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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.
|  |  |  | Valuation Technique |  | Key Unobservable Inputs |  | Input Value |  | Effect on Fair Value from Increase in Input Value (1)
Financial Instrument |  | Fair Value (In thousands) |  |  |  | Weighted Average (Range) |
December 31, 2018 |  |  |  |  |  |  |  |  |  |
Level 3 Assets |  |  |  |  |  |  |  |  |  |
Equity method investments—third party private equity funds |  | $ | 5,908 |  |  | Transaction price and NAV(2) |  | Not applicable |  | Not applicable |  | Not applicable
Equity method investments—other |  | 21,831 |  |  | Discounted cash flows |  | Discount rate |  | 17.5% (9.1% - 18.4%) |  | Decrease
Equity method investments—other |  | 25,000 |  |  | Multiple |  | Revenue multiple |  | 5.8x |  | Increase
Equity method investments—other |  | 28,346 |  |  | Transaction price(3) |  | Not applicable |  | Not applicable |  | Not applicable
N-Star CDO bonds |  | 64,127 |  |  | Discounted cash flows |  | Discount rate |  | 21.6% (13.6% - 56.5%) |  | Decrease
Level 3 Liabilities |  |  |  |  |  |  |  |  |  |
Other liabilities—contingent consideration for THL Hotel Portfolio |  | 8,903 |  |  | Discounted cash flows |  | Discount rate |  | 20.0% |  | Decrease
December 31, 2017 |  |  |  |  |  |  |  |  |  |
Level 3 Assets |  |  |  |  |  |  |  |  |  |
Equity method investments—third party private equity funds |  | $ | 204,774 |  |  | Discounted cash flows |  | Discount rate |  | 14.6% (11.0% - 20.0%) |  | Decrease
Equity method investments—other |  | 26,408 |  |  | Discounted cash flows |  | Discount rate |  | 14.2% (8.8% - 14.8%) |  | Decrease
Equity method investments—other |  | 132,719 |  |  | Transaction price(3) |  | Not applicable |  | Not applicable |  | Not applicable
N-Star CDO bonds |  | 90,933 |  |  | Discounted cash flows |  | Discount rate |  | 24.0% (10.8% - 87.4%) |  | Decrease
Level 3 Liabilities |  |  |  |  |  |  |  |  |  |
Due to affiliates—contingent consideration for Internalization |  | 20,650 |  |  | Monte Carlo simulation |  | Benchmark FFO volatility |  | 11.8% |  | Increase
|  |  |  |  |  | Equity volatility |  | 18.7% |  | Increase
|  |  |  |  |  | Correlation (4) |  | 80.0% |  | Increase
Other liabilities—contingent consideration for THL Hotel Portfolio |  | 7,419 |  |  | Discounted cash flows |  | Discount rate |  | 20.0% |  | Decrease
__________
(1) | Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures.
(2) | Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag.
(3) | Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales.
(4) | Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.
Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:
| 2018 PSU Grant
Expected volatility of the Company's class A common stock (1) | 38 | %
Expected annual dividend yield (2) | 7.6 | %
Risk-free rate (per annum) (3) | 2.44 | %
__________
(1) | Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group.
(2) | Based on an average of the Company's current and historical dividend yields.
(3) | Based on the prevailing 3-year zero coupon US Treasury yield on grant date.
Components of Share-Based Compensation | Equity-based compensation expense is included in the following line items in the consolidated statements of operations:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) |  | $ | 41,876 |  |  | $ | 149,820 |  |  | $ | 13,638 |
Earnings from investments in unconsolidated ventures |  | — |  |  | 61 |  |  | — |
Investment and servicing expense |  | — |  |  | 4,070 |  |  | — |
|  | $ | 41,876 |  |  | $ | 153,951 |  |  | $ | 13,638 |
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan | Changes in the Company’s unvested equity awards are summarized below:
|  |  |  |  |  |  |  |  |  |  |  | Weighted Average Grant Date Fair Value
|  | Restricted Stock |  | LTIP Units |  | DSUs |  | PSUs (1) |  | Total |  | PSUs |  | All Other Awards
Unvested shares and units at December 31, 2017 |  | 9,149,516 |  |  | 3,506,387 |  |  | 78,267 |  |  | — |  |  | 12,734,170 |  |  | $ | — |  |  | $ | 14.53 |
Granted |  | 3,605,137 |  |  | — |  |  | 263,506 |  |  | 2,138,858 |  |  | 6,007,501 |  |  | 5.09 |  |  | 6.19 |
Vested |  | (7,121,545 | ) |  | (3,506,387 | ) |  | (158,639 | ) |  | — |  |  | (10,786,571 | ) |  | — |  |  | 14.27 |
Forfeited |  | (211,018 | ) |  | — |  |  | — |  |  | (94,909 | ) |  | (305,927 | ) |  | 5.09 |  |  | 11.42 |
Unvested shares and units at December 31, 2018 |  | 5,422,090 |  |  | — |  |  | 183,134 |  |  | 2,043,949 |  |  | 7,649,173 |  |  | $ | 5.09 |  |  | $ | 9.39 |
__________
(1) | Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016.

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