EXHIBIT 12.1

ANWORTH MORTGAGE ASSET CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

(unaudited)

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



|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       
|------------------------------------------------------------------------- |  | ----------------------- | ------- | ---- | - | ------- |  | ---- | ------ | ---- | - | ------ |  | - | ------
|                                                                          |  | Year Ended December 31,
|                                                                          |  | 2005                    |         | 2004 |   | 2003    |  | 2002 |        | 2001
|Fixed charges(1)                                                          |  | $                       | 242,509 |      | $ | 98,304  |  | $    | 45,661 |      | $ | 29,576 |  | $ | 6,363 
|Preferred stock dividends                                                 |  |                         | 3,901   |      |   | 369     |  |      |       |      |   |       |  |   |      
|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       
|Combined fixed charges and preferred stock dividends                      |  | $                       | 246,410 |      | $ | 98,673  |  | $    | 45,661 |      | $ | 29,576 |  | $ | 6,363 
|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       
|Fixed charges                                                             |  | $                       | 246,410 |      | $ | 98,673  |  | $    | 45,661 |      | $ | 29,576 |  | $ | 6,363 
|Net income                                                                |  |                         | 28,885  |      |   | 55,805  |  |      | 50,195 |      |   | 31,670 |  |   | 3,706 
|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       
|                                                                          |  | $                       | 275,295 |      | $ | 154,478 |  | $    | 95,856 |      | $ | 61,246 |  | $ | 10,069
|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       
|Ratio of earnings to combined fixed charges and preferred stock dividends |  |                         | 1.12    |      |   | 1.57    |  |      | 2.10   |      |   | 2.07   |  |   | 1.58  
|                                                                          |  |                         |         |      |   |         |  |      |        |      |   |        |  |   |       

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