NorthStar Real Estate Income Trust 10-Q14 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 12, 2013
Document and Entity Information	'	'
Entity Registrant Name	'NorthStar Real Estate Income Trust, Inc.	'
Entity Central Index Key	'0001455650	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	114,180,111
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets	'	'
Cash	$131,856	$213,727
Restricted cash	217,702	72,265
Real estate debt investments, net	1,093,994	514,058
Investments in private equity funds, at fair value	187,636	'
Real estate securities, available for sale	60,587	29,582
Receivables, net	6,369	4,654
Deferred costs and other assets, net	16,237	25,652
Total assets	1,714,381	859,938
Liabilities	'	'
Securitization bonds payable	506,750	124,491
Credit facilities	28,323	126,321
Due to related party	4,797	15,165
Accounts payable and accrued expenses	1,704	463
Escrow deposits payable	174,778	71,847
Distribution payable	7,471	3,905
Total liabilities	723,823	342,192
NorthStar Real Estate Income Trust, Inc. Stockholders' Equity	'	'
Preferred stock, $0.01 par value; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2013 and December 31, 2012	0	0
Common stock, $0.01 par value; 400,000,000 shares authorized, 113,648,394 and 60,204,641 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	1,136	602
Additional paid-in capital	1,010,914	532,617
Retained earnings (accumulated deficit)	-28,970	-15,935
Accumulated other comprehensive income (loss)	7,473	457
Total NorthStar Real Estate Income Trust, Inc. stockholders' equity	990,553	517,741
Non-controlling interests	5	5
Total equity	990,558	517,746
Total liabilities and equity	$1,714,381	$859,938

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	113,648,394	60,204,641
Common stock, shares outstanding	113,648,394	60,204,641

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net interest income	'	'	'	'
Interest income	$24,403	$7,838	$53,261	$15,111
Interest expense	4,136	1,066	9,937	1,680
Net interest income	20,267	6,772	43,324	13,431
Expenses	'	'	'	'
Advisory feesbrelated party	5,556	1,134	11,744	1,952
Transaction costs	0	'	994	'
General and administrative expenses	2,761	947	6,799	2,341
Total expenses	8,317	2,081	19,537	4,293
Income (loss) from operations	11,950	4,691	23,787	9,138
Equity in earnings (losses) of unconsolidated ventures	9,321	'	18,363	'
Realized gain (loss) on investments and other	0	0	0	3,028
Unrealized gain (loss) on investments and other	0	0	0	-2,457
Net income (loss)	21,271	4,691	42,150	9,709
Less: net (income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders	$21,271	$4,691	$42,150	$9,709
Net income (loss) per share of common stock, basic / diluted	$0.19	$0.12	$0.46	$0.37
Weighted average number of shares of common stock outstanding, basic / diluted	112,993,817	38,885,153	92,303,431	26,137,409
Distributions declared per share of common stock	$0.20	$0.20	$0.60	$0.60

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	$21,271	$4,691	$42,150	$9,709
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on real estate securities, available for sale	5,029	119	7,016	342
Total other comprehensive income (loss)	5,029	119	7,016	342
Comprehensive income (loss)	26,300	4,810	49,166	10,051
Net (income) loss attributable to non-controlling interests	0	0	0	0
Other comprehensive (income) loss attributable to non-controlling interests	0	'	0	'
Comprehensive income (loss) attributable to NorthStar Real Estate Income Trust, Inc.	$26,300	$4,810	$49,166	$10,051

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Total Company's Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
In Thousands, unless otherwise specified	Total	Total Company's Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
Balance at Dec. 31, 2011	$135,907	$135,903	$159	$138,968	($3,317)	$93	$4
Balance (in shares) at Dec. 31, 2011	'	'	15,847	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net proceeds from issuance of common stock	385,098	385,098	433	384,665	'	'	'
Net proceeds from issuance of common stock (in shares)	43,400	'	43,407	'	'	'	'
Proceeds from distribution reinvestment plan	10,305	10,305	11	10,294	'	'	'
Proceeds from distribution reinvestment plan (in shares)	1,100	'	1,085	'	'	'	'
Shares redeemed for cash	-1,371	-1,371	-1	-1,370	'	'	'
Shares redeemed for cash (in shares)	-100	'	-142	'	'	'	'
Issuance and amortization of equity-based compensation	60	60	'	60	'	'	'
Issuance and amortization of equity-based compensation (in shares)	'	'	8	'	'	'	'
Other comprehensive income (loss)	365	364	'	'	'	364	1
Distributions declared	-27,922	-27,922	'	'	-27,922	'	'
Net income (loss)	15,304	15,304	'	'	15,304	'	'
Balance at Dec. 31, 2012	517,746	517,741	602	532,617	-15,935	457	5
Balance (in shares) at Dec. 31, 2012	'	'	60,205	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net proceeds from issuance of common stock	460,225	460,225	515	459,710	'	'	'
Net proceeds from issuance of common stock (in shares)	52,000	'	51,475	'	'	'	'
Proceeds from distribution reinvestment plan	22,437	22,437	23	22,414	'	'	'
Proceeds from distribution reinvestment plan (in shares)	2,400	'	2,363	'	'	'	'
Shares redeemed for cash	-3,896	-3,896	-4	-3,892	'	'	'
Shares redeemed for cash (in shares)	-400	'	-406	'	'	'	'
Issuance and amortization of equity-based compensation	65	65	'	65	'	'	'
Issuance and amortization of equity-based compensation (in shares)	'	'	11	'	'	'	'
Other comprehensive income (loss)	7,016	7,016	'	'	'	7,016	'
Distributions declared	-55,185	-55,185	'	'	-55,185	'	'
Net income (loss)	42,150	42,150	'	'	42,150	'	'
Balance at Sep. 30, 2013	$990,558	$990,553	$1,136	$1,010,914	($28,970)	$7,473	$5
Balance (in shares) at Sep. 30, 2013	'	'	113,648	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income (loss)	$42,150	$9,709
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Equity in (earnings) loss of unconsolidated ventures	-18,363	'
Amortization/accretion of premium, discount and fees on investments and borrowings, net	2,292	-38
Amortization of deferred financing costs	1,893	151
Interest accretion on investments	213	-189
Distributions from private equity funds	18,823	'
Realized (gain) loss on investments and other	0	-3,028
Unrealized (gain) loss on investments and other	'	2,457
Amortization of equity-based compensation	65	43
Changes in assets and liabilities:	'	'
Restricted cash	99	-489
Receivables, net	-3,313	-1,648
Due to related party	2,870	-253
Accounts payable and accrued expenses	28	808
Net cash provided by (used in) operating activities	46,757	7,523
Cash flows from investing activities:	'	'
Origination of real estate debt investments, net	-507,914	-284,291
Acquisition of real estate debt investments, related party	-79,095	0
Repayments on real estate debt investments	6,574	'
Acquisition of real estate securities, available for sale	-23,285	'
Proceeds from sales of real estate securities, available for sale	'	32,379
Investments in private equity funds	-202,338	'
Distributions from private equity funds	15,498	'
Deferred costs and other assets, net	-637	0
Net cash provided by (used in) investing activities	-791,197	-251,912
Cash flows from financing activities:	'	'
Net proceeds from issuance of common stock	460,048	255,516
Proceeds from issuance of common stock, related party	'	2,293
Proceeds from distribution reinvestment plan	22,437	6,218
Shares redeemed for cash	-3,896	-1,007
Distributions paid on common stock	-51,618	-15,440
Repayment of secured term loans	'	-24,061
Borrowings from credit facilities	99,550	144,577
Repayments of credit facilities	-197,549	0
Proceeds from securitization bonds	382,046	0
Increase in restricted cash	-42,607	0
Payment of deferred financing costs	-5,842	-1,506
Net cash provided by (used in) financing activities	662,569	366,590
Net increase (decrease) in cash	-81,871	122,201
Cashbbeginning of period	213,727	53,859
Cashbend of period	131,856	176,060
Supplemental disclosure of non-cash investing and financing activities:	'	'
Escrow deposits payable related to real estate debt investments	102,931	58,112
Distribution payable	7,471	2,843
Accrued cost of capital (refer to Note 7)	71	1,828
Non-cash related to investments in private equity funds	796	0
Subscriptions receivable, gross	$0	$2,728

Business_and_Organization

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Business and Organization	'
	Business and Organization
	NorthStar Real Estate Income Trust, Inc. (the "Company") was formed on January 26, 2009 and elected to qualify as a real estate investment trust ("REIT") beginning with the taxable year ended December 31, 2010. The Company was formed primarily to originate, acquire and asset manage a diversified portfolio of commercial real estate ("CRE") debt, securities and other select equity investments. CRE debt investments may include first mortgage loans, subordinate mortgage and mezzanine loans and participations in such loans and preferred equity interests. CRE securities primarily consist of commercial mortgage-backed securities ("CMBS") and may include unsecured REIT debt, collateralized debt obligation ("CDO") notes and other securities. The Company is externally managed by NS Real Estate Income Trust Advisor, LLC (the "Advisor") and has no employees. The Advisor uses the investment professionals of NorthStar Realty Finance Corp. (the "Sponsor") to manage the business. The Sponsor is a diversified CRE investment and asset management company publicly traded on the New York Stock Exchange and was formed in October 2003.
	Substantially all business is conducted through NorthStar Real Estate Income Trust Operating Partnership, LP (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. The initial limited partners of the Operating Partnership are the Advisor and NorthStar OP Holdings, LLC (the "Special Unit Holder"). The Advisor invested $1,000 in the Operating Partnership in exchange for common units and the Special Unit Holder invested $1,000 in the Operating Partnership and has been issued a separate class of limited partnership units (the "Special Units"), which are collectively recorded as non-controlling interests on the consolidated balance sheets as of September 30, 2013 and December 31, 2012. As the Company accepted subscriptions for shares, it contributed substantially all of the net proceeds to the Operating Partnership as a capital contribution. As of September 30, 2013, the Company's limited partnership interest in the Operating Partnership was 99.98%.
	The Company's charter authorizes the issuance of up to 400,000,000 shares of common stock with a par value of $0.01 per share and up to 50,000,000 shares of preferred stock with a par value of $0.01 per share. The board of directors of the Company is authorized to amend its charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue.
	The Company initially registered to offer up to 100,000,000 shares pursuant to the primary offering (the "Primary Offering") and up to 10,526,315 shares pursuant to the distribution reinvestment plan (the "DRP") and are herein collectively referred to as the Offering. In April 2013, the board of directors of the Company authorized the reallocation of shares available from the DRP to the Primary Offering. The Primary Offering (including 7.6 million shares reallocated from the DRP, the "Total Primary Offering") was completed on July 1, 2013 and all of the shares initially registered for the Offering were issued. As a result of a registration statement to offer up to an additional 15.0 million shares pursuant to the DRP, the Company continues to offer shares beyond the Total Primary Offering.
	From inception through November 12, 2013, the Company raised total gross proceeds of $1,142.1 million.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Quarterly Presentation
	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which was filed with the Securities and Exchange Commission.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities ("VIE") where the Company is the primary beneficiary, if any, and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and its quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE's economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. As of September 30, 2013, the Company identified one VIE related to its securities investments. The VIE has a carrying value of $30.3 million as of September 30, 2013. The Company's maximum exposure to loss as of September 30, 2013 would not exceed the carrying value of its investment. Based on management's analysis, the Company determined that it does not currently or potentially hold a significant interest in this VIE and, therefore, is not the primary beneficiary. Accordingly, the VIE is not consolidated in the Company's financial statements as of September 30, 2013. The Company did not provide financial support to its unconsolidated VIE during the nine months ended September 30, 2013. As of September 30, 2013, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to its unconsolidated VIE. An affiliate of the Sponsor is named special servicer of the VIE.
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
	Investments in and Advances to Unconsolidated Ventures
	The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity's net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments in joint ventures that own limited partnership interests in real estate private equity funds ("PE Investments"). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of PE Investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
	The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. The Company determined there was one significant unconsolidated joint venture with respect to PE Investment I as of September 30, 2013. Refer to Note 4 for further disclosure.
	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) ("OCI"). The only component of OCI is unrealized gain (loss) on CRE securities for which the fair value option was not elected.
	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
	Real Estate Debt Investments
	CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value.
	Real Estate Securities
	The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. As of September 30, 2013, the Company did not have any CRE securities investments for which it elected the fair value option.
	Revenue Recognition
	Real Estate Debt Investments
	Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
	Real Estate Securities
	Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
	Credit Losses and Impairment on Investments
	Real Estate Debt Investments
	Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. As of September 30, 2013, the Company did not have any impaired CRE debt investments.
	Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	Real Estate Securities
	CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment ("OTTI") as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
	CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
	Derivatives
	Derivatives are used to manage exposure to interest rate risk. All cash settlements and any change in fair value are recorded in interest income in the consolidated statements of operations. As of September 30, 2013, the Company had one interest rate floor as a hedge related to its floating-rate investments, maturing in October 2015 with a fair value of $6.7 million and a notional amount of $225.0 million. Derivatives are generally valued using a third-party pricing service. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Refer to Note 11 for further disclosure. The interest rate floor is included in deferred costs and other assets, net on the consolidated balance sheet as of September 30, 2013.
	Other
	Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 for complete disclosure of the Company's significant accounting policies.
	Recent Accounting Pronouncements
	In February 2013, the Financial Accounting Standards Board issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.

