EXHIBIT 12.1
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Unaudited)
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| Three Months Ended |
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| March 31, |
| Years Ended December 31, |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Earnings: |
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Net income (loss) from continuing operations, pretax |
| $ | 3,023,326 |
| $ | 53,428,814 |
| $ | 93,048,490 |
| $ | 21,298,737 |
| $ | 15,586,859 |
| $ | (37,279,758 | ) |
Add (Subtract): |
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(Income) loss from Equity Affiliates |
| (1,897,442 | ) | (12,300,516 | ) | (248,658 | ) | 204,475 |
| 697,856 |
| (3,671,386 | ) | ||||||
Distributions from Equity Affiliates |
| 288,213 |
| 5,622,944 |
| 9,256,730 |
| 176,777 |
| 428,471 |
| 4,633,707 |
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Fixed charges |
| 12,960,316 |
| 50,624,510 |
| 49,238,543 |
| 43,544,166 |
| 42,372,781 |
| 52,716,944 |
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Income before fixed charges |
| $ | 14,374,413 |
| $ | 97,375,752 |
| $ | 151,295,105 |
| $ | 65,224,155 |
| $ | 59,085,967 |
| $ | 16,399,507 |
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Fixed charges: |
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Interest expense |
| $ | 12,960,316 |
| $ | 50,624,510 |
| $ | 49,238,543 |
| $ | 43,544,166 |
| $ | 42,372,781 |
| $ | 52,716,944 |
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Preferred stock dividends |
| 1,892,880 |
| 7,568,179 |
| 7,270,953 |
| 4,521,083 |
| 12,236 |
| 14,500 |
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Total fixed charges and preferred stock dividends |
| $ | 14,853,196 |
| $ | 58,192,689 |
| $ | 56,509,496 |
| $ | 48,065,249 |
| $ | 42,385,017 |
| $ | 52,731,444 |
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Ratio of earnings to fixed charges and preferred stock dividends |
| — |
| 1.7 |
| 2.7 |
| 1.4 |
| 1.4 |
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Deficiency |
| $ | 478,783 |
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| $ | 36,331,937 |
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