Exhibit 12.1
PennyMac Mortgage Investment Trust
Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Share Distributions
| | Three months ended
March 31, | |
| | 2017 | |
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | | $ | 22,608 | |
Add: | | | |
Fixed charges (see below) | | 37,179 | |
Amortization of capitalized interest | | — | |
Distributed income of equity investees | | — | |
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | | — | |
| | 59,787 | |
Less: | | | |
Capitalized interest | | — | |
Preference security dividend requirements of consolidated subsidiaries | | — | |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | | — | |
Adjusted earnings | | $ | 59,787 | |
| | | |
Fixed charges: | | | |
Interest expensed and capitalized | | $ | 33,291 | |
Amortized premiums, discounts and capitalized expenses related to indebtedness | | 3,888 | |
Estimated interest within rental expense | | — | |
| | | |
Preference security dividend requirements of consolidated subsidiaries | | — | |
Total fixed charges | | | 37,179 | |
Preferred share distributions(1) | | 571 | |
Combined fixed charges and preferred share distributions | | $ | 37,750 | |
| | | |
Ratio of earnings to fixed charges | | 1.6 | |
Ratio of earnings to fixed charges and preferred share distributions(1) | | 1.6 | |
(1) We issued the 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), on March 9, 2017 and the first distribution for the Series A Preferred Shares was paid on June 15, 2017.
