Colony Capital 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

COLONY FINANCIAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

	Three Months Ended March 31,			Year Ended December 31,						Period from June 23, 2009 (Date of Inception) to
	2012			2011			2010			December 31, 2009
Earnings
Loss before income taxes before adjustment for noncontrolling interest and income from equity investees	$	(2,300	)	$	(2,356	)	$	(6,516	)	$	(1,610	)
Add:
Fixed charges		1,494			3,011			555			—
Distributed income of equity investees		16,192			25,959			16,296			—
Subtract:
Noncontrolling interest in pre-tax earnings of consolidated subsidiaries with no fixed charges		(307	)		(1,095	)		(22	)		(2	)
Earnings (loss)	$	15,079		$	25,519		$	10,313		$	(1,612	)
Fixed Charges
Interest expense	$	1,494		$	3,011		$	555			—
Total fixed charges	$	1,494		$	3,011		$	555		$	—
Preferred Dividends	$	376		$	—		$	—		$	—
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		8.1	x		8.5	x		18.6	x		N/A	(1)

⁽¹⁾  The Company did not have any fixed charges in the period presented.

COLONY FINANCIAL, INC.

COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

	Pro Forma for the Three Ended March 31, 2012			Pro Forma for the Year Ended December 31, 2011
Earnings
Loss before income taxes before adjustment for noncontrolling interest and income from equity investees	$	(1,684	)	$	(1,841	)
Add:
Fixed charges		878			2,496
Distributed income of equity investees		16,192			25,959
Subtract:
Noncontrolling interest in pre-tax earnings of consolidated subsidiaries with no fixed charges		(307	)		(1,095	)
Earnings	$	15,079		$	25,519
Fixed Charges
Interest expense	$	878		$	2,496
Total fixed charges	$	878		$	2,496
Preferred Dividends	$	2,501		$	8,500
Pro Forma Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		4.5	x		2.3	x

In calculating the pro forma ratio of earnings to combined fixed charges and preferred stock dividends, we have assumed that the shares of Series A Preferred Stock offered by this prospectus supplement were issued on the first day of the applicable period. For purposes of this pro forma calculation, we have assumed the repayment of $98.8 million of outstanding borrowings under our revolving credit facility (approximately $40.5 million as of the date of this prospectus supplement) with the net proceeds from this offering; therefore, the pro forma ratio excludes the effect of the amount of the related interest expense for each applicable period.