Exhibit 12.1
 
Newcastle Investment Corp.
Ratio of Earnings to Fixed Charges
 
Nine Months
Ended
Year Ended December 31,
 
September 30, 2006
2005
2004
2003
2002
2001
 
 
 
 
 
 
 
Income before equity in earning of unconsolidated subsidiaries
$                     89,848
$     109,238
$       84,012
$      54,379
$     29,901
$    31,717
 
 
 
 
 
 
 
Fixed charges (A)
265,113
226,446
136,398
76,877
44,238
30,495
 
 
 
 
 
 
 
Distributed income of equity investees
3,915
5,609
9,957
862
1,764
3,949
 
 
 
 
 
 
 
Earnings
$                   358,876
$     341,293
$     230,367
$   132,118
$      75,903
$    66,161
 
 
 
 
 
 
 
Fixed charges (A)
$                   265,113
$     226,446
$     136,398
$   76,877
$     44,238
$    30,495
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.35
1.51
1.69
1.72
1.72
2.17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$                  265,113
$     226,446
$     136,398
$   76,877
$      44,238
$    30,495
 
 
 
 
 
 
 
Fixed charges
$                  265,113
$     226,446
$     136,398
$   76,877
$      44,238
$    30,495
 
 
 


 
 
Newcastle Investment Corp.
Ratio of Earnings to Combined Fixed Charges
 
 
Nine Months
Ended
Year Ended December 31,
 
September 30, 2006
2005
2004
2003
2002
2001
 
 
 
 
 
 
 
Income before equity in earning of unconsolidated subsidiaries
$                     89,848
$     109,238
$       84,012
$      54,379
$     29,901
$    31,717
 
 
 
 
 
 
 
Fixed charges (A)
265,113
226,446
136,398
76,877
44,238
30,495
 
 
 
 
 
 
 
Distributed income of equity investees
3,915
5,609
9,957
862
1,764
3,949
 
 
 
 
 
 
 
Earnings
$                   358,876
$     341,293
$     230,367
$   132,118
$      75,903
$    66,161
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (B)
$                   272,098
$     233,130
$     142,492
$   81,650
$     45,400
$    33,035
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
1.32
1.46
1.62
1.62
1.67
2.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(B) Combined Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$                  265,113
$     226,446
$     136,398
$   76,877
$       44,238
$    30,495
Preferred dividends and related accretion
6,985
6,684
6,094
4,773
1,162
2,540
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends
$                  272,098
$     233,130
$     142,492
$   81,650
$      45,400
$    33,035