NorthStar Real Estate Income II 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Class of Stock [Line Items]
Entity Registrant Name	NorthStar Real Estate Income II, Inc.
Entity Central Index Key	1,564,657
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Amendment Flag	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		96,619,520
Class T Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		16,832,839

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 269,149	$ 179,870
Restricted cash		43,339	58,406
Real estate debt investments, net		793,376	864,840
Operating real estate, net		399,495	401,408
Investments in private equity funds, at fair value		313,165	54,865
Real estate securities, available for sale		77,601	17,943
Receivables, net		12,213	7,707
Deferred costs and other assets, net		32,651	37,599
Total assets	[1]	1,940,989	1,622,638
Liabilities
Credit facilities		392,273	461,768
Mortgage and other notes payable, net		375,997	369,878
Due to related party		2,220	553
Accounts payable and accrued expenses		5,596	5,035
Escrow deposits payable		30,432	45,609
Distribution payable		6,134	5,003
Deferred purchase price, net		228,308	13,696
Other liabilities		10,133	6,014
Total liabilities	[1]	1,051,093	907,556
Commitments and contingencies
NorthStar Real Estate Income II, Inc. Stockholders’ Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2016 and December 31, 2015		0	0
Additional paid-in capital		979,036	768,494
Retained earnings (accumulated deficit)		(95,477)	(56,159)
Accumulated other comprehensive income (loss)		3,048	(443)
Total NorthStar Real Estate Income II, Inc. stockholders’ equity		887,705	712,755
Non-controlling interests		2,191	2,327
Total equity		889,896	715,082
Total liabilities and equity		1,940,989	1,622,638
Class A Common Stock
NorthStar Real Estate Income II, Inc. Stockholders’ Equity
Common stock		955	845
Class T Common Stock
NorthStar Real Estate Income II, Inc. Stockholders’ Equity
Common stock		$ 143	$ 18
Primary Beneficiary
NorthStar Real Estate Income II, Inc. Stockholders’ Equity
Limited partnership interest in the operating partnership (as a percent)		99.98%
Assets of VIEs		$ 134,300
Liabilities of VIEs		$ 90,500
[1]	Represents the consolidated assets and liabilities of NorthStar Real Estate Income Operating Partnership II, 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 September 30, 2016, the assets and liabilities of the Operating Partnership include $134.3 million and $90.5 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 (Parentheticals) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, shares authorized (shares)	400,000,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares issued (shares)	95,451,093	84,516,788
Common stock, shares outstanding (shares)	95,451,093	84,516,788
Class T Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares issued (shares)	14,348,920	1,792,960
Common stock, shares outstanding (shares)	14,348,920	1,792,960

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net interest income
Interest income	$ 15,126	$ 9,840	$ 46,033	$ 24,907
Interest expense	3,820	2,780	11,249	6,703
Net interest income	11,306	7,060	34,784	18,204
Property and other revenues
Rental and other income	10,973	8,428	32,229	9,371
Total property and other revenues	10,973	8,428	32,229	9,371
Expenses
Asset management and other fees - related party	4,248	5,041	14,966	12,371
Mortgage notes interest expense	3,490	3,067	10,257	3,429
Transaction costs	313	459	1,659	5,565
Property operating expenses	3,261	2,134	10,247	2,359
General and administrative expenses (refer to Note 8)	3,485	2,420	6,728	5,542
Depreciation and amortization	4,695	1,913	15,465	2,125
Total expenses	19,492	15,034	59,322	31,391
Other income (loss)
Unrealized gain (loss) on investments	(39)	0	(39)	0
Realized gain (loss) on investments	(34)	0	(34)	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	2,714	454	7,618	(3,816)
Equity in earnings (losses) of unconsolidated ventures	2,438	1,840	4,993	3,532
Income tax benefit (expense)	(224)	(264)	(446)	(433)
Net income (loss)	4,928	2,030	12,165	(717)
Net (income) loss attributable to non-controlling interests	(33)	26	(77)	26
Net income (loss) attributable to NorthStar Real Estate Income II, Inc. common stockholders	$ 4,895	$ 2,056	$ 12,088	$ (691)
Net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ 0.05	$ 0.03	$ 0.12	$ (0.01)
Weighted average number of shares of common stock outstanding, basic/diluted (shares)	106,777	71,534	99,343	55,845
Distributions declared per share of common stock (in dollars per share)	$ 0.18	$ 0.18	$ 0.53	$ 0.53

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,928	$ 2,030	$ 12,165	$ (717)
Other comprehensive income (loss)
Unrealized gain (loss) on real estate securities, available for sale	3,609	0	3,491	0
Total other comprehensive income (loss)	3,609	0	3,491	0
Comprehensive income (loss)	8,537	2,030	15,656	(717)
Comprehensive (income) loss attributable to non-controlling interests	(33)	26	(77)	26
Comprehensive income (loss) attributable to NorthStar Real Estate Income II, Inc.	$ 8,504	$ 2,056	$ 15,579	$ (691)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Company’s Stockholders’ Equity	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests	Class A	Class ACommon Stock	Class T	Class TCommon Stock
Beginning Balance (shares) at Dec. 31, 2014								30,965,000		0
Beginning Balance at Dec. 31, 2014	$ 266,142	$ 266,140	$ 273,151	$ (7,321)	$ 0	$ 2		$ 310		$ 0
Increase (Decrease) in Stockholder's Equity
Net proceeds from issuance of common stock (shares)								51,752,000		1,793,000
Net proceeds from issuance of common stock	478,824	478,824	478,289					$ 517		$ 18
Issuance and amortization of equity-based compensation (shares)								11,000
Issuance and amortization of equity-based compensation	89	89	89
Non-controlling interests - contributions	2,404					2,404
Non-controlling interests - distributions	(25)					(25)
Other comprehensive income (loss)	(443)	(443)			(443)
Distributions declared	(43,501)	(43,501)		(43,501)
Proceeds from distribution reinvestment plan (shares)								2,011,000
Proceeds from distribution reinvestment plan	19,172	19,172	19,152					$ 20
Shares redeemed for cash (shares)								(222,000)
Shares redeemed for cash	(2,189)	(2,189)	(2,187)					$ (2)
Net income (loss)	(5,391)	(5,337)		(5,337)		(54)
Ending Balance (shares) at Dec. 31, 2015							84,516,788	84,517,000	1,792,960	1,793,000
Ending Balance at Dec. 31, 2015	715,082	712,755	768,494	(56,159)	(443)	2,327		$ 845		$ 18
Increase (Decrease) in Stockholder's Equity
Net proceeds from issuance of common stock (shares)								9,248,000		12,373,000
Net proceeds from issuance of common stock	192,430	192,430	192,213					$ 94		$ 123
Issuance and amortization of equity-based compensation (shares)								19,000
Issuance and amortization of equity-based compensation	113	113	113
Non-controlling interests - distributions	(213)					(213)
Other comprehensive income (loss)	3,491	3,491			3,491
Distributions declared	(51,406)	(51,406)		(51,406)
Proceeds from distribution reinvestment plan (shares)								2,223,000		183,000
Proceeds from distribution reinvestment plan	23,461	23,461	23,437					$ 22		$ 2
Shares redeemed for cash (shares)								(556,000)
Shares redeemed for cash	(5,227)	(5,227)	(5,221)					$ (6)
Net income (loss)	12,165	12,088		12,088		77
Ending Balance (shares) at Sep. 30, 2016							95,451,093	95,451,000	14,348,920	14,349,000
Ending Balance at Sep. 30, 2016	$ 889,896	$ 887,705	$ 979,036	$ (95,477)	$ 3,048	$ 2,191		$ 955		$ 143

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 20, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)		$ 4,928	$ 2,030	$ 12,165	$ (717)	$ (5,391)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of unconsolidated ventures		(2,438)	(1,840)	(4,993)	(3,532)
Amortization of equity-based compensation				113	62
Amortization of deferred financing costs				1,096	465
Amortization of fees / accretion of discount on investments				(1,234)	691
Amortization of above/below market leases				358	0
Depreciation and amortization		4,695	1,913	15,465	2,125
Unrealized (gain) loss on investments		39	0	39	0
Realized (gain) loss on investments		34	0	34	0
Distributions from PE Investments				4,993	3,532
Straight line rental income				(1,109)	(271)
Deferred income tax (benefit) expense				(471)	156
Other non-cash adjustments				(128)	0
Changes in assets and liabilities:
Restricted cash				(387)	(1,114)
Receivables, net				123	(1,030)
Deferred costs and other assets, net				(3,303)	(1,983)
Due to related party				(553)	(407)
Accounts payable and accrued expenses				561	4,759
Other liabilities				289	2,505
Net cash provided by (used in) operating activities				23,058	5,241
Cash flows from investing activities:
Acquisition of real estate debt investments, net				(37,912)	0
Origination of real estate debt investments, net				(188,253)	(218,706)
Proceeds from sale of real estate debt investments				212,329	0
Repayment on real estate debt investments				84,450	52,830
Acquisition of operating real estate				0	(444,200)
Improvements to operating real estate				(5,751)	(35)
Investment in PE Investments	$ (33,900)			(97,334)	(59,450)
Acquisition of real estate securities, available for sale				(53,955)	0
Distributions from PE Investments				53,572	12,707
Change in restricted cash				278	(12,344)
Net cash provided by (used in) investing activities				(32,576)	(669,198)
Cash flows from financing activities:
Borrowings from credit facilities				116,042	130,057
Repayment on credit facilities				(185,537)	(31,452)
Borrowings from mortgage and other notes				5,670	332,500
Net proceeds from issuance of common stock				193,242	404,113
Net proceeds from issuance of common stock, related party				1,890	804
Shares redeemed for cash				(5,227)	(1,934)
Distributions paid on common stock				(50,275)	(26,487)
Proceeds from distribution reinvestment plan				23,461	12,569
Payment of deferred financing costs				(256)	(2,845)
Distributions to non-controlling interests				(213)	2,404
Net cash provided by (used in) financing activities				98,797	819,729
Net increase (decrease) in cash and cash equivalents				89,279	155,772
Cash and cash equivalents - beginning of period				179,870	41,640	41,640
Cash and cash equivalents - end of period		269,149	197,412	269,149	197,412	179,870
Supplemental disclosure of non-cash investing and financing activities:
Accrued cost of capital		2,281	642	2,281	642
Subscriptions receivable, gross		1,118	1,303	1,118	1,303
Distribution payable		$ 6,134	$ 4,340	6,134	4,340	$ 5,003
Escrow deposits payable				15,176	2,531
Accrued acquisition fees				0	365
Non-cash related to PE Investments	$ 204,700			$ 232,469	$ 13,612

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NorthStar Real Estate Income II, Inc. (the “Company”) was formed to originate, acquire and asset manage a diversified portfolio of commercial real estate (“CRE”) debt, equity and securities investments predominantly in the United States. 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 include unsecured real estate investment trust (“REIT”) debt, collateralized debt obligation (“CDO”) notes and other securities. The Company may also invest internationally. In addition, the Company owns investments through joint ventures. The Company was formed in December 2012 as a Maryland corporation and commenced operations in September 2013. 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, 2013. 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 June 30, 2014, the Company was managed by an affiliate of NorthStar Realty Finance Corp. (NYSE: NRF) (“NorthStar Realty”). Effective June 30, 2014, NorthStar Realty spun-off its asset management business into a separate publicly traded company, NorthStar Asset Management Group Inc. (NYSE: NSAM) (the “Sponsor”). The Sponsor and its affiliates provide asset management and other services to the Company, NorthStar Realty, NorthStar Realty Europe Corp. (NYSE: NRE), other sponsored public retail-focused companies and any other companies the Sponsor and its affiliates may manage in the future (collectively, the “NSAM Managed Companies”), both in the United States and internationally. Concurrent with the spin-off, affiliates of the Sponsor entered into a new advisory agreement with the Company and each of the other NSAM Managed Companies. Pursuant to the Company’s advisory agreement, NSAM J-NSII Ltd, an affiliate of the Sponsor (the “Advisor”), agreed to manage the day-to-day operations of the Company on terms substantially similar to those set forth in the Company’s prior advisory agreement with NS Real Estate Income Advisor II, 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. In June 2016, the Sponsor announced that it entered into a definitive merger agreement with NorthStar Realty and Colony Capital, Inc. (“Colony”), providing for the combination of the Sponsor, NorthStar Realty and Colony into a wholly-owned subsidiary of the Sponsor, as the surviving publicly-traded company for the combined organization that, upon and following the effective time of the mergers, will be named Colony NorthStar, Inc. (“Colony NorthStar”). As a result of the mergers, Colony NorthStar will be an internally-managed equity REIT, with a diversified real estate and investment management platform. In addition, following the mergers, the Advisor and NorthStar Securities, LLC (the “Dealer Manager”) will be subsidiaries of Colony NorthStar. This transaction is expected to close in January 2017, subject to customary closing conditions, including regulatory approvals, and approval by the Sponsor’s, NorthStar Realty’s and Colony’s respective shareholders. There is no guarantee this transaction will close on the contemplated terms or within the anticipated timeframe, or at all. The Company does not expect that this transaction will have a material impact on its operations. Substantially all of the Company’s business is conducted through NorthStar Real Estate Income Operating Partnership II, 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 II, 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 September 30, 2016 and December 31, 2015 . As the Company accepts subscriptions for shares, it contributes substantially all of the net proceeds from its continuous, public offering to the Operating Partnership as a capital contribution. As of September 30, 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, of which 320,000,000 are designated as Class A shares and 80,000,000 are designated as Class T shares, 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. On December 18, 2012, as part of its formation, the Company issued 22,223 shares of Class A common stock to NorthStar Realty for $0.2 million . On May 6, 2013, the Company’s registration statement on Form S-11 with the U.S. Securities and Exchange Commission (the “SEC”) was declared effective. Pursuant to such registration statement, the Company offered a maximum of $1,650,000,000 in any combination of Class A and Class T shares of common stock, excluding the initial shares, in a continuous, public offering, of which up to $1,500,000,000 in shares were offered pursuant to its primary offering (the “Primary Offering”) to the public and up to $150,000,000 in shares were offered pursuant to its distribution reinvestment plan (the “DRP”), which are herein collectively referred to as the Offering. The Company retained the Dealer Manager, formerly a subsidiary of NorthStar Realty that became a subsidiary of the Sponsor upon completion of the spin-off, to serve as the dealer manager responsible for marketing the shares offered pursuant to the Primary Offering. On September 18, 2013, the Company commenced operations by satisfying the minimum offering requirement in its Primary Offering as a result of NorthStar Realty purchasing 222,223 Class A shares of common stock for $2.0 million . In March 2015, the Company’s board of directors determined to extend the Offering for one year to May 2016. In addition, on April 28, 2016, the Company filed a registration statement on Form S-11 with the SEC for a follow-on public offering of up to $200.0 million in shares of the Company’s common stock, which has not yet been declared effective. In accordance with SEC rules and upon the filing of the follow-on registration statement, the Offering was extended into November 2016. The Company has determined not to commence the follow-on offering. Effective November 9, 2016, the Company closed the Primary Offering by accepting all subscriptions received in good order on or before November 4, 2016. The Company continues to offer and sell shares pursuant to the DRP at the most recently disclosed estimated value per share of each share class, which is currently $9.05 . Prior to the closing, $150.0 million of the unsold shares remaining from the Primary Offering were allocated to the DRP, for a total of $300.0 million in shares offered pursuant to the DRP. The Company may close the DRP offering at any time. From inception through November 4, 2016 , the Company raised total gross proceeds of $1.1 billion pursuant to the Offering, including gross proceeds of $52.5 million pursuant to the DRP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Quarterly Presentation The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , which was filed with the SEC on March 18, 2016. 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 September 30, 2016 is $118.3 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of September 30, 2016 is $87.3 million , collateralized by the real estate assets of the related consolidated VIEs. As of September 30, 2016 , the Company identified unconsolidated VIEs related to its CRE debt investments, PE Investments and CRE securities. 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 September 30, 2016 (dollars in thousands): Carrying Value Maximum Exposure to Loss (1) Real estate debt investments, net $ 176,437 $ 186,467 Investments in private equity funds, at fair value 313,165 313,165 Real estate securities, available for sale 77,601 77,601 Total assets of unconsolidated VIEs $ 567,203 $ 577,233 _________________________________________________________________________ (1) As of September 30, 2016 , maximum exposure to loss includes future funding commitments of $10.0 million for real estate debt investments, net. Based on management’s analysis, the Company determined that it is not the primary beneficiary of the VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of September 30, 2016 . The Company did not provide financial support to the unconsolidated VIEs during the nine months ended September 30, 2016 . As of September 30, 2016 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs outside of the future funding commitments disclosed above and expected future contributions of $0.4 million related to PE Investments. 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 comprehensive income (loss) attributable to controlling and 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. Reclassifications Certain prior period amounts have been reclassified on the consolidated balance sheets from other liabilities to deferred purchase price, net, to conform to current period presentation. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”). 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. 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. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 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 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 the value of the above-market leases, in-place leases, and other intangibles) and intangible liabilities (such as the value of below market leases), based on estimated fair value. The value allocated to the identified intangibles are amortized over the remaining lease term. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. Identified intangible assets are recorded in deferred costs and other assets, net, and identified intangible liabilities are recorded in other liabilities on the accompanying consolidated balance sheets. Deferred Costs and Other Assets, Net and Other Liabilities The following table presents a summary of deferred costs and other assets, net and other liabilities as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Deferred costs and other assets, net Intangible assets, net (1) $ 25,427 $ 33,929 Deferred financing costs, net - credit facilities 1,562 1,953 Deferred commissions and leasing costs 2,304 961 Deposits and pending deal costs 464 39 Prepaid expenses 2,486 711 Deferred tax asset 408 — Other — 6 Total $ 32,651 $ 37,599 Other liabilities: Intangible liabilities, net (2) 1,950 2,404 Tenant security deposits 1,406 1,261 Tenant prepaid rent 2,143 2,204 Deferred tax liability (3) 4,421 137 Other 213 8 Total $ 10,133 $ 6,014 ______________________________________________________ (1) Represents in-place leases and above-market leases, net. (2) Represents below-market leases, net. (3) Includes $4.3 million of tax related liabilities assumed upon the purchase of PE Investment III, as defined in Note 5, Investments in Private Equity Funds. 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 nine months ended September 30, 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 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 accrued 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. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. Credit Losses and Impairment on Investments Real Estate Debt Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90 -days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of September 30, 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 September 30, 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. 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. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. As of September 30, 2016 , the Company did not have any OTTI recorded on its CRE securities. Organization and Offering Costs The Advisor, or its affiliates, is entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees, distribution fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Offering. The Advisor does not expect reimbursable organization and offering costs to exceed $15.0 million , or 1.0% of the total proceeds available to be raised from the Primary Offering. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity. Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. As of September 30, 2016 , the Company has deferred purchase price obligations denominated in foreign currency related to its PE Investments. 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, 2013. 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’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 may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company made a joint election to treat a subsidiary as a taxable REIT subsidiary (“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.

