Exhibit 2.s.2

Statements re: computation of ratios

(Dollars in Thousands, Except Ratios)

 

     For the years ended March 31,  
     2015      2014      2013      2012      2011  

Net investment income

    $ 19,897       $ 19,307       $ 16,488       $ 13,743       $ 16,171   

Add: fixed charges and preferred dividends

      8,799         5,959         4,779         1,435         1,191   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

 $ 28,696    $ 25,266    $ 21,267    $ 15,178    $ 17,362   

Fixed charges and preferred dividends:

Interest expense

   3,539      2,075      1,127      768      690   

Amortization of deferred financing fees

   1,329      1,024      791      459      491   

Estimated interest component of rent

   10      10      11      10      10   

Preferred dividends

   3,921      2,850      2,850      198      —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges and preferred dividends

   8,799      5,959      4,779      1,435      1,191   

Ratio of earnings to combined fixed charges and preferred dividends

   3.3x      4.2x      4.5x      10.6x      14.6x   

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 and preferred dividends. “Fixed charges and preferred dividends” consist of interest expense on borrowings, dividend expense on our Series A and Series B Term Preferred Stock, amortization of deferred financing fees 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 Adviser as part of the administration fee payable under the Advisory Agreement, by three. Our Series C Term Preferred Stock is not included in the calculation above because we issued our Series C Term Preferred Stock subsequent to March 31, 2015