EXHIBIT 12.1

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

Computation of ratio of earnings to combined fixed charges and
preferred stock dividends:



|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|------------------------------------------------------------------------- |  | ----------------------- | ------- | ---- | - | ------- | ---- |  | - | ------- | - | ---- | - | ------- |  | - | -------
|                                                                          |  | Year Ended December 31,
|                                                                          |  | 2008                    |         | 2007 |   |         | 2006 |  |   | 2005    |   | 2004
|Fixed charges(1)                                                          |  | $                       | 181,324 |      | $ | 224,884 |      |  | $ | 202,037 |   |      | $ | 131,099 |  | $ | 70,184 
|Preferred stock dividends                                                 |  |                         | 5,928   |      |   | 4,749   |      |  |   | 4,044   |   |      |   | 3,901   |  |   | 369    
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|Combined fixed charges and preferred stock dividends                      |  | $                       | 187,252 |      | $ | 229,633 |      |  | $ | 206,081 |   |      | $ | 135,000 |  | $ | 70,553 
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|Fixed charges                                                             |  | $                       | 187,252 |      | $ | 229,633 |      |  | $ | 206,081 |   |      | $ | 135,000 |  | $ | 70,553 
|Income (loss) from continuing operations                                  |  |                         | 55,049  |      |   | (5,178  | )    |  |   | (11,441 | ) |      |   | 22,275  |  |   | 49,980 
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|                                                                          |  | $                       | 242,301 |      | $ | 224,455 |      |  | $ | 194,640 |   |      | $ | 157,275 |  | $ | 120,533
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|Dollar amount of deficiency                                               |  | $                       |        |      | $ | (5,178  | )    |  | $ | (11,441 | ) |      | $ |        |  | $ |       
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        
|Ratio of earnings to combined fixed charges and preferred stock dividends |  |                         | 1.29    |      |   | 0.98    |      |  |   | 0.94    |   |      |   | 1.17    |  |   | 1.71   
|                                                                          |  |                         |         |      |   |         |      |  |   |         |   |      |   |         |  |   |        



|(1) | Fixed charges consist of interest expense on all indebtedness.
|--- | --------------------------------------------------------------