Real Estate Debt Investments

Real Estate Debt Investments	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments The following table presents CRE debt investments as of September 30, 2016 (dollars in thousands): Weighted Average Floating Rate as % of Principal Amount Asset type: Count Principal Amount (1) Carrying Value (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 17 $ 609,483 $ 593,051 74.4 % — 5.55 % 5.60 % 100.0 % Mezzanine loans 1 20,528 20,661 2.5 % 14.00 % — 14.00 % — Subordinate interests 4 189,740 179,664 23.1 % 12.68 % 12.96 % 12.78 % 15.1 % Total/ Weighted average 22 $ 819,751 $ 793,376 100.0 % 12.83 % 5.81 % 7.45 % 77.8 % ___________________________________________________ (1) Includes future funding commitments of $16.4 million for first mortgage loans and $11.0 million for subordinate interests. (2) Certain CRE debt investments serve as collateral for financing transactions, including carrying value of $585.1 million for Term Loan Facilities, as defined in Note 7, and other notes payable (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 September 30, 2016 , the Company had $ 481.7 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.28% . The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Rate as % of Principal Amount Asset type: Count Principal Amount (1) Carrying Value (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 17 $ 818,333 $ 787,294 89.9 % — 5.32 % 5.36 % 100.0 % Subordinate interests 3 91,604 77,546 10.1 % 12.79 % 12.80 % 12.95 % 31.3 % Total/Weighted average 20 $ 909,937 $ 864,840 100.0 % 12.79 % 5.99 % 6.04 % 93.1 % __________________________________________________________ (1) Includes future funding commitments of $32.8 million for first mortgage loans and $14.0 million for subordinate interests. (2) Certain CRE debt investments serve as collateral for financing transactions, including carrying value of $787.3 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 $697.2 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.24 %. The following table presents maturities of CRE debt investments based on principal amount, which includes future funding commitments, as of September 30, 2016 (dollars in thousands): Current Maturity Maturity Including Extensions (1) October 1 to December 31, 2016 $ — $ — Years Ending December 31: 2017 282,841 — 2018 266,611 20,528 2019 134,063 276,074 2020 37,850 308,700 Thereafter 98,386 214,449 Total $ 819,751 $ 819,751 ____________________________________________________________ (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 September 30, 2016 , the weighted average maturity, including extensions, of CRE debt investments was 4.4 years. Credit Quality Monitoring CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as “performing.” The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called “performing with a loan loss reserve.” The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or past due at least 90 days on its contractual debt service payments, as a non-performing loan (“NPL”). The Company’s definition of an NPL may differ from that of other companies that track NPLs. As of September 30, 2016 , all CRE debt investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. There were no real estate debt investments with contractual payments past due as of September 30, 2016 and December 31, 2015 . For the nine months ended September 30, 2016 , one debt investment contributed more than 10% of interest income, which was attributable to a non-recurring minimum interest payment upon early repayment of the debt investment. Excluding the non-recurring interest income, no debt investments contributed more than 10% of interest income. Debt Investments Sales In April 2016, the Company completed a sale of two first mortgage loans with an aggregate outstanding principal of $173.0 million , in conjunction with loan sales of a related party, to an unaffiliated third party. In addition, in April 2016, the Company completed a sale of a first mortgage loan with an outstanding principal amount of $39.2 million to an unaffiliated third party. In total, the three first mortgage loans were sold for an aggregate purchase price of $212.3 million , representing approximately 100.1% of the combined outstanding principal amount for the three loans. In connection with the transactions, the Company is no longer obligated to fund an aggregate of $4.2 million in future funding commitments. Using proceeds from the sale, the Company repaid $126.3 million on its Term Loan Facilities, increasing the borrowing capacity by such amount and resulting in net proceeds, before closing expenses, of $86.1 million .

Operating Real Estate

Operating Real Estate	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Land and improvements $ 93,666 $ 93,666 Buildings and improvements 318,737 312,986 Subtotal 412,403 406,652 Less: Accumulated depreciation (12,908 ) (5,244 ) Operating real estate, net $ 399,495 $ 401,408

Investments in Private Equity F

Investments in Private Equity Funds	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in Private Equity Funds	Investments in Private Equity Funds The following is a description of investments in private equity funds that own PE Investments either through unconsolidated ventures or direct investments (“PE Investment I”, “PE Investment II” and “PE Investment III”) which are recorded as an investment in private equity funds at fair value on the consolidated balance sheets. The Company elected the fair value option for PE Investments, which include both cost method and equity method 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. The following tables summarize the Company’s PE Investments as of September 30, 2016 (dollars in thousands): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Contributions (2) PE Investment I March 20, 2015 September 30, 2014 6 $ 45,045 $ 402 PE Investment II (3) August 4, 2015 December 31, 2014 3 27,788 — PE Investment III (4) September 20, 2016 March 31, 2016 41 317,587 — Total 50 $ 390,420 $ 402 ________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the PE Investment. (2) Represents the estimated amount of future contributions to funds as of September 30, 2016 . (3) At the time of closing, the Company paid $9.4 million to acquire PE Investment II, or 50% of the purchase price, adjusted for subsequent contributions and distributions, and paid the remaining $13.9 million (the “Deferred Amount”) on the one year anniversary of the closing date. (4) At the time of closing in September 2016, the Company paid $33.9 million to acquire PE Investment III and will pay an additional $204.7 million on or before December 31, 2016. In addition, the Company assumed $44.7 million of deferred purchase price obligations to third parties from the seller, which includes the proportionate share of an obligation owed through a joint investment within PE Investment III, totaling $5.6 million . As of September 30, 2016 , $14.5 million in deferred purchase price obligations have been paid. Refer to Note 8, “Related Party Arrangements”, for additional information. Carrying Value Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 (1) PE Investment September 30, 2016 (Unaudited) December 31, 2015 Equity in Earnings Distributions Contributions (2) Equity in Earnings Distributions Contributions (2) PE Investment I $ 29,266 $ 39,646 $ 823 $ 2,332 $ 127 $ 1,236 $ 2,062 $ 134 PE Investment II 9,586 15,219 1,024 3,380 13,894 604 6,349 13,894 PE Investment III 274,313 — 591 37,787 83,275 — — — Total $ 313,165 $ 54,865 $ 2,438 $ 43,499 $ 97,296 $ 1,840 $ 8,411 $ 14,028 _________________________________________________________ (1) The initial closing date for PE Investment I, PE Investment II, and PE Investment III was March 20, 2015, August 4, 2015, and September 20, 2016, respectively. (2) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings. Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (1) PE Investment Equity in Earnings Distributions Contributions (2) Equity in Earnings Distributions Contributions (2) PE Investment I $ 2,835 $ 13,380 $ 165 $ 2,928 $ 9,890 $ 45,556 PE Investment II 1,567 7,398 13,894 604 6,349 13,894 PE Investment III 591 37,787 83,275 — — — Total $ 4,993 $ 58,565 $ 97,334 $ 3,532 $ 16,239 $ 59,450 _________________________________________________________ (1) The initial closing date for PE Investment I, PE Investment II, and PE Investment III was March 20, 2015, August 4, 2015, and September 20, 2016, respectively. (2) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings.

