Exhibit 12.1

Computation of Ratio of Debt-to-Equity

 

(Dollars in Thousands)		At December 31, 2013
Repurchase agreements		$	8,339,297
Securitized debt		366,205
Obligation to return securities obtained as collateral		383,743
Senior Notes		100,000
Payable for unsettled purchases		6,737
Total Debt		$	9,195,982
Stockholders' Equity		3,142,251
Ratio of Debt-to-Equity		2.9:1
Debt-to-Equity Multiple		2.9 x