Starwood Property Trust, Inc.
Statement of Computation of Ratios of Earnings to
Fixed Charges
(in thousands, except ratios)
|
| For the Three |
| For the Year Ended December 31, |
| ||||||||||||||
|
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||||
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 82,086 |
| $ | 276,134 |
| $ | 214,622 |
| $ | 188,376 |
| $ | 149,315 |
| $ | 101,870 |
|
Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Amortization of premiums and discounts |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Amortization of capitalized expenses relating to debt |
| 5,097 |
| 19,532 |
| 16,177 |
| 14,174 |
| 11,789 |
| 9,933 |
| ||||||
Interest within rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preference security dividend requirements of consolidated subsidiaries |
| 2,453 |
| — |
| — |
| — |
| — |
| — |
| ||||||
Total fixed charges |
| $ | 89,636 |
| $ | 295,666 |
| $ | 230,799 |
| $ | 202,550 |
| $ | 161,104 |
| $ | 111,803 |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income (loss) from continuing operations before equity investees |
| $ | 109,733 |
| $ | 414,866 |
| $ | 355,727 |
| $ | 428,712 |
| $ | 485,874 |
| $ | 322,787 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
| 89,636 |
| 295,666 |
| 230,799 |
| 202,550 |
| 161,104 |
| 111,803 |
| ||||||
Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Distributed income of equity investees |
| 2,054 |
| 66,460 |
| 18,528 |
| 19,879 |
| 11,528 |
| 5,304 |
| ||||||
Income from equity investees arising from guarantees |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preference security dividend requirements of consolidated subsidiaries |
| 2,453 |
| — |
| — |
| — |
| — |
| — |
| ||||||
The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges |
| 361 |
| 1,418 |
| 2,465 |
| 1,486 |
| 5,517 |
| 5,300 |
| ||||||
Earnings (loss) |
| $ | 198,609 |
| $ | 775,574 |
| $ | 602,589 |
| $ | 649,655 |
| $ | 652,989 |
| $ | 434,594 |
|
Ratio of Earnings to Fixed Charges |
| 2.22 |
| 2.62 |
| 2.61 |
| 3.21 |
| 4.05 |
| 3.89 |
|