Exhibit 2.s.3

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND MANDATORILY REDEEMABLE PREFERRED DISTRIBUTIONS

(Dollars in Thousands, Except Ratios)

 

     For the Years Ended
September 30,
 
     2018     2017     2016     2015     2014  

Net investment income

   $ 23,088     $ 21,433     $ 19,487     $ 17,700     $ 18,368  

Add: fixed charges and mandatorily redeemable preferred distributions

     9,977       8,319       8,092       9,050       7,213  

Less: mandatorily redeemable preferred distributions

     (3,105     (4,152     (4,118     (4,116     (3,338
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings(1)

   $ 29,960     $ 25,600     $ 23,461     $ 22,634     $ 22,243  

Fixed charges and mandatorily redeemable preferred distributions:

          

Interest expense

     5,858       3,073       2,899       3,828       2,628  

Amortization of deferred financing fees

     1,014       1,094       1,075       1,106       1,247  

Mandatorily redeemable preferred distributions

     3,105       4,152       4,118       4,116       3,338  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and mandatorily redeemable preferred distributions

   $ 9,977     $ 8,319     $ 8,092     $ 9,050     $ 7,213  

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

     3.0       3.1       2.9       2.5       3.1  

 

(1)

Earnings include net realized and unrealized gains or losses. Net realized and unrealized gains or losses can vary substantially from period to period.

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.