Exhibit 12 .1
TPG RE Finance Trust, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
| Six Months Ended June 30, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Period from December 18, 2014 (inception) to December 31, 2014 | ||||||||||||||||
Fixed Charges (Interest Expense) | $ | 56,152 | $ | 78,268 | $ | 61,649 | $ | 47,564 | $ | 1,518 | ||||||||||
Income (loss) (before income taxes) | $ | 51,757 | $ | 94,498 | $ | 69,962 | $ | 60,967 | $ | (8,248 | ) | |||||||||
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Earnings | $ | 107,909 | $ | 172,766 | $ | 131,611 | $ | 108,531 | $ | (6,730 | ) | |||||||||
Ratio of Earnings to Fixed Charges | 1.92 | x | 2.21 | x | 2.13 | x | 2.28 | x | N/A | |||||||||||
