Exhibit 12.1
Sutherland Asset Management Corporation
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
|
| For the quarter |
| For the year ended December 31, |
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|
| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Fixed Charges |
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Interest-Expensed |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,806 |
| $ | 19,245 |
| $ | 2,183 |
| $ | — |
|
Total Fixed Charges |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,806 |
| $ | 19,245 |
| $ | 2,183 |
| $ | — |
|
Earnings |
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Net Income |
| $ | 9,557 |
| $ | 53,406 |
| $ | 44,768 |
| $ | 32,722 |
| $ | 460 |
| $ | 43,285 |
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Add Back: |
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Fixed Charges |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,806 |
| $ | 19,245 |
| $ | 2,183 |
| $ | — |
|
Total Earnings (Loss) |
| $ | 25,998 |
| $ | 111,178 |
| $ | 92,574 |
| $ | 51,967 |
| $ | 2,643 |
| $ | 43,285 |
|
Ratio of Earnings to Fixed Charges |
| 1.58 | x | 1.92 | x | 1.94 | x | 2.70 | x | 1.21 | x | N/A | (1) | ||||||
Sutherland Asset Management Corporation
Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
|
| For the quarter |
| For the year ended December 31, |
| ||||||||||||||
|
| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-Expensed |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,806 |
| $ | 19,245 |
| $ | 2,183 |
| $ | — |
|
Preferred Stock Dividends |
| $ | — |
| $ | — |
| $ | 13 |
| $ | 16 |
| $ | 3 |
| $ | — |
|
Total Fixed Charges |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,819 |
| $ | 19,261 |
| $ | 2,186 |
| $ | — |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income |
| $ | 9,557 |
| $ | 53,406 |
| $ | 44,768 |
| $ | 32,722 |
| $ | 460 |
| $ | 43,285 |
|
Add Back: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges |
| $ | 16,441 |
| $ | 57,772 |
| $ | 47,819 |
| $ | 19,261 |
| $ | 2,186 |
| $ | — |
|
Total Earnings (Loss) |
| $ | 25,998 |
| $ | 111,178 |
| $ | 92,587 |
| $ | 51,983 |
| $ | 2,646 |
| $ | 43,285 |
|
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 1.58 | x | 1.92 | x | 1.94 | x | 2.70 | x | 1.21 | x | N/A | (1) | ||||||
(1) For the year ended December 31, 2012, we used investment company accounting which accounted for our securitized debt on an unconsolidated basis. Additionally, we did not have outstanding borrowings under repurchase agreements or borrowings under credit facilities.
