Exhibit 12.1

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

	For the Six Months Ended June 30,			For the Years Ended December 31,
	2018			2017			2016			2015			2014			2013
Earnings:
Pretax income from operations	$	60,745		$	91,922		$	70,655		$	82,548		$	142,586		$	69,694
Fixed charges (1)	30,198			46,436			32,115			27,680			25,094			20,949
Income from unconsolidated entities	(4,155		)	(11,921		)	(13,055		)	(7,865		)	(4,562		)	(2,297		)
Distributions of income from unconsolidated entities	380			7,628			7,509			5,392			2,238			2,112
(Income) loss attributable to non-controlling interest in consolidated variable interest entities	(1,526		)	3,413			(9		)	—			—			—
Total Earnings	$	85,642		$	137,478		$	97,215		$	107,755		$	165,356		$	90,458
Fixed Charges:
Interest expense (1)	$	30,198		$	46,436		$	32,115		$	27,680		$	25,094		$	20,949
Total Fixed Charges	30,198			46,436			32,115			27,680			25,094			20,949
Preferred stock dividends	11,850			15,660			12,900			10,990			5,812			3,568
Total Combined Fixed Charges and Preferred Stock Dividends	$	42,048		$	62,096		$	45,015		$	38,670		$	30,906		$	24,517
Ratio of earnings to fixed charges	2.84			2.96			3.03			3.89			6.59			4.32
Ratio of earnings to combined fixed charges and preferred stock dividends	2.04			2.21			2.16			2.79			5.35			3.69
Deficiency related to ratio of earnings to fixed charges	NA			NA			NA			NA			NA			NA
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends	NA			NA			NA			NA			NA			NA

⁽¹⁾  Excludes interest expense on multi-family collateralized debt obligations of the Consolidated K-Series, which we are required to consolidate in our financial statements under generally accepted accounting principles. We do not have any claims to the assets (other than the securities represented by our first loss pieces) or obligations for the liabilities of the Consolidated K-Series.