EX-12.1 4 d578189dex121.htm EX-12.1

EX-12.1

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 three months ended March 31, 2018				For the year ended December 31,
						2017				2016				2015				2014				2013
Fixed Charges
Interest-Expensed		$	11,521			$	50,094			$	44,477			$	30,149			$	15,129			$	3,727
Interest-Expensed Convert			7,560				18,726				14,011				14,011				8,493				—
Interest-Capitalized			2,480				6,191				2,927				2,900				8,795				566
Total Fixed Charges		$	21,561			$	75,011			$	61,415			$	47,060			$	32,417			$	4,293
Earnings
Net Income		$	49,433			$	193,031			$	157,875			$	91,372			$	75,300			$	45,045
Less: Equity Investments Income			—				2,847				96				(3,464	)			157				—
Adjusted Net Income			49,433				190,184				157,971				87,908				75,457				45,045
Add Back:
Fixed Charges			21,561				75,011				61,039				47,060				32,417				4,293
Amortization of Capitalized Interest			3,620				9,237				5,271				4,700				2,918				866
Interest Capitalized			(2,480	)			(6,191	)			(2,927	)			(2,900	)			(8,795	)			(566	)
Total Earnings		$	72,134			$	268,241			$	221,354			$	136,768			$	101,997			$	49,638
Ratio of Earnings to Fixed Charges			3.3				3.58x				3.63x				2.91x				3.15x				11.56x

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 three months ended March 31, 2018				For the year ended December 31,
						2017				2016				2015				2014				2013
Fixed Charges
Interest-Expensed		$	11,521			$	50,094			$	44,477			$	30,149			$	15,129			$	3,727
Interest-Expensed Convert			7,560				18,726				14,011				14,011				8,493				—
Interest-Capitalized			2,480				6,191				2,927				2,900				8,795				566
Preferred Stock Dividends			6,835				33,745				30,925			$	11,884			$	7,440			$	7,440
Total Fixed Charges		$	28,396			$	108,756			$	92,340				58,945				39,857				11,733
Earnings
Net Income		$	49,433			$	193,031			$	157,875			$	91,372			$	75,300			$	45,045
Less: Equity Investments Income			—				2,847				96				(3,464	)			157				—
Adjusted Net Income			49,433				190,184				157,971				87,908				75,457				45,045
Add Back:
Fixed Charges			28,396				108,756				92,340				58,945				39,857				11,733
Amortization of Capitalized Interest			3,620				9,237				5,271				4,700				2,918				866
Interest Capitalized			(2,480	)			(6,191	)			(2,927	)			(2,900	)			(8,795	)			(566	)
Total Earnings		$	78,969			$	301,986			$	252,655			$	148,653			$	109,437			$	57,078
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends			2.78x				2.78x				2.74x				2.52x				2.75x				4.86x