Exhibit 12.1

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,
	2013			2014			2015			2016			2017
Fixed Charges
Interest expense, including amortization	$	18,017		$	69,143		$	152,416		$	184,270		$	234,870
Preferred security dividend requirements in consolidated subsidiaries		4,096			2,093			1,216			533			—
Total fixed charges	$	22,113		$	71,236		$	153,632		$	184,803		$	234,870
Earnings
Pre-tax income from continuing operations before equity investees	$	26,419		$	72,976		$	200,591		$	243,449		$	218,282
Add:
Fixed charges, including amortization		18,017			69,143			152,416			184,270			234,870
Distributed income of equity investees		8,795			17,867			5,007			9,977			—
Less:
Preferred security dividend requirements in consolidated subsidiaries		—			—			—			—			—
Earnings	$	53,231		$	159,986		$	358,014		$	437,696		$	453,152
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (1)		2.41	x		2.25	x		2.33	x		2.37	x		1.93	x

(1) Ratio of earnings to combined fixed charges excluding preferred stock dividends was 2.95x, 2.31x, 2.35x, 2.38x and 1.93x, respectively, for the years ended December 31, 2013, 2014, 2015, 2016 and 2017.