Exhibit 12.1
Blackstone Mortgage Trust, Inc. and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
Year Ended December 31, 2016 | Three Months Ended March 31, 2017 | |||||||
Fixed Charges | ||||||||
Interest expense, including amortization | $ | 184,270 | $ | 46,674 | ||||
Preferred security dividend requirements in consolidated subsidiaries | 533 | — | ||||||
|
|
|
| |||||
Total fixed charges | $ | 184,803 | $ | 46,674 | ||||
Earnings | ||||||||
Pre-tax income from continuing operations before equity investees | $ | 243,449 | $ | 51,494 | ||||
Add: | ||||||||
Fixed charges, including amortization | 184,270 | 46,674 | ||||||
Distributed income of equity investees | 9,977 | — | ||||||
Less: | ||||||||
Preferred security dividend requirements in consolidated subsidiaries | — | — | ||||||
Earnings | $ | 437,696 | $ | 98,168 | ||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.37x | 2.10x |