7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 
      
    		                                   
      cash flows from operating activities
    		                                   
      net income
    		-12,804,000 -25,684,000 -14,855,000 -488,000 48,332,000 129,928,000 -30,766,000 111,248,000 278,777,000 -52,516,000 -292,344,000 -37,245,000 -120,987,000 -68,081,000 -343,684,000 -42,865,000 -51,364,000 -95,083,000 -627,599,000 -306,130,000 -361,230,000 -2,718,993,000 -404,057,000 931,728,000 -565,842,000 -484,646,000 -30,155,000 -413,082,000 -13,946,000 -41,848,000 -26,299,000 -294,584,000 72,589,000 105,192,000 52,190,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                   
      unrealized carried interest (allocation) reversal
    		63,582,000                                   
      unrealized principal investment (income) loss
    		-24,681,000                                   
      equity-based compensation
    		8,827,000 10,704,000 7,155,000 -71,000 8,757,000 17,350,000 8,680,000 10,052,000 15,010,000 25,965,000 16,612,000 7,591,000 19,055,000 9,345,000 18,719,000 19,415,000 9,040,000 11,642,000 19,319,000 8,544,000 7,744,000 10,422,000 8,249,000 14,522,000 10,122,000 8,266,000 6,663,000 11,753,000 8,557,000 9,397,000 12,169,000 43,125,000 41,206,000 37,914,000 32,184,000 
      amortization of deferred financing costs and debt discount and premium
    		406,000 1,106,000 524,000 524,000 524,000 584,000 664,000 1,364,000 2,036,000 5,537,000 12,182,000 3,467,000 3,495,000 3,169,000 96,279,000 8,635,000 5,123,000 7,642,000 43,729,000 -15,459,000 5,434,000 10,367,000 15,260,000 41,758,000 16,201,000 25,984,000 19,594,000 20,325,000 21,221,000 25,291,000 22,802,000 23,945,000 18,172,000 20,866,000 20,736,000 
      depreciation and amortization
    		7,130,000 8,585,000 7,226,000 8,215,000 8,227,000 8,097,000 9,167,000 66,415,000 128,000,000 149,562,000 141,574,000 147,398,000 145,594,000 155,352,000 130,906,000 138,042,000 138,095,000 170,113,000 190,305,000 138,819,000 166,425,000 135,547,000 137,491,000 119,376,000 171,347,000 154,742,000 150,797,000 144,495,000 145,310,000 137,896,000 144,705,000 164,554,000 162,694,000 153,111,000 137,420,000 
      deferred income tax (benefit) expense
    		-947,000 -866,000 -295,000 -1,552,000 -999,000 125,000 -734,000 799,000 -3,337,000 1,588,000 881,000                         
      other (gain) loss
    		-5,129,000 -12,337,000 623,000 -1,080,000 -48,362,000 -7,176,000 19,267,000                 8,791,000 44,547,000 88,223,000 49,077,000 82,025,000 -29,677,000       
      other adjustments
    		301,000 -474,000 -287,000 -262,000 16,000 -229,000 32,000 -498,000 154,000 324,000 182,000 -503,000 269,000 223,000 -986,000 -2,589,000 -1,819,000 -2,500,000 -576,000 -7,365,000 -1,069,000 -1,767,000 -1,747,000 -3,215,000 -687,000 -2,173,000 -2,036,000 -1,794,000 -1,704,000 -3,163,000 4,082,000 -1,179,000 5,019,000 332,000 -78,000 
      increase in other assets and due from affiliates
    		1,159,000 11,263,000 11,997,000 -23,893,000 13,804,000 -6,453,000 1,940,000 -10,282,000 -19,851,000 -411,000 23,486,000 25,793,000 -2,932,000 16,697,000 -4,186,000 19,523,000 -34,902,000      -6,406,000 -7,450,000 -136,000 -12,767,000 -3,584,000 9,764,000 2,675,000 -33,820,000 -18,742,000     
      increase in other liabilities and due to affiliates
    		18,655,000 27,482,000 -25,547,000 -134,605,000 -2,893,000 176,239,000 -43,269,000                             
      net cash generated by (used in) operating activities
    		56,499,000 76,973,000 50,298,000 28,704,000 35,901,000                               
      cash flows from investing activities
    		                                   
      contributions to and acquisition of equity investments
    		-84,340,000 -163,237,000 -26,529,000 -53,860,000 -41,483,000 -15,718,000 -59,129,000 -114,406,000 -64,480,000 -264,705,000 -140,998,000 -124,996,000 -146,513,000 -83,486,000 -215,040,000 -138,028,000 -114,595,000 -179,222,000 -117,776,000 -141,457,000 -129,166,000 -33,088,000 -126,837,000 -25,200,000 -105,637,000 -15,185,000 -101,335,000         
      return of capital from equity and debt investments
    		9,091,000 38,984,000 29,658,000 22,407,000                                
      proceeds from sale of equity investments
    		46,577,000 38,895,000 14,651,000 27,363,000 46,995,000 8,569,000 23,471,000 58,996,000 41,478,000 286,955,000 308,254,000 38,504,000 244,270,000 45,039,000 194,524,000 250,430,000 152,373,000 70,713,000 90,509,000 32,978,000 13,413,000 10,430,000 231,078,000 12,999,000 124,495,000 8,658,000 19,505,000         
      repayment of loans receivable
    		   0                                
      purchase of fixed assets
    		-363,000 -622,000 -306,000 -283,000 0 -250,000 -3,055,000                             
      cash recognized in consolidation of sponsored fund
    		                                   
