Exhibit 12
STATEMENTS RE: COMPUTATION OF RATIOS
(Dollars in Thousands, Except Ratios)
| For the Year Ended March 31, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
| Net investment income |
$ | 20,716 | $ | 19,897 | $ | 19,307 | ||||||
| Add: fixed charges and preferred dividends |
14,036 | 8,799 | 5,959 | |||||||||
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| Earnings |
$ | 34,752 | $ | 28,696 | $ | 25,266 | ||||||
| Fixed charges and preferred dividends: |
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| Interest expense |
4,154 | 3,539 | 2,075 | |||||||||
| Amortization of deferred financing costs |
1,908 | 1,329 | 1,024 | |||||||||
| Preferred dividends |
7,963 | 3,921 | 2,850 | |||||||||
| Estimated interest component of rent expense |
11 | 10 | 10 | |||||||||
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| Total fixed charges and preferred dividends |
$ | 14,036 | $ | 8,799 | $ | 5,959 | ||||||
| Ratio of earnings to combined fixed charges and preferred dividends |
2.5 | 3.3 | 4.2 | |||||||||
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, 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.