|                                                         |   |                                                                                          |
|--------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
| ☑                                                      |   | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934          |
| For the fiscal year ended June 30, 2016                      |
| OR                                                           |
| ☐                                                      |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from __________ to __________ |
|                                                           |   |                              |
|----------------------------------------------------------------|--------|-----------------------------------|
| Maryland                                                       |   | 45-4355424                        |
| (State or Other Jurisdiction of Incorporation or Organization) |   | (IRS Employer Identification No.) |
|                                                           |   |                              |
| 1640 School StreetMoraga, California                           |   | 94556                             |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                        |
|                |   |                                      |
|---------------------|--------|-------------------------------------------|
| Title of Each Class |   | Name Of Each Exchange On Which Registered |
| None                |   | None                                      |

----

| · | Net asset value; |
|--------|------------------|

| · | Total cash position; |
|--------|----------------------|

| · | Liquidity; |
|--------|------------|

| · | Income produced from investments; |
|--------|-----------------------------------|

----

| Selected statement of assets and liabilities amounts: |   | Restated      |       |   | Previously Reported |   |       | Change        |   |
|-------------------------------------------------------|--------|---------------|------------|--------|---------------------|--------|------------|---------------|--------|
|                                                  |   | June 30, 2016 |       |   | June 30, 2015       |   |       | June 30, 2016 |   |   | June 30, 2015 |   |   | June 30, 2016 |   |   | June 30, 2015 |   |
|                                                  |   |          |       |   |                |   |       |          |   |   |   |   |   | Amount |   |   | % |   |   | Amount |   |   | % |   |
| Total assets                                          |   | $             | 42,315,221 |   |                | $      | 23,218,204 |          |   | $ | 42,315,221 |   |   | $ | 23,218,204 |   |   | $ | - |   |   |   | 0.0 | % |   | $ | - |   |   |   | 0.0 | % |
| Total liabilities                                     |   |          | 1,983,030  |   |                |   | 857,975    |          |   |   | 2,019,789 |   |   |   | 879,765 |   |   |   | (36,759 | ) |   |   | -1.8 | % |   |   | (21,790 | ) |   |   | -2.5 | % |
| Total net assets                                      |   |          | 40,332,191 |   |                |   | 22,360,229 |          |   |   | 40,295,432 |   |   |   | 22,338,439 |   |   |   | 36,759 |   |   |   | 0.1 | % |   |   | 21,790 |   |   |   | 0.1 | % |
| Net Asset Value per share                             |   | $             | 9.94       |   |                | $      | 10.18      |          |   | $ | 9.93 |   |   | $ | 10.17 |   |   | $ | 0.01 |   |   |   | 0.1 | % |   | $ | 0.01 |   |   |   | 0.1 | % |

| Selected statements of operations amounts:                     |   | Restated      |      |
|----------------------------------------------------------------|--------|---------------|-----------|
|                                                           |   | June 30, 2016 |      |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                           |   |          |      |   |   |   |   |   |   |
| Portfolio structuring fee                                      |   | $             | 575,961   |   |   | $ | 390,210 |   |   | $ | 57,953 |   |
| Subordinated incentive fee                                     |   |          | -         |   |   |   | 24,958 |   |   |   | - |   |
| Total operating expenses                                       |   |          | 1,828,418 |   |   |   | 1,334,151 |   |   |   | 972,484 |   |
| Total net investment income (loss)                             |   |          | 807,987   |   |   |   | (731,582 | ) |   |   | (348,540 | ) |
| Total net realized and unrealized gain (loss)                  |   |          | 2,793,072 |   |   |   | 3,381,795 |   |   |   | 825,227 |   |
| Total net increase in net assets resulting from operations     |   |          | 3,602,471 |   |   |   | 2,839,162 |   |   |   | 103,107 |   |
| Net increase in net assets resulting from operations per share |   | $             | 1.17      |   |   | $ | 1.84 |   |   | $ | 0.13 |   |

|                                                           |   | Previously Reported |      |
|----------------------------------------------------------------|--------|---------------------|-----------|
|                                                           |   | June 30, 2016       |      |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                           |   |                |      |   |   |   |   |   |   |
| Portfolio structuring fee                                      |   | $                   | -         |   |   | $ | - |   |   | $ | - |   |
| Subordinated incentive fee                                     |   |                | 14,969    |   |   |   | 46,748 |   |   |   | - |   |
| Total operating expenses                                       |   |                | 1,267,426 |   |   |   | 965,731 |   |   |   | 914,531 |   |
| Total net investment income (loss)                             |   |                | 1,368,979 |   |   |   | (363,162 | ) |   |   | (290,587 | ) |
| Total net realized and unrealized gain (loss)                  |   |                | 2,793,072 |   |   |   | 3,381,795 |   |   |   | 825,227 |   |
| Total net increase in net assets resulting from operations     |   |                | 4,163,463 |   |   |   | 3,207,582 |   |   |   | 161,060 |   |
| Net increase in net assets resulting from operations per share |   | $                   | 1.35      |   |   | $ | 2.08 |   |   | $ | 0.21 |   |

|                                                           |   | Change                                                                                                                                                                          |
|----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                           |   | June 30, 2016                                                                                                                                                                   |   | June 30, 2015 |   | June 30, 2014 |
|                                                           |   | Amount                                                                                                                                                                          |   | % |   | Amount |   | % |   | Amount |   | % |
|                                                           |   |                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Portfolio structuring fee                                      |   |                    575,961                                                       |   | 100.0% |   |                    390,210 |   | 100.0% |   |                    57,953 |   | 100.0% |
| Subordinated incentive fee                                     |   |                     (14,969)                                                |   | -100.0% |   |                     (21,790) |   | -46.6% |   |                            - |   | 0.0% |
| Total operating expenses                                       |   |                    560,992                                                       |   | 44.3% |   |                    368,420 |   | 38.1% |   |                    57,953 |   | 6.3% |
| Total net investment income (loss)                             |   |                   (560,992)                                                           |   | -41.0% |   |                   (368,420) |   | 101.4% |   |                   (57,953) |   | 19.9% |
| Total net realized and unrealized gain (loss)                  |   |                              - |   | 0.0% |   |                              - |   | 0.0% |   |                            - |   | 0.0% |
| Total net increase in net assets resulting from operations     |   |                   (560,992)                                                           |   | -13.5% |   |                   (368,420) |   | -11.5% |   |                   (57,953) |   | -36.0% |
| Net increase in net assets resulting from operations per share |   |  $                     (0.18)                                                                                       |   | -13.3% |   |  $                     (0.24) |   | -11.5% |   |  $                   (0.08) |   | -38.1% |

----

| Selected statements of changes in net assets amounts:                |   | Restated      |       |
|----------------------------------------------------------------------|--------|---------------|------------|
|                                                                 |   | June 30, 2016 |       |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                                 |   |          |       |   |   |   |   |   |   |
| Selling commissions and fees                                         |   | $             | 1,912,368  |   |   | $ | 1,275,120 |   |   | $ | 157,301 |   |
| Net increase in net assets resulting from capital share transactions |   |          | 16,746,997 |   |   |   | 11,728,864 |   |   |   | 1,498,600 |   |
| Total increase in net assets                                         |   |          | 17,971,962 |   |   |   | 13,595,440 |   |   |   | 1,470,857 |   |
| Net assets at beginning of the year                                  |   |          | 22,360,229 |   |   |   | 8,764,789 |   |   |   | 7,293,932 |   |
| Net assets at end of the year                                        |   |          | 40,332,191 |   |   |   | 22,360,229 |   |   |   | 8,764,789 |   |

|                                                                 |   | Previously Reported |       |
|----------------------------------------------------------------------|--------|---------------------|------------|
|                                                                 |   | June 30, 2016       |       |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                                 |   |                |       |   |   |   |   |   |   |
| Selling commissions and fees                                         |   | $                   | 2,488,329  |   |   | $ | 1,665,330 |   |   | $ | 215,254 |   |
| Net increase in net assets resulting from capital share transactions |   | $                   | 16,171,036 |   |   | $ | 11,338,654 |   |   | $ | 1,440,647 |   |
| Total increase in net assets                                         |   | $                   | 17,956,993 |   |   | $ | 13,573,650 |   |   | $ | 1,470,857 |   |
| Net assets at beginning of the year                                  |   |                | 22,338,439 |   |   |   | 8,764,789 |   |   |   | 7,293,932 |   |
| Net assets at end of the year                                        |   |                | 40,295,432 |   |   |   | 22,338,439 |   |   |   | 8,764,789 |   |