      cash derecognized in deconsolidation of sponsored funds
    		    0                               
      net cash generated by (used in) investing activities
    		-29,005,000 -85,980,000 17,474,000 -4,373,000 10,380,000                               
      cash flows from financing activities
    		                                   
      dividends paid to preferred stockholders
    		-14,661,000 -14,660,000 -14,660,000 -14,660,000 -14,661,000 -14,660,000 -14,660,000 -14,660,000 -14,660,000 -14,675,000 -14,766,000 -14,766,000 -16,111,000 -15,758,000 -15,760,000 -17,279,000 -19,073,000 -18,516,000 -18,516,000 -18,516,000 -18,516,000 -18,516,000 -23,785,000 -27,137,000 -27,137,000 -27,137,000 -27,137,000 -27,137,000 -29,357,000 -31,387,000 -32,821,000 -30,228,000 -29,034,000 -37,769,000 -33,151,000 
      dividends paid to common stockholders
    		-1,811,000 -1,766,000 -1,744,000 -1,738,000 -1,737,000 -1,662,000 -1,634,000 -1,639,000 -1,624,000 -1,615,000 -1,599,000         0 0 -52,853,000 -53,657,000 -53,659,000 -53,654,000 -53,410,000 -53,426,000 -54,015,000 -53,952,000 -55,852,000 -146,700,000 -148,260,000 -149,022,000 -134,150,000 -50,724,000 
      repayment or redemption of senior notes
    		   0 0                               
      shares canceled for tax withholdings on vested equity awards
    		-776,000 -400,000 -5,037,000 -395,000 -929,000 -213,000 -8,303,000 -504,000 -7,959,000 -5,354,000 -4,863,000 -227,000 -1,535,000 -5,067,000 -11,410,000 -790,000 -1,673,000                   
      contributions from noncontrolling interests
    		10,332,000 14,228,000 4,197,000 3,887,000 4,792,000 10,700,000 9,609,000 20,950,000 26,907,000 38,540,000 29,684,000 552,712,000 1,503,954,000 215,790,000 353,156,000 29,085,000 24,292,000 54,915,000 123,852,000 552,384,000 1,127,687,000 139,096,000 87,083,000 21,641,000 110,129,000 199,903,000 247,033,000 312,065,000 302,442,000 297,111,000 108,270,000 86,313,000 185,311,000 225,021,000 676,787,000 
      distributions to and redemption of noncontrolling interests
    		-652,000 -591,000 -4,631,000 -129,000                                
      payment of contingent consideration to wafra
    		   0 0 0 -17,500,000 0 0 0 -90,000,000                         
      net cash generated by (used in) financing activities
    		-7,568,000 -3,189,000 -21,875,000 -13,035,000 -15,886,000                               
      effect of foreign exchange on cash, cash equivalents and restricted cash
    		-997,000 3,111,000 1,911,000 -3,474,000                                
      net increase in cash, cash equivalents and restricted cash
    		18,929,000 -9,085,000 47,808,000 7,822,000 32,560,000 13,775,000 -98,109,000 -188,420,000 -42,900,000 -242,644,000 -212,525,000 266,349,000 324,554,000 -778,184,000 -542,225,000 337,316,000 254,806,000 139,732,000 71,383,000    108,484,000     -314,000 -48,216,000 -58,466,000 -454,194,000     
      cash, cash equivalents and restricted cash—beginning of period
    		0 0 306,298,000 0 0 0 350,250,000 0 0 0 1,036,739,000                         
      cash, cash equivalents and restricted cash—end of period
    		18,929,000 -9,085,000 354,106,000 7,822,000 32,560,000 13,775,000 252,141,000 -188,420,000 -42,900,000 -242,644,000 824,214,000                         
      cash derecognized in deconsolidation of sponsored funds and investment entities
    		                                   
      unrealized carried interest allocation
    		  34,026,000 177,986,000 15,799,000 -288,126,000 8,478,000 -169,210,000                            
      unrealized principal investment income
    		  29,731,000 3,930,000 -7,304,000 -7,813,000 -468,000 -93,534,000                            
      investment deposits
    		      766,000 -1,932,000 -539,000 4,035,000 -5,704,000 50,366,000 816,000 -37,185,000 -13,367,000 -21,075,000 0   -3,510,000 -1,523,000 -3,034,000 -3,593,000 -1,718,000 7,043,000 -5,959,000 -14,294,000 61,259,000 -81,349,000 -11,841,000 -2,383,000 2,454,000 44,196,000 -37,987,000 -9,143,000 
      loss on debt extinguishment
    		                                   
      other equity method (earnings) losses
    		       1,905,000 -20,000 2,694,000 10,609,000                         
      distributions of income from equity investments
    		                                   
