Exhibit 12.1

Computation of Ratio of Debt-to-Equity

 

(Dollars in Thousands)		At December 31, 2015
Repurchase agreements and other advances		$	9,388,902
Securitized debt		22,057
Obligation to return securities obtained as collateral, at fair value		507,443
Senior Notes		100,000
Total Debt		$	10,018,402
Stockholders' Equity		$	2,967,261
Ratio of Debt-to-Equity		3.4		:1
Debt-to-Equity Multiple		3.4		x