Real Estate Securities, Availab

Real Estate Securities, Available for Sale	9 Months Ended
	Sep. 30, 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): Cumulative Unrealized Weighted Average Principal (1) Amortized Fair Unleveraged As of Date: Count Gain (Loss) Coupon September 30, 2016 (Unaudited) (2) 8 $ 114,566 $ 74,553 $ 3,048 $ — $ 77,601 3.44 % 10.15 % December 31, 2015 3 25,500 18,386 — (443 ) 17,943 3.29 % 7.40 % ___________________________________________________ (1) As of September 30, 2016 , certain CRE securities serve as collateral for financing transactions including carrying value of $47.8 million for the CMBS Facilities (refer to Note 7). The remainder is unleveraged. (2) Includes a CRE security with an underlying loan that was non-performing at acquisition. The CRE security was purchased for $26.9 million , net of a $21.3 million discount. As of September 30, 2016 , the non-accretable amount of total cash flows was $5.7 million . The Company recorded an unrealized gain in OCI for the three and nine months ended September 30, 2016 of $3.6 million and $ 3.5 million , respectively. As of September 30, 2015 , the Company was not invested in real estate securities. As of September 30, 2016 , the Company did not hold any securities 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 September 30, 2016 , the weighted average contractual maturity of CRE securities was 30.8 years with an expected maturity of 7.4 years.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Capacity Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate Principal Amount (1) Carrying Value (1) Principal (1) Carrying (1) Mortgage and other notes payable, net Industrial Non-recourse (2) Jul-25 4.31% $ 250,000 $ 249,192 $ 250,000 $ 249,123 Multi-tenant office Non-recourse (2) Aug-20 (3) LIBOR + 1.90% 88,170 87,308 82,500 81,369 Other notes payable (4) Limited Recourse (5) Dec-20 (4) LIBOR + 2.65% 39,868 39,497 39,868 39,386 Subtotal mortgage and other notes payable, net 378,038 375,997 372,368 369,878 Term Loan Facilities Citibank Facility $ 100,000 (7) Limited Recourse (6) Oct-17 (7) LIBOR + 2.56% (8) 62,720 62,720 84,250 84,250 Deutsche Bank Facility 200,000 Limited Recourse (9) Jul-19 (10) LIBOR + 2.49% (8) 92,947 92,947 178,061 178,061 Morgan Stanley Facility 300,000 (11) Limited Recourse (5) Jun-20 (11) LIBOR + 2.48% (8) 203,728 203,728 199,457 199,457 Subtotal term loan facilities $ 600,000 359,395 359,395 461,768 461,768 CMBS Facilities Citibank Facility Recourse Various (12) LIBOR + 1.50% (8) 3,229 3,229 — — JP Morgan Facility Recourse Various (12) LIBOR + 1.50% (8) 29,649 29,649 — — Subtotal CMBS facilities 32,878 32,878 — — Subtotal 392,273 392,273 461,768 461,768 Total ( 13) $ 770,311 $ 768,270 $ 834,136 $ 831,646 _______________________________________________ (1) Difference between principal amount and carrying value of mortgage and other notes payable is attributable to deferred financing costs, net. (2) Subject to customary non-recourse carveouts. (3) The initial maturity of the mortgage payable is August 2018, with a two -year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (4) Relates to financing obtained for a CRE debt investment. The initial maturity of the note payable is December 2018, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (5) Recourse solely with respect to 25.0% of the financed amount. (6) Recourse solely with respect to 25.0% of the financed amount for assets with a lender debt yield equal to or greater than 10.0% at the time of financing plus 100.0% of the financed amount for assets with a lender debt yield less than 10.0% at the time of financing. (7) The initial maturity of the Citibank Facility is October 2016, with a one -year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. In October 2016, the Company amended the terms of the Citibank Facility, increasing the total potential borrowing capacity from $100.0 million to $150.0 million and extending the initial maturity by two years to October 2018, with a one-year extension available. Refer to Note 14, “Subsequent Events”, for additional information. (8) Represents the weighted average spread as of September 30, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one-month to three-month LIBOR plus 1.50% to 3.00% . (9) 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, as further defined in the governing documents; or (ii) the lesser of $25.0 million or the aggregate financed amount of all loans. (10) In July 2015 and 2016, the Company exercised the first and second of four , one -year extensions available at the Company’s option, respectively. These extensions may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (11) In July 2016, the Company amended the terms of the Morgan Stanley Facility, increasing the total potential borrowing capacity from $200.0 million to $300.0 million and, subject to certain conditions precedent, extending the initial maturity by one year to June 2019. In addition, the Company may, at its option, extend the facility for one -year periods, subject to the approval of the global financial institution. (12) The maturity dates on the CMBS Facilities are dependent upon asset type and will typically range from one to three months. (13) Secured by collateral comprised of certain CRE debt, securities and equity investments with a carrying value of $1.0 billion as of September 30, 2016 . The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2016 (dollars in thousands): Total Mortgage and Other Notes Payable Credit October 1 to December 31, 2016 $ 32,878 $ — $ 32,878 (1) Years Ending December 31: 2017 62,720 — 62,720 2018 — — — 2019 92,947 — 92,947 2020 331,766 128,038 203,728 Thereafter 250,000 250,000 — Total $ 770,311 $ 378,038 $ 392,273 _______________________________________________ (1) Represents CMBS Facilities borrowings, which have maturities typically ranging and renewing on a continuous basis from one to three months. 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 $600.0 million to finance the origination of first mortgage loans and senior loan participations secured by CRE (“Term Loan Facilities”). Subsequent to September 30, 2016 , the Company amended the terms of the Citibank Facility, increasing the total potential borrowing capacity under the Citibank Facility from $100.0 million to $150.0 million and increasing the total capacity of the Term Loan Facilities to $650.0 million . The Company agreed to guaranty 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 September 30, 2016 , the Company was in compliance with all of its financial covenants under the Term Loan Facilities. As of September 30, 2016 , the Company had $585.1 million carrying value of CRE debt investments financed with $359.4 million under the Term Loan Facilities. CMBS Facilities In October 2015, January 2016, and April 2016, the Company entered into master repurchase agreements (“Merrill Lynch Facility”, “Citibank Facility”, and “JP Morgan Facility”, respectively, and collectively the “CMBS Facilities”) to finance CMBS investments. The CMBS 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 September 30, 2016 , the Company had $47.8 million carrying value of CRE securities financed with $32.9 million under its CMBS Facilities. As of September 30, 2016 , the Company has not utilized the Merrill Lynch Facility. Refer to Note 14, “Subsequent Events” for additional activity.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 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 a 7.0% 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 or related to the origination or acquisition of CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. 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 will update the board of directors on a quarterly basis of any material changes to the expense allocation and will provide 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. Organization and Offering Costs The Advisor is entitled to receive reimbursement for organization and offering costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor as applicable, for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees, distribution fees and other organization and offering costs do not exceed 15.0% of gross proceeds from the Offering. The Advisor does not expect reimbursable organization and offering costs, excluding selling commissions and dealer manager fees, to exceed $15.0 million , or 1.0% of the total proceeds available to be raised from the Primary Offering. The Company shall not reimburse the Advisor for any organization and offering costs that the Company’s independent directors determine are not fair and commercially reasonable to the Company. Dealer Manager Selling Commissions, Dealer Manager Fees, and Distribution Fees Pursuant to a dealer manager agreement, the Company paid the Dealer Manager, selling commissions of up to 7.0% of gross proceeds from the sale of Class A shares and up to 2.0% of the gross proceeds from the sale of Class T shares sold in the Primary Offering, all of which were reallowed to participating broker-dealers. The Company paid the Dealer Manager a dealer manager fee of up to 3.0% of gross proceeds from the sale of Class A shares and up to 2.75% of the gross proceeds from the sale of Class T shares sold in the Primary Offering, a portion of which was typically reallowed to participating broker-dealers and paid to certain employees of the Dealer Manager. In addition, the Company pays the Dealer Manager, a distribution fee of up to 1.0% annually of gross proceeds from the sale of Class T shares sold in the Primary Offering, all of which is available to be reallowed to participating broker-dealers. The Dealer Manager will cease receiving distribution fees with respect to each Class T share upon the earliest to occur of the following: (i) a listing of the Company’s shares of common stock on a national securities exchange; (ii) such Class T share is no longer outstanding; (iii) the Dealer Manager’s determination that total underwriting compensation, with respect to all Class A shares and Class T shares would be in excess of 10% of the gross proceeds of the Primary Offering; or (iv) the end of the month in which total underwriting compensation, with respect to the Class T shares held by a stockholder within his or her particular account would be in excess of 10% of the stockholder’s total gross investment amount at the time of purchase of the primary Class T shares held in such account. During the nine months ended September 30, 2016 , $2.5 million of distribution fees were recorded as a reduction to stockholders’ equity. As of September 30, 2016 , the estimated liability for the present value of the expected future distribution fees payable to the Dealer Manager, which is included in due to related party on the Company’s consolidated balance sheets, with an offset to additional paid-in capital, was $2.0 million . The Company began issuing Class T shares in October 2015 and during the second quarter of 2016, recorded the estimated liability for future distribution fees payable related to all outstanding Class T shares. As of December 31, 2015, the estimated liability was immaterial. No selling commissions, dealer manager fees, or distribution fees are paid for sales pursuant to the DRP or for shares that were sold pursuant to the Company’s distribution support agreement (“Distribution Support Agreement”). Summary of Fees and Reimbursements The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the three and nine months ended September 30, 2016 and 2015 and the amount due to related party as of September 30, 2016 and December 31, 2015 (dollars in thousands): Three Months Ended September 30, Nine Months Ended Due to Related Party as of Type of Fee or Reimbursement Financial Statement Location 2016 2015 2016 2015 September 30, 2016 (Unaudited) December 31, 2015 Fees to Advisor Asset management Asset management and other fees - related party $ 4,248 $ 3,475 $ 12,843 $ 7,184 $ — $ 1 Acquisition (1) Real estate debt investments, net / Asset management and other fees- related party 1,457 2,051 2,305 7,326 — — Disposition (1) Real estate debt investments, net / Asset management and other fees - related party 106 253 2,859 528 — 19 Reimbursements to Advisor Operating costs (3) General and administrative expenses 2,872 2,269 5,797 5,093 — 1 Organization General and administrative expenses — 42 — 148 — — Offering Cost of capital (2) 917 797 2,880 2,807 173 524 Selling commissions Cost of capital (2) 1,964 7,757 8,369 30,810 — — Dealer manager fees Cost of capital (2) 1,505 3,419 6,026 13,537 — — Distribution fees Cost of capital (2) 300 — 592 — 2,047 8 Total $ 13,369 $ 20,063 $ 41,671 $ 67,433 $ 2,220 $ 553 _________________________________________________ (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. The Advisor may determine to defer fees or seek reimbursement. From inception through September 30, 2016 , the Advisor waived $3.6 million of acquisition fees related to CRE securities and PE Investments. (2) Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. (3) As of September 30, 2016 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $13.7 million , that remain eligible to allocate to the Company. NorthStar Realty Purchase of Common Stock Pursuant to the Distribution Support Agreement, NorthStar Realty committed to purchase up to an aggregate of $10.0 million in shares of the Company’s common stock at a current offering price for Class A shares, net of selling commissions and dealer manager fees, if cash distributions exceed modified funds from operations (as computed in accordance with the definition established by the Investment Program Association and adjusted for certain items) to provide additional funds to support distributions to stockholders. As of September 30, 2016 , including the purchase of shares to satisfy the minimum offering requirement, NorthStar Realty purchased 642,286 Class A shares of the Company’s common stock for $5.8 million with $4.2 million remaining outstanding under such commitment. In March 2015, the board of directors of the Company amended and restated the Distribution Support Agreement to, among other things, extend the term of the Distribution Support Agreement for one year to May 2016. In April 2016, the board of directors of the Company further amended and restated the Distribution Support Agreement to extend the term of the Distribution Support Agreement for the period ending upon the close of the Primary Offering. As the Company was no longer accepting subscriptions in the Primary Offering as of November 4, 2016, the Distribution Support Agreement is no longer in effect. Investment Activity In February 2016, the Company purchased a 51.0% interest in a mezzanine loan for $20.5 million at par and CMBS with a face value of $48.2 million at a discount to par of $21.3 million , from NorthStar Realty, a company managed by the Sponsor. The mezzanine loan purchase was in conjunction with a third party purchase of the remaining interest and bears interest at a fixed rate of 14.0% . The loan is secured by a to-be-completed multifamily property located in Queens, NY. The bond was purchased with an unlevered yield of 16.5% . As of purchase date, the weighted average expected maturity of the CMBS was 5.3 years . The purchases were approved by the Company’s board of directors, including all of its independent directors. In September 2016, the Company completed the acquisition of a diversified portfolio of limited partnership or similar equity interests in real estate private equity funds, from NorthStar Realty, a company managed by the Sponsor (the “Portfolio”). The Portfolio is comprised of interests in 41 funds managed by 20 institutional-quality sponsors and has an aggregate reported NAV of approximately $344.3 million as of March 31, 2016 (the “Record Date”). The funds hold interests in assets that are diversified geographically across 24 states and internationally and diversified by investment type, including mixed-use, multifamily, office and hotel properties. The Company acquired the Portfolio at a price equal to 92.25% of the NAV as of the Record Date with $33.9 million paid at the closing (reflecting $34.3 million of net distributions due to the Company as of the closing date) and $204.7 million payable on December 31, 2016. In addition, the Company assumed approximately $44.7 million of deferred purchase price obligations to third parties from whom NorthStar Realty had originally acquired certain of the fund interests within the Portfolio, which includes the proportionate share of an obligation owed through a joint investment within the Portfolio, totaling $5.6 million . The Company also agreed to indemnify NorthStar Realty in connection with NorthStar Realty’s continuing guarantee of the payment of such deferred obligations. The transaction was approved by the Company’s board of directors, including all of its independent directors, and supported by an independent third-party valuation of the Portfolio. In September 2016, the Company originated a $98.4 million subordinate interest in an industrial portfolio (the “Industrial Portfolio”), sponsored and owned by an unaffiliated third-party. In connection with the transaction, the third-party sponsor redeemed an interest in the Industrial Portfolio held by NorthStar Realty.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the Company’s independent and non-management directors were granted a total of 51,686 Class A shares of restricted common stock for an aggregate $520,000 , based on the share price on the date of each grant. The restricted stock granted prior to 2015 generally vests quarterly over four years and the restricted stock granted in and subsequent to 2015 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 $50,935 and $27,188 for three months ended September 30, 2016 and 2015 , respectively, and $ 112,956 and $ 61,863 for the nine months ended September 30, 2016 and 2015 , 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 26,705 and 19,126 as of September 30, 2016 and December 31, 2015 , respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock from Primary Offering For the nine months ended September 30, 2016 , the Company issued 21.6 million shares of common stock generating gross proceeds of $212.2 million . For the year ended December 31, 2015 , the Company issued 53.5 million shares of common stock generating gross proceeds of $534.1 million . From inception through September 30, 2016 , the Company issued 105.7 million shares of common stock, generating gross proceeds of $1.1 billion . Distribution Reinvestment Plan The Company adopted a DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share pursuant to the DRP was $9.50 . On November 10, 2015, the Company announced that the board of directors, including all of its independent directors, approved and established an estimated value per share of the Company’s common stock. The estimated value per share is based upon the estimated value of the Company’s assets less the estimated value of the Company’s liabilities as of September 30, 2015 (the “Valuation Date”). Effective November 16, 2015, shares sold pursuant to the DRP are sold at $9.79 per Class A share and $9.25 per Class T share which is approximately 96.25% of the most recent public offering prices for the Class A and Class T shares. Unless the Company is required to do so earlier, the Company currently expects that the next estimated value per share will be based upon assets and liabilities as of September 30, 2016. Pursuant to the DRP, if the Company is no longer offering shares in a public offering, then DRP shares will be issued at a price equal to the most recently disclosed estimated value per share of such class of shares. As the Company is no longer accepting subscriptions in the Primary Offering, effective as of November 7, 2016, shares sold pursuant to the DRP are sold at the most recently disclosed estimated value per share of each share class, which is currently $9.05 . 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, except that the Company may not amend the DRP to eliminate a participant’s ability to withdraw from the DRP. For the nine months ended September 30, 2016 , the Company issued 2.4 million shares of common stock totaling $23.5 million of gross offering proceeds pursuant to the DRP. For the year ended December 31, 2015 , the Company issued 2.0 million shares of common stock totaling $19.2 million of gross offering proceeds pursuant to the DRP. From inception through September 30, 2016 , the Company issued 4.8 million shares of common stock totaling $46.7 million of gross offering 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 $0.001917808 per share of Class A common stock and $0.001917808 per share of Class T common stock less the distribution fees that are payable with respect to such Class T Shares, which is equivalent to an annualized distribution amount of $0.70 per share of the Company’s common stock, less the distribution fee on Class T Shares. 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 nine months ended September 30, 2016 (dollars in thousands): Distributions (1) Period Cash DRP Total January $ 2,748 $ 2,443 $ 5,191 February 2,672 2,353 5,025 March 2,960 2,581 5,541 April 2,948 2,579 5,527 May 3,123 2,730 5,853 June 3,098 2,698 5,796 July 3,290 2,830 6,120 August 3,341 2,878 6,219 September 3,309 2,825 6,134 Total $ 27,489 $ 23,917 $ 51,406 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. Share Repurchase Program The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited circumstances (the “Share Repurchase Program”). The Company may not repurchase shares unless a stockholder has held shares for one year. However, the Company may repurchase shares held less than one year in connection with a stockholder’s death or 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, subject to certain notice requirements. For the nine months ended September 30, 2016 , the Company repurchased 0.6 million shares totaling $5.2 million pursuant to the Share Repurchase Program. For the year ended December 31, 2015 , the Company repurchased 0.2 million shares totaling $ 2.2 million pursuant to the Share Repurchase Program. 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. As of September 30, 2016 , there were no unfulfilled repurchase requests.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 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. Income (loss) allocated to the Operating Partnership non-controlling interests for the three and nine months ended September 30, 2016 and 2015 was de minimis. Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the three and nine months ended September 30, 2016 was $33,000 and $77,000 , respectively. Net income (loss) attributable to the other non-controlling interests for the three and nine months ended September 30, 2015 was $26,000 .

