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”), and NorthStar Realty Finance Corp. For more information concerning the effects of the Merger, please see the Colony NorthStar 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 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 the pre-merger financial information of Colony.

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 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, 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.