Exhibit 12.1
Starwood Property Trust, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands except ratios)
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| For the 6 months ended |
| For the period from |
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Fixed Charges |
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Interest expense |
| $ | 4,984 |
| $ | 1,904 |
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Interest capitalized |
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Amortization of premiums and discounts |
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Amortization of capitalized expenses relating to debt |
| 120 |
| 20 |
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Interest within rental expense |
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Preferred security dividend requirements in consolidated subsidiaries |
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Total fixed charges |
| $ | 5,104 |
| $ | 1,924 |
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Earnings |
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Pre-tax income (loss) from continuing operations before equity investees |
| $ | 16,790 |
| $ | (3,017 | ) |
Add: |
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Fixed charges |
| 5,104 |
| 1,924 |
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Amortization of capitalized interest |
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Distributed income of equity investees |
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Income from equity investees arising from guarantees |
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Less: |
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Interest capitalized |
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Preference security dividend requirements of consolidated subsidiaries |
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The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges |
| (263 | ) | — |
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Earnings (loss) |
| $ | 21,631 |
| $ | (1,093 | ) |
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 4.2x |
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| (a) | ||
(a) For the period from August 17, 2009 (commencement of operations) through December 31, 2009, our losses exceeded our fixed charges by approximately $1.1 million. The coverage deficiency for total fixed charges for this period was $3.0 million to arrive at a one-to-one ratio.
