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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38377
COLONY CREDIT REAL ESTATE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland38-4046290
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
515 S. Flower Street, 44th Floor
Los Angeles, CA 90071
(Address of Principal Executive Offices, Including Zip Code)

(310282-8820
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareCLNCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
As of August 6, 2020, Colony Credit Real Estate, Inc. had 128,582,965 shares of Class A common stock, par value $0.01 per share, outstanding



Table of Contents
EXPLANATORY NOTE
        This Quarterly Report on Form 10-Q of Colony Credit Real Estate, Inc., a Maryland corporation (the “Company”), includes the financial statements and other financial information of (i) the Company and (ii) the Company’s accounting predecessor, which are investment entities in which Colony Capital Operating Company, LLC (“CLNY OP”) or its subsidiaries owned interests ranging from approximately 38% to 100% and that were contributed to the Company on January 31, 2018 in connection with the closing of the Combination (as defined below) and certain intercompany balances between those entities and CLNY OP or its subsidiaries (the “CLNY Investment Entities”).
        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”), by and among (i) the Company, (ii) Credit RE Operating Company, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (the “OP”), (iii) CLNY OP, a Delaware limited liability company and the operating company of Colony Capital, Inc., formerly Colony NorthStar, Inc. (“Colony Capital”), a Maryland corporation, (iv) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNY OP (“RED REIT”), (v) NorthStar Real Estate Income Trust, Inc., a Maryland corporation (“NorthStar I”), (vi) NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I (“NorthStar I OP”), (vii) NorthStar Real Estate Income II, Inc., a Maryland corporation (“NorthStar II”), and (viii) NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II (“NorthStar II OP”).
        Pursuant to the Combination Agreement, (i) CLNY OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the “CLNY Contributed Portfolio”) of CLNY OP (the “CLNY OP Contribution”), (ii) RED REIT contributed and conveyed to the OP a select portfolio of assets and liabilities of RED REIT (the “RED REIT Contribution” and, together with the CLNY OP Contribution, the “CLNY Contributions”), (iii) NorthStar I merged with and into the Company, with the Company surviving the merger (the “NorthStar I Merger”), (iv) NorthStar II 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 Contributed Portfolio and the equity interests of each of NorthStar I OP and NorthStar II OP 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”). To satisfy the condition to completion of the Combination that the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”), be approved for listing on a national securities exchange in connection with either an initial public offering or a listing, the Class A common stock was approved for listing by the New York Stock Exchange and began trading under the ticker “CLNC” on February 1, 2018.
        The CLNY Contributions were accounted for as a reorganization of entities under common control, since both the Company and CLNY Investment Entities were under common control of Colony Capital at the time the contributions were made. Accordingly, 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.
        As used throughout this document, the terms the “Company,” “we,” “our” and “us” mean:
Colony Credit Real Estate, Inc. and the consolidated 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.
        Accordingly, comparisons of the period to period financial information of the Company as set forth herein may not be meaningful because the CLNY Investment Entities represents only a portion of the assets and liabilities Colony Credit Real Estate, Inc. acquired in the Combination and does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Combination.
        In addition to the financial statements contained herein, you should read and consider the audited financial statements and accompanying notes thereto of the Company for the year ended December 31, 2019 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2020.




i

Table of Contents
COLONY CREDIT REAL ESTATE, INC.
FORM 10-Q
TABLE OF CONTENTS
IndexPage















