**SAXON      CAPITAL, INC.**

**CALCULATION      OF RATIO OF EARNINGS TO FIXED CHARGES**

**(DOLLARS      IN THOUSANDS)**

|                                                                  |    ***Nine                Months Ended September 30,*** | ***Years                Ended December 31,*** | ***For                the Period July 6, 2001 to December 31,*** | ***For                the Period January 1, 2001 to July 5,*** |
|-----------------------------------------------------------------------|------------------------------------------------------------------------|-----------------------------------------------|------------------------------------------------------------------|----------------------------------------------------------------|
|                                                                  | **2006**                                                               | **2005**                                      | **2005**                                                         | **2004**                                                       | **2003** | **2002** | **2001** | **2001** |
| Consolidated                net income                                | $8,638                                                                 | $92,906                                       | $110,660                                                         | $106,322                                                       | $67,682 | $(1,639) | $15,799 | $29,507 |
| Add:                consolidated provision (benefit) for income taxes | (5,789)                                                                | (6,179)                                       | (5,902)                                                          | 4,987                                                          | 40,105 | (849) | (9,944) | (21,608) |
| Add:                estimated fixed charges                           | 287,602                                                                | 182,212                                       | 259,570                                                          | 148,613                                                        | 116,568 | 85,422 | 22,674 | 7,990 |
| Total                earnings available for fixed charges             | $290,451                                                               | $268,939                                      | $364,328                                                         | $259,922                                                       | $224,355 | $82,934 | $28,529 | $15,889 |
|                                                                  |                                                                   |                                          |                                                             |                                                           |   |   |   |   |
| Interest                on debt and capitalized leases                | $278,948                                                               | $181,315                                      | $256,638                                                         | $175,351                                                       | $148,938 | $102,356 | $25,231 | $7,796 |
| Amortization                of debt discount and expense              | 8,341                                                                  | 642                                           | 2,558                                                            | (27,017)                                                       | (32,613) | (17,124) | (2,767) | - |
| Interest                element of rentals                            | 313                                                                    | 255                                           | 374                                                              | 279                                                            | 243 | 190 | 210 | 194 |
| Total                fixed charges                                    | $287,602                                                               | $182,212                                      | $259,570                                                         | $148,613                                                       | $116,568 | $85,422 | $22,674 | $7,990 |
|                                                                  |                                                                   |                                          |                                                             |                                                           |   |   |   |   |
| Ratio                of earnings to fixed charges                     | 1.0                                                                    | 1.5                                           | 1.4                                                              | 1.7                                                            | 1.9 | 1.0 | 1.3 | 2.0 |