      paid-in-kind interest added to loan principal
    		       -404,000 0                        -10,188,000 -8,732,000 -7,572,000 
      straight-line rent income
    		       -4,266,000 -2,222,000 -1,854,000 -1,944,000 -7,071,000 -13,153,000 -734,000 -4,530,000 780,000 -2,643,000 -6,818,000 18,800,000                 
      amortization of above- and below-market lease values
    		       448,000 352,000 619,000 245,000 266,000 83,000 -9,000 -132,000 -109,000 -159,000 -788,000 6,098,000 -943,000 -1,439,000 -558,000 -3,506,000 -9,831,000 -3,251,000 -3,088,000 -3,643,000 -2,114,000 -3,245,000 422,000 -1,925,000 -8,343,000 -1,379,000 -3,619,000 -1,978,000 
      impairment of real estate and intangible assets
    		                                 12,761,000 8,519,000 
      acquisition of loans receivable and debt securities
    		           0 -7,866,000 -55,342,000 -101,607,000 -79,045,000 -43,482,000 -15,274,000 -9,697,000     0 0 -320,000 -451,000         
      net disbursements on originated loans
    		           0 0 -10,411,000 -205,507,000 0 -15,286,000 -14,355,000 -3,631,000 -39,234,000 -2,762,000 -114,182,000 -63,812,000 -74,144,000 -54,401,000 -18,523,000 -21,892,000 -42,953,000 -186,456,000 -76,970,000 -11,573,000 -109,094,000 -111,679,000 -62,438,000 -109,579,000 
      proceeds from sales of loans receivable and debt securities
    		             0 126,644,000         0 37,329,000 15,547,000 13,373,000         
      proceeds from paydown and maturity of debt securities
    		           7,000 0 0 566,000 717,000 362,000   1,242,000 1,307,000 1,549,000 1,623,000 2,025,000 3,142,000 2,700,000 3,338,000         
      acquisition of infrabridge, net of cash acquired
    		       0 0 -1,102,000 -313,164,000                         
      net receipt (payment) on settlement of derivatives
    		       0 0                           
      acquisition of and additions to real estate, related intangibles and leasing commissions
    		       -40,361,000 -102,136,000 -348,055,000 -162,918,000 -239,306,000 -172,165,000 -907,398,000 -822,368,000 -220,206,000 -451,211,000 -82,920,000 -74,024,000 -1,280,386,000 -1,146,990,000 -53,684,000 -78,283,000 -120,278,000 -207,580,000 -322,697,000 -1,267,762,000 -601,593,000 -205,302,000 -306,180,000 -236,392,000     
      proceeds from databank recapitalization
    		                                   
      proceeds from sales of real estate investment holding entities
    		                                   
      other investing activities
    		           0 106,000 0 -875,000 0 -749,000   -6,163,000 5,593,000 3,423,000 -1,742,000 5,457,000 -1,727,000 4,900,000 14,176,000 216,000 3,258,000 -2,477,000 -582,000 11,017,000 -2,107,000 21,000 -2,271,000 
      borrowings on corporate debt
    		                                   
