other comprehensive income (loss)
Total other comprehensive income	714	(10)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	$ 9,214	$ 4,094	$ 0

Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets



	December 31, 2019
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,139	$	(39,093	)	$	76,046
Deferred leasing costs	42,345		(13,637		)	28,708
Above-market lease values	14,318		(6,310		)	8,008
Other intangibles	—		—			—
	$	171,802	$	(59,040	)	$	112,762
Intangible Liabilities
Below-market lease values	$	32,652	$	(10,503	)	$	22,149



	December 31, 2018
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,778	$	(27,120	)	$	88,658
Deferred leasing costs	39,130		(6,848		)	32,282
Above-market lease values	16,203		(3,883		)	12,320
Other intangibles	906		(134		)	772
Below-market ground lease obligations⁽¹⁾	52		(16		)	36
	$	172,069	$	(38,001	)	$	134,068
Intangible Liabilities
Below-market lease values	$	19,374	$	(4,278	)	$	15,096

_________________________________________

(1)

Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019 the below-market ground lease obligations are included in right-of-use lease assets.

Deferred Costs, Capitalized, Prepaid, and Other Assets



	December 31, 2019
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,139	$	(39,093	)	$	76,046
Deferred leasing costs	42,345		(13,637		)	28,708
Above-market lease values	14,318		(6,310		)	8,008
Other intangibles	—		—			—
	$	171,802	$	(59,040	)	$	112,762
Intangible Liabilities
Below-market lease values	$	32,652	$	(10,503	)	$	22,149



	December 31, 2018
	Carrying Amount		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,778	$	(27,120	)	$	88,658
Deferred leasing costs	39,130		(6,848		)	32,282
Above-market lease values	16,203		(3,883		)	12,320
Other intangibles	906		(134		)	772
Below-market ground lease obligations⁽¹⁾	52		(16		)	36
	$	172,069	$	(38,001	)	$	134,068
Intangible Liabilities
Below-market lease values	$	19,374	$	(4,278	)	$	15,096

_________________________________________

(1)

Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019 the below-market ground lease obligations are included in right-of-use lease assets.

Schedule of Deferred Costs and Other Intangible Assets and Liabilities

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Above-market lease values	$	(4,172	)	$	(4,277	)	$	(283	)
Below-market lease values	7,076			4,329			15
Net increase (decrease) to property operating income	$	2,904		$	52		$	(268	)

Below-market ground lease obligations⁽¹⁾	$	—		$	8		$	8
Increase to property operating expense	$	—		$	8		$	8

In-place lease values	$	21,445		$	27,239		$	2,657
Deferred leasing costs	8,400			7,343			655
Other intangibles	450			134			—
Amortization expense	$	30,295		$	34,716		$	3,312

_________________________________________

(1)

Upon adopting the standard of ASU No. 2016-02, Leases on January 1, 2019 the below-market ground lease obligations are included in right-of-use lease assets.

Schedule of Future Amortization Expense




	2020			2021			2022			2023			2024			2025 and thereafter			Total
Above-market lease values	$	2,580		$	1,906		$	1,514		$	807		$	588		$	613		$	8,008
Below-market lease values	(5,536		)	(5,133		)	(3,778		)	(941		)	(642		)	(6,119		)	(22,149		)
Net increase (decrease) to property operating income	$	(2,956	)	$	(3,227	)	$	(2,264	)	$	(134	)	$	(54	)	$	(5,506	)	$	(14,141	)

In-place lease values	$	14,464		$	11,509		$	8,445		$	5,411		$	4,232		$	31,985		$	76,046
Deferred leasing costs	6,674			5,343			4,464			3,075			1,818			7,334			28,708
Amortization expense	$	21,138		$	16,852		$	12,909		$	8,486		$	6,050		$	39,319		$	104,754

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral to counterparties for its derivative contracts	$ 13.4
Cash collateral for the derivative contracts	$ 18.9

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate



Loan Type / Collateral / Location ^{(1) (2)}	Number of Loans	Interest Rate Range ⁽³⁾	Maturity Date Range ⁽⁴⁾	Periodic Payment Terms ⁽⁵⁾	Prior Liens ⁽⁶⁾		Unpaid Principal Amount		Carrying Value ⁽⁷⁾⁽⁸⁾		Principal Amount Subject to Delinquent Principal or Interest ⁽⁹⁾
First mortgage:
Hotel-California, USA	1	5.96%	January 2021	I/O	$	—	$	173,486	$	173,486	$	—
Hotel-California, USA	1	5.00%	July 2023	I/O	—		120,000		119,092		—
Hotel-California, USA	1	6.60%	October 2022	I/O	—		141,466		140,437		—
Hotel-New York, USA⁽¹⁰⁾	1	4.12%	May 2023	P&I	—		75,976		50,000		75,976
Hotel-New York, USA⁽¹⁰⁾	1	8.04%	May 2023	I/O	—		70,145		—		70,145
Hotel-Various, USA⁽¹¹⁾	2	5.22% - 7.72%	January 2020 to July 2021	I/O	—		105,063		105,277		32,063
Office-California, USA	1	5.70%	December 2020	I/O	—		113,384		112,953		—
Office-Connecticut, USA	1	5.65%	June 2023	I/O	—		86,788		85,871		—
Office-Various, USA	13	4.21% - 6.57%	July 2020 to October 2022	I/O	—		549,275		546,142		—
Multifamily-Various, USA	1	5.50%	April 2021	I/O	—		92,000		91,560		—
Multifamily-California, USA	1	6.80%	June 2021	I/O	—		93,869		93,080		—
Multifamily-California, USA	1	5.35%	July 2022	I/O	—		173,760		173,002		—
Multifamily -Various, USA	11	4.45% - 6.91%	May 2020 to July 2021	I/O	—		339,729		339,358		—
Retail-Various, USA⁽¹²⁾	6	6.00% - 8.26%	January 2020 to January 2022	Both	—		151,948		94,490		112,648
Industrial-New York, USA	1	5.25%	September 2021	I/O	—		116,000		115,005		—
Other-New York, USA	1	5.40%	November 2021	I/O	—		66,073		65,310		—
	44				—		2,468,962		2,305,063		290,832
Subordinated mortgage and mezzanine:
Hotel-New York, USA⁽¹⁰⁾	1	14.47%	May 2023	I/O	146,121		61,750		—		61,750
Hotel-New York, USA⁽¹⁰⁾	3	11.50% - 12.71%	January 2021 to July 2023	Both	326,121		89,701		40,455		49,366
Multifamily -Various, USA	5	9.45% - 13.50%	August 2020 to August 2024	Both	252,346		103,944		103,053		—
Retail-Colorado, USA⁽¹³⁾	1	9.76%	April 2020	I/O	28,890		6,110		—		6,110
	10				753,478		261,505		143,508		117,226
Preferred equity:
Office-New York, USA	1	12.00%	June 2027	I/O	439,204		97,735		97,735		—
Office-Nevada, USA	1	15.00%	September 2020	I/O	67,400		17,649		17,578		—
	2				506,604		115,384		115,313		—
Total	56				$	1,260,082	$	2,845,851	$	2,563,884	$	408,058

______________________________________________________________________________________


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


(2)	Does not include a corporate term loan with an unpaid principal amount of $12.6 million and carrying value of $12.4 million that is not related to real estate.


(3)	Variable rate loans are determined based on the applicable index in effect as of December 31, 2019.


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


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


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


(7)	Carrying amounts as of December 31, 2019 are presented net of $272.6 million of allowance for loan losses.


(8)	The aggregate cost of loans and preferred equity held for investment is approximately $2.8 billion for federal tax purposes as of December 31, 2019.


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


(10)	Principal amount subject to delinquent principal or interest includes four loans to the same borrower and secured by the same collateral with combined unpaid principal amount of $257.2 million.


(11)	Principal amount subject to delinquent principal or interest includes one loan to one borrower with unpaid principal amount of $32.1 million.


(12)	Principal amount subject to delinquent principal or interest includes five loans to four borrowers with combined unpaid principal amount of $112.6 million.


(13)	Principal amount subject to delinquent principal or interest includes one loan to one borrower with unpaid principal amount of $6.1 million.

COLONY CREDIT REAL ESTATE, INC. AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (CONTINUED)

December 31, 2019

(Dollars in Thousands)

Activity in mortgage loans on real estate is summarized below:



	Year Ended December 31,
	2019			2018			2017
Balance at January 1	$	2,005,497		$	1,300,784		$	1,523,426
Loans and preferred equity held for investment acquired in the Combination (Note 3)	—			1,249,733			—
Deconsolidation of investment entities	—			(553,678		)	—
Acquisitions/originations/additional funding⁽¹⁾	1,337,583			904,461			374,981
Loan maturities/principal repayments⁽²⁾	(444,736		)	(627,219		)	(547,252		)
Foreclosure of loans held for investment	(174,048		)	(117,878		)	(20,204		)
Combination adjustment	—			(50,314		)	—
Discount accretion/premium amortization	6,293			2,582			8,551
Capitalized interest	12,190			5,837			1,802
Provision for loan losses	(220,572		)	(109,328		)	(518		)
Charge-off	46,693			—			—
Recoveries	—			517			—
Payments received from PCI loans	—			—			(56,832		)
Accretion on PCI loans	—			—			4,396
Consolidation of loans receivable held by investment entities	—			—			12,434
Transfer to loans held for sale	(5,016		)	—			—
Balance at December 31	$	2,563,884		$	2,005,497		$	1,300,784

______________________________________________________________________________________


(1)	Excludes origination of a corporate term loan with an unpaid principal amount of $12.6 million and carrying value of $12.4 million as of December 31, 2019 and a senior loan with an unpaid principal amount and carrying value of $15.0 million as of December 31, 2018 that are not related to real estate.