Real_Estate_Debt_Investments

Real Estate Debt Investments	9 Months Ended
	Sep. 30, 2013
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]	'
Real Estate Debt Investments	'
	Real Estate Debt Investments
	The following table presents CRE debt investments, which were predominantly originated by the Company, as of September 30, 2013 (dollars in thousands):


									Weighted Average						Floating
															Rate as
															% of
															Principal
	Asset Type:	Number		Principal			Carrying		Fixed		Spread		Total Unleveraged		Amount
				Amount(1)			Value(2)		Rate Loans		over		Current
											LIBOR Loans(3)		Yield
	First mortgage loans	30		$	962,272		$	942,109	12.96	%	6.08	%	7.58	%	94.7	%

	Mezzanine loans	2		118,500			118,635		11.5	%	12.45	%	12.28	%	56.1	%

	Subordinate mortgage interests	1		33,250			33,250		13.11	%	—	%	13.11	%	—	%

	Total/Weighted average	33		$	1,114,022		$	1,093,994	12.44	%	6.52	%	8.26	%	87.6	%

	__________________________________________________________

	-1	Includes interest accretion, to the extent applicable, and future funding commitments of $21.8 million.

	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $726.7 million for Securitization Financing Transactions (including $42.6 million of cash pending investment) and $30.9 million for Term Loan Facilities (refer to Note 6). The remainder is unleveraged.

	-3	Most floating-rate loans are subject to a fixed minimum LIBOR rate ("LIBOR floor"). As of September 30, 2013, the weighted average LIBOR floor was 1.21%.
	In April 2013, the Company, together with the Sponsor, originated a $255.0 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza Hotel ("Milford") located in the epicenter of Times Square, New York City. In addition, the investment includes an aggregate 35.0% interest in the Milford hotel and retail component of the hotel. Refer to Note 4 for further disclosure. Initially, the Company funded $89.3 million of the investment and the Sponsor funded the remaining $165.7 million.
	In the third quarter 2013, the senior portion of the Milford loan was financed in Securitization 2013-1. The remainder of the Milford loan was retained by the Company, together with the Sponsor, and is held unleveraged in a general partnership ("Milford Loan JV"). Both the Company and the Sponsor are the general partners. The Sponsor is the designated partner. The Milford Loan JV is considered a voting interest entity and is not consolidated due to the substantive participating and kick-out rights held by the Company. The Company and the Sponsor each control their proportionate interest in the Milford Loan JV and initially pledged their interest to their respective loan facilities which were repaid upon Securitization 2013-1. Accordingly, the Company records its CRE debt investment on its consolidated balance sheet.
	The following table presents CRE debt investments, all of which have been directly originated by the Company, as of December 31, 2012 (dollars in thousands):


									Weighted Average						Floating
															Rate as
															% of
															Principal
	Asset Type:	Number		Principal			Carrying		Fixed		Spread		Total Unleveraged		Amount
				Amount(1)			Value(2)		Rate Loans		over		Current
											LIBOR Loans (3)		Yield
	First mortgage loans	18		$	486,992		$	476,717	13.25	%	6.14	%	8.22	%	89.5	%

	Mezzanine loans	2		56,627			37,341		11.5	%	10	%	12.12	%	8.2	%

	Total/Weighted average	20		$	543,619		$	514,058	12.47	%	6.18	%	8.5	%	81	%

	__________________________________________________________

	-1	Includes interest accretion, to the extent applicable, and future funding commitments of $29.8 million.

	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $194.5 million for Securitization Financing Transactions and $197.6 million for Term Loan Facilities (refer to Note 6). The remainder is unleveraged.

	-3	All floating-rate loans are subject to a LIBOR floor. As of December 31, 2012, the weighted average LIBOR floor was 1.61%.
	The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2013 (dollars in thousands):


		Initial			Maturity
		Maturity			Including
					Extensions(1)
	October 1 - December 31, 2013	$	64,480		$	—

	Years Ending December 31:
	2014	180,027			52,000

	2015	440,095			12,480

2016	283,100			246,012

2017	—			374,110

Thereafter	146,320			429,420

Total	$	1,114,022		$	1,114,022

____________________________________________________________

-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the related debt agreements.

As of September 30, 2013, the weighted average maturity including extensions of CRE debt investments is 4.4 years.

Credit Quality Monitoring
CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company's expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as "performing." The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called "performing with a loan loss reserve." The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or past due at least 90 days on its contractual debt service payments, as a non-performing loan ("NPL"). The Company's definition of an NPL may differ from that of other companies that track NPLs.
As of September 30, 2013, all CRE debt investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. For the nine months ended September 30, 2013, no CRE debt investment contributed more than 10.0% of interest income.

Investments_in_and_Advances_to

Investments in and Advances to Unconsolidated Ventures	9 Months Ended
Investments in and Advances to Unconsolidated Ventures	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in and Advances to Unconsolidated Ventures	'
	Investments in and Advances to Unconsolidated Ventures
	Investments in Private Equity Funds
	PE Investments are considered voting interest entities. They are not consolidated by the Company due to the substantive participating rights of the partners in joint ventures that own the interests in the real estate private equity funds. The Company elected the fair value option for PE Investments. As a result, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected future cash flow from one period to another.
	PE Investment I
	In February 2013, the Company completed the initial closing ("Initial Closing") of its investment in joint ventures ("PE Investment I"), which through a preferred investment, owns a portfolio of limited partnership interests in real estate private equity funds managed by institutional-quality sponsors. Pursuant to the terms of the agreement, at the Initial Closing, the full purchase price was funded, excluding future capital commitments. Accordingly, the Company funded $118.0 million and the Sponsor (together with the Company, the "NorthStar Entities") funded $282.1 million. The NorthStar Entities have an aggregate ownership interest in PE Investment I of 51.0%, of which the Company owns 29.5% and the Sponsor owns 70.5%. Teachers Insurance and Annuity Association of America (the "Class B Partner") contributed its interests in 47 funds subject to the transaction in exchange for all of the Class B partnership interests in PE Investment I.
	PE Investment I provides for all cash distributions on a priority basis to the NorthStar Entities as follows: (i) first, 85.0% to the NorthStar Entities and 15.0% to the Class B Partner until the NorthStar Entities receive a 1.5x multiple on all of their invested capital, including amounts funded in connection with future capital commitments; (ii) second, 15.0% to the NorthStar Entities and 85.0% to the Class B Partner until the Class B Partner receives a return of its then remaining June 30, 2012 capital; and (iii) third, 51.0% to the NorthStar Entities and 49.0% to the Class B Partner. All amounts paid to and received by the NorthStar Entities will be based on each partner's proportionate interest.
	Since the Company was contractually entitled to its proportional share of all distributions derived from the fund interests since June 30, 2012 regardless of the date fund interests were transferred to PE Investment I, at the Initial Closing the Company recorded its proportional share of all distributions received since June 30, 2012. As of September 30, 2013, the carrying value of the investment in PE Investment I was $110.2 million. For the three and nine months ended September 30, 2013, the Company recognized $6.4 million and $15.6 million, respectively, of equity in earnings. For the nine months ended September 30, 2013, the Company received $31.3 million of net distributions and made $7.8 million of contributions related to PE Investment I. As of September 30, 2013, the Company's estimated future capital commitments to the fund interests in PE Investment I would be approximately $10.4 million.
	The Company had one significant unconsolidated joint venture related to PE Investment I as of September 30, 2013. Summarized financial data for such unconsolidated joint venture for the six months ended June 30, 2013, which is the most recent financial information available from the underlying funds, included net investment income of $2.8 million, realized gains (losses) of $1.7 million and unrealized gains (losses) of $13.5 million. However, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected cash flow from one period to another and not based on such summarized financial data.
	PE Investment II
	In June 2013, the Company, the Sponsor and funds managed by Goldman Sachs Asset Management ("Vintage Funds") (each a "Partner") formed joint ventures ("PE Investment II") and entered into an agreement with Common Pension Fund E, a common trust fund created under New Jersey law (the "Seller"), to acquire a portfolio of limited partnership interests in up to 25 real estate private equity funds managed by institutional-quality sponsors with an aggregate reported net asset value ("NAV") of approximately $925.4 million as of September 30, 2012. The Company, the Sponsor and the Vintage Funds each have an ownership interest in PE Investment II of 15.0%, 70.0% and 15.0%, respectively. All amounts paid and received will be based on each Partner's proportionate interest.
	PE Investment II will pay $509.9 million to the Seller for all of the fund interests, or 55.0% of the September 30, 2012 NAV (the "Initial Amount"), and will pay the remaining $415.5 million, or 45.0% of the September 30, 2012 NAV (the "Deferred Amount"), by the fourth year after the first day of the fiscal quarter following the closing date of each fund interest. The Company's share of the Initial Amount and the Deferred Amount represents $76.5 million and $62.3 million, respectively. The Company funded all of its proportionate share of the Initial Amount at the initial closing on July 3, 2013. The Deferred Amount is a liability of PE Investment II. Each Partner, directly or indirectly, guaranteed its proportionate interest of the Deferred Amount. The Company determined there was an immaterial amount of fair value related to the guarantee.
	PE Investment II is entitled to receive all cash distributions from September 30, 2012 through the closing of each fund interest and is obligated to fund all capital contributions from September 30, 2012. At each closing, there will be a "true up" for any distributions received and any contributions made by the Seller from the contributed funds since September 30, 2012.
	Beginning on the first day of the fiscal quarter following the closing date of each fund interest and for a period of three years thereafter, distributions will be made to PE Investment II on a priority basis as follows: 85.0% to PE Investment II and 15.0% to the Seller, provided that at the end of each such fiscal year, PE Investment II will pay amounts, if any, necessary to reduce the Deferred Amount by 15.0% of the then outstanding Deferred Amount (the "Amortization Amount") to the extent distributions to the Seller during each such year were less than the Amortization Amount for such year.
	In the fourth year following the applicable closing date, distributions will be split equally between PE Investment II and the Seller. At the conclusion of that four-year period, PE Investment II will be required to pay to the Seller the Deferred Amount less: (i) any distributions received by the Seller during such four-year period; and (ii) any Amortization Amounts received by the Seller during such four-year period. PE Investment II will receive 100% of all distributions following the payment of the Deferred Amount.
	The Company anticipates closing all of the fund interests by the end of 2013, subject to customary closing conditions, including third-party consents. For the three months ended September 30, 2013, the Company recognized $3.2 million of equity in earnings. For the three months ended September 30, 2013, the Company received $3.2 million of net distributions and made $0.9 million of contributions related to PE Investment II. As of September 30, 2013, the carrying value of the investment in PE Investment II was $77.4 million. As of September 30, 2013, the Company's estimated future capital commitments to the fund interests in PE Investment II would be approximately $8.3 million.
	Other
	In connection with the Milford loan, the Company and the Sponsor have an aggregate 35.0% interest in the Milford hotel and retail component of the hotel, of which the Company owns 35.0% and the Sponsor owns 65.0%. As of September 30, 2013, the carrying value of the investment was $0.2 million, which is included in deferred costs and other assets, net on the consolidated balance sheets. For the three and nine months ended September 30, 2013, the Company recognized $0.3 million and $0.4 million of equity in losses, respectively.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Real Estate Securities, Available for Sale	'
	Real Estate Securities, Available for Sale
	CRE securities are comprised of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The following table presents CRE securities (dollars in thousands):


														Weighted Average
			Principal		Amortized		Cumulative Unrealized					Fair				Unleveraged
			Amount(1)		Cost		on Investments					Value				Current
	CMBS:	Number					Gain		(Loss)					Coupon(2)		Yield
	30-Sep-13	8	$	104,542	$	53,114	$	7,853	$	(380	)	$	60,587	4.53	%	9.07	%

	31-Dec-12	4	$	30,575	$	29,124	$	458	$	—		$	29,582	5.39	%	5.71	%

	________________________________________________________________

	-1	Certain CRE securities serve as collateral for financing transactions including carrying value of $17.8 million for the CMBS Facilities (refer to Note 6). The remainder is unleveraged.

	-2	All CMBS are fixed rate.
	The Company recorded unrealized gains in OCI for the three and nine months ended September 30, 2013 of $5.0 million and $7.0 million, respectively. The Company recorded unrealized gains in OCI for the three and nine months ended September 30, 2012 of $0.1 million and $0.3 million, respectively.
	As of September 30, 2013, the weighted average contractual maturity of CRE securities was 34 years with an expected maturity of 7.8 years.

Borrowings

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of September 30, 2013 and December 31, 2012 (dollars in thousands):


								30-Sep-13						31-Dec-12
		Type		Final		Contractual		Principal				Carrying		Principal		Carrying
		Type		Maturity		Interest Rate(1)		Amount				Value		Amount		Value
	Securitization bonds payable
	Securitization 2013-1	Non-recourse		29-Aug		LIBOR + 2.68%		$	382,700			$	382,103	$	—	$	—
	Securitization 2013-1	Non-recourse		29-Aug		LIBOR + 2.68%		$	382,700			$	382,103	$	—	$	—
	Securitization 2012-1	Non-recourse		29-Aug		LIBOR + 1.66%		124,659				124,647		124,659		124,491
	Subtotal securitization bonds payable							507,359				506,750		124,659		124,491
	Subtotal securitization bonds payable							507,359				506,750		124,659		124,491
	Credit facilities
	Loan Facility 1	Partial Recourse(2)		Feb-16(3)		N/A (4)		—				—		32,836		32,836
	Loan Facility 1	Partial Recourse(2)		Feb-16(3)		N/A (4)		—				—		32,836		32,836
	Loan Facility 2	Partial Recourse(5)		Jul-17(6)		N/A (7)		—				—		54,950		54,950
	Loan Facility 2	Partial Recourse(5)		Jul-17(6)		N/A (7)		—				—		54,950		54,950
	Loan Facility 3	Non-recourse		Jul-18(8)		5.24% (9)		16,638				16,638		26,850		26,850
	Loan Facility 3	Non-recourse		Jul-18(8)		5.24% (9)		16,638				16,638		26,850		26,850
	Loan Facility 4	Partial Recourse(10)		Mar-18(11)		N/A (12)		—				—		—		—
	Loan Facility 4	Partial Recourse(10)		Mar-18(11)		N/A (12)		—				—		—		—
	CMBS Facilities	Recourse		-13		1.58%		11,685				11,685		11,685		11,685
	CMBS Facilities	Recourse		-13		1.58%		11,685				11,685		11,685		11,685
	Subtotal credit facilities							28,323				28,323		126,321		126,321
	Subtotal credit facilities							28,323				28,323		126,321		126,321
	Grand Total							$	535,682			$	535,073	$	250,980	$	250,812
	Grand Total							$	535,682			$	535,073	$	250,980	$	250,812
	_____________________________________________________

	-1	Represents the weighted average as of September 30, 2013.

