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Colony Financial declares
fourth quarter 2009 dividend

Los Angeles, CA, December 21, 2009/Business Wire /- Colony Financial, Inc. (NYSE: CLNY) (the "Company") announced today that the Companyís Board of Directors has declared a quarterly dividend of $0.07 per common share for the fourth quarter of 2009. The dividend will be paid on January 20, 2010, to stockholders of record on December 31, 2009, with an ex-dividend date of December 29, 2009.

"We are pleased to announce our inaugural dividend, which follows our IPO on September 29," said Richard Saltzman, Chief Executive Officer and President of Colony Financial. "We are enthusiastic about our initial investment activity and the pace and quality of the deals weíre seeing."

The dividend follows the Company's initial public offering of 12.5 million shares of common stock which closed September 29, 2009. The gross proceeds of the offering were approximately $292.5 million, including proceeds from the over-allotment of 1.875 million additional shares, which was completed on October 23, 2009.

About Colony Financial, Inc.
The Company is a newly formed real estate finance company that will focus primarily on acquiring, originating and managing commercial mortgage loans, which may be performing, sub-performing or non-performing loans (including loan-to-own strategies), other commercial real estate-related debt investments, CMBS, REO properties and other real estate-related assets. The Company intends to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes.  For more information, visit www.colonyfinancial.com.

Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects, among others, may be forward-looking: the ability to pay dividends in the amounts described herein in a timely manner or at all; the use of proceeds of the Company's initial public offering; and the Company's ability to maintain its qualification as a REIT for U.S. federal income tax purposes.

All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance.  Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.  For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's final prospectus relating to the Company's initial public offering filed with the Securities and Exchange Commission on September 24, 2009, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

Investor Contact:
Colony Financial, Inc.
Darren Tangen
Chief Financial Officer
(310) 552-7230

Addo Communications, Inc.
Andrew Blazier
(310) 829-5400
andrewb@addocommunications.com

Media Contact:
Kristin Celauro
Owen Blicksilver P.R., Inc.
(732) 433-5200
kristin@blicksilverpr.com