Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth our ratio of earnings to fixed charges and preferred dividends for each of the years ended December 31, 2016, 2015, 2014, 2013 and 2012. For the purposes of computing the ratio, earnings have been calculated by adding fixed charges to pre-tax income (loss) from continuing operations before capitalized interest and non-controlling interests. Fixed charges consist of interest costs (whether expensed or capitalized), amortization of deferred financing costs and the estimated portion of rent expense that represents interest (based on the portion of the fees allocated to us by our Adviser and Administrator, pursuant to the Advisory Agreement and Administration Agreement, respectively). The information below is presented on an unaudited basis.

 

     For the Years Ended December 31,  
     2016      2015      2014     2013      2012  

Earnings:

             

Pre-tax net income (loss) from continuing operations

   $ 473,488      $ 568,545      $ (98,631   $ 295,047      $ 900,692  

Add: fixed charges

     6,695,494        4,163,085        2,011,020       1,119,816        1,007,493  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total earnings

   $ 7,168,982      $ 4,731,630      $ 1,912,389     $ 1,414,863      $ 1,908,185  

Fixed charges:

             

Interest expensed and capitalized(1)

     6,451,151        4,053,676        1,955,800       1,088,616        947,514  

Amortization of deferred financing costs

     241,302        106,806        53,286       30,024        59,472  

Estimated interest component of rent expense

     3,041        2,603        1,934       1,176        507  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 6,695,494      $ 4,163,085      $ 2,011,020     $ 1,119,816      $ 1,007,493  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Ratio of earnings to Fixed Charges and Preferred Dividends(2)

     1.1        1.1        N/A       1.3        1.9  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(1)  Interest expensed includes dividends paid on our mandatorily-redeemable term preferred stock.
(2)  For the year ended December 31, 2014, earnings, as defined, were not sufficient to cover fixed charges by 98,631.