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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1467076	Colony Financial Inc.	CLNY	Real Estate Investment Trusts (6798)	270419483

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1472235	J. Darren Tangen	C/O Colony Financial, Inc. 2450 Broadway, 6Th Floor Santa Monica CA 90404	Coo And Cfo	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2012-12-28	37,989	$0.00	97,132	No	4	J	Direct
Common Stock	Disposition	2012-12-28	11,059	$19.35	86,073	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	J	Direct
No	4	S	Direct

Footnotes

The acquisition represents the receipt of common stock granted by Colony Financial Manager, LLC ("Manager") for services provided by Mr. Tangen to the Manager for the benefit of the Manager and Colony Financial, Inc.
The disposition represents the sale of common stock to fund the payment of income taxes incurred by the reporting person in connection with the receipt and/or vesting of certain shares of common stock.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.27 to $19.42, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.