Financial Data and Key Metrics Changes - For Q4 2020, the company reported a GAAP net loss attributable to common shareholders of $52.5 million or $0.41 per share, and a distributable loss of $25.7 million or $0.20 per share [34] - The year-end GAAP net book value decreased from $13.25 to $12.96 per share, while the undepreciated book value decreased from $14.53 to $14.14 per share [35] - The unrestricted cash position at year-end was $473 million, approximately $3.59 per share, with total liquidity standing at $689 million [11][41] Business Line Data and Key Metrics Changes - The core loan portfolio had a carrying value of approximately $2.3 billion at year-end, with a blended unlevered yield of approximately 5.8% [38] - During Q4, the company originated five senior loans for initial gross funding of $158 million, and subsequently originated four loans for approximately $147 million [39] - The legacy non-strategic portfolio has been significantly reduced, with only 14 remaining positions, down from 70 initially, now accounting for less than 1% of the total portfolio [28][40] Market Data and Key Metrics Changes - The company has focused its loan originations on multifamily and selective office properties due to market conditions created by COVID-19 [14] - The retail property sector has incurred lasting damage, leading to a supply and demand imbalance for credit across property sectors [15] - The overall risk ranking remained consistent at 3.7 at the end of Q4, with a slight decrease in the CECL provision to $38.5 million [42] Company Strategy and Development Direction - The company is transitioning its asset base towards floating rate first mortgages, with a goal to increase loan originations [12] - The company plans to selectively expand loan originations to other property types as economic conditions improve [16] - The management aims to build earnings and grow dividends as cornerstones to improve valuation, recognizing that CLNC continues to trade at a discount to book value [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed optimism about the business model in the current operating environment [17] - The company expects acquisition activity and loan refinancings to increase in the second half of 2021 as the economy reopens [16] - Management emphasized the importance of maintaining adequate liquidity to defend the balance sheet against potential future challenges [46] Other Important Information - The company reinstated a quarterly dividend of $0.10 per share for Q1 2021, payable on April 15 [36] - The company has made significant progress in resolving the legacy non-strategic portfolio, with substantial sales and resolutions completed [27] - The company will collapse the LNS recording segment starting with Q1 2021 reporting due to its limited size [28] Q&A Session Summary Question: Outlook for portfolio growth and CLO financing - Management indicated a target of over $1 billion in loan originations for the year, with plans to utilize CLO as a financing model [45] Question: Timing for reallocating capital from non-earning assets - Management stated that the timing for reallocating cash will depend on understanding which assets may need to be moved around [49] Question: Dividend policy moving forward - The dividend was established at a sustainable level with a view towards growth as capital is deployed [55] Question: Credit adjustments and fair value impacts - Management confirmed that the fair value adjustment was primarily due to the Dublin project, with no other significant impairments reported [81] Question: Use of corporate debt for balance sheet growth - Management acknowledged the potential for using corporate debt to enhance balance sheet flexibility and growth [92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38377 COLONY CREDIT REAL ESTATE, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Ot ...

ColonyCredit REAL ESTATE 1 S U P P L E M E N TA L F I N A N C I A L R E P O R T T H I R D Q U A R T E R 2 0 2 0 NOVEMBER 5, 2020 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 2 This presentation 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 ca ...

