CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net income (loss)	$ 20,879	$ 5,017
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) loss of unconsolidated ventures	(9,042)
Amortization/accretion of premium, discount and fees on investments and borrowings, net	1,948	(1)
Amortization of deferred financing costs	1,077	84
Interest accretion on investments	251	(77)
Distributions from private equity funds	9,223
Realized (gain) loss on investments and other		(3,028)
Unrealized (gain) loss on investments and other		2,457
Amortization of equity-based compensation	36	26
Loan acquisition costs	(1,689)
Changes in assets and liabilities:
Restricted cash	(128)
Receivables, net	(2,079)	(1,005)
Deferred costs and other assets, net		(75)
Due to related party	3,315	(401)
Accounts payable and accrued expenses	959	669
Net cash provided by (used in) operating activities	24,750	3,666
Cash flows from investing activities:
Origination of real estate debt investments	(411,759)	(233,491)
Repayments on real estate debt investments	1,252
Acquisition of real estate securities, available for sale	(23,285)
Proceeds from sales of real estate securities, available for sale		32,379
Investments in private equity funds	(134,664)
Distributions from private equity funds	13,215
Net cash provided by (used in) investing activities	(555,241)	(201,112)
Cash flows from financing activities:
Net proceeds from issuance of common stock	461,108	144,843
Proceeds from issuance of common stock, related party		1,915
Proceeds from distribution reinvestment plan	12,509	3,304
Shares redeemed for cash	(2,675)	(851)
Distributions paid on common stock	(29,266)	(8,427)
Repayment of secured term loans		(24,061)
Borrowings from credit facilities	99,550	75,044
Payment of deferred financing costs	(1,211)	(577)
Net cash provided by (used in) financing activities	540,015	191,190
Net increase (decrease) in cash	9,524	(6,256)
Cash - beginning of period	213,727	53,859
Cash - end of period	223,251	47,603
Supplemental disclosure of non-cash investing and financing activities:
Escrow deposits payable related to real estate debt investments	109,926	68,603
Distribution payable	6,968	2,049
Accrued cost of capital (refer to Note 7)	1,124	130
Subscriptions receivable, gross	719	1,449
Non-cash related to investments in private equity funds	$ 2,218