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)
| Years ended December 31, | ||||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense, including amortization | $ | 18,017 | $ | 69,143 | $ | 152,416 | $ | 184,270 | $ | 234,870 | ||||||||||
Preferred security dividend requirements in consolidated subsidiaries | 4,096 | 2,093 | 1,216 | 533 | — | |||||||||||||||
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Total fixed charges | $ | 22,113 | $ | 71,236 | $ | 153,632 | $ | 184,803 | $ | 234,870 | ||||||||||
Earnings | ||||||||||||||||||||
Pre-tax income from continuing operations before equity investees | $ | 26,419 | $ | 72,976 | $ | 200,591 | $ | 243,449 | $ | 218,282 | ||||||||||
Add: | ||||||||||||||||||||
Fixed charges, including amortization | 18,017 | 69,143 | 152,416 | 184,270 | 234,870 | |||||||||||||||
Distributed income of equity investees | 8,795 | 17,867 | 5,007 | 9,977 | — | |||||||||||||||
Less: | ||||||||||||||||||||
Preferred security dividend requirements in consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Earnings | $ | 53,231 | $ | 159,986 | $ | 358,014 | $ | 437,696 | $ | 453,152 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (1) | 2.41 | x | 2.25 | x | 2.33 | x | 2.37 | x | 1.93 | x | ||||||||||
| (1) | Ratio of earnings to combined fixed charges excluding preferred stock dividends was 2.95x, 2.31x, 2.35x, 2.38x and 1.93x, respectively, for the years ended December 31, 2013, 2014, 2015, 2016 and 2017. |
