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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION ON MAY 31, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM S-8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>NORTHSTAR
REALTY FINANCE CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS
CHARTER)</P>

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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>MARYLAND</B></FONT>&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11-3707493</B></FONT>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(STATE OR OTHER JURISDICTION OF</FONT><BR>
<FONT STYLE="font-size: 10pt">INCORPORATION OR ORGANIZATION)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. EMPLOYER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">IDENTIFICATION NO.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>399 PARK AVENUE, 18<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NEW YORK, NEW YORK 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NORTHSTAR REALTY FINANCE CORP. SECOND AMENDED
AND RESTATED 2004 OMNIBUS<BR>
STOCK INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(FULL TITLE OF THE PLAN)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RONALD J. LIEBERMAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL
&amp; SECRETARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>399 PARK AVENUE, 18<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NEW YORK, NEW YORK 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 547-2600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(NAME AND ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE
NUMBER,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INCLUDING AREA CODE, OF AGENT FOR SERVICE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Include by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check
one):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer ___</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer _<U>X</U>_</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer ___</FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">(Do not check if a smaller reporting company)</FONT></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company ___</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>_______________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"></TD>
    <TD STYLE="border-bottom: black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title
        of Each Class of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Securities
        to be Registered</B></FONT></P></TD>
    <TD STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount to be Registered <SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Offering Price Per Share <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount of Registration Fee</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">Common stock, $.01 par value
    per share </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: center"><FONT STYLE="font-size: 10pt">8,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: center"><FONT STYLE="font-size: 10pt">$8.92</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: center"><FONT STYLE="font-size: 10pt">$71,360,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: center"><FONT STYLE="font-size: 10pt">$9,733.51</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the &ldquo;Securities
    Act&rdquo;), this Registration Statement also covers an indeterminate number of additional shares that may become issuable
    under the NorthStar Realty Finance Corp. Second Amended and Restated 2004 Omnibus Stock Incentive Plan (the &ldquo;Omnibus
    Plan&rdquo;) by reason of certain corporate transactions or events, including any stock dividend, stock split, recapitalization
    or any other similar transaction effected without the receipt of consideration which results in an increase in the number
    of the registrant&rsquo;s outstanding shares of common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Represents an additional 8,000,000 of shares of common stock, $.01 par value per share,
    of NorthStar Realty Finance Corp. (the &ldquo;Shares&rdquo;) issuable under the Omnibus Plan. A Registration Statement on
    Form S-8 (No. 333-182067) with respect to a total of 5,500,000 shares issuable under the NorthStar Realty Finance Corp. Amended
    and Restated 2004 Omnibus Stock Incentive Plan (the &ldquo;Prior Plan&rdquo;), a Registration Statement on Form S-8 (No. 333-120025)
    with respect to a total of 1,375,000 shares issuable under the Prior Plan, a post-effective amendment thereto with respect
    to an additional 58,038 shares, a post-effective amendment thereto with respect to an additional 4,500,000 shares, and a Registration
    Statement on Form S-8 (No. 333-143549) with respect to an additional 3,000,000 shares were previously filed. Shares issuable
    under the Omnibus Plan include (a) awards of restricted Shares, (b) if Units (as defined in the Omnibus Plan) are awarded
    under the Omnibus Plan, the Shares issuable upon redemption of such Units, (c) awards of phantom stock units subject to certain
    restrictions, (d) awards of entitlements to receive credits based on cash dividends that would have been paid on the Shares
    if such Shares had been issued to and held by the recipient of such entitlements, or (e) Shares issuable upon exercise of
    stock options, stock appreciation rights or certain Other Awards (as defined in Section 12 of the Omnibus Plan) made under
    the Omnibus Plan.</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Estimated solely for purposes of determining the registration fee pursuant to the provisions
    of Rules 457(c) and 457(h) under the Securities Act by averaging the high and low sales prices of NorthStar Realty Finance
    Corp. common stock as reported by the New York Stock Exchange on May 29, 2013.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>EXPLANATORY
NOTE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">This Registration
Statement on Form S-8 of NorthStar Realty Finance Corp. (the &ldquo;Company&rdquo;) is being filed pursuant to General Instruction
E of Form S-8 in connection with the registration of an additional 8,000,000 shares of the Company&rsquo;s common stock, $.01
par value per share (the &ldquo;Common Stock&rdquo;) to be issued pursuant to the NorthStar Realty Finance Corp. Second Amended
