The special servicer rating reflects Fitch's assessment of NSAM's experienced management team and asset managers, commercial workout experience through collateralized debt obligations , as well as its layered control environment and improving asset management technology. The rating also reflects the financial condition of NorthStar Realty Finance Corp ; while they exist as separate entities, the majority of NSAM's revenue is predicated on a contractual fee stream from NRF, which along with the high level of management and operational integration between the two companies, demonstrates the strong link between NSAM and NRF.