DigitalBridge Group, Inc. — Director's Dealing 2017

Feb 8, 2017

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NorthStar Real Estate Capital Income Master Fund (NONE)
CIK: 0001655197
Period of Report: 2017-01-10

Reporting Person: Colony NorthStar, Inc. (N/A)
Reporting Person: Colony Capital Operating Company, LLC (10% Owner)
Reporting Person: NRF Holdco, LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	222233.33	Indirect

Footnotes

F1: This Form 3 reflects the beneficial ownership of common shares of NorthStar Real Estate Capital Income Master Fund following the combination transactions among Colony NorthStar, Inc. ("CLNS"), Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. ("NRF") that occurred on January 10, 2017. CLNS disclaims beneficial ownership of these securities, except to the extent of its pecuniary interest therein.

F2: Prior to the combination transactions, the shares were owned by NorthStar Realty Finance Limited Partnership ("NRF OP"), which was a majority owned subsidiary of NRF. NRF Holdco, LLC is the successor to NRF and NRF OP following a series of reorganization transactions that included the merger of NRF OP with and into NRF and the subsequent conversion of NRF into a limited liability company named NRF Holdco, LLC. NRF Holdco, LLC currently is a wholly owned subsidiary of Colony Capital Operating Company, LLC, which is a majority owned subsidiary of CLNS.