NorthStar Realty Finance is a commercial real estate finance company with $6.8 billion of assets under management across three business lines: commercial real estate lending, real estate securities investment/management, and net leased corporate/healthcare properties. The company has a seasoned management team with extensive experience and a focus on credit risk management. Key highlights include a strong liquidity position, minimal near-term debt maturities, and consistent dividend payments since going public. NorthStar's priorities are liquidity/capital retention, intensive credit monitoring, capital raising through alternative sources, and opportunistic investments.

1. Corporate Presentation
May 2010
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2. Safe Harbor
Certain statements in this presentation may contain forward-looking statements.
The forward-looking statements may involve a number of risks and uncertainties.
A number of factors including those set forth in the Company’s Annual Report on
Form 10-K could cause our actual results, performance, achievements or industry
results to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. Additional
information concerning factors that could cause actual results to materially differ
from those in the forward-looking statements is contained in the Securities and
Exchange Commission filings of the Company. The Company undertakes no obligation
to publicly update any information whether as a result of new information, future
events, or otherwise.
Certain non-GAAP financial measures, as defined by the Securities and Exchange
Commission, are set forth in this presentation. Our presentation of this information
is not intended to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. Except as otherwise
noted herein, reconciliations of these non-GAAP financial measures to the most
comparable measures prepared in accordance with GAAP are set forth on the exhibits
attached hereto.
This presentation does not constitute an offer to sell or a solicitation of an offer
to buy any securities of our company.
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3. NorthStar Realty Finance
Commercial real estate finance company (NYSE:NRF)
Three primary complementary business lines focused on commercial real
estate:
Commercial real estate lending
Real estate securities investment and management
Net leased corporate and healthcare-related properties
$6.8 billion of commercial real estate loans, securities backed by
commercial real estate mortgages and net leased real estate properties
under management
New York headquarters with investments located throughout the U.S.
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4. NorthStar Highlights
Management team averaging 20 years of experience in commercial real
estate investment and ownership
Strong credit history and risk management platform
Centralized management structure ensures senior management
involvement in all portfolio management and investment decisions
Long-term and flexible match funded capital structure and strong
liquidity position ($214 million of liquidity)
Minimal near-term final debt maturities and no ratings triggers
Consistently paid a quarterly cash dividend since going public
Employees/Directors collectively own approximately 7% of NorthStar
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5. NorthStar Highlights
NorthStar specializes in commercial real estate finance and property
investment and has delivered a strong credit track record.
NorthStar’s management team is comprised of professionals who have
experience in owning and operating real estate through cycles. The
Company’s hallmarks include:
Focus on senior loans, direct origination, and in raising long-term capital
during frothy real estate market resulted in best-in-class credit track record
and liquidity management;
Did not participate in top-of-the market syndicated financings such as
Archstone Smith, Equity Office Properties, Hilton Hotels, Stuyvesant Town/PCV
and others;
Invested early in risk management infrastructure to support investment
management activities. Experts in construction and owning and operating real
estate are dedicated to managing NorthStar's assets;
Aggressive capital raising and curtailment of commitments beginning in early
2007 enabled NorthStar to create an approximate $193 million cushion for
credit losses from discounted debt repurchases;
Match funded liability structure and conservative liquidity management
approach have positioned NorthStar well in this difficult environment.
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6. Complementary Primary Business Lines
Real Estate Debt
Originate, acquire and structure senior and subordinated debt
$2.1 billion(1) assets / $20 million average size
81.9% weighted average loan-to-value(2)
3-year weighted average remaining term to extended final maturity
Real Estate Securities
CMBS/unsecured REIT debt/bank loans
$3.5 billion assets under management / $5 million average size
BB average rating
6-year weighted average expected remaining life
Net Lease Properties
Healthcare/corporate property focus
$1.1 billion assets / $9 million average size
7-year weighted average remaining term
Strong lease coverage on healthcare portfolio
(1) Excludes $0.1 billion of equity invested in joint ventures.
(2) Loan-to-value generally represents loan-to-cost unless the collateral has been revalued as part of a loan modification or credit situation.
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7. Seasoned Executive Team
Name NRF Position Yrs of Exp Relevant Background
David T. Hamamoto CEO 27 NorthStar Capital - Co-Founder
Goldman, Sachs & Co. - Co-Founder and Partner of Real Estate
Principal Investment (Whitehall Funds)
Andrew C. Richardson CFO and EVP 20 iStar Financial Inc. – EVP, Capital Markets
Salomon Smith Barney – VP, Global Real Estate and Lodging
Group
Ernst & Young - C.P.A
Daniel R. Gilbert CIO and EVP 17 NorthStar Capital – Head of Mezzanine Lending Business
Merrill Lynch - Group Head in Global Principal Investment and
Commercial Real Estate
Al Tylis COO, General Counsel 13 ASA Institute - Director of Corporate Finance and General
and EVP Counsel
Bryan Cave LLP - Senior attorney
GE Business Property - Head of East and Midwest real estate
acquisitions
Daniel D. Raffe EVP 22 Cushman & Wakefield – Managing Director, Real Estate Capital
Markets
Robert Riggs Director of Portfolio 23 Olympus Real Estate Partners - Partner
Management GE Capital Realty Group – COO and EVP of Equity Investing
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8. NorthStar Priorities
Liquidity Management and Capital Retention
NorthStar used its strong liquidity position and market volatility to
strengthen and de-lever its balance sheet during 2009.
Aggressively seek asset monetization opportunities, even at discounts
to cost.
Intensive Credit Risk Management
Active executive management involvement in all portfolio management
strategies.
Capital Raising
Access alternative capital by leveraging NorthStar’s commercial real
estate franchise to make opportunistic investments.
Develop and seek creative financing structures – filed S-11 with the SEC
in connection with newly formed REIT, NorthStar Real Estate Income
Trust.
Newly formed NorthStar broker-dealer, NRF Capital Markets, registered
with the SEC and approved as a member of FINRA.
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9. Diversified Asset Base (As of March 31, 2010)
(1)
Three Business Lines by Invested Capital Diversified Property Types
2% Retail-Net Lease
8% Healthcare Net
2% Industrial
Lease
9% Cash Healthcare 3% Condo
21%
48% Real
10% Core Office – 9% Retail-Loans
Estate
Net Lease Loans
Debt 13% Office-Net Lease
18%
12% JV Investments/ Multi-
Other Family
17% 15% Hotel
13% Real Estate
Securities
High Quality Diversified Asset Types Geographic Diversification (1)
2% IG Net Lease 2% Northwest
4% Junior 3% Other
Participations Midwest 5% Mid-Atlantic
IG Securities 25%
11% Mezzanine & Other
20% 5% Southern Cal.
16% First Southeast 6% Northern Cal.
15% Non-IG Net Lease
Mortgages 16%
(Whole
Non-IG 8% New York
loans)
Securities Southwest
North-
32% 12% 8% West
east
10%
Source: NorthStar Realty Finance Corp.
(1) Excludes RE securities, equity investments in real estate and
corporate lending.
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10. Seasoned, High Credit-Quality
Commercial Real Estate Securities
(As of March 31, 2010)
NorthStar’s Securities Investment Portfolio
(excluding securities owned by NRESOF) (1)
$2.6 billion
CMBS IG 3% REIT Non-IG
36% 55% Non-Investment Grade
7% REIT IG Investment
Grade
7% Other 45%
47%
CMBS
Non-IG
CMBS by Vintage Securities By Credit Rating(2)
2008 8% 2% AA
3% 2002
and 4% AAA
2009 2001 and 6% 2003
prior 6% CC and
BBB below
18% 30%
13% 2004 9% CCC
2005
18%
BB
9% A
2006 25% B
13% 2007 15%
21%
58% 2005 and prior
42% 2006 and after
Source: NorthStar Realty Finance Corp.
(1) $0.9 billion of securities are managed in NorthStar Real Estate Securities Opportunity Fund in
which NorthStar is the general partner and has a 31% LP interest as of March 31, 2010.
(2) If securities are split-rated then highest ratings category used. 10

11. Strong Credit Performance
Minimal realized credit losses on commercial real estate loans to date
NPLs just 4.2% of total loans.
Approximately 40% of loans have some sort of recourse obligation to the
sponsors.
Just $7 million of expected unrestricted cash needs to fund all remaining loan
commitments.
Commercial real estate securities have minimal delinquencies
CMBS portfolio average credit rating is Ba2/BB despite significant and industry-
wide downgrade actions. Older vintage focus provides greater credit
enhancement and ratings action cushion.
