NorthStar Real Estate Income Trust 10-K 12 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 10, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'NorthStar Real Estate Income Trust, Inc.	'	'
Entity Central Index Key	'0001455650	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$0
Entity Common Stock, Shares Outstanding (shares)	'	115,413,061	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Cash	$119,595	$213,727
Restricted cash	223,002	72,265
Real estate debt investments, net	1,074,773	514,058
Real estate debt investments, held for sale	17,500	0
Investments in private equity funds, at fair value (refer to Note 4)	156,616	0
Operating real estate, net	125,168	0
Real estate securities, available for sale	66,450	29,582
Receivables, net	30,500	4,654
Deferred costs and other assets, net	17,500	25,652
Total assets	1,831,104	859,938
Liabilities	'	'
Securitization bonds payable	506,929	124,491
Mortgage notes payable	102,500	0
Credit facilities	28,323	126,321
Due to related party	3,076	15,165
Accounts payable and accrued expenses	3,843	463
Escrow deposits payable	172,623	71,847
Distribution payable	7,782	3,905
Other liabilities	803	0
Total liabilities	825,879	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 December 31, 2013 and 2012	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 114,536,134 and 60,204,641 shares issued and outstanding as of December 31, 2013 and 2012, respectively	1,145	602
Additional paid-in capital	1,019,348	532,617
Retained earnings (accumulated deficit)	-32,886	-15,935
Accumulated other comprehensive income (loss)	13,044	458
Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity	1,000,651	517,742
Non-controlling interests	4,574	4
Total equity	1,005,225	517,746
Total liabilities and equity	$1,831,104	$859,938

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 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 (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (shares)	400,000,000	400,000,000
Common stock, shares issued (shares)	114,536,134	60,204,641
Common stock, shares outstanding (shares)	114,536,134	60,204,641

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net interest income	'	'	'
Interest income	$77,553	$24,601	$3,092
Interest expense	15,179	3,299	902
Net interest income	62,374	21,302	2,190
Other revenues	'	'	'
Rental and other income	1,970	0	0
Total other revenues	1,970	0	0
Expenses	'	'	'
Asset Management Costs	17,925	3,360	265
Other interest expense	583	0	0
Business Combination, Acquisition Related Costs	2,862	0	0
Cost of Real Estate Revenue	823	0	0
General and administrative expenses (refer to Note 8)	8,659	3,209	1,059
Depreciation	503	0	0
Total expenses	31,355	6,569	1,324
Income (loss) from operations	32,989	14,733	866
Equity in earnings (losses) of unconsolidated ventures	28,028	0	0
Realized gain (loss) on investments and other	0	3,028	0
Unrealized gain (loss) on investments and other	0	-2,457	732
Net income (loss)	61,017	15,304	1,598
Net (income) loss attributable to non-controlling interests	254	0	0
Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders	$61,271	$15,304	$1,598
Net income (loss) per share of common stock, basic / diluted (shares)	$0.63	$0.44	$0.22
Weighted average number of shares of common stock outstanding, basic / diluted (usd per share)	97,827,244	34,928,761	7,118,918

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement of Comprehensive Income [Abstract]	'	'	'
Net income (loss)	$61,017	$15,304	$1,598
Other comprehensive income (loss):	'	'	'
Unrealized gain (loss) on real estate securities, available for sale	12,586	365	93
Total other comprehensive income (loss)	12,586	365	93
Comprehensive income (loss)	73,603	15,669	1,691
Net (income) loss attributable to non-controlling interests	254	0	0
Other comprehensive (income) loss attributable to non-controlling interests	0	0	0
Comprehensive income (loss) attributable to NorthStar Real Estate Income Trust, Inc.	$73,857	$15,669	$1,691

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, except Share data, unless otherwise specified
Balance at Dec. 31, 2010	$27,552	$27,548	$32	$26,775	$741	$0	$4
Balance (in shares) at Dec. 31, 2010	'	'	3,193,000	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net proceeds from issuance of common stock	110,968	110,968	125	110,843	'	'	'
Net proceeds from issuance of common stock (in shares)	12,500,000	'	12,508,000	'	'	'	'
Proceeds from distribution reinvestment plan	1,456	1,456	2	1,454	'	'	'
Proceeds from distribution reinvestment plan (in shares)	200,000	'	153,000	'	'	'	'
Shares redeemed for cash	-147	-147	0	-147	'	'	'
Shares redeemed for cash (in shares)	-14,748	'	-15,000	'	'	'	'
Issuance and amortization of equity-based compensation	43	43	'	43	'	'	'
Issuance and amortization of equity-based compensation (in shares)	'	'	8,000	'	'	'	'
Other comprehensive income (loss)	93	93	'	'	'	93	0
Dividends, Common Stock	-5,656	-5,656	'	'	-5,656	'	'
Net income (loss)	1,598	1,598	'	'	1,598	'	'
Balance at Dec. 31, 2011	135,907	135,903	159	138,968	-3,317	93	4
Balance (in shares) at Dec. 31, 2011	'	'	15,847,000	'	'	'	'
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)	43,400,000	'	43,407,000	'	'	'	'
Proceeds from distribution reinvestment plan	10,305	10,305	11	10,294	'	'	'
Proceeds from distribution reinvestment plan (in shares)	1,100,000	'	1,085,000	'	'	'	'
Shares redeemed for cash	-1,371	-1,371	-1	-1,370	'	'	'
Shares redeemed for cash (in shares)	'	'	-142,000	'	'	'	'
Issuance and amortization of equity-based compensation	60	60	'	60	'	'	'
Issuance and amortization of equity-based compensation (in shares)	'	'	8,000	'	'	'	'
Other comprehensive income (loss)	365	365	'	'	'	365	'
Dividends, Common Stock	-27,922	-27,922	'	'	-27,922	'	'
Net income (loss)	15,304	15,304	'	'	15,304	'	'
Balance at Dec. 31, 2012	517,746	517,742	602	532,617	-15,935	458	4
Balance (in shares) at Dec. 31, 2012	'	'	60,205,000	'	'	'	'
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)	51,500,000	'	51,475,000	'	'	'	'
Non-controlling interests - contributions	4,824	'	'	'	'	'	4,824
Proceeds from distribution reinvestment plan	32,649	32,649	34	32,615	'	'	'
Proceeds from distribution reinvestment plan (in shares)	3,400,000	'	3,438,000	'	'	'	'
Shares redeemed for cash	-5,694	-5,694	-6	-5,688	'	'	'
Shares redeemed for cash (in shares)	-593,226	'	-593,000	'	'	'	'
Issuance and amortization of equity-based compensation	94	94	'	94	'	'	'
Issuance and amortization of equity-based compensation (in shares)	'	'	11,000	'	'	'	'
Other comprehensive income (loss)	12,586	12,586	'	'	'	12,586	'
Dividends, Common Stock	-78,222	-78,222	'	'	-78,222	'	'
Net income (loss)	61,017	61,271	'	'	61,271	'	-254
Balance at Dec. 31, 2013	$1,005,225	$1,000,651	$1,145	$1,019,348	($32,886)	$13,044	$4,574
Balance (in shares) at Dec. 31, 2013	'	'	114,536,000	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income (loss)	$61,017	$15,304	$1,598
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'	'
Equity in (earnings) loss of unconsolidated ventures	-28,028	0	0
Depreciation	503	0	0
Amortization/accretion of premium, discount and fees on investments and borrowings, net	3,171	470	85
Amortization of deferred financing costs	3,258	391	11
Interest accretion on investments	140	-301	0
Distributions from PE Investments (refer to Note 4)	28,665	0	0
Realized (gain) loss on investments and other	0	-3,028	0
Unrealized (gain) loss on investments and other	0	2,457	-732
Amortization of equity-based compensation	94	60	43
Changes in assets and liabilities:	'	'	'
Restricted cash	-903	-417	0
Receivables, net	-3,227	-1,524	-205
Deferred costs and other assets	-1,047	0	0
Due to related party	1,857	-94	207
Accounts payable and accrued expenses	297	49	318
Other liabilities	803	0	0
Net cash provided by (used in) operating activities	66,600	13,367	1,325
Cash flows from investing activities:	'	'	'
Origination of real estate debt investments, net	-615,430	-445,630	-72,958
Acquisition of real estate debt investments, related party	-79,095	0	0
Repayments on real estate debt investments	59,184	4,750	0
Proceeds from Sale, Maturity and Collection of Investments	41,383	0	0
Acquisition of operating real estate, net	-125,671	0	0
Investments in PE Investments (refer to Note 4)	-204,192	0	0
Distributions from PE Investments (refer to Note 4)	41,130	0	0
Acquisition of real estate securities, available for sale	-23,285	-26,144	-2,720
Proceeds from sales of real estate securities, available for sale	0	32,379	0
Purchase of derivative instrument	0	-9,750	0
Increase (Decrease) in Restricted Cash	-6,450	0	0
Deferred costs and other assets, net	-1,359	0	0
Net cash provided by (used in) investing activities	-913,785	-444,395	-75,678
Cash flows from financing activities:	'	'	'
Net proceeds from issuance of common stock	460,094	382,937	109,087
Proceeds from issuance of common stock, related party	0	2,293	2,279
Proceeds from distribution reinvestment plan	32,649	10,305	1,456
Shares redeemed for cash	-5,694	-1,371	-147
Distributions paid on common stock	-74,345	-25,013	-4,868
Repayment of secured term loans	0	-24,061	0
Borrowings from credit facilities	99,550	244,048	0
Repayments of credit facilities	-197,548	-117,727	0
Proceeds from securitization bonds	382,046	129,216	0
Repayment of securitization bonds	0	-4,750	0
Borrowings from mortgage notes	102,500	0	0
Increase in restricted cash	-42,608	0	0
Payment of deferred financing costs	-8,415	-4,981	0
Contributions from non-controlling interests	4,824	0	0
Net cash provided by (used in) financing activities	753,053	590,896	107,807
Net increase (decrease) in cash	-94,132	159,868	33,454
Cash—beginning of period	213,727	53,859	20,405
Cash—end of period	119,595	213,727	53,859
Supplemental disclosure of cash flow information:	'	'	'
Cash paid for interest	11,751	2,700	892
Supplemental disclosure of non-cash investing and financing activities:	'	'	'
Escrow deposits payable related to real estate debt investments	100,776	65,148	6,699
Due to related party	0	11,795	0
Distribution payable	7,782	3,905	996
Accrued cost of capital	0	2,373	1,016
Noncash Increase (Decrease) Related to Private Equity Investments	6,446	0	0
CRE debt investment payoff due from servicer	15,107	0	0
Subscriptions receivable, gross	$0	$2,241	$842

Business_and_Organization

Business and Organization	12 Months Ended
	Dec. 31, 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 in January 2009 as a Maryland corporation. The Company was formed primarily to originate, acquire and asset manage a diversified portfolio of commercial real estate (“CRE”) debt, select equity and securities investments. CRE debt investments may include first mortgage loans, subordinate mortgage and mezzanine loans and participations in such loans and preferred equity interests. Real estate equity investments include the Company’s indirect interests in real estate through real estate private equity funds (“PE Investments”) and direct ownership in properties, which may be owned through joint ventures, that may or may not be structurally senior to a third-party partner’s equity. CRE securities primarily consist of commercial mortgage-backed securities (“CMBS”) and may include unsecured real estate investment trust (“REIT”) debt, collateralized debt obligation (“CDO”) notes and other securities. The Company elected to qualify as a REIT beginning with the taxable year ended December 31, 2010.
	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 (the “NYSE”) and was formed in October 2003.
	On December 10, 2013, the Sponsor announced that its board of directors unanimously approved a plan to spin-off its asset management business into an independent publicly-traded company, NorthStar Asset Management Group Inc., (“NSAM”), in the form of a tax-free distribution.  On February 5, 2014, NSAM filed a registration statement on Form 10 with the Securities and Exchange Commission (the “SEC”) to register shares of NSAM’s common stock.  The spin-off is expected to be completed in the second quarter of 2014 and the Sponsor expects shares of NSAM common stock to be listed on the NYSE. Following the completion of the spin-off of NSAM, the Advisor will be a subsidiary of NSAM. The Company expects this transaction to have no impact on its operations.
	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 December 31, 2013 and 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 December 31, 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 March 10, 2014, the Company raised total gross proceeds of $1,155.7 million.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Accounting
	The accompanying 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”).
	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”), if any, where the Company is the primary beneficiary 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 the 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 December 31, 2013, the Company identified one VIE related to its securities investments. The VIE has a carrying value of $36.1 million as of December 31, 2013. The Company’s maximum exposure to loss as of December 31, 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 December 31, 2013. The Company did not provide financial support to its unconsolidated VIE during the year ended December 31, 2013. As of December 31, 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.
	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.
	Cash
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash with major financial institutions. To date, the Company has not experienced any losses on cash.
	Restricted Cash
	Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant security deposits, payments required under certain lease agreements), loan origination (escrow deposits) and the Company’s securitization financing transactions (cash pending investment of $42.6 million).
	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. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value.
	Operating Real Estate
	Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	30 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building (leasehold interest)	Lesser of 40 years or remaining term of the lease
	Tenant improvements	Lesser of the useful life or remaining term of the lease
	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles.
	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 December 31, 2013, the Company did not have any CRE securities investments for which it elected the fair value option.
	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
	Acquisition Fees and Expenses
	The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the year ended December 31, 2013, total acquisition fees and expenses did not exceed the allowed limit. 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.
	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.
	Operating Real Estate
	Rental and other income from operating real estate is derived from leasing of space to various types of tenants. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases.
	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.
	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. As of December 31, 2013, the Company did not have any impaired CRE debt investments.
	Operating Real Estate
	The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions, asset and tenant specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded as impairment on operating real estate in the consolidated statements of operations.
	An allowance for a doubtful account for a tenant receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
	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. As of December 31, 2013, the Company did not have any OTTI recorded on its CRE securities.
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 December 31, 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 $6.0 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 12 for further disclosure. The interest rate floor is included in deferred costs and other assets, net on the consolidated balance sheet as of December 31, 2013.
Organization and Offering Costs
The Advisor, or its affiliates, was entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Total Primary Offering. The Advisor initially expected reimbursable organization and offering costs would not exceed $15.0 million, or 1.5% of the total proceeds available 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 recorded organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs were recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs were recorded as a reduction to equity.
Equity-Based Compensation
The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. All fixed equity-based awards to directors, which have no vesting conditions other than time of service, are amortized to compensation expense over the awards’ vesting period on a straight-line basis. Equity-based compensation is classified within general and administrative expense in the consolidated statements of operations.
Income Taxes
The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Company has assessed its tax positions for all open tax years, which include 2010 to 2013, and concluded there were no material uncertainties to be recognized.
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 effective January 1, 2013 and it did not have a material impact on the consolidated financial statements.

