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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 March 31, 2021
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 May 5, 2021, Colony Credit Real Estate, Inc. had 129,762,484 shares of Class A common stock, par value $0.01 per share, outstanding


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COLONY CREDIT REAL ESTATE, INC.
FORM 10-Q
TABLE OF CONTENTS

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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, the availability of effective vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others.
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;
the novel coronavirus pandemic, measures intended to prevent its spread and government actions to mitigate its economic impact have had and may continue to have a material adverse effect on our business, results of operations and financial condition;
we depend on borrowers and tenants for a substantial portion of our revenue and, accordingly, our revenue and our ability to make distributions to stockholders will be dependent upon the success and economic viability of such borrowers and tenants;
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 (including, but not limited to, the Los Angeles mixed-use development loan, other hospitality loans and Dublin development financings);
the fair value of our investments may be subject to uncertainties or decrease;
our ability to realize the anticipated benefits from the internalization of management following the termination of our relationship with our former external manager;
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;
our real estate investments are relatively illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us;
the timing of and ability to deploy available capital;
we have not established a minimum distribution payment level, and we cannot assure you of our ability to pay distributions in the future;
the timing of and ability to complete repurchases of our stock;
we are subject to risks associated with obtaining mortgage financing on our real estate, which could materially adversely affect our business, financial condition and results of operations and our ability to make distributions to stockholders;
the impact of legislative, regulatory and competitive changes and the actions of governmental authorities, 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, 2020, the section entitled “Risk Factors” in our Form 10-Q for the quarter ended March 31, 2021 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
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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)
March 31, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$430,312 $474,817 
Restricted cash58,031 65,213 
Loans and preferred equity held for investment2,616,308 2,220,688 
Allowance for loan losses(40,791)(37,191)
Loans and preferred equity held for investment, net2,575,517 2,183,497 
Real estate securities, available for sale, at fair value4,137 10,389 
Real estate, net844,470 839,257 
Investments in unconsolidated ventures ($6,522 and $6,883 at fair value, respectively)
355,907 373,364 
Receivables, net39,195 37,375 
Deferred leasing costs and intangible assets, net73,544 75,700 
Assets held for sale 323,356 
Other assets58,096 60,900 
Mortgage loans held in securitization trusts, at fair value1,742,141 1,768,069 
Total assets$6,181,350 $6,211,937 
Liabilities
Securitization bonds payable, net$835,688 $835,153 
Mortgage and other notes payable, net773,709 1,022,757 
Credit facilities787,923 535,224 
Due to related party (Note 10)112,015 10,060 
Accrued and other liabilities100,984 96,578 
Intangible liabilities, net7,404 7,657 
Liabilities related to assets held for sale 323 
Escrow deposits payable40,664 36,973 
Dividends payable13,295  
Mortgage obligations issued by securitization trusts, at fair value1,673,969 1,708,534 
Total liabilities4,345,651 4,253,259 
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 March 31, 2021 and December 31, 2020, respectively
  
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 129,849,135 and 128,564,930 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
1,298 1,286 
Additional paid-in capital2,847,485 2,844,023 
Accumulated deficit(1,339,526)(1,234,224)
Accumulated other comprehensive income46,846 54,588 
Total stockholders’ equity1,556,103 1,665,673 
Noncontrolling interests in investment entities242,813 253,225 
Noncontrolling interests in the Operating Partnership36,783 39,780 
Total equity1,835,699 1,958,678 
Total liabilities and equity$6,181,350 $6,211,937 

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.
March 31, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$5,799 $19,248 
Restricted cash14,780 15,397 
Loans and preferred equity held for investment, net981,859 919,681 
Real estate, net410,546 413,057 
Investments in unconsolidated ventures235,312 252,384 
Receivables, net26,546 25,127 
Deferred leasing costs and intangible assets, net50,179 52,240 
Other assets21,846 21,984 
Mortgage loans held in securitization trusts, at fair value1,742,141 1,768,069 
Total assets$3,489,008 $3,487,187 
Liabilities
Securitization bonds payable, net$835,688 $835,153 
Mortgage and other notes payable, net378,766 399,337 
Accrued and other liabilities118,984 98,576 
Intangible liabilities, net7,404 7,657 
Escrow deposits payable3,743 3,591 
Mortgage obligations issued by securitization trusts, at fair value1,673,969 1,708,534 
Total liabilities$3,018,554 $3,052,848 