      repurchases of preferred stock
    		       0                            
      repurchases of common stock
    		           -46,998,000                        
      acquisition of noncontrolling interest
    		           0 0 0 -32,076,000                     
      borrowings from investment level debt
    		       0                            
      repayments of investment level debt
    		       -5,323,000                            
      payment of deferred financing costs and prepayment penalties on investment level debt
    		       0 -17,000 -8,530,000 -29,482,000                         
      return of capital from equity method investments
    		     12,651,000 15,979,000 13,466,000 10,120,000 3,384,000 52,259,000 688,000 32,908,000 13,823,000 11,829,000 48,426,000 26,746,000 12,780,000 2,253,000 170,980,000 1,840,000 92,726,000 29,386,000 47,661,000 57,960,000 100,238,000 18,310,000         
      repayments of loans receivable
    		       0 0   0 4,751,000 3,360,000 15,845,000 -6,409,000 128,336,000 354,888,000 8,798,000 96,463,000 73,377,000 8,858,000 49,133,000 1,490,000 1,592,000 137,689,000 89,199,000 30,891,000 55,035,000 17,349,000 40,085,000 310,821,000 302,951,000 126,725,000 90,577,000 
      distributions to and redemptions of noncontrolling interests
    		     -2,614,000 -15,983,000 -19,268,000 -16,935,000 -83,760,000 -43,839,000 -424,477,000 -1,234,415,000     -39,739,000 -32,857,000 -98,990,000 -63,523,000 -129,471,000 -68,320,000 -2,404,216,000 -93,803,000 -220,077,000 -129,734,000 -147,574,000 -128,663,000 -141,201,000 -101,426,000     
      effect of exchange rates on cash, cash equivalents and restricted cash
    		     -43,000 -661,000 1,439,000 -747,000 700,000 -626,000 574,000 -624,000 -1,764,000 -651,000 -3,415,000 -5,715,000 2,255,000 4,050,000 3,870,000 5,968,000 1,182,000 -3,650,000 8,197,000 -6,814,000 1,561,000 -1,196,000 -4,646,000 -1,972,000 -9,752,000 4,832,000     
      net cash from operating activities
    		      -27,009,000 41,557,000 99,875,000 72,020,000 20,185,000 67,809,000 127,470,000 66,046,000 1,257,000 66,825,000 76,516,000 128,833,000 -23,937,000 7,000 47,574,000 101,981,000 -59,669,000 -63,722,000 95,439,000 72,515,000 66,636,000 113,666,000 181,919,000 111,428,000 99,952,000 164,124,000 200,556,000 162,017,000 22,920,000 
      net cash from investing activities
    		      -21,968,000 -210,972,000 -196,518,000 -312,684,000 -258,870,000 15,953,000 216,281,000 -1,043,493,000 -1,102,149,000 60,867,000 -322,898,000 416,497,000 -7,901,000 -950,057,000 -1,096,488,000 -52,356,000 166,921,000 5,136,605,000 -79,477,000 66,761,000 -924,951,000 -350,195,000 18,625,000 203,599,000 -140,242,000 723,832,000 353,543,000 -239,698,000 493,865,000 
      net cash from financing activities
    		      -48,471,000 -20,444,000 54,490,000 -2,680,000 26,786,000 182,013,000 -18,573,000 201,027,000 559,318,000 213,039,000 506,903,000 -407,853,000 99,171,000 1,009,802,000 692,715,000 -334,372,000 4,882,000 -4,385,459,000 26,138,000 -96,940,000 676,675,000 240,861,000 -246,788,000 -363,741,000 -418,736,000 -868,128,000 -264,612,000 32,918,000 -246,683,000 
      amortization of discount and net origination fees on loans receivable and debt securities
    		                   -1,064,000 -1,131,000 -3,365,000 -594,000 -4,387,000 -5,466,000 -4,323,000 -5,426,000 -2,010,000 -6,837,000 -6,352,000 -7,995,000     
      distributions of income from equity method investments
    		       49,000 50,000 3,120,000 557,000 30,884,000    -18,000 1,803,000 749,000 520,000 10,167,000 3,692,000 68,257,000 20,496,000 65,198,000 23,475,000 27,821,000 26,923,000 22,529,000 22,542,000 11,617,000 23,307,000 21,674,000 16,552,000 14,338,000 19,633,000 
      allowance for doubtful accounts
    		               -346,000 3,418,000 17,000 205,000 -1,408,000 4,775,000 3,476,000 404,000 2,572,000 -198,000 30,000 4,389,000 1,659,000 3,097,000       
      gain on sales of real estate
    		               -197,000 -514,000 -2,968,000 -45,750,000 -26,661,000 -12,248,000 4,919,000 -7,932,000 -1,448,984,000 -12,899,000 -6,624,000 -52,301,000 -70,965,000 -35,120,000 -42,702,000 -18,444,000 -40,669,000    
      (gain) loss on debt extinguishment
    		                                   
      increase in accrued and other liabilities and due to affiliates
    		       125,739,000 115,399,000 37,074,000 -85,149,000 71,421,000 80,356,000 52,339,000 -55,136,000 25,352,000 55,718,000 -13,232,000 -7,460,000 33,527,000    -19,053,000       -30,056,000     
      proceeds from sale of fixed assets
    		                                   
      cash and restricted cash derecognized in deconsolidation of investment entities
    		                                   
      proceeds from databank recapitalization, net of carried interest distribution
    		       0                            
      repayments of corporate debt, including senior notes
    		       0                            
      other gain
    		        -255,566,000 9,981,000 142,644,000                    -63,976,000    -22,446,000 
      cash and restricted cash assumed by buyer in sales of real estate investment holding entities
    		            0 0 -189,453,000                     
      cash and restricted cash derecognized in databank deconsolidation
    		                                   
      carried interest (allocation) reversal
    		         -79,254,000 54,756,000                         
      principal investment (income) loss
    		         -30,409,000 -3,562,000                         
      impairment of real estate and related intangibles and right-of-use ("rou") asset
    		                                   
      loss on extinguishment of debt
    		                                   
      cash transferred to buyer in sale of real estate, net of proceeds received
    		                                   
      repayments of corporate debt, including repurchase of senior notes
    		                                   
      borrowings from investment-level debt
    		         375,900,000 1,241,890,000                         
      repayments of investment-level debt
    		         -98,428,000 -1,060,239,000                         
      redemptions/repurchases of preferred stock
    		           0                        
      paid-in-kind interest added to loan principal, net of interest received
    		          -544,000 -2,257,000 -2,110,000 -1,633,000 -1,144,000 -94,000 14,350,000 -1,591,000 -4,267,000 -1,542,000 -6,022,000 -9,616,000 -21,218,000 -19,855,000 -17,581,000 -15,248,000 -9,780,000 -12,879,000 -8,914,000 -10,129,000 -6,486,000     
      impairment of real estate and related intangibles and right-of-use asset
    		           0 0 12,183,000 23,802,000 -40,733,000                    
      proceeds from sales of real estate, net of property level cash transferred to buyer
    		                                   
