EX-12.1 3 exhibit121computationofrat.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Ratio of Debt-to-Equity
 

(Dollars in Thousands)
 
At December 31, 2015
Repurchase agreements and other advances
 
$
9,388,902

Securitized debt
 
22,057

Obligation to return securities obtained as collateral, at fair value
 
507,443

Senior Notes
 
100,000

Total Debt
 
$
10,018,402

 
 
 
 
 
 
Stockholders' Equity
 
$
2,967,261

 
 
 
Ratio of Debt-to-Equity
 
3.4
:1
Debt-to-Equity Multiple
 
3.4
 x