DigitalBridge (DBRG) 8-K Other Events

Exhibit 12.1

COLONY NORTHSTAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(In thousands, except ratios)

Colony NorthStar, Inc. (the “Company”) was formed through a tri-party merger (the “Merger”) among NorthStar Asset Management Group Inc., Colony Capital, Inc. (“Colony Capital”) and NorthStar Realty Finance Corp. For more information concerning the effects of the Merger, please refer to the Company’s Current Report on Form 8-K12B, filed with the Securities and Exchange Commission (“SEC”) on January 10, 2017.

The financial information for the Company represents a continuation of the financial information of Colony Capital as the accounting acquirer in the Merger. Consequently, the following historical computation of the ratio of earnings to combined fixed charges and preferred dividends, for periods prior to January 10, 2017, represents the pre-Merger financial information of Colony Capital.

	Three Months Ended March 31, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Earnings:
Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees	$	(70,653	)	$	196,133		$	199,135		$	83,483		$	25,874		$	1,633
Add:
Fixed charges		126,278			170,083			133,094			48,365			18,838			8,248
Distributed income of equity investees		19,633			79,361			66,418			74,948			101,874			64,839
Subtract:
Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges		(22,124	)		(164,899	)		(103,018	)		(27,529	)		(17,018	)		(1,976	)
Earnings	$	53,134		$	280,678		$	295,629		$	179,267		$	129,568		$	72,744
Fixed Charges and Preferred Dividends:
Fixed charges:
Interest expense	$	126,278		$	170,083		$	133,094		$	48,365		$	18,838		$	8,248
Preferred dividends		30,813			48,159			42,569			24,870			21,420			13,915
Combined fixed charges and preferred dividends	$	157,091		$	218,242		$	175,663		$	73,235		$	40,258		$	22,163
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(1)		0.3x			1.3x			1.7x			2.4x			3.2x			3.3x

⁽¹⁾ For the three months ended March 31, 2017, the deficiency of earnings over combined charges and preferred stock dividends was $104.0 million.

COLONY NORTHSTAR, INC.

COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(In thousands, except ratios)

The following pro forma computation for the year ended December 31, 2016 gives effect to the completion of the Merger and assumes the Merger had been completed on January 1, 2016 (“Merger Pro Forma”). The merger-related adjustments are presented in Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC on March 15, 2017. The pro forma computation for the Company’s offering of Series I Preferred Stock (“Offering Pro Forma”) assumes that the shares of the Company’s Series I Preferred Stock were issued on January 1, 2016 and the proceeds were used to redeem all of the shares of our Series A Preferred Stock and a portion of our Series F Preferred Stock outstanding as described in the final prospectus supplement, dated May 24, 2017, and filed with the SEC on May 26, 2017.

	Three Months Ended March 31, 2017			Year Ended December 31, 2016
				Merger Pro Forma			Offering Pro Forma
Earnings:
Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees	$	(70,653	)	$	(151,394	)	$	(151,394	)
Add:
Fixed charges		126,278			517,338			517,338
Distributed income of equity investees		19,633			189,634			189,634
Subtract:
Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges		(22,124	)		(164,899	)		(164,899	)
Earnings	$	53,134		$	390,679		$	390,679
Pro Forma Fixed Charges and Preferred Dividends:
Fixed charges:
Interest expense	$	126,278		$	517,338		$	517,338
Preferred dividends		29,977			132,397			129,051
Combined pro forma fixed charges and preferred dividends	$	156,255		$	649,735		$	646,389
Pro Forma Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		0.3x			0.6x			0.6x

⁽¹⁾ For the three months ended March 31, 2017, the deficiency of pro forma earnings over combined charges and preferred stock dividends was $103.1 million. For the year ended December 31, 2016, the deficiency of earnings over combined charges and preferred stock dividends for the Merger Pro Forma and Offering Pro Forma was $259.1 million and $255.7 million, respectively.