**SAXON      CAPITAL, INC.**

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

**(DOLLARS      IN THOUSANDS)**

|                                                        |  ***Six                Months Ended******June                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                      | $35,045                                                                  | $60,997                                       | $110,660                                                         | $106,322                                                       | $67,682 | $(1,639) | $15,799 | $29,507 |
| Add:                consolidated provision for income taxes | 7,297                                                                    | (383)                                         | (5,902)                                                          | 4,987                                                          | 40,105 | (849) | (9,944) | (21,608) |
| Add:                estimated fixed charges                 | 180,626                                                                  | 114,449                                       | 259,570                                                          | 148,613                                                        | 116,568 | 85,422 | 22,674 | 7,990 |
| Total                earnings available for fixed charges   | $222,968                                                                 | $175,063                                      | $364,328                                                         | $259,922                                                       | $224,355 | $82,934 | $28,529 | $15,889 |
|                                                        |                                                                     |                                          |                                                             |                                                           |   |   |   |   |
| Interest                on debt and capitalized leases      | $175,343                                                                 | $116,121                                      | $256,638                                                         | $175,351                                                       | $148,938 | $102,356 | $25,231 | $7,796 |
| Amortization                of debt discount and expense    | 5,075                                                                    | (1,828)                                       | 2,558                                                            | (27,017)                                                       | (32,613) | (17,124) | (2,767) | - |
| Interest                element of rentals                  | 208                                                                      | 156                                           | 374                                                              | 279                                                            | 243 | 190 | 210 | 194 |
| Total                fixed charges                          | $180,626                                                                 | $114,449                                      | $259,570                                                         | $148,613                                                       | $116,568 | $85,422 | $22,674 | $7,990 |
|                                                        |                                                                     |                                          |                                                             |                                                           |   |   |   |   |
| Ratio                of earnings to fixed charges           | 1.2                                                                      | 1.5                                           | 1.4                                                              | 1.7                                                            | 1.9 | 1.0 | 1.3 | 2.0 |