|                                                                 |   | Change        |     |
|----------------------------------------------------------------------|--------|---------------|----------|
|                                                                 |   | June 30, 2016 |     |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                                 |   | Amount        |     |   | % |   |   | Amount |   |   | % |   |   | Amount |   |   | % |   |
| Selling commissions and fees                                         |   | $             | (575,961 | ) |   |   | -23.1 | % |   | $ | (390,210 | ) |   |   | -23.4 | % |   | $ | (57,953 | ) |   |   | -26.9 | % |
| Net increase in net assets resulting from capital share transactions |   |          | 575,961  |   |   |   | 3.6 | % |   |   | 390,210 |   |   |   | 3.4 | % |   |   | 57,953 |   |   |   | 4.0 | % |
| Total increase in net assets                                         |   |          | 14,969   |   |   |   | 0.1 | % |   |   | 21,790 |   |   |   | 0.2 | % |   |   | - |   |   |   | 0.0 | % |
| Net assets at beginning of the year                                  |   |          | 21,790   |   |   |   | 0.1 | % |   |   | - |   |   |   | 0.0 | % |   |   | - |   |   |   | 0.0 | % |
| Net assets at end of the year                                        |   |          | 36,759   |   |   |   | 0.1 | % |   |   | 21,790 |   |   |   | 0.1 | % |   |   | - |   |   |   | 0.0 | % |

| Selected statements of cashflow amounts:     |   | Restated      |        |
|----------------------------------------------|--------|---------------|-------------|
|                                         |   | June 30, 2016 |        |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                         |   |          |        |   |   |   |   |   |   |
| Cash flows from operating activities         |   | $             | (17,331,179 | ) |   | $ | (10,156,962 | ) |   | $ | 1,511,995 |   |
| Cash flows from financing activities:        |   |          | 15,384,528  |   |   |   | 10,931,297 |   |   |   | 1,747,950 |   |
| Cash and cash equivalents at end of the year |   |          | 2,350,435   |   |   |   | 4,297,086 |   |   |   | 3,522,751 |   |

|                                         |   | Previously Reported |        |
|----------------------------------------------|--------|---------------------|-------------|
|                                         |   | June 30, 2016       |        |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                         |   |                |        |   |   |   |   |   |   |
| Cash flows from operating activities         |   | $                   | (16,755,218 | ) |   | $ | (9,766,752 | ) |   | $ | 1,569,948 |   |
| Cash flows from financing activities:        |   | $                   | 14,808,567  |   |   | $ | 10,541,087 |   |   | $ | 1,689,997 |   |
| Cash and cash equivalents at end of the year |   | $                   | 2,350,435   |   |   | $ | 4,297,086 |   |   | $ | 3,522,751 |   |

|                                         |   | Change        |     |
|----------------------------------------------|--------|---------------|----------|
|                                         |   | June 30, 2016 |     | June 30, 2015 |   |   | June 30, 2014 |   |
|                                         |   | Amount        |     |   | % |   |   | Amount |   |   | % |   |   | Amount |   |   | % |   |
| Cash flows from operating activities         |   | $             | (575,961 | ) |   |   | 3.4 | % |   | $ | (390,210 | ) |   |   | 4.0 | % |   | $ | (57,953 | ) |   |   | -3.7 | % |
| Cash flows from financing activities:        |   | $             | 575,961  |   |   |   | 3.9 | % |   | $ | 390,210 |   |   |   | 3.7 | % |   | $ | 57,953 |   |   |   | 3.4 | % |
| Cash and cash equivalents at end of the year |   | $             | -        |   |   |   | 0.0 | % |   | $ | - |   |   |   | 0.0 | % |   | $ | - |   |   |   | 0.0 | % |

----

|         |                                                                                                         | Page   |
|--------------|--------------------------------------------------------------------------------------------------------------|--------|
|         |                                                                                                         |   |
| PART I  |                                                                                                         |   |
| Item 1.      | Business                                                                                                     | 1      |
| Item 1A.     | Risk Factors                                                                                                 | 6      |
| Item 1B.     | Unresolved Staff Comments                                                                                    | 23     |
| Item 2.      | Properties                                                                                                   | 23     |
| Item 3.      | Legal Proceedings                                                                                            | 23     |
| Item 4.      | Mine Safety Disclosures                                                                                      | 23     |
|         |                                                                                                         |   |
| PART II      |                                                                                                         |   |
| Item 5.      | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 24     |
| Item 6.      | Selected Financial Data                                                                                      | 26     |
| Item 7.      | Management's Discussion and Analysis of Financial Condition and Results of Operations                        | 27     |
| Item 7A.     | Quantitative and Qualitative Disclosures about Market Risk                                                   | 36     |
| Item 8.      | Financial Statements and Supplementary Data                                                                  | 36     |
| Item 9.      | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                         | 37     |
| Item 9A.     | Controls and Procedures                                                                                      | 37     |
| Item 9B.     | Other Information                                                                                            | 38     |
|         |                                                                                                         |   |
| PART III     |                                                                                                         |   |
| Item 10.     | Directors, Executive Officers and Corporate Governance                                                       | 39     |
| Item 11.     | Executive Compensation                                                                                       | 41     |
| Item 12.     | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters               | 42     |
| Item 13.     | Certain Relationships and Related Transactions, and Director Independence                                    | 43     |
| Item 14.     | Principal Accountant Fees and Services                                                                       | 44     |
|         |                                                                                                         |   |
| PART IV      |                                                                                                         |   |
| Item 15.     | Exhibits and Financial Statement Schedules                                                                   | 45     |
|         | Signatures                                                                                                   |   |
|         |                                                                                                         |   |

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| · | Tender offers. We acquire shares of non-traded REITs ("NTRs") and other real estate companies via registered and non-registered tender offers (e.g., offers to purchase securities directly from the existing holders). This is generally our preferred acquisition method, as it allows us to name the price at which we are willing to buy such securities. By purchasing securities at significant discounts to NAV, we believe we reduce the risk of a loss of capital due to a decline in NAV while increasing total returns when the discount is realized. Also, by purchasing seasoned securities that are several years old, we significantly reduce our anticipated holding period and potentially increase our annualized rate of return. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Direct loans and private placements. We may occasionally make direct loans to private real estate companies and arrange for private placements of equity issued directly to us by private real estate companies. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Purchases of small-cap REITs on the open market. We believe that small-capitalization REITs (typically less than $250 million) are largely ignored by institutional investors and by Wall Street analysts, and as a result they often trade for significant discounts to their NAV. While these REITs tend to be highly illiquid with very small trading volumes, our smaller size allows us to focus on these REITs and to purchase them in quantities that are meaningful for us. Similar to the shares of NTRs we purchase at discounts to NAV, we believe these acquisitions can provide superior risk-adjusted returns. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Real Estate-Related Limited Partnerships. Limited partnerships which may be public or private, and which were formed primarily to own real property. They may actively operate the property, they may develop the property, or they may passively own property operated by a third party. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | REITs. Corporations or trusts that are formed to own real property and are exempted from corporate income tax provided that they distribute at least 90.0% of their net income in the form of dividends to their stockholders. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Other Real Estate-Related Investments. May include equity interests in LLCs, tenancies-in-common, mortgages, loans, bonds, or any security whose underlying value derives from real estate. We may invest in other real estate-related investment entities. We do not invest in general partnerships, joint ventures, or other entities that do not afford limited liability to their security holders. However, limited liability entities in which we may invest may in turn hold interests in general partnerships, joint ventures, or other non-limited liability entities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Securities Issued by Owners of Real Property. We acquire securities issued by limited partnerships, REITs or other investment entities that have invested directly or indirectly in real property, real estate joint ventures, or other real property based investments. We buy securities issued by entities owning a variety of property types, including apartments, shopping centers, office buildings, nursing homes, min-warehouses, and hotels. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Direct Real Property Obligations, Derivatives, and Other Securities. We may also acquire (i) individual mortgages secured by real property (i.e., originate, or purchase outstanding loans secured by real estate), (ii) securities of issuers that own mortgages secured by income-producing real property, and (iii) using no more than 20.0% of our capital available for investment, securities of issuers that own assets other than real estate. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Securities Issued Previously Pursuant to a Registration Statement. In general, we seek to acquire securities originally registered by the issuer with the SEC. These target securities are typically public limited partnership interests and shares in REITs issued by national real estate syndicators and companies. These issuers typically have hundreds or thousands of limited partners or stockholders and own numerous real property assets. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Securities Issued in Private Transactions. We may acquire securities that are or were privately placed by issuers that (i) are limited partnerships, REITs, or other real estate-related entities, (ii) have sold their securities in private offerings to only a limited number of investors who have met suitability standards that are generally higher than those imposed by public partnerships, and (iii) have invested in only a single parcel or a few parcels of real property. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | review of historical and prospective financial information and regulatory disclosures; |
|--------|----------------------------------------------------------------------------------------|

