Exhibit 12.1
ARES MANAGEMENT, L.P. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
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| Three |
| Years ended December 31, |
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(Dollars in millions) |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Interest expense and amortization of debt expense |
| $ | 4.8 |
| $ | 18.9 |
| $ | 8.6 |
| $ | 9.4 |
| $ | 8.6 |
| $ | 5.9 |
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Swap interest expense |
| 0.2 |
| 1.3 |
| 1.3 |
| 1.2 |
| 0.6 |
| 1.6 |
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Preferred stock distribution (REIT) |
| 0.0 |
| 0.0 |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 5.0 |
| $ | 20.2 |
| $ | 9.9 |
| $ | 10.6 |
| $ | 9.2 |
| $ | 7.5 |
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Pre-tax Income |
| $ | 4.4 |
| $ | 87.1 |
| $ | 141.8 |
| $ | 244.0 |
| $ | 323.9 |
| $ | 147.5 |
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Plus: |
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Fixed Charges |
| 5.0 |
| 20.2 |
| 9.9 |
| 10.6 |
| 9.2 |
| 7.5 |
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Less: |
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Equity (Income) Loss in earnings from affiliates |
| 0.1 |
| (0.7 | ) | (0.7 | ) | (0.7 | ) | — |
| — |
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Preferred stock distribution (REIT) |
| (0.0 | ) | (0.0 | ) | — |
| — |
| — |
| — |
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Earnings as adjusted |
| $ | 9.6 |
| $ | 106.6 |
| $ | 151.0 |
| $ | 253.9 |
| $ | 333.1 |
| $ | 155.0 |
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Ratio of earnings to fixed charges |
| 1.9 |
| 5.2 |
| 15.2 |
| 23.9 |
| 36.2 |
| 20.7 |
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