Exhibit 12

STATEMENTS RE: COMPUTATION OF RATIOS

(Dollars in Thousands, Except Ratios)

 

     For the Year Ended
March 31,
 
     2014     2013     2013  

Net investment income

   $ 19,307      $ 16,488      $ 13,743   

Add: fixed charges and preferred distributions

     5,949        4,768        1,425   

Less: preferred distributions

     (2,850 )     (2,850 )     (198 )
  

 

 

   

 

 

   

 

 

 

Net earnings

   $ 22,406      $ 18,406      $ 14,970   

Fixed charges and preferred distributions:

      

Interest expense

     2,075        1,127        768   

Amortization of deferred financing fees

     1,024        791        459   

Preferred distributions

     2,850        2,850        198   
  

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred distributions

   $ 5,949      $ 4,768      $ 1,425   

Ratio of net earnings to combined fixed charges and preferred distributions

     3.8        3.9        10.5   

The calculation of the ratio of net earnings to combined fixed charges and preferred distributions is above. “Net earnings” consist of net investment income before fixed charges. “Fixed charges” consist of interest expense and amortization of deferred financing fees.