Subsequent Events	6 Months Ended
Jun. 30, 2013
Subsequent Events
Subsequent Events	13. Subsequent Events Status of the Offering On July 1, 2013, the Company completed its Total Primary Offering. For the period from inception through the completion of the Total Primary Offering, the Company raised gross proceeds from the Total Offering of $1,128.4 million. Distribution Reinvestment Plan On July 1, 2013, the Company issued 0.3 million shares representing all remaining shares available pursuant to the DRP. The Company intends to continue to offer shares pursuant to the DRP beyond the Total Primary Offering. As a result, the Company filed a registration statement on Form S-3 with the SEC to issue an additional 15.0 million shares pursuant to the DRP, which was declared effective on July 3, 2013. Distributions On August 6, 2013, the board of directors of the Company approved a daily cash distribution of $0.002191781 per share of common stock, which is equivalent to an annual distribution rate of 8.0%, for each of the three months ended December 31, 2013. The distribution will be paid in cumulative amounts to the stockholders of record entitled to receive such distribution on November 1, 2013, December 2, 2013 and January 2, 2014. Share Repurchases In July 2013, the Company repurchased 0.1 million shares for a total of $1.2 million or a weighted average price of $9.80 per share under the Share Repurchase Program. Sponsor Purchase of Common Stock In August 2013, the Company determined that the Sponsor was not required to purchase shares pursuant to the Distribution Support Agreement for the three months ended June 30, 2013. The Distribution Support Agreement expired on July 19, 2013. PE Investment II On July 3, 2013, PE Investment II completed the initial closing and the Company funded $76.5 million (including its proportionate interest of the $50.0 million deposit made in June 2013), excluding adjustments for distributions and contributions since September 30, 2012. The Company is entitled to its proportionate share of distributions and obligated to make its proportionate share of contributions from September 30, 2012 until the closing of each fund interest. New Investments Subsequent to quarter end, the Company originated one first mortgage loan with a principal amount of $27.8 million and one mezzanine loan with a principal amount of $66.5 million. Advisory Agreement Effective July 19, 2013, the advisory agreement among the Company, the Operating Partnership, the Advisor and the Sponsor was renewed through July 18, 2014 upon terms identical to those in effect through July 18, 2013. Pursuant to the agreement, the Advisor will continue to perform day-to-day operational and administrative services for the Company, including services relating to asset management, acquisitions and investor relations.

13. Subsequent Events

Status of the Offering

On July 1, 2013, the Company completed its Total Primary Offering. For the period from inception through the completion of the Total Primary Offering, the Company raised gross proceeds from the Total Offering of $1,128.4 million.

Distribution Reinvestment Plan

On July 1, 2013, the Company issued 0.3 million shares representing all remaining shares available pursuant to the DRP. The Company intends to continue to offer shares pursuant to the DRP beyond the Total Primary Offering. As a result, the Company filed a registration statement on Form S-3 with the SEC to issue an additional 15.0 million shares pursuant to the DRP, which was declared effective on July 3, 2013.

Distributions

On August 6, 2013, the board of directors of the Company approved a daily cash distribution of $0.002191781 per share of common stock, which is equivalent to an annual distribution rate of 8.0%, for each of the three months ended December 31, 2013. The distribution will be paid in cumulative amounts to the stockholders of record entitled to receive such distribution on November 1, 2013, December 2, 2013 and January 2, 2014.

Share Repurchases

In July 2013, the Company repurchased 0.1 million shares for a total of $1.2 million or a weighted average price of $9.80 per share under the Share Repurchase Program.

Sponsor Purchase of Common Stock

In August 2013, the Company determined that the Sponsor was not required to purchase shares pursuant to the Distribution Support Agreement for the three months ended June 30, 2013. The Distribution Support Agreement expired on July 19, 2013.

PE Investment II

On July 3, 2013, PE Investment II completed the initial closing and the Company funded $76.5 million (including its proportionate interest of the $50.0 million deposit made in June 2013), excluding adjustments for distributions and contributions since September 30, 2012. The Company is entitled to its proportionate share of distributions and obligated to make its proportionate share of contributions from September 30, 2012 until the closing of each fund interest.

New Investments

Subsequent to quarter end, the Company originated one first mortgage loan with a principal amount of $27.8 million and one mezzanine loan with a principal amount of $66.5 million.

Advisory Agreement

Effective July 19, 2013, the advisory agreement among the Company, the Operating Partnership, the Advisor and the Sponsor was renewed through July 18, 2014 upon terms identical to those in effect through July 18, 2013. Pursuant to the agreement, the Advisor will continue to perform day-to-day operational and administrative services for the Company, including services relating to asset management, acquisitions and investor relations.