(2)

Excludes repayment of a senior loan with a principal amount and carrying value of $15.0 million that is not related to real estate.

Fair Value - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Jul. 31, 2019 securitization_trust	Dec. 31, 2019 USD ($) measurement_input	Dec. 31, 2019 USD ($) measurement_input loan	Dec. 31, 2018 USD ($) measurement_input	Dec. 31, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings		$ 2,772	$ 2,772	$ (3,447)	$ 0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		4,090	4,090	5,003	0
Provision for loan losses		$ 220,572	$ 220,572	113,911	518
Discount rate (in percentage)		10.50%	10.50%
Investments in unconsolidated ventures			$ 14,700
Impairment of loans secured by residential developments			16,100
Impairment of equity participation interest			17,600
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses			220,572	114,428
Real estate held-for-sale, impairment			(56,286)	0
Investments in unconsolidated ventures - PE Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings			(300)
Unrealized gain (loss) on investments				(55,200)
Investments in unconsolidated ventures - PE Investments \| Level 3 \| Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings				0
Mortgage obligations issued by securitization trusts \| Level 3 \| Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings			$ 2,772	$ (3,447)
Discount Rate \| Investments in unconsolidated ventures - PE Investments \| Level 3 \| Recurring basis \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input \| measurement_input		0.110	0.110	0.110
Discount Rate \| Investments in unconsolidated ventures - PE Investments \| Level 3 \| Recurring basis \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input \| measurement_input		0.120	0.120	0.150
Measurement Input, NAV \| Investments in unconsolidated ventures - PE Investments \| Level 3 \| Recurring basis \| Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input \| measurement_input		0.112	0.112
Measurement Input, Yield \| Mortgage obligations issued by securitization trusts \| Level 3 \| Recurring basis \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (in percentage) \| measurement_input		0.150	0.150	0.145
Measurement Input, Yield \| Mortgage obligations issued by securitization trusts \| Level 3 \| Recurring basis \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (in percentage) \| measurement_input		0.161	0.161	0.190
Measurement Input, Expected Term \| Mortgage obligations issued by securitization trusts \| Level 3 \| Recurring basis \| Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average expected maturity of CRE securities			5 years 4 months 24 days	5 years 4 months 24 days
Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures, measurement input (in percentage)		20.00%	20.00%
Equity participation interest, measurement input (in percentage)			0.08
Terminal Capitalization Rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input (in percentage) \| measurement_input		0.06	0.06
Real estate held-for-sale, measurement input (in percentage) \| measurement_input		0.03	0.03
Terminal Capitalization Rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input (in percentage) \| measurement_input		0.14	0.14
Real estate held-for-sale, measurement input (in percentage) \| measurement_input		0.20	0.20
Terminal Capitalization Rate \| Fair value, measurements, nonrecurring \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input (in percentage) \| measurement_input		0.11	0.11
Terminal Capitalization Rate \| Fair value, measurements, nonrecurring \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, net, measurement input (in percentage) \| measurement_input		0.29	0.29
Legacy, Non-Strategic Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-sale, number of loans \| loan			1
Investments in unconsolidated ventures, number of loans \| loan			1
Secured by residential properties, number of loans \| loan			2
Core
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings		$ 2,772		$ (3,447)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		4,090		5,003
Provision for loan losses		0		(517)	518
Impairment of real estate			$ 23,900
Non-Core \| Legacy, Non-Strategic Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized (loss) in earnings		0		0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		0		0
Provision for loan losses		220,572		114,428	$ 0
Impairment of real estate		185,000		7,100
Real estate held-for-sale, impairment		$ 73,800		22,300
Primary beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securitization trusts sold \| securitization_trust	1
Loans and preferred equity held for investment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses			210,000	114,400
Loans and preferred equity held for investment, net \| Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses			209,988	114,428
Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses			10,600
Loans held for sale \| Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses			$ 10,584	$ 0

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Below-market lease values
2020	$ (5,536)
2021	(5,133)
2022	(3,778)
2023	(941)
2024	(642)
2025 and thereafter	(6,119)
Total	(22,149)	$ (15,096)
Deferred leasing costs
2020	6,674
2021	5,343
2022	4,464
2023	3,075
2024	1,818
2025 and thereafter	7,334
Net Carrying Amount	28,708	32,282
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2020	(2,956)
2021	(3,227)
2022	(2,264)
2023	(134)
2024	(54)
2025 and thereafter	(5,506)
Total	(14,141)
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2020	21,138
2021	16,852
2022	12,909
2023	8,486
2024	6,050
2025 and thereafter	39,319
Total	104,754
Above-market lease values
Above-market lease values
2020	2,580
2021	1,906
2022	1,514
2023	807
2024	588
2025 and thereafter	613
Net Carrying Amount	8,008	12,320
In-place lease values
Above-market lease values
2020	14,464
2021	11,509
2022	8,445
2023	5,411
2024	4,232
2025 and thereafter	31,985
Net Carrying Amount	$ 76,046	$ 88,658