	-2	Recourse solely with respect to 25.0% of "core" assets and 100% of "flex" assets, which may only represent 25.0% of the total credit facility, as such terms are defined in the governing documents.

	-3	The initial maturity date is February 28, 2014, with two, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-4	The contractual interest rate depends upon asset type, subject to adjustment, and ranges from one-month LIBOR plus 2.5% to 3.0%.

	-5	Recourse solely with respect to 25.0% of the repurchase price for purchased assets with a lender debt yield equal to or greater than 10% at the time of financing plus 100% of the repurchase price for purchased assets with a lender debt yield less than 10% at the time of financing.

	-6	The initial maturity date is July 18, 2014, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-7	The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 2.0% to 4.0%.

	-8	The initial maturity date is July 30, 2015, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-9	The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 3.95% to 5.95%.

	-10	Recourse solely with respect to the greater of: (i) 25.0% of the financed amount of stabilized loans plus the financed amount of transitional loans; or (ii) the lesser of $25.0 million or the aggregate financed amount of all loans.

	-11	The initial maturity date is March 11, 2014, with four, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-12	The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.5% to 3.0%.

	-13	The maturity dates on the CMBS Facilities are dependent upon asset type and will typically range from two to three months.
	The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2013 (dollars in thousands):


		Total				Securitization				Credit
		Total				Bonds Payable				Facilities
	October 1 - December 31, 2013	$	11,685			$	—			$	11,685
	October 1 - December 31, 2013	$	11,685			$	—			$	11,685
	Years Ending December 31:
2014	—				—				—
2014	—				—				—
2015	—				—				—
2015	—				—				—
2016	—				—				—
2016	—				—				—
2017	—				—				—
2017	—				—				—
Thereafter	523,997				507,359				16,638
Thereafter	523,997				507,359				16,638
Total	$	535,682			$	507,359			$	28,323
Total	$	535,682			$	507,359			$	28,323
Securitization Financing Transactions
The Company entered into two securitization financing transactions, Securitization 2013-1 and Securitization 2012-1, collectively referred to as Securitization Financing Transactions, collateralized by CRE debt investments originated by the Company and the Sponsor.
Securitization 2013-1
In August 2013, the Company entered into a $531.5 million securitization financing transaction ("Securitization 2013-1"). The Company initially contributed eight CRE debt investments with a $346.1 million aggregate principal amount. Subsequent to the closing of Securitization 2013-1, the Company contributed three additional CRE debt investments with a $63.7 million aggregate principal balance. The Sponsor transferred three senior loans with an aggregate principal amount of $79.1 million at cost to Securitization 2013-1. The Sponsor did not retain any interest in such senior loans. A total of $382.7 million of permanent, non-recourse, non-mark-to-market investment-grade securitization bonds were issued, representing an advance rate of 72.0% at a weighted average coupon of LIBOR plus 2.68%. The Company retained all of the below investment-grade securitization bonds, which the Company refers to as the Company's retained equity interest in Securitization 2013-1. The Company used the proceeds to repay $222.7 million of borrowings on its term loan facilities. The collateral is used to service the interest payments on the investment-grade securitization bonds and the Company receives the excess cash flow on its retained equity interest. Securitization 2013-1 is considered a voting interest entity and since the Company has all of the controlling financial interest in Securitization 2013-1, the entity is consolidated by the Company.
Securitization 2012-1
In November 2012, the Company entered into a $351.4 million securitization financing transaction ("Securitization 2012-1") collateralized by CRE debt investments originated by the Company and the Sponsor. The Company contributed nine CRE debt investments with a $199.2 million aggregate principal amount and retained an equity interest of $70.0 million. A total of $227.5 million of permanent, non-recourse, non-mark-to-market investment-grade securitization bonds were issued, of which $129.5 million financed the CRE debt investments contributed by the Company, representing an advance rate of 65.0% at a weighted average coupon of LIBOR plus 1.66%. The Company used the proceeds to repay $117.7 million of borrowings on its term loan facilities.
The Company and the Sponsor retained all of the below investment-grade securitization bonds in Securitization 2013-1. The retained equity interests of the Company and the Sponsor are held by a general partnership and both the Company and the Sponsor are the general partners ("Financing JV"). The Company evaluated both Securitization 2012-1 and the Financing JV under the VIE model and concluded that both entities were considered voting interest entities. The Company first determined that the retained equity interests and the issued senior beneficial interests represented variable interests in Securitization 2012-1. The Company then determined that the entities were not VIEs as the equity investors have the characteristics of a controlling financial interest and there is sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The power to direct the activities most significant to economic performance is through the special servicer who has the ability to manage the assets that are delinquent or in default. The investment-grade bondholders have no control rights. Voting rights in both entities are in proportion to the economic interests. The retained equity interests in Securitization 2012-1 appoint the special servicer, providing the power to the equity investment at risk via voting rights held by the Financing JV. Furthermore, each of the partners retained the economic interests in its own loans as if the loans have been securitized on a stand-alone basis. All distributions on the retained equity interests occur after the investment-grade securitization bonds have received their contractual principal and interest payments. Shortfalls are borne by the retained equity interests and any losses will be absorbed first by the respective owner of such loans. Based on the preceding analysis, the Company concluded that the structures did not possess characteristics of a VIE and were voting interest entities.
The Sponsor was appointed special servicer of Securitization 2012-1 and is the designated member of the Financing JV. The entities are not consolidated due to the substantive participating and kick-out rights held by the Company. The transferred debt investments failed sale treatment under U.S. GAAP as the Company maintains effective control of its contributed assets. The Company records its CRE debt investments and securitization bonds payable on its consolidated balance sheets.
Term Loan Facilities
In February 2012, a subsidiary of the Company entered into a master repurchase and securities contract ("Loan Facility 1") of $100.0 million to finance the origination of CRE first mortgage loans. In connection with Loan Facility 1, the Company, together with the Operating Partnership, entered into a guaranty agreement, under which the Company and the Operating Partnership guarantee certain of the obligations under Loan Facility 1. Additionally, in connection with Loan Facility 1, the Operating Partnership provided a pledge and security agreement over its interests in the borrowing subsidiary of the Company. Loan Facility 1 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. The Company has agreed to guarantee certain customary obligations under Loan Facility 1 if the Company or an affiliate of the Company engage in certain customary bad acts. Loan Facility 1 contains a liquidity covenant that requires the borrowing subsidiary of the Company to maintain at least $5.0 million and a maximum of $15.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 1.
In July 2012, a subsidiary of the Company entered into a master repurchase agreement ("Loan Facility 2") of $50.0 million to finance first mortgage loans and senior loan participations secured by commercial real estate. Loan Facility 2 was increased to $100.0 million in November 2012 and to $150.0 million in April 2013. In connection with Loan Facility 2, the Company agreed to guarantee certain obligations under Loan Facility 2 if the Company or an affiliate of the Company engage in certain customary bad acts. Loan Facility 2 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the borrowing subsidiary of the Company must maintain at least $3.8 million and a maximum of $22.5 million in unrestricted cash at all times during the term of Loan Facility 2.
In July 2012, a subsidiary of the Company entered into a credit and security agreement ("Loan Facility 3") of $40.0 million on a non-recourse basis, subject to certain exceptions, to finance first mortgage loans and senior loan participations secured by commercial real estate. In connection with Loan Facility 3, the Operating Partnership agreed to guarantee interest payments and the customary obligations under Loan Facility 3 if either the Company or its affiliates engage in certain customary bad acts. In addition, the Operating Partnership pledged its interests in the Company's borrowing subsidiary as collateral. Loan Facility 3 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Operating Partnership must maintain at least $3.8 million and as much as $7.5 million in unrestricted cash or other eligible investments, at all times during the term of Loan Facility 3.
In March 2013, a subsidiary of the Company entered into a master repurchase agreement ("Loan Facility 4") of $200.0 million to finance first mortgage loans and senior interests secured by commercial real estate. In connection with Loan Facility 4, the Company and the Operating Partnership entered into a guaranty agreement, under which the Company and the Operating Partnership guaranty certain of the obligations under Loan Facility 4. Loan Facility 4 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $20.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 4. In addition, the Company has agreed to guarantee certain customary obligations under Loan Facility 4 if the Company or an affiliate of the Company engage in certain customary bad acts.
As of September 30, 2013, the Company had $30.9 million principal amount of CRE debt investments, financed with $16.6 million under one term loan facility. The loan facilities are collectively herein referred to as Term Loan Facilities.
During the initial term, all of the Term Loan Facilities act as revolving credit facilities that can be paid down as assets payoff and re-drawn upon for new investments. As of September 30, 2013, the Company was in compliance with all of its financial covenants.
CMBS Facilities
In September 2012, the Company entered into two master repurchase agreements ("CMBS Facilities") to finance CMBS investments. The CMBS Facilities contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. As of September 30, 2013, the Company had $16.6 million principal amount of CRE securities, financed with $11.7 million under its CMBS Facilities.

Related_Party_Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Arrangements	'
	Related Party Arrangements
	NS Real Estate Income Trust Advisor, LLC
	Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company's affairs on a day-to-day basis and for identifying, originating, acquiring and asset managing investments on behalf of the Company. For such services, to the extent permitted by law and regulations, the Advisor receives fees and reimbursements from the Company. Below is a description and table of the fees and reimbursements incurred to the Advisor.
	Organization and Offering Costs
	The Advisor, or its affiliates, was entitled to receive reimbursement for organization and offering costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor, or its affiliates, as applicable, for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of gross proceeds from the Total Primary Offering. The Advisor initially expected cumulative organization and offering costs, excluding selling commissions and dealer manager fees, would not exceed $15.0 million, or 1.5% of the proceeds expected to be raised from the Total Primary Offering. Based on gross proceeds raised of $1,072.9 million from the Total Primary Offering, the Company incurred reimbursable organization and offering costs, excluding selling commissions and dealer manager fees, of 1.0%, which was less than the 1.5% threshold. The Company's independent directors did not determine that any of the organization and offering costs were unfair or commercially unreasonable. The Company recorded organization and offering costs each period based on an allocation of expected total organization and offering costs to be reimbursed. Organization costs are recorded in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity. In addition, total underwriting compensation through the completion of the Total Primary Offering, including selling commissions, the dealer manager fee and amounts reimbursed to participating broker dealers and investment advisors, did not exceed the 10.0% of gross Total Primary Offering proceeds limitation prescribed by the Financial Industry Regulatory Authority.
	Operating Costs
	The Advisor, or its affiliates, is entitled to receive reimbursement for direct and indirect operating costs incurred by the Advisor in connection with administrative services provided to the Company. Indirect operating costs include the Company's allocable share of costs incurred by the Advisor for personnel and other overhead such as rent, technology and utilities. However, there is no reimbursement for personnel costs related to executive officers and other personnel involved in activities for which the Advisor receives an acquisition fee or a disposition fee. The Company reimburses the Advisor quarterly for operating costs (including the asset management fee) based on a calculation for the four preceding fiscal quarters not to exceed the greater of: (i) 2.0% of its average invested assets; or (ii) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the Company's independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. The Company calculates the expense reimbursement quarterly based upon the trailing twelve-month period.
	Advisory Fees
	Asset Management Fee
	The Advisor, or its affiliates, receives a monthly asset management fee equal to one-twelfth of 1.25% of the sum of the amount funded or allocated for CRE investments, including expenses and any financing attributable to such investments, less any principal received on debt and securities investments (or the proportionate share thereof in the case of an investment made through a joint venture).
	Acquisition Fee
	The Advisor, or its affiliates, also receives an acquisition fee equal to 1.0% of the amount funded or allocated by the Company to originate or acquire investments, including acquisition expenses and any financing attributable to such investments. An acquisition fee paid to the Advisor related to the origination or acquisition of CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. An acquisition fee incurred related to an equity investment will generally be expensed as incurred.
	Disposition Fee
	For substantial assistance in connection with the sale of investments and based on the services provided, the Advisor, or its affiliates, receives a disposition fee equal to 1.0% of the contract sales price of each CRE investment sold. The Company does not pay a disposition fee upon the maturity, prepayment, workout, modification or extension of a CRE debt investment unless there is a corresponding fee paid by the borrower, in which case the disposition fee is the lesser of: (i) 1.0% of the principal amount of the CRE debt investment prior to such transaction; or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a CRE debt investment, the Company will pay a disposition fee upon the sale of such property. A disposition fee incurred to the Advisor on CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method.
	NorthStar Realty Securities, LLC
	Selling Commissions and Dealer Manager Fees
	Pursuant to the dealer manager agreement, the Company paid the Dealer Manager selling commissions of up to 7.0% of gross proceeds from the Total Primary Offering, all of which were reallowed to participating broker-dealers. In addition, the Company paid the Dealer Manager a dealer manager fee of up to 3.0% of gross proceeds from the Total Primary Offering, a portion of which was reallowed to participating broker-dealers. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP.
	Summary of Fees and Reimbursements
	The following table presents the fees and reimbursements incurred to the Advisor for the three and nine months ended September 30, 2013 and 2012 and the due to related party as of September 30, 2013 and December 31, 2012 (dollars in thousands):


				Three Months				Nine Months				Due to
				Ended September 30,				Ended September 30,				related party as of
												September 30,		December 31,
	Type of Fee or Reimbursement		Financial Statement Location	2013		2012		2013		2012		2013		2012
	Organization and offering costs
	Organization		General and administrative expenses	$	—	$	87	$	62	$	357	$	—	$	113

	Offering		Cost of capital(1)	483		1,658		2,989		3,413		—		2,151

	Operating costs(2)		General and administrative expenses	2,568		748		6,392		1,823		2,525		523

	Advisory fees
	Asset management		Advisory fees—related party	4,165		1,134		9,068		1,952		1,450		559

	Acquisition(3)		Real estate debt investments, net / Advisory fees—related party	2,334		508		7,657		3,085		—		—

	Disposition(3)		Real estate debt investments, net	162		—		177		—		—		24

	Selling commissions /Dealer manager fees		Cost of capital(1)	—		12,214		49,511		28,291		—		—

	Total(4)											$	3,975	$	3,370

	___________________________________________________

	-1	Cost of capital is included in net proceeds from issuance of common stock in the consolidated statements of equity.

