Exhibit 12.1

Blackstone Mortgage Trust, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Years ended December 31,										Six Months Ended June 30,
	2011		2012		2013		2014		2015		2016
Fixed Charges
Interest expense, including amortization	$	96,974	$	38,138	$	18,017	$	69,143	$	152,416	$	94,446
Interest capitalized		—		—		—		—		—		—
Interest within rental expense		—		—		—		—		—		—
Preferred security dividend requirements in consolidated subsidiaries		—		—		—		—		—		—
Total fixed charges	$	96,974	$	38,138	$	18,017	$	69,143	$	152,416	$	94,446
Earnings
Pre-tax income (loss) from continuing operations before equity investees	$	250,985	$	280,606	$	26,419	$	72,976	$	200,591	$	126,603
Add:
Fixed charges, including amortization		96,974		38,138		18,017		69,143		152,416		94,446
Distributed income of equity investees		1,898		1,933		8,795		17,867		5,007		6,837
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	$	349,857	$	320,677	$	53,231	$	159,986	$	358,014	$	227,886
Ratio of Earnings to Fixed Charges		3.61x		8.41x		2.95x		2.31x		2.35x		2.41x