NorthStar Real Estate Income Trust 10-K 17 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 10, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	NorthStar Real Estate Income Trust, Inc.
Entity Central Index Key	1,455,650
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Entity Common Stock, Shares Outstanding		120,003,412
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 153,039	$ 127,890
Restricted cash		74,195	75,074
Real estate debt investments, net		745,323	997,836
Operating real estate, net		488,839	365,327
Investments in unconsolidated ventures (refer to Note 5)		90,579	157,843
Real estate securities, available for sale		93,975	83,622
Receivables, net		13,956	48,545
Deferred costs and other assets, net		56,370	37,323
Loan collateral receivable, related party		52,204	54,056
Total assets	[1]	1,768,480	1,947,516
Liabilities
Securitization bonds payable, net		39,762	185,314
Mortgage notes payable, net		393,410	316,402
Credit facilities		249,156	318,000
Accounts payable and accrued expenses (refer to Note 8)		7,930	11,238
Escrow deposits payable		58,453	61,881
Distribution payable		8,192	8,205
Other liabilities		19,191	14,465
Loan collateral payable, net, related party (refer to Note 8)		23,261	0
Total liabilities	[1]	799,355	915,505
Commitments and contingencies
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, 2016 and December 31, 2015		0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 120,903,352 and 120,757,888 shares issued and outstanding as of December 31, 2016 and 2015, respectively		1,209	1,207
Additional paid-in capital		1,080,434	1,078,154
Retained earnings (accumulated deficit)		(151,731)	(86,938)
Accumulated other comprehensive income (loss)		20,175	21,901
Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity		950,087	1,014,324
Non-controlling interests		19,038	17,687
Total equity		969,125	1,032,011
Total liabilities and equity		$ 1,768,480	$ 1,947,516
Primary Beneficiary
VIE ownership percentage		99.98%
Assets		$ 403,000
Liabilities		$ 341,000
[1]	Represents the consolidated assets and liabilities of NorthStar Real Estate Income Trust Operating Partnership, LP (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which the Company is the sole general partner and owns approximately 99.98%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $403.0 million and $341.0 million of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies”.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in 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 (in shares)	400,000,000	400,000,000
Common stock, shares issued (shares)	120,903,352	120,757,888
Common stock, shares outstanding (shares)	120,903,352	120,757,888

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net interest income
Interest income	$ 77,657	$ 96,471	$ 102,697
Interest expense	16,674	21,339	21,100
Net interest income	60,983	75,132	81,597
Property and other revenues
Rental and other income	78,602	60,394	29,342
Total property and other revenues	78,602	60,394	29,342
Expenses
Asset management and other fees, related party	23,765	23,965	24,676
Mortgage notes interest expense	17,519	14,832	7,763
Transaction costs	1,978	1,344	2,777
Property operating expenses	36,950	31,135	15,433
General and administrative expenses	14,503	15,475	13,265
Depreciation and amortization	31,227	25,982	6,427
Total expenses	125,942	112,733	70,341
Other income (loss)
Realized gain (loss) on investments and other	0	0	397
Unrealized gain (loss) on investments	(3,432)	(12,108)	11,764
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	10,211	10,685	52,759
Equity in earnings (losses) of unconsolidated ventures	24,963	36,017	41,679
Income tax benefit (expense)	(2,967)	(1,111)	(5,485)
Net income (loss)	32,207	45,591	88,953
Net (income) loss attributable to non-controlling interests	(255)	23	171
Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders	$ 31,952	$ 45,614	$ 89,124
Net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ 0.26	$ 0.38	$ 0.77
Weighted average number of shares of common stock outstanding, basic/diluted (shares)	120,946,177	119,321,920	116,121,313

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 32,207	$ 45,591	$ 88,953
Other comprehensive income (loss):
Unrealized gain (loss) on real estate securities, available for sale	(1,726)	(6,513)	15,370
Total other comprehensive income (loss)	(1,726)	(6,513)	15,370
Comprehensive income (loss)	30,481	39,078	104,323
Comprehensive (income) loss attributable to non-controlling interests	(255)	23	171
Comprehensive income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders	$ 30,226	$ 39,101	$ 104,494

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Company’s Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2013			114,536,000
Beginning balance at Dec. 31, 2013	$ 1,005,225	$ 1,000,651	$ 1,145	$ 1,019,348	$ (32,886)	$ 13,044	$ 4,574
Increase (Decrease) in Stockholders' Equity
Non-controlling interests - contributions	15,727						15,727
Non-controlling interests - distributions	(773)						(773)
Proceeds from distribution reinvestment plan (in shares)			4,493,000
Proceeds from distribution reinvestment plan	42,659	42,659	$ 45	42,614
Shares redeemed for cash (shares)			(1,193,000)
Shares redeemed for cash	(11,468)	(11,468)	$ (12)	(11,456)
Issuance and amortization of equity-based compensation (in shares)			11,000
Issuance and amortization of equity-based compensation	126	126		126
Other comprehensive income (loss)	15,370	15,370				15,370
Distributions declared	(93,122)	(93,122)			(93,122)
Net income (loss)	88,953	89,124			89,124		(171)
Ending balance (in shares) at Dec. 31, 2014			117,847,000
Ending balance at Dec. 31, 2014	1,062,697	1,043,340	$ 1,178	1,050,632	(36,884)	28,414	19,357
Increase (Decrease) in Stockholders' Equity
Non-controlling interests - contributions	268						268
Non-controlling interests - distributions	(1,915)						(1,915)
Proceeds from distribution reinvestment plan (in shares)			4,599,000
Proceeds from distribution reinvestment plan	43,783	43,783	$ 46	43,737
Shares redeemed for cash (shares)			(1,710,000)
Shares redeemed for cash	(16,464)	(16,464)	$ (17)	(16,447)
Issuance and amortization of equity-based compensation (in shares)			22,000
Issuance and amortization of equity-based compensation	232	232		232
Other comprehensive income (loss)	(6,513)	(6,513)				(6,513)
Distributions declared	(95,668)	(95,668)			(95,668)
Net income (loss)	45,591	45,614			45,614		(23)
Ending balance (in shares) at Dec. 31, 2015			120,758,000
Ending balance at Dec. 31, 2015	1,032,011	1,014,324	$ 1,207	1,078,154	(86,938)	21,901	17,687
Increase (Decrease) in Stockholders' Equity
Non-controlling interests - contributions	4,473						4,473
Non-controlling interests - distributions	(3,377)						(3,377)
Proceeds from distribution reinvestment plan (in shares)			4,467,000
Proceeds from distribution reinvestment plan	43,546	43,546	$ 45	43,501
Shares redeemed for cash (shares)			(4,349,000)
Shares redeemed for cash	(41,455)	(41,455)	$ (43)	(41,412)
Issuance and amortization of equity-based compensation (in shares)			27,000
Issuance and amortization of equity-based compensation	191	191		191
Other comprehensive income (loss)	(1,726)	(1,726)				(1,726)
Distributions declared	(96,745)	(96,745)			(96,745)
Net income (loss)	32,207	31,952			31,952		255
Ending balance (in shares) at Dec. 31, 2016			120,903,000
Ending balance at Dec. 31, 2016	$ 969,125	$ 950,087	$ 1,209	$ 1,080,434	$ (151,731)	$ 20,175	$ 19,038

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2016USD ($)		Dec. 31, 2015USD ($)		Dec. 31, 2014USD ($)
Cash flows from operating activities:
Net income (loss)	$ 32,207,000		$ 45,591,000		$ 88,953,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of unconsolidated ventures	(24,963,000)		(36,017,000)		(41,679,000)
Depreciation and amortization	31,227,000		25,982,000		6,427,000
Straight-line rental income	(1,690,000)		(1,798,000)		(199,000)
Amortization of capitalized above/below market leases	1,150,000		1,007,000		0
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(861,000)		3,577,000		2,894,000
Amortization of deferred financing costs	3,089,000		3,944,000		4,261,000
Interest accretion on investments	(6,408,000)		(6,505,000)		(1,318,000)
Distributions of cumulative earnings from unconsolidated ventures (refer to Note 5)	24,963,000		31,690,000		36,194,000
Realized (gain) loss on investments and other	0		0		(397,000)
Unrealized (gain) loss on investments and other	3,432,000		12,108,000		(11,764,000)
Amortization of equity-based compensation	191,000		232,000		126,000
Deferred income tax expense	(2,086,000)		(1,485,000)		4,020,000
Changes in assets and liabilities:
Restricted cash	(2,948,000)		8,165,000		(2,764,000)
Receivables, net	4,536,000		58,000		4,374,000
Deferred costs and other assets	(552,000)		(1,894,000)		(490,000)
Due to related party	66,000		0		(3,076,000)
Accounts payable and accrued expenses	(1,291,000)		(47,000)		5,630,000
Other liabilities	774,000		387,000		2,200,000
Net cash provided by (used in) operating activities	60,836,000		84,995,000		93,392,000
Cash flows from investing activities:
Origination of real estate debt investments, net	(151,837,000)		(61,639,000)		(490,467,000)
Repayment on real estate debt investments	372,208,000		287,084,000		251,631,000
Proceeds from sale of real estate debt investments	0		0		17,325,000
Repayment on loan collateral receivable, related party	1,852,000		23,846,000		1,193,000
Acquisition of operating real estate	(103,384,000)		0		(247,625,000)
Improvements of operating real estate	(5,649,000)		(8,700,000)		(7,818,000)
Investments in unconsolidated ventures (refer to Note 5)	(55,398,000)		(10,035,000)		(52,885,000)
Proceeds from sale of unconsolidated ventures	59,760,000		0		4,008,000
Distributions in excess of cumulative earnings from unconsolidated ventures (refer to Note 5)	63,717,000		38,107,000		30,344,000
Acquisition of real estate securities, available for sale	(20,657,000)		(10,818,000)		0
Repayment of real estate securities, available for sale	11,075,000		806,000		0
Change in restricted cash	2,244,000		(920,000)		(9,793,000)
Net cash provided by (used in) investing activities	173,931,000		257,731,000		(504,087,000)
Cash flows from financing activities:
Proceeds from distribution reinvestment plan	43,546,000		43,783,000		42,659,000
Shares redeemed for cash	(41,455,000)		(16,464,000)		(11,468,000)
Distributions paid on common stock	(96,758,000)		(95,470,000)		(92,896,000)
Borrowings from mortgage notes	78,952,000		0		186,550,000
Repayment of mortgage notes	(204,000)		(198,000)		(121,000)
Borrowings from loan collateral payable, net, related party	24,933,000		0		0
Borrowings from credit facilities	115,768,000		55,148,000		257,798,000
Repayment of credit facilities	(184,612,000)		(6,630,000)		(16,638,000)
Change in restricted cash	0		0		41,801,000
Repayment of securitization bonds	(146,049,000)		(228,073,000)		(93,475,000)
Payment of deferred financing costs	(4,835,000)		(1,040,000)		(2,309,000)
Contributions from non-controlling interests	4,473,000		268,000		15,727,000
Distributions to non-controlling interests	(3,377,000)		(1,915,000)		(773,000)
Net cash provided by (used in) financing activities	(209,618,000)		(250,591,000)		326,855,000
Net increase (decrease) in cash and cash equivalents	25,149,000		92,135,000		(83,840,000)
Cash and cash equivalents - beginning of period	127,890,000		35,755,000		119,595,000
Cash and cash equivalents - end of period	153,039,000		127,890,000		35,755,000
Supplemental disclosure of cash flow information:
Cash paid for interest	31,208,000		31,755,000		24,148,000
Cash paid for income taxes	4,307,000		4,028,000		3,142,000
Supplemental disclosure of non-cash investing and financing activities:
Escrow deposits payable related to real estate debt investments	3,428,000		42,444,000		68,298,000
Distribution payable	8,192,000		8,205,000		8,007,000
Non-cash related to PE Investments (refer to Note 5)	3,270,000		2,169,000		2,990,000
CRE debt investment payoff due from servicer	0		31,750,000		0
Acquisition of operating real estate / assumption of mortgage notes payable	0		0		29,133,000
Acquisition of operating real estate / reduction of CRE debt investment	67,493,000	[1]	0	[1]	0	[1]
Transfer of CRE debt investments / loan collateral payable, net, related party	23,729,000		0		0
Accrued capital expenditures	0		1,335,000		0
Reclassification of deferred financing costs to securitization bonds payable	0		389,000		2,729,000
Reclassification of deferred financing costs to mortgage notes payable	0		1,950,000		2,149,000
Reclassification related to measurement-period adjustment (refer to Note 4)	$ 33,612,000		$ 0		$ 0
[1]	Non-cash activity in 2016 occurred primarily in connection with taking title to collateral.

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NorthStar Real Estate Income Trust, Inc. (the “Company”) was formed to originate, acquire and asset manage a diversified portfolio of commercial real estate (“CRE”) debt, select equity and securities investments, predominantly in the United States. The Company may also invest in CRE investments internationally. CRE debt investments 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 direct ownership in properties, which may be structurally senior to a third-party partner’s equity, as well as indirect interests in real estate through real estate private equity funds (“PE Investments”). CRE securities primarily consist of commercial mortgage-backed securities (“CMBS”) and may in the future include unsecured real estate investment trust (“REIT”) debt, collateralized debt obligation (“CDO”) notes and other securities. In addition, the Company may own investments through joint ventures. The Company was formed in January 2009 as a Maryland corporation and commenced operations in October 2010. The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with the taxable year ended December 31, 2010. The Company conducts its operations so as to continue to qualify as a REIT for U.S. federal income tax purposes. The Company is externally managed and has no employees. Prior to January 11, 2017, the Company was managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM) (“NSAM”). Effective January 10, 2017, NSAM completed its previously announced merger with Colony Capital, Inc. (“Colony”), NorthStar Realty Finance Corp. (“NorthStar Realty”), and Colony NorthStar, Inc. (“Colony NorthStar”), a wholly-owned subsidiary of NSAM, which the Company refers to as the mergers, with Colony NorthStar surviving the mergers and succeeding NSAM as the Company’s sponsor (the “Sponsor”). As a result of the mergers, the Sponsor became an internally-managed equity REIT, with a diversified real estate and investment management platform and publicly-traded on the NYSE under the ticker symbol “CLNS”. In addition, following the mergers, NSAM J-NSI Ltd, an affiliate of NSAM (the “Advisor”), became a subsidiary of Colony NorthStar. The Advisor manages the Company’s day-to-day operations pursuant to an advisory agreement. The mergers had no material impact on the Company’s operations. The Sponsor and its affiliates also provide asset management and other services to NorthStar Realty Europe Corp. (NYSE: NRE), other sponsored public retail-focused companies, private funds and any other companies the Sponsor and its affiliates may manage in the future (collectively the “Managed Companies”), both in the United States and internationally. Previously, the Company was managed by an affiliate of NorthStar Realty, until June 30, 2014 when it spun-off its asset management business into NSAM. Concurrent with the spin-off, the Advisor agreed to manage the Company’s day-to-day operations on terms substantially similar to those set forth in the Company’s prior advisory agreement with NS Real Estate Income Trust Advisor, LLC (the “Prior Advisor”). References to the Prior Advisor herein refer to the services performed by and fees paid and accrued to the Prior Advisor during the period prior to June 30, 2014. The spin-off of NorthStar Realty’s asset management business had no impact on the Company’s operations. Substantially all the Company’s business is conducted through NorthStar Real Estate Income Trust Operating Partnership, LP (the “Operating Partnership”). The Company is the sole general partner and a limited partner of the Operating Partnership. The other limited partners of the Operating Partnership are the Prior Advisor and NorthStar OP Holdings, LLC (the “Special Unit Holder”), each an affiliate of the Sponsor. The Prior 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 was 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, 2016 and December 31, 2015 . As the Company accepted subscriptions for shares in its continuous, public offering which closed in July 2013, it contributed substantially all of the net proceeds to the Operating Partnership as a capital contribution. As of December 31, 2016 , 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 its primary offering to the public (the “Primary Offering”) and up to 10,526,315 shares pursuant to its distribution reinvestment plan (the “DRP”), which are herein collectively referred to as the Offering. In April 2013, the board of directors of the Company authorized the reallocation of shares available under 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 an additional registration statement to offer up to 10.0 million shares pursuant to the DRP, the Company continues to offer DRP shares beyond the Total Primary Offering. The Company raised total gross proceeds of $1.1 billion in the Offering. In addition, from the close of the Primary Offering through March 10, 2017 , the Company has raised an additional $0.2 billion in gross proceeds pursuant to the DRP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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 (“VIEs”), 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 investments and financings, including investments in unconsolidated ventures and securitization financing transactions, if any, to determine whether each investment or financing is 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. The Company adopted the new consolidation guidance (refer to Recent Accounting Pronouncements) on January 1, 2016, which resulted in the identification of several VIEs. Prior to the adoption of the standard, these entities were consolidated under the voting interest model. The most significant consolidated VIEs are the Operating Partnership and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. The Company consolidates these entities because it controls all significant business activities. The Operating Partnership consolidates certain properties that have non-controlling interests. Included in operating real estate, net on the Company’s consolidated balance sheet as of December 31, 2016 is $354.3 million related to such consolidated VIEs. Included in mortgage notes payable, net on the Company’s consolidated balance sheet as of December 31, 2016 is $324.4 million collateralized by the real estate assets of the related consolidated VIEs. As of December 31, 2016 , the Company identified unconsolidated VIEs related to its securities investments, PE investments and CRE debt investments. Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2016 (dollars in thousands): Total Maximum Exposure to Loss Real estate securities, available for sale $ 93,975 $ 93,975 Investments in unconsolidated ventures 16,235 16,235 Real estate debt investments, net (1) 142,723 142,723 Total assets $ 252,933 $ 252,933 _________________________________________ (1) Includes loan collateral receivable, related party of $ 52.2 million . Based on management’s analysis, the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2016 . The Company did not provide financial support to the unconsolidated VIEs during the year ended December 31, 2016 . As of December 31, 2016 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs. 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 or a simple majority vote. 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 Unconsolidated Ventures A non-controlling, unconsolidated ownership interest in an entity 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. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment. 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 PE Investments. The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) of 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 an investment that does 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. Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents. 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. 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 OCI. The only component of OCI is unrealized gain (loss) on CRE securities available for sale for which the fair value option was not elected. Fair Value Option The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value 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 has elected the fair value option for PE Investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity date of three months or less to be cash equivalents. 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 and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents. Restricted Cash Restricted cash consists of amounts related to loan origination (escrow deposits) and operating real estate (escrows for taxes, insurance, capital expenditures and payments required under certain lease agreements). 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 and discount. 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. The Company may syndicate a portion of the CRE debt investments that it originates or sell the CRE debt investments individually. When a transaction meets the criteria for sale accounting, the Company will no longer recognize the CRE debt investment sold as an asset and will recognize gain or loss based on the difference between the sales price and the carrying value of the CRE debt investment sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in interest income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of interest income. Operating Real Estate Operating real estate is carried at historical cost less accumulated depreciation. 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. The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, improvements and other identified intangibles. 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. The Company refers to real estate acquired in connection with a foreclosure, deed in lieu of foreclosure or a consensual modification of a loan as real estate owned (“REO”). The Company evaluates whether an REO, herein collectively referred to as taking title to collateral, constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 30 to 40 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 10 years 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. Deferred Costs Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in deferred costs and other asset, net and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. 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 are recorded to depreciation and amortization in the consolidated statements of operations. Identified Intangibles The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. As of December 31, 2016 , the weighted average amortization period for above-market leases, below-market leases and in-place lease costs is 4.5 years , 5.2 years and 4.8 years , respectively. Identified intangible assets are recorded in deferred costs and other assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets. The following table presents identified intangibles as of December 31, 2016 (dollars in thousands): December 31, 2016 Intangible Assets Intangible Liabilities In-place Leases Above-market Leases Total Below-market Leases Gross amount $ 47,016 $ 14,740 $ 61,756 $ 12,554 Accumulated amortization (15,086 ) (5,295 ) (20,381 ) (4,048 ) Total $ 31,930 $ 9,445 $ 41,375 $ 8,506 The Company recorded amortization of acquired above-market leases, net of acquired below-market leases of $1.2 million and $1.0 million for the years ended December 31, 2016 and December 31, 2015 respectively. There was no amortization of acquired above-market leases, net of acquired below-market leases for the year ended December 31, 2014 . Amortization of other intangible assets was $11.5 million and $6.5 million for the years ended December 31, 2016 and December 31, 2015 respectively. There was no amortization of other intangible assets for the year ended December 31, 2014 . The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Years Ending December 31: In-place Leases, Net (1) Above-market Leases, Net (1) Below-market Leases, Net (1) 2017 $ 10,734 $ 3,247 $ 2,115 2018 6,948 2,205 2,014 2019 4,963 1,594 1,912 2020 2,961 866 672 2021 2,061 611 427 Thereafter 4,263 922 1,366 Total $ 31,930 $ 9,445 $ 8,506 ______________________________________________________ (1) Identified intangibles will be amortized through periods ending April 2027. Deferred Costs and Other Assets, Net and Other Liabilities The following tables present a summary of deferred costs and other assets, net and other liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Deferred costs and other assets, net: Intangible assets, net (1) $ 41,375 $ 21,149 Deferred commissions and leasing costs 10,287 10,955 Deferred financing costs, net - credit facilities 2,772 2,585 Prepaid expenses 1,386 1,844 Deposits 550 405 Other — 385 Total $ 56,370 $ 37,323 December 31, 2016 2015 Other liabilities: Intangible liabilities, net (2) $ 8,506 $ 9,624 PE Investments deferred purchase price, net 4,248 — Prepaid rent and unearned revenue 4,601 2,583 Tenant security deposits 1,433 676 Other 403 1,582 Total $ 19,191 $ 14,465 _________________________________________ (1) Represents in-place leases and above-market leases, net. (2) Represents below-market leases, net. 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, 2016 , total acquisition fees and expenses did not exceed the allowed limit for any investment. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in 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. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment. 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 the leasing of space to various types of tenants. Rental revenue recognition commences when the tenant takes legal possession of the leased space and the leased space is substantially ready for its intended use. 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. The excess of rent recognized over the amount contractually due pursuant to the underlying leases is included in receivables on the consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Other income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is recognized in the same period as the expenses are incurred. In a situation in which a lease(s) associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and depreciation and amortization for the remaining lease related asset groups in the consolidated statements of operations. As of December 31, 2016 , 2015 , and 2014 , the total amount of accelerated amortization within rental and other income and depreciation and amortization expense was de minimis. 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 all 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. Interest accrued and not collected will be reversed against interest income. A loan is written off when it is no longer realizable and/or legally discharged. As of December 31, 2016 , 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 and asset 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 in impairment on operating real estate in the consolidated statements of operations. As of December 31, 2016 , the Company did not have any impaired operating real estate. 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. Investments in Unconsolidated Ventures The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in equity in earnings (losses) of unconsolidated ventures in the consolidated statements of operations. As of December 31, 2016 , the Company did not have any impaired investments in unconsolidated ventures. 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: (a) the amount related to expected credit losses; and (b) 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. 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, 2016 , the Company did not have any OTTI recorded on its CRE securities. Equity-Based Compensation The Company accounts for 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 elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code beginning in its taxable year ended December 31, 2010. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders 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 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. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has assessed its tax positions for all open tax years, which include 2014 to 2016, and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2016 , 2015 and 2014 . The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable i