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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. PE Investments The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company is not using the NAV (practical expedient) of the underlying funds for purposes of determining fair value. Real Estate Securities CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market. Fair Value Hierarchy Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 by level within the fair value hierarchy (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: PE Investments, at fair value $ — $ — $ 313,165 $ 313,165 $ — $ — $ 54,865 $ 54,865 Real estate securities, available for sale — 77,601 — 77,601 — 17,943 — 17,943 The following table presents additional information about PE Investments which are measured at fair value on a recurring basis for the nine months ended September 30, 2016 and year ended December 31, 2015 for which the Company has used Level 3 inputs to determine fair value (dollars in thousands): Nine Months Ended Year Ended September 30, 2016 (unaudited) December 31, 2015 Beginning balance $ 54,865 $ — Purchases/contributions, net (1)(2) 311,872 73,318 Distributions (58,565 ) (24,474 ) Equity in earnings 4,993 6,021 Ending balance $ 313,165 $ 54,865 ________________________________ (1) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings. (2) Includes outstanding deferred purchase price obligations of $228.3 million and $13.7 million , net of discount as of September 30, 2016 and December 31, 2015 , respectively. For the nine months ended September 30, 2016 and year ended December 31, 2015, the Company used a discounted cash flow model to quantify Level 3 fair value measurements on a recurring basis. For the nine months ended September 30, 2016 and year ended December 31, 2015, the key unobservable inputs used in this analysis included discount rates with a weighted average of 17.8% and 13.4% , respectively, and timing and amount of expected future cash flow. Significant increases (decreases) in any one of the inputs described above in isolation may result in a significantly different fair value for the financial assets using such Level 3 inputs. As of September 30, 2016 and December 31, 2015 , the Company had no financial assets and liabilities that were accounted for at fair value on a non-recurring basis. 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. Fair Value of Financial Instruments U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 792,352 (2) $ 793,376 $ 824,774 $ 863,154 (2) $ 864,840 $ 892,682 Real estate securities, available for sale 114,566 77,601 77,601 25,500 17,943 17,943 Financial liabilities: (1) Credit facilities $ 392,273 $ 392,273 $ 392,273 $ 461,768 $ 461,768 $ 461,768 Mortgage and other notes payable, net 378,038 375,997 371,284 372,368 369,878 369,602 _____________________________ (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 $27.4 million and $46.8 million as of September 30, 2016 and December 31, 2015 , respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Real Estate Debt Investments For CRE debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. The fair value of CRE debt investments held for sale is determined based on the expected sales price. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Credit Facilities The Company has amounts outstanding under Term Loan Facilities. The Term Loan Facilities bear floating rates of interest. As of the reporting date, the Company believes the carrying value approximates fair value. This fair value measurement is based on observable inputs, and as such, is classified as Level 2 of the fair value hierarchy. Mortgage and Other Notes Payable, net For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period or market credit spreads over the rate payable on fixed rate U.S. Treasury of like maturities. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 and indirect ownership in real estate and real estate assets that 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 invest in CRE debt investments and equity investments indirectly through joint ventures. The Company primarily generates revenue from net interest income on its CRE debt and securities investments and rental and other income from its real estate properties. Additionally, the Company records equity in earnings of unconsolidated ventures, including from PE Investments. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. The following tables present segment reporting for the three and nine months ended September 30, 2016 and 2015 (dollars in thousands): Three Months Ended September 30, 2016 Real Estate Debt Real Estate Equity Real Estate Securities Corporate Total Net interest income $ 9,407 $ 1 $ 1,797 $ 101 $ 11,306 Rental and other income — 10,973 — — 10,973 Asset management and other fees - related party — — — (4,248 ) (4,248 ) Mortgage notes interest expense — (3,490 ) — — (3,490 ) Transaction costs (28 ) (285 ) — — (313 ) Property operating expenses — (3,261 ) — — (3,261 ) General and administrative expenses (88 ) (2 ) (7 ) (3,388 ) (3,485 ) Depreciation and amortization — (4,695 ) — — (4,695 ) Unrealized gain (loss) on investments — (39 ) — — (39 ) Realized gain (loss) on investments — (34 ) — — (34 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 9,291 (832 ) 1,790 (7,535 ) 2,714 Equity in earnings (losses) of unconsolidated ventures — 2,438 — — 2,438 Income tax benefit (expense) — (224 ) — — (224 ) Net income (loss) $ 9,291 $ 1,382 $ 1,790 $ (7,535 ) $ 4,928 Three Months Ended September 30, 2015 Real Estate Debt Real Estate Equity Corporate Total Net interest income $ 7,059 $ 1 $ — $ 7,060 Rental and other income — 8,428 — 8,428 Asset management and other fees - related party — — (5,041 ) (5,041 ) Mortgage notes interest expense — (3,067 ) — (3,067 ) Transaction costs — (459 ) — (459 ) Property operating expenses — (2,134 ) — (2,134 ) General and administrative expenses (81 ) — (2,339 ) (2,420 ) Depreciation and amortization — (1,913 ) — (1,913 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 6,978 856 (7,380 ) 454 Equity in earnings (losses) of unconsolidated ventures — 1,840 — 1,840 Income tax benefit (expense) — (262 ) (2 ) (264 ) Net income (loss) $ 6,978 $ 2,434 $ (7,382 ) $ 2,030 Nine Months Ended September 30, 2016 Real Estate Debt Real Estate Equity Real Estate Securities Corporate Total Net interest income $ 31,407 $ 5 $ 3,271 $ 101 $ 34,784 Rental and other income — 32,229 — — 32,229 Asset management and other fees - related party — — — (14,966 ) (14,966 ) Mortgage notes interest expense — (10,257 ) — — (10,257 ) Transaction costs (1,362 ) (297 ) — — (1,659 ) Property operating expenses — (10,247 ) — — (10,247 ) General and administrative expenses (278 ) (2 ) (20 ) (6,428 ) (6,728 ) Depreciation and amortization — (15,465 ) — — (15,465 ) Unrealized gain (loss) on investments — (39 ) — — (39 ) Realized gain (loss) on investments — (34 ) — — (34 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 29,767 (4,107 ) 3,251 (21,293 ) 7,618 Equity in earnings (losses) of unconsolidated ventures — 4,993 — — 4,993 Income tax benefit (expense) — (446 ) — — (446 ) Net income (loss) $ 29,767 $ 440 $ 3,251 $ (21,293 ) $ 12,165 Nine Months Ended September 30, 2015 Real Estate Debt Real Estate Equity Corporate Total Net interest income $ 18,194 $ 2 $ 8 $ 18,204 Rental and other income — 9,371 — 9,371 Asset management and other fees - related party — — (12,371 ) (12,371 ) Mortgage notes interest expense — (3,429 ) — (3,429 ) Transaction costs — (5,565 ) — (5,565 ) Property operating expenses — (2,359 ) — (2,359 ) General and administrative expenses (234 ) — (5,308 ) (5,542 ) Depreciation and amortization — (2,125 ) — (2,125 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 17,960 (4,105 ) (17,671 ) (3,816 ) Equity in earnings (losses) of unconsolidated ventures — 3,532 — 3,532 Income tax benefit (expense) — (431 ) (2 ) (433 ) Net income (loss) $ 17,960 $ (1,004 ) $ (17,673 ) $ (717 ) The following table presents total assets by segment as of September 30, 2016 and December 31, 2015 (dollars in thousands): Total Assets Real Estate Debt Real Estate Equity Real Estate Securities Corporate (1) Total September 30, 2016 (Unaudited) $ 845,996 $ 772,041 $ 80,001 $ 242,951 $ 1,940,989 December 31, 2015 932,836 514,792 18,015 156,995 1,622,638 __________________________________________________ (1) Includes cash and cash equivalents, unallocated receivables and deferred costs and other assets, net.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock from Primary Offering For the period from October 1, 2016 through November 4, 2016 , the Company issued 3.5 million shares of common stock pursuant to its Primary Offering generating gross proceeds of $33.8 million . From inception through November 4, 2016 , the Company issued 109.2 million shares of common stock pursuant to its Primary Offering generating gross proceeds of $1.1 billion . Effective November 9, 2016, the Company closed the Primary Offering by accepting all subscriptions received in good order on or before November 4, 2016. The Company continues to offer and sell shares pursuant to the DRP. Distribution Reinvestment Plan For the period from October 1, 2016 through November 4, 2016 , the Company issued 0.6 million shares of common stock pursuant to the DRP, raising proceeds of $5.8 million . Prior to the closing, $150.0 million of the unsold shares remaining from the Primary Offering were allocated to the DRP for a total of $300.0 million in shares offered pursuant to the DRP. As of November 4, 2016 , $247.5 million in shares were available to be issued pursuant to the DRP. The Company may amend, suspend or close the DRP for any reason, except to eliminate a participant’s ability to withdraw from the DRP, upon ten days prior written notice to participants. Distributions On November 9, 2016, the board of directors of the Company approved a daily cash distribution of $0.001917808 per share of Class A common stock and $0.001917808 per share of Class T common stock less the distribution fees that are payable with respect to such Class T common stock, for each of the three months ended March 31, 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 October 1, 2016 through November 4, 2016 , the Company repurchased 448,738 shares for a total of $4.3 million or a weighted average price of $9.51 per share under the Share Repurchase Program 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. Investment Activity In November 2016, the Company originated a $8.0 million first mortgage loan, secured by a multi-family property located in Clarkston, GA. The loan bears interest at 4.75% plus LIBOR, but at no point shall LIBOR be less than 0.50% , resulting in a minimum interest rate of 5.25% . Credit Facilities In October 2016, the Company amended the terms of the Citibank Facility, increasing the total potential borrowing capacity under the Citibank Facility from $100.0 million to $150.0 million and, subject to certain conditions precedent, extending the initial maturity of the Citibank Facility by two years to October 2018. All other terms governing the Citibank Facility remain substantially the same. Securitization 2016-1 In November 2016, the Company entered into a $284.2 million securitization financing transaction ("Securitization 2016-1"). The transaction was collateralized by a pool of 10 CRE debt investments with an aggregate principal balance of $254.7 million primarily originated by the Company and three senior participations with an aggregate principal balance of $29.5 million originated by NorthStar Real Estate Income Trust, Inc. (“NorthStar Income”), a company managed by an affiliate of the Sponsor. A total of $194.0 million of permanent, non-recourse, non-mark-to-market investment-grade securitization bonds were issued, representing an advance rate of 68.3% at a weighted average coupon of LIBOR plus 2.07% . The Company retained $90.2 million of the non-investment grade securities and equity interests in the transaction, which the Company refers to as the Company's retained equity interest in Securitization 2016-1. An affiliate of NorthStar Income retained $14.9 million of junior participations in the collateral it contributed. An affiliate of the Sponsor was appointed special servicer of Securitization 2016-1. The Company will use the proceeds from Securitization 2016-1 to, among other things, repay borrowings on its term loan facilities. The collateral will generate income to service the interest payments on the investment-grade securitization bonds and the Company receives any excess cash flow on its retained equity interest. Securitization 2016-1 is anticipated to be consolidated by the Company.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Quarterly Presentation	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , which was filed with the SEC on March 18, 2016.
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 September 30, 2016 is $118.3 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of September 30, 2016 is $87.3 million , collateralized by the real estate assets of the related consolidated VIEs. As of September 30, 2016 , the Company identified unconsolidated VIEs related to its CRE debt investments, PE Investments and CRE securities. 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 September 30, 2016 (dollars in thousands): Carrying Value Maximum Exposure to Loss (1) Real estate debt investments, net $ 176,437 $ 186,467 Investments in private equity funds, at fair value 313,165 313,165 Real estate securities, available for sale 77,601 77,601 Total assets of unconsolidated VIEs $ 567,203 $ 577,233 _________________________________________________________________________ (1) As of September 30, 2016 , maximum exposure to loss includes future funding commitments of $10.0 million for real estate debt investments, net. Based on management’s analysis, the Company determined that it is not the primary beneficiary of the VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of September 30, 2016 . The Company did not provide financial support to the unconsolidated VIEs during the nine months ended September 30, 2016 . As of September 30, 2016 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs outside of the future funding commitments disclosed above and expected future contributions of $0.4 million related to PE Investments. 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 comprehensive income (loss) attributable to controlling and 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.
Reclassifications	Certain prior period amounts have been reclassified on the consolidated balance sheets from other liabilities to deferred purchase price, net, to conform to current period presentation.
Comprehensive Income (Loss)	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”).
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.
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. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 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
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 the value of the above-market leases, in-place leases, and other intangibles) and intangible liabilities (such as the value of below market leases), based on estimated fair value. The value allocated to the identified intangibles are amortized over the remaining lease term. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. Identified intangible assets are recorded in deferred costs and other assets, net, and identified intangible liabilities are recorded in other liabilities on the accompanying consolidated balance sheets.
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 nine months ended September 30, 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 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 accrued 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. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments	Real Estate Debt Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90 -days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of September 30, 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 September 30, 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. 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. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. As of September 30, 2016 , the Company did not have any OTTI recorded on its CRE securities.
Organization and Offering Costs	The Advisor, or its affiliates, is entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees, distribution fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Offering. The Advisor does not expect reimbursable organization and offering costs to exceed $15.0 million , or 1.0% of the total proceeds available to be raised from the Primary Offering. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity.
Foreign Currency	Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other 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, 2013. 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’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 may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company made a joint election to treat a subsidiary as a taxable REIT subsidiary (“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.
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. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial position, results of operations and financial statement disclosures. 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, with early adoption permitted. 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 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact, if any, of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures. In February 2016, the FASB issued an accounting update that requires lessees to present right-of-use assets and lease liabilities on the balance sheet. 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. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement 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. Early adoption is permitted. The Company has concluded that this guidance will not have any impact on its consolidated financial position, results of operations or financial statement 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, 2017. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In June 2016, the FASB issued guidance which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Additionally, entities will have to disclose significantly more information including information used to track credit quality by year of origination for most financing receivables. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In September 2016, the FASB issued final amendments to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows as they may have aspects of more than one class of cash flows. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its statement of cash flows.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of September 30, 2016 (dollars in thousands): Carrying Value Maximum Exposure to Loss (1) Real estate debt investments, net $ 176,437 $ 186,467 Investments in private equity funds, at fair value 313,165 313,165 Real estate securities, available for sale 77,601 77,601 Total assets of unconsolidated VIEs $ 567,203 $ 577,233 _________________________________________________________________________ (1) As of September 30, 2016 , maximum exposure to loss includes future funding commitments of $10.0 million for real estate debt investments, net.
Summary 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 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
Schedule of Deferred Costs and Other Assets, Net and Other Liabilities	The following table presents a summary of deferred costs and other assets, net and other liabilities as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Deferred costs and other assets, net Intangible assets, net (1) $ 25,427 $ 33,929 Deferred financing costs, net - credit facilities 1,562 1,953 Deferred commissions and leasing costs 2,304 961 Deposits and pending deal costs 464 39 Prepaid expenses 2,486 711 Deferred tax asset 408 — Other — 6 Total $ 32,651 $ 37,599 Other liabilities: Intangible liabilities, net (2) 1,950 2,404 Tenant security deposits 1,406 1,261 Tenant prepaid rent 2,143 2,204 Deferred tax liability (3) 4,421 137 Other 213 8 Total $ 10,133 $ 6,014 ______________________________________________________ (1) Represents in-place leases and above-market leases, net. (2) Represents below-market leases, net. (3) Includes $4.3 million of tax related liabilities assumed upon the purchase of PE Investment III, as defined in Note 5, Investments in Private Equity Funds.