Segment Reporting - Reportable Operating Segments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment		5
Net interest income (loss)	$ 97,678		$ 115,539	$ 119,195
Property and other income	256,288		181,990	24,541
Management fee expense	(42,390)	$ (42,390)	(43,190)	0
Property operating expense	(112,801)	(112,801)	(73,616)	(7,978)
Transaction, investment and servicing expense	(7,191)	(7,191)	(36,800)	(2,570)
Interest expense on real estate	(55,415)	(55,415)	(43,437)	(5,095)
Depreciation and amortization	(103,220)	(103,220)	(90,986)	(9,137)
Provision for loan losses	(220,572)	(220,572)	(113,911)	(518)
Impairment of operating real estate	(282,749)	(282,800)	(31,813)	0
Administrative expense	(31,936)	(31,936)	(26,634)	(12,669)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	4,090	4,090	5,003	0
Realized gain on mortgage loans and obligations held in securitization trusts, net	2,772	2,772	(3,447)	0
Other gain (loss), net	(972)	(972)	(2,766)	(390)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(496,418)	(496,418)	(164,068)	105,379
Equity in earnings (loss) of unconsolidated ventures	36,942	36,942	23,774	24,709
Income tax benefit (expense)	(3,172)	(3,172)	(37,059)	(2,208)
Net income (loss)	(462,648)	(462,648)	(177,353)	127,880
Total Assets	7,414,306	7,414,306	8,660,730
Equity method investments	585,022	585,022	742,186
PE Investments	10,283	$ 10,283	160,851
Core
Segment Reporting Information [Line Items]
Number of segments \| segment		4
Net interest income (loss)	87,347		77,358	71,172
Property and other income	117,304		90,221	8,024
Management fee expense	(33,912)		(34,551)
Property operating expense	(31,733)		(26,673)	(1,236)
Transaction, investment and servicing expense	(3,214)		(35,895)	(2,509)
Interest expense on real estate	(34,430)		(25,372)	(2,968)
Depreciation and amortization	(49,003)		(45,735)	(3,084)
Provision for loan losses	0		517	(518)
Impairment of operating real estate	(23,911)		(2,435)	0
Administrative expense	(16,891)		(14,382)	(6,861)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	4,090		5,003
Realized gain on mortgage loans and obligations held in securitization trusts, net	2,772		(3,447)
Other gain (loss), net	(8,470)		(3,410)	(400)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	9,949		(18,801)	61,620
Equity in earnings (loss) of unconsolidated ventures	56,241		42,484	3,000
Income tax benefit (expense)	(739)		(1,125)	0
Net income (loss)	65,451		22,558	64,620
Total Assets	6,369,734	$ 6,369,734	6,861,467
Core \| Senior and MezzanineLoans and Preferred Equity
Segment Reporting Information [Line Items]
Net interest income (loss)	75,952		59,178	71,172
Property and other income	729		315	468
Management fee expense	0		0
Property operating expense	0		10	0
Transaction, investment and servicing expense	(2,142)		(1,847)	(2,309)
Interest expense on real estate	0		0	0
Depreciation and amortization	0		0	0
Provision for loan losses	0		517	(518)
Impairment of operating real estate	0		0
Administrative expense	(1,036)		(501)	(1,078)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0		0
Realized gain on mortgage loans and obligations held in securitization trusts, net	0		0
Other gain (loss), net	30		(114)	(400)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	73,533		57,558	67,335
Equity in earnings (loss) of unconsolidated ventures	56,241		42,484	3,000
Income tax benefit (expense)	(881)		0
Net income (loss)	128,893		100,042	70,335
Total Assets	2,464,963	2,464,963	2,111,443
Core \| CRE Debt Securities
Segment Reporting Information [Line Items]
Net interest income (loss)	20,967		24,778
Property and other income	429		84
Management fee expense	0		0
Property operating expense	0		0
Transaction, investment and servicing expense	(4)		(80)
Interest expense on real estate	0		0
Depreciation and amortization	0		0
Provision for loan losses	0		0
Impairment of operating real estate	0		0
Administrative expense	(1,208)		(1,617)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	5,127		1,642
Realized gain on mortgage loans and obligations held in securitization trusts, net	48		(3,447)
Other gain (loss), net	(10,931)		(6,032)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	14,428		15,328
Equity in earnings (loss) of unconsolidated ventures	0		0
Income tax benefit (expense)	0		0
Net income (loss)	14,428		15,328
Total Assets	2,226,448	2,226,448	3,507,404
Core \| Net Leased Real Estate
Segment Reporting Information [Line Items]
Net interest income (loss)	9		4	0
Property and other income	115,642		88,691	7,556
Management fee expense	0		0
Property operating expense	(31,733)		(26,683)	(1,236)
Transaction, investment and servicing expense	(214)		(468)	(200)
Interest expense on real estate	(34,430)		(25,372)	(2,968)
Depreciation and amortization	(49,003)		(45,735)	(3,084)
Provision for loan losses	0		0	0
Impairment of operating real estate	(23,911)		(2,435)	0
Administrative expense	(380)		(145)	(1)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0		0
Realized gain on mortgage loans and obligations held in securitization trusts, net	0		0
Other gain (loss), net	2,430		2,736	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(21,590)		(9,407)	67
Equity in earnings (loss) of unconsolidated ventures	0		0	0
Income tax benefit (expense)	524		(1,125)	0
Net income (loss)	(21,066)		(10,532)	67
Total Assets	1,181,609	1,181,609	1,313,220
Core \| Corporate
Segment Reporting Information [Line Items]
Net interest income (loss)	(9,581)		(6,602)	0
Property and other income	504		1,131	0
Management fee expense	(33,912)		(34,551)
Property operating expense	0		0	0
Transaction, investment and servicing expense	(854)		(33,500)	0
Interest expense on real estate	0		0	0
Depreciation and amortization	0		0	0
Provision for loan losses	0		0	0
Impairment of operating real estate	0		0	0
Administrative expense	(14,267)		(12,119)	(5,782)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(1,037)		3,361
Realized gain on mortgage loans and obligations held in securitization trusts, net	2,724		0
Other gain (loss), net	1		0	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(56,422)		(82,280)	(5,782)
Equity in earnings (loss) of unconsolidated ventures	0		0	0
Income tax benefit (expense)	(382)		0	0
Net income (loss)	(56,804)		(82,280)	(5,782)
Accretion (amortization) of discounts and premiums, investments	1,700		3,400
Total Assets	496,714	496,714	(70,600)
Non-Core \| Legacy, Non-Strategic Portfolio
Segment Reporting Information [Line Items]
Net interest income (loss)	10,331		38,181	48,023
Property and other income	138,984		91,769	16,517
Management fee expense	(8,478)		(8,639)
Property operating expense	(81,068)		(46,943)	(6,742)
Transaction, investment and servicing expense	(3,977)		(905)	(61)
Interest expense on real estate	(20,985)		(18,065)	(2,127)
Depreciation and amortization	(54,217)		(45,251)	(6,053)
Provision for loan losses	(220,572)		(114,428)	0
Impairment of operating real estate	(258,838)		(29,378)	0
Administrative expense	(15,045)		(12,252)	(5,808)
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0		0
Realized gain on mortgage loans and obligations held in securitization trusts, net	0		0
Other gain (loss), net	7,498		644	10
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(506,367)		(145,267)	43,759
Equity in earnings (loss) of unconsolidated ventures	(19,299)		(18,710)	21,709
Income tax benefit (expense)	(2,433)		(35,934)	(2,208)
Net income (loss)	(528,099)		(199,911)	$ 63,260
Total Assets	$ 1,044,572	$ 1,044,572	$ 1,799,263

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Debt

The following table presents debt as of December 31, 2019 and December 31, 2018 (dollars in thousands):



							December 31, 2019				December 31, 2018
	Capacity ($)		Recourse vs. Non-Recourse⁽¹⁾	Final Maturity	Contractual Interest Rate		Principal Amount⁽²⁾		Carrying Value⁽²⁾		Principal Amount⁽²⁾		Carrying Value⁽²⁾
Securitization bonds payable, net
2014 FL1⁽³⁾			Non-recourse	NA	NA		$	—	$	—	$	25,549	$	25,549
2014 FL2⁽³⁾			Non-recourse	NA	NA		—		—		18,320		18,320
Securitization 2016-1⁽³⁾			Non-recourse	NA	NA		—		—		37,503		37,503
CLNC 2019-FL1⁽³⁾			Non-recourse	Aug-35	LIBOR + 1.59%		840,423		833,153		—		—
Subtotal securitization bonds payable, net							840,423		833,153		81,372		81,372

Mortgage and other notes payable, net
Net lease 6⁽⁴⁾			Non-recourse	Oct-27	4.45%		24,117		24,117		24,606		24,606
Net lease 5⁽⁵⁾			Non-recourse	Nov-26	4.45%		3,422		3,329		3,484		3,378
Net lease 4⁽⁵⁾			Non-recourse	Nov-26	4.45%		7,384		7,184		7,519		7,290
Net lease 3⁽⁵⁾			Non-recourse	Jun-21	4.00%		12,450		12,368		12,786		12,648
Net lease 6⁽⁵⁾			Non-recourse	Jul-23	LIBOR + 2.15%		1,658		1,615		2,078		2,024
Net lease 5⁽⁴⁾			Non-recourse	Aug-26	4.08%		31,821		31,539		32,378		32,054
Net lease 1⁽⁵⁾⁽⁶⁾			Non-recourse	Nov-26	4.45%		18,579		18,076		18,917		18,342
Net lease 1⁽⁷⁾			Non-recourse	Mar-28	4.38%		12,221		11,758		12,434		11,920
Net lease 4⁽⁴⁾			Non-recourse	Apr-21⁽⁸⁾	LIBOR + 2.50%		74,916		74,845		73,702		73,696
Net lease 1⁽⁴⁾			Non-recourse	Jul-25	4.31%		250,000		246,961		250,000		246,522
Net lease 2⁽⁴⁾⁽⁹⁾			Non-recourse	Jun-25	3.91%		181,952		184,532		184,320		186,934
Net lease 3⁽⁴⁾			Non-recourse	Sep-33	4.77%		200,000		198,521		200,000		198,449
Other real estate 4⁽⁵⁾			Non-recourse	Dec-23	4.84%		42,925		43,407		43,500		44,008
Other real estate 2⁽⁵⁾			Non-recourse	Dec-23	4.94%		42,443		42,851		43,000		43,501
Other real estate 8⁽⁵⁾			Non-recourse	Jan-24	5.15%		15,819		16,324		16,000		16,561
Other real estate 10^(5)(10)			Non-recourse	Dec-20	5.44%		11,744		11,939		11,964		12,228
Other real estate 9⁽⁵⁾			Non-recourse	Nov-26	3.98%		23,885		23,133		24,289		23,485
Other real estate 1⁽⁵⁾			Non-recourse	Oct-24	4.47%		108,719		109,475		108,850		109,779
Other real estate 3⁽⁵⁾			Non-recourse	Jan-25	4.30%		75,256		74,554		76,448		75,620
Other real estate 5⁽⁵⁾			Non-recourse	Apr-23	LIBOR + 4.00%		33,498		32,801		31,126		29,974
Other real estate 6^(5)(11)			Non-recourse	Apr-24	LIBOR + 2.95%		21,500		20,825		—		—
Loan 9⁽¹²⁾			Non-recourse	Jun-24	LIBOR + 3.00%		65,958		65,958		—		—
Subtotal mortgage and other notes payable, net							1,260,267		1,256,112		1,177,401		1,173,019

Bank credit facility
Bank credit facility	$	560,000	Recourse	Feb-23⁽¹³⁾	LIBOR + 2.25%		113,500		113,500		295,000		295,000
Subtotal bank credit facility							113,500		113,500		295,000		295,000

Master repurchase facilities
Bank 1 facility 3	$	400,000	Limited Recourse⁽¹⁴⁾	Apr-23⁽¹⁵⁾	LIBOR + 1.94%	(16)	106,309		106,309		143,400		143,400
Bank 2 facility 3	200,000		Limited Recourse⁽¹⁴⁾	Oct-22⁽¹⁷⁾	LIBOR + 2.50%	(16)	22,750		22,750		22,750		22,750
Bank 3 facility 3	600,000		Limited Recourse⁽¹⁴⁾	Apr-22	LIBOR + 2.22%	(16)	265,633		265,633		352,108		352,108
Bank 7 facility 1	500,000		Limited Recourse⁽¹⁴⁾	Apr-22⁽¹⁸⁾	LIBOR + 1.91%	(16)	221,421		221,421		308,434		308,434