Real Estate Debt Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 2016
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 as of December 31, 2016 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal (1) Carrying (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 13 $ 570,339 $ 564,722 74.3 % 15.00 % 5.80 % 7.31 % 92.5 % Mezzanine loans 5 109,832 92,814 14.3 % 12.16 % 9.29 % 11.24 % 55.3 % Preferred equity interests (5) 1 87,323 87,787 11.4 % 10.00 % — % 10.00 % — % Total/Weighted average 19 $ 767,494 $ 745,323 100.0 % 11.79 % 6.07 % 8.12 % 76.6 % ________________________________________________________ (1) Includes future funding commitments of $23.2 million . (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $70.7 million for Securitization 2013-1, $364.6 million for term loan facilities and $23.7 million for secured borrowings (refer to Note 7). The remainder is unleveraged. (3) Based on principal amount. (4) Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of December 31, 2016 , the Company had $531.9 million principal amount of floating-rate loans subject to a weighted average LIBOR floor of 0.34% . (5) Represents a preferred equity interest originated through a joint venture with affiliates of RXR Realty LLC (“RXR”). The Company’s proportionate interest of the loan is 90% , representing $78.6 million of the carrying value. The Company consolidates the loan and records RXR’s investment as a non-controlling interest. The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal (1) Carrying (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 14 $ 829,536 $ 806,116 79.8 % — 6.47 % 6.51 % 100.0 % Mezzanine loans 5 91,639 72,948 8.8 % 10.10 % 11.76 % 11.62 % 86.9 % Subordinate interests 1 36,206 36,206 3.5 % 13.11 % — 13.23 % — Preferred equity interests (5) 1 82,003 82,566 7.9 % 10.00 % — 10.00 % — Total/Weighted average 21 $ 1,039,384 $ 997,836 100.0 % 10.87 % 6.84 % 7.42 % 87.5 % ________________________________________________________ (1) Includes future funding commitments of $43.6 million . (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $335.4 million for Securitization 2013-1 and $435.2 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged. (3) Based on principal amount. (4) Includes a fixed minimum LIBOR floor, as applicable. As of December 31, 2015 , the Company had $749.0 million principal amount of floating-rate loans subject to a weighted average LIBOR floor of 0.37% . (5) Represents a preferred equity interest originated through a joint venture with affiliates of RXR. The Company’s proportionate interest of the loan is 90% , representing $73.8 million of the carrying value. The Company consolidates the loan and records RXR’s investment as a non-controlling interest. The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2016 (dollars in thousands): Current Maturity (1) Years Ending December 31: 2017 308,650 62,350 2018 70,101 30,500 2019 210,901 247,300 2020 — 45,050 2021 87,323 204,452 Thereafter 90,519 177,842 Total $ 767,494 $ 767,494 __________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents. As of December 31, 2016 , the weighted average maturity, including extensions, of CRE debt investments was 4.2 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. In connection with a pre-negotiated agreement, in May 2016, as a result of a borrower’s inability to pay amounts due under one of the Company’s debt investments, the Company and the borrower agreed to transfer title of the real estate via deed in lieu of foreclosure to the Company. Refer to Note 4. Operating Real Estate. As of December 31, 2016 , all CRE debt investments were performing in accordance with the contractual terms of their governing documents in all material respects and were categorized as performing loans. There were no CRE debt investments with contractual payments past due as of December 31, 2016 and 2015 . For the year ended December 31, 2016 , two CRE debt investments each contributed more than 10.0% of interest income.

Operating Real Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net, as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Land and improvements $ 96,011 $ 56,090 Buildings and improvements (1) 430,776 328,012 Furniture, fixtures and equipment 4,472 4,243 Subtotal $ 531,259 $ 388,345 Less: Accumulated depreciation (42,420 ) (23,018 ) Operating real estate, net $ 488,839 $ 365,327 ____________________________________________________________ (1) Includes tenant improvements. For the years ended December 31, 2016 , 2015 , and 2014 , depreciation expense was $ 19.4 million , $16.4 million , and $6.4 million , respectively. Summary of Acquisitions In March 2016, the Company acquired an 88.2% interest in a portfolio of 23 light industrial assets for $103.3 million and obtained a $78.2 million two-year floating rate senior mortgage loan, of which $8.3 million is reserved for future funding. The Company incurred transaction costs of $1.5 million in conjunction with the acquisition. The following table presents the preliminary allocation of the purchase price of the operating real estate assets acquired and liabilities assumed or issued (including financing entered into contemporaneous with the acquisition), if any, for acquisitions in 2016 (dollars in thousands): Assets: Land and improvements $ 24,807 Buildings and improvements (1) 59,903 Other assets acquired (2) 19,210 Total assets acquired $ 103,920 Liabilities: Mortgage notes payable, net (3) $ 67,225 Other liabilities assumed (4) 536 Total liabilities 67,761 Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity 31,874 Non-controlling interests 4,285 Total equity 36,159 Total liabilities and equity $ 103,920 ____________________________________________________________ (1) Includes tenant improvements. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Includes deferred financing costs, net. (4) Primarily below-market leases. During the measurement-period, the Company preliminarily determined that certain allocations of operating real estate acquired should be reclassified to deferred costs and other assets, net and other liabilities. The following table presents the effect of such preliminary purchase price reclassifications on the consolidated balance sheet as of December 31, 2016 (dollars in thousands): As Previously Determined (1) Measurement Period Adjustments Revised Operating real estate, net $ 103,384 $ (18,674 ) $ 84,710 Deferred costs and other intangible assets, net (2) — 19,210 19,210 Mortgage notes payable, net (3) 67,225 — 67,225 Other liabilities (4) — 536 536 ____________________________________________________________ (1) Represents the preliminary allocation of the purchase price. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Includes deferred financing costs, net. (4) Primarily below-market leases. During the year ended December 31, 2016 , the Company recorded a measurement-period adjustment to earnings of $3.2 million . The table below shows the details of such adjustments: Decrease in rental and other income (1) $ 347 Increase in depreciation and amortization (2) 2,894 Total measurement-period adjustment $ 3,241 ____________________________________________________________ (1) Represents amortization of above and below-market leases. (2) Represents depreciation of site and tenant improvements and amortization of in-place lease intangibles. Real Estate Owned The following table presents REO acquired by taking title, in connection with a certain CRE debt investment, for the year ended December 31, 2016 that is reported on the Company's consolidated balance sheet in operating real estate, net as of December 31, 2016 (dollars in thousands): Date Type Location Original Loan Balance Initial REO Value (1) May 2016 Office VA $ 67,493 $ 67,493 ____________________________________________________________ (1) Initial REO value approximates fair value. The following table presents the preliminary allocation of REO acquired in May 2016 (dollars in thousands): Assets: Cash and cash equivalents $ 1,845 Land and improvements 15,221 Buildings and improvements (1) 37,334 Other assets acquired (2) 13,736 Total assets acquired $ 68,136 Liabilities: Other liabilities assumed (3) $ 643 Total liabilities 643 Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity 67,493 Total liabilities and equity $ 68,136 ____________________________________________________________ (1) Includes tenant improvements. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Primarily below-market leases. During the measurement-period, the Company preliminarily determined that certain allocations of operating real estate acquired should be reclassified to deferred costs and other assets, net and other liabilities. The following table presents the effect of such preliminary allocation reclassifications on the consolidated balance sheet as of December 31, 2016 (dollars in thousands): As Previously Determined (1) Measurement Period Adjustments Revised Cash and cash equivalents $ 2,237 $ (392 ) $ 1,845 Operating real estate, net 65,256 (12,701 ) 52,555 Deferred costs and other intangible assets, net (2) — 13,736 13,736 Other liabilities (3) — 643 643 ____________________________________________________________ (1) Represents the preliminary allocation. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Primarily below-market leases. During the year ended December 31, 2016 , the Company recorded a measurement-period adjustment to earnings of $3.6 million . The table below shows the details of such adjustments: Decrease in rental and other income (1) $ 646 Increase in depreciation and amortization (2) 2,950 Total measurement-period adjustment $ 3,596 ____________________________________________________________ (1) Represents amortization of above and below market leases. (2) Represents depreciation of site and tenant improvements and amortization of in place lease intangibles. Minimum Future Rents Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. Leases at the Company’s multifamily properties and student housing properties are generally for a term of one year or less and are not reflected in the below table. The following table presents approximate future minimum rental income for the Company’s industrial properties and multi-tenant offices under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2016 (dollars in thousands): Years Ending December 31: 2017 44,721 2018 37,977 2019 33,585 2020 25,866 2021 20,672 Thereafter 52,782 Total $ 215,603 The rental properties owned as of December 31, 2016 are leased under operating leases with current expirations ranging from 2017 to 2027, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments in 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”), (“PE Investment IIA”) and (“PE Investment IIB”) or directly (“PE Investment III”). 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. All PE Investments are considered voting interest entities, except for PE Investment III. PE Investment I, IIA and IIB are considered voting interest entities and are not consolidated by the Company due to the substantive participating rights of the partners in joint ventures that own the interests in the real estate private equity funds. The Company does not consolidate the underlying real estate private equity funds owned in PE Investment III as it neither owns a majority voting interest in any such funds nor is it the primary beneficiary of such funds. Summary The following table summarizes the Company’s PE Investment acquisitions (dollars in thousands): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Contributions PE Investment I February 15, 2013 June 30, 2012 49 $ 118,035 $ 207 PE Investment IIA July 3, 2013 September 30, 2012 24 75,721 — PE Investment IIB February 9, 2016 September 30, 2015 — 26,498 — PE Investment III March 30, 2016 March 31, 2015 2 23,063 — Total 75 $ 243,317 $ 207 ____________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment. The following table summarizes the Company’s PE Investments as of December 31, 2016 (dollars in thousands): Carrying Value Year Ended December 31, 2016 Year Ended December 31, 2015 December 31, Equity in Earnings Distributions Contributions (1) Equity in Earnings Distributions Contributions (1) PE Investment 2016 2015 PE Investment I (2) $ 31,655 $ 65,313 $ 9,441 $ 40,082 $ 415 $ 19,462 $ 36,226 $ 838 PE Investment IIA 23,360 33,441 5,974 24,897 8,842 10,757 34,262 9,201 PE Investment IIB 19,329 — 6,950 21,420 33,798 — — — PE Investment III 16,235 — 1,771 2,126 16,591 — — — Total $ 90,579 $ 98,754 $ 24,136 $ 88,525 $ 59,646 $ 30,219 $ 70,488 $ 10,039 ___________________________________________________________ (1) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings. (2) For PE Investment I, the Company recorded an unrealized loss of $3.4 million and $12.1 million for the years ended December 31, 2016 and 2015 , respectively. The Company recorded an unrealized gain of $11.8 million for the year ended December 31, 2014 . 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 NorthStar Realty, which following the mergers became a subsidiary of 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 1.5 x 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. PE Investment IIA In June 2013, the Company, NorthStar Realty 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 NAV acquired was $910.0 million as of September 30, 2012. The Company, NorthStar Realty and the Vintage Funds each had an initial ownership interest in PE Investment IIA of 15.0% , 70.0% and 15.0% , respectively. All amounts paid and received are based on each Partner’s proportionate interest. PE Investment IIA 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 last day of the fiscal quarter after the four year anniversary following the closing date of each fund interest. The Company funded all of its proportionate share of the Initial Amount at the initial closing on July 3, 2013. The Deferred Amount is a liability of PE Investment IIA. 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. On March 31st of each year, commencing on March 31, 2015 and for a period of two years thereafter, PE Investment IIA will pay, within 10 business days of March 31st, an amount necessary to reduce the Deferred Amount by the greater of 15.0% of the then outstanding Deferred Amount or 15.0% of the aggregate distributions received by PE Investment IIA during the preceding 12 month period. On the last day of the fiscal quarter after the four -year anniversary of the applicable closing date of each fund interest, PE Investment IIA will be required to pay to PE II Seller the then outstanding unpaid Deferred Amount. In connection with the mergers, NorthStar Realty’s interests in PE Investment IIA and its other obligations were assumed by the Sponsor. PE Investment IIB In February 2016, the Company’s board of directors, including all of its independent directors, approved the purchase of an additional 14.0% of the PE Investment II transaction (“PE Investment IIB”) from NorthStar Realty, which following the mergers became a subsidiary of the Sponsor. The Company purchased PE Investment IIB on the same terms and conditions negotiated by another existing and purchasing co-investor in the transaction. This increased the Company’s total ownership from 15.0% to 29.0% . The Company acquired PE Investment IIB for $26.5 million based on a NAV of $660.6 million as of September 30, 2015, adjusted for distributions and contributions. With this add-on investment, PE Investment IIA and PE Investment IIB will be responsible for 29.0% of the Deferred Amount. In April 2016, PE Investment IIA and PE Investment IIB collectively paid $15.1 million of the Deferred Amount. As of December 31, 2016 , the Company’s 29.0% share of the combined Deferred Amount for PE Investment IIA and PE Investment IIB was $85.7 million . The Deferred Amount will be paid in multiple installments throughout 2017 and 2018 and is expected to be paid from the distributions received from the underlying investments in PE Investment IIA and PE Investment IIB. The Company 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 III In March 2016, the Company acquired 5.5% of PE Investment III for $15.1 million based on a NAV of March 31, 2015 (the “Valuation Date”), adjusted for contributions and distributions from such date. At the time of closing, the Company paid $4.2 million , net of a $1.8 million deposit for a total of $6.0 million , or 40.0% of the purchase price adjusted for contributions and distributions. The remaining portion of the purchase price (the “Deferred Purchase Price”), was partially funded in December 2016 totaling $4.5 million . As of December 31, 2016 , the remaining Deferred Purchase Price for PE Investment III recorded in other liabilities was $4.5 million . The remaining portion of the purchase price will be paid on December 31, 2017 . Other In June 2014, the Company entered into a joint venture with affiliates of RXR to originate a mezzanine loan. The mezzanine loan had a principal amount of $183.7 million , including future funding commitments. The joint venture owned 50.0% of the mezzanine loan, of which the Company’s interest in the joint venture was 78.0% . In January 2016, the Company’s participation was sold at par value of $59.8 million . As of December 31, 2015 the carrying value of the investment was $59.1 million . For the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized equity in earnings of $0.8 million , $5.8 million , and $2.8 million , respectively. Summarized Financial Information The combined balance sheets for the unconsolidated ventures, including PE Investments and excluding unconsolidated ventures accounted for under the cost method, as of December 31, 2016 and 2015 are as follows (dollars in thousands): As of December 31, 2016 2015 Assets Total assets $ 1,079,828 $ 1,440,834 Liabilities and equity Total liabilities $ 799,748 $ 871,892 Total Equity 280,080 568,942 Total liabilities and equity $ 1,079,828 $ 1,440,834 The combined statements of operations for the unconsolidated ventures, including PE Investments and excluding unconsolidated ventures accounted for under the cost method, for the years ended December 31, 2016 , 2015 and 2014 are as follows (dollars in thousands): Years Ended December 31, (1) 2016 2015 2014 Total revenues (2) $ 201,113 $ 266,158 $ 251,398 Net income 36,941 109,543 168,514 ___________________________________________________________ (1) Includes summarized annual financial information for PE Investments on a one quarter lag, which is the most recent financial information available from the underlying funds. (2) Includes net investment income and unrealized and realized gains and losses for PE Investments.

Real Estate Securities, Availab

Real Estate Securities, Available for Sale	12 Months Ended
	Dec. 31, 2016
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 CMBS investments (dollars in thousands): Weighted Average Principal (1) Amortized Cost Cumulative Unrealized on Investments Fair Unleveraged Current Yield As of Date: Count Gain (Loss) Coupon (2) December 31, 2016 11 $ 138,438 $ 73,800 $ 21,616 $ (1,441 ) $ 93,975 3.85 % 10.78 % December 31, 2015 8 115,849 61,721 22,357 (456 ) 83,622 4.43 % 8.52 % _______________________________________________________________ (1) Certain CRE securities serve as collateral for financing transactions including carrying value of $32.3 million for the CMBS Credit Facilities (refer to Note 7). The remainder is unleveraged. (2) All CMBS are fixed rate. The Company recorded year ended unrealized losses of $1.7 million and $6.5 million in OCI for the years ended December 31, 2016 and 2015 , respectively. The Company recorded year ended unrealized gain in OCI for the year ended December 31, 2014 of $15.4 million . As of December 31, 2016 , the Company held five securities with an aggregate carrying value of $41.5 million with an unrealized loss of $1.4 million , two of which were in an unrealized loss position for a period of greater than 12 months . Based on management’s quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity. As of December 31, 2016 , the weighted average contractual maturity of CRE securities was 32 years with an expected maturity of 6.8 years .

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Capacity ($) Recourse vs. Non-Recourse Final Contractual Principal (1) Carrying (1) Principal (1) Carrying (1) Securitization bonds payable, net Securitization 2013-1 Non-recourse Aug-29 LIBOR + 5.00% $ 39,762 $ 39,762 $ 185,812 $ 185,314 Mortgage notes payable, net Multifamily 1 Non-recourse Dec-23 4.84% 43,500 42,967 43,500 42,902 Multifamily 2 Non-recourse Dec-23 4.94% 43,000 42,440 43,000 42,370 Office 1 Non-recourse Oct-24 4.47% 108,850 108,595 108,850 108,569 Office 2 Non-recourse Jan-25 4.30% 77,700 77,535 77,700 77,512 Student housing 1 Non-recourse Jan-24 5.15% 16,000 15,774 16,000 15,747 Student housing 2 (2) Non-recourse Dec-20 5.27% 12,411 12,644 12,615 12,907 Student housing 3 (3) Non-recourse Nov-26 3.98% 24,750 24,485 16,200 16,395 Industrial 1 Non-recourse Apr-21 LIBOR + 2.50% 70,402 68,970 — — Subtotal mortgage notes payable, net 396,613 393,410 317,865 316,402 Term loan facilities Citibank facility $ 150,000 Limited Recourse (4) Oct-21 (5) LIBOR + 2.63% (6) 21,350 21,350 108,913 108,913 Deutsche Bank facility 200,000 Limited Recourse (7) Mar-18 (8) LIBOR + 2.45% (9) 112,919 112,919 166,697 166,697 Morgan Stanley facility 200,000 Limited Recourse (10) Oct-18 (11) LIBOR + 2.50% (12) 92,700 92,700 31,335 31,335 Subtotal term loan facilities $ 550,000 226,969 226,969 306,945 306,945 CMBS credit facilities UBS facility Recourse (13) LIBOR + 1.19% — — 6,455 6,455 Morgan Stanley facility Recourse (13) LIBOR + 1.06% — — 4,600 4,600 Citibank facility Recourse (13) LIBOR + 1.50% 11,034 11,034 — — Merrill Lynch facility Recourse (13) LIBOR + 1.50% 2,989 2,989 — — JP Morgan facility Recourse (13) LIBOR + 1.50% 8,164 8,164 — — Subtotal CMBS credit facilities 22,187 22,187 11,055 11,055 Subtotal credit facilities 249,156 249,156 318,000 318,000 Loan collateral payable, net, related party Secured borrowing (14) Non-recourse May-19 LIBOR + 3.83% 23,729 23,261 — — Total $ 709,260 $ 705,589 $ 821,677 $ 819,716 _____________________________________________________ (1) Difference between principal amount and carrying value of mortgage notes payable, net and loan collateral payable, net, related party is attributable to deferred financing costs, net and premium on a mortgage note payable. (2) Represents two separate senior mortgage notes with a weighted average maturity of December 1, 2020 and weighted average interest rate of 5.27% . (3) In October 2016, the Company refinanced the mortgage note payable, increasing the principal balance to $24.8 million , with a maturity date of November 2026. (4) Recourse solely with respect to 25.0% of the repurchase price for purchased assets with a lender debt yield equal to or greater than 10.0% at the time of financing plus 100.0% of the repurchase price for purchased assets with a lender debt yield less than 10.0% at the time of financing. (5) The next maturity date is October 18, 2018, 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. (6) The contractual interest rate depends upon asset type and characteristics. As of December 31, 2016 the rate was one -month LIBOR plus 2.63% . (7) 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. (8) The next maturity date is March 11, 2017, with a one -year extension available that the Company has exercised, extending maturity to March 11, 2018. (9) Represents the weighted average spread as of December 31, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one -month LIBOR plus 2.42% to 2.62% . (10) Recourse solely with respect to 25.0% of the financed amount. (11) The initial maturity date is October 13, 2018, with one -year extensions available at the Company’s option, which are subject to the approval of the global financial institution. (12) Represents the weighted average spread as of December 31, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.25% to 2.65% . (13) The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from two to three months . (14) Represents a secured borrowing financing transaction recorded in loan collateral payable, net, related party in connection with three first mortgage loans recorded in real estate debt investments, net. Refer to discussion below for additional detail. The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2016 (dollars in thousands): Total Securitization Mortgage Notes Payable, Net Loan collateral payable, net, related party Credit Years Ending December 31: 2017 22,187 — — — 22,187 2018 205,619 — — — 205,619 2019 23,729 — — 23,729 — 2020 12,411 — 12,411 — — 2021 91,752 — 70,402 — 21,350 Thereafter 353,562 39,762 313,800 — — Total $ 709,260 $ 39,762 $ 396,613 $ 23,729 $ 249,156 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 NorthStar Realty. In January 2015, the outstanding obligations with respect to one of the securitizations were repaid in full. In the event of breaches of certain representations and warranties or a defect in the document of any of the contributed assets to securitization financing transactions provided at the time the Company entered into such securitization financing transactions and contributed the loans that serve as collateral for the securitization, the Company may be required to repurchase certain of those loans or replace the affected contributed asset or make a loss of value payment. These obligations do not relate to the credit performance of the loans contributed to the securitizations, but only to breaches of specific representations and warranties or a defect in the document of any of the contributed assets to the securitization financing transactions. Since inception, the Company has not been required to make any repurchases or replace the affected contributed asset or make a loss of value payment nor has the Company received any notice of assertion of a potential breach of representation and warranty or a defect in the document of any of the contributed assets to the securitization financing transactions. Any payment to repurchase a loan or replace the affected contributed asset or make a loss of value payment would impact the Company’s liquidity. Depending upon the size of any such payment, the impact to liquidity could be material. 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 four additional CRE debt investments with a $105.5 million aggregate principal amount. NorthStar Realty contributed three senior loans with an aggregate principal amount of $79.1 million at cost to Securitization 2013-1. The Company accounts for such loans transferred by NorthStar Realty, as loan collateral receivable, related party. 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% with a current weighted average coupon of LIBOR plus 2.97% . 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. As of December 31, 2016 the principal amount of the loans contributed by NorthStar Realty was $ 52.2 million . Term Loan Facilities The Company, through subsidiaries, has entered into credit facility agreements with multiple global financial institutions to provide an aggregate principal amount of up to $550.0 million to finance the origination of first mortgage loans and senior loan participations secured by CRE (“Term Loan Facilities”). The Company agreed to guarantee certain obligations under the Term Loan Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Term Loan Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of December 31, 2016 , the Company was in compliance with all of its financial covenants under the Term Loan Facilities. As of December 31, 2016 , the Company had $364.6 million carrying value of CRE debt investments financed with $ 227.0 million under the Term Loan Facilities. CMBS Credit Facilities As of December 31, 2016 , the Company entered into five master repurchase agreements (collectively the “CMBS Credit Facilities”) to finance CMBS investments. The CMBS Credit Facilities are on a recourse basis and 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, 2016 , the Company had $32.3 million carrying value of CRE securities, financed with $22.2 million under its CMBS Credit Facilities. Secured Borrowing In November 2016, the Company bifurcated three first mortgage loans with an aggregate principal amount of $44.4 million into senior participations in mortgage loans of $29.5 million and junior participations in the related mortgage loans of $14.9 million to facilitate the financing of the mortgage loans through a securitization financing transaction entered into by NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), a company managed by an affiliate of the Sponsor. The Company sold three senior participations at cost into the securitization transaction. The Company did not retain any legal interest in the senior participations and retained the junior participations on an unleveraged basis. As a result of U.S. GAAP requirements for transfers of financial assets, the senior participations transferred into the securitization financing transaction are accounted for as a secured borrowing and presented as loan collateral payable, net, related party on the Company’s consolidated balance sheets. Refer to Note 2, “Summary of Significant Accounting Policies” for additional information. As of December 31, 2016 , the carrying value of CRE debt investments recorded in real estate debt investments, net was $23.7 million with an offsetting secured borrowing recorded in loan collateral payable, net, related party of $23.3 million .