[Part I. Financial Information](index=8&type=section&id=Part%20I.%20Financial%20Information) This section provides the company's unaudited consolidated financial statements, management's discussion, market risk disclosures, and internal controls [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements, reflecting a net loss of **$300.8 million** and a decrease in total assets to **$6.5 billion** as of September 30, 2020 [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) Total assets decreased to **$6.51 billion** as of September 30, 2020, with a net loss of **$314.3 million** for the nine-month period Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (Unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$6,511,657** | **$7,414,306** | | Loans and preferred equity held for investment, net | $2,103,414 | $2,576,332 | | Real estate, net | $1,133,318 | $1,484,796 | | **Total Liabilities** | **$4,494,765** | **$5,212,956** | | Credit facilities | $608,632 | $1,099,233 | | **Total Stockholders' Equity** | **$1,703,385** | **$2,119,022** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $25,223 | $26,111 | $78,017 | $71,996 | | Total Expenses | $70,597 | $473,527 | $301,255 | $773,611 | | Provision for loan losses | $10,404 | $110,314 | $80,285 | $220,572 | | Impairment of operating real estate | $3,451 | $272,722 | $33,512 | $282,846 | | Net Income (Loss) | $6,430 | $(401,995) | $(314,295) | $(497,828) | | Net Income (Loss) per Share | $0.04 | $(2.77) | $(2.34) | $(3.51) | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial results, including the impact of COVID-19, CECL adoption, and segment realignment - The company operates as a commercial real estate (CRE) credit REIT, externally managed by a subsidiary of Colony Capital, Inc[52](index=52&type=chunk)[54](index=54&type=chunk) - The **COVID-19 pandemic** has significantly impacted investments, especially in hospitality and retail, causing declines in operating cash flows and potential payment defaults[58](index=58&type=chunk)[59](index=59&type=chunk) Impact of CECL Adoption on January 1, 2020 (in thousands) | Item | Impact Amount | | :--- | :--- | | CECL reserve on Loans and preferred equity held for investment, net | $21,093 | | CECL reserve on Accrued and other liabilities | $2,093 | | **Total Impact on Accumulated Deficit** | **$23,186** | - In Q3 2019, the company realigned its business into two segments: the **'Core Portfolio'** and the **'Legacy, Non-Strategic Portfolio'**[396](index=396&type=chunk)[401](index=401&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=80&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses business strategy, the significant impact of COVID-19, and actions taken to preserve cash and liquidity, including asset sales and debt reduction - The company's primary focus since COVID-19 has been on cash preservation and liquidity, including **$531.6 million** in debt reduction and dividend suspension, with resumption expected in 2021[445](index=445&type=chunk)[449](index=449&type=chunk)[455](index=455&type=chunk) - In Q3 2020, the **Core loan portfolio** collected all interest payments, and the **Core net leased portfolio** collected **98%** of rents, while the Legacy portfolio collected **86.5%**[452](index=452&type=chunk)[453](index=453&type=chunk) - The company recapitalized its Los Angeles Mixed-use project, converting mezzanine and preferred equity into a B-participation in an upsized mezzanine loan, eliminating future funding commitments[450](index=450&type=chunk)[505](index=505&type=chunk) - As of November 5, 2020, the company had approximately **$438 million** in cash and **$171.0 million** available on its bank facility, enabling new investments[457](index=457&type=chunk)[673](index=673&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=125&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant market risks, including interest rate, credit, and capital market risks, all exacerbated by the COVID-19 pandemic - A **100 basis point increase** in interest rates would decrease annual net interest income by **$13.1 million**[724](index=724&type=chunk) - Significant **credit risk** from loan defaults and tenant non-payments is actively managed through modifications and restructurings[727](index=727&type=chunk)[728](index=728&type=chunk)[729](index=729&type=chunk) - **Capital market disruptions** from COVID-19 led to margin calls, mitigated by amended credit facilities and margin call holidays[735](index=735&type=chunk)[736](index=736&type=chunk) - Foreign currency exposure of approximately **$265.4 million** in European investments means a **1.0% change** in rates would result in a **$2.7 million** change in other comprehensive income[739](index=739&type=chunk) [Controls and Procedures](index=128&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[743](index=743&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2020[744](index=744&type=chunk) [Part II. Other Information](index=129&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, updated risk factors, and disclosures regarding unregistered sales of equity securities and use of proceeds [Legal Proceedings](index=129&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings and anticipates no material adverse effects from ordinary course actions - As of the reporting date, the company is not involved in any material legal proceedings[748](index=748&type=chunk) [Risk Factors](index=129&type=section&id=Item%201A.%20Risk%20Factors) The COVID-19 pandemic significantly heightens existing risks, impacting asset valuations, capital access, borrower delinquencies, and the company's hedging strategy - The **COVID-19 pandemic** is a primary risk, negatively impacting asset values, access to capital, and the financial stability of borrowers and tenants[749](index=749&type=chunk)[750](index=750&type=chunk) - Inability to access funding on attractive terms, exacerbated by market dislocations, could lead to forced asset sales at depressed prices to meet obligations like margin calls[758](index=758&type=chunk)[760](index=760&type=chunk) - Termination of certain interest rate hedges has increased exposure to interest rate fluctuations, potentially negatively impacting results and liquidity[764](index=764&type=chunk)[765](index=765&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=131&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales during the nine months ended September 30, 2020, despite an authorized **$300.0 million** stock repurchase program - The company has a **$300.0 million** stock repurchase program in place, extended until March 31, 2021[773](index=773&type=chunk) - No shares were repurchased under the authorized program as of September 30, 2020[339](index=339&type=chunk)[772](index=772&type=chunk)

Colony Credit Real Estate, Inc. (CLNC) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants David Palame – General Counsel Mike Mazzei – President and Chief Executive Officer Andy Witt – Chief Operating Officer Neale Redington – Chief Financial Officer Conference Call Participants Stephen Laws – Raymond James Randy Binner – B. Riley Steven Delaney – JMP Securities Operator Thank you for standing by, this is the conference operator. Welcome to Colony Credit Real Estate, Inc's Thi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.01 per share CLNC New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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 CRE ...

Colony Credit Real Estate, Inc. (CLNC) Q2 2020 Results Earnings Conference Call August 6, 2020 5:00 PM ET Company Participants David Palame - General Counsel Mike Mazzei - President and CEO Andrew Witt - Chief Operating Officer Neale Redington - Chief Financial Officer Frank Saracino - Chief Accounting Officer Conference Call Participants Stephen Laws - Raymond James Randy Binner - B.Riley Operator Welcome to the Colony Credit Real Estate Incorporated Second Quarter 2020 Earnings Call. [Operator Instruction ...

