Exhibit 12.1

Apollo Commercial Real Estate Finance, Inc.

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

(in thousands, except ratios)

	For the year ended December 31,
	2017			2016			2015			2014			2013
Fixed Charges
Interest-Expensed	$	50,094		$	44,477		$	30,149		$	15,129		$	3,727
Interest-Expensed Convert		18,726			14,011			14,011			8,493			—
Interest-Capitalized		6,191			2,927			2,900			8,795			566
Preferred Stock Dividends		33,745			30,925			11,884			7,440			7,440
Total Fixed Charges		108,756			92,340			58,945			39,857			11,733
Earnings
Net Income		193,031			157,875			91,372			75,300			45,045
Less: Equity Investments Income		2,847			96			(3,464	)		157			—
Adjusted Net Income		190,184			157,971			87,908			75,457			45,045
Add Back:
Fixed Charges		108,756			92,340			58,945			39,857			11,733
Amortization of Capitalized Interest		9,237			5,271			4,700			2,918			866
Less:
Interest Capitalized		(6,191	)		(2,927	)		(2,900	)		(8,795	)		(566	)
Total Earnings		301,986			252,655			148,653			109,437			57,078
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.78x			2.74x			2.52x			2.75x			4.86x