	-2	As of September 30, 2013, the Advisor incurred unreimbursed operating costs on behalf of the Company and $5.7 million is still allocable.

	-3	Acquisition/disposition fees incurred to the Advisor related to CRE debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. Acquisition fees related to PE Investments are included in advisory fees—related party in the consolidated statements of operations. The Advisor may determine to defer fees or seek reimbursement. From inception through September 30, 2013, the Advisor deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to CRE securities.

	-4	Due to related party includes $0.8 million primarily related to Securitization 2013-1 as of September 30, 2013 and $11.8 million related to PE Investment I as of December 31, 2012.
	Sponsor Purchase of Common Stock
	Pursuant to the Second Amended and Restated Distribution Support Agreement, as amended (the "Distribution Support Agreement"), the Sponsor committed to purchase up to an aggregate of $10.0 million in shares of the Company's common stock at a price of $9.00 per share if cash distributions exceed modified funds from operations (as defined in accordance with the current practice guidelines issued by the Investment Program Association) to provide additional funds to support distributions to stockholders. In April 2012, the Distribution Support Agreement was extended until July 2013. For the three and nine months ended September 30, 2013, the Sponsor was not required to purchase shares in connection with the Distribution Support Agreement. For the three and nine months ended September 30, 2012, the Sponsor purchased 41,956 and 0.3 million shares, respectively, of the Company's common stock for $0.4 million and $2.3 million, respectively. From inception through the expiration of the Distribution Support Agreement, the Sponsor purchased 0.5 million shares for $4.6 million.
	Securitization 2012-1
	The Company entered into an agreement with the Sponsor that provides that both the Company and the Sponsor receive the economic benefit and bear the economic risk associated with the investments the Company and the Sponsor each contributed into Securitization 2012-1. In both cases, the respective retained equity interest of the Company and the Sponsor is subordinate to interests of the investment-grade bondholders of Securitization 2012-1 and the investment-grade bondholders have no recourse to the general credit of the Company or the Sponsor. In the event that either the Company or the Sponsor suffer a complete loss of the retained equity interests in Securitization 2012-1, any additional losses would be borne by the remaining retained equity interests held by the Company or the Sponsor, as the case may be, prior to the investment-grade bondholders of Securitization 2012-1. An affiliate of the Sponsor was named special servicer for Securitization 2012-1.
	Securitization 2013-1
	In August 2013, the Company closed Securitization 2013-1. The Company initially contributed eight CRE debt investments with a $346.1 million aggregate principal amount. The Sponsor transferred three senior loans with an aggregate principal amount of $79.1 million at cost to Securitization 2013-1. The Sponsor did not retain any interest in such senior loans. An affiliate of the Sponsor was named special servicer of Securitization 2013-1.
	PE Investments
	In connection with PE Investments, the Company guaranteed all of its funding obligations that may be due and owed under the governing documents indirectly through an indemnification with the Sponsor, which in turn guaranteed the obligations directly to PE Investment JV entities. The Company and the Sponsor each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and the Sponsor. The Company and the Sponsor further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or the Sponsor, as the case may be.
	PE Investment I
	In connection with PE Investment I, the Company assumed the rights to subscribe to 29.5% of PE Investment I from the Sponsor. The Company and the Sponsor contributed cash of $400.1 million, of which the Company and the Sponsor contributed $118.0 million and $282.1 million, respectively.
	In December 2012, the Sponsor deposited an aggregate of $40.0 million in connection with this transaction, which included $11.8 million on behalf of the Company, in the proportion of the respective capital contributions. This amount was settled by the Company in the first quarter 2013.

EquityBased_Compensation

Equity-Based Compensation	9 Months Ended
Equity-Based Compensation	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity-Based Compensation	'
	Equity-Based Compensation
	Each of the Company's three independent directors received 5,000 shares of restricted stock in connection with the commencement of the Offering. Then in connection with their re-election to the board of directors, each of the Company's independent directors received: (i) 2,500 shares in June 2010 and 2011; and (ii) 3,500 shares in June 2013. The restricted stock granted prior to 2013 generally vests over four years and the restricted stock granted in 2013 generally vests over two years; provided, however, that the restricted stock will become fully vested on the earlier occurrence of: (i) the termination of the independent director's service as a director due to his or her death or disability; or (ii) a change in control of the Company. Total equity-based compensation cost recognized in connection with the granting of the restricted stock is $0.4 million, which is recorded in general and administrative expenses ratably over the applicable vesting period.
	For the three and nine months ended September 30, 2013, the Company recognized $28,688 and $64,931 of equity-based compensation expense, respectively, related to the issuance of restricted stock, which was recorded in general and administrative expenses in the consolidated statements of operations. For the three and nine months ended September 30, 2012, the Company recognized $16,875 and $43,265 of equity-based compensation expense, respectively, which was recorded in general and administrative expenses in the consolidated statements of operations.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders' Equity
	Common Stock
	For the nine months ended September 30, 2013, the Company issued 51.5 million shares of common stock in connection with the Total Primary Offering, generating gross proceeds of $512.8 million. For the year ended December 31, 2012, the Company issued 43.4 million shares of common stock pursuant to its Total Primary Offering, generating gross proceeds of $433.0 million. From inception through the completion of the Total Primary Offering on July 1, 2013, the Company issued 107.6 million shares of common stock, generating gross proceeds from the Total Primary Offering of $1,072.9 million.
	Distribution Reinvestment Plan
	The Company adopted a DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company's common stock in lieu of receiving cash distributions. The initial purchase price per share pursuant to the DRP is $9.50. Once the Company establishes an estimated value per share, shares issued pursuant to the DRP will be priced at 95.0% of the estimated value per share of the Company's common stock, as determined by the Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per share within 18 months after the completion of its offering stage which ended on July 1, 2013. No selling commissions or dealer manager fees are paid on shares issued pursuant to the DRP. The board of directors of the Company may amend, suspend or terminate the DRP for any reason upon ten-days' notice to participants.
	In April 2013, the board of directors of the Company authorized the reallocation of shares available pursuant to the DRP to the Primary Offering. On July 1, 2013, the Company completed the Total Primary Offering and all of the shares initially registered were issued. The Company continues to offer shares pursuant to the DRP beyond the Total Primary Offering. For the nine months ended September 30, 2013, the Company issued 2.4 million shares totaling $22.4 million of proceeds pursuant to the DRP. For the year ended December 31, 2012, the Company issued 1.1 million shares totaling $10.3 million of proceeds pursuant to the DRP. From inception through September 30, 2013, the Company issued 3.6 million shares totaling $34.3 million of proceeds pursuant to the DRP. As of November 12, 2013, 13.6 million shares were available to be issued pursuant to the DRP.
	Distributions
	Distributions to stockholders are declared quarterly by the board of directors of the Company and are paid monthly based on a daily amount of $0.002185792 per share, which is equivalent to an annual distribution rate of 8.0%. The following table presents distributions declared for the nine months ended September 30, 2013 (dollars in thousands):


		Distributions(1)
	Period	Cash		DRP		Total
	January	$	2,441	$	1,795	$	4,236

	February	2,378		1,778		4,156

	March	2,909		2,163		5,072

	April	3,173		2,352		5,525

	May	3,620		2,751		6,371

	June	3,901		3,067		6,968

	July	4,265		3,421		7,686

	August	4,259		3,441		7,700

	September	4,120		3,351		7,471

	_________________________________________________

	-1	Represents distributions declared for such period, even though such distributions are actually paid to stockholders the month following such period.
	Share Repurchase Program
	The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited circumstances (the "Share Repurchase Program"). The Company may not repurchase shares unless a stockholder has held shares for one year. However, the Company may repurchase shares held less than one year in connection with a stockholder's death or disability, if the disability is deemed qualifying by the board of directors of the Company, in its sole discretion, and after receiving written notice from the stockholder or the stockholder's estate. The Company is not obligated to repurchase shares under the Share Repurchase Program. For the nine months ended September 30, 2013, the Company repurchased 0.4 million shares of common stock for a total of $3.9 million at an average price of $9.59 per share. For the year ended December 31, 2012, the Company repurchased 0.1 million shares of common stock for a total of $1.4 million at an average price of $9.69 per share. The Company may amend, suspend or terminate the Share Repurchase Program at its discretion at any time, subject to certain notice requirements. For the nine months ended September 30, 2013 and the year ended December 31, 2012, there were no unfulfilled repurchase requests.

Noncontrolling_Interests

Non-controlling Interests	9 Months Ended
Non-controlling Interests	Sep. 30, 2013
Noncontrolling Interest [Abstract]	'
Non-controlling Interests	'
	Non-controlling Interests
	Operating Partnership
	Non-controlling interests represent the aggregate limited partnership interests in the Operating Partnership held by limited partners, other than the Company. Income (loss) attributable to the non-controlling interests is based on the limited partners' ownership percentage of the Operating Partnership. Income (loss) allocated to the Operating Partnership non-controlling interests for the three and nine months ended September 30, 2013 and 2012 was an immaterial amount.

Fair_Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Fair Value
	Fair Value Measurement
	The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
	Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

	Level 1.	Quoted prices for identical assets or liabilities in an active market.

	Level 2.	Financial assets and liabilities whose values are based on the following:

	a)	Quoted prices for similar assets or liabilities in active markets.

	b)	Quoted prices for identical or similar assets or liabilities in non-active markets.

	c)	Pricing models whose inputs are observable for substantially the full term of the asset or liability.

	d)	Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

	Level 3.	Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.
	Determination of Fair Value
	The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
	Investments in Private Equity Funds
	The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company is not using the NAV (practical expedient) of the underlying funds for purposes of determining fair value.
	Real Estate Securities
	CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market.
	Fair Value Hierarchy
	Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by level within the fair value hierarchy (dollars in thousands):


		30-Sep-13														31-Dec-12
		Level 1				Level 2				Level 3			Total			Level 1			Level 2		Level 3		Total
	Asset type:
	Investments in private equity funds	$	—			$	—			$	187,636		$	187,636		$	—		$	—	$	—	$	—
	Investments in private equity funds	$	—			$	—			$	187,636		$	187,636		$	—		$	—	$	—	$	—
	Real estate securities, available for sale	—				60,587				—			60,587			—			29,582		—		29,582
	Real estate securities, available for sale	—				60,587				—			60,587			—			29,582		—		29,582
	The following table presents additional information about PE Investments which are measured at fair value on a recurring basis as of September 30, 2013 for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):


	Beginning balance	$	—
	Beginning balance	$	—
	Purchases/contributions	203,347
	Purchases/contributions	203,347
	Distributions	(34,534		)
	Equity in earnings	18,823
	Equity in earnings	18,823
	Unrealized gains (losses)	—
	Unrealized gains (losses)	—
	Ending balance	$	187,636
	Ending balance	$	187,636
	For the nine months ended September 30, 2013, quantitative information about the Company's Level 3 fair value measurements on a recurring basis are as follows:


		Fair Value		Valuation Technique		Key Unobservable Inputs		Range
	PE Investments	$187,636		Discounted Cash Flow Model		Discount Rate		17% - 23%
	As of September 30, 2013 and December 31, 2012, the Company had no financial assets or liabilities that were accounted for at fair value on a non-recurring basis.
	For the three and nine months ended September 30, 2013, the Company did not recognize any unrealized gains (losses) for financial assets for which the fair value option was elected. For the three months ended September 30, 2012, the Company did not recognize any unrealized gains (losses) for financial assets for which the fair value option was elected. For the nine months ended September 30, 2012, the Company recognized unrealized gains (losses) of ($2.5) million for financial assets for which the fair value option was elected. These amounts are recorded as unrealized gain (loss) on investments and other in the consolidated statements of operations.
	Fair Value Option
	The Company has historically elected not to apply the fair value option for the financial assets and liabilities existing at the time of adoption or at the time the Company recognizes the eligible item for the purpose of consistent accounting application. The Company may elect the fair value option for certain of its financial assets or liabilities due to the nature of the instrument. In the case of PE Investments, the Company elected the fair value option because management believes it is a more useful presentation for such investments, as the Company determined recording equity in earnings (losses) from PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of PE Investments.
	Fair Value of Financial Instruments
	In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.
	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2013 and December 31, 2012 (dollars in thousands):


	30-Sep-13											31-Dec-12
	Principal				Carrying				Fair			Principal			Carrying			Fair
	Amount				Value				Value			Amount			Value			Value
Financial assets:(1)
Real estate debt investments, net	$	1,092,201		(2)	$	1,093,994			$	1,092,201		$	513,833		$	514,058		$	513,833
Real estate debt investments, net	$	1,092,201		(2)	$	1,093,994			$	1,092,201		$	513,833		$	514,058		$	513,833
Real estate securities, available for sale(3)	104,542				60,587				60,587			30,575			29,582			29,582
Real estate securities, available for sale(3)	104,542				60,587				60,587			30,575			29,582			29,582
Financial liabilities:(1)
Securitization bonds payable	$	507,359			$	506,750			$	507,025		$	124,659		$	124,491		$	124,862
Securitization bonds payable	$	507,359			$	506,750			$	507,025		$	124,659		$	124,491		$	124,862
Credit facilities	28,323				28,323				28,323			126,321			126,321			126,321
Credit facilities	28,323				28,323				28,323			126,321			126,321			126,321
______________________________________________

-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

-2	Excludes future funding commitments of $21.8 million.