Real_Estate_Debt_Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 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 December 31, 2013 (dollars in thousands):
														Weighted Average									Floating
																							Rate as
																							% of
																							Principal
	Asset Type:	Number		Principal				Carrying			Allocation by Investment Type (4)			Fixed			Spread			Total Unleveraged			Amount
				Amount(1)				Value(2)(3)						Rate Loans			Over			Current
																	LIBOR Loans(5)			Yield
	First mortgage loans	30		$	973,380			$	957,427		85.7	%		12.96	%		7.36	%		7.72	%		94.8	%
	Mezzanine loans	2		128,693				101,596			11.4	%		—	%		13.49	%		13.61	%		100	%
	Subordinate mortgage interests	1		33,250				33,250			2.9	%		13.11	%		—	%		13.24	%		—	%
	Total/Weighted average	33		$	1,135,323			$	1,092,273		100	%		13.02	%		7.97	%		8.43	%		92.4	%
	__________________________________________________________
	-1	Includes future funding commitments of $44.6 million and a $17.5 million mezzanine loan participation classified as held for sale.
	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $711.5 million for Securitization Financing Transactions (including $42.6 million of cash pending investment, all of which was invested subsequent to December 31, 2013) and $30.9 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged.
	-3	Includes a $17.5 million mezzanine loan participation classified as held for sale.
	-4	Based on principal amount.
	-5	The majority of the Company’s floating-rate loans are subject to a fixed minimum LIBOR rate (“LIBOR floor”). As of December 31, 2013, the weighted average LIBOR floor was 1.07%.
	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. Accordingly, the Company records its respective CRE debt investment on its consolidated balance sheets.
	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.
	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			Allocation by Investment Type (3)			Fixed			Spread			Total Unleveraged			Amount
					Amount(1)				Value(2)						Rate Loans			over			Current
																		LIBOR Loans (4)			Yield
	First mortgage loans	18			$	486,992			$	476,717		89.6	%		13.25	%		6.14	%		8.22	%		89.5	%
	Mezzanine loans	2			56,627				37,341			10.4	%		11.5	%		10	%		12.12	%		8.2	%
	Total/Weighted average	20			$	543,619			$	514,058		100	%		12.47	%		6.18	%		8.5	%		81	%
	__________________________________________________________
	-1	Includes 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. The remainder is unleveraged.
	-3	Based on principal amount.
	-4	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 December 31, 2013 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	Years Ending December 31:
	2014	$	176,862			$	—
	2015	393,741				12,480
	2016	313,600				184,405
	2017	104,800				373,718
	2018	—				313,600
	Thereafter	146,320				251,120
	Total	$	1,135,323			$	1,135,323
	____________________________________________________________
	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
	As of December 31, 2013, the weighted average maturity, including extensions, of CRE debt investments is 4.5 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 December 31, 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 year ended December 31, 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	12 Months Ended
	Dec. 31, 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
	The following is a description of investments in private equity funds that own PE investments indirectly through unconsolidated ventures (“PE Investment I”) and (“PE Investment II”), which are recorded as investments in private equity funds at fair value on the consolidated balance sheets.
	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. Both 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.
	PE Investment I
	In February 2013, the Company completed the initial closing (“PE I Initial Closing”) of 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 PE I 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 49 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 are 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 PE I Initial Closing, the Company recorded its proportional share of all distributions received since June 30, 2012. As of December 31, 2013, the carrying value of the investment in PE Investment I was $94.7 million. From PE I Initial Closing through December 31, 2013, the Company recognized $22.5 million of equity in earnings. From PE I Initial Closing through December 31, 2013, the Company received $54.5 million of net distributions and made $8.7 million of contributions related to PE Investment I. As of December 31, 2013, the Company’s estimated future capital commitments to the fund interests in PE Investment I would be approximately $7.0 million.
	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 and entered into an agreement with Common Pension Fund E, a common trust fund created under New Jersey law (“PE II Seller”), to acquire a portfolio of limited partnership interests in 24 real estate private equity funds managed by institutional-quality sponsors. The aggregate reported net asset value (“NAV”) acquired was $916.2 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 paid $504.8 million to PE II Seller for all of the fund interests, or 55.0% of the September 30, 2012 NAV (the “Initial Amount”), and will pay the remaining $411.4 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 $75.7 million and $61.7 million, respectively. The Company funded all of its proportionate share of the Initial Amount at the initial closing (“PE II 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 quarter in which each fund interest closed and is obligated to fund all capital contributions from September 30, 2012. At each closing, there was a “true up” for any distributions received and any contributions made by PE II Seller from the contributed funds since September 30, 2012.
	Beginning on the first day of the full 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 PE II 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 PE II 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 PE II Seller. At the conclusion of that four-year period, PE Investment II will be required to pay to PE II Seller the Deferred Amount less: (i) any distributions received by PE II Seller during such four-year period; and (ii) any Amortization Amounts received by PE II Seller during such four-year period. PE Investment II will receive 100% of all distributions following the payment of the Deferred Amount.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment II agreements directly to PE Investment II 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.
	From PE II Initial Closing through December 31, 2013, the Company recognized $6.2 million of equity in earnings. From PE II Initial Closing through December 31, 2013, the Company received $22.5 million of net distributions and made $2.5 million of contributions related to PE Investment II. As of December 31, 2013, the carrying value of the investment in PE Investment II was $61.9 million. As of December 31, 2013, the Company’s estimated future capital commitments to the fund interests in PE Investment II would be approximately $6.0 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%. There was no carrying value as of December 31, 2013. For the year ended December 31, 2013, the Company recognized $0.6 million of equity in losses.
	Summarized Financial Data
	The combined balance sheet and statement of operations for the unconsolidated ventures, including PE Investments, as of and for the year ended December 31, 2013 are as follows (dollars in thousands):
		31-Dec-13			Year Ended December 31, 2013
	Assets
	Operating real estate	$	245,419	Total revenues	$	190,223
	Investments in private equity funds	1,517,222
	Other assets	165,503
	Total assets	1,928,144
				Operating expenses	48,078
	Liabilities and equity			Interest expense	19,213
	Mortgages and other notes payable	$	463,672	Depreciation and amortization	6,805
	Other liabilities	556,072		Total expenses	74,096
	Equity	908,400
	Total liabilities and equity	$	1,928,144	Net income (loss)	$	116,127
	Net investment in unconsolidated ventures	$	156,616	Company’s equity in net income of unconsolidated ventures	$	28,028
	The Company did not have any unconsolidated ventures for the years ended December 31, 2012 and 2011.

