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Equity Investments (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Ventures | The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows:
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Equity method investments |  |  |  |
Investment ventures |  | $ | 2,151,847 |  |  | $ | 1,297,180 |
Private funds |  | 138,248 |  |  | 229,874 |
|  | 2,290,095 |  |  | 1,527,054 |
Other equity investments |  |  |  |
Marketable equity securities of consolidated funds |  | 26,754 |  |  | 35,600 |
Investment ventures |  | 95,196 |  |  | 89,261 |
Private funds and retail companies |  | 34,291 |  |  | 38,924 |
|  | $ | 2,446,336 |  |  | $ | 1,690,839 |
Equity Method Investments | The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Total assets |  | $ | 15,499,159 |  |  | $ | 9,537,068 |
Total liabilities |  | 9,803,705 |  |  | 5,357,936 |
Owners' equity |  | 5,511,548 |  |  | 3,662,764 |
Noncontrolling interests |  | 183,906 |  |  | 516,368 |
Selected Combined Statements of Operations Information
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Total revenues |  | $ | 1,486,511 |  |  | $ | 1,519,728 |  |  | $ | 819,726 |
Net income (loss) |  | 220,191 |  |  | 174,222 |  |  | (32,493 | )
Net income (loss) attributable to noncontrolling interests |  | 23,878 |  |  | (18,381 | ) |  | (3,494 | )
Net income (loss) attributable to owners |  | 196,313 |  |  | 192,603 |  |  | (28,999 | )
The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below:
($ in thousands) |  |  |  | Ownership Interest at December 31, 2018 (1) |  | Carrying Value at
Investments |  | Description |  |  | December 31, 2018 |  | December 31, 2017
Colony Credit Real Estate, Inc. |  | Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary | (2) | 36.6% |  | $ | 1,037,754 |  |  | $ | — |
NorthStar Realty Europe Corp |  | Common equity in publicly traded equity REIT managed by the Company | (2) | 11.2% |  | 87,696 |  |  | 73,578 |
RXR Realty |  | Common equity in investment venture with a real estate investor, developer and investment manager |  | 27.2% |  | 95,418 |  |  | 105,082 |
Preferred equity |  | Preferred equity investments with underlying real estate | (3) | NA |  | 219,913 |  |  | 440,704 |
ADC investments |  | Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures | (4) | Various |  | 481,477 |  |  | 331,268 |
Private funds |  | General partner and/or limited partner interests in private funds (excluding carried interest allocation) |  | Various |  | 110,610 |  |  | 25,101 |
Private funds—carried interest |  | Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles |  | Various |  | 21,730 |  |  | — |
Other investment ventures |  | Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 |  | Various |  | 154,412 |  |  | 187,420 |
Fair value option |  | Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds |  | Various |  | 81,085 |  |  | 363,901 |
|  |  |  |  |  | $ | 2,290,095 |  |  | $ | 1,527,054 |
__________
(1) | The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.
(2) | These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted.
(3) | Some preferred equity investments may not have a stated ownership interest.
(4) | The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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