-3	Refer to the "Determination of Fair Value" above for disclosure of methodologies used to determine fair value.
Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
Real Estate Debt Investments
For CRE debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment but not to exceed principal amount. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
Securitization Bonds Payable
Securitization bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy.
Credit Facilities
The Company has amounts outstanding under three credit facilities all of which bear floating rates of interest. As of the reporting date, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Segment_Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	The Company conducts its business through the following segments:

	•	The CRE debt business is focused on originating, acquiring and asset managing CRE debt investments including first mortgage loans, subordinate mortgage and mezzanine loans and participations in such loans and preferred equity interests.

	•	The CRE equity business includes other select equity investments, including indirect investments in real estate through joint ventures owning limited partnership interests in real estate private equity funds managed by institutional-quality sponsors, diversified by property type and geography. Since the underlying collateral in the funds is primarily real estate, the Company categorizes PE Investments as equity investments. The CRE equity business may also include direct ownership in real estate and select real estate assets that may or may not be structurally senior to a third-party partner's equity.

	•	The CRE securities business is focused on investing in and asset managing CRE securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	The Company primarily generates revenue from net interest income on the CRE debt and securities portfolios and from equity in earnings of unconsolidated ventures, including from PE Investments. The Company's income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments that generate attractive returns without any leverage.
	The following tables present segment reporting for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands):


	Three Months Ended September 30, 2013	Real Estate				Equity				Real Estate				Corporate(1)				Total
		Debt				Interests				Securities
	Net interest income
	Interest income	$	22,928			$	—			$	1,475			$	—			$	24,403

	Interest expense	4,094				—				42				—				4,136

	Net interest income	18,834				—				1,433				—				20,267

	Expenses	190				1,417				—				6,710				8,317

	Income (loss) from operations	18,644				(1,417		)		1,433				(6,710		)		11,950

	Equity in earnings (losses) of unconsolidated ventures	(280		)		9,601				—				—				9,321

	Net income (loss)	$	18,364			$	8,184			$	1,433			$	(6,710	)		$	21,271





	Three Months Ended September 30, 2012	Real Estate				Real Estate				Corporate(1)				Total
		Debt				Securities
	Net interest income
	Interest income	$	7,736			$	102			$	—			$	7,838

	Interest expense	1,066				—				—				1,066

	Net interest income	6,670				102				—				6,772

	Expenses	79				16				1,986				2,081

	Income (loss) from operations	6,591				86				(1,986		)		4,691

	Net income (loss)	$	6,591			$	86			$	(1,986	)		$	4,691






	Nine Months Ended September 30, 2013	Real Estate				Equity				Real Estate				Corporate(1)				Total
		Debt				Interests				Securities
	Net interest income
	Interest income	$	49,390			$	—			$	3,871			$	—			$	53,261

	Interest expense	9,806				—				131				—				9,937

	Net interest income	39,584				—				3,740				—				43,324

	Expenses	340				3,696				14				15,487				19,537

Income (loss) from operations	39,244				(3,696		)		3,726				(15,487		)		23,787

Equity in earnings (losses) of unconsolidated ventures	(460		)		18,823				—				—				18,363

Net income (loss)	$	38,784			$	15,127			$	3,726			$	(15,487	)		$	42,150




Nine Months Ended September 30, 2012	Real Estate				Real Estate				Corporate(1)				Total
	Debt				Securities
Net interest income
Interest income	$	14,126			$	985			$	—			$	15,111

Interest expense	1,241				439				—				1,680

Net interest income	12,885				546				—				13,431

Expenses	102				16				4,175				4,293

Income (loss) from operations	12,783				530				(4,175		)		9,138

Realized gain (loss) on investments and other	—				3,028				—				3,028

Unrealized gains (losses) on investments and other	—				(2,457		)		—				(2,457		)

Net income (loss)	$	12,783			$	1,101			$	(4,175	)		$	9,709

_________________________________________________

-1	Includes unallocated advisory fees—related party and general and administrative expenses.
The following table presents total assets by segment as of September 30, 2013 and December 31, 2012 (dollars in thousands):


Total Assets	Real Estate				Equity				Real Estate				Corporate(1)				Total
	Debt				Interests				Securities
September 30, 2013	$	1,344,904			$	187,897			$	60,974			$	120,606			$	1,714,381

December 31, 2012	$	617,705			$	—			$	29,712			$	212,521			$	859,938

__________________________________________________

-1	Includes cash, unallocated receivables and deferred costs and other assets, net.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Distribution Reinvestment Plan
	For the period from October 1, 2013 through November 12, 2013, the Company issued 0.7 million shares pursuant to the DRP raising proceeds of $6.8 million. As of November 12, 2013, 13.6 million shares were available to be issued pursuant to the DRP.
	Distributions
	On November 5, 2013, the board of directors of the Company approved a daily cash distribution of $0.002191781 per share of common stock for each of the three months ended March 31, 2014. Distributions are generally paid to stockholders on the first day of the month following the month for which the distribution has accrued.
	Share Repurchases
	For the period from October 1, 2013 through November 12, 2013, the Company repurchased 0.2 million shares for a total of $1.8 million or a weighted average price of $9.60 per share under the Share Repurchase Program.
	Financing
	In October 2013, the Company bifurcated a first mortgage loan with a principal amount of $104.5 million into a senior loan of $46.5 million and a mezzanine loan of $58.0 million. The Company sold the senior loan to an unaffiliated third party thereby creating permanent financing for the retained mezzanine loan.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Quarterly Presentation	'
	Basis of Quarterly Presentation
	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which was filed with the Securities and Exchange Commission.
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities ("VIE") where the Company is the primary beneficiary, if any, and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	'
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and its quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE's economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. As of September 30, 2013, the Company identified one VIE related to its securities investments. The VIE has a carrying value of $30.3 million as of September 30, 2013. The Company's maximum exposure to loss as of September 30, 2013 would not exceed the carrying value of its investment. Based on management's analysis, the Company determined that it does not currently or potentially hold a significant interest in this VIE and, therefore, is not the primary beneficiary. Accordingly, the VIE is not consolidated in the Company's financial statements as of September 30, 2013. The Company did not provide financial support to its unconsolidated VIE during the nine months ended September 30, 2013. As of September 30, 2013, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to its unconsolidated VIE. An affiliate of the Sponsor is named special servicer of the VIE.
Voting Interest Entities	'
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in and Advances to Unconsolidated Ventures	'
	Investments in and Advances to Unconsolidated Ventures
	The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity's net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments in joint ventures that own limited partnership interests in real estate private equity funds ("PE Investments"). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of PE Investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
	The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. The Company determined there was one significant unconsolidated joint venture with respect to PE Investment I as of September 30, 2013. Refer to Note 4 for further disclosure.
Estimates	'
	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Reclassifications	'
	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) ("OCI"). The only component of OCI is unrealized gain (loss) on CRE securities for which the fair value option was not elected.
Fair Value Option	'
	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
Real Estate Debt Investments	'
	Real Estate Debt Investments
	CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value.
Real Estate Securities	'
	Real Estate Securities
	The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. As of September 30, 2013, the Company did not have any CRE securities investments for which it elected the fair value option.
Revenue Recognition	'
	Revenue Recognition
	Real Estate Debt Investments
	Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
	Real Estate Securities
	Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments	'
	Credit Losses and Impairment on Investments
	Real Estate Debt Investments
	Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. As of September 30, 2013, the Company did not have any impaired CRE debt investments.
	Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	Real Estate Securities
	CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment ("OTTI") as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
	CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Derivatives	'
	Derivatives
	Derivatives are used to manage exposure to interest rate risk. All cash settlements and any change in fair value are recorded in interest income in the consolidated statements of operations. As of September 30, 2013, the Company had one interest rate floor as a hedge related to its floating-rate investments, maturing in October 2015 with a fair value of $6.7 million and a notional amount of $225.0 million. Derivatives are generally valued using a third-party pricing service. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Refer to Note 11 for further disclosure. The interest rate floor is included in deferred costs and other assets, net on the consolidated balance sheet as of September 30, 2013.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In February 2013, the Financial Accounting Standards Board issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	9 Months Ended
	Sep. 30, 2013
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]	'
Schedule of CRE debt investments, all of which have been directly originated by the company	'
	The following table presents CRE debt investments, which were predominantly originated by the Company, as of September 30, 2013 (dollars in thousands):


									Weighted Average						Floating
															Rate as
															% of
															Principal
	Asset Type:	Number		Principal			Carrying		Fixed		Spread		Total Unleveraged		Amount
				Amount(1)			Value(2)		Rate Loans		over		Current
											LIBOR Loans(3)		Yield
	First mortgage loans	30		$	962,272		$	942,109	12.96	%	6.08	%	7.58	%	94.7	%

	Mezzanine loans	2		118,500			118,635		11.5	%	12.45	%	12.28	%	56.1	%

	Subordinate mortgage interests	1		33,250			33,250		13.11	%	—	%	13.11	%	—	%

	Total/Weighted average	33		$	1,114,022		$	1,093,994	12.44	%	6.52	%	8.26	%	87.6	%

	__________________________________________________________

	-1	Includes interest accretion, to the extent applicable, and future funding commitments of $21.8 million.

	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $726.7 million for Securitization Financing Transactions (including $42.6 million of cash pending investment) and $30.9 million for Term Loan Facilities (refer to Note 6). The remainder is unleveraged.

	-3	Most floating-rate loans are subject to a fixed minimum LIBOR rate ("LIBOR floor"). As of September 30, 2013, the weighted average LIBOR floor was 1.21%.
	The following table presents CRE debt investments, all of which have been directly originated by the Company, as of December 31, 2012 (dollars in thousands):


									Weighted Average						Floating
															Rate as
															% of
															Principal
	Asset Type:	Number		Principal			Carrying		Fixed		Spread		Total Unleveraged		Amount
				Amount(1)			Value(2)		Rate Loans		over		Current
											LIBOR Loans (3)		Yield
	First mortgage loans	18		$	486,992		$	476,717	13.25	%	6.14	%	8.22	%	89.5	%

	Mezzanine loans	2		56,627			37,341		11.5	%	10	%	12.12	%	8.2	%

	Total/Weighted average	20		$	543,619		$	514,058	12.47	%	6.18	%	8.5	%	81	%

	__________________________________________________________

	-1	Includes interest accretion, to the extent applicable, and future funding commitments of $29.8 million.

	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $194.5 million for Securitization Financing Transactions and $197.6 million for Term Loan Facilities (refer to Note 6). The remainder is unleveraged.

	-3	All floating-rate loans are subject to a LIBOR floor. As of December 31, 2012, the weighted average LIBOR floor was 1.61%.
Schedule of maturities of CRE debt investments based on principal amount	'
	The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2013 (dollars in thousands):


		Initial			Maturity
		Maturity			Including
					Extensions(1)
	October 1 - December 31, 2013	$	64,480		$	—

	Years Ending December 31:
	2014	180,027			52,000

	2015	440,095			12,480

	2016	283,100			246,012

	2017	—			374,110

	Thereafter	146,320			429,420

	Total	$	1,114,022		$	1,114,022

	____________________________________________________________

	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the related debt agreements.

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Schedule of the Company's CRE securities	'
	CRE securities are comprised of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The following table presents CRE securities (dollars in thousands):


														Weighted Average
			Principal		Amortized		Cumulative Unrealized					Fair				Unleveraged
			Amount(1)		Cost		on Investments					Value				Current
	CMBS:	Number					Gain		(Loss)					Coupon(2)		Yield
	30-Sep-13	8	$	104,542	$	53,114	$	7,853	$	(380	)	$	60,587	4.53	%	9.07	%

	31-Dec-12	4	$	30,575	$	29,124	$	458	$	—		$	29,582	5.39	%	5.71	%

	________________________________________________________________

	-1	Certain CRE securities serve as collateral for financing transactions including carrying value of $17.8 million for the CMBS Facilities (refer to Note 6). The remainder is unleveraged.

	-2	All CMBS are fixed rate.