Operating_Real_Estate_net

Operating Real Estate, net	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Operating Real Estate	'
	Operating Real Estate
	The following table summarizes operating real estate acquisitions for the year ended December 31, 2013:
			2013
	Land		$	7,800
	Buildings and improvements		117,858
	Furniture and fixtures		13
	Subtotal		125,671
	Less: Accumulated depreciation		(503		)
	Operating real estate, net		$	125,168
	The following table summarizes real estate acquisitions for the year ended December 31, 2013 (dollars in thousands):
	Location City, State		Property Type		Ownership %	Date Acquired	Cost
	New Orleans, LA		Multifamily		85%	13-Nov	$	57,643
	Farmington Hills, MI		Multifamily		90%	13-Nov	56,941
	Kalamazoo, MI		Student Housing		80%	13-Dec	22,940
	Total						$	137,524
	For the year ended December 31, 2013, depreciation expense was $0.5 million.
	Multifamily Investments
	In November 2013, the Company, through a joint venture with a private investor, acquired a multifamily property with 437 units, located in Louisiana ("Multifamily Property 1"), for $57.6 million. Multifamily Property 1 was financed with a non-recourse mortgage of $43.5 million. The Company contributed $12.0 million of equity for a 85.0% interest in Multifamily Property 1.
	In November 2013, the Company, through a joint venture with a private investor, acquired a multifamily property with 981 units, located in Michigan ("Multifamily Property 2"), for $56.9 million. Multifamily Property 2 was financed with a non-recourse mortgage of $43.0 million. The Company contributed $12.6 million of equity for a 90.0% interest in Multifamily Property 2.
	Student Housing Investment
	In December 2013, the Company, through a joint venture with a private investor, acquired a student housing property with 876 beds, located in Michigan ("Student Housing Property"), for $22.9 million. Student Housing Property was financed with a non-recourse mortgage of $16.0 million. The Company contributed $5.5 million of equity for a 80.0% interest in Student Housing Property.
	The Company estimated the fair value of the assets and liabilities for all real estate acquired at the date of acquisition. The following table presents the preliminary allocation of purchase price of the operating real estate assets acquired and liabilities assumed or issued (including financing entered into contemporaneous with the acquisition) for acquisitions in 2013 that continue to be subject to refinement upon receipt of all information (dollars in thousands):
	Assets:
	Land		$	7,800
	Buildings		117,349
	Other assets acquired (1)		12,375
	Total assets acquired		$	137,524
	Liabilities:
	Mortgage notes payable		$	102,500
	Other liabilities assumed (2)		839
	Total liabilities		103,339
	Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity		29,361
	Non-controlling interests		4,824
	Total equity		34,185
	Total liabilities and equity		$	137,524
	____________________________________________________________
	-1	Primarily includes escrows, deferred financing costs and restricted cash.
	-2	Primarily includes prepaid rent and security deposits.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	12 Months Ended
	Dec. 31, 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
	December 31, 2013	8	$	104,542	$	53,406	$	13,373	$	(329	)	$	66,450	4.53	%	9.07	%
	December 31, 2012	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 7). The remainder is unleveraged.
	-2	All CMBS are fixed rate.
	The Company recorded unrealized gains in OCI for the years ended December 31, 2013, 2012 and 2011 of $12.6 million, $0.4 million and $0.1 million, respectively. The Company held two securities with an aggregate carrying value of $17.8 million with an unrealized loss of $0.3 million as of December 31, 2013 and both were in an unrealized loss position for a period of less than 12 months.
	As of December 31, 2013, the weighted average contractual maturity of CRE securities was 33 years with an expected maturity of 7.9 years.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of December 31, 2013 and 2012 (dollars in thousands):
							December 31, 2013								December 31, 2012
		Recourse vs. Non-Recourse		Final	Contractual		Principal				Carrying				Principal		Carrying
				Maturity	Interest Rate(1)		Amount				Value				Amount		Value
	Securitization bonds payable
	Securitization 2013-1	Non-recourse		29-Aug	LIBOR + 2.68%		$	382,700			$	382,250			$	—	$	—
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR + 1.66%		124,659				124,679				124,659		124,491
	Subtotal securitization bonds payable						507,359				506,929				124,659		124,491
	Mortgage notes payable
	MF 1 Senior Mortgage	Non-recourse		23-Dec	4.84%		$	43,500			$	43,500			$	—	$	—
	MF 2 Senior Mortgage	Non-recourse		23-Dec	4.94%		43,000				43,000				—		—
	SH Senior Mortgage	Non-recourse		24-Jan	5.15%		16,000				16,000				—		—
	Subtotal mortgage notes payable						102,500				102,500				—		—
	Credit facilities
	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 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)		—				—				—		—
	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
	Grand Total						$	638,182			$	637,752			$	250,980	$	250,812
	_____________________________________________________
	-1	Represents the weighted average as of December 31, 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 Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. The Company terminated Loan Facility 1 in January 2014.
	-4	The contractual interest rate depends upon asset type, subject to adjustment, and ranged 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 Company’s option, 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 December 31, 2013 (dollars in thousands):
		Total			Securitization				Mortgage Notes Payable				Credit
					Bonds Payable								Facilities
	Years Ending December 31:
	2014	$	11,685		$	—			$	—			$	11,685
	2015	—			—				—				—
	2016	—			—				—				—
	2017	—			—				—				—
	2018	16,638			—				—				16,638
	Thereafter	609,859			507,359				102,500				—
	Total	$	638,182		$	507,359			$	102,500			$	28,323
	Securitization Financing Transactions
	The Company entered into two securitization financing transactions 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 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 third party bonds have received their contractual principal and interest payments. Shortfalls are borne by the retained 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 respective 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. The Company terminated Loan Facility 1 in January 2014.
	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 engages 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 December 31, 2013, the Company had $30.9 million carrying value 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, the Term Loan Facilities act as revolving loan facilities that can be paid down as assets payoff and re-drawn upon for new investments. As of December 31, 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 December 31, 2013, the Company had $17.8 million carrying value of CRE securities, financed with $11.7 million under its CMBS Facilities.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 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.
	Fees to Advisor
	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 (or the proportionate share thereof in the case of an investment made through a joint venture).
	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 for a CRE debt investment from other than a sale 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. A disposition fee from the sale of a CRE investment is generally expensed and included in asset management and other fees - related party in the Company’s consolidated statements of operations.
	Reimbursements to Advisor
	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.
	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 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 were recorded in general and administrative expenses in the consolidated statements of operations and offering costs were 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.
	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 years ended December 31, 2013, 2012 and 2011 and the amount due to related party as of December 31, 2013 and 2012 (dollars in thousands):
				Years Ended December 31,						Due to
										Related Party as of
										December 31,		December 31,
	Type of Fee or Reimbursement		Financial Statement Location	2013		2012		2011		2013		2012
	Fees to Advisor
	Asset management		Asset management and other fees—related party	$	13,600	$	3,360	$	265	$	1,607	$	559
	Acquisition(1)		Real estate debt investments, net / Asset management and other fees—related party	10,194		4,753		728		—		—
	Disposition(1)		Real estate debt investments, net	1,178		24		—		10		24
	Reimbursements to Advisor
	Operating costs(2)		General and administrative expenses	7,786		2,397		761		1,459		523
	Organization		General and administrative expenses	62		470		246		—		113
	Offering		Cost of capital(3)	2,989		5,564		1,600		—		2,151
	Selling commissions /Dealer manager fees		Cost of capital(3)	49,511		42,385		12,024		—		—
	Total(4)									$	3,076	$	3,370
	___________________________________________________
	-1	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 asset management and other fees—related party in the consolidated statements of operations. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2013, the Advisor deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to CRE securities.
	-2	As of December 31, 2013, the Advisor incurred unreimbursed operating costs on behalf of the Company and $8.1 million is still allocable.
	-3	Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity.
	-4	Due to related party included $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 year ended December 31, 2013, the Sponsor was not required to purchase shares in connection with the Distribution Support Agreement. For the years ended December 31, 2012 and 2011, the Sponsor purchased 254,778 and 253,202 shares, respectively, of the Company’s common stock for $2.3 million and $2.3 million, respectively. From inception through the expiration of the Distribution Support Agreement, the Sponsor purchased 507,980 shares of the Company’s common stock for $4.6 million under such commitment.
	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 the PE Investment 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	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity-Based Compensation	'
	Equity-Based Compensation
	Long-Term Incentive Plan
	The Company adopted a long-term incentive plan, (the “Plan”), which it uses to attract and retain qualified directors, officers, employees of the Sponsor and consultants. The Plan offers these individuals an opportunity to participate in its growth through awards in the form of, or based on, its common stock. The Company currently intends to issue awards only to its independent directors under the Plan.
	The Plan authorizes the granting of restricted stock, stock options, stock appreciation rights, restricted or deferred stock units, performance awards, dividend equivalents, limited partnership interests in the Operating Partnership, other stock-based awards and cash-based awards to directors of the Company. The maximum number of shares that may be issued upon the exercise or grant of an award under the Plan will not exceed in the aggregate 10% of the outstanding shares of the Company’s common stock on the date of grant. Any stock options and stock appreciation rights granted under the Plan will have an exercise price or base price that is not less than the fair value of the Company’s common stock on the date of grant.
	The board of directors of the Company, or a committee of the board of directors, administers the Plan with sole authority to determine all of the terms and conditions of the awards, including whether the grants, vesting or settlement of awards may be subject to the attainment of one or more performance goals.
	Directors’ Shares
	Each of the Company’s three independent directors received 5,000 shares of restricted stock in connection with the commencement of the Offering in 2010. Then in connection with their re-election to the board of directors, each of the Company’s three independent directors received: (i) 2,500 shares in June 2011 and 2012, respectively; and (ii) 3,500 shares in June 2013. The shares awarded were valued at $9.00 per share at the time of the grants. The restricted stock granted prior to 2013 generally vests over four years and the restricted stock granted in 2013 generally vests over two years. However, the 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.
	For the years ended December 31, 2013, 2012 and 2011, the Company recognized $93,618, $60,140 and $43,269 of equity-based compensation expense, respectively, related to the issuance of restricted stock to the independent directors, which was recorded in general and administrative expenses in the consolidated statements of operations.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Common Stock
	For the year ended December 31, 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. For the year ended December 31, 2011, the Company issued 12.5 million shares of common stock pursuant to its Total Primary Offering, generating gross proceeds of $124.6 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 year ended December 31, 2013, the Company issued 3.4 million shares totaling $32.6 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. For the year ended December 31, 2011, the Company issued 0.2 million shares totaling $1.5 million of proceeds pursuant to the DRP. From inception through December 31, 2013, the Company issued 4.7 million shares totaling $44.5 million of proceeds 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%. Distributions are generally paid to stockholders on the first day of the month following the month for which the distribution has accrued.
	The following table presents distributions declared for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Distributions(1)
	Period	Cash		DRP		Total
	2013
	First Quarter	$	7,728	$	5,736	$	13,464
	Second Quarter	10,694		8,170		18,864
	Third Quarter	12,644		10,213		22,857
	Fourth Quarter	12,678		10,359		23,037
	Total	$	43,744	$	34,478	$	78,222
	2012
	First Quarter	$	2,378	$	1,502	$	3,880
	Second Quarter	3,307		2,293		5,600
	Third Quarter	4,535		3,272		7,807
	Fourth Quarter	6,088		4,547		10,635
	Total	$	16,308	$	11,614	$	27,922
	2011
	First Quarter	$	527	$	162	$	689
	Second Quarter	717		286		1,003
	Third Quarter	1,035		458		1,493
	Fourth Quarter	1,607		864		2,471
	Total	$	3,886	$	1,770	$	5,656
	_________________________________________________
	-1	Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. For the year ended December 31, 2013, approximately 49% of distributions paid was ordinary income, 1% was capital gain income and 50% was a return of capital.
	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 year ended December 31, 2013, the Company repurchased 593,226 shares of common stock for a total of $5.7 million at an average price of $9.60 per share. For the year ended December 31, 2012, the Company repurchased 141,503 shares of common stock for a total of $1.4 million at an average price of $9.69 per share. For the year ended December 31, 2011, the Company repurchased 14,748 shares of common stock for a total of $0.1 million at an average price of $10.00 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 year ended December 31, 2013, there were no unfulfilled repurchase requests.

Noncontrolling_Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2013
Noncontrolling Interest [Abstract]	'
Non-controlling Interests	'
	Non-controlling Interests
	Operating Partnership
	Non-controlling interests include 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 years ended December 31, 2013, 2012 and 2011 was an immaterial amount.
	Other
	The Company has non-controlling interests in various real estate investments that represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net loss attributable to the other non-controlling interests for the year ended December 31, 2013 was $0.3 million.

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2013										December 31, 2012
		Level 1				Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Assets:
	Investments in private equity funds	$	—			$	—	$	156,616	$	156,616	$	—	$	—	$	—	$	—
	Real estate securities, available for sale	—				66,450		—		66,450		—		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 December 31, 2013 for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):
	Beginning balance	$	—
	Purchases/contributions	204,924
	Distributions	(76,973		)
	Equity in earnings	28,665
	Ending balance	$	156,616
	The Company used discounted cash flow models to quantify Level 3 fair value measurements on a recurring basis. The key unobservable inputs used in this analysis included discount rates ranging from 18% to 25%.
	As of December 31, 2013 and 2012, the Company had no financial assets or liabilities that were accounted for at fair value on a non-recurring basis.
	For the year ended December 31, 2013, the Company did not recognize any unrealized gains (losses) for financial assets for which the fair value option was elected. For the years ended December 31, 2012 and 2011, the Company recognized unrealized gains (losses) of ($2.5) million and $0.7 million, respectively, 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. The Company determined recording the 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 the respective investment.
	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 December 31, 2013 and 2012 (dollars in thousands):
		December 31, 2013								December 31, 2012
		Principal				Carrying		Fair		Principal		Carrying		Fair
		Amount				Value		Value		Amount		Value		Value
	Financial assets:(1)
	Real estate debt investments, net	$	1,073,189		(2)	$	1,074,773	$	1,073,189	$	513,833	$	514,058	$	513,833
	Real estate debt investments, held for sale	17,500				17,500		17,500		—		—		—
	Real estate securities, available for sale(3)	104,542				66,450		66,450		30,575		29,582		29,582
	Financial liabilities:(1)
	Securitization bonds payable	$	507,359			$	506,929	$	507,212	$	124,659	$	124,491	$	124,862
	Mortgage notes payable	102,500				102,500		102,500		—		—		—
	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 $44.6 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 will not exceed the 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.
	Mortgage Notes Payable
	For mortgage notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 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 credit facilities 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	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	The Company conducts its operations through the following segments, which are based on how management reviews and manages its operations:
	•	The CRE debt segment 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 as well as preferred equity interests.
	•	The CRE equity segment includes indirect interests in real estate through real estate private equity funds since the underlying collateral in the funds is primarily real estate, 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 segment is focused on investing in 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 equity in earnings of unconsolidated ventures, including from PE Investments, and from rental and other income from its real estate properties. 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 which generate attractive returns without any leverage.
	The following tables present segment reporting for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
	Year ended December 31, 2013:		Real Estate		Real Estate Equity				Real Estate			Corporate(1)			Total
			Debt						Securities
	Net interest income		$	57,189	$	—			$	5,185		$	—		$	62,374
	Rental and other income		—		1,970				—			—			1,970
	Expenses		606		8,632				12			22,105			31,355
	Income (loss) from operations		56,583		(6,662		)	(2)	5,173			(22,105		)	32,989
	Equity in earnings (losses) of unconsolidated ventures		—		28,028				—			—			28,028
	Net income (loss)		$	56,583	$	21,366			$	5,173		$	(22,105	)	$	61,017
	Year ended December 31, 2012:		Real Estate		Real Estate				Corporate(1)			Total
			Debt		Securities
	Net interest income		$	20,442	$	860			$	—		$	21,302
	Expenses		158		16				6,395			6,569
	Income (loss) from operations		20,284		844				(6,395		)	14,733
	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)		$	20,284	$	1,415			$	(6,395	)	$	15,304
	Year ended December 31, 2011:		Real Estate		Real Estate				Corporate(1)			Total
			Debt		Securities
	Net interest income		$	1,447	$	743			$	—		$	2,190
	Expenses		8		4				1,312			1,324
	Income (loss) from operations		1,439		739				(1,312		)	866
	Unrealized gains (losses) on investments and other		—		732				—			732
	Net income (loss)		$	1,439	$	1,471			$	(1,312	)	$	1,598
	_________________________________________________
	-1	Includes unallocated asset management fee—related party and general and administrative expenses.
	-2	The net loss for real estate equity was primarily attributable to transaction costs and acquisition expenses.
	The following table presents total assets by segment as of December 31, 2013 and 2012 (dollars in thousands):
	Total Assets		Real Estate		Real Estate Equity				Real Estate			Corporate(1)			Total
			Debt						Securities
	31-Dec-13		$	1,347,461	$	302,501			$	66,837		$	114,305		$	1,831,104
	December 31, 2012		$	617,705	$	—			$	29,712		$	212,521		$	859,938
	__________________________________________________
	-1	Includes cash, unallocated receivables and deferred costs and other assets, net.
	As of December 31, 2013, the carrying value of the Company’s PE Investments included in the real estate equity segment was $156.6 million.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Distribution Reinvestment Plan
	From January 1, 2014 through March 10, 2014, the Company issued 1.1 million shares of common stock pursuant to the DRP raising proceeds of $10.2 million. As of March 10, 2014, 12.5 million shares were available to be issued pursuant to the DRP.
	Distributions
	On March 5, 2014, 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 June 30, 2014. Distributions are generally paid to stockholders on the first day of the month following the month for which the distribution was accrued.
	Share Repurchases
	From January 1, 2014 through March 10, 2014, the Company repurchased 0.2 million shares for a total of $1.9 million or a weighted average price of $9.52 per share under the Share Repurchase Program.
	Investments
	Subsequent to December 31, 2013, the Company originated one mezzanine loan with a $12.0 million principal amount and sold a $17.5 million participation in a mezzanine loan.