| · | research relating to the company's management, industry, markets, products and services and competitors; |
|--------|----------------------------------------------------------------------------------------------------------|

| · | verification of collateral; and |
|--------|---------------------------------|

| · | asset and business value appraisals by third party advisers. |
|--------|--------------------------------------------------------------|

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| · | Assessment of success in adhering to each portfolio company's business plan and compliance with covenants; |
|--------|------------------------------------------------------------------------------------------------------------|

| · | Periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Comparisons to our other portfolio companies in the industry, if any; |
|--------|-----------------------------------------------------------------------|

| · | Attendance at and participation in board meetings; and |
|--------|--------------------------------------------------------|

| · | Review of monthly and quarterly financial statements and financial projections for portfolio companies. |
|--------|---------------------------------------------------------------------------------------------------------|

| · | private placements and restricted securities that do not have an active trading market; |
|--------|-----------------------------------------------------------------------------------------|

| · | securities whose trading has been suspended or for which market quotes are no longer available; |
|--------|-------------------------------------------------------------------------------------------------|

| · | debt securities that have recently gone into default and for which there is no current market; |
|--------|------------------------------------------------------------------------------------------------|

| · | securities whose prices are stale; |
|--------|------------------------------------|

| · | securities affected by significant events; and |
|--------|------------------------------------------------|

| · | securities that the Investment Adviser believes were priced incorrectly. |
|--------|--------------------------------------------------------------------------|

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| · | the operation of real property is subject to the general competitive conditions in the relevant real estate markets, which have suffered in the recent economic crisis; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | downturns in local economies, overbuilding and other general economic conditions may adversely affect the operations of real property, especially with the current economic conditions; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | indebtedness secured by a portfolio of real properties may bear a variable interest rate that could result in increased debt service payments (and reduced cash flow) if interest rates rise; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the lack or uncertainty of availability or high cost of financing, especially in current markets, may adversely affect the ability of the real estate owners to sell their properties and the terms of any such sales; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the availability and cost of financing or refinancing is uncertain, especially in current markets, and may adversely affect the ability of the real estate owners to sell their properties and the terms of any such sales (for example, some of the REITs in which previous funds have invested have struggled to refinance their existing indebtedness, resulting in a depressed stock price, and, in some cases, causing issuers to file for bankruptcy protection); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the real properties may be damaged and suffer losses which are not adequately insured; |
|--------|----------------------------------------------------------------------------------------|

| · | property tax reform, rent control, and other regulatory and governmental action may adversely affect the value of the real properties; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

| · | energy shortages and allocations and increased energy prices in the areas where the real properties are located may adversely affect their operations or otherwise reduce their value. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We are at risk of defaults by the borrowers on those mortgage loans. These defaults may be caused by many conditions beyond the control of us or the Adviser, including interest rate levels and local and other economic conditions affecting real estate values, including the turmoil in the credit markets that began in 2007 and has continued. Our Adviser will not know whether the values of the properties securing the mortgage loans will remain at the levels existing on the dates of origination of those mortgage loans. If the values of the underlying properties drop, our risk will increase because of the lower value of the security associated with such loans; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If an issuer in which we invest relies on originating, holding, or servicing mortgage loans for a significant portion of its income, defaults on such mortgage loans could impair the value of the issuer itself and consequently put our investment in such issuer at risk (for example, previous funds managed by the Adviser suffered losses investing in mortgage companies or originators); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Fixed-rate, long-term mortgage loans could yield a return that is lower than the then-current market rates if interest rates rise. If interest rates decrease, we could be adversely affected to the extent that mortgage loans are prepaid because we may not be able to generate equivalent returns upon reinvestment of the funds; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Declines in real estate values may induce mortgagors to voluntarily default on their loans, increasing the risk of foreclosure and loss of capital (for example, some of the hotel REITs have just "walked away" from the hotels they owned); |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Issuers may file for bankruptcy if they cannot meet the demands of their debt service, and bankruptcy judges have wide latitude to modify the terms of indebtedness, which could result in lower than expected returns on our investment; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Delays in liquidating defaulted mortgage loans could reduce our or an issuer's investment returns. If there are defaults under those mortgage loans, we or the issuer may not be able to repossess and sell the underlying properties quickly. The resulting time delay could reduce the value of our or the issuer's investment in the defaulted mortgage loans. An action to foreclose on a property securing a mortgage loan is regulated by state statutes and regulations and is subject to many of the delays and expenses of other lawsuits if the defendant raises defenses or counterclaims. Further, given the recent economic events, foreclosure actions may flood the courthouses, causing further delays in prosecuting such actions. In the event of default by a mortgagor, these restrictions, among other things, may impede our or an issuer's ability to foreclose on or sell the mortgaged property or to obtain proceeds sufficient to repay all amounts due to us or the issuer on the mortgage loan. For example, previous funds managed by the Administrator have invested in a mortgage where the borrower defaulted. The Administrator began foreclosure proceedings in July 2007, but did not get a foreclosure sale set until December 2009 due to various circumstances beyond the control of our Adviser. Thereafter, the foreclosure was further delayed by a bankruptcy filing that has yet to be resolved. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  |   | Dividends |   |
|---------------------------------------|--------|-----------|--------|
| During the Quarter Ended              |   | Per Share |   |   | Amount |   |
| Three months ended September 30, 2015 |   | $         | 0.300  |   |   | $ | 623,394 |   |
| Three months ended December 31, 2015  |   |      | 0.210  |   |   |   | 520,306 |   |
| Three months ended March 31, 2016     |   |      | 0.250  |   |   |   | 676,145 |   |
| Three months ended June 30, 2016      |   |      | 0.175  |   |   |   | 557,661 |   |
|                                  |   | $         | 0.935  |   |   | $ | 2,377,506 |   |

|                                  |   | Dividends |   |
|---------------------------------------|--------|-----------|--------|
| During the Quarter Ended              |   | Per Share |   |   | Amount |   |
| Three months ended September 30, 2014 |   | $         | 0.300  |   |   | $ | 255,442 |   |
| Three months ended December 31, 2014  |   |      | 0.175  |   |   |   | 186,812 |   |
| Three months ended March 31, 2015     |   |      | 0.175  |   |   |   | 233,445 |   |
| Three months ended June 30, 2015      |   |      | 0.175  |   |   |   | 296,887 |   |
|                                  |   | $         | 0.825  |   |   | $ | 972,586 |   |

| Period                                   |   | Total Number of Shares Purchased |      |   | Average Price Paid Per Share |   |   | Cumulative Number of Shares Purchased as Part of Publicly Announced Plans |   |   | Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans |   |
|------------------------------------------|--------|----------------------------------|-----------|--------|------------------------------|--------|--------|---------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------|--------|
| December 7, 2015 through January 7, 2016 |   |                             | 74,285.56 |   |                         | $      | 9.00   |                                                                      |   |   | 74,285.56                                                                               |   |   | $ | - |   |
|                                     |   |                             |      |   |                         |   |   |                                                                      |   |   |                                                                                    |   |   |   |   |   |
| February 18, 2016 through March 21, 2016 |   |                             | 51,994.84 |   |                         | $      | 9.00   |                                                                      |   |   | 126,280.41                                                                              |   |   |   | - |   |
|                                     |   |                             |      |   |                         |   |   |                                                                      |   |   |                                                                                    |   |   |   |   |   |
| May 26, 2016 through June 26, 2016       |   |                             | 43,327.08 |   |                         | $      | 9.00   |                                                                      |   |   | 169,607.49                                                                              |   |   |   | - |   |

