. . . 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 $ -- ======= ======= ======= ======== =========