EX-12.1 2 a11-31629_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Debt-to-Equity

 

 

 

At

 

(Dollars in Thousands)

 

December 31, 2011

 

Repurchase agreements

 

$

7,813,159

 

Securitized debt

 

875,520

 

Obligation to return securities obtained as collateral

 

306,401

 

Payable for unsettled MBS purchases

 

27,056

 

Total Debt

 

$

9,022,136

 

 

 

 

 

Stockholders’ Equity

 

2,497,760

 

 

 

 

 

Ratio of Debt-to-Equity

 

3.6:1

 

Debt-to-Equity Multiple

 

3.6x