and Restated 2004 Omnibus Stock Incentive Plan (the &ldquo;Omnibus Plan&rdquo;). The contents of the Registration Statement on
Form S-8 (No. 333-182067) with respect to a total of 5,500,000, the contents of the Registration Statement on Form S-8 (No. 333-120025)
with respect to a total of 1,375,000 shares issuable under the NorthStar Realty Finance Corp. Amended and Restated 2004 Omnibus
Stock Incentive Plan, a post-effective amendment thereto with respect to an additional 58,038 shares, a post-effective amendment
thereto with respect to an additional 4,500,000 shares, and the Registration Statement on Form S-8 (No. 333-143549) with respect
to an additional 3,000,000 shares, each previously filed by the Company with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
as updated by the information set forth below, are incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PART II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">ITEM 3.<FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT>INCORPORATION
OF DOCUMENTS BY REFERENCE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">The following
documents previously filed with the SEC are incorporated by reference in this Registration Statement, as of their respective dates:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(a) the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 19, 2013, including
all material incorporated by reference therein (File No. 001-32330);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(b) the Company&rsquo;s
Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, as filed with the SEC on May 8, 2013 (File No. 001-32330);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(c)
the Company&rsquo;s Current Reports on Form 8-K, as filed with the SEC on January 31, 2013, February 15, 2013 (with respect
to Item 8.01 only), February 25, 2013, March 12, 2013, April 8, 2013 (with respect to Item 2.01 only), April 9, 2013 and May
31, 2013 and Current Report on Form 8-K/A, as filed with the SEC on May 6, 2013 (File No. 001-32330); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(d) the description
of the Common Stock contained in the Registration Statement on Form 8-A, dated October 25, 2004, filed with the SEC by the Company
to register the Common Stock under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including
any amendment or report filed for the purpose of updating such description (File No. 001-32330).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">All documents
subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be part hereof from the date of filing of such documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Any statement
contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration
Statement, or in any other subsequently filed document that also is incorporated or is deemed to be incorporated by reference
in this Registration Statement modifies or supersedes such prior statement. Any statement contained in this Registration Statement
shall be deemed to be modified or superseded to the extent that a statement contained in a subsequently filed document that is
or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes such prior statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">ITEM 6.<FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT>INDEMNIFICATION
OF DIRECTORS AND OFFICERS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Maryland law permits
a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation
and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit
in money, property or services or (b) active and deliberate dishonesty established by a final judgment and which is material to
the cause of action. The Company&rsquo;s charter contains such a provision which eliminates directors&rsquo; and officers&rsquo;
liability to the maximum extent permitted by Maryland law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">The Company&rsquo;s
charter authorizes the Company, to the maximum extent permitted by Maryland law, to obligate the Company to indemnify any present
or former director or officer or any individual who, while a director of the Company and at the request of the Company, serves
or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other
enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become
subject or which that person may incur by reason of his or her status as a present or former director or officer of the Company
and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The Company&rsquo;s bylaws
obligate the Company, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer
or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another
corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise as a director, officer, partner, trustee, member or manager and who is made, or threatened to be made, a party
to the proceeding by reason of his service in that capacity from and against any claim or liability to which that person may become
subject or which that person may incur by reason of his or her service in such capacity and to pay or reimburse their reasonable
expenses in advance of final disposition of a proceeding. The Company&rsquo;s charter and bylaws also permit the Company to indemnify
and advance expenses to any person who served a predecessor of the Company in any of the capacities described above and any employee
or agent of the Company or a predecessor of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Maryland law requires
a corporation (unless its charter provides otherwise, which the Company&rsquo;s charter does not) to indemnify a director or officer
who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason
of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers,
among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other
capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving
rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) the
director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal
proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. A Maryland corporation
may not indemnify a director or officer with respect to a proceeding by or in the right of the corporation in which the director
or officer was adjudged liable to the corporation or a proceeding charging improper personal benefit to the director or officer
in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order
indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though
the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit
