Colony Financial, Inc. is a real estate investment and finance company. The Company primarily acquires, originates and manages a diversified portfolio of real estate-related debt instruments. The Company focuses on acquiring, originating and managing commercial mortgage loans, which may be performing, sub-performing or non-performing loans (including loan-to-own strategies), and other commercial real estate-related debt investments. The Company is managed by Colony Financial Manager, LLC (the Manager) and an affiliate of the Company. The Company also may acquire other real estate and real estate-related debt assets. The Company collectively refers to commercial mortgage loans, other commercial real estate-related debt investments, commercial mortgage-backed securities (CMBS), real estate owned (REO), properties and other real estate and real estate-related assets as its target assets.