Exhibit 2.s.2

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   

Earnings

   $ 34,752       $ 28,696       $ 25,266   

Fixed charges and preferred dividends:

        

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   
  

 

 

    

 

 

    

 

 

 

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.