Table of Contents
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, its borrowers and tenants, the real estate market and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts us, our borrowers and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements.
operating costs and business disruption may be greater than expected;
uncertainties regarding the ongoing impact of COVID-19, the severity of the disease, the duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, the potential negative impacts of COVID-19 on the global economy and its adverse impact on the real estate market, the economy and our investments, financial condition and business operations;
defaults by borrowers in paying debt service on outstanding indebtedness and borrowers’ abilities to manage and stabilize properties;
deterioration in the performance of the properties securing our investments (including depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations) that may cause deterioration in the performance of our investments and, potentially, principal losses to us;
the fair value of our investments may be subject to uncertainties;
our use of leverage could hinder our ability to make distributions and may significantly impact our liquidity position;
given our dependence on our external manager, an affiliate of Colony Capital, Inc., any adverse changes in the financial health or otherwise of our manager or Colony Capital, Inc. could hinder our operating performance and return on stockholder’s investment;
the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected returns on equity and/or yields on investments;
adverse impacts on our corporate revolver, including covenant compliance and borrowing base capacity;
adverse impacts on our liquidity, including margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures, or our ability to continue to generate liquidity from sales of legacy, non-strategic assets;
our ability to liquidate our legacy, non-strategic assets within the projected timeframe or at the projected values;
the timing of and ability to deploy available capital;
our ability to pay, maintain or grow the dividend in the future;
the timing of and ability to complete repurchases of our stock;
our ability to refinance certain mortgage debt on similar terms to those currently existing or at all;
whether Colony Capital will continue to serve as our external manager or whether we will pursue a strategic transaction related thereto;
the impact of legislative, regulatory and competitive changes and the actions of governmental authorities, including the current U.S. presidential administration, and in particular those affecting the commercial real estate finance and mortgage industry or our business.
The foregoing list of factors is not exhaustive. We urge you to carefully review the disclosures we make concerning risks in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, the section entitled
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“Risk Factors” in our Form 10-Q for the quarter ended March 31, 2020 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.
We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company is under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.


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PART I


Item 1. Financial Statements
COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
June 30, 2020 (Unaudited)December 31, 2019
Assets
Cash and cash equivalents$437,951  $69,619  
Restricted cash84,011  126,065  
Loans and preferred equity held for investment, net(1)
2,242,574  2,576,332  
Real estate securities, available for sale, at fair value60,010  252,824  
Real estate, net823,531  1,484,796  
Investments in unconsolidated ventures ($7,093 and $10,283 at fair value, respectively)
417,307  595,305  
Receivables, net46,325  46,456  
Deferred leasing costs and intangible assets, net79,780  112,762  
Assets held for sale760,290  189,470  
Other assets58,535  87,707  
Mortgage loans held in securitization trusts, at fair value1,839,953  1,872,970  
Total assets$6,850,267  $7,414,306  
Liabilities
Securitization bonds payable, net$834,088  $833,153  
Mortgage and other notes payable, net1,174,146  1,256,112  
Credit facilities900,173  1,099,233  
Due to related party (Note 10)9,639  11,016  
Accrued and other liabilities101,945  140,424  
Intangible liabilities, net8,378  22,149  
Liabilities related to assets held for sale12,131  294  
Escrow deposits payable50,605  74,497  
Dividends payable  13,164  
Mortgage obligations issued by securitization trusts, at fair value1,758,325  1,762,914  
Total liabilities4,849,430  5,212,956  
Commitments and contingencies (Note 16)
Equity
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
    
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 128,583,198 and 128,538,703 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
1,286  1,285  
Additional paid-in capital2,840,134  2,909,181  
Accumulated deficit(1,186,754) (819,738) 
Accumulated other comprehensive income25,241  28,294  
Total stockholders’ equity1,679,907  2,119,022  
Noncontrolling interests in investment entities281,041  31,631  
Noncontrolling interests in the Operating Partnership39,889  50,697  
Total equity2,000,837  2,201,350  
Total liabilities and equity$6,850,267  $7,414,306  
_________________________________________
(1)Net of $52.5 million and $272.6 million of allowance for loan losses at June 30, 2020 and December 31, 2019, respectively. See Note 3, “Loans and Preferred Equity Held for Investments, net and Loans Held for Sale” for further details.
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The accompanying notes are an integral part of these consolidated financial statements.


COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands)
The following table presents assets and liabilities of securitization trusts and certain real estate properties that have noncontrolling interests as variable interest entities for which the Company is determined to be the primary beneficiary.
June 30, 2020 (Unaudited)December 31, 2019
Assets
Cash and cash equivalents$15,688  $14,109  
Restricted cash20,055  25,646  
Loans and preferred equity held for investment, net996,148  1,016,781  
Real estate, net417,227  381,608  
Investments in unconsolidated ventures292,298    
Receivables, net27,224  26,044  
Deferred leasing costs and intangible assets, net56,461  36,323  
Assets held for sale188,477  102,397  
Other assets24,537  26,463  
Mortgage loans held in securitization trusts, at fair value1,839,953  1,872,970  
Total assets$3,878,068  $3,502,341  
Liabilities
Securitization bonds payable, net$834,088  $833,153  
Mortgage and other notes payable, net501,590  341,480  
Credit facilities7,106  23,882  
Accrued and other liabilities94,771  124,969  
Intangible liabilities, net8,378  20,230  
Liabilities related to assets held for sale10,842  251  
Escrow deposits payable4,719  10,485  
Mortgage obligations issued by securitization trusts, at fair value1,758,325  1,762,914  
Total liabilities$3,219,819  $3,117,364  

The accompanying notes are an integral part of these consolidated financial statements.
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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net interest income
Interest income$39,508  $42,073  $85,612  $80,482  
Interest expense(16,745) (21,046) (37,489) (40,338) 
Interest income on mortgage loans held in securitization trusts20,539  38,656  41,094  77,132  
Interest expense on mortgage obligations issued by securitization trusts(18,364) (35,756) (36,423) (71,391) 
Net interest income24,938  23,927  52,794  45,885  
Property and other income
Property operating income43,722  64,767  96,235  127,901  
Other income (loss)(8,360) 434  1,049  611  
Total property and other income35,362  65,201  97,284  128,512  
Expenses
Management fee expense7,206  11,357  15,152  22,715  
Property operating expense16,311  28,140  38,842  56,320  
Transaction, investment and servicing expense2,907  1,051  6,041  1,580  
Interest expense on real estate11,818  13,898  24,896  27,505  
Depreciation and amortization14,020  29,257  31,996  56,919  
Provision for loan losses(51) 110,258  69,881  110,258  
Impairment of operating real estate25,935  10,124  30,061  10,124  
Administrative expense (including $1,549, $2,713, $1,891 and $4,556 of equity-based compensation expense, respectively)
6,751  8,010  13,789  14,663  
Total expenses84,897  212,095  230,658  300,084  
Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net(8,975) 5,549  (28,427) 6,578  
Realized gain on mortgage loans and obligations held in securitization trusts, net      48  
Other loss, net(119,633) (6,062) (139,795) (11,141) 
Loss before equity in earnings of unconsolidated ventures and income taxes(153,205) (123,480) (248,802) (130,202) 
Equity in earnings (loss) of unconsolidated ventures(85,277) 12,557  (68,110) 33,867  
Income tax benefit (expense)(2,102) 133  (3,813) 502  
Net loss(240,584) (110,790) (320,725) (95,833) 
Net loss attributable to noncontrolling interests:
Investment entities8,107  880  7,584  1,178  
Operating Partnership5,418  2,569  7,310  2,222  
Net loss attributable to Colony Credit Real Estate, Inc. common stockholders$(227,059) $(107,341) $(305,831) $(92,433) 
Net loss per common share - basic and diluted (Note 18)
$(1.77) $(0.84) $(2.38) $(0.73) 
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
128,539  128,534  128,513  128,240  
The accompanying notes are an integral part of these consolidated financial statements.
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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income (loss)$(240,584) $(110,790) $(320,725) $(95,833) 
Other comprehensive income (loss)
Unrealized gain (loss) on real estate securities, available for sale58,510  7,863  (16,519) 17,621  
Change in fair value of net investment hedges  938  21,764  8,333  
Foreign currency translation gain (loss)11,097  3,923  (8,339) 613  
Total other comprehensive income (loss)69,607  12,724  (3,094) 26,567  
Comprehensive income (loss)(170,977) (98,066) (323,819) (69,266) 
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities7,850  880  7,327  1,178  
Operating Partnership4,014  2,272  7,608  1,601  
Comprehensive income (loss) attributable to common stockholders$(159,113) $(94,914) $(308,884) $(66,487) 

























The accompanying notes are an integral part of these consolidated financial statements.
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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in Thousands)
(Unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
Noncontrolling Interests in Investment EntitiesNoncontrolling Interests in the Operating PartnershipTotal
Equity
Class AClass B-3
SharesAmountSharesAmount