Exhibit 12.1

Computation of Ratio of Debt-to-Equity

 

(Dollars in Thousands)		At December 31, 2017
Repurchase agreements and other advances		$	6,614,701
Obligation to return securities obtained as collateral, at fair value		504,062
Securitized debt		363,944
Senior Notes		96,773
Total Debt		$	7,579,480
Stockholders' Equity		$	3,261,636
Ratio of Debt-to-Equity		2.3		:1
Debt-to-Equity Multiple		2.3		x