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: