CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ 39,954	$ 20,879
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of unconsolidated ventures	(18,098)	(9,042)
Depreciation	2,603	0
Amortization of premium/accretion of discount and fees on investments and borrowings, net	1,500	1,948
Amortization of deferred financing costs	3,299	1,077
Interest accretion on investments	0	251
Distributions from unconsolidated ventures (refer to Note 4)	17,853	9,223
Realized (gain) loss on investments and other	175	0
Amortization of equity-based compensation	60	36
Changes in assets and liabilities:
Restricted cash	191	(128)
Receivables, net	(775)	(2,079)
Deferred costs and other assets	17	0
Due to related party	(3,076)	3,315
Accounts payable and accrued expenses	2,018	959
Other liabilities	439	0
Net cash provided by (used in) operating activities	46,160	26,439
Cash flows from investing activities:
Origination of real estate debt investments, net	(248,339)	(413,448)
Repayment on real estate debt investments	78,016	1,252
Proceeds from sale of real estate debt investments	17,325	0
Acquisition of operating real estate, net	(14,142)	0
Improvement of operating real estate	(906)	0
Investments in unconsolidated ventures (refer to Note 4)	(53,404)	(134,664)
Distributions from unconsolidated ventures (refer to Note 4)	22,716	13,215
Acquisition of real estate securities, available for sale	0	(23,285)
Net cash provided by (used in) investing activities	(198,734)	(556,930)
Cash flows from financing activities:
Net proceeds from issuance of common stock	0	461,108
Proceeds from distribution reinvestment plan	20,962	12,509
Shares redeemed for cash	(3,842)	(2,675)
Distributions paid on common stock	(45,981)	(29,266)
Repayment of mortgage notes	(30)	0
Borrowings from credit facilities	148,598	99,550
Repayment of credit facilities	(7,638)	0
Repayment of securitization bonds	(24,766)	0
Change in restricted cash	41,801	0
Payment of deferred financing costs	(1,225)	(1,211)
Distributions to non-controlling interests	3,044	0
Distributions to non-controlling interests	(215)	0
Net cash provided by (used in) financing activities	130,708	540,015
Net increase (decrease) in cash	(21,866)	9,524
Cash - beginning of period	119,595	213,727
Cash - end of period	97,729	223,251
Supplemental disclosure of non-cash investing and financing activities:
Escrow deposits payable related to real estate debt investments	57,424	109,926
Distribution payable	7,649	6,968
Accrued cost of capital	0	1,124
Non-cash related to PE Investments (refer to Note 4)	105	2,218
Subscriptions receivable, gross	0	719
Acquisition of operating real estate	29,133	0
Assumption of mortgage notes payable	$ 29,133	$ 0