Exhibit 12.1

Kennedy-Wilson Holdings, Inc.

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

	6 months Ended
	June 30, 2016			2015			2014			2013			2012			2011
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investees:
- Income (loss) before (provision for) benefit from income taxes	$	14,800,000		$	112,400,000		$	122,500,000		$	16,800,000		$	6,841,000		$	5,121,000
- Equity in earnings from real estate ventures (deduct income)		(27,600,000	)		(97,400,000	)		(54,200,000	)		(41,400,000	)		(21,527,000	)		(12,507,000	)
		(12,800,000	)		15,000,000			68,300,000			(24,600,000	)		(14,686,000	)		(7,386,000	)
Adjustments:
Fixed charges		96,926,000			166,580,000			136,314,000			55,382,000			32,960,000			24,737,000
Distributions from equity investees—operating		17,900,000			88,500,000			88,800,000			67,700,000			30,432,000			3,567,000
Interest capitalized		0			(200,000	)		0			(800,000	)		(2,258,000	)		(2,716,000	)
Total earnings	$	102,026,000		$	269,880,000		$	293,414,000		$	97,682,000		$	46,448,000		$	18,202,000
Fixed charges:
Interest
- Expensed		90,400,000			156,700,000			130,700,000			51,700,000			28,595,000			20,507,000
- Capitalized		0			200,000			0			800,000			2,258,000			2,716,000
Amortization related to indebtedness—(6063-1000)		5,819,000			8,156,000			4,114,000			2,160,000			1,205,000			812,000
Amortization of premiums and discounts														5,000			41,000
Estimated interest within rental expense		707,000			1,524,000			1,500,000			722,000			897,000			661,000
Total fixed charges	$	96,926,000		$	166,580,000		$	136,314,000		$	55,382,000		$	32,960,000		$	24,737,000
Preferred stock dividends		1,100,000			3,600,000			8,100,000			8,100,000			8,144,000			8,744,000
Total combined fixed charges and preferred stock dividends		98,026,000			170,180,000			144,414,000			63,482,000			41,104,000			33,481,000
Ratio of earnings to fixed charges		1.05			1.62			2.15			1.76			1.41			N/A
Amount of deficiency	$	—		$	—		$	—		$	—		$	—		$	6,535,000
Ratio of earnings to combined fixed charges and preferred stock dividends		1.04			1.59			2.03			1.54			1.13			N/A
Amount of deficiency recap of rent expense		0			0			0			0			0			15,279,000
Net rental expense (5310-1000 and 5310-1100)		2,141,000			4,618,000			4,546,000			2,188,000			2,718,000			2,004,000
Interest in rent—33%		707,000			1,524,000			1,500,000			722,000			897,000			661,000
8765-0200: Loan Fee Amort—Corporate		1,287,789			2,161,867			2,367,909
8765-0300: Loan Fee Amort—Investments		4,531,145			5,993,773			1,746,235			2,160,164
8375-0800: Rent (G&A)		2,111,522			4,375,350			4,322,105			2,069,934
8375-1000: Parking		29,586			242,846			223,919			118,059