Business and Organization Colony Credit Real Estate, Inc. (together with its consolidated subsidiaries, the Company) is a commercial real estate (CRE) credit real estate investment trust (REIT) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. CRE debt investments include senior mortgage loans, mezzanine loans, preferred equity, and participations in such loans and preferred equity interests. CRE debt securities consist of commercial mortgage-backed securities (CMBS) (including B-pieces of a CMBS securitization pool). Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. The Company was organized in the state of Maryland on August 23, 2017. On September 15, 2017, Colony Capital, Inc., formerly Colony NorthStar, Inc. (Colony Capital), a publicly traded REIT listed on the New York Stock Exchange (NYSE) under the ticker symbol CLNY, made an initial capital contribution of $1,000 to the Company. 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, as further discussed below). The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code), beginning with its taxable year ended December 31, 2018 . Effective June 25, 2018 , the Company changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. Also on June 25, 2018 , Colony NorthStar, Inc. changed its name to Colony Capital, Inc. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Credit RE Operating Company, LLC (the Operating Partnership or OP). At September 30, 2019 , the Company owned 97.7% of the OP, as its sole managing member. The remaining 2.3% is owned by an affiliate of the Company as noncontrolling interests. The Company is externally managed and has no employees. The Company is managed by CLNC Manager, LLC (the Manager), a Delaware limited liability company and a wholly-owned and indirect subsidiary of Colony Capital Operating Company, LLC (CLNY OP), a Delaware limited liability company and the operating company of Colony Capital. Colony Capital manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded REITs and registered investment companies. The Combination Pursuant to the Combination Agreement, (i) CLNY OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the CLNY OP Contributed Portfolio) of CLNY OP (the CLNY OP Contribution), (ii) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNY OP (RED REIT) contributed and conveyed to the OP a select portfolio of assets and liabilities (the RED REIT Contributed Portfolio and, together with the CLNY OP Contributed Portfolio, the CLNY Contributed Portfolio) of RED REIT (the RED REIT Contribution and, together with the CLNY OP Contribution, the CLNY Contributions), (iii) NorthStar Real Estate Income Trust, Inc. (NorthStar I), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, merged with and into the Company, with the Company surviving the merger (the NorthStar I Merger), (iv) NorthStar Real Estate Income II, Inc. (NorthStar II), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony Capital, 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 OP Contributed Portfolio and the equity interests of each of NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I, and NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II, 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). On January 18, 2018 , the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018 (the Closing Date) and the Companys Class A common stock, par value $0.01 per share (the Class A common stock), began trading on the NYSE on February 1, 2018 under the symbol CLNC. The Combination is accounted for under the acquisition method for business combinations pursuant to Accounting Standards Codification (ASC) Topic 805, Business Combinations , with the Company as the accounting acquirer. Details of the Combination are described more fully in Note 3, Business Combination and the accounting treatment thereof in Note 2, Summary of Significant Accounting Policies. Segment Realignment During the third quarter of 2019, the Company realigned the business and reportable segment information to reflect how the Chief Operating Decision Makers (CODM) regularly reviews and manages the business. Refer to Note 18, Segment Reporting for further detail.