Exhibit 12.1

DYNEX CAPITAL, INC.

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

	Six Months Ended June 30, 2017				Year Ended December 31,
(Amounts in thousands, except ratios)					2016				2015				2014				2013				2012
Fixed charges:
Interest expense	$	16,233			$	25,231			$	22,605			$	25,915			$	39,028			$	35,147
Preferred dividend requirements	5,077				9,185				9,176				9,176				7,902				2,036
Total	$	21,310			$	34,416			$	31,781			$	35,091			$	46,930			$	37,183
Earnings:
Income from continuing operations	$	1,619			$	43,099			$	16,544			$	27,806			$	68,069			$	74,042
Add:
Distributed income of equity method investee	—				1,316				—				—				721				—
Fixed charges, excluding preferred dividend requirements	16,233				25,231				22,605				25,915				39,028				35,147
Less: Equity in income of equity investee	—				(481		)		(835		)		—				(721		)		—
Total	$	17,852			$	69,165			$	38,314			$	53,721			$	107,097			$	109,189
Ratio of earnings to fixed charges	1.10x				2.74x				1.69x				2.07x				2.74x				3.11x
Ratio of earnings to fixed charges and preferred stock dividends	(a)				2.01x				1.21x				1.53x				2.28x				2.94x

(a)	Earnings for the six-month period ended June 30, 2017 were insufficient to cover combined fixed charges and preferred dividends by approximately $3.5 million.