Borrowings_Tables

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Summary of borrowings	'
	The following table presents borrowings as of September 30, 2013 and December 31, 2012 (dollars in thousands):


							30-Sep-13						31-Dec-12
		Type		Final	Contractual		Principal				Carrying		Principal		Carrying
		Type		Maturity	Interest Rate(1)		Amount				Value		Amount		Value
	Securitization bonds payable
	Securitization 2013-1	Non-recourse		29-Aug	LIBOR + 2.68%		$	382,700			$	382,103	$	—	$	—
	Securitization 2013-1	Non-recourse		29-Aug	LIBOR + 2.68%		$	382,700			$	382,103	$	—	$	—
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR + 1.66%		124,659				124,647		124,659		124,491
	Subtotal securitization bonds payable						507,359				506,750		124,659		124,491
	Subtotal securitization bonds payable						507,359				506,750		124,659		124,491
	Credit facilities
	Loan Facility 1	Partial Recourse(2)		Feb-16(3)	N/A (4)		—				—		32,836		32,836
	Loan Facility 1	Partial Recourse(2)		Feb-16(3)	N/A (4)		—				—		32,836		32,836
	Loan Facility 2	Partial Recourse(5)		Jul-17(6)	N/A (7)		—				—		54,950		54,950
	Loan Facility 2	Partial Recourse(5)		Jul-17(6)	N/A (7)		—				—		54,950		54,950
	Loan Facility 3	Non-recourse		Jul-18(8)	5.24% (9)		16,638				16,638		26,850		26,850
	Loan Facility 3	Non-recourse		Jul-18(8)	5.24% (9)		16,638				16,638		26,850		26,850
	Loan Facility 4	Partial Recourse(10)		Mar-18(11)	N/A (12)		—				—		—		—
	Loan Facility 4	Partial Recourse(10)		Mar-18(11)	N/A (12)		—				—		—		—
	CMBS Facilities	Recourse		-13	1.58%		11,685				11,685		11,685		11,685
	CMBS Facilities	Recourse		-13	1.58%		11,685				11,685		11,685		11,685
	Subtotal credit facilities						28,323				28,323		126,321		126,321
	Subtotal credit facilities						28,323				28,323		126,321		126,321
	Grand Total						$	535,682			$	535,073	$	250,980	$	250,812
	Grand Total						$	535,682			$	535,073	$	250,980	$	250,812
	_____________________________________________________

	-1	Represents the weighted average as of September 30, 2013.

	-2	Recourse solely with respect to 25.0% of "core" assets and 100% of "flex" assets, which may only represent 25.0% of the total credit facility, as such terms are defined in the governing documents.

	-3	The initial maturity date is February 28, 2014, with two, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-4	The contractual interest rate depends upon asset type, subject to adjustment, and ranges from one-month LIBOR plus 2.5% to 3.0%.

	-5	Recourse solely with respect to 25.0% of the repurchase price for purchased assets with a lender debt yield equal to or greater than 10% at the time of financing plus 100% of the repurchase price for purchased assets with a lender debt yield less than 10% at the time of financing.

	-6	The initial maturity date is July 18, 2014, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-7	The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 2.0% to 4.0%.

	-8	The initial maturity date is July 30, 2015, with three, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-9	The contractual interest rate depends upon asset type and characteristic and ranges from one-month LIBOR plus 3.95% to 5.95%.

	-10	Recourse solely with respect to the greater of: (i) 25.0% of the financed amount of stabilized loans plus the financed amount of transitional loans; or (ii) the lesser of $25.0 million or the aggregate financed amount of all loans.

	-11	The initial maturity date is March 11, 2014, with four, one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

	-12	The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.5% to 3.0%.

	-13	The maturity dates on the CMBS Facilities are dependent upon asset type and will typically range from two to three months.
Schedule of principal on borrowings based on final maturity	'
	The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2013 (dollars in thousands):


		Total			Securitization				Credit
		Total			Bonds Payable				Facilities
	October 1 - December 31, 2013	$	11,685		$	—			$	11,685
	October 1 - December 31, 2013	$	11,685		$	—			$	11,685
	Years Ending December 31:
	2014	—			—				—
	2014	—			—				—
	2015	—			—				—
	2015	—			—				—
	2016	—			—				—
	2016	—			—				—
	2017	—			—				—
	2017	—			—				—
	Thereafter	523,997			507,359				16,638
	Thereafter	523,997			507,359				16,638
	Total	$	535,682		$	507,359			$	28,323
	Total	$	535,682		$	507,359			$	28,323

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Summary of fees incurred to the advisor and the due to related party at the end of the period	'
	The following table presents the fees and reimbursements incurred to the Advisor for the three and nine months ended September 30, 2013 and 2012 and the due to related party as of September 30, 2013 and December 31, 2012 (dollars in thousands):


				Three Months				Nine Months				Due to
				Ended September 30,				Ended September 30,				related party as of
												September 30,		December 31,
	Type of Fee or Reimbursement		Financial Statement Location	2013		2012		2013		2012		2013		2012
	Organization and offering costs
	Organization		General and administrative expenses	$	—	$	87	$	62	$	357	$	—	$	113

	Offering		Cost of capital(1)	483		1,658		2,989		3,413		—		2,151

	Operating costs(2)		General and administrative expenses	2,568		748		6,392		1,823		2,525		523

	Advisory fees
	Asset management		Advisory fees—related party	4,165		1,134		9,068		1,952		1,450		559

	Acquisition(3)		Real estate debt investments, net / Advisory fees—related party	2,334		508		7,657		3,085		—		—

	Disposition(3)		Real estate debt investments, net	162		—		177		—		—		24

	Selling commissions /Dealer manager fees		Cost of capital(1)	—		12,214		49,511		28,291		—		—

	Total(4)											$	3,975	$	3,370

	___________________________________________________

	-1	Cost of capital is included in net proceeds from issuance of common stock in the consolidated statements of equity.

	-2	As of September 30, 2013, the Advisor incurred unreimbursed operating costs on behalf of the Company and $5.7 million is still allocable.

	-3	Acquisition/disposition fees incurred to the Advisor related to CRE debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. Acquisition fees related to PE Investments are included in advisory fees—related party in the consolidated statements of operations. The Advisor may determine to defer fees or seek reimbursement. From inception through September 30, 2013, the Advisor deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to CRE securities.

	-4	Due to related party includes $0.8 million primarily related to Securitization 2013-1 as of September 30, 2013 and $11.8 million related to PE Investment I as of December 31, 2012.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Summary of distributions declared	'
	The following table presents distributions declared for the nine months ended September 30, 2013 (dollars in thousands):


		Distributions(1)
	Period	Cash		DRP		Total
	January	$	2,441	$	1,795	$	4,236

	February	2,378		1,778		4,156

	March	2,909		2,163		5,072

	April	3,173		2,352		5,525

	May	3,620		2,751		6,371

	June	3,901		3,067		6,968

	July	4,265		3,421		7,686

	August	4,259		3,441		7,700

	September	4,120		3,351		7,471

	_________________________________________________

	-1	Represents distributions declared for such period, even though such distributions are actually paid to stockholders the month following such period.

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of financial assets accounted for at fair value on a recurring basis by level within the fair value hierarchy	'
	The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by level within the fair value hierarchy (dollars in thousands):


		30-Sep-13											31-Dec-12
		Level 1				Level 2			Level 3		Total		Level 1		Level 2		Level 3		Total
	Asset type:
	Investments in private equity funds	$	—			$	—		$	187,636	$	187,636	$	—	$	—	$	—	$	—
	Investments in private equity funds	$	—			$	—		$	187,636	$	187,636	$	—	$	—	$	—	$	—
	Real estate securities, available for sale	—				60,587			—		60,587		—		29,582		—		29,582
	Real estate securities, available for sale	—				60,587			—		60,587		—		29,582		—		29,582
Table presents additional information about financial assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value	'
	The following table presents additional information about PE Investments which are measured at fair value on a recurring basis as of September 30, 2013 for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):


	Beginning balance	$	—
	Beginning balance	$	—
	Purchases/contributions	203,347
	Purchases/contributions	203,347
	Distributions	(34,534		)
	Equity in earnings	18,823
	Equity in earnings	18,823
	Unrealized gains (losses)	—
	Unrealized gains (losses)	—
	Ending balance	$	187,636
	Ending balance	$	187,636
Fair Value Inputs, Assets, Quantitative Information	'
	For the nine months ended September 30, 2013, quantitative information about the Company's Level 3 fair value measurements on a recurring basis are as follows:


		Fair Value		Valuation Technique		Key Unobservable Inputs		Range
	PE Investments	$187,636		Discounted Cash Flow Model		Discount Rate		17% - 23%
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities	'
	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2013 and December 31, 2012 (dollars in thousands):


		30-Sep-13									31-Dec-12
		Principal				Carrying			Fair		Principal		Carrying		Fair
		Amount				Value			Value		Amount		Value		Value
	Financial assets:(1)
	Real estate debt investments, net	$	1,092,201		(2)	$	1,093,994		$	1,092,201	$	513,833	$	514,058	$	513,833
	Real estate debt investments, net	$	1,092,201		(2)	$	1,093,994		$	1,092,201	$	513,833	$	514,058	$	513,833
	Real estate securities, available for sale(3)	104,542				60,587			60,587		30,575		29,582		29,582
	Real estate securities, available for sale(3)	104,542				60,587			60,587		30,575		29,582		29,582
	Financial liabilities:(1)
	Securitization bonds payable	$	507,359			$	506,750		$	507,025	$	124,659	$	124,491	$	124,862
	Securitization bonds payable	$	507,359			$	506,750		$	507,025	$	124,659	$	124,491	$	124,862
	Credit facilities	28,323				28,323			28,323		126,321		126,321		126,321
	Credit facilities	28,323				28,323			28,323		126,321		126,321		126,321
	______________________________________________

	-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

	-2	Excludes future funding commitments of $21.8 million.

	-3	Refer to the "Determination of Fair Value" above for disclosure of methodologies used to determine fair value.

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Summary of segment reporting	'
	The following tables present segment reporting for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands):


	Three Months Ended September 30, 2013	Real Estate				Equity				Real Estate				Corporate(1)			Total
		Debt				Interests				Securities
	Net interest income
	Interest income	$	22,928			$	—			$	1,475			$	—		$	24,403

	Interest expense	4,094				—				42				—			4,136

	Net interest income	18,834				—				1,433				—			20,267

	Expenses	190				1,417				—				6,710			8,317

	Income (loss) from operations	18,644				(1,417		)		1,433				(6,710		)	11,950

	Equity in earnings (losses) of unconsolidated ventures	(280		)		9,601				—				—			9,321

	Net income (loss)	$	18,364			$	8,184			$	1,433			$	(6,710	)	$	21,271





	Three Months Ended September 30, 2012	Real Estate				Real Estate				Corporate(1)				Total
		Debt				Securities
	Net interest income
	Interest income	$	7,736			$	102			$	—			$	7,838

	Interest expense	1,066				—				—				1,066

	Net interest income	6,670				102				—				6,772

	Expenses	79				16				1,986				2,081

	Income (loss) from operations	6,591				86				(1,986		)		4,691

	Net income (loss)	$	6,591			$	86			$	(1,986	)		$	4,691






	Nine Months Ended September 30, 2013	Real Estate				Equity				Real Estate				Corporate(1)			Total
		Debt				Interests				Securities
	Net interest income
	Interest income	$	49,390			$	—			$	3,871			$	—		$	53,261

	Interest expense	9,806				—				131				—			9,937

	Net interest income	39,584				—				3,740				—			43,324

	Expenses	340				3,696				14				15,487			19,537

	Income (loss) from operations	39,244				(3,696		)		3,726				(15,487		)	23,787

	Equity in earnings (losses) of unconsolidated ventures	(460		)		18,823				—				—			18,363

	Net income (loss)	$	38,784			$	15,127			$	3,726			$	(15,487	)	$	42,150




Nine Months Ended September 30, 2012	Real Estate				Real Estate				Corporate(1)				Total
	Debt				Securities
Net interest income
Interest income	$	14,126			$	985			$	—			$	15,111

Interest expense	1,241				439				—				1,680

Net interest income	12,885				546				—				13,431

Expenses	102				16				4,175				4,293

Income (loss) from operations	12,783				530				(4,175		)		9,138

Realized gain (loss) on investments and other	—				3,028				—				3,028

Unrealized gains (losses) on investments and other	—				(2,457		)		—				(2,457		)

Net income (loss)	$	12,783			$	1,101			$	(4,175	)		$	9,709

_________________________________________________

-1	Includes unallocated advisory fees—related party and general and administrative expenses.
Summary of total assets by segment	'
	The following table presents total assets by segment as of September 30, 2013 and December 31, 2012 (dollars in thousands):


	Total Assets	Real Estate				Equity				Real Estate				Corporate(1)			Total
		Debt				Interests				Securities
	September 30, 2013	$	1,344,904			$	187,897			$	60,974			$	120,606		$	1,714,381

	December 31, 2012	$	617,705			$	—			$	29,712			$	212,521		$	859,938

	__________________________________________________

	-1	Includes cash, unallocated receivables and deferred costs and other assets, net.