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans on Real Estate	The following table presents CRE debt investments as of September 30, 2016 (dollars in thousands): Weighted Average Floating Rate as % of Principal Amount Asset type: Count Principal Amount (1) Carrying Value (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 17 $ 609,483 $ 593,051 74.4 % — 5.55 % 5.60 % 100.0 % Mezzanine loans 1 20,528 20,661 2.5 % 14.00 % — 14.00 % — Subordinate interests 4 189,740 179,664 23.1 % 12.68 % 12.96 % 12.78 % 15.1 % Total/ Weighted average 22 $ 819,751 $ 793,376 100.0 % 12.83 % 5.81 % 7.45 % 77.8 % ___________________________________________________ (1) Includes future funding commitments of $16.4 million for first mortgage loans and $11.0 million for subordinate interests. (2) Certain CRE debt investments serve as collateral for financing transactions, including carrying value of $585.1 million for Term Loan Facilities, as defined in Note 7, and other notes payable (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 September 30, 2016 , the Company had $ 481.7 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.28% . The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Rate as % of Principal Amount Asset type: Count Principal Amount (1) Carrying Value (2) Allocation by Investment Type (3) Fixed Spread (4) Total Unleveraged First mortgage loans 17 $ 818,333 $ 787,294 89.9 % — 5.32 % 5.36 % 100.0 % Subordinate interests 3 91,604 77,546 10.1 % 12.79 % 12.80 % 12.95 % 31.3 % Total/Weighted average 20 $ 909,937 $ 864,840 100.0 % 12.79 % 5.99 % 6.04 % 93.1 % __________________________________________________________ (1) Includes future funding commitments of $32.8 million for first mortgage loans and $14.0 million for subordinate interests. (2) Certain CRE debt investments serve as collateral for financing transactions, including carrying value of $787.3 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 $697.2 million principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.24 %.
Schedule of Mortgage Loans, Fiscal Maturity	The following table presents maturities of CRE debt investments based on principal amount, which includes future funding commitments, as of September 30, 2016 (dollars in thousands): Current Maturity Maturity Including Extensions (1) October 1 to December 31, 2016 $ — $ — Years Ending December 31: 2017 282,841 — 2018 266,611 20,528 2019 134,063 276,074 2020 37,850 308,700 Thereafter 98,386 214,449 Total $ 819,751 $ 819,751 ____________________________________________________________ (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)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Operating Real Estate, Net	The following table presents operating real estate, net as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Land and improvements $ 93,666 $ 93,666 Buildings and improvements 318,737 312,986 Subtotal 412,403 406,652 Less: Accumulated depreciation (12,908 ) (5,244 ) Operating real estate, net $ 399,495 $ 401,408

Investments in Private Equity26

Investments in Private Equity Funds (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of Private Equity Investments	The following tables summarize the Company’s PE Investments as of September 30, 2016 (dollars in thousands): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Contributions (2) PE Investment I March 20, 2015 September 30, 2014 6 $ 45,045 $ 402 PE Investment II (3) August 4, 2015 December 31, 2014 3 27,788 — PE Investment III (4) September 20, 2016 March 31, 2016 41 317,587 — Total 50 $ 390,420 $ 402 ________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the PE Investment. (2) Represents the estimated amount of future contributions to funds as of September 30, 2016 . (3) At the time of closing, the Company paid $9.4 million to acquire PE Investment II, or 50% of the purchase price, adjusted for subsequent contributions and distributions, and paid the remaining $13.9 million (the “Deferred Amount”) on the one year anniversary of the closing date. (4) At the time of closing in September 2016, the Company paid $33.9 million to acquire PE Investment III and will pay an additional $204.7 million on or before December 31, 2016. In addition, the Company assumed $44.7 million of deferred purchase price obligations to third parties from the seller, which includes the proportionate share of an obligation owed through a joint investment within PE Investment III, totaling $5.6 million . As of September 30, 2016 , $14.5 million in deferred purchase price obligations have been paid. Refer to Note 8, “Related Party Arrangements”, for additional information. Carrying Value Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 (1) PE Investment September 30, 2016 (Unaudited) December 31, 2015 Equity in Earnings Distributions Contributions (2) Equity in Earnings Distributions Contributions (2) PE Investment I $ 29,266 $ 39,646 $ 823 $ 2,332 $ 127 $ 1,236 $ 2,062 $ 134 PE Investment II 9,586 15,219 1,024 3,380 13,894 604 6,349 13,894 PE Investment III 274,313 — 591 37,787 83,275 — — — Total $ 313,165 $ 54,865 $ 2,438 $ 43,499 $ 97,296 $ 1,840 $ 8,411 $ 14,028 _________________________________________________________ (1) The initial closing date for PE Investment I, PE Investment II, and PE Investment III was March 20, 2015, August 4, 2015, and September 20, 2016, respectively. (2) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings. Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (1) PE Investment Equity in Earnings Distributions Contributions (2) Equity in Earnings Distributions Contributions (2) PE Investment I $ 2,835 $ 13,380 $ 165 $ 2,928 $ 9,890 $ 45,556 PE Investment II 1,567 7,398 13,894 604 6,349 13,894 PE Investment III 591 37,787 83,275 — — — Total $ 4,993 $ 58,565 $ 97,334 $ 3,532 $ 16,239 $ 59,450 _________________________________________________________ (1) The initial closing date for PE Investment I, PE Investment II, and PE Investment III was March 20, 2015, August 4, 2015, and September 20, 2016, respectively. (2) Includes initial investments, before closing statement adjustments for distributions and contributions, and subsequent contributions, including deferred purchase price fundings.

Real Estate Securities, Avail27

Real Estate Securities, Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of 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): Cumulative Unrealized Weighted Average Principal (1) Amortized Fair Unleveraged As of Date: Count Gain (Loss) Coupon September 30, 2016 (Unaudited) (2) 8 $ 114,566 $ 74,553 $ 3,048 $ — $ 77,601 3.44 % 10.15 % December 31, 2015 3 25,500 18,386 — (443 ) 17,943 3.29 % 7.40 % ___________________________________________________ (1) As of September 30, 2016 , certain CRE securities serve as collateral for financing transactions including carrying value of $47.8 million for the CMBS Facilities (refer to Note 7). The remainder is unleveraged. (2) Includes a CRE security with an underlying loan that was non-performing at acquisition. The CRE security was purchased for $26.9 million , net of a $21.3 million discount. As of September 30, 2016 , the non-accretable amount of total cash flows was $5.7 million

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Borrowings	The following table presents borrowings as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Capacity Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate Principal Amount (1) Carrying Value (1) Principal (1) Carrying (1) Mortgage and other notes payable, net Industrial Non-recourse (2) Jul-25 4.31% $ 250,000 $ 249,192 $ 250,000 $ 249,123 Multi-tenant office Non-recourse (2) Aug-20 (3) LIBOR + 1.90% 88,170 87,308 82,500 81,369 Other notes payable (4) Limited Recourse (5) Dec-20 (4) LIBOR + 2.65% 39,868 39,497 39,868 39,386 Subtotal mortgage and other notes payable, net 378,038 375,997 372,368 369,878 Term Loan Facilities Citibank Facility $ 100,000 (7) Limited Recourse (6) Oct-17 (7) LIBOR + 2.56% (8) 62,720 62,720 84,250 84,250 Deutsche Bank Facility 200,000 Limited Recourse (9) Jul-19 (10) LIBOR + 2.49% (8) 92,947 92,947 178,061 178,061 Morgan Stanley Facility 300,000 (11) Limited Recourse (5) Jun-20 (11) LIBOR + 2.48% (8) 203,728 203,728 199,457 199,457 Subtotal term loan facilities $ 600,000 359,395 359,395 461,768 461,768 CMBS Facilities Citibank Facility Recourse Various (12) LIBOR + 1.50% (8) 3,229 3,229 — — JP Morgan Facility Recourse Various (12) LIBOR + 1.50% (8) 29,649 29,649 — — Subtotal CMBS facilities 32,878 32,878 — — Subtotal 392,273 392,273 461,768 461,768 Total ( 13) $ 770,311 $ 768,270 $ 834,136 $ 831,646 _______________________________________________ (1) Difference between principal amount and carrying value of mortgage and other notes payable is attributable to deferred financing costs, net. (2) Subject to customary non-recourse carveouts. (3) The initial maturity of the mortgage payable is August 2018, with a two -year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (4) Relates to financing obtained for a CRE debt investment. The initial maturity of the note payable is December 2018, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (5) Recourse solely with respect to 25.0% of the financed amount. (6) Recourse solely with respect to 25.0% of the financed amount for assets with a lender debt yield equal to or greater than 10.0% at the time of financing plus 100.0% of the financed amount for assets with a lender debt yield less than 10.0% at the time of financing. (7) The initial maturity of the Citibank Facility is October 2016, with a one -year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. In October 2016, the Company amended the terms of the Citibank Facility, increasing the total potential borrowing capacity from $100.0 million to $150.0 million and extending the initial maturity by two years to October 2018, with a one-year extension available. Refer to Note 14, “Subsequent Events”, for additional information. (8) Represents the weighted average spread as of September 30, 2016 . The contractual interest rate depends upon asset type and characteristics and ranges from one-month to three-month LIBOR plus 1.50% to 3.00% . (9) 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, as further defined in the governing documents; or (ii) the lesser of $25.0 million or the aggregate financed amount of all loans. (10) In July 2015 and 2016, the Company exercised the first and second of four , one -year extensions available at the Company’s option, respectively. These extensions may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (11) In July 2016, the Company amended the terms of the Morgan Stanley Facility, increasing the total potential borrowing capacity from $200.0 million to $300.0 million and, subject to certain conditions precedent, extending the initial maturity by one year to June 2019. In addition, the Company may, at its option, extend the facility for one -year periods, subject to the approval of the global financial institution. (12) The maturity dates on the CMBS Facilities are dependent upon asset type and will typically range from one to three months. (13) Secured by collateral comprised of certain CRE debt, securities and equity investments with a carrying value of $1.0 billion as of September 30, 2016 .
Schedule of Scheduled Principal on Borrowings	The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2016 (dollars in thousands): Total Mortgage and Other Notes Payable Credit October 1 to December 31, 2016 $ 32,878 $ — $ 32,878 (1) Years Ending December 31: 2017 62,720 — 62,720 2018 — — — 2019 92,947 — 92,947 2020 331,766 128,038 203,728 Thereafter 250,000 250,000 — Total $ 770,311 $ 378,038 $ 392,273 _______________________________________________ (1) Represents CMBS Facilities borrowings, which have maturities typically ranging and renewing on a continuous basis from one to three months.

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the three and nine months ended September 30, 2016 and 2015 and the amount due to related party as of September 30, 2016 and December 31, 2015 (dollars in thousands): Three Months Ended September 30, Nine Months Ended Due to Related Party as of Type of Fee or Reimbursement Financial Statement Location 2016 2015 2016 2015 September 30, 2016 (Unaudited) December 31, 2015 Fees to Advisor Asset management Asset management and other fees - related party $ 4,248 $ 3,475 $ 12,843 $ 7,184 $ — $ 1 Acquisition (1) Real estate debt investments, net / Asset management and other fees- related party 1,457 2,051 2,305 7,326 — — Disposition (1) Real estate debt investments, net / Asset management and other fees - related party 106 253 2,859 528 — 19 Reimbursements to Advisor Operating costs (3) General and administrative expenses 2,872 2,269 5,797 5,093 — 1 Organization General and administrative expenses — 42 — 148 — — Offering Cost of capital (2) 917 797 2,880 2,807 173 524 Selling commissions Cost of capital (2) 1,964 7,757 8,369 30,810 — — Dealer manager fees Cost of capital (2) 1,505 3,419 6,026 13,537 — — Distribution fees Cost of capital (2) 300 — 592 — 2,047 8 Total $ 13,369 $ 20,063 $ 41,671 $ 67,433 $ 2,220 $ 553 _________________________________________________ (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. The Advisor may determine to defer fees or seek reimbursement. From inception through September 30, 2016 , the Advisor waived $3.6 million of acquisition fees related to CRE securities and PE Investments. (2) Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. (3) As of September 30, 2016 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $13.7 million , that remain eligible to allocate to the Company.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Summary of Dividends Declared	The following table presents distributions declared for the nine months ended September 30, 2016 (dollars in thousands): Distributions (1) Period Cash DRP Total January $ 2,748 $ 2,443 $ 5,191 February 2,672 2,353 5,025 March 2,960 2,581 5,541 April 2,948 2,579 5,527 May 3,123 2,730 5,853 June 3,098 2,698 5,796 July 3,290 2,830 6,120 August 3,341 2,878 6,219 September 3,309 2,825 6,134 Total $ 27,489 $ 23,917 $ 51,406 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Assets Measured on Recurring Basis	The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 by level within the fair value hierarchy (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: PE Investments, at fair value $ — $ — $ 313,165 $ 313,165 $ — $ — $ 54,865 $ 54,865 Real estate securities, available for sale — 77,601 — 77,601 — 17,943 — 17,943
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents additional information about PE Investments which are measured at fair value on a recurring basis for the nine months ended September 30, 2016 and year ended December 31, 2015 for which the Company has used Level 3 inputs to determine fair value (dollars in thousands): Nine Months Ended Year Ended September 30, 2016 (unaudited) December 31, 2015 Beginning balance $ 54,865 $ — Purchases/contributions, net (1)(2) 311,872 73,318 Distributions (58,565 ) (24,474 ) Equity in earnings 4,993 6,021 Ending balance $ 313,165 $ 54,865 ________________________________ (1) Includes initial investments, before distribution and contribution closing statement adjustments, and subsequent contributions, including deferred purchase price fundings. (2) Includes outstanding deferred purchase price obligations of $228.3 million and $13.7 million , net of discount as of September 30, 2016 and December 31, 2015 , respectively.
Fair Value by Balance Sheet Grouping	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2016 and December 31, 2015 (dollars in thousands): September 30, 2016 (Unaudited) December 31, 2015 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 792,352 (2) $ 793,376 $ 824,774 $ 863,154 (2) $ 864,840 $ 892,682 Real estate securities, available for sale 114,566 77,601 77,601 25,500 17,943 17,943 Financial liabilities: (1) Credit facilities $ 392,273 $ 392,273 $ 392,273 $ 461,768 $ 461,768 $ 461,768 Mortgage and other notes payable, net 378,038 375,997 371,284 372,368 369,878 369,602 _____________________________ (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 $27.4 million and $46.8 million as of September 30, 2016 and December 31, 2015 , respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables present segment reporting for the three and nine months ended September 30, 2016 and 2015 (dollars in thousands): Three Months Ended September 30, 2016 Real Estate Debt Real Estate Equity Real Estate Securities Corporate Total Net interest income $ 9,407 $ 1 $ 1,797 $ 101 $ 11,306 Rental and other income — 10,973 — — 10,973 Asset management and other fees - related party — — — (4,248 ) (4,248 ) Mortgage notes interest expense — (3,490 ) — — (3,490 ) Transaction costs (28 ) (285 ) — — (313 ) Property operating expenses — (3,261 ) — — (3,261 ) General and administrative expenses (88 ) (2 ) (7 ) (3,388 ) (3,485 ) Depreciation and amortization — (4,695 ) — — (4,695 ) Unrealized gain (loss) on investments — (39 ) — — (39 ) Realized gain (loss) on investments — (34 ) — — (34 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 9,291 (832 ) 1,790 (7,535 ) 2,714 Equity in earnings (losses) of unconsolidated ventures — 2,438 — — 2,438 Income tax benefit (expense) — (224 ) — — (224 ) Net income (loss) $ 9,291 $ 1,382 $ 1,790 $ (7,535 ) $ 4,928 Three Months Ended September 30, 2015 Real Estate Debt Real Estate Equity Corporate Total Net interest income $ 7,059 $ 1 $ — $ 7,060 Rental and other income — 8,428 — 8,428 Asset management and other fees - related party — — (5,041 ) (5,041 ) Mortgage notes interest expense — (3,067 ) — (3,067 ) Transaction costs — (459 ) — (459 ) Property operating expenses — (2,134 ) — (2,134 ) General and administrative expenses (81 ) — (2,339 ) (2,420 ) Depreciation and amortization — (1,913 ) — (1,913 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 6,978 856 (7,380 ) 454 Equity in earnings (losses) of unconsolidated ventures — 1,840 — 1,840 Income tax benefit (expense) — (262 ) (2 ) (264 ) Net income (loss) $ 6,978 $ 2,434 $ (7,382 ) $ 2,030 Nine Months Ended September 30, 2016 Real Estate Debt Real Estate Equity Real Estate Securities Corporate Total Net interest income $ 31,407 $ 5 $ 3,271 $ 101 $ 34,784 Rental and other income — 32,229 — — 32,229 Asset management and other fees - related party — — — (14,966 ) (14,966 ) Mortgage notes interest expense — (10,257 ) — — (10,257 ) Transaction costs (1,362 ) (297 ) — — (1,659 ) Property operating expenses — (10,247 ) — — (10,247 ) General and administrative expenses (278 ) (2 ) (20 ) (6,428 ) (6,728 ) Depreciation and amortization — (15,465 ) — — (15,465 ) Unrealized gain (loss) on investments — (39 ) — — (39 ) Realized gain (loss) on investments — (34 ) — — (34 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 29,767 (4,107 ) 3,251 (21,293 ) 7,618 Equity in earnings (losses) of unconsolidated ventures — 4,993 — — 4,993 Income tax benefit (expense) — (446 ) — — (446 ) Net income (loss) $ 29,767 $ 440 $ 3,251 $ (21,293 ) $ 12,165 Nine Months Ended September 30, 2015 Real Estate Debt Real Estate Equity Corporate Total Net interest income $ 18,194 $ 2 $ 8 $ 18,204 Rental and other income — 9,371 — 9,371 Asset management and other fees - related party — — (12,371 ) (12,371 ) Mortgage notes interest expense — (3,429 ) — (3,429 ) Transaction costs — (5,565 ) — (5,565 ) Property operating expenses — (2,359 ) — (2,359 ) General and administrative expenses (234 ) — (5,308 ) (5,542 ) Depreciation and amortization — (2,125 ) — (2,125 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 17,960 (4,105 ) (17,671 ) (3,816 ) Equity in earnings (losses) of unconsolidated ventures — 3,532 — 3,532 Income tax benefit (expense) — (431 ) (2 ) (433 ) Net income (loss) $ 17,960 $ (1,004 ) $ (17,673 ) $ (717 ) The following table presents total assets by segment as of September 30, 2016 and December 31, 2015 (dollars in thousands): Total Assets Real Estate Debt Real Estate Equity Real Estate Securities Corporate (1) Total September 30, 2016 (Unaudited) $ 845,996 $ 772,041 $ 80,001 $ 242,951 $ 1,940,989 December 31, 2015 932,836 514,792 18,015 156,995 1,622,638 __________________________________________________ (1) Includes cash and cash equivalents, unallocated receivables and deferred costs and other assets, net.

