Exhibit 12

STATEMENTS RE: COMPUTATION OF RATIOS

(Dollars in Thousands, Except Ratios)

 

     For the Year Ended March 31,  
     2018      2017      2016      2015      2014  

Net investment income

    $ 21,960      $ 22,422      $ 20,716      $ 19,897      $ 19,307  

Add: fixed charges and dividends on mandatorily redeemable preferred stock

      14,517        14,109        14,036        8,799        5,959  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

    $ 36,477      $ 36,531      $ 34,752      $ 28,696      $ 25,266  

Fixed charges and dividends on mandatorily redeemable preferred stock:

               

Interest expense on borrowings

      4,034        3,540        4,154        3,539        2,075  

Amortization of deferred financing costs and discounts

      1,468        1,875        1,908        1,329        1,024  

Dividends on mandatorily redeemable preferred stock

      9,005        8,683        7,963        3,921        2,850  

Estimated interest component of rent expense

      10        11        11        10        10  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges and dividends on mandatorily redeemable preferred stock

    $ 14,517      $ 14,109      $ 14,036      $ 8,799      $ 5,959  

Ratio of earnings to combined fixed charges and dividends on mandatorily redeemable preferred stock

      2.5        2.6        2.5        3.3        4.2  

The calculation of the ratio of earnings to combined fixed charges and dividends on mandatorily redeemable preferred stock is above. “Earnings” consist of net investment income before fixed charges. “Fixed charges and dividends on mandatorily redeemable preferred stock” consist of interest expense on borrowings, amortization of deferred financing costs and discounts, dividends on mandatorily redeemable preferred stock, 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.