New York Mortgage Trust (NYMT) 10-Q 2016 Q2 Quarterly report

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 Six Months Ended June 30,		For the Years Ended December 31,
	2016		2015			2014			2013			2012			2011
Earnings:
Pretax income from operations	$	33,941	$	82,548		$	142,586		$	69,694		$	29,100		$	5,243
Fixed charges	127,086		260,651			301,010			231,178			105,926			4,837
Dividends distributed to shareholders	52,515		113,318			86,705			61,302			22,304			8,270
Equity investee adjustment	977		(3,474		)	(2,324		)	(185		)	(38		)	(174		)
Noncontrolling interest	2		—			—			—			97			(97		)
Total Earnings	$	214,521	$	453,043		$	527,977		$	361,989		$	157,389		$	18,079
Fixed Charges:
Interest expense	$	127,086	$	260,651		$	301,010		$	231,178		$	105,926		$	4,837
Total Fixed Charges	127,086		260,651			301,010			231,178			105,926			4,837
Preferred stock dividends	6,450		10,990			5,812			3,568			—			—
Total Combined Fixed Charges and Preferred Stock Dividends	$	133,536	$	271,641		$	306,822		$	234,746		$	105,926		$	4,837
Ratio of earnings to fixed charges	1.69		1.74			1.75			1.57			1.49			3.74
Ratio of earnings to combined fixed charges and preferred stock dividends	1.61		1.67			1.72			1.54			1.49			3.74
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