.
.
.
Exhibit 12.1
Newcastle Investment Corp.
Ratio of Earnings to Fixed Charges
Period from
May 11, 1998
Year Ended December 31, to
2002 2001 2000 1999 Dec 31, 1998
---- ---- ---- ---- ------------
Income (loss) before equity in earnings
of unconsolidated subsidiaries $30,611 $33,293 $34,019 $ 7,693 $ (2,019)
Fixed charges, as defined, included above 49,527 35,863 36,897 19,741 --
Distributed income of equity investees 1,764 3,949 -- -- --
------- ------- ------- -------- ---------
Earnings, as defined $81,902 $73,105 $70,916 $27,434 $(2,019)
Fixed charges, as defined (A) $50,689 $38,403 $38,981 $19,741 $ --
------- ------- ------- -------- ---------
Ratio of Earnings to Fixed Charges 1.62 1.90 1.82 1.39 N/A
======= ======= ======= ======== =========
(A) Fixed charges, as defined:
Interest expense $49,527 $35,863 $36,897 $19,741 $ --
Preferred dividends and related accretion 1,162 2,540 2,084 -- --
------- ------- ------- -------- ---------
Fixed charges, as defined $50,689 $38,403 $38,981 $19,741 $ --
======= ======= ======= ======== =========