      net receipts on settlement of derivatives
    		          3,401,000 -4,600,000    0 0 1,210,000 15,913,000  0 23,870,000 3,227,000             
      equity method (earnings) losses
    		           -191,259,000            -49,625,000 -82,068,000           
      goodwill impairment
    		                   0 0 515,000,000 79,000,000 401,000,000            
      unrealized settlement loss
    		                   0 0 0 3,890,000             
      loss on extinguishment of exchangeable notes
    		           0 0 0 133,173,000                     
      other loss
    		           -7,042,000 -34,748,000 46,703,000 17,332,000 -42,677,000 -99,665,000 -11,088,000 213,661,000  13,094,000 173,432,000 9,279,000         23,729,000 14,912,000   
      proceeds from sales of loans receivable and debt securities, including transfers of warehoused loans
    		           40,229,000                        
      proceeds from sales of real estate, including transfers of warehoused assets, net of property level cash transferred to buyer
    		                                   
      proceeds from sale of corporate fixed assets
    		               0                    
      acquisition of dbh, net of cash acquired, and payment of deferred purchase price
    		                   0                
      debt borrowings
    		                                   
      debt repayments
    		                                   
      payment of deferred financing costs
    		           19,000 -121,000 -11,587,000 -6,999,000 -17,769,000 -11,329,000 -486,000 -18,543,000 -46,220,000 -6,079,000 -2,311,000 -140,000 -25,660,000 -1,757,000 -38,085,000 -16,700,000 -8,792,000 -11,662,000 -3,064,000 -5,112,000 -31,630,000 -9,875,000 -45,125,000 -9,439,000 
      contribution from wafra
    		                   0                
      other financing activities
    		                       -8,639,000 1,351,000 -1,717,000 -1,138,000 -2,244,000 162,000   5,354,000 -7,026,000 -906,000 -4,670,000 
      deferred income tax benefit
    		            851,000 -6,605,000 -9,040,000 30,814,000   -34,480,000    -9,138,000 -7,824,000   -840,000 -18,470,000 -5,779,000 -3,716,000 -41,465,000     
      proceeds from sales of real estate
    		            0 0 96,660,000 80,053,000 29,706,000 268,922,000 64,808,000 172,758,000 88,423,000 43,276,000 126,741,000 5,448,908,000 216,588,000 147,990,000 294,667,000         
      repayment or repurchase of senior notes
    		            0 0 -14,237,000                     
      borrowings from corporate credit facility and securitized financing facility
    		               0                    
      repayment of borrowings from corporate credit facility and securitized financing facility
    		                                   
      borrowings from secured debt
    		            324,500,000 363,582,000 326,500,000 943,813,000 452,774,000 13,598,000 684,537,000 1,983,426,000 24,485,000 870,000 8,052,000 1,395,037,000 243,003,000 1,856,633,000 1,169,777,000 611,344,000 747,269,000 341,858,000 90,550,000 1,376,545,000    
      repayment of secured debt
    		            -464,058,000 -1,558,000 -3,894,000                     
      cash, cash equivalents and restricted cash, beginning of period
    		            0 0 1,766,245,000 0 0 0 963,008,000 0 0 0 1,424,698,000 0 0 0 832,730,000 0 0 0 1,393,920,000     
      cash, cash equivalents and restricted cash, end of period
    		            324,554,000 -778,184,000 1,224,020,000 337,316,000 254,806,000 139,732,000 1,034,391,000 63,622,000 -350,231,000 -283,565,000 1,533,182,000 695,621,000 35,286,000 43,897,000 649,894,000 -314,000 -48,216,000 -58,466,000 939,726,000     
      equity method (gains) losses
    		             -152,903,000 -116,000                     
      net (payments) receipts on settlement of derivatives
    		                                   
      repayment of borrowings from corporate credit facility securitized financing facility
    		                                   
      distributions to and redemptions by noncontrolling interests
    		              -35,962,000 -119,293,000                    
      benefit from loan losses
    		                       33,000 17,233,000 15,003,000 3,611,000 15,901,000 7,825,000 13,933,000 5,375,000 6,834,000 5,116,000 1,067,000 6,724,000 
      settlement of forward starting interest rate swap
    		                       -141,225,000            
      loss on induced conversion of exchangeable debt
    		                                   
      cash receipts in excess of accretion on purchased credit-impaired loans
    		                       12,242,000 8,741,000 1,538,000 8,607,000 23,772,000 91,302,000 22,692,000 21,463,000     
      cash and restricted cash assumed by buyer upon sale of hotel portfolio in receivership
    		               0                    
      acquisition of databank, net of cash acquired
    		                                   
      repurchase of common stock
    		                   0 0 0 -24,749,000 0 0 0 -10,734,000 -24,114,000 0 -108,755,000 -210,274,000 -75,565,000 -56,627,000 -111,976,000 -56,009,000 
      proceeds from issuance of exchangeable senior notes
    		                   0                
      repayment of senior notes
    		               0 0                   
      repayment of borrowings from corporate credit facility
    		               0    0 -400,000,000   -254,200,000 -423,000,000   0 -181,000,000 -371,000,000 -183,000,000 -211,000,000 -192,000,000 -130,000,000 -880,600,000 
      repayments of secured debt
    		               -540,728,000 -49,644,000 -453,446,000 -600,082,000 -1,360,851,000 -141,442,000 -70,030,000 -111,678,000 -3,098,400,000 -250,800,000 -1,898,050,000 -498,259,000 -416,519,000 -870,293,000 -559,707,000 -139,471,000 -1,432,530,000    
      redemption of preferred stock
    		               -64,000,000    0 0 0 -402,855,000     0    -322,118,000 0   
      equity method losses
    		                60,196,000 -93,271,000 111,519,000 129,218,000 56,916,000               
      payment of cash collateral on derivative
    		                    2,000,000 3,870,000 -6,641,000             
      payment of offering costs
    		                                   
