EX-12.1 2 exhibit121computationofrat.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Ratio of Debt-to-Equity
 

(Dollars in Thousands)
 
At December 31, 2016
Repurchase agreements and other advances
 
$
8,687,268

Obligation to return securities obtained as collateral, at fair value
 
510,767

Senior Notes
 
96,733

Total Debt
 
$
9,294,768

 
 
 
 
 
 
Stockholders' Equity
 
$
3,033,902

 
 
 
Ratio of Debt-to-Equity
 
3.1
:1
Debt-to-Equity Multiple
 
3.1
 x