was improperly received. However, indemnification for an adverse judgment in a suit by or in the right of the corporation, or
for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. In addition, Maryland
law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt of (a)
a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct
necessary for indemnification by the corporation and (b) a written undertaking by him or on his behalf to repay the amount paid
or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">The Company has
entered into indemnification agreements with each of its directors and executive officers which require that it indemnify such
directors and officers to the maximum extent permitted by Maryland law and that it pay such persons&rsquo; expenses in defending
any civil or criminal proceeding in advance of final disposition of such proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">No member of the
Board of Directors of the Company (the &ldquo;Board&rdquo;) or the Compensation Committee of the Board of Directors of the Company
(the &ldquo;Committee&rdquo;), nor any officer or employee of the Company acting on behalf of the Board or the Committee, shall
be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Omnibus Plan
and all members of the Board or the Committee and each and any officer or employee of the Company acting on their behalf shall,
to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination
or interpretation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) may be permitted to directors,
officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion
of the staff of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">ITEM 8.<FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT>EXHIBITS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form of certificate for common stock (Incorporated by reference
    to Exhibit 4.1 of the Registrant&rsquo;s Registration Statement on Form S-11 (Registration No. 333-114675), as amended, which
    was originally filed with the Securities and Exchange Commission on April 21, 2004).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Articles of Amendment and Restatement of NorthStar Realty Finance
    Corp. (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Registration Statement on Form S-11, as amended
    (Registration No. 333-114675)). </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of NorthStar Realty Finance Corp.
    (Incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period
    ended June 30, 2011).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Opinion of Venable LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Consent of Grant Thornton LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Consent of Venable LLP (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Power of Attorney (included in signature page)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">NorthStar Realty Finance Corp. Second Amended and Restated 2004
    Omnibus Stock Incentive Plan (Incorporated by reference to Appendix A to the Registrant&rsquo;s definitive Proxy Statement
    on Schedule 14A filed on April 19, 2013).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Filed herewith. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">ITEM 9.<FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT>UNDERTAKINGS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">The Company hereby
undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(a) (1) To file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(ii) To reflect
in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price
set forth in the &quot;Calculation of Registration Fee&quot; table in the effective registration statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(2) That, for
the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(3) To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(b) That, for
purposes of determining any liability under the Securities Act, each filing of the Company&rsquo;s annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>(and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">(c) Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in
the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in The City of New York, State of New York, on May 31, 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>










<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">NORTHSTAR REALTY FINANCE CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ronald J. Lieberman</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Ronald
        J. Lieberman</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Executive Vice President, General Counsel and Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>POWER OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">KNOW ALL PERSONS
BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Debra A. Hess and Ronald J. Lieberman,
and each of them severally, her or his true and lawful attorneys-in-fact, with full power of substitution and resubstitution,
for her or him and in her or his name, place and stead, in any and all capacities, in connection with the Registration Statement
on Form S-8 (the &ldquo;Registration Statement&rdquo;) of NorthStar Realty Finance Corp. (the &ldquo;Company&rdquo;), under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) relating to the registration of shares of common stock,
$.01 par value per share, of the Company that are issuable pursuant the NorthStar Realty Finance Corp. Second Amended and Restated
2004 Omnibus Stock Incentive Plan, including, without limiting the generality of the foregoing, to sign the Registration Statement
in the name and on behalf of the Company or on behalf of each of the undersigned as a director or officer of the Company, to sign
any amendments and supplements relating thereto (including post-effective amendments) under the Securities Act and to sign any
instrument, contract, document or other writing of or in connection with the Registration Statement and any amendments and supplements
thereto (including post-effective amendments) and to file the same, with all exhibits thereto, and other documents in connection
therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange
or securities self-regulatory body, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each
acting alone, or her or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following
