EX-12.2 8 d572668dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

Blackstone Mortgage Trust, Inc. and Subsidiaries

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

(in thousands, except ratios)

 

     Years ended December 31,      Three Months
Ended March 31,		  
     2008     2009     2010     2011      2012      2013  

Fixed Charges

               

Interest expense, including amortization

      $129,202        $79,753        $123,963        $96,974         $38,138         $777   

Interest capitalized

      —        —        —        —         —         —   

Interest within rental expense

      —        —        —        —         —         —   

Preferred security dividend requirements in consolidated subsidiaries

      —        —        —        5,023         7,891         1,265   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total fixed charges

      $129,202        $79,753        $123,963        $101,997         $46,029         $2,042   

Earnings

               

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

      ($51,704 )      ($569,017 )      ($189,035 )      $250,985         $280,606         ($1,559 ) 

Add:

               

Fixed charges, including amortization

      129,202        79,753        123,963        96,974         38,138         777   

Distributed income of equity investees

      —        —        60        1,898         1,933         —   

Income from equity investees arising from guarantees

      —        —        —        —         —         —   

Less:

               

Interest capitalized

      —        —        —        —         —         —   

Preferred security dividend requirements in consolidated subsidiaries

      —        —        —        —         —         —   

The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges

      —        —        —        —         —         —   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Earnings (loss)

      $77,498        ($489,264 )      ($65,012 )      $349,857         $320,677         ($782 ) 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

      0.60 (a)      n/a (b)      n/a (c)      3.43x         6.97x         n/a (d) 

 

(a) For the year ended December 31, 2008, our combined fixed charges and preferred stock dividends exceeded our earnings by $51.7 million.
(b) For the year ended December 31, 2009, our losses exceeded our combined fixed charges and preferred stock dividends by $569.0 million.
(c) For the year ended December 31, 2010, our losses exceeded our combined fixed charges and preferred stock dividends by $189.0 million.
(d) For the three months ended March 31, 2013, our losses exceeded our combined fixed charges and preferred stock dividends by $2.8 million.