<SEC-DOCUMENT>0001415889-17-000228.txt : 20170207
<SEC-HEADER>0001415889-17-000228.hdr.sgml : 20170207
<ACCEPTANCE-DATETIME>20170207213210
ACCESSION NUMBER:		0001415889-17-000228
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170110
FILED AS OF DATE:		20170207
DATE AS OF CHANGE:		20170207

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NorthStar Real Estate Capital Income Fund-T
		CENTRAL INDEX KEY:			0001661806
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-547-2600

	MAIL ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NSAM FV Holdings, LLC
		CENTRAL INDEX KEY:			0001666397
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23133
		FILM NUMBER:		17580781

	BUSINESS ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-547-2600

	MAIL ADDRESS:	
		STREET 1:		399 PARK AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Colony Capital Operating Company, LLC
		CENTRAL INDEX KEY:			0001695854
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23133
		FILM NUMBER:		17580782

	BUSINESS ADDRESS:	
		STREET 1:		515 S. FLOWER STREET, 44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		515 S. FLOWER STREET, 44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Colony NorthStar, Inc.
		CENTRAL INDEX KEY:			0001679688
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23133
		FILM NUMBER:		17580783

	BUSINESS ADDRESS:	
		STREET 1:		515 SOUTH FLOWER STREET
		STREET 2:		44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		515 SOUTH FLOWER STREET
		STREET 2:		44TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3-02072017_060259.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2017-01-10</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001661806</issuerCik>
        <issuerName>NorthStar Real Estate Capital Income Fund-T</issuerName>
        <issuerTradingSymbol>XNTFX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001679688</rptOwnerCik>
            <rptOwnerName>Colony NorthStar, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>515 SOUTH FLOWER ST</rptOwnerStreet1>
            <rptOwnerStreet2>44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001695854</rptOwnerCik>
            <rptOwnerName>Colony Capital Operating Company, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>515 SOUTH FLOWER ST</rptOwnerStreet1>
            <rptOwnerStreet2>44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001666397</rptOwnerCik>
            <rptOwnerName>NSAM FV Holdings, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COLONY NORTHSTAR, INC,</rptOwnerStreet1>
            <rptOwnerStreet2>515 SOUTH FLOWER STREET, 44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11001.1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By NSAM FV Holdings, LLC</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This Form 3 reflects the beneficial ownership of common shares of NorthStar Real Estate Capital Income Fund-T following the combination transactions among Colony NorthStar, Inc. (&quot;CLNS&quot;), Colony Capital, Inc., NorthStar Asset Management Group Inc. (&quot;NSAM&quot;) and NorthStar Realty Finance Corp. that occurred on January 10, 2017. CLNS disclaims beneficial ownership of these securities, except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">Prior to the combination transactions, the shares were owned by NSAM FV Holdings, LLC, as an indirect wholly owned subsidiary of NSAM LP, which was a majority owned subsidiary of NSAM. In the combination transactions, NSAM LP merged with and into Colony Capital Operating Company, LLC, which is a majority owned subsidiary of CLNS.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Colony NorthStar, Inc.&lt;br&gt; By:  /s/ David A. Palame, CCO of Colony NorthStar, Inc., in its own capacity and as managing member of Colony Capital Operating Company, LLC, in its own capacity and as managing member of NSAM FV Holdings, LLC</signatureName>
        <signatureDate>2017-02-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