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|                                                                      |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       | For the Year Ended June 30, :                                                                                                                                             |                                                       |                                                                                                                                                                                                                                              |
|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                      |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       | 2016(Restated)                                                                                                                                                            |                                                       | 2015(Restated)                                                                                                                                                                                                                                    |   | 2014(Restated) |   | 2013 |   | For the period from Inception  (Jan 25, 2012) through June 30, 2012 |
| Statement of operations data:                                             |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |
| Investment income                                                         |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |
| Dividend and distribution income                                          |   |  $            2,522,528                                                                                                                |                                                 |  $               532,036                                                                                                     |                                                 |  $               597,847                                                                                                     |                                                       |  $                 77,011                                                                                               |                                                       |  $                                     -                                                                                                      |
| Interest and other income                                                 |   |                   113,877                                                       |                                                 |                     70,533                                            |                                                 |                     26,097                                            |                                                       |                          889                 |                                                       |                                         - |
| Total investment income                                                   |   |                2,636,405                                                                       |                                                 |                   602,569                                                       |                                                 |                   623,944                                                       |                                                       |                     77,900                                            |                                                       |                                         - |
| Operating expenses                                                        |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |
| Base management fee                                                       |   |                   845,264                                                       |                                                 |                   495,285                                                       |                                                 |                   233,599                                                       |                                                       |                     72,822                                            |                                                       |                                         - |
| Portfolio structuring fee                                                 |   |                   575,961                                                       |                                                 |                   390,210                                                       |                                                 |                     57,953                                            |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |
| Subordinated incentive fee                                                |   |                             - |                                                 |                     24,958                                            |                                                 |                             - |                                                       |                             - |                                                       |                                         - |
| Administrative cost reimbursements                                        |   |                   120,000                                                       |                                                 |                   120,000                                                       |                                                 |                     60,000                                            |                                                       |                     32,000                                            |                                                       |                                         - |
| Organization costs                                                        |   |                             - |                                                 |                             - |                                                 |                             - |                                                       |                     74,410                                            |                                                       |                                  52,759                                      |
| Amortization of deferred offering costs                                   |   |                             - |                                                 |                     35,402                                            |                                                 |                   389,423                                                       |                                                       |                             - |                                                       |                                         - |
| Professional fees                                                         |   |                   140,550                                                       |                                                 |                   145,597                                                       |                                                 |                   121,387                                                       |                                                       |                             - |                                                       |                                         - |
| Other general and administrative                                          |   |                   146,643                                                       |                                                 |                   122,699                                                       |                                                 |                   110,122                                                       |                                                       |                     10,249                                            |                                                       |                                       182           |
| Total operating expenses                                                  |   |                1,828,418                                                                       |                                                 |                1,334,151                                                                       |                                                 |                   972,484                                                       |                                                       |                   189,481                                                       |                                                       |                                  52,941                                      |
| Net investment income (loss)                                              |   |                   807,987                                                       |                                                 |                  (731,582)                                                           |                                                 |                  (348,540)                                                           |                                                       |                  (111,581)                                                           |                                                       |                                (52,941)                                                |
| Net realized gain on sale of investments                                  |   |                2,809,740                                                                       |                                                 |                1,578,081                                                                       |                                                 |                   632,703                                                       |                                                       |                     56,219                                            |                                                       |                                         - |
| Net unrealized gain (loss) on investments                                 |   |                    (16,668)                                                |                                                 |                1,803,714                                                                       |                                                 |                   192,524                                                       |                                                       |                   120,065                                                       |                                                       |                                         - |
| Total net realized and unrealized gain on investments                     |   |                2,793,072                                                                       |                                                 |                3,381,795                                                                       |                                                 |                   825,227                                                       |                                                       |                   176,284                                                       |                                                       |                                         - |
| Income tax (provision) benefit (note 2)                                   |   |                       1,412                                 |                                                 |                   188,949                                                       |                                                 |                  (373,580)                                                           |                                                       |                             - |                                                       |                                         - |
| Net increase (decrease) in net assets resulting from operations           |   |  $            3,602,471                                                                                                                |                                                 |  $            2,839,162                                                                                                                |                                                 |  $               103,107                                                                                                     |                                                       |  $                 64,703                                                                                               |                                                       |  $                         (52,941)                                                                                  |
| Weighted average common Shares outstanding                                |   |                3,073,448                                                                       |                                                 |                1,541,525                                                                       |                                                 |                   763,813                                                       |                                                       |                   269,268                                                       |                                                       |                                  36,000                                      |
|                                                                      |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| Per Share data:                                                           |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |
| Net investment income (loss) per Share                                    |   |  $                     0.26                                                                                   |                                                 |  $                  (0.47)                                                           |                                                 |  $                  (0.46)                                                      |                                                       |  $                  (0.41)                                                      |                                                       |  $                             (1.47)                                                            |
| Net realized gain on sale of investments per Share                        |   |  $                     0.91                                                                                   |                                                 | $                     1.03                                                 |                                                 |  $                     0.83                                                                                   |                                                       |  $                     0.21                                                                                   |                                                       |  $                                     -                                                                                                      |
| Net unrealized gain (loss) on investments                                 |   |  $                  (0.01)                                                      |                                                 |  $                     1.17                                           |                                                 |  $                     0.25                                                                                   |                                                       |  $                     0.44                                                                                   |                                                       |  $                                     -                                                                                                      |
| Net increase (decrease) in net assets resulting from operations per Share |   |  $                     1.16                                                                                   |                                                 |  $                     1.85                                                                                   |                                                 |  $                     0.13                                                                                   |                                                       |  $                     0.24                                                                                   |                                                       |  $                             (1.47)                                                            |
| Dividend paid per Share                                                   |   |  $                   0.935                                                                                         |                                                 |  $                   0.825                                                                                         |                                                 |  $                   0.175                                                                                         |                                                       |  $                           -                                                            |                                                       |  $                                     -                                                                                                      |
|                                                                      |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       |                                                                                                                                                                      |                                                       |                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| Statement of assets and liabilities data:                                 |   | June 30, 2016                                                                                                                                                             |                                                 | June 30, 2015                                                                                                                                                             |                                                 | June 30, 2014                                                                                                                                                             |                                                       | June 30, 2013                                                                                                                                                             |                                                       | June 30, 2012                                                                                                                                                                                                                                     |
|                                                                      |   |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                 |                                                                                                                                                                      |                                                       | (Restated)                                                                                                                                                                |                                                       | (Restated)                                                                                                                                                                                                                                        |   |   |   |   |   |   |
| Investments at fair value                                                 |   |  $          39,176,772                                                                                                                      |                                                 |  $          18,645,022                                                                                                                      |                                                 |  $            5,905,995                                                                                                                |                                                       |  $            6,855,708                                                                                                                |                                                       |  $                                      -           |
| Cash and cash equivalents                                                 |   |  $            2,350,435                                                                                                                |                                                 |  $            4,297,086                                                                                                                |                                                 |  $            3,522,751                                                                                                                |                                                       |  $               262,806                                                                                                     |                                                       |  $                          161,069                                                                             |
| Total assets                                                              |   |                                                                                                                                                                      |  $          42,315,221 |                                                                                                                                                                      |  $          23,218,204 |                                                                                                                                                                      |  $            9,546,162 |                                                                                                                                                                      |  $            7,593,598 |                                                                                                                                                                                                                                              |  $                          367,412 |
| Total liabilities                                                         |   |  $            1,983,030                                                                                                                |                                                 |  $               857,975                                                                                                     |                                                 |  $               781,373                                                                                                     |                                                       |  $               299,666                                                                                                     |                                                       |  $                            60,353                                                                  |
| Total net assets                                                          |   |  $          40,332,191                                                                                                                      |                                                 |  $          22,360,229                                                                                                                      |                                                 |  $            8,764,789                                                                                                                |                                                       |  $            7,293,932                                                                                                                |                                                       |  $                          307,059                                                                             |
| Net asset value per Share at end of the year                              |   |  $                     9.94                                                                                   |                                                 |  $                   10.18                                                                                         |                                                 |  $                     9.81                                                                                   |                                                       |  $                   10.02                                                                                         |                                                       |  $                                8.53                                            |
| Shares outstanding at end of the year                                     |   |           4,057,319.49                                                                                                  |                                                 |           2,196,612.73                                                                                                  |                                                 |              893,807.67                                                                                  |                                                       |              728,217.00                                                                                  |                                                       |                             36,000.00                                                                 |

