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, 2017
Repurchase agreements and other advances
 
$
6,614,701

Obligation to return securities obtained as collateral, at fair value
 
504,062

Securitized debt
 
363,944

Senior Notes
 
96,773

Total Debt
 
$
7,579,480

 
 
 
 
 
 
Stockholders' Equity
 
$
3,261,636

 
 
 
Ratio of Debt-to-Equity
 
2.3
:1
Debt-to-Equity Multiple
 
2.3
 x