What is the impact of being an “emerging growth company”? What kind of offering is this?

viii principal executive offices located in New York, New York and additional offices in Denver, Colorado, Dallas, Texas, Bethesda, Maryland, Los Angeles, California, Cleveland, Ohio, Hong Kong, China, San Francisco, California, London, England, Luxembourg, and Bermuda. NSAM’s management team averages over 23 years of real estate investment and capital markets expertise and has a demonstrated track record of positive returns to shareholders for the last decade. Q: How do we differ from other publicly traded and public, non-traded REITs sponsored or managed by NSAM? A: NSAM sponsors and manages the NSAM Managed Companies, including us and three other existing public, non-traded REITs: NorthStar Income, NorthStar Healthcare and NorthStarRXR. We differ from NorthStar Healthcare in several respects. NorthStar Healthcare’s investment strategy is focused on healthcare real estate and, accordingly, may be considered a specialty REIT. In addition, NorthStarRXR, a public, non-traded REIT co-sponsored by our sponsor, which had its registration statement declared effective by the SEC on February 9, 2015, was formed to make commercial real estate investments located in the New York metropolitan area. In contrast, we were formed to originate, acquire and asset manage a diversified portfolio of CRE debt, equity and securities investments and we expect that a significant portion of our investment portfolio will be comprised of CRE debt investments. As a result, our investment strategy is more broadly diversified than that of NorthStar Healthcare and NorthStarRXR and does not specifically target investments in healthcare real estate or real estate investments in the New York metropolitan area. Our investment strategy is substantially similar to that of NorthStar Income. Although NorthStar Income successfully completed its offering in July 2013 and has invested substantially all of the related proceeds, as its investments are repaid or sold it may redeploy capital into investments with similar characteristics as our target investments. We also differ from the NorthStar Listed Companies. NorthStar Realty is a diversified commercial real estate company and, while it makes CRE debt investments, 85 of its total assets invested directly or indirectly in real estate, of which 78 is invested in direct real estate. NorthStar Europe is a European focused commercial real estate company with predominantly prime office properties in key cities within Germany, the United Kingdom and France, and therefore has a substantially different investment focus. Q: What is the impact of being an “emerging growth company”? A: We do not believe that being an “emerging growth company,” as defined by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, will have a significant impact on our business or this offering. We have elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107b of the JOBS Act. This election is irrevocable. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and will not be for so long as our shares of common stock are not traded on a securities exchange, we are not subject to the auditor attestation requirements of Section 404b of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. In addition, so long as we are externally managed by our advisor and we do not reimburse our advisor or our sponsor for the compensation it pays our executive officers, we do not expect to include disclosures relating to executive compensation in our periodic reports or proxy statements and as a result do not expect to be required to seek stockholder approval of executive compensation and “golden parachute” compensation arrangements pursuant to Section 14Aa and b of the Exchange Act. We will remain an “emerging growth company” for up to five years, although we will lose that status sooner if our revenues exceed 1 billion, if we issue more than 1 billion in non-convertible debt in a three year period or if the market value of our common stock that is held by non-affiliates exceeds 700 million as of any June 30. Q: What kind of offering is this? A: Through our dealer manager, we are offering a maximum of 1,650,000,000 in shares of common stock in a continuous, public offering, of which 1,500,000,000 in shares are being offered pursuant to our primary offering, or our primary offering, and 150,000,000 in shares are being offered pursuant to our DRP, which are herein collectively referred to as our offering. We are offering shares in our primary offering on a “best efforts” basis at 10.1672 per Class A share and 9.6068 per Class T share and shares in our DRP at 9.79 per Class A share and 9.25 per Class T share. Discounts are also available to investors who purchase more than 500,000 in Class A shares of our common stock and to other categories of investors. We reserve the right to reallocate shares of our common stock being offered between our primary offering and our DRP. Q: How does a “best efforts” offering work?