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Advisor 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. The Advisor may delegate certain of its obligations to affiliated entities, which may be organized under the laws of the United States or foreign jurisdictions. References to the Advisor include the Advisor and any such affiliated entities. For such services, to the extent permitted by law and regulations, the Advisor receives fees and reimbursement from the Company. Below is a description and table of the fees and reimbursements incurred to the Advisor. In June 2016, the advisory agreement was renewed for an additional one -year term commencing on June 30, 2016, with terms identical to those in effect through June 30, 2016. Fees to Advisor Asset Management Fee The Advisor 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). Incentive Fee The Advisor is entitled to receive distributions equal to 15.0% of net cash flows of the Company, whether from continuing operations, repayment of loans, disposition of assets or otherwise, but only after stockholders have received, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual pre-tax return on such invested capital. Acquisition Fee The Advisor also receives fees for providing structuring, diligence, underwriting advice and related services in connection with real estate acquisitions equal to 1.0% of the amount funded or allocated by the Company to originate or acquire investments, including acquisition costs and any financing attributable to such investments (or the proportionate share thereof in the case of an investment made through a joint venture). A fee paid to the Advisor in connection with 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. A fee paid to the Advisor in connection with an acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. Disposition Fee For substantial assistance in connection with the sale of investments and based on the services provided, as determined by the Company’s independent directors, the Advisor receives a disposition fee up 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 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. A disposition fee for a CRE debt investment incurred in a transaction 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. Reimbursements to Advisor Operating Costs The Advisor is entitled to receive reimbursement for direct and indirect operating costs incurred by the Advisor in connection with administrative services provided to the Company. The Advisor allocates, in good faith, indirect costs to the Company related to the Advisor’s and its affiliates’ employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the advisory agreement with the Advisor. The indirect costs include the Company’s allocable share of the Advisor’s compensation and benefit costs associated with dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company’s affairs, based upon the percentage of time devoted by such personnel to the Company’s affairs. The indirect costs also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses. However, there is no reimbursement for personnel costs related to executive officers (although there may be reimbursement for certain executive officers of the Advisor) and other personnel involved in activities for which the Advisor receives an acquisition fee or a disposition fee. The Advisor allocates these costs to the Company relative to its and its affiliates’ other managed companies in good faith and has reviewed the allocation with the Company’s board of directors, including its independent directors. The Advisor updates the board of directors on a quarterly basis of any material changes to the expense allocation and provides a detailed review to the board of directors, at least annually, and as otherwise requested by the board of directors. 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. Summary of Fees and Reimbursements The following tables present the fees and reimbursements incurred to the Advisor for the years ended December 31, 2016 and 2015 and the amount due to related party as of December 31, 2016 and 2015 (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of Year Ended December 31, 2016 Due to Related Party as of (1) Financial Statement Location December 31, 2015 Incurred Paid December 31, 2016 Fees to Advisor Entities Asset management Asset management and other fees, related party $ — $ 21,337 $ (21,327 ) $ 10 Acquisition (2) Real estate debt investments, net / Asset management and other fees, related party — 3,254 (3,214 ) 40 Disposition (2) Real estate debt investments, net / Asset management and other fees, related party — 4,612 (4,612 ) — Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses — 12,747 (12,729 ) 18 Total $ — $ 41,950 $ (41,882 ) $ 68 ____________________________________________________ (1) The balance is included in accounts payable and accrued expenses on the Company’s consolidated balance sheet. (2) 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 equity investments are included in asset management and other fees - related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2016 , the Advisor waived $0.8 million of acquisition fees and $0.4 million of disposition fees related to CRE securities. (3) As of December 31, 2016 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $9.6 million that remain eligible to allocate to the Company. Type of Fee or Reimbursement Due to Related Party as of Year Ended December 31, 2015 Due to Related Party as of Financial Statement Location December 31, 2014 Incurred Paid December 31, 2015 Fees to Advisor Entities Asset management Asset management and other fees, related party $ — $ 23,965 $ (23,965 ) $ — Acquisition (1 Real estate debt investments, net / Asset management and other fees, related party — 451 (451 ) — Disposition (1) Real estate debt investments, net / Asset management and other fees, related party — 3,317 (3,317 ) — Reimbursements to Advisor Entities Operating costs (2) General and administrative expenses — 13,116 (13,116 ) — Total $ — $ 40,849 $ (40,849 ) $ — ____________________________________________________ (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 equity investments are included in asset management and other fees - related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2015 , the Advisor waived $0.6 million of acquisition fees and $0.4 million of disposition fees related to CRE securities. (2) As of December 31, 2015 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $7.9 million that remain eligible to allocate to the Company. 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. NorthStar Realty transferred three senior loans with an aggregate principal amount of $79.1 million at cost to Securitization 2013-1. 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 agreement with NorthStar Realty, which in turn guaranteed the obligations directly to the PE Investment entities. The Company and NorthStar Realty 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 NorthStar Realty. The Company and NorthStar Realty 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 NorthStar Realty, as the case may be. In connection with the mergers, the Sponsor assumed all of NorthStar Realty’s obligations. PE Investment I In connection with PE Investment I, the Company assumed the rights to subscribe to 29.5% of PE Investment I from NorthStar Realty. The Company and NorthStar Realty contributed cash of $400.1 million , of which the Company and NorthStar Realty contributed $118.0 million and $282.1 million , respectively. In connection with the mergers, NorthStar Realty’s interests in PE Investment I and its other obligations were assumed by the Sponsor. PE Investment IIB In February 2016, the Company’s board of directors, including all of its independent directors, approved the purchase of an additional 14.0% of the PE Investment IIA transaction (“PE Investment IIB”) from NorthStar Realty, which following the mergers became a subsidiary of the Sponsor. The Company purchased PE Investment IIB on the same terms and conditions negotiated by another existing and purchasing unrelated co-investor in the transaction. This increased the Company’s total ownership from 15.0% to 29.0% . The Company acquired PE Investment IIB for $26.5 million based on a NAV of $660.6 million as of December 31, 2015 , adjusted for distributions and contributions. With this add-on investment, PE Investment IIA and PE Investment IIB are collectively responsible for 29.0% of the Deferred Amount, or $85.7 million as of December 31, 2016 . Secured Borrowing In November 2016, the Company bifurcated three first mortgage loans with an aggregate principal amount of $44.4 million into senior participations in mortgage loans of $29.5 million and junior participations in the related mortgage loans of $14.9 million to facilitate the financing of the mortgage loans through a securitization financing transaction entered into by NorthStar Income II, a company managed by an affiliate of the Sponsor. The Company sold three senior participations at cost into the securitization transaction. The Company did not retain any legal interest in the senior participations and retained the junior participations on an unleveraged basis. As a result of U.S. GAAP requirements for transfers of financial assets, the senior participations transferred into the securitization financing transaction are accounted for as a secured borrowing and presented as loan collateral payable, net, related party on the Company’s consolidated balance sheets. Refer to Note 2, “Summary of Significant Accounting Policies” for additional information. As of December 31, 2016 , the carrying value of CRE debt investments recorded in real estate debt investments, net was $23.7 million with an offsetting secured borrowing recorded in loan collateral payable, net, related party of $23.3 million .

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Company adopted a long-term incentive plan, as amended (the “Plan”), which it may use to attract and retain qualified officers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of the Plan. Pursuant to the Plan, as of December 31, 2016 , the Company’s independent and non-management directors were granted a total of 101,204 shares of restricted common stock for an aggregate $1.0 million , based on the share price on the date of each grant. The restricted stock granted prior to 2013 generally vests quarterly over four years and the restricted stock granted in and subsequent to 2013 generally vests quarterly over two years. However, the stock will become fully vested on the earlier occurrence of: (i) the termination of the independent or non-management director’s service as a director due to his or her death or disability or (ii) a change in control of the Company. The Company recognized equity-based compensation expense of $0.2 million , $0.2 million and $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively, related to the issuance of restricted stock to the independent and non-management directors, which was recorded in general and administrative expenses in the consolidated statements of operations. Unvested shares totaled 20,462 , 17,687 , and 10,688 as of December 31, 2016 , 2015 , and 2014 , respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company’s Total Primary Offering was completed on July 1, 2013. From inception through the completion of the Total Primary Offering, the Company issued 107.6 million shares of common stock generating gross proceeds from the Total Primary Offering of $1.1 billion . Distribution Reinvestment Plan The Company adopted the 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. As a result of an additional registration statement to offer up to 10.0 million shares pursuant to the DRP, the Company continues to offer DRP shares beyond the Total Primary Offering. In April 2016, the DRP was amended and restated to provide that, effective on ten days’ notice, the price per share purchased pursuant to the DRP was $9.87 , which is equal to the estimated value per share of the Company’s common stock as of December 31, 2015 , until such time as the Company establishes a new estimated per share value, at which time the purchase price will adjust to 100% of such estimated value per share. The Company expects that the next estimated value per share will be based upon assets and liabilities as of December 31, 2016 . Prior to the April 2016 amendment, shares issued pursuant to the DRP were priced at 95.0% of the Company’s estimated value per share as of October 31, 2014, or $9.52 . Prior to 2015, shares issued pursuant to the DRP were priced at $9.50 per share. 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. For the year ended December 31, 2016 , the Company issued 4.5 million shares totaling $43.5 million of proceeds pursuant to the DRP. For the year ended December 31, 2015 , the Company issued 4.6 million shares totaling $43.8 million of proceeds pursuant to the DRP. From inception through December 31, 2016 , the Company issued 18.2 million shares totaling $174.5 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 $0.002191781 per share, which is equivalent to an annual distribution of $0.80 per share of the Company’s common stock. Distributions are generally paid to stockholders on the first business 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, 2016 , 2015 and 2014 (dollars in thousands): Distributions (1) Period Cash DRP Total 2016 First Quarter $ 13,052 $ 10,987 $ 24,039 Second Quarter 13,184 10,864 24,048 Third Quarter 13,482 10,858 24,340 Fourth Quarter 13,690 10,628 24,318 Total $ 53,408 $ 43,337 $ 96,745 2015 First Quarter $ 12,640 $ 10,720 $ 23,360 Second Quarter 12,910 10,882 23,792 Third Quarter 13,107 11,095 24,202 Fourth Quarter 13,169 11,145 24,314 Total $ 51,826 $ 43,842 $ 95,668 2014 First Quarter $ 12,369 $ 10,338 $ 22,707 Second Quarter 12,492 10,650 23,142 Third Quarter 12,674 10,885 23,559 Fourth Quarter 12,717 10,997 23,714 Total $ 50,252 $ 42,870 $ 93,122 _________________________________________________ (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, 2016 , approximately 18% of distributions paid was ordinary income, 6% was capital gain distribution and 76% 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 (as amended, the “Share Repurchase Program” or “SRP”). The Company may not repurchase shares unless a stockholder has held shares for one year . However, the Company may repurchase shares held for less than one year in connection with a stockholder’s death or qualifying disability. The Company is not obligated to repurchase shares under the Share Repurchase Program. The Company may amend, suspend or terminate the Share Repurchase Program at its discretion at any time, provided that any amendment that adversely affects the rights or obligations of a participant will take effect upon 10 days’ prior written notice (or 10 business days’ prior written notice if related to a change in the number of shares that can be repurchased in a calendar year). For the year ended December 31, 2016 , the Company repurchased 4.3 million shares of common stock for a total of $41.5 million or a weighted average price of $9.53 per share. For the year ended December 31, 2015 , the Company repurchased 1.7 million shares of common stock for a total of $16.5 million or a weighted average price of $9.63 per share. The Company funds repurchase requests received during a quarter with proceeds set aside for that purpose which are not expected to exceed proceeds received from its DRP. In accordance with the SRP, the Company’s board of directors approved the use of cash available from operations to fund the aggregate amount of repurchases received during the quarter ended December 31, 2016 in excess of the aggregate proceeds received pursuant to the DRP. As of December 31, 2016 , there were no unfulfilled repurchase requests.

Non-controlling Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2016
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 and was a de minimis amount for the years ended December 31, 2016 , 2015 and 2014 . Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income attributable to other non-controlling interest for the year ended December 31, 2016 was $0.3 million . Net loss attributable to other non-controlling interest for the years ended December 31, 2015 and 2014 was de minimis and $0.2 million , respectively.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
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 of assets accounted for at fair value on a recurring basis 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. Derivative Instruments Derivative instruments are valued using a third-party pricing service. These quotations are not adjustments and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. The derivative instruments are recorded within other liabilities on the Company’s balance sheets. 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, 2016 and 2015 by level within the fair value hierarchy (dollars in thousands): December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in private equity funds, at fair value $ — $ — $ 90,579 $ 90,579 $ — $ — $ 98,754 $ 98,754 Real estate securities, available for sale — 93,975 — 93,975 — 83,622 — 83,622 Liabilities: Derivative liabilities $ — $ 186 $ — $ 186 $ — $ — $ — $ — The following table presents additional information about PE Investments which are measured at fair value on a recurring basis as of December 31, 2016 and 2015 for which the Company has used Level 3 inputs to determine fair value (dollars in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 98,754 $ 141,091 Contributions (1) 59,646 10,040 Distributions (88,525 ) (70,487 ) Equity in earnings 24,136 30,218 Unrealized gain (loss) (3,432 ) (12,108 ) Ending balance $ 90,579 $ 98,754 _____________________________________________________ (1) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings. For the years ended December 31, 2016 and 2015 , the Company used discounted cash flow model to quantify Level 3 fair value measurements on a recurring basis. For the years ended December 31, 2016 and 2015 , the key unobservable inputs used in this analysis included discount rates with a weighted average of 14.7% and 19.5% , respectively, and timing and amount of expected future cash flow. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs. For the years ended December 31, 2016 , 2015 and 2014 , the Company recorded an unrealized loss of $3.4 million , $12.1 million and an unrealized gain of $11.8 million , respectively, for financial assets for which the fair value option was elected. These amounts, when incurred, are recorded as unrealized gain (loss) on investments and other in the consolidated statements of operations. Fair Value Option 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. As of December 31, 2016 , the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities when the items were first recognized. 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, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 744,297 (2) $ 745,323 $ 755,317 $ 995,769 (2) $ 997,836 $ 1,054,743 Real estate securities, available for sale (3) 138,438 93,975 93,975 115,849 83,622 83,622 Loan collateral receivable, related party (4) 52,204 52,204 50,941 54,056 54,056 54,885 Financial liabilities: (1) Securitization bonds payable, net $ 39,762 $ 39,762 $ 39,961 $ 185,812 $ 185,314 $ 185,387 Mortgage notes payable, net 396,613 393,410 356,031 317,865 316,402 317,138 Credit facilities 249,156 249,156 249,156 318,000 318,000 318,000 Loan collateral payable, net, related party (5) 23,729 23,261 23,050 — — — ______________________________________________ (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 $23.2 million and $43.6 million , as of December 31, 2016 and 2015 , respectively. (3) Refer to “Determination of Fair Value” above for disclosure of methodologies used to determine fair value. (4) Represents one senior loan participation interest in a first mortgage loan (Refer to Note 7). (5) Represents three senior loan participation interests in first mortgage loans (Refer to Note 7). 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, Net / Loan Collateral Receivable, Related Party / Loan Collateral Payable, Net, Related Party For CRE debt investments, including loan collateral receivable, related party and loan collateral payable, net, related party, 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. 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, including loan collateral receivable, related party and loan collateral payable, net, related party, are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Securitization Bonds Payable, Net Securitization bonds payable, net 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. Mortgage Notes Payable, Net For mortgage notes payable, net, 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. Credit Facilities The Company has amounts outstanding under six 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.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) The following tables present selected quarterly information for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data): Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Net interest income $ 15,126 $ 14,646 $ 15,316 $ 15,895 Property and other revenues 20,272 21,843 20,116 16,371 Expenses 31,977 33,924 30,322 29,719 Equity in earnings (losses) of unconsolidated ventures 5,316 5,575 6,502 7,570 Net income (loss) 8,035 7,297 9,102 7,773 Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders 7,869 7,491 8,904 7,688 Net income (loss) per share of common stock, basic/diluted (1) $ 0.06 $ 0.06 $ 0.07 $ 0.07 __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Net interest income $ 16,487 $ 19,576 $ 19,272 $ 19,797 Property and other revenues 15,731 14,637 15,027 14,999 Expenses 28,023 34,306 25,103 25,301 Equity in earnings (losses) of unconsolidated ventures 8,051 8,133 9,509 10,324 Net income (loss) 8,808 5,365 14,195 17,223 Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders 8,753 5,773 13,943 17,145 Net income (loss) per share of common stock, basic/diluted (1) $ 0.07 $ 0.05 $ 0.12 $ 0.14 _________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently conducts its business through the following four segments, which are based on how management reviews and manages its business: • Commercial Real Estate Debt - Focused on originating, acquiring and asset managing CRE debt investments including first mortgage loans, subordinate interests and mezzanine loans and participations in such loans, as well as preferred equity interests. • Commercial Real Estate Equity - Focused on direct ownership in real estate, which may be structurally senior to a third-party partner’s equity and indirect interests in real estate through PE Investments since the underlying collateral in the funds is primarily real estate. • Commercial Real Estate Securities - Focused on investing in CMBS, unsecured REIT debt, CDO notes and other securities. • Corporate - The corporate segment includes corporate level asset management and other fees - related party and general and administrative expenses. The Company may also own investments indirectly through a joint venture. The Company primarily generates revenue from net interest income on the CRE debt and securities portfolios, equity in earnings of unconsolidated ventures, including from PE Investments, and from rental and other income from its real estate equity investments. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. The following tables present segment reporting for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): Year Ended December 31, 2016 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 53,638 $ — $ 7,345 $ — $ 60,983 Rental and other income — 78,602 — — 78,602 Asset management and other fees - related party — — — (23,765 ) (23,765 ) Mortgage notes interest expense — (17,519 ) — — (17,519 ) Transaction costs — (1,767 ) — (211 ) (1,978 ) Property operating expenses — (36,950 ) — — (36,950 ) General and administrative expenses (733 ) (194 ) — (13,576 ) (14,503 ) Depreciation and amortization — (31,227 ) — — (31,227 ) Unrealized gain (loss) on investments and other — (3,432 ) — — (3,432 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 52,905 (12,487 ) 7,345 (37,552 ) 10,211 Equity in earnings (losses) of unconsolidated ventures 827 24,136 — — 24,963 Income tax benefit (expense) — (2,967 ) — — (2,967 ) Net income (loss) $ 53,732 $ 8,682 $ 7,345 $ (37,552 ) $ 32,207 Year Ended December 31, 2015 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 70,144 $ — $ 4,959 $ 29 $ 75,132 Rental and other income — 60,394 — — 60,394 Asset management and other fees - related party — — — (23,965 ) (23,965 ) Mortgage notes interest expense — (14,832 ) — — (14,832 ) Transaction costs (446 ) (73 ) — (825 ) (1,344 ) Property operating expenses — (31,135 ) — — (31,135 ) General and administrative expenses (841 ) (100 ) (51 ) (14,483 ) (15,475 ) Depreciation and amortization — (25,982 ) — — (25,982 ) Unrealized gain (loss) on investments and other — (12,108 ) — — (12,108 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 68,857 (23,836 ) 4,908 (39,244 ) 10,685 Equity in earnings (losses) of unconsolidated ventures 5,799 30,218 — — 36,017 Income tax benefit (expense) — (1,111 ) — — (1,111 ) Net income (loss) $ 74,656 $ 5,271 $ 4,908 $ (39,244 ) $ 45,591 Year Ended December 31, 2014 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 75,780 $ — $ 5,817 $ — $ 81,597 Rental and other income — 29,342 — — 29,342 Asset management and other fees - related party — — — (24,676 ) (24,676 ) Mortgage notes interest expense — (7,763 ) — — (7,763 ) Transaction costs — (2,770 ) — (7 ) (2,777 ) Property operating expenses — (15,433 ) — — (15,433 ) General and administrative expenses (991 ) (146 ) (28 ) (12,100 ) (13,265 ) Depreciation and amortization — (6,427 ) — — (6,427 ) Realized gain (loss) on investments and other (175 ) — 572 — 397 Unrealized gain (loss) on investments and other — 11,764 — — 11,764 Income (loss) before equity in earnings (losses) of unconsolidated ventures 74,614 8,567 6,361 (36,783 ) 52,759 Equity in earnings (losses) of unconsolidated ventures 3,421 38,258 — — 41,679 Income tax benefit (expense) — (5,485 ) — — (5,485 ) Net income (loss) $ 78,035 $ 41,340 $ 6,361 $ (36,783 ) $ 88,953 The following table presents total assets by segment as of December 31, 2016 and December 31, 2015 (dollars in thousands): Real Estate Debt Real Estate Equity Real Estate Securities Corporate (1) Total December 31, 2016 Investments in unconsolidated ventures $ — $ 90,579 $ — $ — $ 90,579 Total Assets 871,600 665,643 105,830 125,407 1,768,480 December 31, 2015 Investments in unconsolidated ventures $ 59,089 $ 98,754 $ — $ — $ 157,843 Total Assets 1,198,020 525,178 84,887 139,431 1,947,516 __________________________________________________ (1) Includes cash, unallocated receivables and deferred costs and other assets, net.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution Reinvestment Plan From January 1, 2017 through March 10, 2017 , the Company issued 0.9 million shares of common stock pursuant to the DRP, raising proceeds of $9.3 million . As of March 10, 2017 , 8.7 million shares were available to be issued pursuant to the DRP. Distributions On March 15, 2017 , the board of directors of the Company approved a daily cash distribution of $0.001917808 per share of common stock for each of the three months ended June 30, 2017. Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution was accrued. Share Repurchases From January 1, 2017 through March 10, 2017 , the Company repurchased 1.8 million shares for a total of $17.4 million or a weighted average price of $9.42 per share under the Share Repurchase Program (“SRP”) that enables stockholders to sell their shares to the Company in certain circumstances, including death or a qualifying disability. The Company funds repurchase requests received during a quarter with proceeds set aside for that purpose which are not expected to exceed proceeds received from its DRP. The shares were repurchased using $9.3 million in cash proceeds from the DRP and $8.1 million in cash available from operations. In accordance with the SRP, the Company’s board of directors approved the use of cash available from operations to fund the aggregate amount of repurchases received during the quarter ended December 31, 2016 in excess of the aggregate proceeds received pursuant to the DRP. New Investments Commercial Real Estate Debt In January 2017, the Company originated a $12.0 million mezzanine CRE debt investment. Real Estate Securities Investments From January 1, 2017 through March 10, 2017 , the Company purchased four CMBS investments with an aggregate face value of $21.5 million at an aggregate discount to par of $6.6 million , or 30.7% . Repayments Commercial Real Estate Debt In January 2017, the Company received $69.8 million related to the repayment of a CRE debt investment.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 Clemson, SC $ 12,411 $ 1,946 $ 17,668 $ 422 $ 1,946 $ 18,090 $ 20,036 $ 2,308 $ 17,728 Apr-14 30 years Columbia, SC 24,750 2,532 20,832 416 2,532 21,248 23,780 2,703 21,077 May-14 30 years Farmington Hills, MI 43,000 3,161 47,839 8,666 3,161 56,505 59,666 6,694 52,972 Nov-13 30 years Kalamazoo, MI 16,000 1,484 19,516 1,825 1,484 21,341 22,825 2,823 20,002 Dec-13 30 years New Orleans, LA 43,500 3,206 50,294 2,008 3,206 52,302 55,508 6,248 49,260 Nov-13 30 years St. Louis, MO 108,850 19,504 92,127 4,976 19,504 97,103 116,607 11,000 105,607 Sep-14 39 years Warrendale, PA 77,700 15,150 75,554 3,480 15,150 79,034 94,184 6,522 87,662 Dec-14 40 years Columbus, OH 70,402 13,472 71,238 1,160 13,472 72,398 85,870 2,346 83,524 Mar-16 39 years Vienna, VA — 13,023 39,532 228 13,023 39,760 52,783 1,776 51,007 May-16 39 years Total operating real estate, net $ 396,613 $ 73,478 $ 434,600 $ 23,181 $ 73,478 $ 457,781 $ 531,259 $ 42,420 $ 488,839 The following table presents changes in the Company’s operating real estate portfolio gross of accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Beginning balance $ 388,345 $ 410,247 $ 125,671 Property acquisitions (1) 168,640 — 284,576 Improvements 5,649 10,245 — Retirements and disposals — (280 ) — Reallocation of purchase price (31,375 ) (31,867 ) — Ending balance (2) $ 531,259 $ 388,345 $ 410,247 __________________________________________________ (1) Includes REO of $67.5 million . (2) The aggregate cost of the properties is approximately $532.9 million for federal income tax purposes as of December 31, 2016 . Changes in accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Beginning balance $ 23,018 $ 6,900 $ 503 Depreciation expense 19,402 16,398 6,397 Retirements and disposals — (280 ) — Ending balance $ 42,420 $ 23,018 $ 6,900

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2016 (Dollars in Thousands) Interest Rate (1) Principal Amount of Loans Asset Type: Location / Description Count Floating Fixed Maturity Date (2) Periodic Payment Terms (3) Prior Liens Principal Amount (4) Carrying Value (5) Subject to Delinquent Principal or Interest First mortgage loans: Borrower A Various / Retail 1 6.86 % — 5/9/2019 I/O $ — $ 150,150 $ 150,150 $ — Borrower B Illinois / Office 1 5.91 % — 11/9/2017 I/O — 86,421 86,638 — Borrower C Texas / Mixed use 1 — 15.00 % 2/9/2017 I/O — 43,000 43,000 — Borrower D New Jersey / Office 1 8.90 % — 1/9/2017 I/O — 42,607 42,607 — Borrower E California / Office 1 4.38 % — 10/9/2018 I/O — 41,432 41,697 — Borrower F New Jersey / Office 1 5.86 % — 8/9/2017 I/O — 40,000 40,022 — Borrower G Minnesota / Hotel 1 6.66 % — 11/9/2017 I/O — 30,500 30,500 — Borrower H New York / Hotel 1 2.25 % — 5/9/2023 P&I — 28,110 28,110 — Borrower I New York / Hotel — 10.38 % — 5/9/2023 I/O — 25,270 25,270 — Other first mortgage loans (6) Various / Various 5 6.66 % — 7/23/2018 I/O — 76,652 76,728 — Total/Weighted average 13 7.13 % 15.00 % 10/19/2018 — 564,142 564,722 — Mezzanine loans: Borrower J New Jersey / Office 1 8.91 % — 1/9/2017 I/O 42,607 27,193 27,193 — Other mezzanine loans (6) Various / Various 4 11.66 % 12.49 % 8/25/2021 I/O 313,015 65,639 65,621 — Total/Weighted average 5 9.95 % 12.49 % 4/17/2020 355,622 92,832 92,814 — Preferred equity interests: Borrower K New York / Office 1 — 10.00 % 10/1/2021 I/O — 87,323 87,787 — Total/Weighted Average 1 — 10.00 % 10/1/2021 — 87,323 87,787 — Total 19 $ 355,622 $ 744,297 $ 745,323 $ — ______________________________________________________________________________________ (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, 2016 . (2) Reflects the initial maturity date of the investment and does not consider any options to extend beyond such date. (3) P&I = principal and interest; I/O = interest only. (4) Excludes future funding commitments of $23.2 million . (5) The aggregate cost of the properties is $745.3 million for federal tax purposes as of December 31, 2016 . (6) Individual loans each have a carrying value of less than 3% of total carrying value of CRE debt investments. NORTHSTAR REAL ESTATE INCOME TRUST, INC. AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (CONTINUED) December 31, 2016 (Dollars in Thousands) Reconciliation of Carrying Value of Commercial Real Estate Debt: Years Ended December 31, 2016 2015 2014 Beginning balance $ 997,836 $ 1,250,023 $ 1,013,178 Additions: Principal amount of new loans and additional funding on existing loans 151,280 61,189 488,020 Interest accretion 6,408 6,505 1,318 Acquisition cost (fees) on new loans 1,089 451 4,952 Origination fees received on new loans (532 ) — (2,505 ) Deductions: Collection of principal 341,668 318,835 236,499 REO acquisition 67,493 — — Sales — — 17,349 Unrealized loss on sale — — 175 Amortization of acquisition costs, fees, premiums and discounts 1,597 1,497 917 Ending balance $ 745,323 $ 997,836 $ 1,250,023

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 (“VIEs”), 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 investments and financings, including investments in unconsolidated ventures and securitization financing transactions, if any, to determine whether each investment or financing is 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. The Company adopted the new consolidation guidance (refer to Recent Accounting Pronouncements) on January 1, 2016, which resulted in the identification of several VIEs. Prior to the adoption of the standard, these entities were consolidated under the voting interest model. The most significant consolidated VIEs are the Operating Partnership and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. The Company consolidates these entities because it controls all significant business activities. The Operating Partnership consolidates certain properties that have non-controlling interests. Included in operating real estate, net on the Company’s consolidated balance sheet as of December 31, 2016 is $354.3 million related to such consolidated VIEs. Included in mortgage notes payable, net on the Company’s consolidated balance sheet as of December 31, 2016 is $324.4 million collateralized by the real estate assets of the related consolidated VIEs. As of December 31, 2016 , the Company identified unconsolidated VIEs related to its securities investments, PE investments and CRE debt investments. Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2016 (dollars in thousands): Total Maximum Exposure to Loss Real estate securities, available for sale $ 93,975 $ 93,975 Investments in unconsolidated ventures 16,235 16,235 Real estate debt investments, net (1) 142,723 142,723 Total assets $ 252,933 $ 252,933 _________________________________________ (1) Includes loan collateral receivable, related party of $ 52.2 million . Based on management’s analysis, the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of December 31, 2016 . The Company did not provide financial support to the unconsolidated VIEs during the year ended December 31, 2016 . As of December 31, 2016 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs.
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 or a simple majority vote. 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 Unconsolidated Ventures	Investments in Unconsolidated Ventures A non-controlling, unconsolidated ownership interest in an entity 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. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment. 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 PE Investments. The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) of 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 an investment that does 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.
Non-controlling Interests	Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.
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.
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 OCI. The only component of OCI is unrealized gain (loss) on CRE securities available for sale for which the fair value option was not elected.
Fair Value Option	Fair Value Option The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value 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 has elected the fair value option for PE Investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity date of three months or less to be cash equivalents. 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 and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of amounts related to loan origination (escrow deposits) and operating real estate (escrows for taxes, insurance, capital expenditures and payments required under certain lease agreements).
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 and discount. 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. The Company may syndicate a portion of the CRE debt investments that it originates or sell the CRE debt investments individually. When a transaction meets the criteria for sale accounting, the Company will no longer recognize the CRE debt investment sold as an asset and will recognize gain or loss based on the difference between the sales price and the carrying value of the CRE debt investment sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in interest income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of interest income.
Operating Real Estate	Operating Real Estate Operating real estate is carried at historical cost less accumulated depreciation. 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. The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, improvements and other identified intangibles. 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. The Company refers to real estate acquired in connection with a foreclosure, deed in lieu of foreclosure or a consensual modification of a loan as real estate owned (“REO”). The Company evaluates whether an REO, herein collectively referred to as taking title to collateral, constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 30 to 40 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 10 years
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.
Deferred Costs	Deferred Costs Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in deferred costs and other asset, net and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. 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 are recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles	Identified Intangibles The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. As of December 31, 2016 , the weighted average amortization period for above-market leases, below-market leases and in-place lease costs is 4.5 years , 5.2 years and 4.8 years , respectively. Identified intangible assets are recorded in deferred costs and other assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
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, 2016 , total acquisition fees and expenses did not exceed the allowed limit for any investment. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in 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. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment.
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 the leasing of space to various types of tenants. Rental revenue recognition commences when the tenant takes legal possession of the leased space and the leased space is substantially ready for its intended use. 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. The excess of rent recognized over the amount contractually due pursuant to the underlying leases is included in receivables on the consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Other income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is recognized in the same period as the expenses are incurred. In a situation in which a lease(s) associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and depreciation and amortization for the remaining lease related asset groups in the consolidated statements of operations. As of December 31, 2016 , 2015 , and 2014 , the total amount of accelerated amortization within rental and other income and depreciation and amortization expense was de minimis. 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 all 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. Interest accrued and not collected will be reversed against interest income. A loan is written off when it is no longer realizable and/or legally discharged. As of December 31, 2016 , 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 and asset 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 in impairment on operating real estate in the consolidated statements of operations. As of December 31, 2016 , the Company did not have any impaired operating real estate. 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. Investments in Unconsolidated Ventures The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in equity in earnings (losses) of unconsolidated ventures in the consolidated statements of operations. As of December 31, 2016 , the Company did not have any impaired investments in unconsolidated ventures. 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: (a) the amount related to expected credit losses; and (b) 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. 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, 2016 , the Company did not have any OTTI recorded on its CRE securities.
Equity-Based Compensation	Equity-Based Compensation The Company accounts for 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	Income Taxes The Company elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code beginning in its taxable year ended December 31, 2010. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders 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 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. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has assessed its tax positions for all open tax years, which include 2014 to 2016, and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2016 , 2015 and 2014 . The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRS”) which may be subject to U.S. federal, state and local income taxes. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the REIT cannot hold directly and may engage in most real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax benefit (expense) in the consolidated statements of operations.
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Financings	Transfers of Financial Assets Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that component meets the definition of a participating interest by having characteristics that mirror the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting would require that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, or (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing. As of December 31, 2016 , the carrying value of CRE debt investments that did not meet the requirements of sale accounting was $23.7 million and recorded in real estate debt investments, net with an offsetting secured borrowing recorded in loan collateral payable, net, related party of $23.3 million .
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. The accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP. In July 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The effective date of the new revenue standard for the Company will be January 1, 2018. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification; however, this update may have implications in certain variable payment terms included in lease agreements and in sale and leaseback transactions. The Company is currently assessing the potential effect of the adoption on its consolidated financial statements and related disclosures, as applicable. In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company adopted this guidance in the first quarter 2016 and determined the Company’s Operating Partnership is considered a VIE. The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. As such, this standard resulted in the identification of additional VIEs, however it did not have a material impact on the Company’s consolidated financial position or results of operations. In January 2016, the FASB issued an accounting update that addressed certain aspects of accounting and disclosure requirements of financial instruments, including the requirement that equity investments with readily determinable fair value be measured at fair value with changes in fair value recognized in results of operations. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company does not have any equity investments with readily determinable fair value recorded as available-for-sale. The Company does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued an accounting update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Additionally, the new update will require that lessees capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The new guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently assessing the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued guidance which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. The update requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment become qualified for equity method accounting. The update should be applied prospectively upon their effective date to increases in the level of ownership interests or degree of influence that results in the adoption of the equity method. The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company will adopt the new guidance prospectively on January 1, 2017 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued guidance which amends several aspects of the accounting for equity-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The Company will adopt the new guidance prospectively on January 1, 2017 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued guidance that changes the impairment model for certain financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the incurred loss approach. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures (e.g., loan commitments). The new guidance is effective for reporting periods beginning after December 15, 2019 and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued guidance that makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The Company does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued guidance which requires entities to show the changes in the total of cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. Entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017 and will be applied retrospectively to all periods presented. The Company does not believe that this guidance will have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued guidance to clarify the definition of a business under ASC 805. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years, and interim periods within those years, beginning of December 15, 2017. The amendments in this update will be applied on a prospective basis. The Company expects that most acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets).

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Classification, Carrying Value and Maximum Exposure of VIEs	The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2016 (dollars in thousands): Total Maximum Exposure to Loss Real estate securities, available for sale $ 93,975 $ 93,975 Investments in unconsolidated ventures 16,235 16,235 Real estate debt investments, net (1) 142,723 142,723 Total assets $ 252,933 $ 252,933 _________________________________________ (1) Includes loan collateral receivable, related party of $ 52.2 million .
Schedule of Operating Real Estate Estimated Useful Lives	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 30 to 40 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 10 years
Schedule of Finite-Lived Intangible Assets and Liabilities	The following table presents identified intangibles as of December 31, 2016 (dollars in thousands): December 31, 2016 Intangible Assets Intangible Liabilities In-place Leases Above-market Leases Total Below-market Leases Gross amount $ 47,016 $ 14,740 $ 61,756 $ 12,554 Accumulated amortization (15,086 ) (5,295 ) (20,381 ) (4,048 ) Total $ 31,930 $ 9,445 $ 41,375 $ 8,506
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Years Ending December 31: In-place Leases, Net (1) Above-market Leases, Net (1) Below-market Leases, Net (1) 2017 $ 10,734 $ 3,247 $ 2,115 2018 6,948 2,205 2,014 2019 4,963 1,594 1,912 2020 2,961 866 672 2021 2,061 611 427 Thereafter 4,263 922 1,366 Total $ 31,930 $ 9,445 $ 8,506 ______________________________________________________ (1) Identified intangibles will be amortized through periods ending April 2027.
Schedule of Other Assets and Other Liabilities	The following tables present a summary of deferred costs and other assets, net and other liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Deferred costs and other assets, net: Intangible assets, net (1) $ 41,375 $ 21,149 Deferred commissions and leasing costs 10,287 10,955 Deferred financing costs, net - credit facilities 2,772 2,585 Prepaid expenses 1,386 1,844 Deposits 550 405 Other — 385 Total $ 56,370 $ 37,323 December 31, 2016 2015 Other liabilities: Intangible liabilities, net (2) $ 8,506 $ 9,624 PE Investments deferred purchase price, net 4,248 — Prepaid rent and unearned revenue 4,601 2,583 Tenant security deposits 1,433 676 Other 403 1,582 Total $ 19,191 $ 14,465 _________________________________________ (1) Represents in-place leases and above-market leases, net. (2) Represents below-market leases, net.

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Schedule of CRE Debt Investments	The following table presents CRE debt investments as of December 31, 2016 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal (1) Carrying (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 13 $ 570,339 $ 564,722 74.3 % 15.00 % 5.80 % 7.31 % 92.5 % Mezzanine loans 5 109,832 92,814 14.3 % 12.16 % 9.29 % 11.24 % 55.3 % Preferred equity interests (5) 1 87,323 87,787 11.4 % 10.00 % — % 10.00 % — % Total/Weighted average 19 $ 767,494 $ 745,323 100.0 % 11.79 % 6.07 % 8.12 % 76.6 % ________________________________________________________ (1) Includes future funding commitments of $23.2 million . (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $70.7 million for Securitization 2013-1, $364.6 million for term loan facilities and $23.7 million for secured borrowings (refer to Note 7). The remainder is unleveraged. (3) Based on principal amount. (4) Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of December 31, 2016 , the Company had $531.9 million principal amount of floating-rate loans subject to a weighted average LIBOR floor of 0.34% . (5) Represents a preferred equity interest originated through a joint venture with affiliates of RXR Realty LLC (“RXR”). The Company’s proportionate interest of the loan is 90% , representing $78.6 million of the carrying value. The Company consolidates the loan and records RXR’s investment as a non-controlling interest. The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal (1) Carrying (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 14 $ 829,536 $ 806,116 79.8 % — 6.47 % 6.51 % 100.0 % Mezzanine loans 5 91,639 72,948 8.8 % 10.10 % 11.76 % 11.62 % 86.9 % Subordinate interests 1 36,206 36,206 3.5 % 13.11 % — 13.23 % — Preferred equity interests (5) 1 82,003 82,566 7.9 % 10.00 % — 10.00 % — Total/Weighted average 21 $ 1,039,384 $ 997,836 100.0 % 10.87 % 6.84 % 7.42 % 87.5 % ________________________________________________________ (1) Includes future funding commitments of $43.6 million . (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $335.4 million for Securitization 2013-1 and $435.2 million for Term Loan Facilities (refer to Note 7). The remainder is unleveraged. (3) Based on principal amount. (4) Includes a fixed minimum LIBOR floor, as applicable. As of December 31, 2015 , the Company had $749.0 million principal amount of floating-rate loans subject to a weighted average LIBOR floor of 0.37% . (5) Represents a preferred equity interest originated through a joint venture with affiliates of RXR. The Company’s proportionate interest of the loan is 90% , representing $73.8 million of the carrying value. The Company consolidates the loan and records RXR’s investment as a non-controlling interest.
Schedule of Maturities of CRE Debt Investments	The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2016 (dollars in thousands): Current Maturity (1) Years Ending December 31: 2017 308,650 62,350 2018 70,101 30,500 2019 210,901 247,300 2020 — 45,050 2021 87,323 204,452 Thereafter 90,519 177,842 Total $ 767,494 $ 767,494 __________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents.

Operating Real Estate (Tables)

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Operating Real Estate Properties	The following table presents operating real estate, net, as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Land and improvements $ 96,011 $ 56,090 Buildings and improvements (1) 430,776 328,012 Furniture, fixtures and equipment 4,472 4,243 Subtotal $ 531,259 $ 388,345 Less: Accumulated depreciation (42,420 ) (23,018 ) Operating real estate, net $ 488,839 $ 365,327 ____________________________________________________________ (1) Includes tenant improvements.
Schedule of Preliminary Allocation of Purchase Price	The following table presents the preliminary allocation of the purchase price of the operating real estate assets acquired and liabilities assumed or issued (including financing entered into contemporaneous with the acquisition), if any, for acquisitions in 2016 (dollars in thousands): Assets: Land and improvements $ 24,807 Buildings and improvements (1) 59,903 Other assets acquired (2) 19,210 Total assets acquired $ 103,920 Liabilities: Mortgage notes payable, net (3) $ 67,225 Other liabilities assumed (4) 536 Total liabilities 67,761 Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity 31,874 Non-controlling interests 4,285 Total equity 36,159 Total liabilities and equity $ 103,920 ____________________________________________________________ (1) Includes tenant improvements. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Includes deferred financing costs, net. (4) Primarily below-market leases.
Schedule of Preliminary Purchase Price Reclassifications	The following table presents the effect of such preliminary purchase price reclassifications on the consolidated balance sheet as of December 31, 2016 (dollars in thousands): As Previously Determined (1) Measurement Period Adjustments Revised Operating real estate, net $ 103,384 $ (18,674 ) $ 84,710 Deferred costs and other intangible assets, net (2) — 19,210 19,210 Mortgage notes payable, net (3) 67,225 — 67,225 Other liabilities (4) — 536 536 ____________________________________________________________ (1) Represents the preliminary allocation of the purchase price. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Includes deferred financing costs, net. (4) Primarily below-market leases. During the year ended December 31, 2016 , the Company recorded a measurement-period adjustment to earnings of $3.2 million . The table below shows the details of such adjustments: Decrease in rental and other income (1) $ 347 Increase in depreciation and amortization (2) 2,894 Total measurement-period adjustment $ 3,241 ____________________________________________________________ (1) Represents amortization of above and below-market leases. (2) Represents depreciation of site and tenant improvements and amortization of in-place lease intangibles. The following table presents the effect of such preliminary allocation reclassifications on the consolidated balance sheet as of December 31, 2016 (dollars in thousands): As Previously Determined (1) Measurement Period Adjustments Revised Cash and cash equivalents $ 2,237 $ (392 ) $ 1,845 Operating real estate, net 65,256 (12,701 ) 52,555 Deferred costs and other intangible assets, net (2) — 13,736 13,736 Other liabilities (3) — 643 643 ____________________________________________________________ (1) Represents the preliminary allocation. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Primarily below-market leases. During the year ended December 31, 2016 , the Company recorded a measurement-period adjustment to earnings of $3.6 million . The table below shows the details of such adjustments: Decrease in rental and other income (1) $ 646 Increase in depreciation and amortization (2) 2,950 Total measurement-period adjustment $ 3,596 ____________________________________________________________ (1) Represents amortization of above and below market leases. (2) Represents depreciation of site and tenant improvements and amortization of in place lease intangibles.
Schedule of Rollforward of REO in Operating Real Estate	The following table presents REO acquired by taking title, in connection with a certain CRE debt investment, for the year ended December 31, 2016 that is reported on the Company's consolidated balance sheet in operating real estate, net as of December 31, 2016 (dollars in thousands): Date Type Location Original Loan Balance Initial REO Value (1) May 2016 Office VA $ 67,493 $ 67,493 ____________________________________________________________ (1) Initial REO value approximates fair value. The following table presents the preliminary allocation of REO acquired in May 2016 (dollars in thousands): Assets: Cash and cash equivalents $ 1,845 Land and improvements 15,221 Buildings and improvements (1) 37,334 Other assets acquired (2) 13,736 Total assets acquired $ 68,136 Liabilities: Other liabilities assumed (3) $ 643 Total liabilities 643 Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity 67,493 Total liabilities and equity $ 68,136 ____________________________________________________________ (1) Includes tenant improvements. (2) Primarily in-place lease intangibles, leasing commissions and above-market leases. (3) Primarily below-market leases.
Schedule of Future Minimum Rental Income under Leases	The following table presents approximate future minimum rental income for the Company’s industrial properties and multi-tenant offices under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2016 (dollars in thousands): Years Ending December 31: 2017 44,721 2018 37,977 2019 33,585 2020 25,866 2021 20,672 Thereafter 52,782 Total $ 215,603

Investments in Unconsolidated29

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of PE Investments	The following table summarizes the Company’s PE Investment acquisitions (dollars in thousands): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Contributions PE Investment I February 15, 2013 June 30, 2012 49 $ 118,035 $ 207 PE Investment IIA July 3, 2013 September 30, 2012 24 75,721 — PE Investment IIB February 9, 2016 September 30, 2015 — 26,498 — PE Investment III March 30, 2016 March 31, 2015 2 23,063 — Total 75 $ 243,317 $ 207 ____________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment. The following table summarizes the Company’s PE Investments as of December 31, 2016 (dollars in thousands): Carrying Value Year Ended December 31, 2016 Year Ended December 31, 2015 December 31, Equity in Earnings Distributions Contributions (1) Equity in Earnings Distributions Contributions (1) PE Investment 2016 2015 PE Investment I (2) $ 31,655 $ 65,313 $ 9,441 $ 40,082 $ 415 $ 19,462 $ 36,226 $ 838 PE Investment IIA 23,360 33,441 5,974 24,897 8,842 10,757 34,262 9,201 PE Investment IIB 19,329 — 6,950 21,420 33,798 — — — PE Investment III 16,235 — 1,771 2,126 16,591 — — — Total $ 90,579 $ 98,754 $ 24,136 $ 88,525 $ 59,646 $ 30,219 $ 70,488 $ 10,039 ___________________________________________________________ (1) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings. (2) For PE Investment I, the Company recorded an unrealized loss of $3.4 million and $12.1 million for the years ended December 31, 2016 and 2015 , respectively. The Company recorded an unrealized gain of $11.8 million for the year ended December 31, 2014 . The combined balance sheets for the unconsolidated ventures, including PE Investments and excluding unconsolidated ventures accounted for under the cost method, as of December 31, 2016 and 2015 are as follows (dollars in thousands): As of December 31, 2016 2015 Assets Total assets $ 1,079,828 $ 1,440,834 Liabilities and equity Total liabilities $ 799,748 $ 871,892 Total Equity 280,080 568,942 Total liabilities and equity $ 1,079,828 $ 1,440,834 The combined statements of operations for the unconsolidated ventures, including PE Investments and excluding unconsolidated ventures accounted for under the cost method, for the years ended December 31, 2016 , 2015 and 2014 are as follows (dollars in thousands): Years Ended December 31, (1) 2016 2015 2014 Total revenues (2) $ 201,113 $ 266,158 $ 251,398 Net income 36,941 109,543 168,514 ___________________________________________________________ (1) Includes summarized annual financial information for PE Investments on a one quarter lag, which is the most recent financial information available from the underlying funds. (2) Includes net investment income and unrealized and realized gains and losses for PE Investments.

Real Estate Securities, Avail30

Real Estate Securities, Available for Sale (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of the CMBS Investments	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 CMBS investments (dollars in thousands): Weighted Average Principal (1) Amortized Cost Cumulative Unrealized on Investments Fair Unleveraged Current Yield As of Date: Count Gain (Loss) Coupon (2) December 31, 2016 11 $ 138,438 $ 73,800 $ 21,616 $ (1,441 ) $ 93,975 3.85 % 10.78 % December 31, 2015 8 115,849 61,721 22,357 (456 ) 83,622 4.43 % 8.52 % _______________________________________________________________ (1) Certain CRE securities serve as collateral for financing transactions including carrying value of $32.3 million for the CMBS Credit Facilities (refer to Note 7). The remainder is unleveraged. (2) All CMBS are fixed rate.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of Borrowings	The following table presents borrowings as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Capacity ($) Recourse vs. Non-Recourse Final Contractual Principal (1) Carrying (1) Principal (1) Carrying (1) Securitization bonds payable, net Securitization 2013-1 Non-recourse Aug-29 LIBOR + 5.00% $ 39,762 $ 39,762 $ 185,812 $ 185,314 Mortgage notes payable, net Multifamily 1 Non-recourse Dec-23 4.84% 43,500 42,967 43,500 42,902 Multifamily 2 Non-recourse Dec-23 4.94% 43,000 42,440 43,000 42,370 Office 1 Non-recourse Oct-24 4.47% 108,850 108,595 108,850 108,569 Office 2 Non-recourse Jan-25 4.30% 77,700 77,535 77,700 77,512 Student housing 1 Non-recourse Jan-24 5.15% 16,000 15,774 16,000 15,747 Student housing 2 (2) Non-recourse Dec-20 5.27% 12,411 12,644 12,615 12,907 Student housing 3 (3) Non-recourse Nov-26 3.98% 24,750 24,485 16,200 16,395 Industrial 1 Non-recourse Apr-21 LIBOR + 2.50% 70,402 68,970 — — Subtotal mortgage notes payable, net 396,613 393,410 317,865 316,402 Term loan facilities Citibank facility $ 150,000 Limited Recourse (4) Oct-21 (5) LIBOR + 2.63% (6) 21,350 21,350 108,913 108,913 Deutsche Bank facility 200,000 Limited Recourse (7) Mar-18 (8) LIBOR + 2.45% (9) 112,919 112,919 166,697 166,697 Morgan Stanley facility 200,000 Limited Recourse (10) Oct-18 (11) LIBOR + 2.50% (12) 92,700 92,700 31,335 31,335 Subtotal term loan facilities $ 550,000 226,969 226,969 306,945 306,945 CMBS credit facilities UBS facility Recourse (13) LIBOR + 1.19% — — 6,455 6,455 Morgan Stanley facility Recourse (13) LIBOR + 1.06% — — 4,600 4,600 Citibank facility Recourse (13) LIBOR + 1.50% 11,034 11,034 — — Merrill Lynch facility Recourse (13) LIBOR + 1.50% 2,989 2,989 — — JP Morgan facility Recourse (13) LIBOR + 1.50% 8,164 8,164 — — Subtotal CMBS credit facilities 22,187 22,187 11,055 11,055 Subtotal credit facilities 249,156 249,156 318,000 318,000 Loan collateral payable, net, related party Secured borrowing (14) Non-recourse May-19 LIBOR + 3.83% 23,729 23,261 — — Total $ 709,260 $ 705,589 $ 821,677 $ 819,716 _____________________________________________________ (1) Difference between principal amount and carrying value of mortgage notes payable, net and loan collateral payable, net, related party is attributable to deferred financing costs, net and premium on a mortgage note payable. (2) Represents two separate senior mortgage notes with a weighted average maturity of December 1, 2020 and weighted average interest rate of 5.27% . (3) In October 2016, the Company refinanced the mortgage note payable, increasing the principal balance to $24.8 million , with a maturity date of November 2026. (4) Recourse solely with respect to 25.0% of the repurchase price for purchased assets with a lender debt yield equal to or greater than 10.0% at the time of financing plus 100.0% of the repurchase price for purchased assets with a lender debt yield less than 10.0% at the time of financing. (5) The next maturity date is October 18, 2018, 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. (6) The contractual interest rate depends upon asset type and characteristics. As of December 31, 2016 the rate was one -month LIBOR plus 2.63% . (7) 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. (8) The next maturity date is March 11, 2017, with a one -year extension available that the Company has exercised, extending maturity to March 11, 2018. (9) Represents the weighted average spread as of December 31, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one -month LIBOR plus 2.42% to 2.62% . (10) Recourse solely with respect to 25.0% of the financed amount. (11) The initial maturity date is October 13, 2018, with one -year extensions available at the Company’s option, which are subject to the approval of the global financial institution. (12) Represents the weighted average spread as of December 31, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR plus 2.25% to 2.65% . (13) The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from two to three months . (14) Represents a secured borrowing financing transaction recorded in loan collateral payable, net, related party in connection with three first mortgage loans recorded in real estate debt investments, net. Refer to discussion below for additional detail.
Schedule of Scheduled Principal on Borrowings	The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2016 (dollars in thousands): Total Securitization Mortgage Notes Payable, Net Loan collateral payable, net, related party Credit Years Ending December 31: 2017 22,187 — — — 22,187 2018 205,619 — — — 205,619 2019 23,729 — — 23,729 — 2020 12,411 — 12,411 — — 2021 91,752 — 70,402 — 21,350 Thereafter 353,562 39,762 313,800 — — Total $ 709,260 $ 39,762 $ 396,613 $ 23,729 $ 249,156

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Summary of Fees and Reimbursements Incurred to the Advisor	The following tables present the fees and reimbursements incurred to the Advisor for the years ended December 31, 2016 and 2015 and the amount due to related party as of December 31, 2016 and 2015 (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of Year Ended December 31, 2016 Due to Related Party as of (1) Financial Statement Location December 31, 2015 Incurred Paid December 31, 2016 Fees to Advisor Entities Asset management Asset management and other fees, related party $ — $ 21,337 $ (21,327 ) $ 10 Acquisition (2) Real estate debt investments, net / Asset management and other fees, related party — 3,254 (3,214 ) 40 Disposition (2) Real estate debt investments, net / Asset management and other fees, related party — 4,612 (4,612 ) — Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses — 12,747 (12,729 ) 18 Total $ — $ 41,950 $ (41,882 ) $ 68 ____________________________________________________ (1) The balance is included in accounts payable and accrued expenses on the Company’s consolidated balance sheet. (2) 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 equity investments are included in asset management and other fees - related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2016 , the Advisor waived $0.8 million of acquisition fees and $0.4 million of disposition fees related to CRE securities. (3) As of December 31, 2016 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $9.6 million that remain eligible to allocate to the Company. Type of Fee or Reimbursement Due to Related Party as of Year Ended December 31, 2015 Due to Related Party as of Financial Statement Location December 31, 2014 Incurred Paid December 31, 2015 Fees to Advisor Entities Asset management Asset management and other fees, related party $ — $ 23,965 $ (23,965 ) $ — Acquisition (1 Real estate debt investments, net / Asset management and other fees, related party — 451 (451 ) — Disposition (1) Real estate debt investments, net / Asset management and other fees, related party — 3,317 (3,317 ) — Reimbursements to Advisor Entities Operating costs (2) General and administrative expenses — 13,116 (13,116 ) — Total $ — $ 40,849 $ (40,849 ) $ — ____________________________________________________ (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 equity investments are included in asset management and other fees - related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursement. From inception through December 31, 2015 , the Advisor waived $0.6 million of acquisition fees and $0.4 million of disposition fees related to CRE securities. (2) As of December 31, 2015 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $7.9 million that remain eligible to allocate to the Company.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Summary of Distributions Declared	The following table presents distributions declared for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): Distributions (1) Period Cash DRP Total 2016 First Quarter $ 13,052 $ 10,987 $ 24,039 Second Quarter 13,184 10,864 24,048 Third Quarter 13,482 10,858 24,340 Fourth Quarter 13,690 10,628 24,318 Total $ 53,408 $ 43,337 $ 96,745 2015 First Quarter $ 12,640 $ 10,720 $ 23,360 Second Quarter 12,910 10,882 23,792 Third Quarter 13,107 11,095 24,202 Fourth Quarter 13,169 11,145 24,314 Total $ 51,826 $ 43,842 $ 95,668 2014 First Quarter $ 12,369 $ 10,338 $ 22,707 Second Quarter 12,492 10,650 23,142 Third Quarter 12,674 10,885 23,559 Fourth Quarter 12,717 10,997 23,714 Total $ 50,252 $ 42,870 $ 93,122 _________________________________________________ (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, 2016 , approximately 18% of distributions paid was ordinary income, 6% was capital gain distribution and 76% was a return of capital.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Accounted for at Fair Value on Recurring Basis	The following table presents financial assets that were accounted for at fair value on a recurring basis as of December 31, 2016 and 2015 by level within the fair value hierarchy (dollars in thousands): December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in private equity funds, at fair value $ — $ — $ 90,579 $ 90,579 $ — $ — $ 98,754 $ 98,754 Real estate securities, available for sale — 93,975 — 93,975 — 83,622 — 83,622 Liabilities: Derivative liabilities $ — $ 186 $ — $ 186 $ — $ — $ — $ —
Summary of Additional Information for PE Investments	The following table presents additional information about PE Investments which are measured at fair value on a recurring basis as of December 31, 2016 and 2015 for which the Company has used Level 3 inputs to determine fair value (dollars in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 98,754 $ 141,091 Contributions (1) 59,646 10,040 Distributions (88,525 ) (70,487 ) Equity in earnings 24,136 30,218 Unrealized gain (loss) (3,432 ) (12,108 ) Ending balance $ 90,579 $ 98,754 _____________________________________________________ (1) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings.
Summary of Principal Amount, Carrying Value and Fair Value of 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, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 744,297 (2) $ 745,323 $ 755,317 $ 995,769 (2) $ 997,836 $ 1,054,743 Real estate securities, available for sale (3) 138,438 93,975 93,975 115,849 83,622 83,622 Loan collateral receivable, related party (4) 52,204 52,204 50,941 54,056 54,056 54,885 Financial liabilities: (1) Securitization bonds payable, net $ 39,762 $ 39,762 $ 39,961 $ 185,812 $ 185,314 $ 185,387 Mortgage notes payable, net 396,613 393,410 356,031 317,865 316,402 317,138 Credit facilities 249,156 249,156 249,156 318,000 318,000 318,000 Loan collateral payable, net, related party (5) 23,729 23,261 23,050 — — — ______________________________________________ (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 $23.2 million and $43.6 million , as of December 31, 2016 and 2015 , respectively. (3) Refer to “Determination of Fair Value” above for disclosure of methodologies used to determine fair value. (4) Represents one senior loan participation interest in a first mortgage loan (Refer to Note 7). (5) Represents three senior loan participation interests in first mortgage loans (Refer to Note 7).

Quarterly Financial Informati35

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables present selected quarterly information for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data): Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Net interest income $ 15,126 $ 14,646 $ 15,316 $ 15,895 Property and other revenues 20,272 21,843 20,116 16,371 Expenses 31,977 33,924 30,322 29,719 Equity in earnings (losses) of unconsolidated ventures 5,316 5,575 6,502 7,570 Net income (loss) 8,035 7,297 9,102 7,773 Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders 7,869 7,491 8,904 7,688 Net income (loss) per share of common stock, basic/diluted (1) $ 0.06 $ 0.06 $ 0.07 $ 0.07 __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Net interest income $ 16,487 $ 19,576 $ 19,272 $ 19,797 Property and other revenues 15,731 14,637 15,027 14,999 Expenses 28,023 34,306 25,103 25,301 Equity in earnings (losses) of unconsolidated ventures 8,051 8,133 9,509 10,324 Net income (loss) 8,808 5,365 14,195 17,223 Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders 8,753 5,773 13,943 17,145 Net income (loss) per share of common stock, basic/diluted (1) $ 0.07 $ 0.05 $ 0.12 $ 0.14 _________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Summary of Segment Reporting	The following tables present segment reporting for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): Year Ended December 31, 2016 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 53,638 $ — $ 7,345 $ — $ 60,983 Rental and other income — 78,602 — — 78,602 Asset management and other fees - related party — — — (23,765 ) (23,765 ) Mortgage notes interest expense — (17,519 ) — — (17,519 ) Transaction costs — (1,767 ) — (211 ) (1,978 ) Property operating expenses — (36,950 ) — — (36,950 ) General and administrative expenses (733 ) (194 ) — (13,576 ) (14,503 ) Depreciation and amortization — (31,227 ) — — (31,227 ) Unrealized gain (loss) on investments and other — (3,432 ) — — (3,432 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 52,905 (12,487 ) 7,345 (37,552 ) 10,211 Equity in earnings (losses) of unconsolidated ventures 827 24,136 — — 24,963 Income tax benefit (expense) — (2,967 ) — — (2,967 ) Net income (loss) $ 53,732 $ 8,682 $ 7,345 $ (37,552 ) $ 32,207 Year Ended December 31, 2015 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 70,144 $ — $ 4,959 $ 29 $ 75,132 Rental and other income — 60,394 — — 60,394 Asset management and other fees - related party — — — (23,965 ) (23,965 ) Mortgage notes interest expense — (14,832 ) — — (14,832 ) Transaction costs (446 ) (73 ) — (825 ) (1,344 ) Property operating expenses — (31,135 ) — — (31,135 ) General and administrative expenses (841 ) (100 ) (51 ) (14,483 ) (15,475 ) Depreciation and amortization — (25,982 ) — — (25,982 ) Unrealized gain (loss) on investments and other — (12,108 ) — — (12,108 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 68,857 (23,836 ) 4,908 (39,244 ) 10,685 Equity in earnings (losses) of unconsolidated ventures 5,799 30,218 — — 36,017 Income tax benefit (expense) — (1,111 ) — — (1,111 ) Net income (loss) $ 74,656 $ 5,271 $ 4,908 $ (39,244 ) $ 45,591 Year Ended December 31, 2014 Real Estate Real Estate Equity Real Estate Corporate Total Net interest income $ 75,780 $ — $ 5,817 $ — $ 81,597 Rental and other income — 29,342 — — 29,342 Asset management and other fees - related party — — — (24,676 ) (24,676 ) Mortgage notes interest expense — (7,763 ) — — (7,763 ) Transaction costs — (2,770 ) — (7 ) (2,777 ) Property operating expenses — (15,433 ) — — (15,433 ) General and administrative expenses (991 ) (146 ) (28 ) (12,100 ) (13,265 ) Depreciation and amortization — (6,427 ) — — (6,427 ) Realized gain (loss) on investments and other (175 ) — 572 — 397 Unrealized gain (loss) on investments and other — 11,764 — — 11,764 Income (loss) before equity in earnings (losses) of unconsolidated ventures 74,614 8,567 6,361 (36,783 ) 52,759 Equity in earnings (losses) of unconsolidated ventures 3,421 38,258 — — 41,679 Income tax benefit (expense) — (5,485 ) — — (5,485 ) Net income (loss) $ 78,035 $ 41,340 $ 6,361 $ (36,783 ) $ 88,953
Summary of Total Assets by Segment	The following table presents total assets by segment as of December 31, 2016 and December 31, 2015 (dollars in thousands): Real Estate Debt Real Estate Equity Real Estate Securities Corporate (1) Total December 31, 2016 Investments in unconsolidated ventures $ — $ 90,579 $ — $ — $ 90,579 Total Assets 871,600 665,643 105,830 125,407 1,768,480 December 31, 2015 Investments in unconsolidated ventures $ 59,089 $ 98,754 $ — $ — $ 157,843 Total Assets 1,198,020 525,178 84,887 139,431 1,947,516 __________________________________________________ (1) Includes cash, unallocated receivables and deferred costs and other assets, net.