							December 31, 2019				December 31, 2018
	Capacity ($)		Recourse vs. Non-Recourse⁽¹⁾	Final Maturity	Contractual Interest Rate		Principal Amount⁽²⁾		Carrying Value⁽²⁾		Principal Amount⁽²⁾		Carrying Value⁽²⁾
Bank 8 facility 1	250,000		Limited Recourse⁽¹⁴⁾	Jun-21⁽¹⁹⁾	LIBOR + 2.00%	(16)	164,098		164,098		53,596		53,596
Bank 9 facility 1	300,000		⁽²⁰⁾	Nov-23⁽²¹⁾	(22)	(16)	—		—		—		—
Subtotal master repurchase facilities	$	2,250,000					780,211		780,211		880,288		880,288

CMBS credit facilities
Bank 1 facility 1			Recourse	(23)	LIBOR + 1.21%	(16)	20,375		20,375		18,542		18,542
Bank 1 facility 2			Recourse	(23)	LIBOR + 1.21%	(16)	18,834		18,834		17,237		17,237
Bank 3 facility			Recourse	(23)	NA	(24)	—		—		—		—
Bank 4 facility			Recourse	(23)	NA	(24)	—		—		—		—
Bank 5 facility 1			Recourse	(23)	NA	(24)	—		—		—		—
Bank 5 facility 2			Recourse	(23)	NA	(24)	—		—		—		—
Bank 6 facility 1			Recourse	(23)	LIBOR + 1.27%	(16)	83,584		83,584		80,838		80,838
Bank 6 facility 2			Recourse	(23)	LIBOR + 1.10%	(16)	82,729		82,729		74,013		74,013
Subtotal CMBS credit facilities							205,522		205,522		190,630		190,630
Subtotal credit facilities							1,099,233		1,099,233		1,365,918		1,365,918

Total							$	3,199,923	$	3,188,498	$	2,624,691	$	2,620,309

_________________________________________


(1)	Subject to customary non-recourse carveouts.


(2)	Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.

(3)


(4)	Represents a mortgage note collateralized by an investment in the Company’s Core Portfolio.


(5)	Represents a mortgage note collateralized by an investment in the Company’s Legacy, Non-Strategic Portfolio.


(6)	Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.


(7)	Represents a mortgage note collateralized by three properties in the Company’s Legacy, Non-Strategic Portfolio.


(8)	The current maturity of the mortgage payable is April 2020, with a one-year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(9)	As of December 31, 2019, the outstanding principal of the mortgage payable was NOK 1.6 billion, which translated to $182.0 million.


(10)	Represents two separate senior mortgage notes with a weighted average maturity of December 2020 and weighted average interest rate of 5.44%.


(11)	The current maturity of the mortgage payable is April 2022, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(12)	The current maturity of the note payable is June 2021, with three one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. The loan is included in the Company’s Core Portfolio.


(13)	The ability to borrow additional amounts terminates on February 1, 2022 at which time the Company may, at its election, extend the termination date for two additional six-month terms.


(14)	Recourse solely with respect to 25.0% of the financed amount.


(15)	The next maturity date is April 2021, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.


(16)	Represents the weighted average spread as of December 31, 2019. The contractual interest rate depends upon asset type and characteristics and ranges from one-month London Interbank Offered Rates (“LIBOR”) plus 1.10% to 2.75%.


(17)	The next maturity date is October 2020, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(18)	The next maturity date is April 2021, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(19)	The next maturity date is June 2020, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(20)	Recourse is either 25.0% or 50.0% depending on loan metrics.


(21)	The next maturity date is November 2021, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.


(22)	The interest rate will be determined by the lender in its sole discretion.


(23)	The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from one to two months.

(24)

CMBS Credit Facilities are undrawn and fully available.

Schedule of Scheduled Principal on Debt



	Total		Securitization Bonds Payable, Net		Mortgage Notes Payable, Net⁽¹⁾		Credit Facilities
2020	$	219,909	$	—	$	14,387	$	205,522
2021	253,533		—		89,435		164,098
2022	512,324		—		2,520		509,804
2023	341,095		—		121,286		219,809
2024	214,215		—		214,215		—
2025 and thereafter	1,658,847		840,423		818,424		—
Total	$	3,199,923	$	840,423	$	1,260,267	$	1,099,233

_________________________________________

(1)

Includes $106.4 million of future minimum principal payments related to assets held for sale.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Real Estate, net and Real Estate Held for Sale - Commitments and Contractual Obligations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Ground Rent Expense		$ 3.1
Ground rent expense	$ 2.8		$ 2.8	$ 2.1

Related Party Arrangements - Manager Equity Plan (Details)				1 Months Ended					12 Months Ended
	Dec. 31, 2019 USD ($) shares	Mar. 31, 2019 shares	Dec. 31, 2018 USD ($) shares	Oct. 31, 2018 USD ($)	Jul. 31, 2018 USD ($)	May 31, 2018 USD ($)	Mar. 31, 2018 shares	Jul. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Jul. 01, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Nov. 30, 2016 USD ($) investment
Related Party Transaction [Line Items]
Granted (in shares) \| shares									831,910	1,003,818
Outstanding (in shares) \| shares	1,335,590		889,713						1,335,590	889,713	0
Share-based compensation expense									$ 10,810,000	$ 7,113,000	$ 0
Securitization financing transaction, amount															$ 284,200,000
Unfunded commitment remaining	$ 50,900,000								50,900,000
Face value	2,858,423,000		$ 2,129,857,000						2,858,423,000	2,129,857,000
Purchase of Class A office campus									127,356,000	728,838,000
Carrying value	$ 3,188,498,000		2,620,309,000						3,188,498,000	2,620,309,000
Maturity period of debt instruments depending upon the asset type (in years)	4 years 1 month 6 days
Loans held for investment, net
Related Party Transaction [Line Items]
Securitization financing transaction, amount															$ 254,700,000
Securitization financing transaction, number of loans used for collateral \| investment															10
NorthStar Income \| Senior Participations
Related Party Transaction [Line Items]
Securitization financing transaction, amount															$ 29,500,000
Securitization financing transaction, number of loans used for collateral \| investment															3
Land site and development of office building
Related Party Transaction [Line Items]
Joint venture commitment					$ 69,900,000
Interest in joint venture (in percentage)					50.00%
Joint venture, total commitment					$ 139,700,000
Maturity period of debt instruments depending upon the asset type (in years)					3 years 6 months
Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Joint venture commitment				$ 162,400,000
Interest in joint venture (in percentage)				61.00%
Joint venture, total commitment				$ 266,500,000
Mezzanine loan \| Investment in mezzanine loan
Related Party Transaction [Line Items]
Mezzanine loan investment								$ 60,000,000.0
Mezzanine loan								$ 180,000,000.0
Joint venture commitment														$ 101,800,000
Interest in joint venture (in percentage)								31.80%
Fixed interest rate (In percentage)								12.90%
Unfunded commitment remaining	$ 48,900,000								$ 48,900,000
Mezzanine loan \| Upsized Mezzanine Loan with Affiliate
Related Party Transaction [Line Items]
Joint venture commitment													$ 101,800,000
Interest in joint venture (in percentage)												45.20%
Fixed interest rate (In percentage)												12.90%
Joint venture, total commitment												$ 189,000,000.0
CLNC Manager, LLC
Related Party Transaction [Line Items]
Granted (in shares) \| shares		800,000					978,946
Outstanding (in shares) \| shares	1,382,778								1,382,778
Share-based compensation expense									$ 10,300,000	6,800,000
Affiliated Entity
Related Party Transaction [Line Items]
Purchase of Class A office campus					$ 326,800,000
Carrying value					$ 197,700,000
Affiliated Entity \| Land site and development of office building
Related Party Transaction [Line Items]
Interest in joint venture (in percentage)					50.00%
Affiliated Entity \| Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Interest in joint venture (in percentage)				39.00%
Affiliated Entity \| Mezzanine loan \| Investment in mezzanine loan
Related Party Transaction [Line Items]
Interest in joint venture (in percentage)								68.20%
Affiliated Entity \| Preferred equity investment
Related Party Transaction [Line Items]
Interest in joint venture (in percentage)						27.20%
Face value						$ 89,100,000
Preferred equity debt investment fixed interest rate (in percentage)						12.00%
July 2018 Senior Mortgage Private Bond \| Affiliated Entity
Related Party Transaction [Line Items]
Fixed interest rate (In percentage)					3.91%
Initial debt term (in years)					5 years
Fixed rate
Related Party Transaction [Line Items]
Face value	$ 351,351,000		304,308,000						351,351,000	304,308,000
Fixed rate \| Preferred equity interests
Related Party Transaction [Line Items]
Face value	$ 115,384,000		$ 113,860,000						115,384,000	113,860,000
Preferred equity debt investment fixed interest rate (in percentage)	12.50%		12.60%
Fixed rate \| Preferred equity interests \| Land site and development of office building
Related Party Transaction [Line Items]
Preferred equity debt investment fixed interest rate (in percentage)					12.50%
Fixed rate \| Preferred equity interests \| Mixed-use development project in Ireland
Related Party Transaction [Line Items]
Preferred equity debt investment fixed interest rate (in percentage)				15.00%
Maturity term (in years)				2 years
LIBOR \| Mezzanine loans \| Mezzanine Loan, Luxury Condominium Development Project in New York, New York
Related Party Transaction [Line Items]
Loan interest rate (in percentage)				9.50%
Loans and preferred equity held for investment \| Fixed rate
Related Party Transaction [Line Items]
Loan carrying value	$ 350,264,000		$ 303,517,000						350,264,000	303,517,000
Loans and preferred equity held for investment \| Fixed rate \| Preferred equity interests
Related Party Transaction [Line Items]
Loan carrying value	$ 115,313,000		$ 113,687,000						$ 115,313,000	$ 113,687,000
Loans and preferred equity held for investment \| Fixed rate \| Preferred equity interests \| Land site and development of office building
Related Party Transaction [Line Items]
Loan carrying value					$ 66,700,000
Loans and preferred equity held for investment \| Mezzanine loans \| Mezzanine Loan, Luxury Condominium Development Project in New York, New York
Related Party Transaction [Line Items]
Loan carrying value				$ 20,000,000.0

