EXHIBIT 12.1
MFA Mortgage Investments, Inc.
Ratio of Earnings to Fixed Charges
Three Months Year Year
Ended Ended Ended
3/31/2004* Dec. 31, 2003 Dec. 31, 2002
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Earnings (In Thousands)
Net income 87,620 57,848 56,093,753 K
Less: minority interest - -
interest capilalized
preferered dividend of cons subsidiaries
income/loss from equity investees see below (1,276) (80,916)K
------------ ------------ ------------
Income from cont. ops 87,620 56,572 56,012,837
Plus:
Fixed charges 66,268 57,694 63,795,216 K
Amortization of capitalized interest
Pre tax losses of equity investees
Distributed income of equity investees* see below 2,446 * 248,777
------------ ------------ ------------
Total Earnings 153,888 116,712 120,056,830
============ ============ ============
Ratio of Earnings to Fixed Charges 2.32 2.02 1.88
Fixed Charges
Interest expenses and Capitalized (repo & cap) 64,564 56,592 63,795,216
Mtge Interest 1,704 1,102
amort prem and disc and capitalized exps related to debt
estimate of interest within rental expense
preference security divi requirements of consol subs
------------ ------------ ------------
Total 66,268 57,694 63,795,216
Income from equity investees**
RCC Consolidated since 10/01/02 4 135,135
Cameron (169) (67,973)
Lealand Consolidated since 10/01/02 (11,393)
Laurel Park (25) 25,148
Harmony (231)
Morrowood
Owings Chase
Gains on sales of equity interests/properties 1,697
------------ ------------
1,276 80,916
============ ============
Distributions from equity investees
RCC 0 237,500
Cameron 0 -
Lealand 0 11,277
Laurel Park gains distrib 1,100 -
Harmony gains distrib 1,175 -
Morrowood gains distrib 171 -
Owings Chase
------------ ------------
2,446 248,777
============ ============
*Annualized
**Consolidated all equity investees from 1/1/04.
Earnings
Year Year Year
Ended Ended Ended
Dec. 31, 2001 Dec. 31, 2000 Dec. 31, 1999
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Earnings (In Thousands)
Net income 3,784,811 K 7,866,116 K 7,599,880 K
Less: minority interest - - (4,218)K
interest capilalized
preferered dividend of cons subsidiaries
income/loss from equity investees see below (3,137,004)K (3,670,199)K (2,809,184)
------------ ------------ ------------
Income from cont. ops 647,807 4,195,917 4,786,478
Plus:
Fixed charges 35,073,543 K 30,103,076 K 18,465,529 K
Amortization of capitalized interest
Pre tax losses of equity investees
Distributed income of equity investees* see below 586,538 853,100 768,280
------------ ------------ ------------
Total Earnings 36,307,888 35,152,093 24,020,287
============ ============ ============
Ratio of Earnings to Fixed Charges 1.04 1.17 1.30
Fixed Charges
Interest expenses and Capitalized (repo & cap) 35,073,543 30,103,076 18,465,529
Mtge Interest
amort prem and disc and capitalized exps related to debt
estimate of interest within rental expense
preference security divi requirements of consol subs
------------ ------------ ------------
Total 35,073,543 30,103,076 18,465,529
Income from equity investees**
RCC Consolidated since 10/01/02 2,741,276 TB 249,001 2,254,654 TB
Cameron (41,493)TB 101,465
Lealand Consolidated since 10/01/02 6,168 TB
Laurel Park 309,000 TB 209,340
Harmony 82,208 TB 140,000 180,000 TB
Morrowood 50,000 TB 380,000 350,000 TB
Owings Chase 2,590,393 24,530
Gains on sales of equity interests/properties
(10,155)
------------ ------------ ------------
3,137,004 K 3,670,199 K 2,809,184
============ ============ ============
Distributions from equity investees
RCC - 98,800 TB 213,750 TB
Cameron 153,955 TB - -
Lealand 33,583 TB - -
Laurel Park gains distrib 309,000 TB 209,340 TB
Harmony gains distrib 40,000 TB 140,000 TB 180,000 TB
Morrowood gains distrib 50,000 TB 380,000 TB 350,000 TB
Owings Chase 24,960 TB-- 24,530
------------ ------------ | ------------
586,538 853,100 | 768,280
============ ============ | ============
V
*Annualized 24,960 cash distribution 3/31
**Consolidated all equity investees from 1/1/04. 2,565,433 gain on sale
------------
2,590,393
Earnings