CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ 7,922	$ 2,010
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) loss of unconsolidated ventures	(3,215)
Amortization of premiums, discounts and fees on investments and borrowings, net	791	9
Amortization of deferred financing costs	502	28
Interest accretion on investments	51	(23)
Distributions from unconsolidated ventures	3,215
Unrealized (gain) loss on investments and other		(502)
Amortization of equity-based compensation	17	13
Loan acquisition costs	(510)
Changes in assets and liabilities:
Restricted cash	(128)
Receivables, net	(1,043)	(414)
Due to related party	1,198
Accounts payable and accrued expenses	166	250
Net cash provided by (used in) operating activities	8,966	1,371
Cash flows from investing activities:
Origination of real estate debt investments	(109,902)	(25,550)
Acquisition of real estate securities	(23,285)
Investment in and advances to unconsolidated ventures	(127,519)
Distributions from unconsolidated ventures	4,056
Net cash provided by (used in) investing activities	(256,650)	(25,550)
Cash flows from financing activities:
Net proceeds from issuance of common stock	152,902	65,616
Proceeds from issuance of common stock, related party		1,053
Proceeds from DRP	5,242	1,265
Shares redeemed for cash	(1,019)	(166)
Distributions paid on common stock	(12,297)	(3,374)
Borrowings under credit facilities	54,050
Payment of deferred financing costs	(749)	(577)
Net cash provided by (used in) financing activities	198,129	63,817
Net increase (decrease) in cash	(49,555)	39,638
Cash-beginning of period	213,727	53,859
Cash-end of period	164,172	93,497
Supplemental disclosure of non-cash investing and financing activities:
Escrow deposits payable related to real estate debt investments	10,921	9,890
Distribution payable	5,072	1,502
Accrued cost of capital (see Note 8)	697	476
Subscriptions receivable, gross	3,245	1,166
Non-cash related to investments in and advances to unconsolidated ventures	$ 11,259