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Impaired Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross carrying Value with allowance for loan losses	$ 409,700	$ 458,900
Number of loans, non-accrual status \| loan	4
Loans and preferred equity held for investment, net	$ 2,576,332	2,020,497
Provision for loan loss		31,700
Troubled debt restructuring, number of contracts \| loan	0
Commercial mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Unpaid principal balance	$ 408,058	456,703
Gross carrying Value with allowance for loan losses	377,421	458,942
Gross carrying value without allowance for loan losses	32,322	0
Gross carrying value total	409,743	458,942
Allowance for loan losses	272,624	109,328
Loans and preferred equity held for investment, net	2,848,956	2,129,825
Average carrying value before allowance for loan losses	434,343	463,043	$ 124,743
Interest income	11,469	21,105	$ 12,431
90 Days or More Past Due / Nonaccrual \| Commercial mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and preferred equity held for investment, net	258,129	395,262
First mortgage loans \| 90 Days or More Past Due / Nonaccrual \| Commercial mortgage, hospitality loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and preferred equity held for investment, net	258,100
Purchased credit-impaired loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for loan loss		$ 5,100
Troubled debt restructuring, number of contracts \| loan		4
Hotel \| Hotel, New York \| 90 Days or More Past Due / Nonaccrual \| Commercial mortgage, hospitality loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and preferred equity held for investment, net	$ 257,200
Troubled debt restructuring, number of contracts \| loan	4
Hotel \| Hotel, New York \| First mortgage loans \| 90 Days or More Past Due / Nonaccrual \| Commercial mortgage, hospitality loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans, non-accrual status \| loan	4

Equity-Based Compensation - Summary of Awards Granted or Vested (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)	889,713	0
Granted (in shares)	831,910	1,003,818
Vested (in shares)	(379,546)	(79,368)
Forfeited (in shares)	(6,487)	(34,737)
Unvested shares at end of period (in shares)	1,335,590	889,713
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)	$ 19.39	$ 0
Granted, weighted average grant date fair value (in dollars per share)	15.53	19.39
Vested, weighted average grant date fair value (in dollars per share)	18.98	19.39
Forfeited, weighted average grant date fair value (in dollars per share)	19.39	19.39
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)	$ 17.79	$ 19.39
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)	889,713	0
Granted (in shares)	831,910	1,003,818
Vested (in shares)	(379,546)	(79,368)
Forfeited (in shares)	(6,487)	(34,737)
Unvested shares at end of period (in shares)	1,335,590	889,713

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loans and Preferred Equity Held for Investment, net

The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands):



	December 31, 2019								December 31, 2018
	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon⁽¹⁾		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon⁽¹⁾		Weighted Average Maturity in Years
Fixed rate
Mezzanine loans	$	223,395	$	222,503		12.8	%	4.2	$	175,448	$	174,830		12.7	%	4.9
Preferred equity interests	115,384		115,313			12.5	%	6.9	113,860		113,687			12.6	%	7.7
Other loans⁽²⁾	12,572		12,448			15.0	%	4.4	15,000		15,000			16.0	%	0.5
	351,351		350,264						304,308		303,517
Variable rate
Senior loans	1,462,467		1,457,738			6.0	%	3.8	1,432,416		1,430,635			6.3	%	4.2
Securitized loans⁽³⁾	1,006,495		1,002,696			5.2	%	4.2	302,868		305,106			7.9	%	1.1
Mezzanine loans	38,110		38,258			11.4	%	2.0	90,265		90,567			12.2	%	2.0
	2,507,072		2,498,692						1,825,549		1,826,308
	2,858,423		2,848,956						2,129,857		2,129,825

Allowance for loan losses⁽⁴⁾	NA		(272,624		)				NA		(109,328		)
Loans and preferred equity held for investment, net	$	2,858,423	$	2,576,332					$	2,129,857	$	2,020,497

_________________________________________


(1)	Calculated based on contractual interest rate.


(2)	Includes one corporate term loan secured by the borrower’s limited partnership interests in a fund at December 31, 2019 and one senior loan at December 31, 2018.


(3)	Represents loans transferred into securitization trusts that are consolidated by the Company.

(4)

At December 31, 2018, allowance for loan losses does not include $5.1 million of provision for loan losses associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans for which the Company took ownership of the underlying collateral in January 2019.

Schedule of Mortgage Loans on Real Estate

Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands):



	Year Ended December 31,
	2019			2018
Balance at January 1	$	2,020,497		$	1,300,784
Loans held for investment acquired in the Combination (Note 3)	—			1,249,733
Deconsolidation of investment entities⁽¹⁾	—			(553,678		)
Acquisitions/originations/additional funding	1,350,120			919,461
Loan maturities/principal repayments	(460,147		)	(627,219		)
Foreclosure of loans held for investment	(174,048		)	(117,878		)
Transfer to loans held for sale	(5,016		)	—
Combination adjustment⁽²⁾	—			(50,314		)
Discount accretion/premium amortization	6,319			2,582
Capitalized interest	12,486			5,837
Provision for loan losses	(220,572		)	(109,328		)
Charge-off	46,693			—
Recoveries	—			517
Balance at December 31	$	2,576,332		$	2,020,497

_________________________________________


(1)	Represents loans and preferred equity held for investment, net which were deconsolidated as a result of the Combination. Refer to Note 2, “Summary of Significant Accounting Policies,” for further detail.

(2)

Represents a loan held for investment, net that was previously sold by the CLNY Investment Entities to NorthStar I and was treated as a secured financing by the CLNY Investment Entities. This loan was eliminated as a result of the Combination.

Aging Summary of Loans

The following table provides an aging summary of loans and preferred equity held for investment at carrying values before allowance for loan losses, if any (dollars in thousands):



	Current or Less Than 30 Days Past Due		30-59 Days Past Due⁽¹⁾		60-89 Days Past Due		90 Days or More Past Due⁽²⁾		Total Loans
December 31, 2019	$	2,558,505	$	32,322	$	—	$	258,129	$	2,848,956
December 31, 2018	1,632,817		58,751		42,995		395,262		2,129,825

_________________________________________


(1)	At December 31, 2019, 30-59 days past due includes one loan (Midwest Hospitality) that was placed on non-accrual status during the fourth quarter of 2019 following a borrower default.

(2)

At December 31, 2019, 90 days or more past due loans includes four loans to the same borrower and secured by the same collateral with combined carrying value before allowance for loan losses of $258.1 million on nonaccrual status. All other loans in this table remain current on interest payments.

Impaired Loans

The following table presents impaired loans at the respective reporting dates (dollars in thousands):



	Unpaid Principal Balance⁽¹⁾		Gross Carrying Value
	Unpaid Principal Balance⁽¹⁾		With Allowance for Loan Losses⁽²⁾		Without Allowance for Loan Losses		Total⁽²⁾		Allowance for Loan Losses⁽³⁾
December 31, 2019	$	408,058	$	377,421	$	32,322	$	409,743	$	272,624
December 31, 2018	456,703		458,942		—		458,942		109,328

_________________________________________


(1)	At December 31, 2019, includes four loans to the same borrower and secured by the same collateral with combined unpaid principal balance of $257.2 million and gross carrying value of $258.1 million on nonaccrual status. All other loans included in this table remain current on interest payments.


(2)	Includes unpaid principal balance plus any applicable exit fees less net deferred loan fees.