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 March 31,
20212020
Net interest income
Interest income$34,374 $46,104 
Interest expense(12,495)(20,744)
Interest income on mortgage loans held in securitization trusts19,689 20,555 
Interest expense on mortgage obligations issued by securitization trusts(17,336)(18,059)
Net interest income24,232 27,856 
Property and other income
Property operating income25,722 52,513 
Other income45 9,409 
Total property and other income25,767 61,922 
Expenses
Management fee expense7,258 7,946 
Property operating expense8,111 22,531 
Transaction, investment and servicing expense2,288 3,134 
Interest expense on real estate8,633 13,078 
Depreciation and amortization9,539 17,976 
Provision for loan losses3,225 69,932 
Impairment of operating real estate 4,126 
Administrative expense (including $4,262 and $342 of equity-based compensation expense, respectively)
12,595 7,038 
Restructuring charges109,171  
Total expenses160,820 145,761 
Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net8,638 (19,452)
Other gain (loss), net8,367 (20,162)
Loss before equity in earnings of unconsolidated ventures and income taxes(93,816)(95,597)
Equity in earnings (loss) of unconsolidated ventures(2,478)17,167 
Income tax benefit (expense)1,801 (1,711)
Net loss(94,493)(80,141)
Net (income) loss attributable to noncontrolling interests:
Investment entities226 (523)
Operating Partnership1,953 1,892 
Net loss attributable to Colony Credit Real Estate, Inc. common stockholders$(92,314)$(78,772)
Net loss per common share - basic and diluted (Note 18)
$(0.71)$(0.62)
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
129,781 128,487 
The accompanying notes are an integral part of these consolidated financial statements.


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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Thousands)
(Unaudited)
Three Months Ended March 31,
20212020
Net loss$(94,493)$(80,141)
Other comprehensive income (loss)
Unrealized loss on real estate securities, available for sale(200)(75,029)
Change in fair value of net investment hedges 21,764 
Foreign currency translation loss(8,533)(19,436)
Total other comprehensive loss(8,733)(72,701)
Comprehensive loss(103,226)(152,842)
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities1,002 (523)
Operating Partnership2,168 3,594 
Comprehensive loss attributable to common stockholders$(100,056)$(149,771)

























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 (Continued)
(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, 2019128,539 $1,285  $ $2,909,181 $(819,738)$28,294 $2,119,022 $31,631 $50,697 $2,201,350 
Distributions— — — — — — — — (11,013)— (11,013)
Issuance and amortization of equity-based compensation  — — 342 — — 342 — — 342 
Other comprehensive income— — — — — — (70,999)(70,999)— (1,702)(72,701)
Dividends and distributions declared ($0.30 per share)
— — — — — (38,541)— (38,541)— (922)(39,463)
Shares canceled for tax withholding on vested stock awards(173)(1)— — (1,686)— — (1,687)— — (1,687)
Reallocation of equity— — — — (41)— — (41)— 41 — 
Effect of CECL Adoption (see Note 2)
— — — — — (22,644)— (22,644)— (542)(23,186)
Net income (loss)— — — — — (78,772)— (78,772)523 (1,892)(80,141)
Balance as of March 31, 2020128,366 $1,284  $ $2,907,796 $(959,695)$(42,705)$1,906,680 $21,141 $45,680 $1,973,501 
Balance as of December 31, 2020128,565 $1,286  $ $2,844,023 $(1,234,224)$54,588 $1,665,673 $253,225 $39,780 $1,958,678 
Contributions— — — — — — — — 1,384 — 1,384 
Distributions— — — — — — — — (10,794)— (10,794)
Issuance and amortization of equity-based compensation1,420 14 — — 4,248 — — 4,262 — — 4,262 
Other comprehensive income— — — — — — (7,742)(7,742)(776)(215)(8,733)
Dividends and distributions declared ($0.10 per share)
— — — — — (12,988)— (12,988)— (308)(13,296)
Shares canceled for tax withholding on vested stock awards(136)(2)— — (1,307)— — (1,309)— — (1,309)
Reallocation of equity— — — — 521 — — 521 — (521)— 
Net income (loss)— — — — — (92,314)— (92,314)(226)(1,953)(94,493)
Balance as of March 31, 2021129,849 $1,298  $ $2,847,485 $(1,339,526)$46,846 $1,556,103 $242,813 $36,783 $1,835,699 

