Exhibit 12.1

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

	For the Three Months Ended March 31,		For the Year Ended December 31,
	2018		2017		2016		2015		2014		2013
Fixed Charges
Interest expense	$	82,086	$	276,134	$	214,622	$	188,376	$	149,315	$	101,870
Interest capitalized	—		—		—		—		—		—
Amortization of premiums and discounts	—		—		—		—		—		—
Amortization of capitalized expenses relating to debt	5,097		19,532		16,177		14,174		11,789		9,933
Interest within rental expense	—		—		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries	2,453		—		—		—		—		—
Total fixed charges	$	89,636	$	295,666	$	230,799	$	202,550	$	161,104	$	111,803
Earnings
Pre-tax income (loss) from continuing operations before equity investees	$	109,733	$	414,866	$	355,727	$	428,712	$	485,874	$	322,787
Add:
Fixed charges	89,636		295,666		230,799		202,550		161,104		111,803
Amortization of capitalized interest	—		—		—		—		—		—
Distributed income of equity investees	2,054		66,460		18,528		19,879		11,528		5,304
Income from equity investees arising from guarantees	—		—		—		—		—		—
Less:
Interest capitalized	—		—		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries	2,453		—		—		—		—		—
The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges	361		1,418		2,465		1,486		5,517		5,300
Earnings (loss)	$	198,609	$	775,574	$	602,589	$	649,655	$	652,989	$	434,594
Ratio of Earnings to Fixed Charges	2.22		2.62		2.61		3.21		4.05		3.89