(3)	At December 31, 2018, allowance for loan losses does not include $5.1 million of provision for loan loss associated with a receivable for operating expenses paid by the Company on the borrower’s behalf in connection with four loans for which the Company took possession of the underlying collateral in January 2019.

The average carrying value and interest income recognized on impaired loans were as follows (dollars in thousands):



	Year Ended December 31,
	2019		2018		2017
Average carrying value before allowance for loan losses	$	434,343	$	463,043	$	124,743
Interest income	11,469		21,105		12,431

Allowance for Loan Losses

Changes in allowance for loan losses on loans are presented below (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Allowance for loan losses at beginning of period	$	109,328		$	517		$	3,386
Provision for loan losses	220,572			109,328			518
Charge-off	(46,693		)	—			(3,387		)
Recoveries	—			(517		)	—
Transfer to loans held for sale	(10,583		)	—			—
Allowance for loan losses at end of period	$	272,624		$	109,328		$	517

Schedule of Assets Held for Sale Related to Loans and Preferred Equity

The following table summarizes the Company’s assets held for sale related to loans and preferred equity (dollars in thousands):



	December 31, 2019
Assets
Loans and preferred equity held for investment, net	$	5,016
Total assets held for sale	$	5,016

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2019, 2018 and 2017 consist of the following (dollars in thousands, except per share data):



	Year Ended December 31,
	2019			2018			2017
Net income (loss)	$	(462,648	)	$	(177,353	)	$	127,880
Net (income) loss attributable to noncontrolling interests:
Investment Entities	38,208			4,771			(39,376		)
Operating Partnership⁽¹⁾	9,928			4,084			(5,734		)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders	$	(414,512	)	$	(168,498	)	$	82,770

Numerator:
Net income allocated to participating securities (nonvested shares)	$	(2,187	)	$	(1,439	)	$	—
Net income (loss) attributable to common stockholders	$	(416,699	)	$	(169,937	)	$	82,770

Denominator:
Weighted average shares outstanding⁽²⁾⁽³⁾	128,391			120,677			44,399

Net income (loss) per common share - basic and diluted⁽³⁾	$	(3.25	)	$	(1.41	)	$	1.86

_________________________________________


(1)	For earnings per share for the year ended December 31, 2017, the Company allocated the OP’s share of net income as if the OP held 3,075,623 CLNC OP Units during the period for comparative purposes. The CLNC OP Units were not issued until January 31, 2018.


(2)	For earnings per share, the Company assumes 44.4 million shares of Class B-3 common stock were outstanding prior to January 31, 2018 to reflect the standalone pre-merger financial information of the CLNY Investment Entities, the Company’s predecessor for accounting purposes. On February 1, 2019, the Class B-3 common stock automatically converted to Class A common stock on a one-for-one basis.

(3)

Excludes 3,075,623 CLNC OP Units, which are redeemable for cash, or at the Company’s option, shares of Class A common stock on a one-for-one basis, and therefore would not be dilutive.

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Activity in Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1		$ 2,020,497	$ 1,300,784
Loans held for investment acquired in the Combination (Note 3)	$ 0	1,249,733	0
Deconsolidation of investment entities	0	(553,678)	0
Acquisitions/originations/additional funding	1,350,120	919,461
Loan maturities/principal repayments	(460,147)	(627,219)
Foreclosure of loans held for investment	(174,048)	(117,878)	(20,204)
Transfer to loans held for sale	(5,016)	0	0
Combination adjustment	0	(50,314)	0
Discount accretion/premium amortization	6,319	2,582
Capitalized interest	12,486	5,837
Provision for loan losses	(220,572)	(109,328)	(518)
Charge-off	46,693	0	0
Recoveries	0	517	0
Balance at end of period	$ 2,576,332	$ 2,005,497	$ 1,300,784

Derivatives - Summary of Derivative Contracts (Details) - Dec. 31, 2019 € in Thousands, kr in Thousands, $ in Thousands	USD ($)	NOK (kr)	EUR (€)
Designated \| FX Forward
Derivative [Line Items]
Notional Amount		kr 585,600	€ 164,686
Designated \| Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 0
Non-Designated \| FX Forward
Derivative [Line Items]
Notional Amount		kr 361,200	€ 0
Non-Designated \| Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 403,838

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Credit Real Estate, Inc. (together with its consolidated subsidiaries, the “Company”) is a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. CRE debt investments include senior mortgage loans, mezzanine loans, preferred equity, and participations in such loans and preferred equity interests. CRE debt securities consist of commercial mortgage-backed securities (“CMBS”) (including “B-pieces” of a CMBS securitization pool). Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. The Company was organized in the state of Maryland on August 23, 2017. On September 15, 2017, Colony Capital, Inc., formerly Colony NorthStar, Inc. (“Colony Capital”), a publicly traded REIT listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “CLNY,” made an initial capital contribution of $1,000 to the Company. On January 31, 2018, the Company completed the transactions contemplated by that certain Master Combination Agreement, dated as of August 25, 2017, as amended and restated on November 20, 2017 (the “Combination Agreement,” as further discussed below). The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2018. Effective June 25, 2018, the Company changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. Also on June 25, 2018, Colony NorthStar, Inc. changed its name to Colony Capital, Inc. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Credit RE Operating Company, LLC (the “Operating Partnership” or “OP”). At December 31, 2019, the Company owned 97.7% of the OP, as its sole managing member. The remaining 2.3% is owned by an affiliate of the Company as noncontrolling interests. The Company is externally managed and has no employees. The Company is managed by CLNC Manager, LLC (the “Manager”), a Delaware limited liability company and a wholly-owned and indirect subsidiary of Colony Capital Operating Company, LLC (“CLNY OP”), a Delaware limited liability company and the operating company of Colony Capital. Colony Capital manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded REITs and registered investment companies. The Combination Pursuant to the Combination Agreement, (i) CLNY OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the “CLNY OP Contributed Portfolio”) of CLNY OP (the “CLNY OP Contribution”), (ii) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNY OP (“RED REIT”) contributed and conveyed to the OP a select portfolio of assets and liabilities (the “RED REIT Contributed Portfolio” and, together with the CLNY OP Contributed Portfolio, the “CLNY Contributed Portfolio”) of RED REIT (the “RED REIT Contribution” and, together with the CLNY OP Contribution, the “CLNY Contributions”), (iii) NorthStar Real Estate Income Trust, Inc. (“NorthStar I”), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, merged with and into the Company, with the Company surviving the merger (the “NorthStar I Merger”), (iv) NorthStar Real Estate Income II, Inc. (“NorthStar II”), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, merged with and into the Company, with the Company surviving the merger (the “NorthStar II Merger” and, together with the NorthStar I Merger, the “Mergers”), and (v) immediately following the Mergers, the Company contributed and conveyed to the OP the CLNY OP Contributed Portfolio and the equity interests of each of NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I, and NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II, then-owned by the Company in exchange for units of membership interest in the OP (the “Company Contribution” and, collectively with the Mergers and the CLNY Contributions, the “Combination”). On January 18, 2018, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018 (the “Closing Date”) and the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”), began trading on the NYSE on February 1, 2018 under the symbol “CLNC.” The Combination is accounted for under the acquisition method for business combinations pursuant to Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, with the Company as the accounting acquirer. Details of the Combination are described more fully in Note 3, “Business Combination” and the accounting treatment thereof in Note 2, “Summary of Significant Accounting Policies.” Segment Realignment During the third quarter of 2019, the Company realigned the business and reportable segment information to reflect how the Chief Operating Decision Makers (“CODM”) regularly review and manage the business. Refer to Note 19, “Segment Reporting” for further detail.

Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands):



	December 31, 2019		December 31, 2018
Equity method investments	$	585,022	$	742,186
Investments under fair value option	10,283		160,851
Investments in Unconsolidated Ventures	$	595,305	$	903,037

Summary of Equity Method Investments



	As of the Closing Date
Assets
Cash and cash equivalents	$	(11,408	)
Restricted cash	(14,704		)
Loans and preferred equity held for investment, net	(553,678		)
Investments in unconsolidated ventures	127,062
Receivables, net	(4,344		)
Other assets	(114		)
Total assets	$	(457,186	)
Liabilities
Mortgage and other notes payable, net	$	(128,709	)
Accrued and other liabilities	(640		)
Escrow deposits payable	(14,704		)
Total liabilities	(144,053		)

Stockholders’ equity	(313,133		)
Total liabilities and equity	$	(457,186	)

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):



		Carrying Value
Investments	Description	December 31, 2019		December 31, 2018
ADC investments⁽¹⁾⁽²⁾	Interests in three 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	$	59,576	$	165,823
Other investment ventures⁽¹⁾	Interests in eleven investments, each with less than $171.5 million carrying value at December 31, 2019	525,446		576,363

_________________________________________

(1)

(2)

Balance Sheet Information



	December 31, 2019		December 31, 2018
Assets
Total assets	$	432,149	$	443,143

Liabilities and equity
Total liabilities	$	318,255	$	319,310
Equity	113,894		123,833
Total liabilities and equity	$	432,149	$	443,143