Business and Organization (Deta

Business and Organization (Details)	Jul. 01, 2013USD ($)shares	Dec. 31, 2016USD ($)employee$ / sharesshares	Mar. 10, 2017USD ($)	Dec. 31, 2015USD ($)$ / sharesshares
Authorized shares of common stock and preferred stock
Number of employees | employee		0
Common stock, shares authorized (in shares)		400,000,000		400,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Common stock filed in a registration statement with SEC, for issuance pursuant to DRP (in shares)	7,600,000
Maximum
Authorized shares of common stock and preferred stock
Preferred stock, shares authorized (in shares)		50,000,000
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)		10,526,315
Maximum | Dividend Reinvestment Plan | Sponsor
Authorized shares of common stock and preferred stock
Common stock filed in a registration statement with SEC, for issuance pursuant to DRP (in shares)		10,000,000
Primary Beneficiary
Authorized shares of common stock and preferred stock
Limited partnership interest		99.98%
Advisor
Authorized shares of common stock and preferred stock
Non-controlling interest contributions in operating partnership | $		$ 1,000		$ 1,000
Special Units Holder
Authorized shares of common stock and preferred stock
Non-controlling interest contributions in operating partnership | $		$ 1,000		$ 1,000
Primary Offering
Authorized shares of common stock and preferred stock
Gross proceeds from offering | $	$ 1,100,000,000
Subsequent Event | Distribution Reinvestment Plan
Authorized shares of common stock and preferred stock
Gross proceeds from offering | $			$ 200,000,000

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Amortization of above and below market leases	$ 1,150,000	$ 1,007,000	$ 0
Principal amount	709,260,000	821,677,000
Carrying value	705,589,000	$ 819,716,000
Primary Beneficiary
Variable Interest Entity [Line Items]
Consolidated VIEs	403,000,000
Consolidated VIEs	341,000,000
Primary Beneficiary | Operating Real Estate, Net
Variable Interest Entity [Line Items]
Consolidated VIEs	354,300,000
Primary Beneficiary | Mortgage Notes Payable, Net
Variable Interest Entity [Line Items]
Consolidated VIEs	324,400,000
Loan collateral payable, net, related party
Variable Interest Entity [Line Items]
Carrying value served as collateral	23,729,000
Principal amount	23,729,000
NorthStar Real Estate Income II, Inc. | Senior Notes | Loan collateral payable, net, related party
Variable Interest Entity [Line Items]
Carrying value	$ 23,261,000

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Classification, Carrying Value and Maximum Exposure of VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Loan collateral receivable, related party	$ 52,204	$ 54,056
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value	252,933
Maximum Exposure to Loss	252,933
Real Estate Securities, Available for Sale | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value	93,975
Maximum Exposure to Loss	93,975
Investments in Unconsolidated Ventures | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value	16,235
Maximum Exposure to Loss	16,235
Real Estate Debt Investments, Net | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value	142,723
Maximum Exposure to Loss	$ 142,723

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2016
Building | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Identified Intangibles (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 61,756,000
Below market lease, gross	12,554,000
Finite-lived intangible assets, accumulated amortization	20,381,000
Accumulated amortization	4,048,000
Total	41,375,000	$ 21,149,000
Total	8,506,000	9,624,000
Amortization of capitalized above/below market leases	$ 1,150,000	1,007,000	$ 0
Amortization of intangible assets			$ 0
Above-market Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, remaining amortization period	4 years 6 months
Finite-lived intangible assets, gross	$ 14,740,000
Finite-lived intangible assets, accumulated amortization	5,295,000
Total	9,445,000
In-place Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	47,016,000
Finite-lived intangible assets, accumulated amortization	15,086,000
Total	31,930,000
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 11,500,000	$ 6,500,000

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Summary of Identified Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 61,756
Accumulated amortization	(20,381)
Total	41,375	$ 21,149
Finite-Lived Intangible Liabilities, Net [Abstract]
Gross amount	12,554
Accumulated amortization	(4,048)
Total	8,506	$ 9,624
In-place Leases
Finite-Lived Intangible Assets [Line Items]
Gross amount	47,016
Accumulated amortization	(15,086)
Total	31,930
Above-market Leases
Finite-Lived Intangible Assets [Line Items]
Gross amount	14,740
Accumulated amortization	(5,295)
Total	$ 9,445

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Identified Intangibles Future Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 41,375	$ 21,149
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, remaining amortization period	4 years 9 months 18 days
2,017	$ 10,734
2,018	6,948
2,019	4,963
2,020	2,961
2,021	2,061
Thereafter	4,263
Intangible assets, net	$ 31,930
Above-market Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, remaining amortization period	4 years 6 months
2,017	$ 3,247
2,018	2,205
2,019	1,594
2,020	866
2,021	611
Thereafter	922
Intangible assets, net	$ 9,445
Below-market Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, remaining amortization period	5 years 2 months 12 days
2,017	$ 2,115
2,018	2,014
2,019	1,912
2,020	672
2,021	427
Thereafter	1,366
Intangible assets, net	$ 8,506

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Summary of Deferred Costs and Other Assets, Net and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred costs and other assets, net:
Intangible assets, net	$ 41,375	$ 21,149
Deferred commissions and leasing costs	10,287	10,955
Deferred financing costs, net - credit facilities	2,772	2,585
Prepaid expenses	1,386	1,844
Deposits	550	405
Other	0	385
Deferred costs and other assets, net	56,370	37,323
Other liabilities:
Intangible liabilities	8,506	9,624
PE Investments deferred purchase price, net	4,248	0
Prepaid rent and unearned revenue	4,601	2,583
Tenant security deposits	1,433	676
Other	403	1,582
Total other liabilities	$ 19,191	$ 14,465

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Acquisition Fees and Expenses (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Percent of acquisition fee to total contract price	6.00%

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Credit Losses and Impairment on Investments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Period past due for suspension of income recognition	90 days

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Income tax expense (benefit)	$ 2,967	$ 1,111	$ 5,485

Real Estate Debt Investments -

Real Estate Debt Investments - CRE Debt Investments (Details)	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)investment	Jun. 30, 2014USD ($)
CRE debt investments
Count	19	21
Principal amount	$ 767,494,000	$ 1,039,384,000
Carrying value	$ 745,323,000	$ 997,836,000
Allocation by investment type	100.00%	100.00%
Floating Rate as % of Principal Amount	76.60%	87.50%
Future funding commitments	$ 23,200,000	$ 43,600,000
Mortgage Loans on Real Estate, LIBOR
CRE debt investments
Face amount of investment	531,900,000	749,000,000
Securitization Bonds Payable
CRE debt investments
Carrying value served as collateral	70,700,000	335,400,000
Term Loan Facilities
CRE debt investments
Carrying value served as collateral	364,600,000	$ 435,200,000
Loan collateral payable, net, related party
CRE debt investments
Carrying value served as collateral	$ 23,729,000
Weighted Average
CRE debt investments
Fixed Rate	11.79%	10.87%
Spread over LIBOR	6.07%	6.84%
Total Unleveraged Current Yield	8.12%	7.42%
Weighted Average | Mortgage Loans on Real Estate, LIBOR
CRE debt investments
Mortgage loans on real estate variable rate basis floor	0.34%	0.37%
First mortgage loans
CRE debt investments
Count	13	14
Principal amount	$ 570,339,000	$ 829,536,000
Carrying value	$ 564,722,000	$ 806,116,000
Allocation by investment type	74.30%	79.80%
Floating Rate as % of Principal Amount	92.50%	100.00%
First mortgage loans | Weighted Average
CRE debt investments
Fixed Rate	15.00%	0.00%
Spread over LIBOR	5.80%	6.47%
Total Unleveraged Current Yield	7.31%	6.51%
Mezzanine loans
CRE debt investments
Count	5	5
Principal amount	$ 109,832,000	$ 91,639,000
Carrying value	$ 92,814,000	$ 72,948,000
Allocation by investment type	14.30%	8.80%
Floating Rate as % of Principal Amount	55.30%	86.90%
Mezzanine loans | Joint Venture
CRE debt investments
Principal amount			$ 183,700,000
Real estate consolidated joint venture ownership interest			78.00%
Mezzanine loans | Weighted Average
CRE debt investments
Fixed Rate	12.16%	10.10%
Spread over LIBOR	9.29%	11.76%
Total Unleveraged Current Yield	11.24%	11.62%
Subordinate interests
CRE debt investments
Count | investment		1
Principal amount		$ 36,206,000
Carrying value		$ 36,206,000
Allocation by investment type		3.50%
Floating Rate as % of Principal Amount		0.00%
Subordinate interests | Weighted Average
CRE debt investments
Fixed Rate		13.11%
Spread over LIBOR		0.00%
Total Unleveraged Current Yield		13.23%
Preferred equity interests
CRE debt investments
Count	1	1
Principal amount	$ 87,323,000	$ 82,003,000
Carrying value	$ 87,787,000	$ 82,566,000
Allocation by investment type	11.40%	7.90%
Floating Rate as % of Principal Amount	0.00%	0.00%
Proportionate interest in debt instrument, including future funding commitments	$ 78,600,000	$ 73,800,000
Preferred equity interests | Joint Venture
CRE debt investments
Real estate consolidated joint venture ownership interest	90.00%	90.00%
Preferred equity interests | Weighted Average
CRE debt investments
Fixed Rate	10.00%	10.00%
Spread over LIBOR	0.00%	0.00%
Total Unleveraged Current Yield	10.00%	10.00%

Real Estate Debt Investments 49

Real Estate Debt Investments - Maturities of CRE Debt Investments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Years Ending December 31:
Total	$ 744,297
Current Maturity
Years Ending December 31:
2,017	308,650
2,018	70,101
2,019	210,901
2,020	0
2,021	87,323
Thereafter	90,519
Total	767,494
Maturity Including Extensions
Years Ending December 31:
2,017	62,350
2,018	30,500
2,019	247,300
2,020	45,050
2,021	204,452
Thereafter	177,842
Total	$ 767,494

Real Estate Debt Investments (N

Real Estate Debt Investments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016investment
CRE debt investments
Maturity period of debt instruments depending upon the asset type	4 years 2 months
Number of CRE debt investments contributed to more than 10% of interest income	2
Percent of interest income contributed by investment	10.00%
Minimum
CRE debt investments
Period past due on contractual debt service payments for debt investments to be categorized as non-performing loans	90 days

Operating Real Estate - Identif

Operating Real Estate - Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land and improvements	$ 96,011	$ 56,090
Buildings and improvements	430,776	328,012
Furniture, fixtures and equipment	4,472	4,243
Subtotal	531,259	388,345
Less: Accumulated depreciation	(42,420)	(23,018)
Operating real estate, net	$ 488,839	$ 365,327

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Mar. 31, 2016USD ($)asset	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)asset	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Depreciation expense										$ 19,402	$ 16,398	$ 6,397
Interest acquired	88.20%				88.20%
Number of light industrial assets acquired | asset	23				23
Assets acquired	$ 103,300
Transaction costs	1,500									1,978	1,344	2,777
Net income (loss)		$ 8,035	$ 7,297	$ 9,102	$ 7,773	$ 8,808	$ 5,365	$ 14,195	$ 17,223	$ 32,207	$ 45,591	$ 88,953
Senior Mortgage Loan | Two Year Floating Rate
Debt Instrument [Line Items]
Principal amount	78,200				78,200
Amount reserved for future funding	$ 8,300				$ 8,300

Operating Real Estate - Prelimi

Operating Real Estate - Preliminary Allocation of Purchase Price of Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2016USD ($)
Assets:
Land and improvements	$ 24,807
Buildings and improvements	59,903
Other assets acquired	19,210
Total assets acquired	103,920
Liabilities:
Mortgage notes payable, net	67,225
Other liabilities assumed	536
Total liabilities	67,761
Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity	31,874
Non-controlling interests	4,285
Total equity	36,159
Total liabilities and equity	$ 103,920

Operating Real Estate - Preli54

Operating Real Estate - Preliminary Purchase Price Reclassifications (Details) $ in Thousands	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Operating real estate, net	$ 84,710
Deferred costs and other intangible assets, net	19,210
Mortgage notes payable, net	67,225
Other liabilities	536
As Previously Determined
Business Acquisition [Line Items]
Operating real estate, net	103,384
Deferred costs and other intangible assets, net	0
Mortgage notes payable, net	67,225
Other liabilities	0
Measurement Period Adjustments
Business Acquisition [Line Items]
Operating real estate, net	(18,674)
Deferred costs and other intangible assets, net	19,210
Mortgage notes payable, net	0
Other liabilities	$ 536

Operating Real Estate - REO Acq

Operating Real Estate - REO Acquired by Taking Title (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Original Loan Balance		$ 67,493
Initial REO value	[1]	$ 67,493	$ 0	$ 0
[1]	Non-cash activity in 2016 occurred primarily in connection with taking title to collateral.

Operating Real Estate - Preli56

Operating Real Estate - Preliminary Allocation of REO (Details) $ in Thousands	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 67,493
Reposessed assets	68,136
Other liabilities assumed	643
Liabilities	643
Cash and cash equivalents
Business Acquisition [Line Items]
Other reposessed assets	1,845
Land and improvements
Business Acquisition [Line Items]
Real estate acquired through foreclosure	15,221
Building and Improvements
Business Acquisition [Line Items]
Real estate acquired through foreclosure	37,334
Other Assets
Business Acquisition [Line Items]
Other reposessed assets	13,736
Total assets acquired
Business Acquisition [Line Items]
Reposessed assets	$ 68,136

Operating Real Estate - REO Mea

Operating Real Estate - REO Measurement Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Line Items]
Cash and cash equivalents	$ 1,845								$ 1,845
Operating real estate, net	52,555								52,555
Deferred costs and other intangible assets, net	13,736								13,736
Other liabilities	643								643
Decrease in rental and other income	(20,272)	$ (21,843)	$ (20,116)	$ (16,371)	$ (15,731)	$ (14,637)	$ (15,027)	$ (14,999)	(78,602)	$ (60,394)	$ (29,342)
Depreciation, depletion and amortization									31,227	25,982	6,427
Total measurement period adjustment	(8,035)	$ (7,297)	$ (9,102)	$ (7,773)	$ (8,808)	$ (5,365)	$ (14,195)	$ (17,223)	(32,207)	$ (45,591)	$ (88,953)
As Previously Determined
Real Estate [Line Items]
Cash and cash equivalents	2,237								2,237
Operating real estate, net	65,256								65,256
Deferred costs and other intangible assets, net	0								0
Other liabilities	0								0
Measurement Period Adjustments
Real Estate [Line Items]
Cash and cash equivalents	(392)								(392)
Operating real estate, net	(12,701)								(12,701)
Deferred costs and other intangible assets, net	13,736								13,736
Other liabilities	$ 643								643
Measurement Period Adjustment for Intangible Assets, REO
Real Estate [Line Items]
Decrease in rental and other income									646
Depreciation, depletion and amortization									2,950
Total measurement period adjustment									$ 3,596

Operating Real Estate - Measure

Operating Real Estate - Measurement Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Decrease in rental and other income	$ (20,272)	$ (21,843)	$ (20,116)	$ (16,371)	$ (15,731)	$ (14,637)	$ (15,027)	$ (14,999)	$ (78,602)	$ (60,394)	$ (29,342)
Increase in depreciation and amortization									31,227	25,982	6,427
Net income (loss)	$ 8,035	$ 7,297	$ 9,102	$ 7,773	$ 8,808	$ 5,365	$ 14,195	$ 17,223	32,207	$ 45,591	$ 88,953
Measurement Period Adjustment for Intangible Assets
Business Acquisition [Line Items]
Decrease in rental and other income									347
Increase in depreciation and amortization									2,894
Net income (loss)									$ (3,241)

Operating Real Estate - Minimum

Operating Real Estate - Minimum Future Rents (Details) $ in Thousands	Dec. 31, 2016USD ($)
Real Estate [Abstract]
2,017	$ 44,721
2,018	37,977
2,019	33,585
2,020	25,866
2,021	20,672
Thereafter	52,782
Total	$ 215,603

Investments in Unconsolidated60

Investments in Unconsolidated Ventures - Summary of PE Investments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)fund	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)fund	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 28, 2013USD ($)fund
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 90,579				$ 157,843				$ 90,579	$ 157,843
Equity in Earnings	$ 5,316	$ 5,575	$ 6,502	$ 7,570	8,051	$ 8,133	$ 9,509	$ 10,324	24,963	36,017	$ 41,679
Contributions									55,398	10,035	52,885
Unrealized gain (loss) on investments and other									$ (3,432)	(12,108)	11,764
PE Investment
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	75								75
Purchase Price	$ 243,317								$ 243,317
Expected Future Contributions	207								207
Carrying Value	$ 90,579				98,754				90,579	98,754
Equity in Earnings									24,136	30,219
Distributions									88,525	70,488
Contributions									$ 59,646	10,039
PE Investment I
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	49								49			49
Purchase Price	$ 118,035								$ 118,035			$ 118,000
Expected Future Contributions	207								207
Carrying Value	$ 31,655				65,313				31,655	65,313
Equity in Earnings									9,441	19,462
Distributions									40,082	36,226
Contributions									415	838
Unrealized gain (loss) on investments and other									$ (3,400)	(12,100)	$ 11,800
PE Investment IIA
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	24								24
Purchase Price	$ 75,721								$ 75,721
Expected Future Contributions	0								0
Carrying Value	$ 23,360				33,441				23,360	33,441
Equity in Earnings									5,974	10,757
Distributions									24,897	34,262
Contributions									$ 8,842	9,201
PE Investment IIB
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	0								0
Purchase Price	$ 26,498								$ 26,498
Expected Future Contributions	0								0
Carrying Value	$ 19,329				0				19,329	0
Equity in Earnings									6,950	0
Distributions									21,420	0
Contributions									$ 33,798	0
PE Investment III
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	2								2
Purchase Price	$ 23,063								$ 23,063
Expected Future Contributions	0								0
Carrying Value	$ 16,235				$ 0				16,235	0
Equity in Earnings									1,771	0
Distributions									2,126	0
Contributions									$ 16,591	$ 0

Investments in Unconsolidated61

Investments in Unconsolidated Ventures - PE Investment I (Narrative) (Details) - PE Investment I $ in Thousands	1 Months Ended
	Feb. 28, 2013USD ($)fund	Dec. 31, 2016USD ($)fund
Schedule of Equity Method Investments [Line Items]
Amount funded at initial closing of real estate private equity	$ 118,000	$ 118,035
Ownership interest held by the entity together with sponsor	51.00%
Ownership interest in amount funded	29.50%
Number of real estate private equity funds contributed | fund	49	49
Sponsor
Schedule of Equity Method Investments [Line Items]
Amount funded at initial closing of real estate private equity	$ 282,100
Ownership interest in amount funded	70.50%
NorthStar Real Estate Income Trust Inc | Cash distribution until NorthStar Entities receive a 1.5x multiple on all of their invested capital
Schedule of Equity Method Investments [Line Items]
Cash distribution to the Class B Partner	85.00%
Multiplier factor for cash distribution to the NorthStar Entities	1.5
Cash distribution after multiplier to entity and related party	15.00%
NorthStar Real Estate Income Trust Inc | Remaining cash distribution
Schedule of Equity Method Investments [Line Items]
Cash distribution to the Class B Partner	51.00%
Class B Partner | Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital | Class B Partner
Schedule of Equity Method Investments [Line Items]
Cash distribution to the NorthStar Entities	15.00%
Class B Partner | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012
Schedule of Equity Method Investments [Line Items]
Cash distribution to the NorthStar Entities	85.00%
Class B Partner | Remaining cash distribution | Class B Partner
Schedule of Equity Method Investments [Line Items]
Cash distribution to the NorthStar Entities	49.00%

Investments in Unconsolidated62

Investments in Unconsolidated Ventures - PE Investment IIA (Narrative) (Details) - PE Investment IIA $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2013USD ($)property	Dec. 31, 2016fund	Sep. 30, 2012USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate private equity funds contributed | fund		24
Ownership interest in amount funded	15.00%
Amount to be paid to the Seller for all of the fund interests	$ 504.8
Percentage of September 30, 2012 NAV paid as Initial Amount to Seller for all of the fund interests	55.00%
Deferred amount of reported net asset value	$ 411.4
Percentage of September 30, 2012 NAV paid as Deferred Amount to Seller for all of the fund interests	45.00%
Anniversary following closing date of fund interest		4 years
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		2 years
Period to pay amount necessary to reduce Deferred Amount		10 days
Reduction in deferred amount as a percentage of amortization amount		15.00%
Investment percentage of distribution to seller		15.00%
Sponsor
Schedule of Equity Method Investments [Line Items]
Number of real estate private equity funds contributed | property	24
Aggregate reported NAV acquired			$ 910
Ownership interest in amount funded	70.00%
Vintage Funds
Schedule of Equity Method Investments [Line Items]
Ownership interest in amount funded	15.00%

Investments in Unconsolidated63

Investments in Unconsolidated Ventures - PE Investment IIB (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2016	Feb. 29, 2016	Dec. 31, 2016	Feb. 28, 2016	Dec. 31, 2015
PE Investment IIB
Net Investment Income [Line Items]
Additional percent approved for purchase		14.00%
Ownership interest in amount funded		29.00%		15.00%
Initial payment of net asset value		$ 26.5
NAV of investment acquired					$ 660.6
PE Investment IIA and PE Investment IIB
Net Investment Income [Line Items]
Ownership interest in amount funded			29.00%
Share in deferred amount of NAV			$ 85.7
Amount of Deferred Amount paid	$ 15.1

Investments in Unconsolidated64

Investments in Unconsolidated Ventures - PE Investment III (Narrative) (Details) - PE Investment III $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership interest in amount funded	5.50%
NAV of investment acquired	$ 15.1
Amount paid at closing	4.2
Deposit	1.8
Initial payment of net asset value	$ 6
Percent of purchase price adjusted for contributions and distributions	40.00%
Share in deferred amount of NAV	$ 4.5