Business and Organization (Deta

Business and Organization (Details)	Nov. 08, 2016USD ($)	Sep. 30, 2016USD ($)employee$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 18, 2013USD ($)shares	Dec. 18, 2012USD ($)shares	Nov. 04, 2016USD ($)shares	Mar. 31, 2015	Sep. 30, 2016USD ($)employee$ / sharesshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)employee$ / sharesshares	Nov. 04, 2016USD ($)shares	Nov. 09, 2016USD ($)	Nov. 07, 2016$ / shares	Apr. 28, 2016USD ($)	Nov. 16, 2015$ / shares	May 06, 2013USD ($)
Class of Stock [Line Items]
Number of employees | employee		0						0			0
Non-controlling interest investment in operating partnership								$ (213,000)	$ 2,404,000
Number of common shares authorized for issuance (shares) | shares		400,000,000						400,000,000			400,000,000
Number of preferred shares authorized for issuance (shares) | shares		50,000,000	50,000,000					50,000,000		50,000,000	50,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01					$ 0.01		$ 0.01	$ 0.01
Value of shares in offering															$ 200,000,000		$ 1,650,000,000
Proceeds from issuance of common stock								$ 192,430,000		$ 478,824,000
Primary Offering
Class of Stock [Line Items]
Number of shares of common stock issued (shares) | shares								21,600,000		53,500,000	105,700,000
Extension term							1 year
Value of shares in offering																	1,500,000,000
Proceeds from issuance of common stock								$ 212,200,000		$ 534,100,000	$ 1,100,000,000
Primary Offering | Subsequent Event
Class of Stock [Line Items]
Number of shares of common stock issued (shares) | shares						3,500,000						109,200,000
Value of shares allocated from primary offering to DRP	$ (150,000,000)
Proceeds from issuance of common stock						$ 33,800,000						$ 1,100,000,000
Distribution Reinvestment Plan
Class of Stock [Line Items]
Value of shares in offering																	$ 150,000,000
Distribution Reinvestment Plan | Subsequent Event
Class of Stock [Line Items]
Number of common shares authorized for issuance (shares) | shares						247,500,000						247,500,000
Number of shares of common stock issued (shares) | shares						600,000
Value of shares allocated from primary offering to DRP	$ 150,000,000
Value of remaining shares available for issuance													$ 300,000,000
Estimated value per share (in dollars per share) | $ / shares														$ 9.05
Proceeds from issuance of common stock						$ 5,800,000						$ 52,500,000
Primary Offering Including Dividend Reinvestment Plan [Member] | Subsequent Event
Class of Stock [Line Items]
Proceeds from issuance of common stock												$ 1,100,000,000
Northstar Realty
Class of Stock [Line Items]
Number of shares of common stock issued (shares) | shares											642,286
Proceeds from issuance of common stock											$ 5,800,000
Class A
Class of Stock [Line Items]
Number of common shares authorized for issuance (shares) | shares		320,000,000	320,000,000					320,000,000		320,000,000	320,000,000
Common stock par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01					$ 0.01		$ 0.01	$ 0.01
Number of shares of common stock issued (shares) | shares					22,223
Proceeds from issuance of common stock					$ 200,000
Class A | Distribution Reinvestment Plan
Class of Stock [Line Items]
Estimated value per share (in dollars per share) | $ / shares																$ 9.79
Class A | Northstar Realty
Class of Stock [Line Items]
Number of shares of common stock issued (shares) | shares				222,223
Proceeds from issuance of common stock				$ 2,000,000
Class T
Class of Stock [Line Items]
Number of common shares authorized for issuance (shares) | shares		80,000,000	80,000,000					80,000,000		80,000,000	80,000,000
Common stock par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01					$ 0.01		$ 0.01	$ 0.01
Class T | Distribution Reinvestment Plan
Class of Stock [Line Items]
Estimated value per share (in dollars per share) | $ / shares																$ 9.25
Advisor
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership		$ 1,000	$ 1,000
Special Unit Holder
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership		$ 1,000	$ 1,000
Primary Beneficiary
Class of Stock [Line Items]
Limited partnership interest in the operating partnership (as a percent)		99.98%

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquisition Fees and Expenses
Percent of contract purchase price			6.00%
Credit Losses and Impairment on Investments
Number of days past due for suspension of income recognition			90 days
Income Taxes
Income tax benefit (expense)	$ (224,000)	$ (264,000)	$ (446,000)	$ (433,000)
Advisor | Maximum | Organization and Offering Costs
Organization and Offering Costs
Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs			15.00%
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee			$ 15,000,000
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering			1.00%
PE Investment
Variable Interest Entities
Expected future contributions	400,000		$ 400,000
Primary Beneficiary
Variable Interest Entities
Consolidated VIEs, amount included in operating real estate	134,300,000		134,300,000
Consolidated VIEs, amount included in mortgage and other note payable, net	90,500,000		90,500,000
Operating Real Estate, Net | Primary Beneficiary
Variable Interest Entities
Consolidated VIEs, amount included in operating real estate	118,300,000		118,300,000
Mortgage and Other Notes Payable | Primary Beneficiary
Variable Interest Entities
Consolidated VIEs, amount included in mortgage and other note payable, net	$ 87,300,000		$ 87,300,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies- Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 10,000
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying Value	567,203
Maximum Exposure to Loss	577,233
Real estate debt investments, net | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying Value	176,437
Maximum Exposure to Loss	186,467
PE Investment | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying Value	313,165
Maximum Exposure to Loss	313,165
CRE Securities | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying Value	77,601
Maximum Exposure to Loss	$ 77,601

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2016
Building
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Summary of Deferred Costs and Other Assets, and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred costs and other assets, net
Intangible assets, net	$ 25,427	$ 33,929
Deferred financing costs, net - credit facilities	1,562	1,953
Deferred commissions and leasing costs	2,304	961
Deposits and pending deal costs	464	39
Prepaid expenses	2,486	711
Deferred tax asset	408	0
Other	0	6
Total	32,651	37,599
Other liabilities:
Intangible liabilities, net	1,950	2,404
Tenant security deposits	1,406	1,261
Tenant prepaid rent	2,143	2,204
Deferred tax liability	4,421	137
Other	213	8
Total	10,133	$ 6,014
PE Investment III
Other liabilities:
Deferred tax liability	$ 4,300

Real Estate Debt Investments -

Real Estate Debt Investments - CRE Debt Investments (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 793,376	$ 864,840
Future funding commitments	27,400	46,800
LIBOR
Mortgage Loans on Real Estate [Line Items]
Principal amount	$ 481,700	$ 697,200
Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Variable rate floor	0.28%	0.24%
Secured Term Loans
Mortgage Loans on Real Estate [Line Items]
Carrying value for certain CRE debt investments serving as collateral	$ 585,100	$ 787,300
Subordinate interests
Mortgage Loans on Real Estate [Line Items]
Count | loan	4	3
Principal Amount	$ 189,740	$ 91,604
Carrying Value	$ 179,664	$ 77,546
Allocation by Investment Type	23.10%	10.10%
Fixed Rate	12.68%	12.79%
Floating Rate as % of Principal Amount	15.10%	31.30%
Future funding commitments	$ 11,000	$ 14,000
Subordinate interests | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Spread over LIBOR	12.96%	12.80%
Total Unleveraged Current Yield	12.78%	12.95%
Total/Weighted average
Mortgage Loans on Real Estate [Line Items]
Count | loan	22	20
Principal Amount	$ 819,751	$ 909,937
Carrying Value	$ 793,376	$ 864,840
Allocation by Investment Type	100.00%	100.00%
Fixed Rate	12.83%	12.79%
Floating Rate as % of Principal Amount	77.80%	93.10%
Total/Weighted average | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Spread over LIBOR	5.81%	5.99%
Total Unleveraged Current Yield	7.45%	6.04%
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Count | loan	17	17
Principal Amount	$ 609,483	$ 818,333
Carrying Value	$ 593,051	$ 787,294
Allocation by Investment Type	74.40%	89.90%
Fixed Rate	0.00%	0.00%
Floating Rate as % of Principal Amount	100.00%	100.00%
Future funding commitments	$ 16,400	$ 32,800
First mortgage loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Spread over LIBOR	5.55%	5.32%
Total Unleveraged Current Yield	5.60%	5.36%
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Principal Amount	$ 20,528
Carrying Value	$ 20,661
Allocation by Investment Type	2.50%
Fixed Rate	14.00%
Floating Rate as % of Principal Amount	0.00%
Mezzanine loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Spread over LIBOR	0.00%
Total Unleveraged Current Yield	14.00%

Real Estate Debt Investments 39

Real Estate Debt Investments - Maturities of CRE Debt Investments (Details) $ in Thousands	Sep. 30, 2016USD ($)
Current Maturity
Mortgage Loans on Real Estate [Line Items]
October 1 to December 31, 2016	$ 0
2,017	282,841
2,018	266,611
2,019	134,063
2,020	37,850
Thereafter	98,386
Total	819,751
Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
October 1 to December 31, 2016	0
2,017	0
2,018	20,528
2,019	276,074
2,020	308,700
Thereafter	214,449
Total	$ 819,751

Real Estate Debt Investments (N

Real Estate Debt Investments (Narrative) (Details) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2016USD ($)loan	Sep. 30, 2016investment	Dec. 31, 2015investment
Mortgage Loans on Real Estate [Abstract]
Weighted average maturity, including extensions, of CRE debt investments		4 years 4 months 29 days
Number of days past contractual debt service payments loan categorized as a weaker credit quality debt investment		90 days
Number of loans with contractual payments past due | investment		0	0
Number of loans contributing to more than 10% of interest income | investment		1
Percent of interest income contributed by CRE debt investment		10.00%
Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of mortgage loans held-for-sale	$ 212.3
Proceeds from mortgages held for sale as a percentage of principal	100.10%
Previous funding commitments no longer required	$ 4.2
Secured Term Loans
Mortgage Loans on Real Estate [Line Items]
Repayment of term loan	$ 126.3
Real estate debt investments, held for sale
Mortgage Loans on Real Estate [Line Items]
Number of loans sold | loan	3
Proceeds from sale of mortgage loans held-for-sale, net of debt repayment	$ 86.1
Unaffiliated Third Party One | Real estate debt investments, held for sale
Mortgage Loans on Real Estate [Line Items]
Number of loans sold | loan	2
Cost of mortgages sold	$ 173
Unaffiliated Third Party Two | Real estate debt investments, held for sale
Mortgage Loans on Real Estate [Line Items]
Cost of mortgages sold	$ 39.2

Operating Real Estate (Details)

Operating Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land and improvements	$ 93,666	$ 93,666
Buildings and improvements	318,737	312,986
Subtotal	412,403	406,652
Less: Accumulated depreciation	(12,908)	(5,244)
Operating real estate, net	$ 399,495	$ 401,408

Investments in Private Equity42

Investments in Private Equity Funds (Details) $ in Thousands	Sep. 30, 2016USD ($)fund	Sep. 20, 2016USD ($)fund	Aug. 04, 2016USD ($)	Aug. 04, 2015USD ($)fund	Sep. 30, 2016USD ($)fund	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)fund	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 20, 2015USD ($)fund
Schedule of Equity Method Investments [Line Items]
Contributions		$ 33,900					$ 97,334	$ 59,450
Non-cash related to PE Investments		$ 204,700					232,469	13,612
Deferred purchase price	$ 228,308				$ 228,308		228,308		$ 13,696
Carrying Value	$ 313,165				313,165		313,165		54,865
Equity in Earnings					$ 2,438	$ 1,840	$ 4,993	3,532
PE Investment
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund	50				50		50
Purchase Price	$ 390,420				$ 390,420		$ 390,420
Expected Future Contributions	402				402		402
Contributions					97,296	14,028	97,334	59,450
Carrying Value	313,165				313,165		313,165		54,865
Equity in Earnings					2,438	1,840	4,993	3,532
Distributions					43,499	8,411	58,565	16,239
PE Investment I
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund										6
Purchase Price										$ 45,045
Expected Future Contributions	402				402		402
Contributions					127	134	165	45,556
Carrying Value	29,266				29,266		29,266		39,646
Equity in Earnings					823	1,236	2,835	2,928
Distributions					2,332	2,062	13,380	9,890
PE Investment II
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund				3
Purchase Price				$ 27,788
Expected Future Contributions	0				0		0
Contributions			$ 13,900	$ 9,400	13,894	13,894	13,894	13,894
Contributions as a percentage of purchase price				50.00%
Carrying Value	9,586				9,586		9,586		15,219
Equity in Earnings					1,024	604	1,567	604
Distributions					3,380	6,349	7,398	6,349
PE Investment III
Schedule of Equity Method Investments [Line Items]
Number of Funds | fund		41
Purchase Price		$ 317,587
Expected Future Contributions	0				0		0
Contributions	14,500	33,900			83,275	0	83,275	0
Non-cash related to PE Investments		204,700
Deferred purchase price		44,700
Assumed deferred purchase price obligation		44,700
Carrying Value	$ 274,313				274,313		274,313		$ 0
Equity in Earnings					591	0	591	0
Distributions					$ 37,787	$ 0	$ 37,787	$ 0
PE Investment III, Joint Investment One
Schedule of Equity Method Investments [Line Items]
Assumed deferred purchase price obligation		$ 5,600

