Exhibit 12.1
Starwood Property Trust, Inc.
Statement of Computation of Ratios of Earnings to
Fixed Charges
(in thousands, except ratios)
|
| For the Year Ended December 31, |
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|
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Fixed Charges |
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|
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Interest expense |
| $ | 214,622 |
| $ | 188,376 |
| $ | 149,315 |
| $ | 101,870 |
| $ | 41,456 |
|
Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| |||||
Amortization of premiums and discounts |
| — |
| — |
| — |
| — |
| — |
| |||||
Amortization of capitalized expenses relating to debt |
| 16,177 |
| 14,174 |
| 11,789 |
| 9,933 |
| 5,669 |
| |||||
Interest within rental expense |
| — |
| — |
| — |
| — |
| — |
| |||||
Preferred security dividend requirements in consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| |||||
Total fixed charges |
| $ | 230,799 |
| $ | 202,550 |
| $ | 161,104 |
| $ | 111,803 |
| $ | 47,125 |
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Earnings |
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Pre-tax income from continuing operations before equity investees |
| $ | 355,727 |
| $ | 428,712 |
| $ | 485,874 |
| $ | 322,787 |
| $ | 202,298 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges |
| 230,799 |
| 202,550 |
| 161,104 |
| 111,803 |
| 47,125 |
| |||||
Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| |||||
Distributed income of equity investees |
| 18,528 |
| 19,879 |
| 11,528 |
| 5,304 |
| 1,692 |
| |||||
Income from equity investees arising from guarantees |
| — |
| — |
| — |
| — |
| — |
| |||||
Less: |
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|
|
|
|
|
|
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|
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Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| |||||
Preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| |||||
The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges |
| 2,465 |
| 1,486 |
| 5,517 |
| 5,300 |
| 2,487 |
| |||||
Earnings |
| $ | 602,589 |
| $ | 649,655 |
| $ | 652,989 |
| $ | 434,594 |
| $ | 248,628 |
|
Ratio of Earnings to Fixed Charges |
| 2.61 |
| 3.21 |
| 4.05 |
| 3.89 |
| 5.28 |
|