EX-12.1 2 a121sept17.htm EXHIBIT 12.1
Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)

| For the Nine Months Ended September 30, |  | For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Earnings: |  |  |  |  |  |  |  |  |  |  |
Pretax income from operations | $ | 59,954 |  |  | $ | 70,655 |  |  | $ | 82,548 |  |  | $ | 142,586 |  |  | $ | 69,694 |  |  | $ | 29,100 |
Fixed charges (1) | 32,967 |  |  | 32,115 |  |  | 27,680 |  |  | 25,094 |  |  | 20,949 |  |  | 8,894 |
Income from unconsolidated entities | (10,383 | ) |  | (13,055 | ) |  | (7,865 | ) |  | (4,562 | ) |  | (2,297 | ) |  | (622 | )
Distributions of income from unconsolidated entities | 7,310 |  |  | 7,509 |  |  | 5,392 |  |  | 2,238 |  |  | 2,112 |  |  | 584 |
Loss (income) attributable to noncontrolling interest in consolidated variable interest entities | 3,597 |  |  | (9 | ) |  | — |  |  | — |  |  | — |  |  | 97 |
Total Earnings | $ | 93,445 |  |  | $ | 97,215 |  |  | $ | 107,755 |  |  | $ | 165,356 |  |  | $ | 90,458 |  |  | $ | 38,053 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |
Interest expense (1) | $ | 32,967 |  |  | $ | 32,115 |  |  | $ | 27,680 |  |  | $ | 25,094 |  |  | $ | 20,949 |  |  | $ | 8,894 |
Total Fixed Charges | 32,967 |  |  | 32,115 |  |  | 27,680 |  |  | 25,094 |  |  | 20,949 |  |  | 8,894 |
Preferred stock dividends | 9,675 |  |  | 12,900 |  |  | 10,990 |  |  | 5,812 |  |  | 3,568 |  |  | — |
Total Combined Fixed Charges and Preferred Stock Dividends | $ | 42,642 |  |  | $ | 45,015 |  |  | $ | 38,670 |  |  | $ | 30,906 |  |  | $ | 24,517 |  |  | $ | 8,894 |
Ratio of earnings to fixed charges | 2.83 |  |  | 3.03 |  |  | 3.89 |  |  | 6.59 |  |  | 4.32 |  |  | 4.28 |
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.19 |  |  | 2.16 |  |  | 2.79 |  |  | 5.35 |  |  | 3.69 |  |  | 4.28 |
Deficiency related to ratio of earnings to fixed charges | NA |  |  | NA |  |  | NA |  |  | NA |  |  | NA |  |  | NA |
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends | NA |  |  | NA |  |  | NA |  |  | NA |  |  | NA |  |  | NA |

(1) | Excludes interest expense on multi-family collateralized debt obligations of the Consolidated K-Series, which we are required to consolidate in our financial statements under generally accepted accounting principles. We do not have any claims to the assets (other than the securities represented by our first loss pieces) or obligations for the liabilities of the Consolidated K-Series.