Statements of Operations Information



	Year Ended December 31,
	2019		2018		2017
Total revenues	$	41,503	$	41,262	$	42,451
Net income	$	8,379	$	3,632	$	10,104

Investments in Unconsolidated Ventures - Summary of Equity Method Investments (Details) $ in Thousands	Dec. 31, 2019 USD ($) investment	Dec. 31, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 585,022	$ 742,186
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 59,576	165,823
Number of investments \| investment	4
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 525,446	$ 576,363
Number of investments \| investment	11
Each investment immaterial balance (less than)	$ 171,500

Loans and Preferred Equity Held for Investment, net and Loans Held for Sale - Nonaccrual and Past Due Loans (Details) $ in Thousands	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($)
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	$ 2,576,332	$ 2,020,497
Number of loans, non-accrual status \| loan	4
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	$ 2,848,956	2,129,825
Commercial mortgage \| Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	2,558,505	1,632,817
Commercial mortgage \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	32,322	58,751
Commercial mortgage \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	0	42,995
Commercial mortgage \| 90 Days or More Past Due / Nonaccrual
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	258,129	$ 395,262
First mortgage loans \| Commercial mortgage, hospitality loan \| 90 Days or More Past Due / Nonaccrual
Financing Receivable, Past Due [Line Items]
Loans and preferred equity held for investment, net	$ 258,100
Core \| Midwest Hospitality \| Hospitality
Financing Receivable, Past Due [Line Items]
Number of loans, non-accrual status \| loan	1

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Equity method investments	$ 585,022	$ 742,186
Investments under fair value option	10,283	160,851
Total income by geography	588,602	500,788	$ 189,464
Long-lived assets by geography	1,597,558	2,093,758
United States
Segment Reporting Information [Line Items]
Total income by geography	539,094	481,404	185,853
Long-lived assets by geography	1,282,189	1,764,247
Europe
Segment Reporting Information [Line Items]
Total income by geography	49,476	17,487	0
Long-lived assets by geography	315,369	329,511
Other
Segment Reporting Information [Line Items]
Total income by geography	$ 32	$ 1,897	$ 3,611

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On January 15, 2020, the Company’s Board of Directors declared a monthly cash dividend of $0.10 per share of Class A common stock for the month ended January 31, 2020. The common stock dividend was paid on February 10, 2020 to stockholders of record on January 31, 2020. These distributions represent an annualized dividend of $1.20 per share of Class A common stock. On February 14, 2020, the Company’s Board of Directors declared a monthly cash dividend of $0.10 per share of Class A common stock for the month ending February 29, 2020, which will be paid on March 10, 2020 to stockholders of record on February 29, 2020. Investment Sales Subsequent to December 31, 2019, the Company sold one property and one loan held in a joint venture in its Legacy, Non-Strategic Portfolio for total gross proceeds of $21.5 million. The Company will recognize a gain of approximately $1.7 million during the first quarter of 2020.

Derivatives - Summary of Derivative Effects (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Other gain (loss), net		$ (9,680)	$ (3,205)
Interest expense	$ 97,678		115,539	$ 119,195
Non-Designated \| Foreign exchange contracts
Derivative [Line Items]
Non-designated foreign exchange contracts		1,286	2,796
Non-Designated \| Interest rate contracts
Derivative [Line Items]
Non-designated interest rate contracts		(10,966)	(6,001)
Interest expense		0	2,176
Designated
Derivative [Line Items]
Designated foreign exchange contracts		15,460
Designated foreign exchange contracts			11,305
Designated \| Foreign exchange contracts
Derivative [Line Items]
Designated foreign exchange contracts		$ 15,460
Designated foreign exchange contracts			$ 11,305

Business Combination

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Business Combination

On the Closing Date, the Combination of the CLNY Contributed Portfolio, NorthStar I and NorthStar II was completed, creating the Company.

In consideration for the contribution of the CLNY Contributed Portfolio, CLNY OP received approximately 44.4 million shares of the Company’s Class B-3 common stock, par value $0.01 per share (the “Class B-3 common stock”), and a subsidiary of CLNY OP received approximately 3.1 million common membership units in the OP (“CLNC OP Units”). The Class B-3 common stock automatically converted to Class A common stock of the Company on a one-for-one basis upon the close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash, or, at the Company’s election, the Class A common stock on a one-for-one basis, in the sole discretion of the Company. Subject to certain limited exceptions, CLNY OP agreed that it and its affiliates would not make any transfers of the CLNC OP Units to non-affiliates of CLNY OP until the one year anniversary of the closing of the Combination, unless such transfer was approved by a majority of the Company’s Board of Directors, including a majority of the independent directors. In connection with the merger of NorthStar I and NorthStar II into the Company, their respective stockholders received shares of the Class A common stock based on pre-determined exchange ratios. Following the foregoing transaction, the Company contributed the CLNY Contributed Portfolio and the operating partnerships of NorthStar I and NorthStar II to the OP in exchange for ownership interests in the OP. Upon the closing of the Combination, CLNY OP and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37%, 32% and 31%, respectively, of the Company on a fully diluted basis.

Prior to the closing of the Combination, a special dividend was declared by NorthStar I, which generated the lesser amount of cash leakage, in order to true up the agreed contribution values of NorthStar I and NorthStar II in relation to each other. In addition, following the CLNY Contributions, but prior to the effective time of the Combination, there was a cash settlement between the Company and Colony Capital for the difference between (i) the sum of (a) the loss in value of NorthStar I and NorthStar II as a result of the distributions made by NorthStar I and NorthStar II in excess of funds from operations (“FFO”) (as such term is defined in the Combination Agreement) from July 1, 2017 through the day immediately preceding the Closing Date (excluding the dividend payment made by each of NorthStar I and NorthStar II on July 1, 2017), (b) FFO for the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, (c) cash contributions or contributions of certain intercompany receivables made to the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, and (d) the expected present value of certain unreimbursed operating expenses of NorthStar I and NorthStar II paid on each company’s behalf by their respective advisors, and (ii) cash distributions made by the CLNY Investment Entities from July 1, 2017 through the day immediately preceding the Closing Date, excluding that certain distribution made by the CLNY Investment Entities

in July 2017 relating to the partial repayment of a certain investment (collectively, “CLNY true-up adjustment”). The settlement of the CLNY true-up adjustment resulted in a payment of approximately $55 million from Colony Capital to the Company.

The Combination is accounted under the acquisition method for business combinations with the CLNY Investment Entities as the accounting acquirer for purposes of the financial information set forth herein. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on the accounting treatment of the Combination.

Combination Consideration

Each share of NorthStar I and NorthStar II common stock issued and outstanding immediately prior to the effective time of the Combination was converted into the right to receive 0.3532 shares (the “NorthStar I Exchange Ratio”) and 0.3511 shares (the “NorthStar II Exchange Ratio”), respectively, of the Class A common stock, plus cash in lieu of fractional shares. Approximately 21,000 shares of NorthStar I restricted common stock and 25,000 shares of NorthStar II restricted common stock automatically vested in connection with the Combination and the holders thereof were entitled to receive the same equity exchange as the other holders of NorthStar I and NorthStar II common stock, respectively.

The Company acquired all of the common stock of NorthStar I and NorthStar II through the exchange of all such outstanding shares into shares of Class A common stock based on the pre-determined NorthStar I Exchange Ratio and NorthStar II Exchange Ratio, respectively. As the Combination was a stock-for-stock exchange (except for cash consideration for fractional shares), fair value of the consideration to be transferred was dependent upon the fair value of the Company at the Closing Date.

Fair value of the merger consideration was determined as follows (in thousands, except exchange ratio and price per share):



	NorthStar I		NorthStar II		Total
Outstanding shares of common stock at January 31, 2018⁽¹⁾	119,333		114,943
Exchange ratio⁽²⁾	0.3532		0.3511
Shares of Class A common stock issued in the mergers⁽³⁾	42,149		40,356		82,505
Fair value consideration per share⁽⁴⁾	$	24.50	$	24.50	$	24.50
Fair value of NorthStar I and NorthStar II consideration	$	1,032,651	$	988,722	$	2,021,373

_________________________________________


(1)	Includes 21,000 and 25,000 shares of common stock of NorthStar I and NorthStar II equity awards, respectively, that vested in connection with the consummation of the Combination.


(2)	Represents the pre-determined exchange ratio of 0.3532 NorthStar I shares and 0.3511 NorthStar II shares per one share of the Class A common stock.


(3)	Includes the issuance of fractional shares, aggregating to approximately 21,000 shares, for which holders received cash in lieu of the fractional shares.


(4)	Represents the estimated per share fair value of the Company at the Closing Date.



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

Fair value of other assets acquired, liabilities assumed and noncontrolling interests were estimated as follows:

Real Estate and Related Intangibles—Fair value is based on the income approach which includes a direct capitalization method with overall capitalization rates ranging between 6.5% and 8.3%. Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, and in-place lease value. Useful lives of the intangibles acquired range from 1 year to 10 years.