persons in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 28%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>Name</B></TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><B>Title</B></TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: center; vertical-align: top; border-bottom: Black 1pt solid"><B>Date</B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">/s/ David T. Hamamoto</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt">Chairman and Chief Executive Officer</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt">David T. Hamamoto</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">(Principal Executive Officer)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Debra A. Hess</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Chief Financial Officer</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Debra A. Hess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Principal Financial Officer and Principal Accounting Officer)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Preston Butcher</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Preston Butcher</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Stephen E. Cummings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Stephen E. Cummings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Judith A. Hannaway</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Judith A. Hannaway</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Oscar Junquera</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Oscar Junquera</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Wesley D. Minami</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Wesley D. Minami</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Louis J. Paglia</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Louis J. Paglia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Sridhar Sambamurthy</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">Director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">May 31, 2013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">Sridhar Sambamurthy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INDEX TO EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form of certificate for common stock (Incorporated by reference
    to Exhibit 4.1 of the Registrant&rsquo;s Registration Statement on Form S-11 (Registration No. 333-114675), as amended, which
    was originally filed with the Securities and Exchange Commission on April 21, 2004).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Articles of Amendment and Restatement of NorthStar Realty Finance
    Corp. (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Registration Statement on Form S-11, as amended
    (Registration No. 333-114675)). </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of NorthStar Realty Finance Corp.
    (Incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period
    ended June 30, 2011).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Opinion of Venable LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Consent of Grant Thornton LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Consent of Venable LLP (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Power of Attorney (included in signature page)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">NorthStar Realty Finance Corp. Second Amended and Restated 2004
    Omnibus Stock Incentive Plan (Incorporated by reference to Appendix A to the Registrant&rsquo;s definitive Proxy Statement
    on Schedule 14A filed on April 19, 2013).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD></TD>
    <TD STYLE="vertical-align: top"></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Filed herewith. </FONT></TD></TR>
</TABLE>
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[{"type": "S-8", "sequence": "1", "filename": "t1300110_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 69825}]
{"company-data": {"conformed-name": "NORTHSTAR REALTY FINANCE CORP.", "cik": "0001273801", "assigned-sic": "6798", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-189016", "film-number": "13885728"}, "business-address": {"street1": "399 PARK AVENUE,", "street2": "18TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "212-547-2640"}, "mail-address": {"street1": "399 PARK AVENUE,", "street2": "18TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "NORTHSTAR REALTY", "date-changed": "20031218"}}
AS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION ON MAY 31, 2013
Registration No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM S-8
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
_____________________
NORTHSTAR
REALTY FINANCE CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS
CHARTER)
MARYLAND
11-3707493
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)
(I.R.S. EMPLOYER
IDENTIFICATION NO.)
399 PARK AVENUE, 18
TH
FLOOR
NEW YORK, NEW YORK 10022
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
NORTHSTAR REALTY FINANCE CORP. SECOND AMENDED
AND RESTATED 2004 OMNIBUS
STOCK INCENTIVE PLAN
(FULL TITLE OF THE PLAN)
_______________________
RONALD J. LIEBERMAN
EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL
& SECRETARY
399 PARK AVENUE, 18
TH
FLOOR
NEW YORK, NEW YORK 10022
(212) 547-2600
(NAME AND ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE
NUMBER,
INCLUDING AREA CODE, OF AGENT FOR SERVICE)
_______________________
Include by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check
one):
Large accelerated filer ___
Accelerated filer _
X
_
Non-accelerated filer ___
(Do not check if a smaller reporting company)
Smaller reporting company ___
_______________________
CALCULATION
OF REGISTRATION FEE
Title
        of Each Class of
Securities
        to be Registered
Amount to be Registered
(1)(2)
Proposed Maximum Offering Price Per Share
(3)
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
Common stock, $.01 par value
    per share
8,000,000
$8.92
$71,360,000
$9,733.51
(1)
Pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the "Securities
    Act"), this Registration Statement also covers an indeterminate number of additional shares that may become issuable
    under the NorthStar Realty Finance Corp. Second Amended and Restated 2004 Omnibus Stock Incentive Plan (the "Omnibus
    Plan") by reason of certain corporate transactions or events, including any stock dividend, stock split, recapitalization
    or any other similar transaction effected without the receipt of consideration which results in an increase in the number
    of the registrant's outstanding shares of common stock.