The accompanying notes are an integral part of these consolidated financial statements.
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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Thousands)
(Unaudited)
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net loss$(94,493)$(80,141)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures2,478 (17,167)
Depreciation and amortization9,539 17,976 
Straight-line rental income(1,082)(1,426)
Amortization of above/below market lease values, net182 (404)
Amortization of premium/accretion of discount and fees on investments and borrowings, net(1,490)(3,992)
Amortization of deferred financing costs3,016 3,582 
Amortization of right-of-use lease assets and operating lease liabilities26 24 
Paid-in-kind interest added to loan principal, net of interest received(2,547)(3,171)
Distributions of cumulative earnings from unconsolidated ventures 9,326 
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net(8,638)19,452 
Realized loss on securities from write-down to fair value990  
Realized gain on sale of real estate securities, available for sale(131) 
Realized gain on sale of real estate(11,911) 
Provision for loan losses3,225 69,932 
Impairment of operating real estate 4,126 
Amortization of equity-based compensation4,262 342 
Mortgage notes above/below market value amortization27 (255)
Deferred income tax (benefit) expense(768)(788)
Other (gain) loss, net1,369 20,452 
Changes in assets and liabilities:
Receivables, net(3,992)6,511 
Deferred costs and other assets1,439 16,680 
Due to related party101,956 (250)
Other liabilities(1,797)(3,605)
Net cash provided by operating activities1,660 57,204 
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net(432,918)(37,452)
Repayment on loans and preferred equity held for investment41,337 160,069 
Repayment on loans held for sale 450 
Proceeds from sale of real estate332,003 160,830 
Acquisition of and additions to real estate, related intangibles and leasing commissions(1,760)(11,325)
Investments in unconsolidated ventures(1,795)(16,748)
Proceeds from sale of investments in unconsolidated ventures  1,795 
Distributions in excess of cumulative earnings from unconsolidated ventures8,784 16,528 
Repayment of real estate securities, available for sale, from sales5,079  
Repayment of real estate securities, available for sale, from cost recovery118  
Repayment of principal in mortgage loans held in securitization trusts7,128 6,577 
Net receipts on settlement of derivative instruments 19,637 
Change in escrow deposits3,690 (24,998)
Net cash provided (used in) by investing activities(38,334)275,363 
Cash flows from financing activities:
Distributions paid on common stock (38,558)
Distributions paid on common stock to noncontrolling interests (922)
Shares canceled for tax withholding on vested stock awards(1,309)(1,688)
Borrowings from mortgage notes37 2,280 
Repayment of mortgage notes(251,804)(76,585)
Borrowings from credit facilities329,336 249,991 
Repayment of credit facilities(76,765)(88,804)
Repayment of mortgage obligations issued by securitization trusts(7,128)(6,577)
Payment of deferred financing costs(1,490)(1,600)
Contributions from noncontrolling interests1,384  
Distributions to noncontrolling interests(10,794)(11,013)
Net cash provided by (used in) financing activities(18,533)26,524 
Effect of exchange rates on cash, cash equivalents and restricted cash3,520 (1,409)
Net increase (decrease) in cash, cash equivalents and restricted cash(51,687)357,682 
Cash, cash equivalents and restricted cash - beginning of period540,030 195,684 
Cash, cash equivalents and restricted cash - end of period$488,343 $553,366 




The accompanying notes are an integral part of these consolidated financial statements.

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COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(in Thousands)
(Unaudited)
Three Months Ended March 31,
20212020
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Beginning of the period
Cash and cash equivalents$474,817 $69,619 
Restricted cash65,213 126,065 
Total cash, cash equivalents and restricted cash, beginning of period$540,030 $195,684 
End of the period
Cash and cash equivalents$430,312 $393,845 
Restricted cash58,031 159,521