Business_and_Organization_Deta

Business and Organization (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012
Business and Organization (Details) (USD $)	employee	Special Units Holder	Advisor	NS Real Estate Income Trust Advisor, LLC	NorthStar OP Holdings, LLC
Non-controlling interests	'	'	'	'	'
Number of employees	0	'	'	'	'
Non-controlling interest contributions in Operating Partnership	'	$1,000	$1,000	$1,000	$1,000
Limited partnership interest in the Operating Partnership (as a percent)	99.98%	'	'	'	'

Business_and_Organization_Deta1

Business and Organization (Details 2) (USD $)	0 Months Ended			58 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Jul. 02, 2013	Sep. 30, 2013	Dec. 31, 2012	Nov. 12, 2013	Sep. 30, 2013	Sep. 30, 2013
				Subsequent event	Maximum	Dividend Reinvestment Plan
						Sponsor
						Maximum
Authorized shares of common stock and preferred stock	'	'	'	'	'	'
Common stock, shares authorized	'	400,000,000	400,000,000	'	'	'
Common stock, par value (in dollars per share)	'	$0.01	$0.01	'	'	'
Preferred stock, shares authorized	'	50,000,000	50,000,000	'	50,000,000	'
Preferred stock, par value (in dollars per share)	'	$0.01	$0.01	'	'	'
Common stock filed in a registration statement with SEC, for issuance pursuant to primary offering (in shares)	'	'	'	'	100,000,000	'
Common stock filed in a registration statement with SEC, for issuance pursuant to DRP (in shares)	7,600,000	'	'	'	10,526,315	15,000,000
Gross proceeds from Total Offering	'	'	'	$1,142.10	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
	Investment
Investments in and advances to unconsolidated ventures	'
Variable Interest Entity Number of Entities Related to Investments and Financing	1
Variable Interest Entities	'
Carrying value of VIE	$30.30
Real Estate Debt Investments	'
Period past due for suspension of income recognition	'90 days
PE Investment I	'
Investments in and advances to unconsolidated ventures	'
Number of significant unconsolidated joint ventures for which disclosure of summarized financial statement information is required	1

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2) (Interest rate floor, USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	interestratefloor
Interest rate floor	'
Derivatives	'
Number of contracts	1
Fair value	$6.70
Notional amount	$225

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Apr. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

loan

Investment

Milford Plaza hotel

Securitization 2012-1

Term Loan Facilities

Securitization 2013 1

Weighted Average

First mortgage loans

Mezzanine loans

First mortgage loans, mezzanine loans and subordinate mortgage interests

First mortgage / mezzanine loans

Subordinate Mortgage Interests [Member]

Mortgage Loans on Real Estate, Variable Rate Base, LIBOR [Member]

room

Sponsor

loan

Investment

Weighted Average

loan

Investment

Weighted Average

loan

Weighted Average

Collateralized Debt Obligations [Member]

Weighted Average

Variable Interest Entity, Primary Beneficiary [Member]

CRE debt investments

Number

Principal Amount

$1,114,022,000

$543,619,000

$962,272,000

$486,992,000

$118,500,000

$56,627,000

$33,250,000

Carrying Value

1,093,994,000

514,058,000

942,109,000

476,717,000

118,635,000

37,341,000

33,250,000

Description of variable rate

'LIBOR

Fixed Rate (as a percent)

12.44%

12.47%

12.96%

13.25%

11.50%

13.11%

Spread over LIBOR (as a percent)

6.52%

6.18%

6.08%

6.14%

12.45%

10.00%

Unleveraged Current Yield (as a percent)

8.26%

8.50%

7.58%

8.22%

12.28%

12.12%

13.11%

Floating Rate as % of Principal Amount

87.60%

81.00%

94.70%

89.50%

56.10%

8.20%

Future funding commitments

21,800,000

29,800,000

Carrying value served as collateral

726,700,000

194,500,000

30,900,000

197,600,000

Restricted Cash and Cash Equivalents

217,702,000

72,265,000

42,600,000

nsre_MortgageLoansOnRealEstateVariableRateBasisFloor

1.21%

1.61%

Principal amount of loans originated with the Sponsor

255,000,000

Number of rooms

1,331

Ownership percentage

35.00%

Company funded investment and the Sponsor funded

$89,300,000

$165,700,000

Mortgage Loans on Real Estate, Variable Rate Basis Floor

1.21%

1.61%

1.21%

1.61%

1.21%

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
	Sep. 30, 2013	Investment	Dec. 31, 2012
Maturities of principal amounts of CRE debt investments	'	'	'
Maturity period of debt instruments depending upon the asset type	'4 years 4 months 24 days	'	'
Restricted Cash and Cash Equivalents	$217,702	$217,702	$72,265
Total	1,114,022	1,114,022	543,619
Credit Quality Monitoring	'	'	'
Number of CRE debt investments contributing to more than 10% of interest income	'	0	'
Percent of Intereset Income Contributed by Investment	'	10.00%	'
Minimum	'	'	'
Credit Quality Monitoring	'	'	'
Period past due on contractual debt service payments for debt investments to be categorized as non-performing loans	'	'90 days	'
Mezzanine loans	'	'	'
Maturities of principal amounts of CRE debt investments	'	'	'
Total	118,500	118,500	56,627
Initial Maturity	'	'	'
Maturities of principal amounts of CRE debt investments	'	'	'
October 1 - December 31, 2013	64,480	64,480	'
2014	180,027	180,027	'
2015	440,095	440,095	'
2016	283,100	283,100	'
Thereafter	146,320	146,320	'
Total	1,114,022	1,114,022	'
Maturity Including Extensions	'	'	'
Maturities of principal amounts of CRE debt investments	'	'	'
2014	52,000	52,000	'
2015	12,480	12,480	'
2016	246,012	246,012	'
2017	374,110	374,110	'
Thereafter	429,420	429,420	'
Total	$1,114,022	$1,114,022	'

Investments_in_and_Advances_to1

Investments in and Advances to Unconsolidated Ventures (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Apr. 30, 2013

Sep. 30, 2013

Feb. 28, 2013

Sep. 30, 2013

Feb. 28, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Milford Plaza hotel

Sponsor

PE Investment I

PE Investment II

Registrant and Sponsor [Member]

item

fund

Sponsor

NorthStar Real Estate Income Trust Inc [Member]

Class B Partner [Member]

fund

Sponsor

Vintage Funds

Milford Plaza hotel

Investment

Cash distribution until NorthStar Entities receive a 1.5x multiple on all of their invested capital

Remaining cash distribution

Cash distribution until NorthStar Entities receive a 1.5x multiple on all of their invested capital

Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012 [Member]

Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital [Member]

Remaining cash distribution

Investments in and advances to unconsolidated ventures

Amount funded at initial closing of real estate private equity

$118,000,000

$282,100,000

Ownership interest held by the entity together with sponsor (as a percent)

51.00%

Ownership interest in amount funded (as a percent)

29.50%

70.50%

15.00%

70.00%

15.00%

Number of real estate private equity funds contributed

Cash distribution to the NorthStar Entities (as a percent)

85.00%

15.00%

49.00%

Cash distribution to the Class B Partner (as a percent)

85.00%

51.00%

15.00%

Multiplier factor for cash distribution to the NorthStar Entities

1.5

Carrying value of investments

200,000

110,200,000

77,400,000

Equity recognized in earnings (losses)

9,321,000

18,363,000

300,000

400,000

6,400,000

15,600,000

3,200,000

Net distribution received

31,300,000

Contribution made

7,800,000

Estimated future capital commitments

10,400,000

8,300,000

Number of significant unconsolidated joint ventures for which disclosure of summarized financial statement information is required

Net Investment Income

2,800,000

Realized gain (loss) on investments and other

3,028,000

1,700,000

Unrealized gain (loss) on investments and other

-2,457,000

13,500,000

Aggregate reported net asset value

925,400,000

Amount to be paid to the Seller for all of the fund interests

509,900,000

Percentage of September 30, 2012 NAV paid as Initial Amount to Seller for all of the fund interests

55.00%

Deferred Amount paid to Seller for remaining of the fund interests

415,500,000

Percentage of September 30, 2012 NAV paid as Deferred Amount to Seller for all of the fund interests

45.00%

Entity's share in Initial Amount

76,500,000

Entity's share in Deferred Amount

62,300,000

Period in which distribution will be made on priority basis since beginning, on the first day of the fiscal quarter following the closing date of each fund interest

'3 years

Percentage of distribution to PE Investment II

85.00%

Percentage of distribution to Seller

15.00%

Reduction in deferred amount as a percentage of amortization amount

15.00%

Distribution period

'4 years

Percentage of distributions receivable by funds following the payment of the Deferred Amount (as a percent)

100.00%

Distribution received

3,200,000

Payments to Acquire Equity Method Investments

$202,338,000

$118,000,000

$282,100,000

$900,000

Ownership percentage

35.00%

Equity Method Investment Ownership Breakdown Of Total Ownership

35.00%

65.00%

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Real estate securities	'	'	'	'	'
Fair Value	$60,587,000	'	$60,587,000	'	$29,582,000
Unrealized gains (losses) recorded in OCI	5,029,000	119,000	7,016,000	342,000	'
CMBS	'	'	'	'	'
Real estate securities	'	'	'	'	'
Number	8	'	8	'	4
Principal Amount	104,542,000	'	104,542,000	'	30,575,000
Amortized Cost	53,114,000	'	53,114,000	'	29,124,000
Cumulative Unrealized Gain on Investments	7,853,000	'	7,853,000	'	458,000
Cumulative Unrealized (Loss) on Investment	-380,000	'	-380,000	'	'
Fair Value	60,587,000	'	60,587,000	'	29,582,000
Weighted Average Coupon (as a percent)	4.53%	'	4.53%	'	5.39%
Weighted Average, Unleveraged Current Yield (as a percent)	9.07%	'	9.07%	'	5.71%
Carrying value of securities served as collateral for the company's financing transactions	17,800,000	'	17,800,000	'	'
Unrealized gains (losses) recorded in OCI	$5,000,000	$100,000	$7,000,000	$300,000	'
Weighted average contractual maturities of the CRE securities	'	'	'34 years	'	'
Weighted average expected maturity of CRE securities	'	'	'7 years 9 months 6 days	'	'

Borrowings_Details

Borrowings (Details) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Aug. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Aug. 31, 2013

Nov. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Nov. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Feb. 28, 2012

Sep. 30, 2013

Apr. 30, 2013

Dec. 31, 2012

Nov. 30, 2012

Jul. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Jul. 31, 2012

Sep. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Aug. 31, 2013

Sep. 30, 2013

Investment

Securitization 2013 1

CRE debt investments

Securitization 2013 1

Securitization 2012-1

Commercial Mortgage Backed Securities 2013 Bonds Payable

Commercial Mortgage Backed Security 2012 Bonds Payable

Securitization bonds payable

Credit facilities

Loan Facilities

Loan Facility 1

Loan Facility 2

Loan Facility 3

Loan Facility 4

CMBS Facilities

Senior Loans

CRE Debt Facility

Doral Facility

Commercial Mortgage Backed Securities 2013 Bonds Payable

Commercial Mortgage Backed Security 2012 Bonds Payable

Investment

loan

CRE debt investments

Securitization 2012-1

extension

Minimum

Maximum

extension

Minimum

Maximum

extension

Minimum

Maximum

extension

Minimum

Maximum

agreement

Minimum

Maximum

Credit facilities

Securitization Bonds Payable

Borrowings

Number of securitization financing transactions entered

Contractual Interest Rate (as a percent)

5.24%

Weighted average interest rate (as a percent)

1.58%

Principal Amount

$535,682,000

$250,980,000

$382,700,000

$124,659,000

$507,359,000

$124,659,000

$28,323,000

$126,321,000

$32,836,000

$54,950,000

$16,638,000

$26,850,000

$11,685,000

Carrying Value

535,073,000

250,812,000

16,600,000

382,103,000

124,647,000

124,491,000

28,323,000

126,321,000

16,600,000

32,836,000

54,950,000

16,638,000

26,850,000

11,685,000

Securitization bonds payable

506,750,000

124,491,000

Credit facilities

28,323,000

126,321,000

Percentage of core assets for which recourse is available

25.00%

Percentage of flex assets for which recourse is available

100.00%

Percentage of line of credit for which recourse may be available

25.00%

Number of optional extensions to initial maturity date available to the entity

Optional extension period of initial maturity date

'1 year

Variable rate basis

'one-month LIBOR

Interest rate margin (as a percent)

2.68%

1.66%

2.50%

3.00%

2.00%

4.00%

3.95%

5.95%

2.50%

3.00%

2.68%

1.66%

Percentage of repurchase price for purchased assets for which a recourse is available for debt yielding equal to or greater than 10% at the time of financing

25.00%

Mortgage Loans on Real Estate, Yield Percentage

10.00%

Percentage of repurchase price for purchased assets for which a recourse is available for debt yield less than 10% at the time of financing

100.00%

Percentage of financed amount of stabilized loans for which recourse is available

25.00%

Financed amount of loans for which recourse is available

25,000,000

Maturity period of debt instruments depending upon the asset type

'4 years 4 months 24 days

'2 months

'3 months

Scheduled principal payment requirements on borrowings

October 1 - December 31, 2013

11,685,000

Years Ending December 31:

2014

2015

2016

2017

Thereafter

523,997,000

507,359,000

16,638,000

Total

535,682,000

250,980,000

382,700,000

124,659,000

507,359,000

124,659,000

28,323,000

126,321,000

32,836,000

54,950,000

16,638,000

26,850,000

11,685,000

Principal amount of investments financed by borrowings

1,114,022,000

543,619,000

531,500,000

351,400,000

30,900,000

Number of CRE debt investments contributed

Aggregate principal amount of CRE debt investment contributed

63,700,000

346,100,000

199,200,000

Debt Instrument Debt Created From Bifurcation

79,100,000

Equity interest retained in CRE debt investments contributed

70,000,000

Value of bonds issued

382,700,000

227,500,000

Value of bonds used to finance the assets contributed

129,500,000

Advance rates (as a percent)

72.00%

65.00%

Amount of borrowings repaid

222,700,000

197,549,000

117,700,000

Number of facilities

Maximum borrowing capacity

100,000,000

150,000,000

100,000,000

50,000,000

40,000,000

200,000,000

Unrestricted cash or cash equivalents required to be maintained under financial covenants

5,000,000

15,000,000

3,800,000

22,500,000

3,800,000

7,500,000

20,000,000

Number of master repurchase agreements entered into

CRE securities financed under CMBS Facilities

$11,700,000

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)

1 Months Ended

9 Months Ended

12 Months Ended

53 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

53 Months Ended

3 Months Ended

9 Months Ended

53 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

53 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Aug. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Jun. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Aug. 31, 2013

