Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS AND RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
(Dollars in thousands)
ANNALY CAPITAL MANAGEMENT, INC. AND ITS SUBSIDIARIES
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| For the quarters ended March 31, |
| For the years ended December 31, |
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| 2016 |
| 2015 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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| (dollars in thousands) |
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Ratio of earnings to fixed charges: |
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Fixed charges (interest expense)(1) |
| $ | 294,922 |
| $ | 287,659 |
| $ | 1,096,091 |
| $ | 1,338,019 |
| $ | 1,533,008 |
| $ | 1,560,941 |
| $ | 1,362,721 |
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Net income (loss) available (attributable) to common shareholders before income taxes and noncontrolling interest(2) |
| (886,909 | ) | (494,477 | ) | 391,825 |
| (908,922 | ) | 3,665,943 |
| 1,732,282 |
| 385,518 |
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Earnings as adjusted |
| $ | (591,987 | ) | $ | (206,818 | ) | $ | 1,487,916 |
| $ | 429,097 |
| $ | 5,198,951 |
| $ | 3,293,223 |
| $ | 1,748,239 |
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Ratio of earnings to fixed charges |
| (2.01 | ) | (0.72 | ) | 1.36 |
| 0.32 |
| 3.39 |
| 2.11 |
| 1.28 |
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Ratio of earnings to combined fixed charges and preferred stock dividends: |
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Fixed charges (interest expense)(1) |
| $ | 294,922 |
| $ | 287,659 |
| $ | 1,096,091 |
| $ | 1,338,019 |
| $ | 1,533,008 |
| $ | 1,560,941 |
| $ | 1,362,721 |
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Preferred stock dividend |
| 17,992 |
| 17,992 |
| 71,968 |
| 71,968 |
| 71,968 |
| 39,530 |
| 16,854 |
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Combined fixed charges and preferred stock dividends |
| 312,914 |
| 305,651 |
| 1,168,059 |
| 1,409,987 |
| 1,604,976 |
| 1,600,471 |
| 1,379,575 |
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Net income (loss) available (attributable) to common shareholders before income taxes and noncontrolling interest(2) |
| (886,909 | ) | (494,477 | ) | 391,825 |
| (908,922 | ) | 3,665,943 |
| 1,732,282 |
| 385,518 |
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Earnings as adjusted |
| $ | (573,995 | ) | $ | (188,826 | ) | $ | 1,559,884 |
| $ | 501,065 |
| $ | 5,270,919 |
| $ | 3,332,753 |
| $ | 1,765,093 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| (1.83 | ) | (0.62 | ) | 1.34 |
| 0.36 |
| 3.28 |
| 2.08 |
| 1.28 |
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(1) Fixed charges include realized gains (losses) on interest rate swaps
(2) Includes unrealized gains (losses) on Financial Instruments and/or derivatives