KKR & Co. (KKR) POSASR Automatic shelf registration (post-effective amendment)

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

The following table presents the ratio of earnings to combined fixed charges and preferred dividends for us and our consolidated subsidiaries for the periods indicated. For the purposes of calculating the ratio of earnings to combined fixed charges and preferred dividends, (a) “fixed charges” consist of interest incurred on all indebtedness and amortization of capitalized expenses relating to indebtedness and (b) “earnings” consist of the sum of (i) pre-tax income before adjustment for non-controlling interests in consolidated entities or income or loss from equity investees, (ii) fixed charges and (iii) distributed income of equity investees, less the sum of (i) income (loss) from equity method investments and (ii) non-controlling interests in pre-tax income of subsidiaries that have not incurred fixed charges.

	Three Months Ended			Fiscal Years Ended December 31,
	March 31, 2018			2017			2016			2015			2014			2013
	(unaudited)
Fixed Charges:
Interest expense (1)	$	219,590		$	808,898		$	789,953		$	573,226		$	317,192		$	99,616
Total Fixed Charges		219,590			808,898			789,953			573,226			317,192			99,616
Preferred dividend requirement		8,341			60,928			49,799			27,564			20,673			-
Total Fixed Charges and Preferred Dividend Requirement	$	227,931		$	869,826		$	839,752		$	600,790		$	337,865		$	99,616
Earnings available for Combined Fixed Charges and Preferred Dividends:
Income before income tax provision	$	620,535		$	2,784,368		$	975,225		$	5,341,668		$	5,458,689		$	7,892,154
Add: Fixed charges		219,590			808,898			789,953			573,226			317,192			99,616
Add: Distributed income of equity investees		295,351			2,394,914			1,673,743			22,312			25,645			19,341
Less: Income (loss) from equity method investments		223,026			2,146,282			808,630			(51,857	)		(40,483	)		27,564
Less: Net income (loss) - Non-controlling interests		152,072			302,040			294,990			2,221,293			3,743,487			5,883,835
Total Earnings available for Combined Fixed Charges and Preferred Dividends	$	760,378		$	3,539,858		$	2,335,301		$	3,767,770		$	2,098,522		$	2,099,712
Ratio of earnings to combined fixed charges and preferred dividends		3.3	x		4.1	x		2.8	x		6.3	x		6.2	x		21.1	x

(1) Interest expense includes amortization of debt issuance costs, premiums and discounts.

All figures in thousands except ratios.