Schedule_III_Real_estate_and_a

Schedule III- Real estate and accumulated depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Schedule III- Real estate and accumulated depreciation	'
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	December 31, 2013
	(Dollars in Thousands)
	Column A	Column B		Column C Initial Cost				Column D Capitalized Subsequent to Acquisition		Column E Gross Amount Carried at Close of Period						Column F					Column G	Column H
	Location City, State	Encumbrances		Land		Building & Improvements		Land, Buildings & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation			Total		Date Acquired	Life on Which Depreciation is Computed
	Farmington Hills, MI	$	43,000	$	3,200	$	47,960	$	—	$	3,200	$	47,960	$	51,160	$	(266	)	$	50,894	13-Nov	30 years
	New Orleans, LA	43,500		3,100		50,410		—		3,100		50,410		53,510		(212		)	53,298		13-Nov	30 years
	Kalamazoo, MI	16,000		1,500		19,501		—		1,500		19,501		21,001		(25		)	20,976		13-Dec	30 years
	Total operating real estate, net	$	102,500	$	7,800	$	117,871	$	—	$	7,800	$	117,871	$	125,671	$	(503	)	$	125,168
	Changes in the Company’s operating real estate portfolio for the year ended December 31, 2013 are as follows (dollars in thousands):
	Beginning balance	$	—
	Property acquisitions	125,671
	Ending balance	$	125,671
	Changes in accumulated depreciation for the year ended December 31, 2013 are as follows:
	Beginning balance	$	—
	Depreciation expense	503
	Ending balance	$	503

Schedule_IV_Mortgage_Loans_on_

Schedule IV- Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'
Schedule IV- Mortgage Loans on Real Estate	'
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
	December 31, 2013
	(Dollars in Thousands)
						Interest Rate (1)														Principal Amount of Loans
	Asset Type:		Location / Description		Number	Floating			Fixed			Maturity Date (2)	Periodic Payment Terms (3)	Prior Liens		Principal Amount (4)		Carrying Value		Subject to Delinquent Principal or Interest
	First mortgage loans:
	Borrower A		California / Office		1	7.2	%		—			2/15/16	I/O	$	—	$	91,000	$	91,420	$	—
	Borrower B		New York / Hotel		1	1.77	%		—			5/9/23	P&I	—		87,800		87,800		—
	Borrower C		California / Retail		1	7	%		—			6/14/15	I/O	—		73,000		73,000		—
	Borrower D		Virginia / Office		1	6.75	%		—			12/9/15	I/O	—		65,679		65,679		—
	Borrower E		Florida / Hotel		1	7	%		—			1/9/16	I/O	—		60,300		60,403		—
	Borrower F		Florida / Residential Condo		1	15.56	%		—			7/9/15	I/O	—		51,617		52,509		—
	Borrower G		Office		1	7	%		—			8/10/15	I/O	—		43,300		43,300		—
	Borrower H		Georgia / Multifamily		1	5.5	%		—			5/9/16	I/O	—		42,000		42,080		—
	Borrower I		New Jersey / Office		1	8.5	%		—			1/9/17	I/O	—		41,800		41,800		—
	Borrower J		Massachusetts / Hotel		1	—	%		13.25	%		6/9/14	I/O	—		37,977		37,977		—
	Other first mortgage loans (5)		Various / Various		20	7.9	%		12	%		3/28/16	I/O	—		361,466		361,459		—
	Total/Weighted average				30	7.36	%		12.96	%		9/7/16		—		955,939		957,427		—
	Mezzanine loans:
	Borrower K		New York / Land		1	12.7	%		—			8/1/14	I/O	105,000		66,500		66,596		—
	Borrower L		New York / Land		1	15	%		—			1/9/17	I/O	45,370		35,000		35,000		—
	Total/Weighted average				2	13.49	%		—			6/4/15		150,370		101,500		101,596		—
	Subordinate mortgage interests:
	Borrower M		New York / Hotel		1	—	%		13.11	%		5/9/23	I/O	160,000		33,250		33,250		—
	Total/Weighted average				1	—	%		13.11	%		5/9/23		160,000		33,250		33,250		—
	Total				33									$	310,370	$	1,090,689	$	1,092,273	$	—
	______________________________________________________________________________________
	-1	The majority of the Company’s floating-rate loans are subject to a fixed minimum LIBOR floor. The interest rate shown is the coupon, including the LIBOR floor, as of December 31, 2013.
	-2	Reflects the initial maturity date of the investment and does not consider any options to extend beyond such date.
	-3	P&I =rincipal and interest; I/O =nterest only.
	-4	Excludes future funding commitments of $44.6 million.
	-5	Individual loans each have a carrying value of less than 3% of total carrying value of CRE debt investments.
	Reconciliation of Carrying Value of Commercial Real Estate Debt:
			2013			2012				2011
	Beginning balance		$	514,058		$	72,937			$	—
	Additions:
	Principal amount of new loans and additional funding on existing loans		613,575			445,474				72,807
	Acquisition of real estate debt investments, related party		79,095			—				—
	Interest accretion		(140		)	301				—
	Acquisition cost (fees) on new loans		6,334			4,753				728
	Origination fees received on new loans		(4,479		)	(4,597		)		(577		)
	Deductions:
	Collection of principal		74,291			4,750				—
	Sales		41,383			—				—
	Amortization of acquisition costs, fees, premiums and discounts		496			60				21
	Ending balance (1)		$	1,092,273		$	514,058			$	72,937
	______________________________________________________________________________________
	-1	As of December 31, 2013, includes $17.5 million of CRE debt investments classified as held for sale.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Basis of Quarterly Presentation	'
	Basis of Accounting
	The accompanying 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”).
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”), if any, where the Company is the primary beneficiary 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 the 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 December 31, 2013, the Company identified one VIE related to its securities investments. The VIE has a carrying value of $36.1 million as of December 31, 2013. The Company’s maximum exposure to loss as of December 31, 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 December 31, 2013. The Company did not provide financial support to its unconsolidated VIE during the year ended December 31, 2013. As of December 31, 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.
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.
Cash	'
	Cash
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash with major financial institutions. To date, the Company has not experienced any losses on cash.
Restricted Cash	'
	Restricted Cash
	Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant security deposits, payments required under certain lease agreements), loan origination (escrow deposits) and the Company’s securitization financing transactions (cash pending investment of $42.6 million).
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. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value.
Operating Real Estate	'
	Operating Real Estate
	Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	30 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building (leasehold interest)	Lesser of 40 years or remaining term of the lease
	Tenant improvements	Lesser of the useful life or remaining term of the lease
	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles.
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 December 31, 2013, the Company did not have any CRE securities investments for which it elected the fair value option.
Deferred Costs	'
	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Acquisition Fees and Expenses	'
	Acquisition Fees and Expenses
	The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the year ended December 31, 2013, total acquisition fees and expenses did not exceed the allowed limit. 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.
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.
	Operating Real Estate
	Rental and other income from operating real estate is derived from leasing of space to various types of tenants. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases.
	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.
	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. As of December 31, 2013, the Company did not have any impaired CRE debt investments.
	Operating Real Estate
	The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions, asset and tenant specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded as impairment on operating real estate in the consolidated statements of operations.
	An allowance for a doubtful account for a tenant receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
	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. As of December 31, 2013, the Company did not have any OTTI recorded on its CRE securities.
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 December 31, 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 $6.0 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 12 for further disclosure. The interest rate floor is included in deferred costs and other assets, net on the consolidated balance sheet as of December 31, 2013.
Organization and Offering Costs	'
	Organization and Offering Costs
	The Advisor, or its affiliates, was entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Total Primary Offering. The Advisor initially expected reimbursable organization and offering costs would not exceed $15.0 million, or 1.5% of the total proceeds available 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 recorded organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs were recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs were recorded as a reduction to equity.
Equity-Based Compensation	'
	Equity-Based Compensation
	The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. All fixed equity-based awards to directors, which have no vesting conditions other than time of service, are amortized to compensation expense over the awards’ vesting period on a straight-line basis. Equity-based compensation is classified within general and administrative expense in the consolidated statements of operations.
Income Tax	'
	Income Taxes
	The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Company has assessed its tax positions for all open tax years, which include 2010 to 2013, and concluded there were no material uncertainties to be recognized.
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 effective January 1, 2013 and it did not have a material impact on the consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Operating Real Estate	'
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	30 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building (leasehold interest)	Lesser of 40 years or remaining term of the lease
	Tenant improvements	Lesser of the useful life or remaining term of the lease

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 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, 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			Allocation by Investment Type (3)			Fixed			Spread			Total Unleveraged			Amount
					Amount(1)				Value(2)						Rate Loans			over			Current
																		LIBOR Loans (4)			Yield
	First mortgage loans	18			$	486,992			$	476,717		89.6	%		13.25	%		6.14	%		8.22	%		89.5	%
	Mezzanine loans	2			56,627				37,341			10.4	%		11.5	%		10	%		12.12	%		8.2	%
	Total/Weighted average	20			$	543,619			$	514,058		100	%		12.47	%		6.18	%		8.5	%		81	%
	__________________________________________________________
	-1	Includes 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. The remainder is unleveraged.
	-3	Based on principal amount.
	-4	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 CRE debt investments, which were predominantly originated by the Company, as of December 31, 2013 (dollars in thousands):
														Weighted Average									Floating
																							Rate as
																							% of
																							Principal
	Asset Type:	Number		Principal				Carrying			Allocation by Investment Type (4)			Fixed			Spread			Total Unleveraged			Amount
				Amount(1)				Value(2)(3)						Rate Loans			Over			Current
																	LIBOR Loans(5)			Yield
	First mortgage loans	30		$	973,380			$	957,427		85.7	%		12.96	%		7.36	%		7.72	%		94.8	%
	Mezzanine loans	2		128,693				101,596			11.4	%		—	%		13.49	%		13.61	%		100	%
	Subordinate mortgage interests	1		33,250				33,250			2.9	%		13.11	%		—	%		13.24	%		—	%
	Total/Weighted average	33		$	1,135,323			$	1,092,273		100	%		13.02	%		7.97	%		8.43	%		92.4	%
	__________________________________________________________
	-1	Includes future funding commitments of $44.6 million and a $17.5 million mezzanine loan participation classified as held for sale.
	-2	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $711.5 million for Securitization Financing Transactions (including $42.6 million of cash pending investment, all of which was invested subsequent to December 31, 2013) and $30.9 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged.
	-3	Includes a $17.5 million mezzanine loan participation classified as held for sale.
	-4	Based on principal amount.
	-5	The majority of the Company’s floating-rate loans are subject to a fixed minimum LIBOR rate (“LIBOR floor”). As of December 31, 2013, the weighted average LIBOR floor was 1.07%.
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 December 31, 2013 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	Years Ending December 31:
	2014	$	176,862			$	—
	2015	393,741				12,480
	2016	313,600				184,405
	2017	104,800				373,718
	2018	—				313,600
	Thereafter	146,320				251,120
	Total	$	1,135,323			$	1,135,323
	____________________________________________________________
	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.

Investments_in_and_Advances_to1

Investments in and Advances to Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2013
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule of Unconsolidated Joint Ventures	'
	The combined balance sheet and statement of operations for the unconsolidated ventures, including PE Investments, as of and for the year ended December 31, 2013 are as follows (dollars in thousands):
		31-Dec-13			Year Ended December 31, 2013
	Assets
	Operating real estate	$	245,419	Total revenues	$	190,223
	Investments in private equity funds	1,517,222
	Other assets	165,503
	Total assets	1,928,144
				Operating expenses	48,078
	Liabilities and equity			Interest expense	19,213
	Mortgages and other notes payable	$	463,672	Depreciation and amortization	6,805
	Other liabilities	556,072		Total expenses	74,096
	Equity	908,400
	Total liabilities and equity	$	1,928,144	Net income (loss)	$	116,127
	Net investment in unconsolidated ventures	$	156,616	Company’s equity in net income of unconsolidated ventures	$	28,028

Operating_Real_Estate_net_Tabl

Operating Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Schedule of Operating Real Estate Properties	'
	The following table summarizes operating real estate acquisitions for the year ended December 31, 2013:
			2013
	Land		$	7,800
	Buildings and improvements		117,858
	Furniture and fixtures		13
	Subtotal		125,671
	Less: Accumulated depreciation		(503		)
	Operating real estate, net		$	125,168
Schedule of Real Estate Properties	'
	The following table summarizes real estate acquisitions for the year ended December 31, 2013 (dollars in thousands):
	Location City, State		Property Type		Ownership %	Date Acquired	Cost
	New Orleans, LA		Multifamily		85%	13-Nov	$	57,643
	Farmington Hills, MI		Multifamily		90%	13-Nov	56,941
	Kalamazoo, MI		Student Housing		80%	13-Dec	22,940
	Total						$	137,524
Schedule of Business Acquisitions	'
	The following table presents the preliminary allocation of purchase price of the operating real estate assets acquired and liabilities assumed or issued (including financing entered into contemporaneous with the acquisition) for acquisitions in 2013 that continue to be subject to refinement upon receipt of all information (dollars in thousands):
	Assets:
	Land		$	7,800
	Buildings		117,349
	Other assets acquired (1)		12,375
	Total assets acquired		$	137,524
	Liabilities:
	Mortgage notes payable		$	102,500
	Other liabilities assumed (2)		839
	Total liabilities		103,339
	Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity		29,361
	Non-controlling interests		4,824
	Total equity		34,185
	Total liabilities and equity		$	137,524
	____________________________________________________________
	-1	Primarily includes escrows, deferred financing costs and restricted cash.
	-2	Primarily includes prepaid rent and security deposits.

