ACRES Commercial Realty (ACR) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
	Six Months Ended			Year Ended		Year Ended		Year Ended		Year Ended
	June 30,			December 31,		December 31,		December 31,		December 31,
	2015			2014		2013		2012		2011
	(unaudited)
Earnings:
Pretax income (loss) from continuing operations	$	(4,637,620	)	$	58,990,678	$	45,411,712	$	79,045,303	$	49,752,614
Fixed charges	30,723,896			45,508,411		61,038,847		42,809,788		30,450,471
Total earnings before fixed charges and preferred shares	$	26,086,276		$	104,499,089	$	106,450,559	$	121,855,091	$	80,203,085
Fixed Charges:
Interest (expensed and capitalized)	$	26,867,876		$	38,430,444	$	52,518,198	$	38,027,275	$	27,043,926
Amortized premiums, discounts      and capitalized expenses related to indebtedness	3,837,072			7,042,845		8,491,437		4,765,109		3,387,123
Estimate of interest within rental expenses	18,948			35,122		29,212		17,404		19,422
Total fixed charges	$	30,723,896		$	45,508,411	$	61,038,847	$	42,809,788	$	30,450,471
Preferred stock dividend	$	12,206,753		$	17,175,869	$	7,221,041	$	1,243,971	$	—
Ratio of earnings to combined fixed charges (1)	0.85			2.30		1.74		2.85		2.63
Ratio of earnings to combined fixed charges   and preferred stock dividends (1)	0.61			1.67		1.56		2.77		2.63

(1) The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012.