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| · | the cost of calculating our NAV, including the cost of any third-party valuation services; |
|--------|--------------------------------------------------------------------------------------------|

| · | the cost of effecting sales and repurchases of our Shares and other securities; |
|--------|---------------------------------------------------------------------------------|

| · | interest payable on debt, if any, to finance our investments; |
|--------|---------------------------------------------------------------|

| · | fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence reviews of prospective investments and third-party advisory fees; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | transfer agent and safekeeping fees; |
|--------|--------------------------------------|

| · | fees and expenses associated with marketing efforts; |
|--------|------------------------------------------------------|

| · | federal and state registration fees, any stock exchange listing fees in the future; |
|--------|-------------------------------------------------------------------------------------|

| · | federal, state and local taxes; |
|--------|---------------------------------|

| · | Independent Directors' fees and expenses; |
|--------|-------------------------------------------|

| · | brokerage commissions; |
|--------|------------------------|

| · | fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; |
|--------|--------------------------------------------------------------------------------------------------------------|

| · | direct costs and expenses of administration and sub-administration, including printing, mailing, long distance telephone and staff; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| · | fees and expenses associated with independent audits and outside legal costs; |
|--------|-------------------------------------------------------------------------------|

| · | costs associated with our reporting and compliance obligations under the 1934 Act, the 1940 Act and applicable federal and state securities laws; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | all other expenses incurred by either MacKenzie or us in connection with administering our business, including payments under the Administration Agreement that are based upon our allocable portion of overhead and other expenses incurred by MacKenzie in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the costs of compensation and related expenses of our chief compliance officer and our chief financial officer and any administrative support staff. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | the nature and realizable value of any collateral; |
|--------|----------------------------------------------------|

| · | the portfolio company's ability to make payments; |
|--------|---------------------------------------------------|

| · | the portfolio company's earnings and discounted cash flow; |
|--------|------------------------------------------------------------|

| · | the markets in which the issuer does business; and |
|--------|----------------------------------------------------|

| · | comparisons to publicly traded securities. |
|--------|--------------------------------------------|

| · | private placements and restricted securities that do not have an active trading market; |
|--------|-----------------------------------------------------------------------------------------|

| · | securities whose trading has been suspended or for which market quotes are no longer available; |
|--------|-------------------------------------------------------------------------------------------------|

| · | debt securities that have recently gone into default and for which there is no current market; |
|--------|------------------------------------------------------------------------------------------------|

| · | securities whose prices are stale; |
|--------|------------------------------------|

| · | securities affected by significant events; and |
|--------|------------------------------------------------|

| · | securities that the Investment Adviser believes were priced incorrectly. |
|--------|--------------------------------------------------------------------------|

|                    |   | June 30, 2016 |       |   | June 30, 2015 |   |
|-------------------------|--------|---------------|------------|--------|---------------|--------|
| Asset Type              |   | Cost          |       |   | Fair Value    |   |   | Cost |   |   | Fair Value |   |
| Publicly Traded Company |   | $             | 10,917,013 |   |          | $      | 11,475,174 |   |   | $ | 3,851,842 |   |   | $ | 3,411,454 |   |
| Non Traded Company      |   |          | 11,406,586 |   |          |   | 11,609,041 |   |   |   | 6,763,831 |   |   |   | 8,838,025 |   |
| LP Interest             |   |          | 14,390,162 |   |          |   | 15,793,475 |   |   |   | 5,246,418 |   |   |   | 5,642,367 |   |
| Investment Trust        |   |          | 258,435    |   |          |   | 195,065 |   |   |   | 319,906 |   |   |   | 285,100 |   |
| Note                    |   |          | 104,942    |   |          |   | 104,017 |   |   |   | 346,723 |   |   |   | 468,076 |   |
| Total                   |   | $             | 37,077,138 |   |          | $      | 39,176,772 |   |   | $ | 16,528,720 |   |   | $ | 18,645,022 |   |

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| Name and Age                    | Position(s) Held with the Company  | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------|------------------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| C.E. "Pat" Patterson†, 75 | Chairman of the Board of Directors | Since 2012                               | Mr. Patterson is co-founder and president of MacKenzie and the Adviser, and a director of their general partner, and a beneficial owner of all three companies, all since 1982. Mr. Patterson has spent his entire business career in the financial services industry. In 1982, Mr. Patterson founded Patterson Financial Services, Inc. (now MCM Advisers) with Berniece A. Patterson as a financial planning firm. As president of the Adviser, Mr. Patterson is responsible for all investment counseling activities. He supervises the analysis of investment opportunities for the clients of the firm. In February 1988, Mr. Patterson co-founded the predecessor of MacKenzie, which acts as the general partner and Manager to a number of prior investment funds. Mr. Patterson is the president of MacKenzie. Mr. Patterson is a former Certified Financial Planner, has completed the College of Financial Planning's Due Diligence course, and is a past member of both the Institute of Certified Financial Planners and the International Association for Financial Planning. |
| Tim Dozois, 54                  | Director                           | Since 2012                               | Mr. Dozois has been the Acting General Counsel and Secretary for Pendrell Corporation, a NASDAQ-listed company specializing in intellectual property solutions, since June of 2010. Prior to joining Pendrell, he spent more than 20 years supporting clients with securities law compliance, mergers, acquisitions, and real estate acquisition, financing, and management. From 1996 until 2010, Mr. Dozois served as an equity partner of Davis Wright Tremaine LLP, a Seattle-based law firm of approximately 500 lawyers. Mr. Dozois received his B.S. in Financial Management from Oregon State University and his J.D from the University of Oregon School of Law, where he was Order of the Coif.                                                                                                                                                                                                                                                                                                                                                                                   |
| Tom Frame, 74                   | Director                           | Since 2012                               | Mr. Frame was a co-founder of TransCentury Property Management and solely founded Paradigm Investment Corporation. TransCentury began in May of 1973 and has syndicated and managed over 10,000 residential units. During the last 35 years, Mr. Frame has been a principal in the acquisition, financing, restoration, and sale of over $500,000,000 in residential and commercial real estate. Paradigm was founded in June 1986 to sponsor and manage private, closed end "mutual funds." The last of the funds successfully liquidated in December of 2000. Mr. Frame received a BA degree from the University of Kansas in Mathematics in June 1964, a Juris Doctor degree from the San Francisco Law School in June 1975, and a MBA with honors from Pepperdine University in April 1986. Mr. Frame is currently managing his own investments which include residential units, commercial property, and a portfolio of securities.                                                                                                                                                    |

