EX-12.1 4 a2199963zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Starwood Property Trust, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(in thousands except ratios)

 

 

 

For the 6 months ended
June 30, 2010

 

For the period from
August 17, 2009
(commencement of
operations) through
December 31, 2009

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

Interest expense

 

$

4,984

 

$

1,904

 

Interest capitalized

 

 

 

 

 

Amortization of premiums and discounts

 

 

 

 

 

Amortization of capitalized expenses relating to debt

 

120

 

20

 

Interest within rental expense

 

 

 

 

 

Preferred security dividend requirements in consolidated subsidiaries

 

 

 

 

 

Total fixed charges

 

$

5,104

 

$

1,924

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

Pre-tax income (loss) from continuing operations before equity investees

 

$

16,790

 

$

(3,017

)

Add:

 

 

 

 

 

Fixed charges

 

5,104

 

1,924

 

Amortization of capitalized interest

 

 

 

 

 

Distributed income of equity investees

 

 

 

 

 

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

 

(263

)

—

 

Earnings (loss)

 

$

21,631

 

$

(1,093

)

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

4.2x

 

 

(a)

 

(a)         For the period from August 17, 2009 (commencement of operations) through December 31, 2009, our losses exceeded our fixed charges by approximately $1.1 million.  The coverage deficiency for total fixed charges for this period was $3.0 million to arrive at a one-to-one ratio.