EX-12.1 3 d523078dex121.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 and Preferred Stock Dividends

(in thousands, except ratios)

 

     For the period
September 29,
2009
(commencement of
operations) to
December 31,
2009(1)		     For the year
ended
December 31,
2010		     For the year
ended
December 31,
2011		     For the year
ended
December 31,
2012		  

Fixed Charges

         

Interest-Expensed

    $ 101      $ 10,198      $ 15,416      $ 7,753   

Interest-Capitalized

    $ —        $ 3,380      $ 680      $ 597   

Interest-Capitalized TALF

    $ 256      $ 357      $ —        $ —     

Preferred Stock Dividends

      —          —          —          3,079   

Total Fixed Charges

    $ 358      $ 13,934      $ 16,095      $ 11,428   

Earnings

         

Net Income

    $ (2,172 )    $ 10,999      $ 25,883      $ 37,102   

Add Back:

         

Fixed Charges

    $ 358      $ 13,934      $ 16,095      $ 11,428   

Amortization of Capitalized Interest

    $ 2      $ 1,173      $ 1,455      $ 1,962   

Less:

         

Interest Capitalized

    $ (256 )    $ (3,737 )    $ (680 )    $ (597 ) 

Total Earnings (Loss)

    $ (2,069 )    $ 22,370      $ 42,753      $ 49,896   

Ratio of Earnings to Fixed Charges

      (5.79x )(2)      1.61x        2.66x        4.37x   

 

(1) The company was formed on June 29, 2009 and completed the initial public offering of its common stock on September 29, 2009.
(2) The coverage deficiency for total fixed charges for this period was approximately $2,400 to arrive at a one-to-one ratio.