      impairment of real estate and related intangibles and right-of-use assets
    		                 242,587,000 123,760,000 40,344,000 151,961,000 1,486,557,000 308,268,000             
      proceeds from sale of non-real estate fixed assets
    		                 0 14,946,000                 
      borrowings from corporate credit facility
    		                   0 0 0 600,000,000 70,000,000 522,200,000   0 181,000,000 271,000,000 233,000,000 261,000,000 121,000,000 201,000,000 458,000,000 
      decrease (increase) in other assets and due from affiliates
    		                  -31,721,000 4,048,000 -1,037,000               
      repayment of convertible senior notes
    		                  -31,502,000                 
      shares canceled for tax withholdings on vested stock awards
    		                  -7,718,000 -1,011,000 -512,000 -1,157,000 -5,069,000 -226,000 -394,000 0 -3,007,000 -2,153,000 0 -298,000 -31,752,000     
      cash and restricted cash contributed to clnc
    		                                   
      proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated
    		                           0 0       
      net receipts (payments) on settlement of derivatives
    		                       2,528,000            
      repurchase of convertible senior notes
    		                   0                
      redemption of op units for cash
    		                           0 -2,734,000       
      straight-line rents
    		                    -6,535,000 -5,312,000 -2,069,000 -7,478,000 -761,000 -6,973,000 -5,529,000 -7,207,000 -7,369,000 -7,001,000 -7,753,000 -7,031,000 -9,514,000 -8,213,000 -7,906,000 
      deferred income tax expense
    		                    -11,179,000               
      net decrease in cash, cash equivalents and restricted cash
    		                    -350,231,000    35,286,000 43,897,000 -182,836,000         
      decrease in accrued and other liabilities and due to affiliates
    		                     27,220,000 -81,407,000   20,227,000 -37,205,000 7,864,000 20,584,000       
      payment of deferred purchase price on dbh acquisition
    		                                   
      equity method earnings
    		                      -97,291,000    -38,487,000         
      impairment of real estate and intangibles
    		                       70,227,000 177,899,000 84,695,000 25,622,000 288,494,000 76,497,000       
      change in fair value of contingent consideration—internalization
    		                           0 0 8,750,000 -10,480,000 -6,260,000    
      cash and restricted cash assumed in merger, net of payments for merger-related liabilities
    		                                   
      proceeds from syndication of investment, net of cash and restricted cash deconsolidated
    		                                   
      proceeds from sale of townsend, net of cash assumed by buyer
    		                                   
      acquisition of cpi, net of cash and restricted cash acquired
    		                                   
      acquisition of thl hotel portfolio, net of cash and restricted cash acquired
    		                                   
      return of borrower escrow deposits
    		                                   
      acquisition of dbh
    		                                   
      proceeds from issuance of preferred stock
    		                               -30,000 304,670,000   
      repurchase of exchangeable senior notes
    		                               0 -3,500,000   
      cash and restricted cash contributed to colony credit
    		                           0 0       
      acquisition of dbh, net of cash acquired
    		                                   
      payments of cash collateral on derivative, net of cash received
    		                                   
      net receipts (payments) on settlement of derivative instruments
    		                         10,185,000 19,608,000         
      receipts (payments) of cash collateral on derivative
    		                          -31,054,000         
      payment of cash collateral on derivatives
    		                              -10,900,000     
      accretion in excess of cash receipts on purchased credit-impaired loan
    		                                   
      contributions to investments in unconsolidated ventures
    		                           -337,987,000 -20,978,000 -98,518,000 -90,680,000 -158,115,000 -153,149,000 -196,130,000 -15,541,000 
      acquisition of loans receivable and securities
    		                           -4,591,000 -17,179,000 -8,744,000 -73,733,000     
      proceeds from sales of loans receivable and securities
    		                           66,893,000 32,981,000 30,516,000 95,217,000     
      proceeds from sales of real estate, net of debt assumed by buyers
    		                           279,778,000 156,007,000 316,000,000 112,562,000 267,747,000    
      proceeds from paydown and maturity of securities
    		                           1,740,000 14,847,000 10,329,000 16,709,000 21,159,000 29,609,000 30,850,000 31,321,000 
      proceeds from sale of investments in unconsolidated ventures
    		                           1,779,000 140,146,000       
      receipt (return) of borrower escrow deposits
    		                                   
      net (payments) receipts on settlement of derivative instruments
    		                              -18,811,000     
      reissuance of preferred stock to an equity method investee
    		                                   
