Monday, December 03, 2012

That's Alotta Money

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.


Anonymous said...

how did you get this slide? You know you will be asked to take it down.

Rational Realist said...

This slide is from a public filing, an 8-K, NRF filed on September 5, 2012. This blog has never put up non-public information.