Exhibit 12
STATEMENTS RE: COMPUTATION OF RATIOS
(Dollars in Thousands, Except Ratios)
| For the Year Ended March 31, |
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| 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 | ) | ||||||
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| Net earnings |
$ | 22,406 | $ | 18,406 | $ | 14,970 | ||||||
| Fixed charges and preferred distributions: |
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| Interest expense |
2,075 | 1,127 | 768 | |||||||||
| Amortization of deferred financing fees |
1,024 | 791 | 459 | |||||||||
| Preferred distributions |
2,850 | 2,850 | 198 | |||||||||
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| 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.