(2)
Represents an additional 8,000,000 of shares of common stock, $.01 par value per share,
    of NorthStar Realty Finance Corp. (the "Shares") issuable under the Omnibus Plan. A Registration Statement on
    Form S-8 (No. 333-182067) with respect to a total of 5,500,000 shares issuable under the NorthStar Realty Finance Corp. Amended
    and Restated 2004 Omnibus Stock Incentive Plan (the "Prior Plan"), a Registration Statement on Form S-8 (No. 333-120025)
    with respect to a total of 1,375,000 shares issuable under the Prior Plan, a post-effective amendment thereto with respect
    to an additional 58,038 shares, a post-effective amendment thereto with respect to an additional 4,500,000 shares, and a Registration
    Statement on Form S-8 (No. 333-143549) with respect to an additional 3,000,000 shares were previously filed. Shares issuable
    under the Omnibus Plan include (a) awards of restricted Shares, (b) if Units (as defined in the Omnibus Plan) are awarded
    under the Omnibus Plan, the Shares issuable upon redemption of such Units, (c) awards of phantom stock units subject to certain
    restrictions, (d) awards of entitlements to receive credits based on cash dividends that would have been paid on the Shares
    if such Shares had been issued to and held by the recipient of such entitlements, or (e) Shares issuable upon exercise of
    stock options, stock appreciation rights or certain Other Awards (as defined in Section 12 of the Omnibus Plan) made under
    the Omnibus Plan.
(3)
Estimated solely for purposes of determining the registration fee pursuant to the provisions
    of Rules 457(c) and 457(h) under the Securities Act by averaging the high and low sales prices of NorthStar Realty Finance
    Corp. common stock as reported by the New York Stock Exchange on May 29, 2013.
EXPLANATORY
NOTE
This Registration
Statement on Form S-8 of NorthStar Realty Finance Corp. (the "Company") is being filed pursuant to General Instruction
E of Form S-8 in connection with the registration of an additional 8,000,000 shares of the Company's common stock, $.01
par value per share (the "Common Stock") to be issued pursuant to the NorthStar Realty Finance Corp. Second Amended
and Restated 2004 Omnibus Stock Incentive Plan (the "Omnibus Plan"). The contents of the Registration Statement on
Form S-8 (No. 333-182067) with respect to a total of 5,500,000, the contents of the Registration Statement on Form S-8 (No. 333-120025)
with respect to a total of 1,375,000 shares issuable under the NorthStar Realty Finance Corp. Amended and Restated 2004 Omnibus
Stock Incentive Plan, a post-effective amendment thereto with respect to an additional 58,038 shares, a post-effective amendment
thereto with respect to an additional 4,500,000 shares, and the Registration Statement on Form S-8 (No. 333-143549) with respect
to an additional 3,000,000 shares, each previously filed by the Company with the Securities and Exchange Commission (the "SEC"),
as updated by the information set forth below, are incorporated herein by reference.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3.
INCORPORATION
OF DOCUMENTS BY REFERENCE.
The following
documents previously filed with the SEC are incorporated by reference in this Registration Statement, as of their respective dates:
(a) the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 19, 2013, including
all material incorporated by reference therein (File No. 001-32330);
(b) the Company's
Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, as filed with the SEC on May 8, 2013 (File No. 001-32330);
(c)
the Company's Current Reports on Form 8-K, as filed with the SEC on January 31, 2013, February 15, 2013 (with respect
to Item 8.01 only), February 25, 2013, March 12, 2013, April 8, 2013 (with respect to Item 2.01 only), April 9, 2013 and May
31, 2013 and Current Report on Form 8-K/A, as filed with the SEC on May 6, 2013 (File No. 001-32330); and
(d) the description
of the Common Stock contained in the Registration Statement on Form 8-A, dated October 25, 2004, filed with the SEC by the Company
to register the Common Stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including
any amendment or report filed for the purpose of updating such description (File No. 001-32330).
All documents
subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be part hereof from the date of filing of such documents.
Any statement
contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration
Statement, or in any other subsequently filed document that also is incorporated or is deemed to be incorporated by reference
in this Registration Statement modifies or supersedes such prior statement. Any statement contained in this Registration Statement
shall be deemed to be modified or superseded to the extent that a statement contained in a subsequently filed document that is
or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes such prior statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
ITEM 6.
INDEMNIFICATION
OF DIRECTORS AND OFFICERS.
Maryland law permits
a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation
and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit
in money, property or services or (b) active and deliberate dishonesty established by a final judgment and which is material to
the cause of action. The Company's charter contains such a provision which eliminates directors' and officers'
liability to the maximum extent permitted by Maryland law.
The Company's
charter authorizes the Company, to the maximum extent permitted by Maryland law, to obligate the Company to indemnify any present
or former director or officer or any individual who, while a director of the Company and at the request of the Company, serves
or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other
enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become
subject or which that person may incur by reason of his or her status as a present or former director or officer of the Company
and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The Company's bylaws
obligate the Company, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer
or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another
corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise as a director, officer, partner, trustee, member or manager and who is made, or threatened to be made, a party
to the proceeding by reason of his service in that capacity from and against any claim or liability to which that person may become
subject or which that person may incur by reason of his or her service in such capacity and to pay or reimburse their reasonable
expenses in advance of final disposition of a proceeding. The Company's charter and bylaws also permit the Company to indemnify
and advance expenses to any person who served a predecessor of the Company in any of the capacities described above and any employee
or agent of the Company or a predecessor of the Company.
Maryland law requires
a corporation (unless its charter provides otherwise, which the Company's charter does not) to indemnify a director or officer
who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason
of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers,
among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other
capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving
rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) the
director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal
proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. A Maryland corporation
may not indemnify a director or officer with respect to a proceeding by or in the right of the corporation in which the director
or officer was adjudged liable to the corporation or a proceeding charging improper personal benefit to the director or officer
in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order
indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though
the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit
was improperly received. However, indemnification for an adverse judgment in a suit by or in the right of the corporation, or
for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. In addition, Maryland
law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a)
a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct
necessary for indemnification by the corporation and (b) a written undertaking by him or on his behalf to repay the amount paid
or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
The Company has
entered into indemnification agreements with each of its directors and executive officers which require that it indemnify such
directors and officers to the maximum extent permitted by Maryland law and that it pay such persons' expenses in defending
any civil or criminal proceeding in advance of final disposition of such proceeding.
No member of the
Board of Directors of the Company (the "Board") or the Compensation Committee of the Board of Directors of the Company
(the "Committee"), nor any officer or employee of the Company acting on behalf of the Board or the Committee, shall
be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Omnibus Plan
and all members of the Board or the Committee and each and any officer or employee of the Company acting on their behalf shall,
to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination
or interpretation.
Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors,
officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion
of the staff of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
ITEM 8.
EXHIBITS.
Exhibit
    No.
Description
4.1
Form of certificate for common stock (Incorporated by reference
    to Exhibit 4.1 of the Registrant's Registration Statement on Form S-11 (Registration No. 333-114675), as amended, which
    was originally filed with the Securities and Exchange Commission on April 21, 2004).
4.2
Articles of Amendment and Restatement of NorthStar Realty Finance
    Corp. (Incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-11, as amended
    (Registration No. 333-114675)).
4.3
Amended and Restated Bylaws of NorthStar Realty Finance Corp.
    (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period
    ended June 30, 2011).