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, 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) (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38377 COLONY CREDIT REAL ESTATE, INC. (Exact ...

Financial Position - Total assets decreased from $8,660,730 thousand as of December 31, 2018, to $7,443,857 thousand as of September 30, 2019, representing a decline of approximately 14.0%[20] - Total liabilities decreased from $5,815,528 thousand to $5,234,802 thousand, a decline of about 10.0%[20] - Stockholders' equity decreased from $2,706,905 thousand to $2,126,762 thousand, a drop of approximately 21.4%[20] - Total Stockholders' Equity as of March 31, 2018, was $1,407,570,000, reflecting an increase from the previous balance[35] - As of September 30, 2018, the balance of Total Equity was $3,052,387,000, showing stability in equity position[35] - The total stockholders' equity at September 30, 2019, was $2,209,055, with a significant accumulated deficit of $(809,344)[39] - The total equity at December 31, 2018, was $2,845,202, with additional paid-in capital of $2,899,353[38] Income and Loss - Net interest income for the three months ended September 30, 2019, was $26,111, a decrease of 12.5% from $29,958 for the same period in 2018[28] - The net loss attributable to Colony Credit Real Estate, Inc. common stockholders was $356,031 for the three months ended September 30, 2019, compared to a loss of $52,703 in the same period of 2018[28] - The comprehensive loss attributable to common stockholders was $352,663 for the three months ended September 30, 2019, compared to a loss of $47,456 in the same period of 2018[31] - The net income (loss) for the quarter ending September 30, 2019, was $(401,995), reflecting a significant decrease compared to previous periods[39] - The company reported a net income (loss) of $(356,031) for the quarter ending September 30, 2019, which included a loss of $(37,445) from operations[39] - Net loss for the nine months ended September 30, 2019, was $497,828, compared to a loss of $45,193 for the same period in 2018[42] Cash Flow - Net cash provided by operating activities increased to $113,205 for the nine months ended September 30, 2019, from $64,394 in 2018, representing a 76% increase[42] - Total cash, cash equivalents, and restricted cash at the end of the period was $199,881, up from $172,252 at the end of September 30, 2018[43] - The Company recorded net cash provided by financing activities of $319.919 million[178] Asset and Investment Changes - Loans and preferred equity held for investment increased from $2,020,497 thousand to $2,516,197 thousand, reflecting a growth of about 24.6%[20] - Cash and cash equivalents decreased from $77,317 thousand to $60,332 thousand, a reduction of approximately 22.0%[20] - Mortgage obligations issued by securitization trusts decreased significantly from $2,973,936 thousand to $1,793,435 thousand, a reduction of about 39.8%[20] - Real estate, net decreased from $1,959,690 thousand to $1,568,682 thousand, a decline of about 19.9%[20] - Investments in unconsolidated ventures decreased from $903,037 thousand to $571,365 thousand, a reduction of approximately 36.7%[20] - Other assets increased from $62,006 thousand to $76,266 thousand, reflecting a growth of about 22.9%[20] Expenses and Provisions - Total expenses surged to $473,527 for the three months ended September 30, 2019, compared to $151,838 in the same period of 2018, reflecting a significant increase[28] - Provision for loan losses increased significantly to $110,314 for the three months ended September 30, 2019, compared to $35,059 in the same period of 2018[28] - Impairment of operating real estate was reported at $272,722 for the three months ended September 30, 2019, a substantial increase from $29,378 in the same period of 2018[28] - Provision for loan loss significantly increased to $220,572 in 2019 from $34,542 in 2018, indicating a rise of over 537%[42] - Impairment of operating real estate rose to $282,846 in 2019, compared to $29,378 in 2018, reflecting an increase of 862%[42] Business Combination and Structure - The Combination Agreement involved the contribution of select portfolios of assets and liabilities from CLNY OP and RED REIT to the Company, along with the merger of NorthStar I and NorthStar II into the Company[56] - The Combination was approved by stockholders on January 18, 2018, and closed on January 31, 2018, with the Company's Class A common stock beginning to trade on the NYSE under the symbol "CLNC" on February 1, 2018[57] - The Company identified certain consolidated and unconsolidated Variable Interest Entities (VIEs) as of September 30, 2019, with assets of each VIE restricted to settle obligations of the respective VIE[78] - The Company holds a majority interest in its operating subsidiary, the OP, which is consolidated as it is deemed the primary beneficiary, representing substantially all of the total consolidated assets and liabilities of the Company[79] - The Company has determined it is the primary beneficiary of two Investing VIEs as of September 30, 2019, consolidating all assets, liabilities, income, and expenses of these entities[83] Taxation - The company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018, and must continually satisfy specific tests to maintain this status[170] - For the three months ended September 30, 2019, the Company recorded an income tax expense of $1.0 million compared to an income tax benefit of $2.5 million for the same period in 2018[177] - For the nine months ended September 30, 2019, the Company recorded an income tax expense of $0.5 million, while for the same period in 2018, it recorded an income tax benefit of $2.8 million[177]