      acquisition of noncontrolling interests
    		                                   
      earnings from investments in unconsolidated ventures
    		                            -13,798,000 -1,875,000 -32,265,000 -31,318,000 -17,447,000 -122,394,000 -113,992,000 
      return of capital from investments in unconsolidated ventures
    		                            30,475,000 70,199,000 159,929,000     
      cash and restricted cash assumed from consolidation of sponsored fund
    		                                   
      net payments on settlement of derivative instruments
    		                            5,838,000    3,250,000   
      settlement of call spread option
    		                                   
      increase in escrow deposits
    		                                   
      change in escrow deposits related to financing arrangements
    		                                   
      costs associated with contributions from noncontrolling interests
    		                                   
      impairment of real estate and management contract intangibles
    		                              153,398,000     
      cash and restricted cash contributed to colony northstar credit
    		                              -141,153,000     
      proceeds from sale of investments in unconsolidated venture
    		                               0    
      amortization of discount and net origination fees on purchased and originated loans
    		                               -4,517,000 -18,290,000 -14,070,000 -18,182,000 
      net gain on remeasurement of net assets of consolidated investment entities
    		                                   
      foreign currency loss recognized on repayment of loans receivable
    		                                   
      increase in other assets, operating restricted cash and due from affiliates
    		                                   
      payment of merger-related liabilities, net of cash acquired
    		                               0 0 0 -44,437,000 
      proceeds from syndication of investment, net of cash deconsolidated
    		                               21,600,000    
      internalization of manager, net of cash acquired
    		                                   
      acquisition of cpi, net of cash acquired
    		                               0 0 0 -35,711,000 
      acquisition of thl hotel portfolio, net of cash acquired
    		                               0    
      increase in restricted cash related to investing activities
    		                               -140,435,000    
      increase in escrow deposits related to financing arrangements
    		                               1,660,000    
      cash held by investment entities consolidated
    		                                   
      effect of exchange rates on cash and cash equivalents
    		                               716,000 3,434,000 6,100,000 913,000 
      net increase in cash and cash equivalents
    		                               20,544,000 292,921,000 -38,663,000 271,015,000 
      total cash and cash equivalents, beginning of period
    		                               0 0 0 376,005,000 
      cash and cash equivalents included in assets held for sale
    		                                -14,913,000 5,373,000 -13,810,000 
      cash and cash equivalents, end of period
    		                               43,894,000 278,008,000 -33,290,000 633,210,000 
      accretion in excess of cash receipts on purchased credit impaired loan
    		                                   
      impairment loss
    		                                   
      payment on cash collateral on derivative
    		                                   
      changes in operating assets and liabilities:
    		                                   
      increase in restricted cash related to operating activities
    		                                   
      increase in due from affiliates
    		                                -11,940,000 -1,932,000 -10,847,000 
      increase in other assets
    		                                -21,230,000 33,224,000 -51,072,000 
      increase in accrued and other liabilities
    		                                   
      increase in due to affiliates
    		                                   
      distributions from investments in unconsolidated ventures
    		                                65,086,000 74,423,000 26,664,000 
      acquisition of loans receivable
    		                                0   
      proceeds from sales of loans receivable
    		                                0 80,836,000 34,000,000 
      cash receipts in excess of accretion on purchased credit impaired loans
    		                                50,495,000 25,226,000 75,156,000 
      acquisition of real estate, related intangibles and leasing commission, and improvements of real estate
    		                                -402,465,000 -616,582,000 -175,197,000 
      acquisition of securities
    		                                -9,676,000   
      proceeds from sales of securities
    		                                1,949,000 0 24,788,000 
      cash assumed from consolidation of sponsored fund
    		                                   
      distributions to noncontrolling interests
    		                                -253,936,000 -97,778,000 -278,162,000 
      redemption of units in operating company
    		                                0   
      supplemental disclosure of cash flow information:
    		                                   
      cash paid for interest
    		                                131,888,000 114,832,000 88,029,000 
      cash paid for income taxes
    		                                15,230,000 20,268,000 1,249,000 
      supplemental disclosure of noncash investing and financing activities:
    		                                   
      dividends and distributions payable
    		                                155,000 11,492,000 175,498,000 
      assets acquired in merger
    		                                -44,622,000 -202,636,000 17,461,773,000 
      liabilities assumed in merger
    		                                -23,431,000 -93,651,000 11,416,937,000 
      noncontrolling interests assumed in merger
    		                                -768,000 -8,556,000 602,014,000 
      common stock issued for acquisition of nsam and nrf
    		                                0 -7,870,000 5,718,004,000 
      preferred stock issued for acquisition of nrf
    		                                0 0 1,010,320,000 
      debt assumed by buyer of real estate reported as discontinued operations
    		                                0 0 1,258,558,000 
      net assets acquired in cpi restructuring
    		                                0   
      net assets acquired in thl hotel portfolio
    		                                   
      preferred stock redemption payable
    		                                   
      investment deposits applied to acquisition of loans receivable, real estate and cpi group
    		                                   
      share repurchase payable
    		                                  10,177,000 
      loan payoff and real estate sale proceeds held in escrow
    		                                -41,905,000 17,298,000 45,870,000 
      net settlement of redemption and investment in equity method investee
    		                                   