No repo or short-term financing. Ability to hold investments until maturity.
All CDOs in compliance with overcollateralization and interest coverage
tests.
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12. Capitalization and Non-Recourse
Match Funding
Funded Balance at $214 million liquidity
March 31, 2010
Long-term match funded capital
$350 million of committed bank debt
capital.
$800 million of mortgages with major
financial institutions
Mortgage / Term $3.0 billion on-balance sheet flexible CDO
Loans / CDO 76%
Match Funded financings at investment grade cost of
Debt funds. Most financings still within
reinvestment periods.
$38 million of U.S. Government issued
Term Asset Backed Securities Loan (TALF)
Exchangeable Notes 2% financing.
Trust Preferred
Long-term subordinate capital
5%
$280 million of 30-year trust preferred
Preferred and
Common Equity +
17%
securities provide cost-effective, “equity-
OP Minority Interest
like” capital.
Note: Debt values are shown at principal amounts and preferred equity is
shown at book value as of March 31, 2010. Common equity is shown
$250 million of perpetual preferred
exclusive of mark-to-market adjustments and accumulated
depreciation. equity at 8.37% average cost
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13. Low-Cost Match-Funded Financing
($ in millions) Low All-in Funding Cost of NorthStar
Term Debt Financings
Securities Real Estate Debt
Spread (bps) (1) over Swaps
N-Star
Securities Term Debt Financings Loan Term Debt Financings
Issuance Date: 8/21/03 7/1/04 3/10/05 9/22/05 6/22/06 2/28/07 6/14/05 3/17/06 12/7/06
Amount: $400 $400 $400 $500 $550 $800 $400 $450 $900
Re-investment 0 0 0 0.5 1.2 2.2 0.2 1.2 1.9
Period Remaining (yrs.)
(1) Includes debt issuance costs.
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14. NorthStar Realty Finance
Commercial real estate finance company (NYSE:NRF)
Three primary complementary business lines focused on commercial real
estate:
Commercial real estate lending
Real estate securities investment and management
Net leased corporate and healthcare-related properties
$6.8 billion of commercial real estate loans, securities backed by
commercial real estate mortgages and net leased real estate properties
under management
New York headquarters with investments located throughout the U.S.
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15. APPENDIX
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16. AFFO Reconciliation
2008 2009 2010
($ in Thousands, except per share) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Funds from Operations (FFO)
Consolidated net income (loss) $222,152 ($23,267) $251,581 $251,863 $102,731 $2,469 ($65,773) ($189,931) ($20,103)
(1)
Less: Non-controlling interest in joint ventures (245) 448 (2,300) (2,517) (2,464) (1,976) (2,555) (2,560) (1,962)
Consolidated net income (loss) before non-controlling
interest in operating partnership $221,907 ($22,819) $249,281 $249,346 $100,267 $493 ($68,328) ($192,491) ($22,065)
+ Preferred Stock Dividend (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231)
(2)
+ Depreciation and Amortization 10,185 10,224 13,737 9,954 15,061 17,629 3,959 7,890 8,720
+ Funds from Discontinued Oper. 0 0 0 0 0 0 0 573 0
Total $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576)
Adjusted Funds from Operations (AFFO)
FFO $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576)
(3)
+ Straightline Rental income (803) (755) (383) (536) (504) (724) (584) (607) (572)
+ Amortization of Fair Market Rental Adj. (306) (305) (809) (320) (325) 163 (304) (335) (264)
+ Amortization of Deferred Compensation 6,991 5,966 5,439 6,284 5,144 5,320 5,007 5,003 5,058
Less: Unrealized MTM (Gains)/Losses 209,073 (42,125) 236,355 243,790 91,798 (1,881) (85,003) (206,078) 19,533
Total $23,670 $29,205 $25,679 $15,708 $22,614 $19,530 $19,522 $20,879 ($33,887)
AFFO Per Share $0.34 $0.42 $0.37 $0.36 $0.31 $0.26 $0.25 $0.25 ($0.41)
Source: Company filings and press releases.
Q1’08 – Q4’08 includes restated financial statement figures after adoption of FASB APB 14-1
(1) Includes Minority Interest in Joint Ventures.
(2) Includes depreciation and amortization of unconsolidated ventures.
(3) Includes straight-line rental income of unconsolidated ventures.
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