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| Name and Age      | Position(s) Held with the Company     | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-------------------|---------------------------------------|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert Dixon, 45  | Chief Executive Officer and President | Since 2012                               | Robert E. Dixon has been the senior vice president and co-chief investment officer of MacKenzie and the Adviser since 2005, and a director of their general partner, and a beneficial owner of all three companies since 2005. Mr. Dixon is C.E. and Berniece Patterson's son-in-law. Robert Dixon served as an officer and director of Sutter Holding Company, Inc. from March 2002 until 2005. Mr. Dixon has been president of Sutter Capital Management since its founding. Mr. Dixon received his Master of Business Administration degree from Cornell University in 1998 and has held the Chartered Financial Analyst® designation since 1996. Mr. Dixon received his bachelor's degree in economics from the University of California at Los Angeles in 1992.                                                                                                                                                                                                      |
| Paul Koslosky, 54 | Chief Financial Officer and Treasurer | Since 2012                               | Mr. Koslosky has been the chief financial officer and treasurer for the Adviser and MacKenzie since 2004. He owns a beneficial interest in each MacKenzie, the Adviser and their general partner. He is responsible for accounting and reporting for MacKenzie, the funds it manages, and other related business interests. Mr. Koslosky graduated from California State University, Hayward in 1983 with a Bachelor of Science degree in Business Administration. Prior to joining MacKenzie in 1997, he spent five years with Zellerbach Paper Company, a billion-dollar paper distributor, as staff accountant and, eventually, financial reporting manager. He worked for Doric Development, an Alameda, California real estate developer with numerous related business interests. At Doric he served as accounting manager responsible for the accounting and reporting for commercial development and construction. From 1995 to 1997 he served as controller at Doric. |
| Glen Fuller, 43   | Chief Operating Officer               | Since 2012                               | Mr. Fuller has been senior vice president and secretary of MacKenzie since 2000 and the Adviser since 2000, and a director of their general partner, and a beneficial owner of all three companies since 2000. Mr. Fuller is Berniece Patterson's son and C.E. Patterson's stepson. Prior to becoming senior vice president of MacKenzie, he was with MacKenzie for two years as a portfolio manager and research analyst. Prior to joining MacKenzie, Mr. Fuller spent two years running the over the counter trading desk for North Coast Securities Corp. (previously Morgan Fuller Capital Group) with responsibility for both the proprietary and retail trading desks. Mr. Fuller was also the registered options principal and registered municipal bond principal for North Coast Securities Corp., a registered broker-dealer. Mr. Fuller previously held his NASD Series 7, general securities registration. Mr. Fuller has a Bachelor of Arts in Management.        |
| Chip Patterson, 45    | General Counsel and Secretary | Since 2012 | Chip Patterson has been the senior vice president and general counsel of MacKenzie and the Adviser since 2003, a director of their general partner since 2003, and a beneficial owner of all three companies since 2003. Chip Patterson is C.E. Patterson's son and Berniece Patterson's stepson. Chip Patterson graduated magna cum laude from the University of Michigan Law School with a Juris Doctor Degree and with high distinction and Phi Beta Kappa from the University of California at Berkeley with a Bachelor of Arts Degree in Political Science. Prior to joining MacKenzie in July 2003, he was a securities and corporate finance attorney with the national law firm of Davis Wright Tremaine LLP. |
|-----------------------|-------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jeri Bluth, 41        | Chief Compliance Officer      | Since 2012 | Ms. Bluth has been the Chief Compliance Officer for MacKenzie and the Adviser since 2009. She owns a beneficial interest in each MacKenzie and the Adviser. Mrs. Bluth oversees compliance for all the funds advised by the Adviser, and she oversees the Company's compliance with its Code of Ethics, Bylaws, Charter, and applicable rules and regulations. Mrs. Bluth began her career with MacKenzie Patterson Fuller, Inc. in July of 1996 in the Investor Services Department. During Mrs. Bluth's career with MacKenzie, she graduated from St. Mary's College of California in June 2001, with a Bachelor of Arts degree in Business Management.                                                             |
| Christine Simpson, 51 | Chief Portfolio Manager       | Since 2012 | Mrs. Simpson has been employed by MacKenzie and its affiliates since 1990, and has been the Adviser's Senior Vice President of Research and Trading since 2005. Mrs. Simpson is responsible for handling the day-to-day operations of The Adviser's research department. During Mrs. Simpson's career with MacKenzie, she graduated: with a Bachelor of Arts degree in Business Management from St. Mary's College of California in October 2004 (with honors), with a Masters of Science degree in Financial Analysis and Investment Management in September 2006, and a Masters in Business Administration in June 2008.                                                                                  |

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| Name & Position  | Fiscal Year 2016 Fees (1)                                                                                                                                                                                                                  |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| C.E. "Pat" Patterson |  $                                           -                                                                          |
| Tim Dozois           |                                       24,000 |
| Tom Frame            |                                       24,000 |
| Total Fees           |  $                                   48,000                                                                                                 |

| Title of Class | Name of Beneficial Owner                          | Nature of Beneficial Ownership | Shares Owned                                                                                           | Percent of Class |
|----------------|---------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------|------------------|
|           |                                              |                           |                                                                                                   |             |
| Common Stock   | All officers and directors as a group (6 persons) | Indirectly held                |                 43,872 | 0.9%             |

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| Fee Category       |   | Fiscal Year 2016 Fees |   |   | Fiscal Year 2015 Fees |   |   | Fiscal Year 2014 Fees |   |
|--------------------|--------|-----------------------|--------|--------|-----------------------|--------|--------|-----------------------|--------|
| Audit Fees         |   | $                     | 75,500 |   |                  | $      | 74,500 |                  |   | $ | 77,500 |   |
| Audit-Related Fees |   |                  | -      |   |                  |   | -      |                  |   |   | - |   |
| Tax Fees           |   |                  | -      |   |                  |   | -      |                  |   |   | - |   |
| Total Fees         |   | $                     | 75,500 |   |                  | $      | 74,500 |                  |   | $ | 77,500 |   |

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| 1. | The Financial Statements listed in the Index to Financial Statements on Page F-1. |
|----|-----------------------------------------------------------------------------------|

| 2. | The Exhibits listed in the Exhibit Index below. |
|----|-------------------------------------------------|

| Exhibit No. 1 | Description of Document |
|---------------|-------------------------|
|          |                    |   |
| 3(i)          |                    | Articles of Amendment and Restatement (incorporated by reference to Registrant's Post-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed on August 2, 2013) |
|          |                    |   |
| 3(ii)         |                    | First Amended and Restated Bylaws (incorporated by reference to Registrant's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed on July 19, 2013) |
|          |                    |   |
| 10.1          |                    | Investment Advisory Agreement with MCM Advisers, LP dated February 28, 2013 (incorporated by reference to Registrant's Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed on September 5, 2013) |
|          |                    |   |
| 10.2          |                    | Amendment to Investment Advisory Agreement (incorporated by reference to Registrant's Registration Statement on Form N-2 filed on August 1, 2016) |
|          |                    |   |
| 10.3          |                    | Form of Investment Adviser Introducing Agreement (incorporated by reference to Registrant's Registration Statement on Form N-2, filed on August 1, 2016) |
|          |                    |   |
| 10.4          |                    | Marketing Services Agreement with Arete Wealth Management, LLC  (incorporated by reference to Registrant's Quarterly Report on Form 10-Q filed on May 9, 2014) |
|          |                    |   |
| 10.5          |                    | Form of Amended Marketing Services Agreement with Arete Wealth Management, LLC  (incorporated by reference to Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2 filed on August 6, 2014) |
|          |                    |   |
| 10.6          |                    | Form of Sales Agent Agreement (incorporated by reference to Registrant's Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed on September 5, 2013) |
|          |                    |   |
| 10.7          |                    | Form of Amended Sales Agent Agreement (incorporated by reference to Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2 filed on August 6, 2014) |
|          |                    |   |
| 10.8          |                    | Form of Sales Agent Agreement (for use after August 6, 2014) (incorporated by reference to Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2 filed on August 6, 2014) |
|          |                    |   |
| 10.9          |                    | Form of Investor Services Agreement with ACS Securities Services, Inc. (incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed on May 30, 2013) |
|   |   |                                                                                                                                                                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.10  |   | Form of Administration Agreement with MacKenzie Capital Management, LP (incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed on May 30, 2013)                           |
|   |   |                                                                                                                                                                                                                                        |
| 14     |   | Code of Ethics for Principal Executive Officer and Principal Financial Officer ("Officer Code") (incorporated by referenced to Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed on May 30, 2013) |
|   |   |                                                                                                                                                                                                                                        |
| 31.1   |   | Section 302 Certification of Robert Dixon (President and Chief Executive Officer)                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                        |
| 31.2   |   | Section 302 Certification of Paul Koslosky (Treasurer and Chief Financial Officer)                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                        |
| 32.1   |   | Section 1350 Certification of Robert Dixon (President and Chief Executive Officer)                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                        |
| 32.2   |   | Section 1350 Certification of Paul Koslosky (Treasurer and Chief Financial Officer)                                                                                                                                                         |