5.1*
Opinion of Venable LLP
23.1*
Consent of Grant Thornton LLP
23.2
Consent of Venable LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included in signature page)
99.1
NorthStar Realty Finance Corp. Second Amended and Restated 2004
    Omnibus Stock Incentive Plan (Incorporated by reference to Appendix A to the Registrant's definitive Proxy Statement
    on Schedule 14A filed on April 19, 2013).
*
Filed herewith.
ITEM 9.
UNDERTAKINGS.
The Company hereby
undertakes:
(a) (1) To file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect
in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price
set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include
any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for
the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b) That, for
purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act
(and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in
the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in The City of New York, State of New York, on May 31, 2013.
NORTHSTAR REALTY FINANCE CORP.
By:
/s/ Ronald J. Lieberman
Name:
Ronald
        J. Lieberman
Title:
Executive Vice President, General Counsel and Secretary
POWER OF ATTORNEY
KNOW ALL PERSONS
BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Debra A. Hess and Ronald J. Lieberman,
and each of them severally, her or his true and lawful attorneys-in-fact, with full power of substitution and resubstitution,
for her or him and in her or his name, place and stead, in any and all capacities, in connection with the Registration Statement
on Form S-8 (the "Registration Statement") of NorthStar Realty Finance Corp. (the "Company"), under the
Securities Act of 1933, as amended (the "Securities Act") relating to the registration of shares of common stock,
$.01 par value per share, of the Company that are issuable pursuant the NorthStar Realty Finance Corp. Second Amended and Restated
2004 Omnibus Stock Incentive Plan, including, without limiting the generality of the foregoing, to sign the Registration Statement
in the name and on behalf of the Company or on behalf of each of the undersigned as a director or officer of the Company, to sign
any amendments and supplements relating thereto (including post-effective amendments) under the Securities Act and to sign any
instrument, contract, document or other writing of or in connection with the Registration Statement and any amendments and supplements
thereto (including post-effective amendments) and to file the same, with all exhibits thereto, and other documents in connection
therewith, including this power of attorney, with the Securities and Exchange Commission and any applicable securities exchange
or securities self-regulatory body, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each
acting alone, or her or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the
requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following
persons in the capacities and on the dates indicated.
Name
Title
Date
/s/ David T. Hamamoto
Chairman and Chief Executive Officer
May 31, 2013
David T. Hamamoto
(Principal Executive Officer)
/s/ Debra A. Hess
Chief Financial Officer
May 31, 2013
Debra A. Hess
(Principal Financial Officer and Principal Accounting Officer)
/s/ Preston Butcher
Director
May 31, 2013
Preston Butcher
/s/ Stephen E. Cummings
Director
May 31, 2013
Stephen E. Cummings
/s/ Judith A. Hannaway
Director
May 31, 2013
Judith A. Hannaway
/s/ Oscar Junquera
Director
May 31, 2013
Oscar Junquera
/s/ Wesley D. Minami
Director
May 31, 2013
Wesley D. Minami
/s/ Louis J. Paglia
Director
May 31, 2013
Louis J. Paglia
/s/ Sridhar Sambamurthy
Director
May 31, 2013
Sridhar Sambamurthy
INDEX TO EXHIBITS
Exhibit
    No.
Description
4.1
Form of certificate for common stock (Incorporated by reference
    to Exhibit 4.1 of the Registrant's Registration Statement on Form S-11 (Registration No. 333-114675), as amended, which
    was originally filed with the Securities and Exchange Commission on April 21, 2004).
4.2
Articles of Amendment and Restatement of NorthStar Realty Finance
    Corp. (Incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-11, as amended
    (Registration No. 333-114675)).
4.3
Amended and Restated Bylaws of NorthStar Realty Finance Corp.
    (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period
    ended June 30, 2011).
5.1*
Opinion of Venable LLP
23.1*
Consent of Grant Thornton LLP
23.2
Consent of Venable LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included in signature page)
99.1
NorthStar Realty Finance Corp. Second Amended and Restated 2004
    Omnibus Stock Incentive Plan (Incorporated by reference to Appendix A to the Registrant's definitive Proxy Statement
    on Schedule 14A filed on April 19, 2013).
*
Filed herewith.