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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 September 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 November 5, 2020, Colony Credit Real Estate, Inc. had 128,582,965 shares of Class A common stock, par value $0.01 per share, outstanding



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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.




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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
2


Table of Contents
“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.


3


Table of Contents
PART I

Item 1. Financial Statements
COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
September 30, 2020 (Unaudited)December 31, 2019
Assets
Cash and cash equivalents$461,990 $69,619 
Restricted cash73,059 126,065 
Loans and preferred equity held for investment2,143,938 2,848,956 
Allowance for loan losses(40,524)(272,624)
Loans and preferred equity held for investment, net2,103,414 2,576,332 
Real estate securities, available for sale, at fair value36,250 252,824 
Real estate, net1,133,318 1,484,796 
Investments in unconsolidated ventures ($7,093 and $10,283 at fair value, respectively)
424,557 595,305 
Receivables, net80,674 46,456 
Deferred leasing costs and intangible assets, net85,881 112,762 
Assets held for sale203,466 189,470 
Other assets69,658 87,707 
Mortgage loans held in securitization trusts, at fair value1,839,390 1,872,970 
Total assets$6,511,657 $7,414,306 
Liabilities
Securitization bonds payable, net$834,621 $833,153 
Mortgage and other notes payable, net1,102,999 1,256,112 
Credit facilities608,632 1,099,233 
Due to related party (Note 10)9,192 11,016 
Accrued and other liabilities111,525 140,424 
Intangible liabilities, net8,443 22,149 
Liabilities related to assets held for sale10,787 294 
Escrow deposits payable37,642 74,497 
Dividends payable 13,164 
Mortgage obligations issued by securitization trusts, at fair value1,770,924 1,762,914 
Total liabilities4,494,765 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 September 30, 2020 and December 31, 2019, respectively
  
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 128,582,965 and 128,538,703 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
1,286 1,285 
Additional paid-in capital2,842,892 2,909,181 
Accumulated deficit(1,181,747)(819,738)
Accumulated other comprehensive income40,954 28,294 
Total stockholders’ equity1,703,385 2,119,022 
Noncontrolling interests in investment entities272,803 31,631 
Noncontrolling interests in the Operating Partnership40,704 50,697 
Total equity2,016,892 2,201,350 
Total liabilities and equity$6,511,657 $7,414,306 

The accompanying notes are an integral part of these consolidated financial statements.
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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.
September 30, 2020 (Unaudited)December 31, 2019
Assets
Cash and cash equivalents$20,471 $14,109 
Restricted cash22,009 25,646 
Loans and preferred equity held for investment, net915,738 1,016,781 
Real estate, net415,452 381,608 
Investments in unconsolidated ventures303,347  
Receivables, net27,005 26,044 
Deferred leasing costs and intangible assets, net54,392 36,323 
Assets held for sale175,902 102,397 
Other assets23,598 26,463 
Mortgage loans held in securitization trusts, at fair value1,839,390 1,872,970 
Total assets$3,797,304 $3,502,341 
Liabilities
Securitization bonds payable, net$834,621 $833,153 
Mortgage and other notes payable, net500,439 341,480 
Credit facilities6,828 23,882 
Accrued and other liabilities111,924 124,969 
Intangible liabilities, net8,018 20,230 
Liabilities related to assets held for sale10,787 251 
Escrow deposits payable5,652 10,485 
Mortgage obligations issued by securitization trusts, at fair value1,770,924 1,762,914 
Total liabilities$3,249,193 $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 September 30,Nine Months Ended September 30,
2020201920202019
Net interest income
Interest income$36,391 $46,991 $122,003 $127,473 
Interest expense(13,426)(23,167)(50,915)(63,505)
Interest income on mortgage loans held in securitization trusts20,462 22,586 61,556 99,718 
Interest expense on mortgage obligations issued by securitization trusts(18,204)(20,299)(54,627)(91,690)
Net interest income25,223 26,111 78,017 71,996 
Property and other income
Property operating income41,678 63,492 137,913 191,393 
Other income (loss)30 820 1,079 1,431 
Total property and other income41,708 64,312 138,992 192,824 
Expenses
Management fee expense7,083 11,355 22,235 34,070 
Property operating expense15,277 29,756 54,119 86,076 
Transaction, investment and servicing expense1,627 1,433 7,668 3,013 
Interest expense on real estate12,205 14,281 37,101 41,786 
Depreciation and amortization14,770 25,934 46,766 82,853 
Provision for loan losses10,404 110,314 80,285 220,572 
Impairment of operating real estate3,451 272,722 33,512 282,846 
Administrative expense (including $1,376, $2,910, $3,267 and $7,466 of equity-based compensation expense, respectively)
5,780 7,732 19,569 22,395 
Total expenses70,597 473,527 301,255 773,611 
Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net(13,162)(1,976)(41,589)4,602 
Realized gain on mortgage loans and obligations held in securitization trusts, net 2,724  2,772 
Other gain (loss), net9,680 (2,688)(130,115)(13,829)
Loss before equity in earnings of unconsolidated ventures and income taxes(7,148)(385,044)(255,950)(515,246)
Equity in earnings (loss) of unconsolidated ventures(1,779)(15,905)(69,889)17,962 
Income tax benefit (expense)15,357 (1,046)11,544 (544)
Net income (loss)6,430 (401,995)(314,295)(497,828)
Net (income) loss attributable to noncontrolling interests:
Investment entities(1,222)37,445 6,362 38,623 
Operating Partnership(201)8,519 7,109 10,741 
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders$5,007 $(356,031)$(300,824)$(448,464)
Net income (loss) per common share - basic and diluted (Note 18)
$0.04 $(2.77)$(2.34)$(3.51)
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
128,583 128,541 128,537 128,341 
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 September 30,Nine Months Ended September 30,
2020201920202019
Net income (loss)$6,430 $(401,995)$(314,295)$(497,828)
Other comprehensive income (loss)
Unrealized gain (loss) on real estate securities, available for sale4,291 5,102 (12,228)22,723 
Change in fair value of net investment hedges 12,791 21,764 21,124 
Foreign currency translation gain (loss)12,656 (14,445)4,315 (13,832)
Total other comprehensive income (loss)16,947 3,448 13,851 30,015 
Comprehensive income (loss)23,377 (398,547)(300,444)(467,813)
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities(2,138)37,445 5,189 38,623 
Operating Partnership(519)8,439 7,091 10,040 
Comprehensive income (loss) attributable to common stockholders$20,720 $(352,663)$(288,164)$(419,150)

























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
Balance as of December 31, 201883,410 $834 44,399 $444 $2,899,353 $(193,327)$(399)$2,706,905 $72,683 $65,614 $2,845,202 
Contributions— — — — — — — — 24 — 24 
Distributions— — — — — — — — (394)— (394)
Conversion of Class B-3 common stock to Class A common stock44,399 444 (44,399)(444)— — — — — — — 
Issuance and amortization of equity-based compensation800 8 — — 1,835 — — 1,843 — — 1,843 
Other comprehensive loss— — — — — — 13,519 13,519 — 324 13,843 
Dividends and distributions declared ($0.44 per Class A share and $0.15 per Class B-3 share)
— — — — — (55,726)— (55,726)— (1,340)(57,066)
Shares canceled for tax withholding on vested stock awards(96)(1)— — (1,496)— — (1,497)— — (1,497)
Reallocation of equity— — — — (23)— — (23)— 23 — 
Net income (loss)— — — — — 14,908 — 14,908 (298)347 14,957 
Balance as of March 31, 2019128,513 $1,285  $ $2,899,669 $(234,145)$13,120 $2,679,929 $72,015 $64,968 $