<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>016 - Disclosure - Subsequent Events</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>Context_6ME__30-Jun-2013</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0001503707</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-06-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="6 Months Ended" /><Label Key="Calendar" Id="1" Label="Jun. 30, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>us-gaap_SubsequentEventsAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Subsequent Events [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_SubsequentEventsTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context_6ME__30-Jun-2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;b&gt;9. Subsequent Events&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;Distributions&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;On August 7, 2013, the board of directors of the Company approved a daily cash distribution of $0.00184932 per share of common stock 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.&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;Offering Proceeds&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;For the period from July 1, 2013 through August 8, 2013, the Company issued 226,257 shares of common stock pursuant to its Offering generating gross proceeds of $2.3 million.&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0pt 10pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;Sponsor Purchase of Common Stock&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;On August 7, 2013, the Company&amp;#8217;s board of directors approved the sale of 3,069 shares of the Company&amp;#8217;s common stock to the Sponsor pursuant to the &lt;font style="font-family: times new roman,times,serif;"&gt;Distribution Support Agreement. In connection with this commitment and including the Sponsor&amp;#8217;s purchase of shares approved on August 7, 2013, the Sponsor will have purchased 225,292 shares for $2.0 million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;Advisory Agreement &lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;Effective August 7, 2013, the advisory agreement, among the Company, the Operating Partnership, the Advisor and the Sponsor was renewed through August 7, 2014 upon terms identical to those in effect through August 7, 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 current public offering, asset management, acquisitions and investor relations.&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;Additional Participation in First Mortgage Loan&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal times new roman, times, serif; margin: 0pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;On August 2, 2013, the Company purchased an additional $0.8 million pari passu participation interest, increasing its total participation in the first mortgage loan to $3.3 million.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Subsequent Events</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Subsequent Events</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.northstarreit.com/role/SubsequentEvents</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