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	12 Months Ended
	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'
Schedule of the Company's CRE securities	'
	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
	December 31, 2013	8	$	104,542	$	53,406	$	13,373	$	(329	)	$	66,450	4.53	%	9.07	%
	December 31, 2012	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 7). The remainder is unleveraged.
	-2	All CMBS are fixed rate.

Borrowings_Tables

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Summary of borrowings	'
	The following table presents borrowings as of December 31, 2013 and 2012 (dollars in thousands):
							December 31, 2013								December 31, 2012
		Recourse vs. Non-Recourse		Final	Contractual		Principal				Carrying				Principal		Carrying
				Maturity	Interest Rate(1)		Amount				Value				Amount		Value
	Securitization bonds payable
	Securitization 2013-1	Non-recourse		29-Aug	LIBOR + 2.68%		$	382,700			$	382,250			$	—	$	—
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR + 1.66%		124,659				124,679				124,659		124,491
	Subtotal securitization bonds payable						507,359				506,929				124,659		124,491
	Mortgage notes payable
	MF 1 Senior Mortgage	Non-recourse		23-Dec	4.84%		$	43,500			$	43,500			$	—	$	—
	MF 2 Senior Mortgage	Non-recourse		23-Dec	4.94%		43,000				43,000				—		—
	SH Senior Mortgage	Non-recourse		24-Jan	5.15%		16,000				16,000				—		—
	Subtotal mortgage notes payable						102,500				102,500				—		—
	Credit facilities
	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 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)		—				—				—		—
	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
	Grand Total						$	638,182			$	637,752			$	250,980	$	250,812
	_____________________________________________________
	-1	Represents the weighted average as of December 31, 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 Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. The Company terminated Loan Facility 1 in January 2014.
	-4	The contractual interest rate depends upon asset type, subject to adjustment, and ranged 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 Company’s option, 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 December 31, 2013 (dollars in thousands):
		Total			Securitization				Mortgage Notes Payable				Credit
					Bonds Payable								Facilities
	Years Ending December 31:
	2014	$	11,685		$	—			$	—			$	11,685
	2015	—			—				—				—
	2016	—			—				—				—
	2017	—			—				—				—
	2018	16,638			—				—				16,638
	Thereafter	609,859			507,359				102,500				—
	Total	$	638,182		$	507,359			$	102,500			$	28,323

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2013, 2012 and 2011 and the amount due to related party as of December 31, 2013 and 2012 (dollars in thousands):
				Years Ended December 31,						Due to
										Related Party as of
										December 31,		December 31,
	Type of Fee or Reimbursement		Financial Statement Location	2013		2012		2011		2013		2012
	Fees to Advisor
	Asset management		Asset management and other fees—related party	$	13,600	$	3,360	$	265	$	1,607	$	559
	Acquisition(1)		Real estate debt investments, net / Asset management and other fees—related party	10,194		4,753		728		—		—
	Disposition(1)		Real estate debt investments, net	1,178		24		—		10		24
	Reimbursements to Advisor
	Operating costs(2)		General and administrative expenses	7,786		2,397		761		1,459		523
	Organization		General and administrative expenses	62		470		246		—		113
	Offering		Cost of capital(3)	2,989		5,564		1,600		—		2,151
	Selling commissions /Dealer manager fees		Cost of capital(3)	49,511		42,385		12,024		—		—
	Total(4)									$	3,076	$	3,370
	___________________________________________________
	-1	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 asset management and other fees—related party in the consolidated statements of operations. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2013, the Advisor deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to CRE securities.
	-2	As of December 31, 2013, the Advisor incurred unreimbursed operating costs on behalf of the Company and $8.1 million is still allocable.
	-3	Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity.
	-4	Due to related party included $11.8 million related to PE Investment I as of December 31, 2012.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Summary of distributions declared	'
	The following table presents distributions declared for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Distributions(1)
	Period	Cash		DRP		Total
	2013
	First Quarter	$	7,728	$	5,736	$	13,464
	Second Quarter	10,694		8,170		18,864
	Third Quarter	12,644		10,213		22,857
	Fourth Quarter	12,678		10,359		23,037
	Total	$	43,744	$	34,478	$	78,222
	2012
	First Quarter	$	2,378	$	1,502	$	3,880
	Second Quarter	3,307		2,293		5,600
	Third Quarter	4,535		3,272		7,807
	Fourth Quarter	6,088		4,547		10,635
	Total	$	16,308	$	11,614	$	27,922
	2011
	First Quarter	$	527	$	162	$	689
	Second Quarter	717		286		1,003
	Third Quarter	1,035		458		1,493
	Fourth Quarter	1,607		864		2,471
	Total	$	3,886	$	1,770	$	5,656
	_________________________________________________
	-1	Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. For the year ended December 31, 2013, approximately 49% of distributions paid was ordinary income, 1% was capital gain income and 50% was a return of capital.

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2013										December 31, 2012
		Level 1				Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Assets:
	Investments in private equity funds	$	—			$	—	$	156,616	$	156,616	$	—	$	—	$	—	$	—
	Real estate securities, available for sale	—				66,450		—		66,450		—		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 December 31, 2013 for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):
	Beginning balance	$	—
	Purchases/contributions	204,924
	Distributions	(76,973		)
	Equity in earnings	28,665
	Ending balance	$	156,616
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 December 31, 2013 and 2012 (dollars in thousands):
		December 31, 2013								December 31, 2012
		Principal				Carrying		Fair		Principal		Carrying		Fair
		Amount				Value		Value		Amount		Value		Value
	Financial assets:(1)
	Real estate debt investments, net	$	1,073,189		(2)	$	1,074,773	$	1,073,189	$	513,833	$	514,058	$	513,833
	Real estate debt investments, held for sale	17,500				17,500		17,500		—		—		—
	Real estate securities, available for sale(3)	104,542				66,450		66,450		30,575		29,582		29,582
	Financial liabilities:(1)
	Securitization bonds payable	$	507,359			$	506,929	$	507,212	$	124,659	$	124,491	$	124,862
	Mortgage notes payable	102,500				102,500		102,500		—		—		—
	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 $44.6 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)	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Summary of segment reporting	'
	The following tables present segment reporting for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
	Year ended December 31, 2013:		Real Estate		Real Estate Equity				Real Estate			Corporate(1)			Total
			Debt						Securities
	Net interest income		$	57,189	$	—			$	5,185		$	—		$	62,374
	Rental and other income		—		1,970				—			—			1,970
	Expenses		606		8,632				12			22,105			31,355
	Income (loss) from operations		56,583		(6,662		)	(2)	5,173			(22,105		)	32,989
	Equity in earnings (losses) of unconsolidated ventures		—		28,028				—			—			28,028
	Net income (loss)		$	56,583	$	21,366			$	5,173		$	(22,105	)	$	61,017
	Year ended December 31, 2012:		Real Estate		Real Estate				Corporate(1)			Total
			Debt		Securities
	Net interest income		$	20,442	$	860			$	—		$	21,302
	Expenses		158		16				6,395			6,569
	Income (loss) from operations		20,284		844				(6,395		)	14,733
	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)		$	20,284	$	1,415			$	(6,395	)	$	15,304
	Year ended December 31, 2011:		Real Estate		Real Estate				Corporate(1)			Total
			Debt		Securities
	Net interest income		$	1,447	$	743			$	—		$	2,190
	Expenses		8		4				1,312			1,324
	Income (loss) from operations		1,439		739				(1,312		)	866
	Unrealized gains (losses) on investments and other		—		732				—			732
	Net income (loss)		$	1,439	$	1,471			$	(1,312	)	$	1,598
	_________________________________________________
	-1	Includes unallocated asset management fee—related party and general and administrative expenses.
	-2	The net loss for real estate equity was primarily attributable to transaction costs and acquisition expenses.
Summary of total assets by segment	'
	The following table presents total assets by segment as of December 31, 2013 and 2012 (dollars in thousands):
	Total Assets		Real Estate		Real Estate Equity				Real Estate			Corporate(1)			Total
			Debt						Securities
	31-Dec-13		$	1,347,461	$	302,501			$	66,837		$	114,305		$	1,831,104
	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 $)	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
	employee	Special Units Holder	Advisor	NS Real Estate Income Trust Advisor, LLC	NorthStar OP Holdings, LLC
Non-controlling interests	'	'	'	'	'
Number of employees (employee)	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			61 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Jul. 02, 2013	Dec. 31, 2013	Dec. 31, 2012	Mar. 10, 2014	Dec. 31, 2013	Dec. 31, 2013
				Subsequent event	Maximum	Dividend Reinvestment Plan
						Sponsor
						Maximum
Authorized shares of common stock and preferred stock	'	'	'	'	'	'
Common stock, shares authorized (shares)	'	400,000,000	400,000,000	'	'	'
Common stock, par value (in dollars per share)	'	$0.01	$0.01	'	'	'
Preferred stock, shares authorized (shares)	'	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	'	'	'	$1,155.70	'	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	Investment
Accounting Policies [Abstract]	'	'
Restricted cash	$223,002,000	$72,265,000
Investments in and advances to unconsolidated ventures	'	'
Percent of acquisition fee to total contract price (percent)	6.00%	'
Variable Interest Entity Number of Entities Related to Investments and Financing (investment)	1	'
Variable Interest Entities	'	'
Carrying value of VIE	36,100,000	'
Real Estate Debt Investments	'	'
Period past due for suspension of income recognition	'90 days	'
Building | Minimum	'	'
Operating Real Estate	'	'
Estimated useful life	'30 years	'
Building | Maximum	'	'
Operating Real Estate	'	'
Estimated useful life	'40 years	'
Leasehold Improvements | Maximum	'	'
Operating Real Estate	'	'
Estimated useful life	'40 years	'
Securitization 2013-1	'	'
Accounting Policies [Abstract]	'	'
Restricted cash	$42,600,000	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	12 Months Ended			53 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2013
Related Party Arrangements	'	'	'	'
Gross proceeds from issuance of common stock	$512,800,000	$433,000,000	$124,600,000	$1,072,900,000
Minimum Percentage of Taxable Income Distributed to Stockholders to Maintain Qualification as Real Estate Income Trust	90.00%	'	'	'
Interest rate floor	'	'	'	'
Derivatives	'	'	'	'
Number of contracts (interest rate floor)	1	'	'	'
Fair value	6,000,000	'	'	'
Notional amount	225,000,000	'	'	'
NS Real Estate Income Trust Advisor, LLC	'	'	'	'
Related Party Arrangements	'	'	'	'
Gross proceeds from issuance of common stock	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 (percent)	1.00%	'	'	'
NS Real Estate Income Trust Advisor, LLC | Maximum	'	'	'	'
Related Party Arrangements	'	'	'	'
Percentage of gross offering proceeds from the Primary Offering reimbursable as organization and offering costs (percent)	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 (percent)	1.50%	'	'	'

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

2 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Apr. 30, 2013

Apr. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Mar. 10, 2014

Jan. 31, 2014

loan

loan

Milford Plaza hotel

Milford Plaza hotel

Securitization 2012-1

Securitization 2012-1

Term Loan Facilities

Term Loan Facilities

Securitization 2013-1

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Senior Notes

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

First mortgage loans, mezzanine loans and subordinate mortgage interests

Subordinate mortgage interests:

Subordinate mortgage interests:

First mortgage / mezzanine loans

Mortgage Loans on Real Estate, Variable Rate Base, LIBOR

Mortgage Loans on Real Estate, Variable Rate Base, LIBOR

Subsequent Event

Subsequent Event

room

Sponsor

loan

loan

Weighted Average

Weighted Average

loan

loan

Weighted Average

Weighted Average

loan

Weighted Average

Collateralized Debt Obligations

Collateralized Debt Obligations

Mezzanine loans:

Mezzanine loans:

Weighted Average

Weighted Average

loan

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

CRE debt investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number

33

20

'

'

'

'

'

'

'

'

'

'

'

'

30

18

'

'

'

2

2

'

'

'

'

1

'

'

'

'

1

'

Principal Amount Including Future Funding Commitments

$1,135,323,000

$543,619,000

'

