Exhibit 2.s.3

STATEMENTS RE: COMPUTATION OF RATIOS

(Dollars in Thousands, Except Ratios)

 

     For the Years Ended
September 30,
 
     2016     2015     2014     2013     2012  

Net investment income

   $ 19,487      $ 17,700      $ 18,368      $ 18,386      $ 19,044   

Add: fixed charges and mandatorily redeemable preferred distributions

     8,092        9,050        7,213        7,137        8,108   

Less: mandatorily redeemable preferred distributions

     (4,118     (4,116     (3,338     (2,744     (2,491   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 23,461      $ 22,634      $ 22,243      $ 22,779      $ 24,661   

Fixed charges and mandatorily redeemable preferred distributions:

          

Interest expense

     2,899        3,828        2,628        3,182        4,374   

Amortization of deferred financing fees

     1,075        1,106        1,247        1,211        1,243   

Mandatorily redeemable preferred distributions

     4,118        4,116        3,338        2,744        2,491   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and mandatorily redeemable preferred distributions

   $ 8,092      $ 9,050      $ 7,213      $ 7,137      $ 8,108   

Ratio of net earnings to combined fixed charges and mandatorily redeemable preferred distributions

     2.9        2.5        3.1        3.2        3.0   

The calculation of the ratio of net earnings to combined fixed charges and mandatorily redeemable 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.