Colony Financial, Inc. (NYSE:CLNY) announced that its Board of Directors has authorized a common stock repurchase program that provides for the repurchase of up to an aggregate of $50 million of the Company's outstanding shares of common stock over a twelve-month period. Under the common stock repurchase program, the Company will purchase shares of its common stock in the open market or privately negotiated transactions from time to time in compliance with the Securities and Exchange Commission (the "SEC")'s Rule 10b-18, subject to prevailing market conditions, applicable legal requirements and other factors.

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