Investments in Unconsolidated65

Investments in Unconsolidated Ventures - Other (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2016	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 767,494				$ 1,039,384				$ 767,494	$ 1,039,384
Participation sold at par value	744,297								744,297
Investments in unconsolidated ventures	90,579				157,843				90,579	157,843
Equity in earnings	5,316	$ 5,575	$ 6,502	$ 7,570	8,051	$ 8,133	$ 9,509	$ 10,324	24,963	36,017	$ 41,679
Mezzanine loans
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 109,832				91,639				109,832	91,639
Participation sold at par value												$ 59,800
Mezzanine loans | Joint Venture
Schedule of Equity Method Investments [Line Items]
Principal amount													$ 183,700
Joint venture participating mortgage loan													50.00%
Real estate consolidated joint venture ownership interest													78.00%
Investments in unconsolidated ventures					$ 59,100					59,100
Equity in earnings									$ 800	$ 5,800	$ 2,800

Investments in Unconsolidated66

Investments in Unconsolidated Ventures - Schedule of Summarized Financial Information (Details) - PE Investment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total assets	$ 1,079,828	$ 1,440,834
Total liabilities	799,748	871,892
Total Equity	280,080	568,942
Total liabilities and equity	1,079,828	1,440,834
Total revenues	201,113	266,158	$ 251,398
Net income (loss)	$ 36,941	$ 109,543	$ 168,514

Real Estate Securities, Avail67

Real Estate Securities, Available for Sale (Details) $ in Thousands	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)security
Real estate securities
Fair Value	$ 93,975	$ 83,622
Real Estate Securities, Available for Sale
Real estate securities
Count | security	11	8
Principal Amount	$ 138,438	$ 115,849
Amortized Cost	73,800	61,721
Cumulative Unrealized Gain on Investments	21,616	22,357
Cumulative Unrealized (Loss) on Investments	(1,441)	(456)
Fair Value	$ 93,975	$ 83,622
Weighted Average Coupon	3.85%	4.43%
Weighted Average Unleveraged Current Yield	10.78%	8.52%
Carrying value of securities served as collateral	$ 32,300

Real Estate Securities, Avail68

Real Estate Securities, Available for Sale (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real estate securities
Unrealized gains (losses) in OCI	$ (1,726)	$ (6,513)	$ 15,370
Aggregate carrying value	$ 93,975	83,622
Minimum
Real estate securities
Period of unrealized loss position	12 months
Real Estate Securities, Available for Sale
Real estate securities
Unrealized gains (losses) in OCI	$ (1,700)	(6,500)	$ 15,400
Number of securities | security	5
Aggregate carrying value	$ 93,975	$ 83,622
Unrealized loss	$ 1,400
Number of unrealized loss positions | security	2
Weighted average contractual maturities of the CRE securities	32 years
Weighted average expected maturity of CRE securities	6 years 9 months
Loss Position
Real estate securities
Aggregate carrying value	$ 41,500

Borrowings (Details)

Borrowings (Details)	12 Months Ended
	Dec. 31, 2016USD ($)loanextension	Oct. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal amount	$ 709,260,000		$ 821,677,000
Carrying value	$ 705,589,000		819,716,000
Citibank facility
Debt Instrument [Line Items]
Debt instrument, number of optional extensions to initial maturity date | extension	3
Optional extension period of initial maturity date	1 year
Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Principal amount	$ 39,762,000
Securitization 2013-1
Debt Instrument [Line Items]
Principal amount	39,762,000		185,812,000
Carrying value	$ 39,762,000		185,314,000
Securitization 2013-1 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	5.00%
Mortgage notes payable, net
Debt Instrument [Line Items]
Principal amount	$ 396,613,000
Multifamily 1
Debt Instrument [Line Items]
Contractual Interest Rate	4.84%
Principal amount	$ 43,500,000		43,500,000
Carrying value	$ 42,967,000		42,902,000
Multifamily 2
Debt Instrument [Line Items]
Contractual Interest Rate	4.94%
Principal amount	$ 43,000,000		43,000,000
Carrying value	$ 42,440,000		42,370,000
Office 1
Debt Instrument [Line Items]
Contractual Interest Rate	4.47%
Principal amount	$ 108,850,000		108,850,000
Carrying value	$ 108,595,000		108,569,000
Office 2
Debt Instrument [Line Items]
Contractual Interest Rate	4.30%
Principal amount	$ 77,700,000		77,700,000
Carrying value	$ 77,535,000		77,512,000
Student housing 1
Debt Instrument [Line Items]
Contractual Interest Rate	5.15%
Principal amount	$ 16,000,000		16,000,000
Carrying value	$ 15,774,000		15,747,000
Student housing 2
Debt Instrument [Line Items]
Contractual Interest Rate	5.27%
Principal amount	$ 12,411,000		12,615,000
Carrying value	$ 12,644,000		12,907,000
Number of notes | loan	2
Weighted average interest rate	5.27%
Student housing 3
Debt Instrument [Line Items]
Contractual Interest Rate	3.98%
Principal amount	$ 24,750,000	$ 24,800,000	16,200,000
Carrying value	24,485,000		16,395,000
Industrial 1
Debt Instrument [Line Items]
Principal amount	70,402,000		0
Carrying value	$ 68,970,000		0
Industrial 1 | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.50%
Mortgage notes payable
Debt Instrument [Line Items]
Principal amount	$ 396,613,000		317,865,000
Carrying value	393,410,000		316,402,000
Credit facilities
Debt Instrument [Line Items]
Principal amount	249,156,000		318,000,000
Carrying value	249,156,000		318,000,000
Credit facilities | Term loan facilities
Debt Instrument [Line Items]
Principal amount	226,969,000		306,945,000
Carrying value	226,969,000		306,945,000
Capacity	550,000,000
Credit facilities | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	22,187,000		11,055,000
Carrying value	$ 22,187,000		11,055,000
Credit facilities | CMBS credit facilities | Minimum
Debt Instrument [Line Items]
Maturity period of debt instruments depending upon the asset type	2 months
Credit facilities | CMBS credit facilities | Maximum
Debt Instrument [Line Items]
Maturity period of debt instruments depending upon the asset type	3 months
Credit facilities | Citibank facility
Debt Instrument [Line Items]
Percentage of repurchase price for purchased assets for which a recourse is available for debt yielding equal to or greater than 10% at the time of financing	25.00%
Percentage of repurchase price for purchased assets for which a recourse is available for debt yield less than 10% at the time of financing	100.00%
Credit facilities | Citibank facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.63%
Credit facilities | Citibank facility | Term loan facilities
Debt Instrument [Line Items]
Principal amount	$ 21,350,000		108,913,000
Carrying value	21,350,000		108,913,000
Capacity	$ 150,000,000
Credit facilities | Citibank facility | Term loan facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.63%
Credit facilities | Citibank facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 11,034,000		0
Carrying value	$ 11,034,000		0
Credit facilities | Citibank facility | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.50%
Credit facilities | Deutsche Bank facility
Debt Instrument [Line Items]
Optional extension period of initial maturity date	1 year
Percentage of financed amount of stabilized loans for which recourse is available	25.00%
Financed amount of loans for which recourse is available	$ 25,000,000
Credit facilities | Deutsche Bank facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	2.42%
Credit facilities | Deutsche Bank facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.62%
Credit facilities | Deutsche Bank facility | Term loan facilities
Debt Instrument [Line Items]
Principal amount	$ 112,919,000		166,697,000
Carrying value	112,919,000		166,697,000
Capacity	$ 200,000,000
Credit facilities | Deutsche Bank facility | Term loan facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.45%
Credit facilities | Morgan Stanley facility
Debt Instrument [Line Items]
Optional extension period of initial maturity date	1 year
Percentage of financed amount of stabilized loans for which recourse is available	25.00%
Credit facilities | Morgan Stanley facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin	2.25%
Credit facilities | Morgan Stanley facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.65%
Credit facilities | Morgan Stanley facility | Term loan facilities
Debt Instrument [Line Items]
Principal amount	$ 92,700,000		31,335,000
Carrying value	92,700,000		31,335,000
Capacity	$ 200,000,000
Credit facilities | Morgan Stanley facility | Term loan facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	2.50%
Credit facilities | Morgan Stanley facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 0		4,600,000
Carrying value	$ 0		4,600,000
Credit facilities | Morgan Stanley facility | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.06%
Credit facilities | Subtotal term loan facilities | Term loan facilities
Debt Instrument [Line Items]
Capacity	$ 550,000,000
Credit facilities | UBS facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	0		6,455,000
Carrying value	$ 0		6,455,000
Credit facilities | UBS facility | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.19%
Credit facilities | Merrill Lynch facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 2,989,000		0
Carrying value	$ 2,989,000		0
Credit facilities | Merrill Lynch facility | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.50%
Credit facilities | JP Morgan facility | CMBS credit facilities
Debt Instrument [Line Items]
Principal amount	$ 8,164,000		0
Carrying value	$ 8,164,000		$ 0
Credit facilities | JP Morgan facility | CMBS credit facilities | LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.50%
Loan collateral payable, net, related party
Debt Instrument [Line Items]
Principal amount	$ 23,729,000
Loan collateral payable, net, related party | LIBOR
Debt Instrument [Line Items]
Interest rate margin	3.83%

Borrowings - Future Payments (D

Borrowings - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Years Ending December 31:
2,017	$ 22,187
2,018	205,619
2,019	23,729
2,020	12,411
2,021	91,752
Thereafter	353,562
Total	709,260	$ 821,677
Securitization Bonds Payable, Net
Years Ending December 31:
2,017	0
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	39,762
Total	39,762
Mortgage Notes Payable, Net
Years Ending December 31:
2,017	0
2,018	0
2,019	0
2,020	12,411
2,021	70,402
Thereafter	313,800
Total	396,613
Loan collateral payable, net, related party
Years Ending December 31:
2,017	0
2,018	0
2,019	23,729
2,020	0
2,021	0
Thereafter	0
Total	23,729
Credit Facilities
Years Ending December 31:
2,017	22,187
2,018	205,619
2,019	0
2,020	0
2,021	21,350
Thereafter	0
Total	$ 249,156	$ 318,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2013USD ($)loaninvestment	Dec. 31, 2016USD ($)investmentagreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2016USD ($)investment
Debt Instrument [Line Items]
Number of securitization financing transactions entered | investment		2
Principal amount of investments financed by borrowings		$ 744,297,000
Number of CRE debt investments contributed | investment	4
Aggregate principal amount of CRE debt investment contributed	$ 105,500,000
Amount of borrowings repaid		184,612,000	$ 6,630,000	$ 16,638,000
Loan collateral receivable, related party		52,204,000	54,056,000
Principal amount		709,260,000	821,677,000
Credit facilities		249,156,000	318,000,000
Principal amount outstanding on loans managed and securitized or asset-backed financing arrangement					$ 44,400,000
Carrying value		$ 705,589,000	819,716,000
Securitization 2013-1
Debt Instrument [Line Items]
Principal amount of investments financed by borrowings	$ 531,500,000
Number of CRE debt investments contributed | investment	8
Aggregate principal amount of CRE debt investment contributed	$ 346,100,000
Value of bonds issued	$ 382,700,000
Advance rates	72.00%
Amount of borrowings repaid	$ 222,700,000
Real Estate Securities, Available for Sale
Debt Instrument [Line Items]
Number of master repurchase agreements | agreement		5
Available for sale securities pledged as collateral, carrying value		$ 32,300,000
Real Estate Securities, Available for Sale | Securities Investment
Debt Instrument [Line Items]
Credit facilities		22,200,000
LIBOR | Securitization 2013-1
Debt Instrument [Line Items]
Interest rate margin	2.97%
Senior Loans
Debt Instrument [Line Items]
Debt instrument debt created from bifurcation	$ 79,100,000
Senior Loans | Securitization 2013-1
Debt Instrument [Line Items]
Number of CRE debt investments contributed | loan	3
Debt instrument debt created from bifurcation	$ 79,100,000
Credit Facilities
Debt Instrument [Line Items]
Principal amount		249,156,000	318,000,000
Carrying value		249,156,000	318,000,000
Credit Facilities | Term loan facilities
Debt Instrument [Line Items]
Maximum borrowing capacity		550,000,000
Principal amount		226,969,000	306,945,000
Carrying value		226,969,000	306,945,000
Credit Facilities | Term loan facilities | Term Loan Facilities
Debt Instrument [Line Items]
Maximum borrowing capacity		550,000,000
Secured Term Loans
Debt Instrument [Line Items]
Carrying value served as collateral		364,600,000	435,200,000
Industrial 1
Debt Instrument [Line Items]
Principal amount		70,402,000	0
Carrying value		$ 68,970,000	$ 0
Industrial 1 | LIBOR
Debt Instrument [Line Items]
Interest rate margin		2.50%
Loan collateral payable, net, related party
Debt Instrument [Line Items]
Carrying value served as collateral		$ 23,729,000
Principal amount		$ 23,729,000
Loan collateral payable, net, related party | LIBOR
Debt Instrument [Line Items]
Interest rate margin		3.83%
Senior Notes
Debt Instrument [Line Items]
Securitized financing arrangement, amount					$ 29,500,000
Number of mortgage loans bifurcated | investment					3
Senior Loans
Debt Instrument [Line Items]
Securitized financing arrangement, amount					$ 29,500,000
Senior Subordinated Loans [Member]
Debt Instrument [Line Items]
Principal amount outstanding on loans managed and securitized or asset-backed financing arrangement					$ 14,900,000
NorthStar Real Estate Income II, Inc. | Senior Notes | Loan collateral payable, net, related party
Debt Instrument [Line Items]
Carrying value		$ 23,261,000

Related Party Arrangements - Ad

Related Party Arrangements - Advisor (Narrative) (Details)	Jun. 30, 2016
Advisor | Fees and reimbursements
Related Party Transaction [Line Items]
Advisory agreement renewal term	1 year

Related Party Arrangements - As

Related Party Arrangements - Asset Management Fee and Incentive Fee (Narrative) (Details) - Advisor	12 Months Ended
	Dec. 31, 2016
Asset management
Related Party Transaction [Line Items]
Monthly asset management fee rate	0.10%
Annual asset management fee rate	1.25%
Asset management fee monthly factor	8.33%
Incentive fee
Related Party Transaction [Line Items]
Distributions, percentage of net cash flows	15.00%
Percentage of cumulative, non-compounded annual pre-tax return on invested capital	8.00%

Related Party Arrangements - Ac

Related Party Arrangements - Acquisition Fee (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
NS Real Estate Income Trust Advisor | Acquisition
Related Party Transaction [Line Items]
Asset acquisition fee as percentage of principal amount funded to originate CRE debt or other real estate investments (percent)	1.00%

Related Party Arrangements - Di

Related Party Arrangements - Disposition Fee (Narrative) (Details) - NS Real Estate Income Trust Advisor - Disposition	12 Months Ended
	Dec. 31, 2016
Related Party Transaction [Line Items]
Asset disposition fee as percentage of contract sales price of CRE debt, CRE security or select CRE equity investment sold (percent)	1.00%
Maximum
Related Party Transaction [Line Items]
Asset disposition fee as a percentage of the principal amount of the CRE debt investment prior to the specified transaction	1.00%

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements to Advisor - Operating Costs (Narrative) (Details) - NS Real Estate Income Trust Advisor - Operating costs	12 Months Ended
	Dec. 31, 2016Q
Related Party Transaction [Line Items]
Number of preceding fiscal quarters considered for reimbursement of operating costs (quarters)	4
Period for true-up calculation of expense reimbursements	12 months
Maximum
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs	2.00%
Percentage of net income, without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of the Company's assets, considered for reimbursement of operating costs	25.00%

Related Party Arrangements - Su

Related Party Arrangements - Summary of Fees and Reimbursements (Details) - NS Real Estate Income Trust Advisor - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party	$ 0	$ 0
Amount incurred	41,950	40,849
Amount paid	(41,882)	(40,849)
Due to related party	68	0
Acquisition Fee Waived
Related Party Transaction, Due to Related Parties [Roll Forward]
Related party transaction fees deferred	800	600
Disposition Fees Waived
Related Party Transaction, Due to Related Parties [Roll Forward]
Related party transaction fees deferred	400	400
Unreimbursed operating costs
Related Party Transaction, Due to Related Parties [Roll Forward]
Unreimbursed operating costs	9,600	7,900
Asset Management and Other Fees, Related Party | Asset management
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party	0	0
Amount incurred	21,337	23,965
Amount paid	(21,327)	(23,965)
Due to related party	10	0
Asset Management and Other Fees, Related Party | Acquisition
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party	0	0
Amount incurred	3,254	451
Amount paid	(3,214)	(451)
Due to related party	40	0
Asset Management and Other Fees, Related Party | Disposition
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party	0	0
Amount incurred	4,612	3,317
Amount paid	(4,612)	(3,317)
Due to related party	0	0
General and Administrative Expense | Operating costs
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party	0	0
Amount incurred	12,747	13,116
Amount paid	(12,729)	(13,116)
Due to related party	$ 18	$ 0

Related Party Arrangements - Se

Related Party Arrangements - Securitization 2013-1 (Narrative) (Details) $ in Millions	1 Months Ended
	Aug. 31, 2013USD ($)loaninvestment
Related Party Transaction [Line Items]
Number of CRE debt investments contributed | investment	4
Aggregate principal amount of CRE debt investment contributed	$ 105.5
Senior Loans
Related Party Transaction [Line Items]
Number of senior loans transferred (investments) | investment	3
Debt instrument debt created from bifurcation	$ 79.1
Securitization 2013-1
Related Party Transaction [Line Items]
Number of CRE debt investments contributed | investment	8
Aggregate principal amount of CRE debt investment contributed	$ 346.1
Securitization 2013-1 | Senior Loans
Related Party Transaction [Line Items]
Number of CRE debt investments contributed | loan	3
Debt instrument debt created from bifurcation	$ 79.1

Related Party Arrangements - PE

Related Party Arrangements - PE Investment I (Narrative) (Details) - PE Investment I $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Ownership assumed	29.50%
Aggregate cash contribution to fund	$ 400.1
Contribution for investment	118
Sponsor
Related Party Transaction [Line Items]
Contribution for investment	$ 282.1

Related Party Arrangements - 80

Related Party Arrangements - PE Investment IIB (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2016	Feb. 28, 2016	Dec. 31, 2015
PE Investment IIB
Related Party Transaction [Line Items]
Additional percent approved for purchase	14.00%
Ownership interest in amount funded	29.00%		15.00%
Initial payment of net asset value	$ 26.5
NAV of investment acquired				$ 660.6
PE Investment IIA and PE Investment IIB
Related Party Transaction [Line Items]
Ownership interest in amount funded		29.00%
Share in deferred amount of NAV		$ 85.7

Related Party Arrangements - 81

Related Party Arrangements - Secured Borrowing (Details) $ in Thousands	Dec. 31, 2016USD ($)	Nov. 30, 2016USD ($)investment	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Principal amount outstanding on loans managed and securitized or asset-backed financing arrangement		$ 44,400
Carrying value	$ 705,589		$ 819,716
Senior Notes
Related Party Transaction [Line Items]
Securitized financing arrangement, amount		$ 29,500
Number of mortgage loans bifurcated | investment		3
Senior Subordinated Loans [Member]
Related Party Transaction [Line Items]
Principal amount outstanding on loans managed and securitized or asset-backed financing arrangement		$ 14,900
Loan collateral payable, net, related party
Related Party Transaction [Line Items]
Carrying value served as collateral	23,729
Loan collateral payable, net, related party | Senior Notes | NorthStar Real Estate Income II, Inc.
Related Party Transaction [Line Items]
Carrying value	$ 23,261

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity-Based Compensation, Director's share
Equity-based compensation expense		$ 0.2	$ 0.2	$ 0.1
Restricted stock
Equity-Based Compensation, Director's share
Number of unvested shares (shares)		20,462	17,687	10,688
Vesting period	4 years	2 years
Restricted stock | Director
Equity-Based Compensation, Director's share
Number of unvested shares (shares)		101,204
Aggregate value for common shares granted to independent directors		$ 1

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Narrative) (Details) shares in Millions, $ in Billions	53 Months Ended
	Jun. 30, 2013USD ($)shares
Stockholders' Equity Note [Abstract]
Number of shares issued (shares) | shares	107.6
Gross proceeds from issuance of common stock | $	$ 1.1

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended			93 Months Ended
	Apr. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Oct. 31, 2014	Jul. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Selling commissions or dealer manager fees paid		$ 0
Total proceeds from sale of shares pursuant to DRP		$ 43,546,000	$ 43,783,000	$ 42,659,000	$ 174,500,000
Distribution Support Agreement
Equity, Class of Treasury Stock [Line Items]
Notice period served by board of directors to amend or terminate DRP		10 days
Distribution Reinvestment Plan
Equity, Class of Treasury Stock [Line Items]
Number of shares offered pursuant to the DRP effective registration statement (shares)							10,000,000
Notice period served by board of directors to amend or terminate DRP	10 days
Price per share (in dollars per share)	$ 9.87			$ 9.50		$ 9.52
Purchase price adjustment, percentage of estimated value per share	100.00%
Percentage of estimated value per share						95.00%
Common Stock
Equity, Class of Treasury Stock [Line Items]
Number of shares issued pursuant to DRP (in shares)		4,467,000	4,599,000	4,493,000	18,200,000
Total proceeds from sale of shares pursuant to DRP		$ 45,000	$ 46,000	$ 45,000

Stockholders' Equity - Distri85

Stockholders' Equity - Distributions (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016$ / shares
Stockholders' Equity Note [Abstract]
Daily amount of distribution accrued per share (in dollars per share)	$ 0.002191781
Annual distribution per share (in dollars per share)	$ 0.80

Stockholders' Equity - Distri86

Stockholders' Equity - Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Cash	$ 13,690	$ 13,482	$ 13,184	$ 13,052	$ 13,169	$ 13,107	$ 12,910	$ 12,640	$ 12,717	$ 12,674	$ 12,492	$ 12,369	$ 53,408	$ 51,826	$ 50,252
DRP	10,628	10,858	10,864	10,987	11,145	11,095	10,882	10,720	10,997	10,885	10,650	10,338	43,337	43,842	42,870
Total	$ 24,318	$ 24,340	$ 24,048	$ 24,039	$ 24,314	$ 24,202	$ 23,792	$ 23,360	$ 23,714	$ 23,559	$ 23,142	$ 22,707	$ 96,745	$ 95,668	$ 93,122
Common stock percentage of distributions paid as ordinary income													18.00%
Common stock percentage of distributions paid as capital gain income													6.00%
Common stock percentage of distributions paid as return of capital													76.00%

