Exhibit 12.1

Computation of Ratio of Debt-to-Equity

 

(Dollars in Thousands)		At December 31, 2016
Repurchase agreements and other advances		$	8,687,268
Obligation to return securities obtained as collateral, at fair value		510,767
Senior Notes		96,733
Total Debt		$	9,294,768
Stockholders' Equity		$	3,033,902
Ratio of Debt-to-Equity		3.1		:1
Debt-to-Equity Multiple		3.1		x