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 ...

Table of Contents 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 September 30, 2019 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) Maryland 38-4046290 (State or Other Jurisdiction of Incor ...

Table of Contents 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 June 30, 2019 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) ...