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Table of Contents

| Report of Independent Registered Public Accounting Firm                               | F-2    |
|---------------------------------------------------------------------------------------|--------|
|                                                                                  |   |
| Statements of Assets and Liabilities as of June 30, 2016 and 2015                     | F-3    |
|                                                                                  |   |
| Schedule of Investments as of June 30, 2016                                           | F-4    |
|                                                                                  |   |
| Schedule of Investments as of June 30, 2015                                           | F-5    |
|                                                                                  |   |
| Statements of Operations for the Years Ended June 30, 2016, 2015, and 2014            | F-6    |
|                                                                                  |   |
| Statements of Changes in Net Assets for the Years Ended June 30, 2016, 2015, and 2014 | F-7    |
|                                                                                  |   |
| Statements of Cash Flows for the Years Ended June 30, 2016, 2015, and  2014      | F-8    |
|                                                                                  |   |
| Notes to Financial Statements                                                         | F-9    |

| (1) | These financial statements are restated, as described in Note 3. |
|-----|------------------------------------------------------------------|

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Table of Contents

|                                                                                                                                     |   | June 30, 2016 |       |   | June 30, 2015 |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|--------|---------------|--------|
|                                                                                                                                     |   | (Restated)    |       |   | (Restated)    |   |
| Assets                                                                                                                                   |   |          |       |   |          |   |
| Investments, at fair value (cost of $37,077,138 and $16,528,720, respectively)                                                           |   | $             | 39,176,772 |   |          | $      | 18,645,022 |   |
| Cash and cash equivalents                                                                                                                |   |          | 2,350,435  |   |          |   | 4,297,086 |   |
| Accounts receivable                                                                                                                      |   |          | 438,956    |   |          |   | 87,689 |   |
| Other assets                                                                                                                             |   |          | 349,058    |   |          |   | 188,407 |   |
| Total assets                                                                                                                             |   | $             | 42,315,221 |   |          | $      | 23,218,204 |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
| Liabilities                                                                                                                              |   |          |       |   |          |   |   |   |
| Accounts payable and accrued liabilities                                                                                                 |   | $             | 90,956     |   |          | $      | 18,045 |   |
| Capital pending acceptance                                                                                                               |   |          | 1,616,490  |   |          |   | 588,250 |   |
| Due to related entities                                                                                                                  |   |          | 230,221    |   |          |   | 207,013 |   |
| Deferred tax liability                                                                                                                   |   |          | 45,363     |   |          |   | 44,667 |   |
| Total liabilities                                                                                                                        |   |          | 1,983,030  |   |          |   | 857,975 |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
| Commitments and contingencies (Note 11)                                                                                                  |   |          | -          |   |          |   | - |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
| Net assets                                                                                                                               |   |          |       |   |          |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 4,057,319.49 and 2,196,612.73 shares issued and outstanding, respectively |   |          | 406        |   |          |   | 220 |   |
| Capital in excess of par value                                                                                                           |   |          | 37,256,225 |   |          |   | 20,509,414 |   |
| Accumulated undistributed net investment loss                                                                                            |   |          | (619,875   | )      |          |   | (1,429,274 | ) |
| Accumulated undistributed net realized gain                                                                                              |   |          | 1,595,801  |   |          |   | 1,163,567 |   |
| Accumulated undistributed net unrealized gain                                                                                            |   |          | 2,099,634  |   |          |   | 2,116,302 |   |
| Total net assets                                                                                                                         |   |          | 40,332,191 |   |          |   | 22,360,229 |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
| Total liabilities and net assets                                                                                                         |   | $             | 42,315,221 |   |          | $      | 23,218,204 |   |
|                                                                                                                                     |   |          |       |   |          |   |   |   |
| Net asset value per Share                                                                                                                |   | $             | 9.94       |   |          | $      | 10.18 |   |