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock
Holding period of shares required for repurchase	1 year
Number of days upon prior written notice to amend, suspend, or terminate	10 days
Number of days upon prior written notice to amend, suspend, or terminate, if related to change in number of share allowed to repurchase per year	10 days
Shares redeemed for cash (in shares)	$ 41,455	$ 16,464	$ 11,468
Repurchase price paid per share (in dollars per share)	$ 9.53
Common Stock
Class of Stock
Shares redeemed for cash (in shares)		$ 16,500
Repurchase price paid per share (in dollars per share)		$ 9.63
Common Stock
Class of Stock
Number of shares repurchased (shares)	4,349,000	1,710,000	1,193,000
Shares redeemed for cash (in shares)	$ 43	$ 17	$ 12

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Net income (loss) attributable to other non-controlling interests	$ 255	$ (23)	$ (171)

Fair Value - Financial Assets R

Fair Value - Financial Assets Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy
Investments in private equity funds, at fair value	$ 90,579	$ 157,843
Real estate securities, available for sale	93,975	83,622
Recurring basis
Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy
Investments in private equity funds, at fair value	90,579	98,754
Real estate securities, available for sale	93,975	83,622
Derivative liabilities	186	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, at fair value	0	0
Real estate securities, available for sale	0	0
Derivative liabilities	0	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, at fair value	0	0
Real estate securities, available for sale	93,975	83,622
Derivative liabilities	186	0
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, at fair value	90,579	98,754	$ 141,091
Real estate securities, available for sale	0	0
Derivative liabilities	$ 0	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information for PE Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Additional information about financial assets
Beginning balance	$ 157,843
Unrealized gain (loss)	(3,432)	$ (12,108)	$ 11,764
Ending balance	90,579	157,843
Recurring basis
Additional information about financial assets
Beginning balance	98,754
Ending balance	90,579	98,754
Recurring basis | Level 3
Additional information about financial assets
Beginning balance	98,754	141,091
Contributions	59,646	10,040
Distributions	(88,525)	(70,487)
Equity in earnings	24,136	30,218
Unrealized gain (loss)	(3,432)	(12,108)
Ending balance	$ 90,579	$ 98,754	$ 141,091

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)credit_facility	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments and other	$ (3,432)	$ (12,108)	$ 11,764
Number of term credit facilities under which amounts are outstanding | credit_facility	6
Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	14.70%	19.50%
PE Investment I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments and other	$ (3,400)	$ (12,100)	$ 11,800

Fair Value - Principal Amount,

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2016USD ($)investment	Dec. 31, 2015USD ($)
Financial assets:
Real estate debt investments, net	$ 745,323	$ 997,836
Real estate securities, available for sale	93,975	83,622
Financial liabilities:
Securitization bonds payable, net	39,762	185,314
Credit facilities	249,156	318,000
Future funding commitments related to real estate debt investments	23,200	43,600
Principal Amount
Financial assets:
Real estate debt investments, net	744,297	995,769
Real estate securities, available for sale	138,438	115,849
Securities received as collateral, related party, fair value disclosure	52,204	54,056
Financial liabilities:
Securitization bonds payable, net	39,762	185,812
Mortgage notes payable, net	396,613	317,865
Credit facilities	249,156	318,000
Securities pledged as collateral, related party, fair value disclosure	23,729	0
Carrying Value
Financial assets:
Real estate debt investments, net	745,323	997,836
Real estate securities, available for sale	93,975	83,622
Securities received as collateral, related party, fair value disclosure	52,204	54,056
Financial liabilities:
Securitization bonds payable, net	39,762	185,314
Mortgage notes payable, net	393,410	316,402
Credit facilities	249,156	318,000
Securities pledged as collateral, related party, fair value disclosure	23,261	0
Fair Value
Financial assets:
Real estate debt investments, net	755,317	1,054,743
Real estate securities, available for sale	93,975	83,622
Securities received as collateral, related party, fair value disclosure	50,941	54,885
Financial liabilities:
Securitization bonds payable, net	39,961	185,387
Mortgage notes payable, net	356,031	317,138
Credit facilities	249,156	318,000
Securities pledged as collateral, related party, fair value disclosure	$ 23,050	$ 0
Loan Collateral Receivable
Financial liabilities:
Number of mortgage loans bifurcated | investment	1
Loan collateral payable, net, related party
Financial liabilities:
Number of mortgage loans bifurcated | investment	3

Quarterly Financial Informati93

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 15,126	$ 14,646	$ 15,316	$ 15,895	$ 16,487	$ 19,576	$ 19,272	$ 19,797	$ 60,983	$ 75,132	$ 81,597
Rental and other income	20,272	21,843	20,116	16,371	15,731	14,637	15,027	14,999	78,602	60,394	29,342
Expenses	31,977	33,924	30,322	29,719	28,023	34,306	25,103	25,301	125,942	112,733	70,341
Equity in earnings (losses) of unconsolidated ventures	5,316	5,575	6,502	7,570	8,051	8,133	9,509	10,324	24,963	36,017	41,679
Net income (loss)	8,035	7,297	9,102	7,773	8,808	5,365	14,195	17,223	32,207	45,591	88,953
Net income (loss) attributable to NorthStar Real Estate Income Trust, Inc. common stockholders	$ 7,869	$ 7,491	$ 8,904	$ 7,688	$ 8,753	$ 5,773	$ 13,943	$ 17,145	$ 31,952	$ 45,614	$ 89,124
Net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ 0.06	$ 0.06	$ 0.07	$ 0.07	$ 0.07	$ 0.05	$ 0.12	$ 0.14	$ 0.26	$ 0.38	$ 0.77

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		1 Months Ended	3 Months Ended								12 Months Ended
		Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting
Number of segments | segment											4
Net interest income			$ 15,126	$ 14,646	$ 15,316	$ 15,895	$ 16,487	$ 19,576	$ 19,272	$ 19,797	$ 60,983	$ 75,132	$ 81,597
Rental and other income			20,272	21,843	20,116	16,371	15,731	14,637	15,027	14,999	78,602	60,394	29,342
Asset management and other fees - related party											(23,765)	(23,965)	(24,676)
Mortgage notes interest expense											(17,519)	(14,832)	(7,763)
Transaction costs		$ (1,500)									(1,978)	(1,344)	(2,777)
Property operating expenses											(36,950)	(31,135)	(15,433)
General and administrative expenses											(14,503)	(15,475)	(13,265)
Depreciation and amortization											(31,227)	(25,982)	(6,427)
Realized gain (loss) on investments and other											0	0	397
Unrealized gain (loss) on investments and other											(3,432)	(12,108)	11,764
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)											10,211	10,685	52,759
Equity in earnings (losses) of unconsolidated ventures			5,316	5,575	6,502	7,570	8,051	8,133	9,509	10,324	24,963	36,017	41,679
Income tax benefit (expense)											(2,967)	(1,111)	(5,485)
Net income (loss)			8,035	$ 7,297	$ 9,102	$ 7,773	8,808	$ 5,365	$ 14,195	$ 17,223	32,207	45,591	88,953
Investments in unconsolidated ventures			90,579				157,843				90,579	157,843
Total Assets	[1]		1,768,480				1,947,516				1,768,480	1,947,516
Real Estate Debt
Segment Reporting
Net interest income											53,638	70,144	75,780
Rental and other income											0	0	0
Asset management and other fees - related party											0	0	0
Mortgage notes interest expense											0	0	0
Transaction costs											0	(446)	0
Property operating expenses											0	0	0
General and administrative expenses											(733)	(841)	(991)
Depreciation and amortization											0	0	0
Realized gain (loss) on investments and other													(175)
Unrealized gain (loss) on investments and other											0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)											52,905	68,857	74,614
Equity in earnings (losses) of unconsolidated ventures											827	5,799	3,421
Income tax benefit (expense)											0	0	0
Net income (loss)											53,732	74,656	78,035
Investments in unconsolidated ventures			0				59,089				0	59,089
Total Assets			871,600				1,198,020				871,600	1,198,020
Real Estate Equity
Segment Reporting
Net interest income											0	0	0
Rental and other income											78,602	60,394	29,342
Asset management and other fees - related party											0	0	0
Mortgage notes interest expense											(17,519)	(14,832)	(7,763)
Transaction costs											(1,767)	(73)	(2,770)
Property operating expenses											(36,950)	(31,135)	(15,433)
General and administrative expenses											(194)	(100)	(146)
Depreciation and amortization											(31,227)	(25,982)	(6,427)
Realized gain (loss) on investments and other													0
Unrealized gain (loss) on investments and other											(3,432)	(12,108)	11,764
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)											(12,487)	(23,836)	8,567
Equity in earnings (losses) of unconsolidated ventures											24,136	30,218	38,258
Income tax benefit (expense)											(2,967)	(1,111)	(5,485)
Net income (loss)											8,682	5,271	41,340
Investments in unconsolidated ventures			90,579				98,754				90,579	98,754
Total Assets			665,643				525,178				665,643	525,178
Real Estate Securities
Segment Reporting
Net interest income											7,345	4,959	5,817
Rental and other income											0	0	0
Asset management and other fees - related party											0	0	0
Mortgage notes interest expense											0	0	0
Transaction costs											0	0	0
Property operating expenses											0	0	0
General and administrative expenses											0	(51)	(28)
Depreciation and amortization											0	0	0
Realized gain (loss) on investments and other													572
Unrealized gain (loss) on investments and other											0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)											7,345	4,908	6,361
Equity in earnings (losses) of unconsolidated ventures											0	0	0
Income tax benefit (expense)											0	0	0
Net income (loss)											7,345	4,908	6,361
Investments in unconsolidated ventures			0				0				0	0
Total Assets			105,830				84,887				105,830	84,887
Corporate
Segment Reporting
Net interest income											0	29	0
Rental and other income											0	0	0
Asset management and other fees - related party											(23,765)	(23,965)	(24,676)
Mortgage notes interest expense											0	0	0
Transaction costs											(211)	(825)	(7)
Property operating expenses											0	0	0
General and administrative expenses											(13,576)	(14,483)	(12,100)
Depreciation and amortization											0	0	0
Realized gain (loss) on investments and other													0
Unrealized gain (loss) on investments and other											0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)											(37,552)	(39,244)	(36,783)
Equity in earnings (losses) of unconsolidated ventures											0	0	0
Income tax benefit (expense)											0	0	0
Net income (loss)											(37,552)	(39,244)	$ (36,783)
Investments in unconsolidated ventures			0				0				0	0
Total Assets			$ 125,407				$ 139,431				$ 125,407	$ 139,431
[1]	Represents the consolidated assets and liabilities of NorthStar Real Estate Income Trust Operating Partnership, LP (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which the Company is the sole general partner and owns approximately 99.98%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $403.0 million and $341.0 million of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies”.

Subsequent Events - Distributio

Subsequent Events - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended			93 Months Ended
	Mar. 10, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016
Distribution Reinvestment Plan
Total proceeds from sale of shares pursuant to DRP		$ 43,546	$ 43,783	$ 42,659	$ 174,500
Subsequent Event | Dividend Reinvestment Plan
Distribution Reinvestment Plan
Number of shares issued pursuant to DRP (in shares)	900,000
Common stock shares remaining available for sale pursuant to distribution reinvestment plan (shares)	8,700,000

Subsequent Events - Distribut96

Subsequent Events - Distributions (Details) - $ / shares	Mar. 15, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Daily cash distribution accrued per share (in dollars per share)		$ 0.002191781
Subsequent Event
Subsequent Event [Line Items]
Daily cash distribution accrued per share (in dollars per share)	$ 0.001917808

Subsequent Events - Share Repur

Subsequent Events - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	2 Months Ended	12 Months Ended
	Mar. 10, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Total amount of shares repurchased (in shares)		$ 41,455	$ 16,464	$ 11,468
Weighted average price per share (in dollars per share)		$ 9.53
Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased (shares)	1.8
Total amount of shares repurchased (in shares)	$ 17,400
Weighted average price per share (in dollars per share)	$ 9.42
Dividend Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Total amount of shares repurchased (in shares)	$ 9,300
Cash Available From Operations | Subsequent Event
Subsequent Event [Line Items]
Total amount of shares repurchased (in shares)	$ 8,100

Subsequent Events - New Investm

Subsequent Events - New Investments (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2017USD ($)	Mar. 10, 2017USD ($)investment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jan. 31, 2016USD ($)
Subsequent Event [Line Items]
Mortgage loans on real estate, new mortgage loans			$ 151,280,000	$ 61,189,000	$ 488,020,000
Principal amount			767,494,000	1,039,384,000
Face value			744,297,000
Subsequent Event
Subsequent Event [Line Items]
Number of investments purchased | investment		4
Mezzanine loans
Subsequent Event [Line Items]
Principal amount			$ 109,832,000	$ 91,639,000
Face value						$ 59,800,000
Mezzanine loans | Subsequent Event
Subsequent Event [Line Items]
Mortgage loans on real estate, new mortgage loans	$ 12,000,000
Collateralized Mortgage Backed Securities | Subsequent Event
Subsequent Event [Line Items]
Face value		$ 21,500,000
Unamortized discounts		$ 6,600,000
Premium (discount) of securities acquired		30.70%

Subsequent Events - Repayments

Subsequent Events - Repayments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Repayment on real estate debt investments		$ 372,208	$ 287,084	$ 251,631
Subsequent Event
Subsequent Event [Line Items]
Repayment on real estate debt investments	$ 69,800

Schedule III - Real Estate a100

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 396,613
Initial Cost, Land	73,478
Initial Cost, Building & Improvements	434,600
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	23,181
Gross Amount Carried at Close of Period, Land	73,478
Gross Amount Carried at Close of Period, Building & Improvements	457,781
Gross Amount Carried at Close of Period, Total	531,259	$ 388,345	$ 410,247	$ 125,671
Accumulated Depreciation	42,420	$ 23,018	$ 6,900	$ 503
Total	488,839
Clemson, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,411
Initial Cost, Land	1,946
Initial Cost, Building & Improvements	17,668
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	422
Gross Amount Carried at Close of Period, Land	1,946
Gross Amount Carried at Close of Period, Building & Improvements	18,090
Gross Amount Carried at Close of Period, Total	20,036
Accumulated Depreciation	2,308
Total	$ 17,728
Life on Which Depreciation is Computed	30 years
Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,750
Initial Cost, Land	2,532
Initial Cost, Building & Improvements	20,832
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	416
Gross Amount Carried at Close of Period, Land	2,532
Gross Amount Carried at Close of Period, Building & Improvements	21,248
Gross Amount Carried at Close of Period, Total	23,780
Accumulated Depreciation	2,703
Total	$ 21,077
Life on Which Depreciation is Computed	30 years
Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43,000
Initial Cost, Land	3,161
Initial Cost, Building & Improvements	47,839
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	8,666
Gross Amount Carried at Close of Period, Land	3,161
Gross Amount Carried at Close of Period, Building & Improvements	56,505
Gross Amount Carried at Close of Period, Total	59,666
Accumulated Depreciation	6,694
Total	$ 52,972
Life on Which Depreciation is Computed	30 years
Kalamazoo, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,000
Initial Cost, Land	1,484
Initial Cost, Building & Improvements	19,516
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,825
Gross Amount Carried at Close of Period, Land	1,484
Gross Amount Carried at Close of Period, Building & Improvements	21,341
Gross Amount Carried at Close of Period, Total	22,825
Accumulated Depreciation	2,823
Total	$ 20,002
Life on Which Depreciation is Computed	30 years
New Orleans, LA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43,500
Initial Cost, Land	3,206
Initial Cost, Building & Improvements	50,294
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	2,008
Gross Amount Carried at Close of Period, Land	3,206
Gross Amount Carried at Close of Period, Building & Improvements	52,302
Gross Amount Carried at Close of Period, Total	55,508
Accumulated Depreciation	6,248
Total	$ 49,260
Life on Which Depreciation is Computed	30 years
St. Louis, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 108,850
Initial Cost, Land	19,504
Initial Cost, Building & Improvements	92,127
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	4,976
Gross Amount Carried at Close of Period, Land	19,504
Gross Amount Carried at Close of Period, Building & Improvements	97,103
Gross Amount Carried at Close of Period, Total	116,607
Accumulated Depreciation	11,000
Total	$ 105,607
Life on Which Depreciation is Computed	39 years
Warrendale, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 77,700
Initial Cost, Land	15,150
Initial Cost, Building & Improvements	75,554
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	3,480
Gross Amount Carried at Close of Period, Land	15,150
Gross Amount Carried at Close of Period, Building & Improvements	79,034
Gross Amount Carried at Close of Period, Total	94,184
Accumulated Depreciation	6,522
Total	$ 87,662
Life on Which Depreciation is Computed	40 years
Columbus, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 70,402
Initial Cost, Land	13,472
Initial Cost, Building & Improvements	71,238
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,160
Gross Amount Carried at Close of Period, Land	13,472
Gross Amount Carried at Close of Period, Building & Improvements	72,398
Gross Amount Carried at Close of Period, Total	85,870
Accumulated Depreciation	2,346
Total	$ 83,524
Life on Which Depreciation is Computed	39 years
Vienna, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land	13,023
Initial Cost, Building & Improvements	39,532
Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	228
Gross Amount Carried at Close of Period, Land	13,023
Gross Amount Carried at Close of Period, Building & Improvements	39,760
Gross Amount Carried at Close of Period, Total	52,783
Accumulated Depreciation	1,776
Total	$ 51,007
Life on Which Depreciation is Computed	39 years

Schedule III - Real Estate a101

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Beginning balance		$ 388,345	$ 410,247	$ 125,671
Property acquisitions		168,640	0	284,576
Improvements		5,649	10,245	0
Retirements and disposals		0	(280)	0
Reallocation of purchase price		(31,375)	(31,867)	0
Ending balance		531,259	388,345	410,247
REO acquisition	[1]	67,493	$ 0	$ 0
Aggregate cost of properties for federal income tax purposes		$ 532,900
[1]	Non-cash activity in 2016 occurred primarily in connection with taking title to collateral.

Schedule III - Real Estate a102

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning balance	$ 23,018	$ 6,900	$ 503
Depreciation expense	19,402	16,398	6,397
Retirements and disposals	0	(280)	0
Ending balance	$ 42,420	$ 23,018	$ 6,900

Schedule IV - Mortgage Loans103

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)investment
Mortgage Loans on Real Estate
Number	19	21
Prior Liens	$ 355,622
Face value	744,297
Carrying Value	745,323
Principal amount of loans, subject to delinquent principal or interest	0
Future funding commitments	$ 23,200	$ 43,600
Percentage of total carrying value for individual loans (less than)	3.00%
First mortgage loans
Mortgage Loans on Real Estate
Number	13	14
Floating Interest Rate	7.13%
Fixed Interest Rate	15.00%
Prior Liens	$ 0
Face value	564,142
Carrying Value	564,722
Principal amount of loans, subject to delinquent principal or interest	$ 0
Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	5
Floating Interest Rate	9.95%
Fixed Interest Rate	12.49%
Prior Liens	$ 355,622
Face value	92,832
Carrying Value	92,814
Principal amount of loans, subject to delinquent principal or interest	$ 0
Preferred equity interest
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	0.00%
Fixed Interest Rate	10.00%
Prior Liens	$ 0
Face value	87,323
Carrying Value	87,787
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower A | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	6.86%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	150,150
Carrying Value	150,150
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower B | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	5.91%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	86,421
Carrying Value	86,638
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower C | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	0.00%
Fixed Interest Rate	15.00%
Prior Liens	$ 0
Face value	43,000
Carrying Value	43,000
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower D | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	8.90%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	42,607
Carrying Value	42,607
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower E | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	4.38%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	41,432
Carrying Value	41,697
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower F | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	5.86%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	40,000
Carrying Value	40,022
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower G | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	6.66%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	30,500
Carrying Value	30,500
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower H | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	2.25%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	28,110
Carrying Value	28,110
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower I | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	0
Floating Interest Rate	10.38%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	25,270
Carrying Value	25,270
Principal amount of loans, subject to delinquent principal or interest	$ 0
Other first mortgage loans | First mortgage loans
Mortgage Loans on Real Estate
Number | loan	5
Floating Interest Rate	6.66%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Face value	76,652
Carrying Value	76,728
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower J | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	8.91%
Fixed Interest Rate	0.00%
Prior Liens	$ 42,607
Face value	27,193
Carrying Value	27,193
Principal amount of loans, subject to delinquent principal or interest	$ 0
Other mezzanine loans | Mezzanine loan
Mortgage Loans on Real Estate
Number | loan	4
Floating Interest Rate	11.66%
Fixed Interest Rate	12.49%
Prior Liens	$ 313,015
Face value	65,639
Carrying Value	65,621
Principal amount of loans, subject to delinquent principal or interest	$ 0
Borrower K | Preferred equity interest
Mortgage Loans on Real Estate
Number | loan	1
Floating Interest Rate	0.00%
Fixed Interest Rate	10.00%
Prior Liens	$ 0
Face value	87,323
Carrying Value	87,787
Principal amount of loans, subject to delinquent principal or interest	$ 0

Schedule IV - Mortgage Loans104

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Carrying Value of Commercial Real Estate Debt (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance		$ 997,836	$ 1,250,023	$ 1,013,178
Principal amount of new loans and additional funding on existing loans		151,280	61,189	488,020
Interest accretion		6,408	6,505	1,318
Acquisition cost (fees) on new loans		1,089	451	4,952
Origination fees received on new loans		(532)	0	(2,505)
Collection of principal		341,668	318,835	236,499
REO acquisition	[1]	67,493	0	0
Sales		0	0	17,349
Unrealized loss on sale		0	0	175
Amortization of acquisition costs, fees, premiums and discounts		1,597	1,497	917
Ending balance		$ 745,323	$ 997,836	$ 1,250,023
[1]	Non-cash activity in 2016 occurred primarily in connection with taking title to collateral.