Here is a slide from a Northstar Realty Finance Corp (NRF) presentation to a securities conference last summer:
NRF sponsors the Northstar Real Estate Income Trust, a non-traded mortgage REIT. Interesting to see how much money a sponsor expects to make from its non-traded REIT. NRF, according to the footnotes, expects to earn 3% per year on equity capital from asset management, origination, acquisition and disposition fees. I don't see any expectations for potential incentive fees. Wait, there is no incentive when the sponsor is earning 3% per year!
The slide above is public information and was extracted from an 8-K that NRF filed with the SEC on September 5, 2012. You can search NRF's filings to see the entire presentation.