Year ended June 30,

2011

2010

2009

2008

2007

Earnings:

Net increase (decrease) in net assets from operations

$

(5,802,576)

$

(6,374,963)

$

(5,462,453)

$

(537,571)

$

199,072

Fixed charges

1,517,044 

964,382 

1,130,738 

2,398,654 

2,158,679

Adjusted earnings

$

(4,285,532)

$

(5,410,581)

$

(4,331,715)

$

1,861,083 

$

2,357,751

Fixed charges:

Interest expense

$

1,446,193 

$

906,202 

$

1,090,074 

$

2,357,540 

$

2,117,675

Amortization of deferred loan costs

70,851 

58,180 

40,664 

41,114 

41,004

Total fixed charges

$

1,517,044 

$

964,382 

$

1,130,738 

$

2,398,654 

$

2,158,679

Preference dividends

337,500 

421,875 

253,125 

337,500 

337,500

Total fixed charges and preference dividends

$

1,854,544 

$

1,386,257 

$

1,383,863 

$

2,736,154 

$

2,496,179

Ratio of earnings to fixed charges

(2.31)

(3.90)

(3.13)

0.68 

0.94

Deficiency of earnings to cover fixed charges and preference dividends (less than 1:1 ratio)

$

6,140,076 

$

6,796,838 

$

5,715,578 

$

875,071 

$

138,428