Starwood Property Trust (STWD) 8-K Starwood Property Trust Announces Private Offering of Unsecured Senior Notes

Exhibit 12.1

Starwood Property Trust, Inc.
Statement of Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)

	For the Nine Months Ended September 30,		For the Year Ended December 31,
	2017		2016		2015		2014		2013		2012
Fixed Charges
Interest expense	$	199,177	$	214,622	$	188,376	$	149,315	$	101,870	$	41,456
Interest capitalized	—		—		—		—		—		—
Amortization of premiums and discounts	—		—		—		—		—		—
Amortization of capitalized expenses relating to debt	14,431		16,177		14,174		11,789		9,933		5,669
Interest within rental expense	—		—		—		—		—		—
Preferred security dividend requirements in consolidated subsidiaries	—		—		—		—		—		—
Total fixed charges	$	213,608	$	230,799	$	202,550	$	161,104	$	111,803	$	47,125
Earnings
Pre-tax income from continuing operations before equity investees	$	310,173	$	355,727	$	428,712	$	485,874	$	322,787	$	202,298
Add:
Fixed charges	213,608		230,799		202,550		161,104		111,803		47,125
Amortization of capitalized interest	—		—		—		—		—		—
Distributed income of equity investees	3,952		18,528		19,879		11,528		5,304		1,692
Income from equity investees arising from guarantees	—		—		—		—		—		—
Less:
Interest capitalized	—		—		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries	—		—		—		—		—		—
The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges	10,720		2,465		1,486		5,517		5,300		2,487
Earnings	$	517,013	$	602,589	$	649,655	$	652,989	$	434,594	$	248,628
Ratio of Earnings to Fixed Charges	2.42		2.61		3.21		4.05		3.89		5.28