Exhibit 12

STATEMENTS RE: COMPUTATION OF RATIOS

(Dollars in Thousands, Except Ratios)

 

     For the Years Ended
September 30,
 
     2017     2016     2015     2014     2013  

Net investment income

   $ 21,433     $ 19,487     $ 17,700     $ 18,368     $ 18,386  

Add: fixed charges and mandatorily redeemable preferred distributions

     8,319       8,092       9,050       7,213       7,137  

Less: mandatorily redeemable preferred distributions

     (4,152     (4,118     (4,116 )     (3,338     (2,744
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 25,600     $ 23,461     $ 22,634     $ 22,243     $ 22,779  

Fixed charges and mandatorily redeemable preferred distributions:

          

Interest expense

     3,073       2,899       3,828       2,628       3,182  

Amortization of deferred financing fees

     1,094       1,075       1,106       1,247       1,211  

Mandatorily redeemable preferred distributions

     4,152       4,118       4,116       3,338       2,744  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and mandatorily redeemable preferred distributions

   $ 8,319     $ 8,092     $ 9,050     $ 7,213     $ 7,137  

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

     3.1       2.9       2.5       3.1       3.2  

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.