Investments in and Advances to Unconsolidated Ventures	3 Months Ended
Mar. 31, 2013
Investments in and Advances to Unconsolidated Ventures
Investments in and Advances to Unconsolidated Ventures	5. Investments in and Advances to Unconsolidated Ventures PE Fund JV In February 2013, the Company completed the initial closing ("Initial Closing") in the PE Fund JV, which through a preferred equity investment, owns interests in private equity funds managed by top institutional quality sponsors. Pursuant to the terms of the agreement, at the Initial Closing, the full purchase price was funded, exclusive of future capital commitments. Accordingly, the Company funded $118.0 million and the Sponsor (together with the Company, the "NorthStar Entities") funded $282.1 million. The Company with the Sponsor, have an ownership interest in the PE Fund JV of 51%, of which the Company owns 29.5% (or 15% of the total PE Fund JV) and the Sponsor owns 70.5% (or 36% of the total PE Fund JV). Currently, the prior owner of the fund interests (the "Class B Partner") has contributed its interests in 45 funds subject to the transaction in exchange for all of the Class B partnership interests in the PE Fund JV. The funds that were contributed had an aggregate reported net asset value ("NAV") of $644.1 million as of June 30, 2012. The total NAV of all funds expected to be contributed in the transaction had an aggregate reported NAV of $788.9 million as of June 30, 2012. Substantially all of the remaining fund interests are expected to be acquired by the PE Fund JV in the second quarter 2013. The closing of the remaining funds is subject to customary closing conditions, including third-party consents. The NorthStar Entities and the Class B Partner "true up:" (i) any distributions received by the Class B Partner; and (ii) any contributions made by the Class B Partner, from the contributed funds since June 30, 2012, with the NorthStar Entities receiving any such distributions, and the NorthStar Entities reimbursing the Class B Partner for any such contributions, in each case in accordance with the terms of the agreement governing the PE Fund JV. Either a subsidiary of the Sponsor or an affiliate of the Class B Partner will be the general partner of the partnerships that will hold the funds. The Company elected the fair value option for its investment in the PE Fund JV. As a result, the Company records equity in earnings based on the change in fair value for its share of the projected future cash flows from one period to another. Since the Company is contractually entitled to its proportional share of all distributions derived from the fund interests since June 30, 2012 regardless of the date the fund interests are transferred to the PE Fund JV, at the Initial Closing, the Company recorded its proportional share of all distributions received since June 30, 2012 in the first quarter 2013. As of March 31, 2013, the carrying value of the Company's investment in the PE Fund JV was $112.3 million. For the three months ended March 31, 2013, the Company recognized $3.2 million of equity in earnings. For the three months ended March 31, 2013, the Company is entitled to receive $17.4 million of distributions and made $8.3 million of contributions related to the PE Fund JV. As of March 31, 2013, the Company's estimated future capital commitments to the fund interests in the PE Fund JV is approximately $14.0 million.

5. Investments in and Advances to Unconsolidated Ventures

PE Fund JV

In February 2013, the Company completed the initial closing ("Initial Closing") in the PE Fund JV, which through a preferred equity investment, owns interests in private equity funds managed by top institutional quality sponsors. Pursuant to the terms of the agreement, at the Initial Closing, the full purchase price was funded, exclusive of future capital commitments. Accordingly, the Company funded $118.0 million and the Sponsor (together with the Company, the "NorthStar Entities") funded $282.1 million. The Company with the Sponsor, have an ownership interest in the PE Fund JV of 51%, of which the Company owns 29.5% (or 15% of the total PE Fund JV) and the Sponsor owns 70.5% (or 36% of the total PE Fund JV). Currently, the prior owner of the fund interests (the "Class B Partner") has contributed its interests in 45 funds subject to the transaction in exchange for all of the Class B partnership interests in the PE Fund JV. The funds that were contributed had an aggregate reported net asset value ("NAV") of $644.1 million as of June 30, 2012. The total NAV of all funds expected to be contributed in the transaction had an aggregate reported NAV of $788.9 million as of June 30, 2012. Substantially all of the remaining fund interests are expected to be acquired by the PE Fund JV in the second quarter 2013. The closing of the remaining funds is subject to customary closing conditions, including third-party consents.

The NorthStar Entities and the Class B Partner "true up:" (i) any distributions received by the Class B Partner; and (ii) any contributions made by the Class B Partner, from the contributed funds since June 30, 2012, with the NorthStar Entities receiving any such distributions, and the NorthStar Entities reimbursing the Class B Partner for any such contributions, in each case in accordance with the terms of the agreement governing the PE Fund JV. Either a subsidiary of the Sponsor or an affiliate of the Class B Partner will be the general partner of the partnerships that will hold the funds.

The Company elected the fair value option for its investment in the PE Fund JV. As a result, the Company records equity in earnings based on the change in fair value for its share of the projected future cash flows from one period to another. Since the Company is contractually entitled to its proportional share of all distributions derived from the fund interests since June 30, 2012 regardless of the date the fund interests are transferred to the PE Fund JV, at the Initial Closing, the Company recorded its proportional share of all distributions received since June 30, 2012 in the first quarter 2013.

As of March 31, 2013, the carrying value of the Company's investment in the PE Fund JV was $112.3 million. For the three months ended March 31, 2013, the Company recognized $3.2 million of equity in earnings. For the three months ended March 31, 2013, the Company is entitled to receive $17.4 million of distributions and made $8.3 million of contributions related to the PE Fund JV. As of March 31, 2013, the Company's estimated future capital commitments to the fund interests in the PE Fund JV is approximately $14.0 million.