Sep. 30, 2013

loan

PE Investment I

PE Investment II

Advisor

Dealer Manager

NS Real Estate Income Trust Advisor, LLC

Sponsor

Securitization 2013 1

Senior Loans

Asset management fees

Maximum

PE Investment I

Organization costs

Offering costs

Operating costs

Asset management fees

Acquisition fees

Disposition fees

Selling commissions / Dealer manager fees

Maximum

PE Investment I

Maximum

Selling commissions / Dealer manager fees

Operating costs

Disposition fees

Related Party Arrangements

Number of Mortgage Loans which are Bifurcated

Debt Instrument Debt Created From Bifurcation

$79,100,000

Organization and Offering Costs

Percentage of gross offering proceeds from the Primary Offering reimbursable as organization and offering costs

15.00%

Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee

15,000,000

Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering

1.50%

Gross proceeds from issuance of common stock

512,800,000

433,000,000

1,072,900,000

Estimated reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering

1.00%

Gross proceeds from sale of shares

460,225,000

385,098,000

400,000

2,300,000

4,600,000

Maximum underwriting compensation including selling commissions, the dealer manager fee and amounts reimbursed

10.00%

Aggregate principal amount of CRE debt investment contributed

63,700,000

346,100,000

Operating Costs

Number of preceding fiscal quarters at the end of which the Company reimburses operating costs (including the asset management fee)

Percentage of average invested assets reimbursable as operating costs

2.00%

Percentage of net income, without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of the Company's assets, considered for reimbursement of operating costs

25.00%

Period for true-up calculation of expense reimbursements

'12 months

Percent of Sum of Amount Funded or Allocated for Investments

1.25%

Asset Management Fee

Monthly asset management fees as percentage of principal amount of debt originated

0.10%

Asset Acquisition Fee

Asset acquisition fee as percentage of principal amount funded to originate CRE debt or other real estate investments

1.00%

Asset Disposition Fee

Asset disposition fee as percentage of contract sales price of CRE debt, CRE security or select CRE equity investment sold

1.00%

Asset disposition fee as a percentage of the principal amount of the CRE debt investment prior to the specified transaction

1.00%

Selling Commissions and Dealer Manager Fees

Selling commissions as a percentage of gross offering proceeds from primary offering

7.00%

Dealer manager fee as a percentage of gross offering proceeds from primary offering

3.00%

Value of shares of common stock committed to be purchased

10,000,000

Purchase price of common stock (in dollars per share)

Shares purchased during the period

41,956

300,000

500,000

Amount of transaction with related parties

87,000

62,000

357,000

483,000

1,658,000

2,989,000

3,413,000

2,568,000

748,000

6,392,000

1,823,000

4,165,000

1,134,000

9,068,000

1,952,000

2,334,000

508,000

7,657,000

3,085,000

162,000

177,000

12,214,000

49,511,000

28,291,000

Due to related party

4,797,000

15,165,000

3,975,000

3,370,000

113,000

2,151,000

2,525,000

523,000

1,450,000

559,000

24,000

11,800,000

Allocable operating costs

5,700,000

Fees deferred by advisor

500,000

300,000

Amount of payable due to related party

800,000

11,800,000

PE Investments

Ownership percentage

29.50%

Aggregate Cash contribution to fund

400,100,000

Cash contribution to fund

202,338,000

118,000,000

900,000

282,100,000

Aggregated amount deposited in connection with funding obligations

$40,000,000

Asset Management Fee Monthly Factor

0.0833

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (Restricted stock, USD $)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended	35 Months Ended
	Jun. 30, 2013	Jun. 30, 2011	Jun. 30, 2010	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Jun. 30, 2013
	Jun. 30, 2013	Jun. 30, 2011	Jun. 30, 2010	Sep. 30, 2013	Sep. 30, 2012	director	Sep. 30, 2012	Dec. 31, 2012	Jun. 30, 2013
Restricted stock	'	'	'	'	'	'	'	'	'
Equity-Based Compensation, Director's share	'	'	'	'	'	'	'	'	'
Number of independent directors	'	'	'	'	'	3	'	'	'
Number of shares received by independent directors	3,500	2,500	2,500	'	'	5,000	'	'	'
Award vesting period	'	'	'	'	'	'2 years	'	'4 years	'
Total equity-based compensation cost recognized in connection with granting of stock	'	'	'	'	'	'	'	'	$400,000
Recognized equity-based compensation expense, related to issuance of common stock	'	'	'	$28,688	$16,875	$64,931	$43,265	'	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

1 Months Ended

9 Months Ended

12 Months Ended

53 Months Ended

56 Months Ended

0 Months Ended

1 Months Ended

Sep. 30, 2013

Aug. 31, 2013

Jul. 31, 2013

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Sep. 30, 2013

Nov. 12, 2013

Nov. 05, 2013

Nov. 12, 2013

Subsequent event

Subsequent Events

Shares issued pursuant to DRP

2,400,000

1,100,000

3,600,000

700,000

Common Stock

Number of shares of common stock issued pursuant to the Total Primary Offering

52,000,000

43,400,000

107,600,000

Gross proceeds from issuance of common stock

$512,800,000

$433,000,000

$1,072,900,000

Distribution Reinvestment Plan

Initial purchase price per share under the DRP (in dollars per share)

$9.50

Price of shares issued as a percentage of estimated value per share

95.00%

Period within which the company expects to establish an estimated value per share

'18 months

Selling commissions or dealer manager fees that will be paid for sales under DRP

Notice period served by board of directors to amend or terminate DRP

'10 days

Total proceeds from sale of shares pursuant to DRP

22,437,000

10,305,000

34,300,000

6,800,000

Common Stock Shares Remaining Available for Sale Pursuant to Distribution Reinvestment Plan

13,600,000

Distributions

Daily amount of distribution accrued per share (in dollars per share)

$0.00

Annual distribution rate (as a percent)

8.00%

Cash

4,120,000

4,259,000

4,265,000

3,901,000

3,620,000

3,173,000

2,909,000

2,378,000

2,441,000

55,185,000

27,922,000

DRP

3,351,000

3,441,000

3,421,000

3,067,000

2,751,000

2,352,000

2,163,000

1,778,000

1,795,000

Total

7,471,000

7,700,000

7,686,000

6,968,000

6,371,000

5,525,000

5,072,000

4,156,000

4,236,000

Share Repurchase Program

Holding period of shares required for repurchase

'1 year

Number of shares repurchased

400,000

100,000

200,000

Total amount of shares repurchased

$3,896,000

$1,371,000

$1,800,000

Repurchase price paid per share (in dollars per share)

$9.59

$9.69

$9.60

Fair_Value_Details

Fair Value (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013
			Recurring basis	Recurring basis	Recurring basis	Recurring basis	Recurring basis	Recurring basis	Private Equity Funds [Member]	Private Equity Funds [Member]
			Level 1	Level 2	Level 2	Level 3	Total	Total	Minimum	Maximum
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'	'	'	'	'	'	'	'
Investments in private equity funds	$187,636,000	'	$0	'	'	$187,636,000	$187,636,000	'	'	'
Real estate securities, available for sale	60,587,000	29,582,000	'	60,587,000	29,582,000	'	60,587,000	29,582,000	'	'
Financial assets measured at non-recurring basis	0	0	'	'	'	'	'	'	'	'
Financial liabilities measured at non-recurring basis	$0	$0	'	'	'	'	'	'	'	'
Fair Value Inputs, Discount Rate	'	'	'	'	'	'	'	'	17.00%	23.00%

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Additional information about financial assets	'
Beginning balance	'
Purchases/contributions	203,347
Distributions	-34,534
Equity in earnings	18,823
Unrealized gains (losses)	0
Ending balance	$187,636

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Fair Value Option	'	'	'	'
Unrealized gain (loss) for financial assets for which fair value option was elected	$0	$0	$0	($2,457)
Fair Value Option	'	'	'	'
Fair Value Option	'	'	'	'
Unrealized gain (loss) for financial assets for which fair value option was elected	'	'	'	($2,500)

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Fair Value (Details 4) (USD $)	creditfacility	Dec. 31, 2012
Fair Value of Financial Instruments	'	'
Investments in private equity funds	$187,636,000	'
Financial assets:	'	'
Real estate debt investments, net	1,093,994,000	514,058,000
Real estate securities, available for sale	60,587,000	29,582,000
Financial liabilities:	'	'
Securitization bonds payable	506,750,000	124,491,000
Credit facilities	28,323,000	126,321,000
Credit Facilities	'	'
Number of term credit facilities under which amounts are outstanding	3	'
Principal Amount	'	'
Financial assets:	'	'
Real estate debt investments, net	1,092,201,000	513,833,000
Real estate securities, available for sale	104,542,000	30,575,000
Future funding commitments related to real estate debt investments	21,800,000	'
Financial liabilities:	'	'
Securitization bonds payable	507,359,000	124,659,000
Credit facilities	28,323,000	126,321,000
Carrying Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,093,994,000	514,058,000
Real estate securities, available for sale	60,587,000	29,582,000
Financial liabilities:	'	'
Securitization bonds payable	506,750,000	124,491,000
Credit facilities	28,323,000	126,321,000
Fair Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,092,201,000	513,833,000
Real estate securities, available for sale	60,587,000	29,582,000
Financial liabilities:	'	'
Securitization bonds payable	507,025,000	124,862,000
Credit facilities	$28,323,000	$126,321,000

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting	'	'	'	'	'
Interest income	$24,403	$7,838	$53,261	$15,111	'
Interest expense	4,136	1,066	9,937	1,680	'
Net interest income	20,267	6,772	43,324	13,431	'
Expenses	8,317	2,081	19,537	4,293	'
Income (loss) from operations	11,950	4,691	23,787	9,138	'
Equity in earnings (losses) of unconsolidated ventures	9,321	'	18,363	'	'
Realized gain (loss) on investments and other	0	0	0	3,028	'
Unrealized gain (loss) on investments and other	0	0	0	-2,457	'
Net income (loss)	21,271	4,691	42,150	9,709	15,304
Total Assets	1,714,381	'	1,714,381	'	859,938
Real Estate Debt	'	'	'	'	'
Segment Reporting	'	'	'	'	'
Interest income	22,928	7,736	49,390	14,126	'
Interest expense	4,094	1,066	9,806	1,241	'
Net interest income	18,834	6,670	39,584	12,885	'
Expenses	190	79	340	102	'
Income (loss) from operations	18,644	6,591	39,244	12,783	'
Equity in earnings (losses) of unconsolidated ventures	-280	'	-460	'	'
Net income (loss)	18,364	6,591	38,784	12,783	'
Total Assets	1,344,904	'	1,344,904	'	617,705
Equity Interests	'	'	'	'	'
Segment Reporting	'	'	'	'	'
Expenses	1,417	'	3,696	'	'
Income (loss) from operations	-1,417	'	-3,696	'	'
Equity in earnings (losses) of unconsolidated ventures	9,601	'	18,823	'	'
Net income (loss)	8,184	'	15,127	'	'
Total Assets	187,897	'	187,897	'	'
Real Estate Securities	'	'	'	'	'
Segment Reporting	'	'	'	'	'
Interest income	1,475	102	3,871	985	'
Interest expense	42	0	131	439	'
Net interest income	1,433	102	3,740	546	'
Expenses	0	16	14	16	'
Income (loss) from operations	1,433	86	3,726	530	'
Realized gain (loss) on investments and other	'	'	'	3,028	'
Unrealized gain (loss) on investments and other	'	'	'	-2,457	'
Net income (loss)	1,433	86	3,726	1,101	'
Total Assets	60,974	'	60,974	'	29,712
Corporate	'	'	'	'	'
Segment Reporting	'	'	'	'	'
Expenses	6,710	1,986	15,487	4,175	'
Income (loss) from operations	-6,710	-1,986	-15,487	-4,175	'
Net income (loss)	-6,710	-1,986	-15,487	-4,175	'
Total Assets	$120,606	'	$120,606	'	$212,521

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	9 Months Ended	12 Months Ended	56 Months Ended		0 Months Ended	1 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Nov. 12, 2013	Nov. 05, 2013	Nov. 12, 2013	Oct. 31, 2013	Oct. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Oct. 31, 2013
					Subsequent event	Subsequent event	First mortgage loans	Senior Loans	Mezzanine loans	Mezzanine loans	Mezzanine loans
							Subsequent event	Subsequent event			Subsequent event
Subsequent Events	'	'	'	'	'	'	'	'	'	'	'
Common Stock Shares Remaining Available for Sale Pursuant to Distribution Reinvestment Plan	'	'	'	13,600,000	'	13,600,000	'	'	'	'	'
Distribution Reinvestment Plan	'	'	'	'	'	'	'	'	'	'	'
Shares issued representing all remaining shares available pursuant to the DRP	2,400,000	1,100,000	3,600,000	'	'	700,000	'	'	'	'	'
Total proceeds from sale of shares pursuant to DRP	$22,437,000	$10,305,000	$34,300,000	'	'	$6,800,000	'	'	'	'	'
Distributions	'	'	'	'	'	'	'	'	'	'	'
Daily cash distribution accrued per share (in dollars per share)	$0.00	'	'	'	$0.00	'	'	'	'	'	'
Share Repurchases	'	'	'	'	'	'	'	'	'	'	'
Number of shares repurchased	400,000	100,000	'	'	'	200,000	'	'	'	'	'
Total amount of shares repurchased	3,896,000	1,371,000	'	'	'	1,800,000	'	'	'	'	'
Repurchase price paid per share (in dollars per share)	$9.59	$9.69	'	'	'	$9.60	'	'	'	'	'
Debt Instrument Senior Mortgage Loan Interest in Real Estate Debt Investments	'	'	'	'	'	'	104,500,000	46,500,000	'	'	'
Principal amount of investments financed by borrowings	$1,114,022,000	$543,619,000	$1,114,022,000	'	'	'	'	'	$118,500,000	$56,627,000	$58,000,000