Real Estate Securities, Avail43

Real Estate Securities, Available for Sale (Details) $ in Thousands	Sep. 30, 2016USD ($)security	Dec. 31, 2015USD ($)security
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 77,601	$ 17,943
CMBS
Schedule of Available-for-sale Securities [Line Items]
Count | security	8	3
Principal Amount	$ 114,566	$ 25,500
Amortized Cost	74,553	18,386
Cumulative Unrealized Gain on Investments	3,048	0
Cumulative Unrealized (Loss) on Investments	0	(443)
Fair Value	$ 77,601	$ 17,943
Weighted Average Coupon	3.44%	3.29%
Weighted Average Unleveraged Current Yield	10.15%	7.40%
CRE securities pledged as collateral	$ 47,800
CMBS | CRE Security with Underlying Non-Performing Loan
Schedule of Available-for-sale Securities [Line Items]
Purchase price	26,900
Original purchase discount	21,300
Discount from original purchase allocated to non-performing loan	$ 5,700

Real Estate Securities, Avail44

Real Estate Securities, Available for Sale (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain in OCI	$ 3,609	$ 0	$ 3,491	$ 0
Maximum
Schedule of Available-for-sale Securities [Line Items]
Period of unrealized loss			12 months
CMBS
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain in OCI	$ 3,600		$ 3,500
Weighted average contractual maturity			30 years 10 months 1 day
Weighted average expected maturity			7 years 4 months 15 days

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings (Details)	1 Months Ended		9 Months Ended
	Oct. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Sep. 30, 2016USD ($)extension	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal Amount			$ 770,311,000		$ 834,136,000
Carrying Value			768,270,000		831,646,000
Collateral amount			$ 1,000,000,000
Mortgages | Industrial
Debt Instrument [Line Items]
Contractual Interest Rate			4.31%
Principal Amount			$ 250,000,000		250,000,000
Carrying Value			249,192,000		249,123,000
Mortgages | Multi-tenant office
Debt Instrument [Line Items]
Principal Amount			88,170,000		82,500,000
Carrying Value			$ 87,308,000		81,369,000
Optional extension period			2 years
Mortgages | Multi-tenant office | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate			1.90%
Other notes payable
Debt Instrument [Line Items]
Principal Amount			$ 39,868,000		39,868,000
Carrying Value			$ 39,497,000		39,386,000
Optional extension period			1 year
Number of optional extensions | extension			2
Percentage of financed amount of stabilize loans available for recourse			25.00%
Other notes payable | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate			2.65%
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal Amount			$ 378,038,000		372,368,000
Carrying Value			375,997,000		369,878,000
Credit Facilities
Debt Instrument [Line Items]
Principal Amount			392,273,000		461,768,000
Carrying Value			392,273,000		461,768,000
Capacity
Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Principal Amount			359,395,000		461,768,000
Carrying Value			359,395,000		461,768,000
Capacity			$ 600,000,000
Credit Facilities | Term Loan Facilities | Minimum | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate			1.50%
Credit Facilities | Term Loan Facilities | Maximum | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate			3.00%
Credit Facilities | Term Loan Facilities | Citibank Facility
Debt Instrument [Line Items]
Contractual Interest Rate			2.56%
Principal Amount			$ 62,720,000		84,250,000
Carrying Value			62,720,000		84,250,000
Capacity			$ 100,000,000
Optional extension period			1 year
Percentage of repurchase price for purchased assets available for recourse for debt instrument yield equal to or greater than 10%			25.00%
Percentage of repurchase price for purchased assets available for recourse for debt instrument yield less than 10%			100.00%
Credit Facilities | Term Loan Facilities | Deutsche Bank Facility
Debt Instrument [Line Items]
Contractual Interest Rate			2.49%
Principal Amount			$ 92,947,000		178,061,000
Carrying Value			92,947,000		178,061,000
Capacity			$ 200,000,000
Optional extension period			1 year
Number of optional extensions | extension			4
Percentage of financed amount of stabilize loans available for recourse			25.00%
Amount available for recourse			$ 25,000,000
Credit Facilities | Term Loan Facilities | Morgan Stanley Facility
Debt Instrument [Line Items]
Contractual Interest Rate			2.48%
Principal Amount			$ 203,728,000		199,457,000
Carrying Value			203,728,000		199,457,000
Capacity		$ 300,000,000	300,000,000	$ 200,000,000
Optional extension period		1 year
Extension period		1 year
Credit Facilities | CMBS Facilities
Debt Instrument [Line Items]
Principal Amount			32,878,000		0
Carrying Value			$ 32,878,000		0
Credit Facilities | CMBS Facilities | Citibank Facility
Debt Instrument [Line Items]
Contractual Interest Rate			1.50%
Principal Amount			$ 3,229,000		0
Carrying Value			$ 3,229,000		0
Credit Facilities | CMBS Facilities | Citibank Facility | Minimum
Debt Instrument [Line Items]
Facility term			1 month
Credit Facilities | CMBS Facilities | Citibank Facility | Maximum
Debt Instrument [Line Items]
Facility term			3 months
Credit Facilities | CMBS Facilities | JP Morgan Facility
Debt Instrument [Line Items]
Contractual Interest Rate			1.50%
Principal Amount			$ 29,649,000		0
Carrying Value			$ 29,649,000		$ 0
Credit Facilities | CMBS Facilities | JP Morgan Facility | Minimum
Debt Instrument [Line Items]
Facility term			1 month
Credit Facilities | CMBS Facilities | JP Morgan Facility | Maximum
Debt Instrument [Line Items]
Facility term			3 months
Subsequent Event | Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Capacity	$ 650,000,000
Subsequent Event | Credit Facilities | Term Loan Facilities | Citibank Facility
Debt Instrument [Line Items]
Capacity	$ 150,000,000
Optional extension period	2 years

Borrowings - Principal Payments

Borrowings - Principal Payments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
October 1 to December 31, 2016	$ 32,878
2,017	62,720
2,018	0
2,019	92,947
2,020	331,766
Thereafter	250,000
Total	770,311
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
October 1 to December 31, 2016	0
2,017	0
2,018	0
2,019	0
2,020	128,038
Thereafter	250,000
Total	378,038
Credit Facilities
Debt Instrument [Line Items]
October 1 to December 31, 2016	32,878
2,017	62,720
2,018	0
2,019	92,947
2,020	203,728
Thereafter	0
Total	$ 392,273
Credit Facilities | Commercial Mortgage Backed Securities Facility | Minimum
Debt Instrument [Line Items]
Facility term	1 month
Credit Facilities | Commercial Mortgage Backed Securities Facility | Maximum
Debt Instrument [Line Items]
Facility term	3 months

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) - USD ($)	Oct. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Amount drawn		$ 770,311,000	$ 834,136,000
CRE Securities
Debt Instrument [Line Items]
CRE securities pledged as collateral		47,800,000
Credit Facilities
Debt Instrument [Line Items]
Capacity
Amount drawn		392,273,000	461,768,000
Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Capacity		600,000,000
Amount drawn		359,395,000	461,768,000
Credit Facilities | CMBS Facilities
Debt Instrument [Line Items]
Amount drawn		32,878,000	0
Secured Term Loans
Debt Instrument [Line Items]
Collateral for secured borrowings		585,100,000	787,300,000
Citibank Facility | Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Capacity		100,000,000
Amount drawn		$ 62,720,000	$ 84,250,000
Subsequent Event | Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Capacity	$ 650,000,000
Subsequent Event | Citibank Facility | Credit Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Capacity	$ 150,000,000

Related Party Arrangements - Fe

Related Party Arrangements - Fees to Advisor (Narrative) (Details) - Advisor	1 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016
Related Party Transaction [Line Items]
Term of renewed agreement	1 year
Asset management
Related Party Transaction [Line Items]
Asset management fee monthly factor		8.33%
Monthly management fee		0.10%
Annual asset management fee rate		1.25%
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		7.00%
Acquisition Fee
Related Party Transaction [Line Items]
Maximum acquisition fee as a percentage of principal amount funded to originate investments, including acquisition expenses and any financing attributable to the investment		1.00%
Disposition Fee
Related Party Transaction [Line Items]
Maximum disposition fee as a percentage of contract sales price of CRE investment sold		1.00%
Disposition fee as a percentage of the principal amount of the loan or CRE debt investment prior to the specified transaction		1.00%

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements to Advisor (Narrative) (Details) - Advisor	9 Months Ended
	Sep. 30, 2016USD ($)Quarter
Operating Costs
Related Party Transaction [Line Items]
Reimbursement of personnel costs related to officers and personnel involved in activities for which other fees is received	$ 0
Number of fiscal quarters | Quarter	4
Reimbursement expense period	12 months
Operating Costs | 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, reimbursable as operating costs	25.00%
Organization and Offering Costs | Maximum
Related Party Transaction [Line Items]
Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs	15.00%
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee	$ 15,000,000
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering	1.00%

Related Party Arrangements - De

Related Party Arrangements - Dealer Manager - Selling Commissions and Dealer Manager Fees (Narrative) (Details) - USD ($)	Sep. 20, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to related party		$ 2,220,000		$ 553,000
Non-cash related to PE Investments	$ 204,700,000	$ 232,469,000	$ 13,612,000
Class T | Dealer Manager
Related Party Transaction [Line Items]
Underwriting compensation threshold to cease distributions fees, percent of gross investment		10.00%
Class A and T | Dealer Manager
Related Party Transaction [Line Items]
Underwriting compensation threshold to cease distributions fees, percent of gross proceeds		10.00%
Selling commissions | Dealer Manager | Cost of capital
Related Party Transaction [Line Items]
Due to related party		$ 0		0
Selling commissions | Class A | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Selling commission rate as a percent of gross offering proceeds		7.00%
Selling commissions | Class T | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Selling commission rate as a percent of gross offering proceeds		2.00%
Dealer manager fees | Dealer Manager | Cost of capital
Related Party Transaction [Line Items]
Due to related party		$ 0		0
Dealer manager fees | Class A | Dealer Manager
Related Party Transaction [Line Items]
Dealer manager fees as a percent of gross proceeds		3.00%
Dealer manager fees | Class T | Dealer Manager
Related Party Transaction [Line Items]
Dealer manager fees as a percent of gross proceeds		2.75%
Distribution fees | Dealer Manager
Related Party Transaction [Line Items]
Distribution fees recorded as a reduction to stockholder's equity		$ 2,500,000
Distribution fees | Dealer Manager | Cost of capital
Related Party Transaction [Line Items]
Due to related party		$ 2,047,000		$ 8,000
Distribution fees | Class T | Dealer Manager
Related Party Transaction [Line Items]
Distribution fee as a percent of gross proceeds		1.00%
Selling commissions and fees pursuant to the DRP or DSA | Dealer Manager
Related Party Transaction [Line Items]
Selling commissions, dealer manager fees or distribution fees		$ 0

Related Party Arrangements - Su

Related Party Arrangements - Summary of Fees and Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Fees and reimbursements	$ 13,369	$ 20,063	$ 41,671	$ 67,433
Due to related party	2,220		2,220		$ 553
Fees to Advisor | Unreimbursed operating costs
Related Party Transaction [Line Items]
Fees and reimbursements			13,700
Asset management and other fees - related party | Fees to Advisor | Asset management
Related Party Transaction [Line Items]
Fees and reimbursements	4,248	3,475	12,843	7,184
Due to related party	0		0		1
Real estate debt investments, net | Fees to Advisor
Related Party Transaction [Line Items]
Deferred acquisition fees	3,600		3,600
Real estate debt investments, net | Fees to Advisor | Acquisition
Related Party Transaction [Line Items]
Fees and reimbursements	1,457	2,051	2,305	7,326
Due to related party	0		0		0
Real estate debt investments, net | Fees to Advisor | Disposition
Related Party Transaction [Line Items]
Fees and reimbursements	106	253	2,859	528
Due to related party	0		0		19
General and administrative expenses | Fees to Advisor | Operating Costs
Related Party Transaction [Line Items]
Fees and reimbursements	2,872	2,269	5,797	5,093
Due to related party	0		0		1
General and administrative expenses | Fees to Advisor | Organization
Related Party Transaction [Line Items]
Fees and reimbursements	0	42	0	148
Due to related party	0		0		0
Cost of capital | Fees to Advisor | Offering
Related Party Transaction [Line Items]
Fees and reimbursements	917	797	2,880	2,807
Due to related party	173		173		524
Cost of capital | Dealer Manager | Selling commissions
Related Party Transaction [Line Items]
Fees and reimbursements	1,964	7,757	8,369	30,810
Due to related party	0		0		0
Cost of capital | Dealer Manager | Dealer manager fees
Related Party Transaction [Line Items]
Fees and reimbursements	1,505	3,419	6,026	13,537
Due to related party	0		0		0
Cost of capital | Dealer Manager | Distribution fees
Related Party Transaction [Line Items]
Fees and reimbursements	300	$ 0	592	$ 0
Due to related party	$ 2,047		$ 2,047		$ 8

Related Party Arrangements - No

Related Party Arrangements - NorthStar Realty Purchase of Common Stock (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended	46 Months Ended
	Mar. 31, 2015	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 192,430,000	$ 478,824,000
Term of extension for distribution support agreement	1 year
Northstar Realty
Related Party Transaction [Line Items]
Value of shares of common stock committed to be purchased		4,200,000		$ 4,200,000
Number of shares of common stock issued (shares)				642,286
Proceeds from issuance of common stock				$ 5,800,000
Maximum | Northstar Realty
Related Party Transaction [Line Items]
Value of shares of common stock committed to be purchased		$ 10,000,000		$ 10,000,000

