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 atri-party merger (the “Merger”) among: NorthStar Asset Management Group Inc., Colony Capital, Inc. (“Colony”), and NorthStar Realty Finance Corp. For more information concerning the effects of the Merger, please see the Colony NorthStar Current Report on Form8-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 as the accounting acquirer in a reverse acquisition. Consequently, the following historical computation of the ratio of earnings to combined fixed charges and preferred dividends, for periods on and prior to January 10, 2017, represents thepre-merger financial information of Colony.

	Six Months Ended June 30, 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	$	(87,941	)	$	196,133		$	199,135		$	83,483		$	25,874		$	1,633
Add:
Fixed charges		266,538			170,083			133,094			48,365			18,838			8,248
Distributed income of equity investees		33,971			79,361			66,418			74,948			101,874			64,839
Subtract:
Noncontrolling interests inpre-tax income of consolidated subsidiaries with no fixed charges		(35,593	)		(164,899	)		(103,018	)		(27,529	)		(17,018	)		(1,976	)
Earnings	$	176,975		$	280,678		$	295,629		$	179,267		$	129,568		$	72,744
Fixed Charges and Preferred Dividends:
Fixed charges:
Interest expense	$	266,538		$	170,083		$	133,094		$	48,365		$	18,838		$	8,248
Preferred dividends		65,152			48,159			42,569			24,870			21,420			13,915
Combined fixed charges and preferred dividends	$	331,690		$	218,242		$	175,663		$	73,235		$	40,258		$	22,163
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(1)		0.5x			1.3x			1.7x			2.4x			3.2x			3.3x

⁽¹⁾ For the six months ended June 30, 2017, the deficiency of earnings over combined charges and preferred stock dividends was $154.7 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 of the Current Report on Form8-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, the net proceeds of which were used to redeem all of the Company’s Series A Preferred Stock and Series F Preferred Stock, as described in the final prospectus, dated May 24, 2017, and filed with the SEC on May 26, 2017. The pro forma computation for the Company’s offering of Series J Preferred Stock (“Offering Pro Forma, As Adjusted”) assumes that the shares of the Company’s Series J Preferred Stock were issued on January 1, 2016, the net proceeds of which were used to redeem all of the Company’s Series C Preferred Stock and a portion of the Company’s Series B Preferred Stock, and reflects the effects of the net change in preferred stock dividends based on a redemption of those preferred shares and the issuance of the Series J Preferred Stock, as described in the final prospectus, dated September 13, 2017, and filed with the SEC on September 15, 2017.

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Offering Pro Forma			Offering Pro Forma, As Adjusted			Merger Pro Forma			Offering Pro Forma			Offering Pro Forma, As Adjusted
Earnings:
Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees	$	(87,941	)	$	(87,941	)	$	(151,394	)	$	(151,394	)	$	(151,394	)
Add:
Fixed charges		266,538			266,538			517,338			517,338			517,338
Distributed income of equity investees		33,971			33,971			189,634			189,634			189,634
Subtract:
Noncontrolling interests inpre-tax income of consolidated subsidiaries with no fixed charges		(35,593	)		(35,593	)		(164,899	)		(164,899	)		(164,899	)
Earnings	$	176,975		$	176,975		$	390,679		$	390,679		$	390,679
Pro Forma Fixed Charges and Preferred Dividends:
Fixed charges:
Interest expense	$	266,538		$	266,538		$	517,338		$	517,338		$	517,338
Preferred dividends		64,674			63,121			132,397			130,249			127,143
Combined pro forma fixed charges and preferred dividends	$	331,212		$	329,659		$	649,735		$	647,587		$	644,481
Pro Forma Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(1)		0.5x			0.5x			0.6x			0.6x			0.6x

⁽¹⁾ For the six months ended June 30, 2017, the deficiency of pro forma earnings over combined charges and preferred stock dividends for the Offering Pro Forma and Offering Pro Forma, As Adjusted was $154.2 million and $152.7 million, respectively. For the year ended December 31, 2016, the deficiency of pro forma earnings over combined charges and preferred stock dividends for the Merger Pro Forma, Offering Pro Forma and Offering Pro Forma, As Adjusted was $259.1 million, $256.9 million and $253.8 million, respectively.