      redemption of op units for common stock
    		                                3,978,000 18,172,000 638,000 
      proceeds from secured financing in other assets
    		                                   
      foreclosure of collateral assets underlying loans receivable
    		                                5,641,000 768,000 8,167,000 
      amounts payable relating to improvements in operating real estate
    		                                3,222,000 1,565,000 246,000 
      contributions receivable from noncontrolling interests
    		                                -6,766,000   
      exchange of note for class a common shares
    		                                   
      net assets of investment entity deconsolidated
    		                                   
      net assets of sponsored fund consolidated, net of cash assumed
    		                                   
      change in fair value of contingent consideration
    		                                 -4,850,000 -3,400,000 
      gain on sales of real estate assets
    		                                 -15,190,000 -6,862,000 
      increase in restricted cash
    		                                   
      decrease in accrued and other liabilities
    		                                 -62,022,000 -10,151,000 
      proceeds from sales of real estate assets, net of debt assumed by buyer
    		                                 69,762,000 903,841,000 
      proceeds from sale of investment in unconsolidated venture
    		                                   
      change in restricted cash
    		                                 22,011,000 -1,548,000 
      borrowings from mortgage and other secured debt
    		                                 2,152,569,000 501,890,000 
      repayment of borrowings from mortgage and other secured debt
    		                                 -1,987,969,000 -577,568,000 
      change in escrow deposits for financing arrangements
    		                                 -742,000 6,828,000 
      settlement of call spread options
    		                                 0 6,900,000 
      payment of fees and expenses related to contributions from noncontrolling interests
    		                                 0 -6,765,000 
      investment deposits applied to acquisition of loans receivable, real estate and cpi
    		                                 0 66,020,000 
      proceeds from redemption of preferred equity interest in an investee included in other receivable
    		                                   
      amounts payable relating to purchase of securities available for sale
    		                                   
      investments in purchased loans receivable
    		                                  -538,136,000 
      proceeds from sale of investment
    		                                  239,081,000 
      repurchase of preferred stock
    		                                   
      net asset acquired in cpi restructuring
    		                                  232,181,000 
      redemption of op units for cash in accrued and other liabilities
    		                                  5,085,000 
      cash flows from operating activities:
    		                                   
      equity in (earnings) losses of unconsolidated ventures
    		                                   
      impairment on convertible debt
    		                                   
      allowance for uncollectible accounts
    		                                   
      amortization of deferred financing costs
    		                                   
      amortization of equity-based compensation
    		                                   
      unrealized (gain) loss on investments and other
    		                                   
      realized (gain) loss on investments and other
    		                                   
      deferred income tax
    		                                   
      other income
    		                                   
      distribution from unconsolidated ventures
    		                                   
      straight line rental expense
    		                                   
      change in assets and liabilities:
    		                                   
      restricted cash
    		                                   
      receivables
    		                                   
      other assets
    		                                   
      other liabilities
    		                                   
      accounts payable and accrued expenses
    		                                   
      commission payable
    		                                   
      cash flows from investing activities:
    		                                   
      acquisition of townsend
    		                                   
      investment in convertible debt
    		                                   
      investments in unconsolidated ventures
    		                                   
      settlement of acquisition of securities
    		                                   
      payment related to the sale of the island interest
    		                                   
      cash flows from financing activities:
    		                                   
      contribution from northstar realty
    		                                   
      borrowings from credit facility
    		                                   
      borrowings from term loan
    		                                   
      repayment of term loan
    		                                   
      repayment of credit facility
    		                                   
      payment of financing costs
    		                                   
      call spread premium
    		                                   
      repurchase of shares related to equity-based awards and tax withholding
    		                                   
      excess tax benefit from equity-based compensation
    		                                   
      dividends
    		                                   
      contributions from redeemable non-controlling interests
    		                                   
      distributions to redeemable non-controlling interests
    		                                   
      retirement of shares of common stock
    		                                   
      effect of foreign exchange rate changes on cash
    		                                   
      net increase in cash
    		                                   
      cash - beginning of period
    		                                   
      cash - end of period
    		                                   
      supplemental disclosure of non-cash investing and financing activities:
    		                                   
      note receivable from third party related to the sale of the island interest
    		                                   
      assumption of deferred tax liability
    		                                   
      reclassification related to measurement adjustments/other
    		                                   
      reallocation of non-controlling interests in the nsam op
    		                                   
      tax effect related to the vesting of equity-based awards
    		                                   
      issuance of common stock related to settlement of award
    		                                   
      allocation of redeemable non-controlling interests in townsend
    		                                   
      dividend payable related to rsus
    		                                   
      conversion of ltip units to common stock
    		                                   
      issuance of common stock related to transactions
    		                                   
      conversion of deferred ltip units to ltip units
    		                                   
      deemed capital contribution from northstar realty
    		                                   
      accrued transaction costs relating to investments in unconsolidated ventures
    		                                   
      equity incentive plan
    		                                   
      supplemental disclosures of cash flow information:
    		                                   
      payment of interest expense
    		                                   
      payment of income tax
    		                                   
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.