Apollo Commercial Real Estate Finance (ARI) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Apollo Commercial Real Estate Finance, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

			For the Year Ended December 31,
	Nine Months Ended 9/30/2017		2016		2015			2014			2013			2012
Fixed Charges
Interest-Expensed	$	—	$	—	$	30,149		$	15,129		$	3,727		$	7,753
Interest-Expensed Convert		—		—		14,011			8,493			—			—
Interest-Capitalized		—		—		2,900			8,795			566			597
Interest-Capitalized TALF		—		—		—			—			—			—
Total Fixed Charges	$	—	$	—	$	47,060		$	32,417		$	4,293		$	8,350
Earnings
Net Income	$	—	$	—	$	91,372		$	75,300		$	45,045		$	37,102
Less: Equity Investments Income		0		0		(3,464	)		157			—			—
Adjusted Net Income		0		0		87,908			75,457			45,045			37,102
Add Back:
Fixed Charges		0		0		47,060			32,417			4,293			8,350
Amortization of Capitalized Interest		5,446		6,503		4,700			2,918			866			1,962
Interest Capitalized		0		0		(2,900	)		(8,795	)		(566	)		(597	)
Total Earnings	$	5,446	$	6,503	$	136,768		$	101,997		$	49,638		$	46,817
Ratio of earnings to fixed charges		3.53x		3.63x		2.91x			3.15x			11.56x			5.61x

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Apollo Commercial Real Estate Finance, Inc.

Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred

Stock Dividends

(in thousands, except ratios)

			For the Year Ended December 31,
	Nine Months Ended 9/30/2017		2016		2015			2014			2013			2012
Fixed Charges
Interest-Expensed	$	—	$	—	$	30,149		$	15,129		$	3,727		$	7,753
Interest-Expensed Convert		—		—		14,011			8,493			—			—
Interest-Capitalized		—		—		2,900			8,795			566			597
Interest-Capitalized TALF		—		—		—			—			—			—
Preferred Stock Dividends		—		—		11,884			7,440			7,440			3,079
Total Fixed Charges	$	—	$	—	$	58,945		$	39,857		$	11,733		$	11,428
Earnings
Net Income	$	—	$	—	$	91,372		$	75,300		$	45,045		$	37,102
Less: Equity Investments Income		0		0		(3,464	)		157			—			—
Adjusted Net Income		0		0		87,908			75,457			45,045			37,102
Add Back:
Fixed Charges		0		0		58,945			39,857			11,733			11,428
Amortization of Capitalized Interest		5,446		6,503		4,700			2,918			866			1,962
Interest Capitalized		0		0		(2,900	)		(8,795	)		(566	)		(597	)
Total Earnings	$	5,446	$	6,503	$	148,653		$	109,437		$	57,078		$	49,895
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.75x		2.76x		2.52x			2.75x			4.86x			4.37x

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