Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table presents the ratio of earnings to fixed charges for us and our consolidated subsidiaries for each of the periods indicated, including GFI beginning on February 27, 2015. This table has been recast to include the financial results of Berkeley Point starting April 10, 2014 (the date Berkeley Point was acquired by CCRE). For the purposes of calculating the ratio of earnings to fixed charges, “earnings” consist of income from operations before income taxes and fixed charges, net. “Fixed charges” consist of interest expense incurred on all indebtedness, amortized premiums, discounts and capitalized expenses relating to indebtedness and interest within rental expense. Neither we nor any of our consolidated subsidiaries had any preferred shares outstanding for any of the periods reflected in this table.

	Six Months
	Ended June		Year Ended December 31,
	30, 2018		2017		2016		2015		2014		2013
			(dollars in thousands)
Earnings:
Income from operations before income taxes1	$	190,437	$	225,808	$	310,627	$	436,179	$	33,072	$	269,538
Add: Fixed charges, net		46,452		82,231		59,887		69,533		37,949		39,932
Income (loss) before income taxes and fixed charges, net    fixed charges, net	$	236,889	$	308,039	$	370,514	$	505,712	$	71,021	$	309,470
Fixed charges:
Total interest expense2	$	44,291	$	76,289	$	54,751	$	62,781	$	32,297	$	32,411
Amortized premiums, discounts and capitalized    expenses related to indebtedness		2,161		5,942		5,136		6,752		5,648		5,921
Interest within rental expense		—		—		—		—		4		1,600
Total fixed charges	$	46,452	$	82,231	$	59,887	$	69,533	$	37,949	$	39,932
Ratio of earnings to fixed charges		5.1		3.7		6.2		7.3		1.9		7.7

¹ Income from operations before income taxes does not include gains or losses from equity investees.

² Total interest expense excludes operating interest on Warehouse notes payable.