'

'

'

'

'

'

'

'

'

'

'

$973,380,000

$486,992,000

'

'

'

$128,693,000

$56,627,000

'

'

'

'

$33,250,000

'

'

'

'

'

'

Mortgage Loans on Real Estate, Commercial and Consumer, Net, Including Held for Sale

1,092,273,000

'

'

'

'

'

'

'

'

'

'

'

'

'

957,427,000

'

'

'

'

101,596,000

'

'

'

'

'

33,250,000

'

'

'

'

'

'

Carrying Value

1,092,273,000

514,058,000

72,937,000

0

'

'

'

'

'

'

'

'

'

'

'

476,717,000

'

'

'

'

37,341,000

'

'

'

'

'

'

'

'

'

'

'

Allocation by Investment Type (percent)

'

'

'

'

'

'

'

'

'

'

'

100.00%

100.00%

'

'

'

85.70%

89.60%

'

'

'

'

11.40%

10.40%

'

'

2.90%

'

'

'

'

'

Fixed Rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

13.02%

12.47%

'

'

'

12.96%

13.25%

'

'

'

'

0.00%

11.50%

'

'

13.11%

'

'

'

'

'

Spread over LIBOR (as a percent)

'

'

'

'

'

'

'

'

'

'

'

7.97%

6.18%

'

'

'

7.36%

6.14%

'

'

'

'

13.49%

10.00%

'

'

0.00%

'

'

'

'

'

Unleveraged Current Yield (as a percent)

'

'

'

'

'

'

'

'

'

'

'

8.43%

8.50%

'

'

'

7.72%

8.22%

'

'

'

'

13.61%

12.12%

'

'

13.24%

'

'

'

'

'

Floating Rate as % of Principal Amount

92.40%

81.00%

'

'

'

'

'

'

'

'

'

'

'

'

94.80%

89.50%

'

'

'

100.00%

8.20%

'

'

'

'

0.00%

'

'

'

'

'

'

Future funding commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

44,600,000

'

'

29,800,000

'

'

'

'

Mortgage Loans on Real Estate, Face Amount of Mortgages

1,090,689,000

'

'

'

'

'

'

'

'

'

'

'

'

'

955,939,000

'

'

'

'

101,500,000

'

'

'

'

'

33,250,000

'

'

'

'

'

17,500,000

Carrying value served as collateral

'

'

'

'

'

'

711,500,000

194,500,000

30,900,000

197,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Cash and Cash Equivalents

223,002,000

72,265,000

'

'

'

'

'

'

'

'

42,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans on real estate variable rate basis floor (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.07%

1.61%

'

'

Principal amount of loans originated with the Sponsor

'

'

'

'

255,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms (rooms)

'

'

'

'

1,331

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Company funded investment and the Sponsor funded

613,575,000

445,474,000

72,807,000

'

89,300,000

165,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument Principal Amount Bifurcated Into Separate Debt Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

104,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount

$638,182,000

$250,980,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$46,500,000

'

'

$58,000,000

'

'

'

'

'

'

'

'

'

'

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	Investment
Maturities of principal amounts of CRE debt investments	'
Total	$1,090,689
Credit Quality Monitoring	'
Maturity period of debt instruments depending upon the asset type	'4 years 5 months 24 days
Number of CRE debt investments contributing to more than 10% of interest income (investments)	0
Minimum	'
Credit Quality Monitoring	'
Period past due on contractual debt service payments for debt investments to be categorized as non-performing loans	'90 days
Initial Maturity	'
Maturities of principal amounts of CRE debt investments	'
2014	176,862
2015	393,741
2016	313,600
2017	104,800
2018	0
Thereafter	146,320
Total	1,135,323
Maturity Including Extensions	'
Maturities of principal amounts of CRE debt investments	'
2014	0
2015	12,480
2016	184,405
2017	373,718
2018	313,600
Thereafter	251,120
Total	$1,135,323

Investments_in_and_Advances_to2

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

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Dec. 31, 2013

Feb. 28, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Milford Plaza hotel

Milford Plaza hotel

Sponsor

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment II

PE Investment II

PE Investment II

Registrant and Sponsor

fund

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

Class B Partner

Class B Partner

Class B Partner

Sponsor

Sponsor

Sponsor

Vintage Funds

Milford Plaza hotel

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

Remaining cash distribution

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

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

Remaining cash distribution

property

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 (funds)

'

'

'

'

'

'

'

49

'

'

'

'

'

'

'

'

'

'

'

Cash distribution to the NorthStar Entities (as a percent)

'

'

'

'

'

'

'

'

'

'

15.00%

85.00%

49.00%

'

'

'

'

'

'

Document Period End Date

31-Dec-13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

85.00%

51.00%

'

'

'

'

'

'

'

'

'

Multiplier factor for cash distribution to the NorthStar Entities

'

'

'

'

'

'

'

'

1.5

'

'

'

'

'

'

'

'

'

'

Fair Value Method Investment Percentage of Cash Distribution After Multiplier to Entity And Related Party

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

Carrying value of investments

'

'

'

'

'

'

94,700,000

'

'

'

'

'

'

'

'

61,900,000

'

'

'

Equity in earnings (losses) of unconsolidated ventures

28,028,000

0

0

-600,000

'

'

22,500,000

'

'

'

'

'

'

'

'

6,200,000

'

'

'

Net distribution received

'

'

'

'

'

'

54,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Contribution made

'

'

'

'

'

'

8,700,000

'

'

'

'

'

'

'

'

'

'

'

'

Private Equity Investment, Estimated Future Capital Commitments

'

'

'

'

'

'

7,000,000

'

'

'

'

'

'

'

'

6,000,000

'

'

'

Number of Real Estate Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24

'

'

Aggregate reported net asset value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

916,200,000

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

504,800,000

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

55.00%

'

'

'

Deferred Amount paid to Seller for remaining of the fund interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

411,400,000

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45.00%

'

'

'

Entity's share in Initial Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,700,000

'

'

'

Entity's share in Deferred Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

61,700,000

'

'

'

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 (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

'

Percentage of distribution to Seller (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

Reduction in deferred amount as a percentage of amortization amount (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

Distribution period

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'4 years

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

Distribution received

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,500,000

'

'

'

Payments to Acquire Equity Method Investments

$204,192,000

$0

$0

'

'

'

$118,000,000

'

'

'

'

'

'

$282,100,000

'

$2,500,000

'

'

'

Ownership percentage (percent)

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

35.00%

Equity Method Investment Ownership Breakdown Of Total Ownership

35.00%

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments_in_and_Advances_to3

Investments in and Advances to Unconsolidated Ventures-Tables (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets	'	'	'
Operating real estate, net	$245,419	'	'
Investments in private equity funds	1,517,222	'	'
Other Assets	165,503	'	'
Total assets	1,928,144	'	'
Liabilities and equity	'	'	'
Mortgages and other notes payable	463,672	'	'
Other liabilities	556,072	'	'
Equity	908,400	'	'
Total liabilities and equity	1,928,144	'	'
Net investment in unconsolidated ventures	156,616	'	'
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]	'	'	'
Total revenues	190,223	'	'
Operating expenses	48,078	'	'
Interest expense	19,213	'	'
Depreciation and amortization	6,805	'	'
Total expenses	74,096	'	'
Net income (loss)	116,127	'	'
Company’s equity in net income of unconsolidated ventures	$28,028	$0	$0

Operating_Real_Estate_net_Deta

Operating Real Estate, net (Details) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended	1 Months Ended		1 Months Ended		1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 30, 2013	Dec. 31, 2013	Nov. 30, 2013	Dec. 31, 2013	Nov. 30, 2013	Dec. 31, 2013	Dec. 31, 2013
				Esplanade, LA [Member]	New Orleans, LA	Farmington Hills, MI	Farmington Hills, MI	Independence Green, MI [Member]	Kalamazoo, MI	Student Housing Property
				unit				unit		Kalamazoo, MI
										unit
Real Estate Investment Property, Net [Abstract]	'	'	'	'	'	'	'	'	'	'
Land	$7,800,000	'	'	'	'	'	'	'	'	'
Buildings and improvements	117,858,000	'	'	'	'	'	'	'	'	'
Furniture and fixtures	13,000	'	'	'	'	'	'	'	'	'
Subtotal	125,671,000	'	'	'	'	'	'	'	'	'
Less: Accumulated depreciation	-503,000	'	'	'	'	'	'	'	'	'
Real Estate Investments, Net	125,168,000	0	'	'	'	'	'	'	'	'
Ownership percentage by parent (percent)	99.98%	'	'	85.00%	85.00%	'	90.00%	90.00%	80.00%	80.00%
Cost	137,524,000	'	'	57,600,000	57,643,000	56,941,000	'	'	'	22,940,000
Mortgage Notes Payable	102,500,000	'	'	43,500,000	'	'	'	43,000,000	'	16,000,000
Equity transferred	'	'	'	12,000,000	'	'	'	12,600,000	'	5,500,000
Depreciation expense	503,000	0	0	'	'	'	'	'	'	'
Number of Units in Real Estate Property	'	'	'	437	'	'	'	981	'	876
Assets:	'	'	'	'	'	'	'	'	'	'
Land	7,800,000	'	'	'	'	'	'	'	'	'
Buildings	117,349,000	'	'	'	'	'	'	'	'	'
Other assets acquired	12,375,000	'	'	'	'	'	'	'	'	'
Total assets acquired	137,524,000	'	'	'	'	'	'	'	'	'
Liabilities:	'	'	'	'	'	'	'	'	'	'
Other liabilities assumed	839,000	'	'	'	'	'	'	'	'	'
Total liabilities	103,339,000	'	'	'	'	'	'	'	'	'
Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity	29,361,000	'	'	'	'	'	'	'	'	'
Non-controlling interests	4,824,000	'	'	'	'	'	'	'	'	'
Total equity	34,185,000	'	'	'	'	'	'	'	'	'
Total liabilities and equity	$137,524,000	'	'	'	'	'	'	'	'	'

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real estate securities	'	'	'
Available-for-sale Securities	$66,450,000	$29,582,000	'
Unrealized gains (losses) recorded in OCI	12,586,000	365,000	93,000
CMBS	'	'	'
Real estate securities	'	'	'
Available for Sale Securities, Number of Securities	8	4	'
Principal Amount	104,542,000	30,575,000	'
Amortized Cost	53,406,000	29,124,000	'
Cumulative Unrealized Gain on Investments	13,373,000	458,000	'
Cumulative Unrealized (Loss) on Investment	-329,000	0	'
Available-for-sale Securities	66,450,000	29,582,000	'
Weighted Average Coupon (as a percent)	4.53%	5.39%	'
Weighted Average, Unleveraged Current Yield (as a percent)	9.07%	5.71%	'
Carrying value of securities served as collateral for the company's financing transactions	17,800,000	'	'
Unrealized gains (losses) recorded in OCI	12,600,000	400,000	100,000
Number (security)	2	'	'
Unrealized loss	$300,000	'	'
Weighted average contractual maturities of the CRE securities	'33 years	'	'
Weighted average expected maturity of CRE securities	'7 years 10 months 24 days	'	'
Maximum	'	'	'
Real estate securities	'	'	'
Fair Value	'12 months	'	'

