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NorthStar Real Estate Capital Income Funds Declare Initial Distribution

New York, NY (May 18, 2017) – NorthStar Real Estate Capital Income Master Fund through its two feeder funds, NorthStar Real Estate Capital Income Fund and NorthStar Real Estate Capital Income Fund-T (NorthStar Capital) announced today that it declared its initial distribution of $.60 per share annualized. The distribution will be paid for all share classes (NASDAQ: XNAFX, XNDFX, XNIFX, XNTFX), accrued daily and payable monthly for the months of June, July, August and September of 2017. Distributions are payable on the first business day of the following month.*

NorthStar Capital is an unlisted, closed-end fund registered under the Investment Company Act of 1940, as amended, which offers retail investors access to an institutionally managed portfolio of commercial real estate debt, equity and securities.

NorthStar Capital is advised by an affiliate of Colony NorthStar, Inc. (Colony NorthStar; NYSE: CLNS), a leading global real estate and investment management firm. Colony NorthStar resulted from the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. With $56 billion in assets under management as of March 31, 2017, Colony NorthStar manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies. The firm maintains principal offices in Los Angeles and New York, with more than 500 employees in offices located across 17 cities in ten countries. For additional information regarding Colony NorthStar and its management and business, please refer to www.clns.com.

*Distributions may consist primarily of a return of capital, and investors should not assume that the source of distributions is from NorthStar Capital’s net income or net profit.

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This website is neither an offer to sell nor a solicitation of an offer to purchase any NorthStar investment Program, NorthStar Investment Programs are only offered by means of a prospectus. This material must be read in conjunction with a prospectus in order to understand fully all the implications and risks of an offering of securities to which it relates. Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful. Consult the prospectus for suitability standards in your state. Securities offered through NorthStar Securities, LLC, member FINRA/SIPC. NorthStar Securities, LLC is doing business as NorthStar BD Securities, LLC (DE) in the following states: FL, GA, TX and WA.