EXHIBIT 12.1 ARBOR REALTY TRUST, INC. STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) PERIOD JUNE 24, 2003 YEARS ENDED DECEMBER 31, (INCEPTION) TO ----------------------------------------- DECEMBER 31, 2006 2005 2004 2003 ------------ ------------ ----------- --------------- Income before minority interest $ 61,518,288 $ 61,668,004 $30,948,498 $4,716,086 Add: Fixed charges 92,693,419 45,745,424 19,372,575 1,669,731 ------------ ------------ ----------- ---------- Income before fixed charges $154,211,707 $107,413,428 50,321,073 $6,385,817 ============ ============ =========== ========== Fixed charges: Interest $ 92,693,419 $ 45,745,424 $19,372,575 $1,669,731 Capitalized Interest 896,953 476,887 -- -- ------------ ------------ ----------- ---------- Total fixed charges $ 93,590,372 $ 46,222,311 19,372,575 $1,669,731 ============ ============ =========== ========== Ratio of earnings to fixed charges 1.6 2.3 2.6 3.8 ============ ============ =========== ==========