BorrowingsOutstanding_Debt_Det

Borrowings-Outstanding Debt (Details) (USD $)	1 Months Ended	12 Months Ended
	Aug. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	$638,182,000	$250,980,000
Carrying Value	'	637,752,000	250,812,000
Interest rate margin (as a percent)	2.68%	'	'
Maturity period of debt instruments depending upon the asset type	'	'4 years 5 months 24 days	'
Commercial Mortgage Backed Securities 2013 Bonds Payable	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	382,700,000	0
Carrying Value	'	382,250,000	0
Variable rate basis	'	'one-month LIBOR	'
Interest rate margin (as a percent)	'	2.68%	'
Commercial Mortgage Backed Security 2012 Bonds Payable	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	124,659,000	124,659,000
Carrying Value	'	124,679,000	124,491,000
Variable rate basis	'	'one-month LIBOR	'
Interest rate margin (as a percent)	'	1.66%	'
Securitization Bonds Payable	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	507,359,000	124,659,000
Carrying Value	'	506,929,000	124,491,000
MF 1 Senior Mortgage	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	43,500,000	'
Carrying Value	'	43,500,000	'
Interest rate (percent)	'	4.84%	'
MF 2 Senior Mortgage	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	43,000,000	'
Carrying Value	'	43,000,000	'
Interest rate (percent)	'	4.94%	'
SH Senior Mortgage	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	16,000,000	'
Carrying Value	'	16,000,000	'
Interest rate (percent)	'	5.15%	'
Mortgage notes payable	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	102,500,000	'
Carrying Value	'	102,500,000	'
Loan Facility 1	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	0	32,836,000
Carrying Value	'	0	32,836,000
Percentage of core assets for which recourse is available (percent)	'	25.00%	'
Percentage of flex assets for which recourse is available (percent)	'	100.00%	'
Percentage of line of credit for which recourse may be available (percent)	'	25.00%	'
Number of optional extensions to initial maturity date available to the entity (extensions)	'	2	'
Optional extension period of initial maturity date	'	'1 year	'
Loan Facility 1 | Minimum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	2.50%	'
Loan Facility 1 | Maximum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	3.00%	'
Loan Facility 2	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	0	54,950,000
Carrying Value	'	0	54,950,000
Number of optional extensions to initial maturity date available to the entity (extensions)	'	3	'
Optional extension period of initial maturity date	'	'1 year	'
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 (percent)	'	25.00%	'
Percentage of repurchase price for purchased assets for which a recourse is available for debt yield less than 10% at the time of financing (percent)	'	100.00%	'
Loan Facility 2 | Minimum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	2.00%	'
Yield (percent)	'	10.00%	'
Loan Facility 2 | Maximum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	4.00%	'
Yield (percent)	'	10.00%	'
Loan Facility 3	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	16,638,000	26,850,000
Carrying Value	'	16,638,000	26,850,000
Number of optional extensions to initial maturity date available to the entity (extensions)	'	3	'
Optional extension period of initial maturity date	'	'1 year	'
Debt Instrument, Interest Rate, Stated Percentage	'	5.24%	'
Loan Facility 3 | Minimum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	3.95%	'
Loan Facility 3 | Maximum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	5.95%	'
Loan Facility 4	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	0	'
Carrying Value	'	0	'
Number of optional extensions to initial maturity date available to the entity (extensions)	'	4	'
Optional extension period of initial maturity date	'	'1 year	'
Percentage of financed amount of stabilized loans for which recourse is available (percent)	'	25.00%	'
Financed amount of loans for which recourse is available	'	25,000,000	'
Loan Facility 4 | Minimum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	2.50%	'
Loan Facility 4 | Maximum	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate margin (as a percent)	'	3.00%	'
CMBS Facilities	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	11,685,000	11,685,000
Carrying Value	'	11,685,000	11,685,000
Interest rate (percent)	'	1.58%	'
CMBS Facilities | Minimum	'	'	'
Debt Instrument [Line Items]	'	'	'
Maturity period of debt instruments depending upon the asset type	'	'2 months	'
CMBS Facilities | Maximum	'	'	'
Debt Instrument [Line Items]	'	'	'
Maturity period of debt instruments depending upon the asset type	'	'3 months	'
Credit facilities	'	'	'
Debt Instrument [Line Items]	'	'	'
Principal Amount	'	28,323,000	126,321,000
Carrying Value	'	$28,323,000	$126,321,000

BorrowingsFuture_Payments_Deta

Borrowings-Future Payments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Scheduled principal payment requirements on borrowings	'	'
2014	$11,685	'
2015	0	'
2016	0	'
2017	0	'
2018	16,638	'
Thereafter	609,859	'
Total	638,182	250,980
Credit facilities	'	'
Scheduled principal payment requirements on borrowings	'	'
2014	11,685	'
2018	16,638	'
Total	28,323	126,321
Securitization Bonds Payable	'	'
Scheduled principal payment requirements on borrowings	'	'
2014	0	'
2015	0	'
2016	0	'
2017	0	'
2018	0	'
Thereafter	507,359	'
Total	507,359	124,659
Mortgage notes payable	'	'
Scheduled principal payment requirements on borrowings	'	'
2014	0	'
2015	0	'
2016	0	'
2017	0	'
2018	0	'
Thereafter	102,500	'
Total	$102,500	'

Borrowings_Details

Borrowings (Details) (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Aug. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Aug. 31, 2013

Dec. 31, 2013

Aug. 31, 2013

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 28, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2012

Nov. 30, 2012

Jul. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Jul. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Investment

Investment

Securitization 2013-1

CRE debt investments

Securitization 2013-1

Securitization 2012-1

Commercial Mortgage Backed Securities 2013 Bonds Payable

Commercial Mortgage Backed Securities 2013 Bonds Payable

Senior Loans

Loan Facilities

Loan Facilities

Loan Facilities

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 3

Loan Facility 3

Loan Facility 3

Loan Facility 3

Loan Facility 3

Loan Facility 4

Loan Facility 4

Loan Facility 4

Loan Facility 4

Loan Facility 4

CMBS Facilities

CMBS Facilities

CMBS Facilities

Commercial Mortgage Backed Security 2012 Bonds Payable

Commercial Mortgage Backed Security 2012 Bonds Payable

Investment

Investment

Investment

loan

CRE debt investments

Securitization 2012-1

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

agreement

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of securitization financing transactions entered (investments)

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of investments financed by borrowings

'

$1,090,689,000

'

'

$531,500,000

$17,800,000

'

$351,400,000

'

'

'

'

$30,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CRE debt investments contributed (investments)

3

'

'

'

'

'

8

9

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of bonds issued

382,700,000

'

'

'

'

'

'

227,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advance rates (as a percent)

72.00%

'

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate margin (as a percent)

2.68%

'

'

'

'

'

'

1.66%

2.68%

'

'

'

'

'

'

'

'

2.50%

3.00%

'

'

'

'

'

2.00%

4.00%

'

'

'

3.95%

5.95%

'

'

'

2.50%

3.00%

'

'

'

1.66%

'

Amount of borrowings repaid

222,700,000

197,548,000

117,727,000

0

'

'

'

'

'

'

'

'

'

117,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest retained in CRE debt investments contributed

'

'

'

'

'

'

'

70,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of bonds used to finance the assets contributed

'

'

'

'

'

'

'

129,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,800,000

22,500,000

'

'

'

3,800,000

7,500,000

'

'

'

20,000,000

'

'

'

'

'

'

Number of facilities (loans)

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of master repurchase agreements entered into (agreements)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

Carrying Value

'

637,752,000

250,812,000

'

'

'

'

'

382,250,000

0

'

16,600,000

'

'

0

32,836,000

'

'

'

0

'

54,950,000

'

'

'

'

16,638,000

26,850,000

'

'

'

0

'

'

'

'

11,685,000

11,685,000

'

124,679,000

124,491,000

CRE securities financed under CMBS Facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$11,700,000

'

'

'

'

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)

1 Months Ended

12 Months Ended

53 Months Ended

12 Months Ended

12 Months Ended

59 Months Ended

12 Months Ended

1 Months Ended

Aug. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Investment

PE Investment I

Advisor

Dealer Manager

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

NS Real Estate Income Trust Advisor, LLC

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Securitization 2013-1

Senior Loans

Asset management

Maximum

PE Investment I

Asset management

Asset management

Asset management

Acquisition

Acquisition

Acquisition

Disposition

Disposition

Disposition

Operating costs

Operating costs

Operating costs

Organization

Organization

Organization

Offering

Offering

Offering

Selling commissions /Dealer manager fees

Selling commissions /Dealer manager fees

Selling commissions /Dealer manager fees

Maximum

Maximum

Maximum

PE Investment I

PE Investment I

Maximum

Investment

Investment

Selling commissions /Dealer manager fees

Q

Disposition

Operating costs

Related Party Arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Document Period End Date

'

31-Dec-13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Organization and Offering Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

Gross proceeds from issuance of common stock

'

512,800,000

433,000,000

124,600,000

1,072,900,000

'

'

'

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 (percent)

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of average invested assets reimbursable as operating costs (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

Period for true-up calculation of expense reimbursements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset Management Fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

0.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percent of sum of amount funded or allocated for investments (percent)

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset Acquisition Fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

Related Party Transaction, Number of Preceding Fiscal Quarters Considered for Reimbursement of Operating Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Selling Commissions and Dealer Manager Fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Selling commissions as a percentage of gross offering proceeds from primary offering (percent)

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of transaction with related parties

'

'

'

'

'

'

'

'

'

'

'

13,600,000

3,360,000

265,000

10,194,000

4,753,000

728,000

1,178,000

24,000

0

7,786,000

2,397,000

761,000

62,000

470,000

246,000

2,989,000

5,564,000

1,600,000

49,511,000

42,385,000

12,024,000

'

'

'

'

'

'

'

'

'

'

'

'

Due to related party

'

3,076,000

15,165,000

'

'

'

'

'

3,076,000

3,370,000

'

1,607,000

559,000

'

'

'

'

10,000

24,000

'

1,459,000

523,000

'

0

113,000

'

0

2,151,000

'

0

0

'

'

'

'

'

'

'

'

'

11,800,000

'

'

'

Allocable operating costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fees deferred by advisor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of payable due to related party

'

'

'

'

'

'

'

'

'

'

11,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of shares of common stock committed to be purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

Purchase price of common stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9

'

'

'

'

'

'

'

'

Shares purchased during the period (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

254,778

253,202

507,980

'

'

'

'

'

Value of stock issued during period

'

460,225,000

385,098,000

110,968,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,300,000

2,300,000

4,600,000

'

'

'

'

'

Securitization 2013-1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal amount of CRE debt investment contributed

63,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

346,100,000

'

Number of senior loans transferred (investments)

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CRE debt investments contributed (investments)

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8

3

Debt instrument debt created from bifurcation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

79,100,000

PE Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

'

'

29.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate cash contribution to fund

'

'

'

'

'

400,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash contribution to fund

'

204,192,000

0

0

'

118,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

282,100,000

'

'

'

'

Aggregated amount deposited in connection with funding obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$40,000,000

'

'

'

Asset Management Fee Monthly Factor

'

'

'

'

'

'

0.083333333

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (USD $)	1 Months Ended			12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
				director
Equity-Based Compensation, Director's share	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Percent of Shares Granted to Shares Outstanding	'	'	'	10.00%	'	'	'
Minimum number of performance goals considered under the plan (performance goals)	'	'	'	1	'	'	'
Restricted stock	'	'	'	'	'	'	'
Equity-Based Compensation, Director's share	'	'	'	'	'	'	'
Number of independent directors (directors)	'	'	'	3	'	'	'
Number of shares received by independent directors (shares)	3,500	2,500	2,500	'	'	'	5,000
Price per share granted (usd per share)	'	'	'	$9	'	'	'
Award vesting period	'	'	'	'2 years	'4 years	'	'
Recognized equity-based compensation expense, related to issuance of common stock	'	'	'	$93,618	$60,140	$43,269	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

3 Months Ended

12 Months Ended

53 Months Ended

59 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2013

Dec. 31, 2013

Class of Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock Percentage of Distributions Paid as Ordinary Income

'

'

'

'

'

'

'

'

'

'

'

'

49.00%

'

'

'

'

Common Stock Percentage of Distributions Paid as Capital Gain Income

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

Common Stock Percentage of Distributions Paid as Return of Capital

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

Common Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of common stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

51,500,000

43,400,000

12,500,000

107,600,000

'

Gross proceeds from issuance of common stock

'

'

'

'

'

'

'

'

'

'

'

'

$512,800,000

$433,000,000

$124,600,000

$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 (percent)

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'10 days

'

'

'

'

Shares issued pursuant to DRP (shares)

'

'

'

'

'

'

'

'

'

'

'

'

3,400,000

1,100,000

200,000

'

4,700,000

Total proceeds from sale of shares pursuant to DRP

'

'

'

'

'

'

'

'

'

'

'

'

32,649,000

10,305,000

1,456,000

'

44,500,000

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

$0.00

'

'

'

'

Annual distribution rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

Cash

12,678,000

12,644,000

10,694,000

7,728,000

6,088,000

4,535,000

3,307,000

2,378,000

1,607,000

1,035,000

717,000

527,000

43,744,000

16,308,000

3,886,000

'

'

DRP

10,359,000

10,213,000

8,170,000

5,736,000

4,547,000

3,272,000

2,293,000

1,502,000

864,000

458,000

286,000

162,000

34,478,000

11,614,000

1,770,000

'

'

Total

23,037,000

22,857,000

18,864,000

13,464,000

10,635,000

7,807,000

5,600,000

3,880,000

2,471,000

1,493,000

1,003,000

689,000

78,222,000

27,922,000

5,656,000

'

'

Share Repurchase Program

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Holding period of shares required for repurchase

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

Shares allowed to be repurchased in connection with a stockholder's death or disability (less than one year)

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

Number of shares repurchased (shares)

'

'

'

'

'

'

'

'

'

'

'

'

593,226

'

14,748

'

'

Total amount of shares repurchased

'

'

'

'

'

'

'

'

'

'

'

'

5,694,000

1,371,000

147,000

'

'

Repurchase price paid per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$9.60

'

$10

'

'

Common Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share Repurchase Program

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares repurchased (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

141,503

'

'

'

Total amount of shares repurchased

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,400,000

'

'

'

Repurchase price paid per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.69

'

'

'

Noncontrolling_Interests_Nonco

Non-controlling Interests Non-controlling Interests (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Noncontrolling Interest [Abstract]	'	'	'
Net (income) loss attributable to non-controlling interests	$254	$0	$0

