Exhibit 12.1

Capital Trust, Inc.

Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends

(in thousands, except ratio amounts)

																Three Months Ended
	Years Ended December 31,															March 30,
	2007			2006			2005			2004			2003			2008
																(unaudited)
Income (loss) from continuing operations before minority interests and income taxes	$	83,660		$	51,332		$	44,324		$	21,525		$	14,171		$	14,174
Add (deduct):
Fixed charges	162,377			104,607			37,229			20,141			19,575			37,944
Earnings from equity investees	(12,968		)	(898		)	(4,729		)	(2,707		)	(1,526		)	(7		)
Distribution of income from equity investees	15,133			1,373			1,704			2,407			1,487			—
Adjusted Earnings	$	248,202		$	156,414		$	78,528		$	41,366		$	33,707		$	52,111
Fixed charges:
Interest expense(1)	$	162,377		$	104,607		$	37,229		$	20,141		$	19,575		$	37,944
Total fixed charges	$	162,377		$	104,607		$	37,229		$	20,141		$	19,575		$	37,944
Plus preferred dividends	$	—		$	—		$	—		$	—		$	—		$	—
Combined fixed charges and preferred dividends	$	162,377		$	104,607		$	37,229		$	20,141		$	19,575		$	37,944
Excess (deficiency) of earnings to combined fixed charges and preferred dividends	$	85,825		$	51,807		$	41,299		$	21,225		$	14,132		$	14,167
Ratio of earnings to combined fixed charges and preferred dividends	1.53			1.50			2.11			2.05			1.72			1.37

(1) Includes amortization of capitalized expenses related to indebtedness.