MFA Financial (MFA) S-3ASR Automatic shelf registration

Exhibit 12.2

Ratio of Earnings to Fixed Charges (excludes preferred stock dividends)

	YTD		Year ended December 31
(Dollars in thousands)	9/30/2016		2015		2014		2013		2012
Earnings
Income from continuing operations	$	240,031	$	313,226	$	313,504	$	302,709	$	306,839
Fixed charges excluding preferred stock dividends		144,123		177,800		160,629		164,929		172,452
Total	$	384,154	$	491,026	$	474,133	$	467,638	$	479,291
Fixed charges
Interest on repurchase agreements, securitized debt and senior notes	$	143,487	$	176,948	$	159,808	$	164,013	$	171,670
Interest on mortgages		0		0		0		0		0
Estimate of interest component within rental expense		636		852		821		916		782
Total	$	144,123	$	177,800	$	160,629	$	164,929	$	172,452
Ratio of earnings to fixed charges (without preferred stock dividends)		2.67x		2.76x		2.95x		2.84x		2.78

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	YTD
(Dollars in thousands)	9/30/2016		2015		2014		2013		2012
Earnings
Income from continuing operations	$	240,031	$	313,226	$	313,504	$	302,709	$	306,839
Fixed charges excluding preferred stock dividends		144,123		177,800		160,629		168,876		172,452
Total	$	384,154	$	491,026	$	474,133	$	471,585	$	479,291
Fixed charges and Preferred Stock Dividends
Interest on repurchase agreements & securitized debt	$	143,487	$	176,948	$	159,808	$	164,013	$	171,670
Interest on mortgages		0		0		0		0		0
Preferred dividend requirements		11,250		15,000		15,000		13,750		8,160
Issuance Costs of Redeemed Preferred Stock								3,947
Estimate of interest component within rental expense		636		852		821		916		782
Total	$	155,373	$	192,800	$	175,629	$	182,626	$	180,612
Ratio of earnings to fixed charges (including preferred stock dividends)		2.47x		2.55x		2.70x		2.58x		2.65