Exhibit 12

STATEMENTS RE: COMPUTATION OF RATIOS

(Dollars in Thousands, Except Ratios)

 

     For the Year Ended March 31,  
     2017      2016      2015  

Net investment income

   $ 22,422      $ 20,716      $ 19,897  

Add: fixed charges and preferred dividends

     14,109        14,036        8,799  
  

 

 

    

 

 

    

 

 

 

Earnings

   $ 36,531      $ 34,752      $ 28,696  

Fixed charges and preferred dividends:

        

Interest expense

     3,540        4,154        3,539  

Amortization of deferred financing costs and discounts

     1,875        1,908        1,329  

Preferred dividends

     8,683        7,963        3,921  

Estimated interest component of rent expense

     11        11        10  
  

 

 

    

 

 

    

 

 

 

Total fixed charges and preferred dividends

   $ 14,109      $ 14,036      $ 8,799  

Ratio of earnings to combined fixed charges and preferred dividends

     2.6        2.5        3.3  

The calculation of the ratio of earnings to combined fixed charges and preferred dividends is above. “Earnings” consist of net investment income before fixed charges. “Fixed charges” consist of interest expense, amortization of deferred financing costs and discounts, preferred dividends, and the portion of operating lease expense that represents interest. The portion of operating lease expense that represents interest is calculated by dividing the amount of rent expense, allocated to us by our Administrator as part of the administration fee payable under the Administration Agreement, by three.