Exhibit 12.1

Computation of Ratio of Debt-to-Equity

 

(Dollars in Thousands)		At December 31, 2014
Repurchase agreements		$	8,267,388
Securitized debt		110,574
Obligation to return securities obtained as collateral		512,105
Senior Notes		100,000
Total Debt		$	8,990,067
Stockholders' Equity		3,203,272
Ratio of Debt-to-Equity		2.8		:1
Debt-to-Equity Multiple		2.8		x