Fair_Value_Details

Fair Value (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Unrealized gain (loss) on investments and other	$0	($2,457,000)	$732,000
Investments in private equity funds	156,616,000	0	'
Real estate securities, available for sale	66,450,000	29,582,000	'
Financial assets measured at non-recurring basis	0	0	'
Financial liabilities measured at non-recurring basis	0	0	'
Recurring basis | Level 1	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Investments in private equity funds	0	'	'
Real estate securities, available for sale	0	'	'
Recurring basis | Level 2	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Investments in private equity funds	0	'	'
Real estate securities, available for sale	66,450,000	29,582,000	'
Recurring basis | Level 3	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Investments in private equity funds	156,616,000	0	'
Recurring basis | Total	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Investments in private equity funds	156,616,000	'	'
Real estate securities, available for sale	66,450,000	29,582,000	'
Fair Value Option	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Unrealized gain (loss) on investments and other	$0	($2,500,000)	$700,000
Minimum	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Discount rate (percent)	18.00%	'	'
Maximum	'	'	'
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy	'	'	'
Discount rate (percent)	25.00%	'	'

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified			Minimum	Maximum	Recurring basis
					Level 3
Additional information about financial assets	'	'	'	'	'
Beginning balance	$156,616	$0	'	'	$0
Purchases/contributions	'	'	'	'	204,924
Distributions	'	'	'	'	-76,973
Equity in earnings	'	'	'	'	28,665
Ending balance	$156,616	$0	'	'	$156,616
Discount rate (percent)	'	'	18.00%	25.00%	'

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Option	'	'	'
Unrealized gain (loss) on investments and other	$0	($2,457,000)	$732,000
Fair Value Option	'	'	'
Fair Value Option	'	'	'
Unrealized gain (loss) on investments and other	$0	($2,500,000)	$700,000

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
	creditfacility
Financial assets:	'	'	'	'
Real estate debt investments, net	$1,092,273,000	$514,058,000	$72,937,000	$0
Real estate debt investments, held for sale	17,500,000	0	'	'
Real estate securities, available for sale	66,450,000	29,582,000	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	506,929,000	124,491,000	'	'
Credit facilities	28,323,000	126,321,000	'	'
Credit Facilities	'	'	'	'
Number of term credit facilities under which amounts are outstanding (credit facility)	3	'	'	'
Principal Amount	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net	1,073,189,000	513,833,000	'	'
Real estate debt investments, held for sale	17,500,000	0	'	'
Real estate securities, available for sale	104,542,000	30,575,000	'	'
Future funding commitments related to real estate debt investments	44,600,000	'	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	507,359,000	124,659,000	'	'
Mortgage notes payable	102,500,000	0	'	'
Credit facilities	28,323,000	126,321,000	'	'
Carrying Value	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net	1,074,773,000	514,058,000	'	'
Real estate debt investments, held for sale	17,500,000	0	'	'
Real estate securities, available for sale	66,450,000	29,582,000	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	506,929,000	124,491,000	'	'
Mortgage notes payable	102,500,000	0	'	'
Credit facilities	28,323,000	126,321,000	'	'
Fair Value	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net	1,073,189,000	513,833,000	'	'
Real estate debt investments, held for sale	17,500,000	0	'	'
Real estate securities, available for sale	66,450,000	29,582,000	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	507,212,000	124,862,000	'	'
Mortgage notes payable	102,500,000	0	'	'
Credit facilities	$28,323,000	$126,321,000	'	'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting	'	'	'
Investments in private equity funds, at fair value (refer to Note 4)	$156,616,000	$0	'
Rental and other income	62,374,000	21,302,000	2,190,000
Rental and other income	1,970,000	0	0
Expenses	31,355,000	6,569,000	1,324,000
Income (loss) from operations	32,989,000	14,733,000	866,000
Realized gain (loss) on investments and other	0	3,028,000	0
Unrealized gain (loss) on investments and other	0	-2,457,000	732,000
Equity in earnings (losses) of unconsolidated ventures	28,028,000	0	0
Net income (loss)	61,017,000	15,304,000	1,598,000
Total Assets	1,831,104,000	859,938,000	'
Real Estate Debt	'	'	'
Segment Reporting	'	'	'
Rental and other income	57,189,000	20,442,000	1,447,000
Rental and other income	0	'	'
Expenses	606,000	158,000	8,000
Income (loss) from operations	56,583,000	20,284,000	1,439,000
Equity in earnings (losses) of unconsolidated ventures	0	'	'
Net income (loss)	56,583,000	20,284,000	1,439,000
Total Assets	1,347,461,000	617,705,000	'
Real Estate Equity	'	'	'
Segment Reporting	'	'	'
Rental and other income	0	'	'
Rental and other income	1,970,000	'	'
Expenses	8,632,000	'	'
Income (loss) from operations	-6,662,000	'	'
Equity in earnings (losses) of unconsolidated ventures	28,028,000	'	'
Net income (loss)	21,366,000	'	'
Total Assets	302,501,000	'	'
Real Estate Securities	'	'	'
Segment Reporting	'	'	'
Rental and other income	5,185,000	860,000	743,000
Rental and other income	0	'	'
Expenses	12,000	16,000	4,000
Income (loss) from operations	5,173,000	844,000	739,000
Realized gain (loss) on investments and other	'	3,028,000	'
Unrealized gain (loss) on investments and other	'	-2,457,000	732,000
Equity in earnings (losses) of unconsolidated ventures	0	'	'
Net income (loss)	5,173,000	1,415,000	1,471,000
Total Assets	66,837,000	29,712,000	'
Corporate	'	'	'
Segment Reporting	'	'	'
Rental and other income	0	'	'
Rental and other income	0	'	'
Expenses	22,105,000	6,395,000	1,312,000
Income (loss) from operations	-22,105,000	-6,395,000	-1,312,000
Equity in earnings (losses) of unconsolidated ventures	0	'	'
Net income (loss)	-22,105,000	-6,395,000	-1,312,000
Total Assets	$114,305,000	$212,521,000	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended			59 Months Ended	0 Months Ended	2 Months Ended		12 Months Ended		2 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Mar. 05, 2014	Mar. 10, 2014	Mar. 10, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 10, 2014
	loan	loan			Subsequent event	Subsequent event	Dividend Reinvestment Plan	Mezzanine loans:	Mezzanine loans:	Mezzanine loans:
							Subsequent event	loan	loan	Subsequent Event
										loan
Distribution Reinvestment Plan	'	'	'	'	'	'	'	'	'	'
Shares issued pursuant to DRP (shares)	3,400,000	1,100,000	200,000	4,700,000	'	'	1,100,000	'	'	'
Total proceeds from sale of shares pursuant to DRP	$32,649	$10,305	$1,456	$44,500	'	'	$10,200	'	'	'
Common stock shares remaining available for sale pursuant to distribution reinvestment plan (shares)	'	'	'	'	'	'	12,500,000	'	'	'
Distributions	'	'	'	'	'	'	'	'	'	'
Daily cash distribution accrued per share (in dollars per share)	$0.00	'	'	'	$0.00	'	'	'	'	'
Share Repurchases	'	'	'	'	'	'	'	'	'	'
Number of shares repurchased (shares)	593,226	'	14,748	'	'	200,000	'	'	'	'
Total amount of shares repurchased	5,694	1,371	147	'	'	1,900	'	'	'	'
Repurchase price paid per share (in dollars per share)	$9.60	'	$10	'	'	$9.52	'	'	'	'
Investments	'	'	'	'	'	'	'	'	'	'
Number of mezzanine loans originated	33	20	'	'	'	'	'	2	2	1
Mezzanine loan purchased	615,430	445,630	72,958	'	'	'	'	'	'	12,000
Mezzanine loan sold	$41,383	$0	$0	'	'	'	'	'	'	$17,500

Schedule_III_Real_estate_and_a1

Schedule III- Real estate and accumulated depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances	$102,500
Initial cost of land	7,800
Initial cost of buildings and improvements	117,871
Costs capitalized subsequent to acquisition, Land, Buildings and Improvements	0
Gross amount carried at close of period, land	7,800
Gross amount carried at close of period, building and improvements	117,871
Gross amount carried at close of period, gross	125,671
Accumulated Depreciation	-503
Total	125,168
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'
Beginning balance	0
Property acquisitions	125,671
Ending balance	125,671
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'
Beginning balance	0
Depreciation expense	503
Ending balance	503
Farmington Hills, MI	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances	43,000
Initial cost of land	3,200
Initial cost of buildings and improvements	47,960
Costs capitalized subsequent to acquisition, Land, Buildings and Improvements	0
Gross amount carried at close of period, land	3,200
Gross amount carried at close of period, building and improvements	47,960
Gross amount carried at close of period, gross	51,160
Accumulated Depreciation	-266
Total	50,894
Life on Which Depreciation is Computed	'30 years
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'
Ending balance	51,160
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'
Ending balance	266
New Orleans, LA	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances	43,500
Initial cost of land	3,100
Initial cost of buildings and improvements	50,410
Costs capitalized subsequent to acquisition, Land, Buildings and Improvements	0
Gross amount carried at close of period, land	3,100
Gross amount carried at close of period, building and improvements	50,410
Gross amount carried at close of period, gross	53,510
Accumulated Depreciation	-212
Total	53,298
Life on Which Depreciation is Computed	'30 years
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'
Ending balance	53,510
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'
Ending balance	212
Kalamazoo, MI	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances	16,000
Initial cost of land	1,500
Initial cost of buildings and improvements	19,501
Costs capitalized subsequent to acquisition, Land, Buildings and Improvements	0
Gross amount carried at close of period, land	1,500
Gross amount carried at close of period, building and improvements	19,501
Gross amount carried at close of period, gross	21,001
Accumulated Depreciation	-25
Total	20,976
Life on Which Depreciation is Computed	'30 years
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'
Ending balance	21,001
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'
Ending balance	$25

Schedule_IV_Mortgage_Loans_on_1

Schedule IV- Mortgage Loans on Real Estate (Details) (USD $)

12 Months Ended

2 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 10, 2014

Jan. 31, 2014

loan

loan

First mortgage loans:

First mortgage loans:

Subordinate mortgage interests:

Mezzanine loans:

Mezzanine loans:

Borrower A

Borrower B

Borrower C

Borrower D

Borrower E

Borrower F

Borrower G

Borrower I

Borrower I

Borrower J

Other first mortgage loans

Borrower K

Borrower L

Borrower M

Sponsor

Sponsor

Sponsor

Subsequent Event

Subsequent Event

loan

loan

loan

loan

loan

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

Mezzanine loans:

Mezzanine loans:

Subordinate mortgage interests:

Mezzanine loans:

Mezzanine loans:

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

Maturities of principal amounts of CRE debt investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number

33

20

'

30

18

1

2

2

1

1

1

1

1

1

1

1

1

1

20

1

1

1

'

'

'

1

'

Floating interest rate (percent)

'

'

'

7.36%

'

0.00%

13.49%

'

7.20%

1.77%

7.00%

6.75%

7.00%

15.56%

7.00%

5.50%

8.50%

0.00%

7.90%

12.70%

15.00%

0.00%

'

'

'

'

'

Fixed interest rate (percent)

'

'

'

12.96%

'

13.11%

0.00%

'

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

13.25%

12.00%

0.00%

0.00%

13.11%

'

'

'

'

'

Prior Liens

$310,370,000

'

'

$0

'

$160,000,000

$150,370,000

'

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$105,000,000

$45,370,000

$160,000,000

'

'

'

'

'

Principal Amount

1,090,689,000

'

'

955,939,000

'

33,250,000

101,500,000

'

91,000,000

87,800,000

73,000,000

65,679,000

60,300,000

51,617,000

43,300,000

42,000,000

41,800,000

37,977,000

361,466,000

66,500,000

35,000,000

33,250,000

'

'

'

'

17,500,000

Mortgage Loans on Real Estate, Commercial and Consumer, Net, Including Held for Sale

1,092,273,000

'

'

957,427,000

'

33,250,000

101,596,000

'

91,420,000

87,800,000

73,000,000

65,679,000

60,403,000

52,509,000

43,300,000

42,080,000

41,800,000

37,977,000

361,459,000

66,596,000

35,000,000

33,250,000

'

'

'

'

'

Carrying Value

1,092,273,000

514,058,000

72,937,000

'

476,717,000

'

'

37,341,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future funding commitments

44,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Individual loans carrying value percent of CRD debt investments (less than 3%) (percent)

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Movement in Mortgage Loans on Real Estate [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance

514,058,000

72,937,000

0

476,717,000

'

'

37,341,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additions:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of new loans and additional funding on existing loans

613,575,000

445,474,000

72,807,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Loans on Real Estate Acquisition Cost Fees on New Mortgage Loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

79,095,000

0

0

'

'

Interest accretion

-140,000

301,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition cost (fees) on new loans

6,334,000

4,753,000

728,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Origination fees received on new loans

-4,479,000

-4,597,000

-577,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deductions:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collection of principal

74,291,000

4,750,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sales

41,383,000

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of acquisition costs, fees, premiums and discounts

496,000

60,000

21,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending balance (1)

$1,092,273,000

$514,058,000

$72,937,000

'

$476,717,000

'

'

$37,341,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'