Exhibit 12.01

Arlington Asset Investment Corp.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,
	2014		2013		2012		2011		2010
Pre-tax income from continuing operations adjusted to exclude income or loss from equity investees	$	55,189	$	14,253	$	30,788	$	16,753	$	27,087
Distributed income of equity investees		413		90		384		266		222
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		11,391		8,529		4,965		2,508		1,155
Rentals		83		81		88		58		54
Total fixed charges	$	11,474	$	8,610	$	5,053	$	2,566	$	1,209
Pre-tax income from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees	$	67,076	$	22,953	$	36,225	$	19,585	$	28,518
Ratio of earnings to fixed charges		5.8		2.7		7.2		7.6		23.6