Loans and preferred equity held for investment—Fair value is determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans and preferred equity held for investment, NorthStar II has a contractual right to equity-like participation or other ownership interests in the underlying collateral which was considered in calculating the fair value of the loans and preferred equity held for investment.

Investments in Unconsolidated Ventures—Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees. Investments in unconsolidated ventures includes a preferred equity investment, as well as an investment in a joint venture which holds a mezzanine loan. The fair value for both investments was based on the outstanding principal value plus the undiscounted value of any applicable contractual exit fees associated with the investments. The preferred equity investment has an equity-like participation, which was considered in its fair value. The capitalization rate used was 6.8%.

Securities—Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities.

Debt—The fair value of debt was determined by either comparing the contractual interest rate to the interest rate for newly originated debt with similar credit risk or the market rate at which a third party might expect to assume such debt or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. All of the debt was priced consistent with current interest rates attainable for similarly situated investments, and therefore was attributed a value equal to each debt’s outstanding principal amount less any applicable premium or discount on the secured debt.

Noncontrolling Interests—NorthStar I’s noncontrolling interests are attributable to the minority ownership interests of its operating partners in its CRE properties. The estimated value of NorthStar I’s noncontrolling interests represents the minority owner’s pro rata share of the estimated net book value of the CRE properties, as determined in accordance with the above description of the valuation process for real estate and related intangibles. NorthStar II’s noncontrolling interest is attributable to the minority ownership interest of its operating partner in its Bothell, Washington office portfolio. The estimated value of NorthStar II’s noncontrolling interest represents the operating partner’s pro rata share of the estimated net book value of the portfolio, as determined in accordance with the above description of the valuation process for real estate and related intangibles. The major classes of intangible assets and liabilities include leasing commissions, above- and below-market lease values and in-place lease values.

Combination-Related Costs

Transaction costs of $0.7 million were incurred in connection with the Combination in the year ended December 31, 2019. Transaction costs of $31.9 million were incurred in connection with the Combination in the year ended December 31, 2018, consisting largely of professional fees for legal, financial advisory, accounting and consulting services. Approximately $24.3 million of the transaction costs for the year ended December 31, 2018 represent fees paid to investment bankers that were contingent upon consummation of the Combination.

Combination-related costs are expensed as incurred and such costs expensed by NorthStar I and NorthStar II prior to the Closing Date were excluded from the Company's results of operations.

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Awards Granted or Vested

The table below summarizes our awards granted, forfeited or vested under the 2018 Plan during the years ended December 31, 2019 and December 31, 2018:



	Number of Shares
	Restricted Stock		Total		Weighted Average Grant Date Fair Value
Unvested Shares at December 31, 2017	—		—		$	—
Granted	1,003,818		1,003,818		19.39
Vested	(79,368	)	(79,368	)	19.39
Forfeited	(34,737	)	(34,737	)	19.39
Unvested Shares at December 31, 2018	889,713		889,713		$	19.39
Granted	831,910		831,910		15.53
Vested	(379,546	)	(379,546	)	18.98
Forfeited	(6,487	)	(6,487	)	19.39
Unvested shares at December 31, 2019	1,335,590		1,335,590		$	17.79

Debt - Narrative (Details)			11 Months Ended	12 Months Ended
Debt - Narrative (Details)	Dec. 31, 2019 USD ($) agreement	Feb. 01, 2018 USD ($)	Dec. 31, 2018	Dec. 31, 2019 USD ($) extension agreement	Oct. 01, 2019 loan	Feb. 04, 2019 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 3,199,923,000			$ 3,199,923,000
Carrying value of investments in tranche	41,300,000			41,300,000
Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,300,000,000			$ 2,300,000,000
Real estate securities, available for sale \| CMBS credit facilities
Debt Instrument [Line Items]
Number of master repurchase agreements \| agreement	8			8
Master repurchase facilities
Debt Instrument [Line Items]
Principal amount	$ 1,099,233,000			$ 1,099,233,000
Master repurchase facilities \| Bank credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 560,000,000			$ 560,000,000
Master repurchase facilities \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000.0				$ 560,000,000.0
Number of optional extensions to initial maturity date \| extension				2
Debt term extension available (in years)				6 months
Unused amount, commitment fee percentage	0.35%
Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,250,000,000			$ 2,250,000,000
Principal amount	780,200,000			780,200,000
Master repurchase facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Subordinated investments in tranche	23,600,000			23,600,000
Master repurchase facilities \| Non-subordinated CMBS
Debt Instrument [Line Items]
Principal amount	181,900,000			181,900,000
Bank credit facility
Debt Instrument [Line Items]
Principal amount	113,500,000			$ 113,500,000
Bank credit facility \| Bank credit facility
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date \| extension				2
Debt term extension available (in years)				6 months
Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Principal amount	840,423,000			$ 840,423,000
LIBOR \| Master repurchase facilities
Debt Instrument [Line Items]
Interest rate margin (in percentage)				2.25%
LIBOR \| Master repurchase facilities \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.25%
Base Rate \| Master repurchase facilities \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.25%
Collateral pledged
Debt Instrument [Line Items]
Carrying value of CMBS Credit Facilities serving as collateral	251,000,000.0			$ 251,000,000.0
Minimum \| Master repurchase facilities \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage			0.25%
Minimum \| Master repurchase facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				1 month
Minimum \| Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Repurchase agreement term (in years)				2 years
Minimum \| LIBOR \| Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				1 month
Maximum \| Master repurchase facilities \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage			0.35%
Maximum \| Master repurchase facilities \| CMBS credit facilities
Debt Instrument [Line Items]
Repurchase agreement term (in years)				2 months
Maximum \| Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Repurchase agreement term (in years)				3 years
Senior loan \| Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Carrying value served as collateral	1,100,000,000			$ 1,100,000,000
Senior loan \| Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Carrying value served as collateral	$ 1,000,000,000.0			1,000,000,000.0
CLNC 2019-FL1 \| Investment grade notes
Debt Instrument [Line Items]
Sale of notes				$ 840,400,000
Advance rate					83.50%
Number of loans \| loan					22
CLNC 2019-FL1 \| LIBOR \| Investment grade notes
Debt Instrument [Line Items]
Weighted average cost of funds percentage					1.59%

Real Estate Securities, Available for Sale - Activity Reported in Statement of Operations Related to Securitized Trust (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Interest expense		$ (87,730)	$ (47,074)	$ (21,019)
Interest income on mortgage loans held in securitization trusts		120,203	143,371	0
Interest expense on mortgage obligations issued by securitization trusts		(109,964)	(132,411)	0
Administrative expense	$ (31,936)	(31,936)	(26,634)	(12,669)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	4,090	4,090	5,003	0
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net	$ 2,772	2,772	(3,447)	0
Net income (loss) attributable to common stockholders		(416,699)	(169,937)	$ 82,770
Primary beneficiary
Variable Interest Entity [Line Items]
Interest expense		(957)	0
Interest income on mortgage loans held in securitization trusts		120,203	143,371
Interest expense on mortgage obligations issued by securitization trusts		(109,964)	(132,411)
Net interest income		9,282	10,960
Administrative expense		(1,114)	(1,528)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		4,090	5,003
Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net		2,772	(3,447)
Net income (loss) attributable to common stockholders		$ 15,030	$ 10,988

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accrued and other liabilities:
Current and deferred tax liability	$ 31,510		$ 36,730
Accounts payable, accrued expenses and other liabilities	28,278		29,151
Operating lease liability	25,495	$ 26,300
Derivative liability	19,133		21,576
Prepaid rent and unearned revenue	16,744		6,042
Interest payable	16,259		10,481
Tenant security deposits	3,005		2,207
Accrued and other liabilities	$ 140,424		$ 106,187

Commitments and Contingencies - Lending Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Future funding commitments	$ 276.6	$ 135.0
Total unfunded commitments for equity method investments	50.9
Senior loans
Debt Instrument [Line Items]
Future funding commitments	190.2
Securitized loans
Debt Instrument [Line Items]
Future funding commitments	36.0
Corporate term loans
Debt Instrument [Line Items]
Future funding commitments	1.3
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments	$ 49.1

Real Estate Securities, Available for Sale - Investments in CRE Securities (Details) $ in Thousands	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Real estate securities, available for sale	$ 252,824	$ 228,185
Real estate securities, available for sale
Debt Securities, Available-for-sale [Line Items]
Count \| security	43	43,000
Principal amount	$ 292,284	$ 292,284
Total Discount	(55,981)	(62,772)
Amortized Cost	236,303	229,512
Cumulative unrealized gain on investments	17,084	2,167
Cumulative unrealized (loss) on investments	(563)	(3,494)
Real estate securities, available for sale	$ 252,824	$ 228,185
Weighted average coupon (in percentage)	3.19%	3.19%
Weighted average unleveraged current yield (in percentage)	7.12%	7.10%
Collateral pledged
Debt Securities, Available-for-sale [Line Items]
Carrying value of CMBS Credit Facilities serving as collateral	$ 251,000