Report of Independent Registered Public Accounting Firm

Board of Trustees

Information regarding the members of the Board is set forth below. The trustees have been divided into two groups - Interested Trustees and Independent Trustees. The address for each trustee is c/o NorthStar Real Estate Capital Income Fund, 590 Madison Avenue, 34th Floor, New York, New York 10022. As set forth in each of the RE Capital Fund’s and Master Fund’s declaration of trust and bylaws, a trustee’s term of office shall continue until his or her death, resignation or removal.

Number of Portfolios in Fund Complex

Trusteeships Held By

Trustees During Name (Age)

Trustee

Principal Occupation

Overseen

Position Held

Since

Past 5 Years

by Trustee

Past 5 Years

Interested Trustee Kevin P. Traenkle (47)

5 Chairman of the Master Fund, the Feeder Board, CEO, and

Chairman of the

Chairman, CEO and President of the

Funds and Colony NorthStar Credit. President

Master Fund and the Feeder Funds and

Colony NorthStar Credit Real Estate, Inc., (“Colony NorthStar Credit”); Executive Vice President and Chief Investment Officer of Colony NorthStar; Executive Vice President and Chief Investment Officer of Colony (2009-2017); Executive Director of Colony (2015-2017); Principal of Colony Capital, LLC (“CCLLC”) (2005-2017); Vice President of

Acquisitions of CCLLC (2002-2005).

Independent Trustees Daniel J. Altobello

5 Trustee of the Master Fund and the Feeder (76)

Trustee

CEO and President of Caterair

International Corporation (1989 -

Funds; Director of NorthStar Healthcare

1995); Executive Vice President of

Income, Inc. (“NorthStar Healthcare”);

Marriott Corporation (1979 - 1989);

Chairman of Altobello Family LP; Director

President of Marriott Airport

of Arlington Asset Investment Corp.;

Operations Group (1979 - 1989).

Director of DiamondRock Hospitality Co.; Director of Mesa Air Group, Inc.; Trustee of Loyola Foundation, Inc.

Dianne P. Hurley Lead Independent

5 Trustee of the Master Fund and the Feeder (55)

CAO of A&E Real Estate; Startup

Trustee

consultant to asset management firms,

Funds; Director of NorthStar/RXR New

including Stonecourt Capital, Imperial

York Metro Real Estate, Inc.

Companies and RedBird Capital

(“NorthStar/RXR”); Director of Griffin-

Partners (2015-2017); Managing

American Healthcare REIT IV, Inc;

Director of SG Partners (2011 - 2014);

Director of NorthStar Realty Europe Corp.

COO, Global Distribution of Credit

(“NorthStar Realty Europe”).

Suisse Asset Management (2009 - 2011); Chief Administrative Officer,

TPG-Axon (2004 - 2009).

Gregory A. Samay Trustee

5 Trustee of the Master Fund and the Feeder (59)

Previously Chief Investment Officer

(previously an Investment Officer) of

Funds; Director of NorthStar Healthcare.

Fairfax County Retirement Systems (2011 - 2016); Executive Director and Chief Investment Officer of Arlington County Employees’ Retirement

System (2005 - 2010).

Executive Officers

Executive Officers for RE Capital Fund who are not Trustees are as follows: