Performance

Performance

Performance of NorthStar Real Estate Capital Income Fund

XNAFX | Class A Shares

Fund Prices & YTD Returns as of
January 12, 2018

NAV

% Daily
Change1

% YTD
Return2

$9.08

-0.02%

0.77%

Cummulative Performance Through
January 12, 2018

One Month

Three Months

Six Months

Since Inception3

1.01%

2.36%

6.58%

4.91%

With Maximum Sales Charge5

-7.11%

-5.79%

-1.99%

-3.44%

Annualized Performance Through
December 31, 2017

One
Year

Three
Years

Five
Years

Since
Inception4

NA

NA

NA

NA

With Maximum Sales Charge5

NA

NA

NA

NA

XNDFX | Class D Shares

Fund Prices & YTD Returns as of
January 12, 2018

NAV

% Daily
Change1

% YTD
Return2

$9.08

-0.02%

0.77%

Cummulative Performance Through
January 12, 2018

One Month

Three Months

Six Months

Since Inception3

1.01%

2.36%

6.58%

4.91%

With Maximum Sales Charge6

-0.96%

0.36%

4.45%

2.86%

Annualized Performance Through
December 31, 2017

One
Year

Three
Years

Five
Years

Since
Inception4

NA

NA

NA

NA

With Maximum Sales Charge6

NA

NA

NA

NA

XNIFX | Class I Shares

Fund Prices & YTD Returns as of
January 12, 2018

NAV

% Daily
Change1

% YTD
Return2

$9.08

-0.02%

0.77%

Cummulative Performance Through
January 12, 2018

One Month

Three Months

Six Months

Since Inception3

1.01%

2.36%

6.58%

4.91%

Annualized Returns Through
December 31, 2017

One
Year

Three
Years

Five
Years

Since Inception4

NA

NA

NA

NA

Performance of NorthStar Real Estate Capital Income Fund-T

XNTFX | Fund-T

Fund Prices & YTD Returns as of
January 12, 2018

NAV

% Daily
Change1

% YTD
Return2

$8.85

-0.02%

0.79%

Cummulative Performance Through
January 12, 2018

One Month

Three Months

Six Months

Since Inception3

0.81%

0.81%

6.68%

2.42%

With Maximum Sales Charge7

-3.25%

-3.20%

2.39%

-1.72%

Annualized Performance Through
December 31, 2017

One
Year

Three
Years

Five
Years

Since
Inception4

NA

NA

NA

NA

With Maximum Sales Charge7

NA

NA

NA

NA

*The totals shown above do not include DRP.

(1) Represents the percentage increase/decrease in the net asset value (NAV) from the prior trading day. Each Fund intends to determine the NAV of its shares daily during the period in which it is offering shares and quarterly thereafter. The NAV of each Fund is based on the value of its interest in NorthStar Capital reduced by the Fund's liabilities and then divided by the number of Fund shares outstanding. (2) Performance for periods of less than one year is not annualized. (3) Inception date: January 27, 2017. (4) Since inception performance is annualized. (5) The maximum sales charge for the Class A Shares is 8.0%. (6) The maximum sales charge for Class D Shares is 2.0%. (7) The maximum sales charge for Fund-T Shares is 4.0%. A 1% per year distribution and shareholder servicing fee will be paid out of Fund-T assets beginning wtih the first month after the completion of the period in which the Fund offers shares.

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of an investment will fluctuate. As such, upon repurchase or the occurrence of a liquidity event, shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

 

NorthStar Real Estate Capital Income Master Fund (NorthStar Capital) is a master fund in a master/feeder structure, which pools investor capital raised through its feeder funds, NorthStar Real Estate Capital Income Fund and NorthStar Real Estate Capital Income Fund-T (each a Fund, and together the Funds). Each Fund invests substantially all of its assets in NorthStar Capital. Investors in a Fund are purchasing shares of a feeder fund, not NorthStar Capital. The investment results of each of the Funds are directly dependent on the investment results of NorthStar Capital, which seeks to execute the investment strategies described in each Fund’s prospectus. An investment in either Fund involves a high degree of risk and may be considered speculative as well as illiquid and a prospective investor should invest only if they can sustain a complete loss of their investment. Fund shares are not listed on any securities exchange and it is not anticipated that a secondary market will develop. NorthStar Capital and the Funds are recently organized companies and have limited operating history.

This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the applicable Fund prospectus. This material must be read in conjunction with the applicable Fund’s prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. Before investing, investors are advised to carefully read and consider the investment objectives, risks, charges and expenses of NorthStar Capital and the Fund in which they are considering an investment. Each Fund’s prospectus contains this and other information about the Fund. Investors may obtain a copy of a Fund’s prospectus by clicking the link above or by calling 877.940.8777. No offering is made except pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission (the SEC). Neither the SEC nor any state securities regulator has approved or disapproved of the Funds’ common shares, determined if a prospectus is truthful or complete or passed on or endorsed the merits of the Funds’ offerings. Any representation to the contrary is a criminal offense. NorthStar Securities, LLC is the exclusive wholesale marketing agent for the Funds. ALPS Distributors, Inc., member FINRA, is the distributor of the Funds. NorthStar Securities, LLC and ALPS Distributors, Inc. are not affiliated. NorthStar Securities, LLC is doing business as NorthStar BD Securities, LLC (DE) in the following states: FL, GA, TX and WA.

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