Northstar Realty Finance (NRF) 10-Q 2016 Q2 Quarterly report

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

	Six Months Ended June 30,			Years Ended December 31,
	2016			2015			2014			2013			2012			2011
Earnings
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	$	(290,178	)	$	(363,465	)	$	(424,832	)	$	(163,626	)	$	(257,806	)	$	(236,911	)
Add (subtract):
Distributions from private equity funds	132,969			653,366			381,399			224,449			—			—
Distributions from unconsolidated ventures	7,645			30,934			15,387			16,526			2,920			1,695
Interest expense	246,142			495,086			243,871			178,659			140,093			140,268
Total earnings	$	96,578		$	815,921		$	215,825		$	256,008		$	(114,793	)	$	(94,948	)
Fixed Charges
Interest expense	246,142			495,086			243,871			178,659			140,093			140,268
Total Fixed Charges	246,142			495,086			243,871			178,659			140,093			140,268
Preferred stock dividends	42,119			84,238			73,300			55,516			27,025			20,925
Total Combined Fixed Charges and Preferred Stock Dividends	$	288,261		$	579,324		$	317,171		$	234,175		$	167,118		$	161,193
Ratio of earnings to fixed charges(1)	0.39			1.65			0.88			1.43			(0.82		)	(0.68		)
Ratio of earnings to combined fixed charges and preferred stock dividends(2)	0.34			1.41			0.68			1.09			(0.69		)	(0.59		)
Deficiency related to ratio of earnings to fixed charges	NA			NA			NA			NA			$	(254,886	)	$	(235,216	)
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends	NA			NA			NA			NA			$	(281,911	)	$	(256,141	)

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(1) Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the six months ended June 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to fixed charges were 1.40, 2.11, 1.78, 1.39, 2.53 and 2.07, respectively.

(2) Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the six months ended June 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to combined fixed charges and preferred stock dividends were 1.20, 1.80, 1.37, 1.06, 2.12, and 1.80, respectively.