The following table presents the fees and reimbursements incurred to the Advisor for the three months ended March 31, 2013 and 2012 and the due to related party as of March 31, 2013 and December 31, 2012 (dollars in thousands):

		Three Months Ended March 31,				Due to related party as of

		Three Months Ended March 31,				March 31, 2013		December 31, 2012
Type of Fee or Reimbursement	Financial Statement Location	2013		2012		March 31, 2013		December 31, 2012
Organization and offering costs
Organization	General and administrative expenses	$	53	$	152	$	20	$	113
Offering	Cost of capital(1)		1,003		987		377		2,151
Operating costs(2)	General and administrative expenses		1,485		275		1,485		523
Advisory fees
Asset management	Advisory fees—related party		2,142		307		840		559
Asset acquisition(3)	Real estate debt investments, net / Advisory fees—related party		2,342		256		71		—
Asset disposition(3)	Real estate debt investments, net		—		—		—		24
Selling commissions / Dealer manager fees	Cost of capital(1)		16,935		7,399		—		—

Total						$	2,793	$	3,370

(1): Cost of capital is included in net proceeds from issuance of common stock in the consolidated statements of equity.
(2): As of March 31, 2013, the Advisor has incurred unreimbursed operating costs of $7.0 million on behalf of the Company, of which $5.5 million is still allocable.
(3): Asset 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. For the three months ended March 31, 2013, the Company incurred $1.0 million of acquisition fees related to CRE debt investments and $1.3 million of acquisition fees related to the PE Fund JV. Acquisition fees related to the PE Fund JV are included in advisory fees—related party in the consolidated statement of operations. The Advisor may determine to defer these fees or seek reimbursement, subject to compliance with applicable policies. From inception through March 31, 2013, the Advisor deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to CRE securities.