NorthStar Realty Finance (NYSE:NRF) is making a play to raise more capital. The real estate investment trust is floating 35 million shares of its common stock in an underwritten public offering at a price of $9.60 per share. The company's underwriters have also been granted a 30-day purchase option for up to an additional 5.25 million shares.

NorthStar said it plans to use the proceeds of the issue to make investments, retire liabilities, and for "general corporate purposes."

JPMorgan Chase's J.P. Morgan, UBS, and the Securities wing of Deutsche Bank are the joint book-running managers of the issue, which is expected to close on Friday.

At the moment, NorthStar has nearly 200 million shares outstanding, and its stock trades at $9.57 per share.