Related Party Arrangements - 53

Related Party Arrangements - Related Party Investment Activity (Narrative) (Details) $ in Thousands	Sep. 30, 2016USD ($)state	Sep. 20, 2016USD ($)fundsponsor	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)state	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)state	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)state	Sep. 30, 2015USD ($)	Dec. 31, 2015	Mar. 31, 2016USD ($)
Related Party Transaction [Line Items]
Payment to acquire private equity fund		$ 33,900						$ 97,334	$ 59,450
Payment to acquire private equity fund, net distributions		34,300
Non-cash related to PE Investments		$ 204,700						232,469	13,612
Loan originated								$ 188,253	218,706
PE Investment III
Related Party Transaction [Line Items]
Number of Funds | fund		41
Number of institutional sponsors | sponsor		20
Net asset value											$ 344,300
Investment owned, number of states in which investments held | state	24			24		24		24
Price as a percent of net asset value		92.25%
Payment to acquire private equity fund	$ 14,500	$ 33,900				$ 83,275	$ 0	$ 83,275	$ 0
Non-cash related to PE Investments		204,700
Assumed deferred purchase price obligation		44,700
PE Investment III, Joint Investment One
Related Party Transaction [Line Items]
Assumed deferred purchase price obligation		$ 5,600
CMBS
Related Party Transaction [Line Items]
Face value of real estate security purchased			$ 48,200		$ 48,200
Unamortized discount			$ 21,300		$ 21,300
Unlevered yield			16.50%		16.50%
Weighted average expected maturity			5 years 4 months 1 day
Subordinate interests
Related Party Transaction [Line Items]
Fixed Rate								12.68%		12.79%
Loan originated				$ 98,400
Multifamily | Mezzanine Loan
Related Party Transaction [Line Items]
Percentage interest acquired			0.51		0.51
Principal amount			$ 20,500		$ 20,500
Fixed Rate					14.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - Restricted stock - USD ($)	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Equity-based compensation
Period of cumulative performance goals considered under plan	4 years			2 years
Equity-based compensation expense		$ 50,935	$ 27,188	$ 112,956	$ 61,863
Number of unvested shares granted to independent directors (shares)		26,705		26,705		19,126
Class A
Equity-based compensation
Number of shares granted to independent directors (shares)		51,686		51,686
Aggregate value for common shares granted to independent directors		$ 520,000		$ 520,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock from Primary Offering (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	9 Months Ended	12 Months Ended	46 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 192,430	$ 478,824
Primary Offering
Class of Stock [Line Items]
Number of shares of common stock issued (shares)	21.6	53.5	105.7
Proceeds from issuance of common stock	$ 212,200	$ 534,100	$ 1,100,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 04, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016	Nov. 07, 2016	Nov. 16, 2015
Class of Stock [Line Items]
Proceeds from distribution reinvestment plan		$ 23,461	$ 19,172
Distribution Reinvestment Plan
Class of Stock [Line Items]
Initial purchase price per share under the DRP (in dollars per share)		$ 9.50
Notice period served by board of directors to amend or terminate distribution reinvestment plan		10 days
Proceeds from distribution reinvestment plan (shares)		2.4	2	4.8
Proceeds from distribution reinvestment plan		$ 23,500	$ 19,200	$ 46,700
Distribution Reinvestment Plan | Subsequent Event
Class of Stock [Line Items]
Offer price (in dollars per share)					$ 9.05
Notice period served by board of directors to amend or terminate distribution reinvestment plan	10 days
Distribution Reinvestment Plan | Class A
Class of Stock [Line Items]
Offer price (in dollars per share)						$ 9.79
Percentage of most recent public offering prices						96.25%
Distribution Reinvestment Plan | Class T
Class of Stock [Line Items]
Offer price (in dollars per share)						$ 9.25
Percentage of most recent public offering prices						96.25%

Stockholders' Equity - Distri57

Stockholders' Equity - Distributions (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016$ / shares
Class of Stock [Line Items]
Annualized distribution (in dollars per share)	$ 0.7
Class A
Class of Stock [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)	0.001917808
Class T
Class of Stock [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)	$ 0.001917808

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Cash	$ 2,948	$ 3,309	$ 3,341	$ 3,290	$ 3,098	$ 3,123	$ 2,960	$ 2,672	$ 2,748	$ 27,489
DRP	2,579	2,825	2,878	2,830	2,698	2,730	2,581	2,353	2,443	23,917
Total	$ 5,527	$ 6,134	$ 6,219	$ 6,120	$ 5,796	$ 5,853	$ 5,541	$ 5,025	$ 5,191	$ 51,406	$ 43,501

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Period of shares required for repurchase	1 year
Number of shares repurchased during period (shares)	0.6	0.2
Shares repurchased during period	$ 5.2	$ 2.2

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Net income (loss) to the other non-controlling interests	$ (33)	$ 26	$ (77)	$ 26

Fair Value - Assets Measured on

Fair Value - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 313,165	$ 54,865
Real estate securities, available for sale	77,601	17,943
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale		17,943
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale	77,601	17,943
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	313,165	54,865
Real estate securities, available for sale	77,601	17,943
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	0	0
Real estate securities, available for sale	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	313,165	54,865
Real estate securities, available for sale	$ 0	$ 0

Fair Value - Level 3 Rollforwar

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Deferred purchase price	$ 228,308	$ 13,696
Recurring | Level 3 | PE Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	54,865	0
Purchases/contributions, net	311,872	73,318
Distributions	(58,565)	(24,474)
Equity in earnings	4,993	6,021
Ending balance	313,165	54,865
Deferred purchase price	$ 228,300	$ 13,700

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 0	$ 0
Liabilities, nonrecurring	$ 0	$ 0
Level 3 | Income Approach Valuation Technique | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	17.80%	13.40%

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial assets:
Real estate debt investments, net	$ 793,376	$ 864,840
Real estate securities, available for sale	77,601	17,943
Financial Liabilities:
Credit facilities	392,273	461,768
Mortgage and other notes payable, net	375,997	369,878
Future funding commitments	27,400	46,800
Principal Amount
Financial assets:
Real estate debt investments, net	792,352	863,154
Real estate securities, available for sale	114,566	25,500
Financial Liabilities:
Credit facilities	392,273	461,768
Mortgage and other notes payable, net	378,038	372,368
Carrying Value
Financial assets:
Real estate debt investments, net	793,376	864,840
Real estate securities, available for sale	77,601	17,943
Financial Liabilities:
Credit facilities	392,273	461,768
Mortgage and other notes payable, net	375,997	369,878
Fair Value
Financial assets:
Real estate debt investments, net	824,774	892,682
Real estate securities, available for sale		17,943
Financial Liabilities:
Credit facilities	392,273	461,768
Mortgage and other notes payable, net	371,284	369,602
Level 2 | Fair Value
Financial assets:
Real estate securities, available for sale	$ 77,601	$ 17,943

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment				4
Segment Reporting Information [Line Items]
Net interest income		$ 11,306	$ 7,060	$ 34,784	$ 18,204
Rental and other income		10,973	8,428	32,229	9,371
Asset management and other fees - related party		(4,248)	(5,041)	(14,966)	(12,371)
Mortgage notes interest expense		(3,490)	(3,067)	(10,257)	(3,429)
Transaction costs		(313)	(459)	(1,659)	(5,565)
Property operating expenses		(3,261)	(2,134)	(10,247)	(2,359)
General and administrative expenses		(3,485)	(2,420)	(6,728)	(5,542)
Depreciation and amortization		(4,695)	(1,913)	(15,465)	(2,125)
Unrealized gain (loss) on investments		(39)	0	(39)	0
Realized gain (loss) on investments		(34)	0	(34)	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		2,714	454	7,618	(3,816)
Equity in earnings (losses) of unconsolidated ventures		2,438	1,840	4,993	3,532
Income tax benefit (expense)		(224)	(264)	(446)	(433)
Net income (loss)		4,928	2,030	12,165	(717)	$ (5,391)
Assets	[1]	1,940,989		1,940,989		1,622,638
Real Estate Debt
Segment Reporting Information [Line Items]
Net interest income		9,407	7,059	31,407	18,194
Rental and other income		0	0	0	0
Asset management and other fees - related party		0	0	0	0
Mortgage notes interest expense		0	0	0	0
Transaction costs		(28)	0	(1,362)	0
Property operating expenses		0	0	0	0
General and administrative expenses		(88)	(81)	(278)	(234)
Depreciation and amortization		0	0	0	0
Unrealized gain (loss) on investments		0		0
Realized gain (loss) on investments		0		0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		9,291	6,978	29,767	17,960
Equity in earnings (losses) of unconsolidated ventures		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Net income (loss)		9,291	6,978	29,767	17,960
Assets		845,996		845,996		932,836
Real Estate Equity
Segment Reporting Information [Line Items]
Net interest income		1	1	5	2
Rental and other income		10,973	8,428	32,229	9,371
Asset management and other fees - related party		0	0	0	0
Mortgage notes interest expense		(3,490)	(3,067)	(10,257)	(3,429)
Transaction costs		(285)	(459)	(297)	(5,565)
Property operating expenses		(3,261)	(2,134)	(10,247)	(2,359)
General and administrative expenses		(2)	0	(2)	0
Depreciation and amortization		(4,695)	(1,913)	(15,465)	(2,125)
Unrealized gain (loss) on investments		(39)		(39)
Realized gain (loss) on investments		(34)		(34)
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		(832)	856	(4,107)	(4,105)
Equity in earnings (losses) of unconsolidated ventures		2,438	1,840	4,993	3,532
Income tax benefit (expense)		(224)	(262)	(446)	(431)
Net income (loss)		1,382	2,434	440	(1,004)
Assets		772,041		772,041		514,792
Real Estate Securities
Segment Reporting Information [Line Items]
Net interest income		1,797		3,271
Rental and other income		0		0
Asset management and other fees - related party		0		0
Mortgage notes interest expense		0		0
Transaction costs		0		0
Property operating expenses		0		0
General and administrative expenses		(7)		(20)
Depreciation and amortization		0		0
Unrealized gain (loss) on investments		0		0
Realized gain (loss) on investments		0		0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		1,790		3,251
Equity in earnings (losses) of unconsolidated ventures		0		0
Income tax benefit (expense)		0		0
Net income (loss)		1,790		3,251
Assets		80,001		80,001		18,015
Corporate
Segment Reporting Information [Line Items]
Net interest income		101	0	101	8
Rental and other income		0	0	0	0
Asset management and other fees - related party		(4,248)	(5,041)	(14,966)	(12,371)
Mortgage notes interest expense		0	0	0	0
Transaction costs		0	0	0	0
Property operating expenses		0	0	0	0
General and administrative expenses		(3,388)	(2,339)	(6,428)	(5,308)
Depreciation and amortization		0	0	0	0
Unrealized gain (loss) on investments		0		0
Realized gain (loss) on investments		0		0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		(7,535)	(7,380)	(21,293)	(17,671)
Equity in earnings (losses) of unconsolidated ventures		0	0	0	0
Income tax benefit (expense)		0	(2)	0	(2)
Net income (loss)		(7,535)	$ (7,382)	(21,293)	$ (17,673)
Assets		$ 242,951		$ 242,951		$ 156,995
[1]	Represents the consolidated assets and liabilities of NorthStar Real Estate Income Operating Partnership II, 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 September 30, 2016, the assets and liabilities of the Operating Partnership include $134.3 million and $90.5 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 - Common Stoc

Subsequent Events - Common Stock from Primary Offering (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended	12 Months Ended	46 Months Ended	47 Months Ended
	Nov. 04, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016	Nov. 04, 2016
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 192,430	$ 478,824
Primary Offering
Subsequent Event [Line Items]
Number of shares of common stock issued (shares)		21.6	53.5	105.7
Proceeds from issuance of common stock		$ 212,200	$ 534,100	$ 1,100,000
Subsequent Event | Primary Offering
Subsequent Event [Line Items]
Number of shares of common stock issued (shares)	3.5				109.2
Proceeds from issuance of common stock	$ 33,800				$ 1,100,000

Subsequent Events - Distributio

Subsequent Events - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands	Nov. 08, 2016	Nov. 04, 2016	Nov. 04, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016	Nov. 04, 2016	Nov. 09, 2016
Subsequent Event [Line Items]
Proceeds from issuance of common stock				$ 192,430	$ 478,824
Number of common shares authorized for issuance (shares)				400,000,000		400,000,000
Primary Offering
Subsequent Event [Line Items]
Number of shares of common stock issued (shares)				21,600,000	53,500,000	105,700,000
Proceeds from issuance of common stock				$ 212,200	$ 534,100	$ 1,100,000
Primary Offering | Subsequent Event
Subsequent Event [Line Items]
Number of shares of common stock issued (shares)			3,500,000				109,200,000
Proceeds from issuance of common stock			$ 33,800				$ 1,100,000
Value of shares allocated from primary offering to DRP	$ (150,000)
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Notice period served by board of directors to amend or terminate distribution reinvestment plan				10 days
Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Number of shares of common stock issued (shares)			600,000
Proceeds from issuance of common stock			$ 5,800				$ 52,500
Value of shares allocated from primary offering to DRP	$ 150,000
Value of remaining shares available for issuance								$ 300,000
Number of common shares authorized for issuance (shares)		247,500,000	247,500,000				247,500,000
Notice period served by board of directors to amend or terminate distribution reinvestment plan		10 days

Subsequent Events - Distribut68

Subsequent Events - Distributions (Details) - $ / shares	Nov. 09, 2016	Sep. 30, 2016
Class A
Subsequent Event [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)		$ 0.001917808
Class T
Subsequent Event [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)		$ 0.001917808
Subsequent Event | Class A
Subsequent Event [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)	$ 0.001917808
Subsequent Event | Class T
Subsequent Event [Line Items]
Common stock dividend declared based on daily amount per share (in dollars per share)	$ 0.001917808

Subsequent Events - Share Repur

Subsequent Events - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 04, 2016	Sep. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Number of shares repurchased during period (shares)		600,000	200,000
Shares repurchased during period		$ 5.2	$ 2.2
Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased during period (shares)	448,738
Shares repurchased during period	$ 4.3
Weighted average price of shares repurchased (in dollars per share)	$ 9.51

Subsequent Events - Investment

Subsequent Events - Investment Activity (Details) - USD ($)	Nov. 10, 2016	Sep. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Unfunded commitment		$ 27,400,000	$ 46,800,000
LIBOR | Weighted Average
Subsequent Event [Line Items]
Variable rate floor		0.28%	0.24%
First mortgage loans
Subsequent Event [Line Items]
Loan originated		$ 609,483,000	$ 818,333,000
Unfunded commitment		$ 16,400,000	$ 32,800,000
First mortgage loans | Weighted Average
Subsequent Event [Line Items]
Spread over LIBOR		5.55%	5.32%
Subsequent Event | First mortgage loans
Subsequent Event [Line Items]
Loan originated	$ 8,000,000
Spread over LIBOR	4.75%
Minimum interest rate	5.25%
Subsequent Event | First mortgage loans | LIBOR | Weighted Average
Subsequent Event [Line Items]
Variable rate floor	0.50%

Subsequent Events - Credit Faci

Subsequent Events - Credit Facilities (Details) - Credit Facilities - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Capacity
Term Loan Facilities
Subsequent Event [Line Items]
Capacity		600,000,000
Term Loan Facilities | Subsequent Event
Subsequent Event [Line Items]
Capacity	$ 650,000,000
Citibank Facility | Term Loan Facilities
Subsequent Event [Line Items]
Capacity		$ 100,000,000
Optional extension period		1 year
Citibank Facility | Term Loan Facilities | Subsequent Event
Subsequent Event [Line Items]
Capacity	$ 150,000,000
Optional extension period	2 years

Subsequent Events - Securitizat

Subsequent Events - Securitization 2016-1 (Details) $ in Thousands	Nov. 10, 2016USD ($)investment	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Amount drawn		$ 770,311	$ 834,136
Subsequent Event
Subsequent Event [Line Items]
Securitization financing transaction, amount	$ 284,200
Securitization financing transaction, percent issued	68.30%
Securitization financing transaction, amount retained	$ 90,200
Subsequent Event | NorthStar Real Estate Income Trust Inc.
Subsequent Event [Line Items]
Securitization financing transaction, amount retained	14,900
Subsequent Event | Securitization 2016-01 | Secured Debt
Subsequent Event [Line Items]
Amount drawn	$ 194,000
Weighted average coupon rate	2.07%
Subsequent Event | Real estate debt investments, net
Subsequent Event [Line Items]
Securitization financing transaction, amount	$ 254,700
Securitization financing transaction, number of loans used for collateral | investment	10
Subsequent Event | Senior Participations | NorthStar Real Estate Income Trust Inc.
Subsequent Event [Line Items]
Securitization financing transaction, amount	$ 29,500
Securitization financing transaction, number of loans used for collateral | investment	3