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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 5NmvGQAUhdIATLe2A4xbQg==

<SEC-DOCUMENT>0001140361-11-000532.txt : 20110104
<SEC-HEADER>0001140361-11-000532.hdr.sgml : 20110104
<ACCEPTANCE-DATETIME>20110104132147
ACCESSION NUMBER:		0001140361-11-000532
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20110104
DATE AS OF CHANGE:		20110104
EFFECTIVENESS DATE:		20110104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Colony Financial, Inc.
		CENTRAL INDEX KEY:			0001467076
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				270419483
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-152939
		FILM NUMBER:		11504515

	BUSINESS ADDRESS:	
		STREET 1:		C/O COLONY FINANCIAL, INC.
		STREET 2:		2450 BROADWAY, 6TH FLOOR
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		C/O COLONY FINANCIAL, INC.
		STREET 2:		2450 BROADWAY, 6TH FLOOR
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001467076</cik>
        <entityName>Colony Financial, Inc.</entityName>
        <issuerAddress>
            <street1>2450 BROADWAY</street1>
            <street2>6th Floor</street2>
            <city>SANTA MONICA</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>90404</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>310-282-8820</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>J.</middleName>
                <lastName>Barrack, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>B.</middleName>
                <lastName>Saltzman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ronald</firstName>
                <middleName>M.</middleName>
                <lastName>Sanders</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Darren</firstName>
                <middleName>J.</middleName>
                <lastName>Tangen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>P.</middleName>
                <lastName>Traenkle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName>G.C.</middleName>
                <lastName>Parker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>A.</middleName>
                <lastName>Somers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>L.</middleName>
                <lastName>Steffens</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colony Financial, Inc.</street1>
                <street2>2450 Broadway, 6th Floor</street2>
                <city>Santa Monica</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90404</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-12-20</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Common Stock</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>55687500</totalOfferingAmount>
            <totalAmountSold>55687500</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse>2,750,000 shares</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Colony Financial, Inc.</issuerName>
                <signatureName>/s/ Ronald M. Sanders</signatureName>
                <nameOfSigner>Ronald M. Sanders</nameOfSigner>
                <signatureTitle>Chief Legal Officer</signatureTitle>
                <signatureDate>2011-01-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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