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Table of Contents

| Name                                             |   |   |   | Asset Type |                    | Shares/Units |   |         | Cost Basis |   |   | Total Fair Value |   |   | % ofNet Assets |       |
|--------------------------------------------------|--------|--------|--------|------------|-------------------------|--------------|--------|--------------|------------|--------|--------|------------------|--------|--------|----------------|------------|
| Ambase Corporation                               |   |   | (5     | )          | Publicly Traded Company |         |   | 250,000.00   |       |   | $      | 424,397          |   |   | $              | 357,500    |   |   |   | 0.88 |   |
| Ashford Hospitality Prime, Inc.                  |   |   | (3     | )          | Publicly Traded Company |         |   | 54,027.00    |       |   |   | 795,610          |   |   |           | 763,942    |   |   |   | 1.90 |   |
| Ashford Hospitality Trust, Inc.                  |   |   | (3     | )          | Publicly Traded Company |         |   | 150,000.00   |       |   |   | 912,218          |   |   |           | 805,500    |   |   |   | 2.00 |   |
| Bluerock Residential Growth REIT, Inc.           |   |   |   |       | Publicly Traded Company |         |   | 147,858.00   |       |   |   | 1,621,715        |   |   |           | 1,922,154  |   |   |   | 4.77 |   |
| CBL & Associates Properties, Inc.            |   |   | (3     | )          | Publicly Traded Company |         |   | 54,000.00    |       |   |   | 646,753          |   |   |           | 502,740    |   |   |   | 1.25 |   |
| Chatham Lodging Trust                            |   |   | (3     | )          | Publicly Traded Company |         |   | 15,000.00    |       |   |   | 323,032          |   |   |           | 329,700    |   |   |   | 0.82 |   |
| Equity Commonwealth                              |   |   | (3     | )(5)       | Publicly Traded Company |         |   | 12,150.00    |       |   |   | 311,114          |   |   |           | 353,930    |   |   |   | 0.88 |   |
| Independence Realty Trust, Inc.                  |   |   | (3     | )          | Publicly Traded Company |         |   | 72,000.00    |       |   |   | 542,232          |   |   |           | 588,960    |   |   |   | 1.46 |   |
| Liberty Property Trust                           |   |   | (3     | )          | Publicly Traded Company |         |   | 14,000.00    |       |   |   | 474,607          |   |   |           | 556,080    |   |   |   | 1.38 |   |
| New York REIT, Inc.                              |   |   | (3     | )          | Publicly Traded Company |         |   | 72,000.00    |       |   |   | 789,642          |   |   |           | 666,000    |   |   |   | 1.65 |   |
| One Liberty Properties, Inc.                     |   |   | (3     | )          | Publicly Traded Company |         |   | 22,500.00    |       |   |   | 510,055          |   |   |           | 536,625    |   |   |   | 1.33 |   |
| Sabra Health Care REIT, Inc.                     |   |   | (3     | )          | Publicly Traded Company |         |   | 26,300.00    |       |   |   | 538,275          |   |   |           | 542,832    |   |   |   | 1.35 |   |
| TIER REIT, Inc.                                  |   |   |   |       | Publicly Traded Company |         |   | 147,649.00   |       |   |   | 1,922,622        |   |   |           | 2,263,459  |   |   |   | 5.62 |   |
| VEREIT Inc.                                      |   |   | (3     | )          | Publicly Traded Company |         |   | 126,800.00   |       |   |   | 1,104,741        |   |   |           | 1,285,752  |   |   |   | 3.19 |   |
| Total Publicly Traded Company                    |   |   |   |       |                    |         |   |         |       |   |   | 10,917,013       |   |   |           | 11,475,174 |   |   |   | 28.48 |   |
|                                             |   |   |   |       |                    |         |   |         |       |   |   |             |   |   |           |       |   |   |   |   |   |
| American Finance Trust, Inc.                     |   |   | (4     | )          | Non Traded Company      |         |   | 12,948.60    |       |   |   | 235,213          |   |   |           | 242,657    |   |   |   | 0.60 |   |
| Apple REIT Ten, Inc.                             |   |   | (4     | )          | Non Traded Company      |         |   | 260,641.12   |       |   |   | 2,410,057        |   |   |           | 2,820,137  |   |   |   | 7.00 |   |
| American Realty Capital New York City REIT, Inc. |   |   | (4     | )          | Non Traded Company      |         |   | 936.48       |       |   |   | 16,257           |   |   |           | 16,257     |   |   |   | 0.04 |   |
| FSP Energy Tower                                 |   |   | (4     | )(5)       | Non Traded Company      |         |   | 7.00         |       |   |   | 294,350          |   |   |           | 225,132    |   |   |   | 0.56 |   |
| FSP Grand Boulevard                              |   |   | (4     | )          | Non Traded Company      |         |   | 7.00         |       |   |   | 279,104          |   |   |           | 294,021    |   |   |   | 0.73 |   |
| FSP 1441 Main Street                             |   |   | (4     | )          | Non Traded Company      |         |   | 11.55        |       |   |   | 398,163          |   |   |           | 415,800    |   |   |   | 1.03 |   |
| FSP Satellite Place                              |   |   | (4     | )          | Non Traded Company      |         |   | 5.00         |       |   |   | 195,035          |   |   |           | 176,836    |   |   |   | 0.44 |   |
| FSP South 10th Street Corp. Liquidating Trust    |   |   | (4     | )(5)       | Non Traded Company      |         |   | 0.25         |       |   |   | 151              |   |   |           | -          |   |   |   | - |   |
| Highlands REIT Inc.                              |   |   | (4     | )          | Non Traded Company      |         |   | 1,902,983.81 |       |   |   | 463,329          |   |   |           | 418,656    |   |   |   | 1.04 |   |
| InvenTrust Properties Corp.                      |   |   | (4     | )          | Non Traded Company      |         |   | 1,940,749.73 |       |   |   | 4,106,446        |   |   |           | 3,376,905  |   |   |   | 8.38 |   |
| KBS Real Estate Investment Trust, Inc.           |   |   | (4     | )          | Non Traded Company      |         |   | 1,171,821.66 |       |   |   | 2,676,386        |   |   |           | 3,245,946  |   |   |   | 8.06 |   |
| Phillips Edison Grocery Center REIT I, Inc       |   |   | (4     | )          | Non Traded Company      |         |   | 1,950.00     |       |   |   | 17,439           |   |   |           | 17,394     |   |   |   | 0.04 |   |
| Sentio Healthcare Properties, Inc.               |   |   | (4     | )          | Non Traded Company      |         |   | 13,039.18    |       |   |   | 91,663           |   |   |           | 118,265    |   |   |   | 0.29 |   |
| Strategic Realty Trust, Inc.                     |   |   | (4     | )          | Non Traded Company      |         |   | 5,245.47     |       |   |   | 24,406           |   |   |           | 23,237     |   |   |   | 0.06 |   |
| Summit Healthcare REIT, Inc.                     |   |   | (4     | )(5)       | Non Traded Company      |         |   | 171,494.39   |       |   |   | 198,587          |   |   |           | 217,798    |   |   |   | 0.54 |   |
| Total Non Traded Company (1)                     |   |   |   |       |                    |         |   |         |       |   |   | 11,406,586       |   |   |           | 11,609,041 |   |   |   | 28.81 |   |
|                                             |   |   |   |       |                    |         |   |         |       |   |   |             |   |   |           |       |   |   |   |   |   |
| Arrowpoint Burlington LLC                        |   |   | (4     | )          | LP Interest             |         |   | 7.50         |       |   |   | 750,000          |   |   |           | 750,000    |   |   |   | 1.86 |   |
| BR Beach House Investment Co                     |   |   | (4     | )          | LP Interest             |         |   | 1,499,804.92 |       |   |   | 1,499,805        |   |   |           | 1,499,805  |   |   |   | 3.72 |   |
| BR Riverside Investment                          |   |   | (4     | )          | LP Interest             |         |   | 2,237,500.00 |       |   |   | 2,238,638        |   |   |           | 2,237,500  |   |   |   | 5.55 |   |
| Britannia Preferred Members, LLC                 |   |   | (4     | )(5)       | LP Interest             |         |   | 150,000.00   |       |   |   | 1,500,000        |   |   |           | 1,899,000  |   |   |   | 4.71 |   |
| DRV Holding Company, LLC                         |   |   | (4     | )(5)       | LP Interest             |         |   | 250.00       |       |   |   | 250,000          |   |   |           | 353,418    |   |   |   | 0.88 |   |
| Inland Land Appreciation Fund II, L.P.           |   |   | (4     | )(5)       | LP Interest             |         |   | 210.97       |       |   |   | 8,667            |   |   |           | 24,046     |   |   |   | 0.06 |   |
| MC 15 Preferred Equity, LLC                      |   |   | (4)    | )(5)(2)    | LP Interest             |         |   | 250,000.00   |       |   |   | 2,500,000        |   |   |           | 2,500,000  |   |   |   | 6.20 |   |
| MPF Pacific Gateway - Class B                    |   |   | (2)    | )(4)(5)    | LP Interest             |         |   | 23.20        |       |   |   | 6,287            |   |   |           | 7,309      |   |   |   | 0.02 |   |
| Rancon Realty Fund IV                            |   |   | (4     | )(5)       | LP Interest             |         |   | 1,016.00     |       |   |   | 184,474          |   |   |           | 185,085    |   |   |   | 0.46 |   |
| Redwood Mortgage Investors VIII                  |   |   | (4     | )          | LP Interest             |         |   | 54,129.40    |       |   |   | 29,169           |   |   |           | 33,019     |   |   |   | 0.08 |   |
| Resource Real Estate Investors 6, L.P.           |   |   | (4     | )          | LP Interest             |         |   | 42,600.00    |       |   |   | 169,548          |   |   |           | 169,974    |   |   |   | 0.42 |   |
| Resource Real Estate Investors 7 L.P.            |   |   | (4     | )          | LP Interest             |         |   | 11,500.00    |       |   |   | 36,820           |   |   |           | 48,645     |   |   |   | 0.12 |   |
| Satellite Investment Holdings, LLC - Class A     |   |   | (4     | )          | LP Interest             |         |   | 22.00        |       |   |   | 2,200,000        |   |   |           | 2,200,000  |   |   |   | 5.46 |   |
| Secured Income, LP                               |   |   | (4     | )(5)       | LP Interest             |         |   | 64,177.00    |       |   |   | 560,403          |   |   |           | 765,632    |   |   |   | 1.90 |   |
| The Weatherly, LTD                               |   |   | (4     | )(5)       | LP Interest             |         |   | 60.00        |       |   |   | 672,000          |   |   |           | 675,378    |   |   |   | 1.68 |   |
| The Weatherly Building, LLC                      |   |   | (4     | )(5)       | LP Interest             |         |   | 17.50        |       |   |   | 392,000          |   |   |           | 393,970    |   |   |   | 0.98 |   |
| Uniprop Manufactured Housing Income Fund II, LP  |   |   | (4     | )          | LP Interest             |         |   | 113,764.00   |       |   |   | 567,351          |   |   |           | 1,006,811  |   |   |   | 2.50 |   |
| VWC Savannah, LLC                                |   |   | (4     | )(5)       | LP Interest             |         |   | 8.25         |       |   |   | 825,000          |   |   |           | 1,043,883  |   |   |   | 2.59 |   |
| Total LP Interest                                |   |   |   |       |                    |         |   |         |       |   |   | 14,390,162       |   |   |           | 15,793,475 |   |   |   | 39.19 |   |
|                                             |   |   |   |       |                    |         |   |         |       |   |   |             |   |   |           |       |   |   |   |   |   |
| Coastal Realty Business Trust, REEP, Inc. - A    |   |   | (2)    | )(4)(5)    | Investment Trust        |         |   | 72,320.00    |       |   |   | 73,555           |   |   |           | 99,078     |   |   |   | 0.25 |   |
| Coastal Realty Business Trust, Series H2- A      |   |   | (2     | )(4)       | Investment Trust        |         |   | 47,284.16    |       |   |   | 184,880          |   |   |           | 95,987     |   |   |   | 0.23 |   |
| Total Investment Trust                           |   |   |   |       |                    |         |   |         |       |   |   | 258,435          |   |   |           | 195,065    |   |   |   | 0.48 |   |
|                                             |   |   |   |       |                    |         |   |         |       |   |   |             |   |   |           |       |   |   |   |   |   |
| BR Cabrillo LLC Promissory Note                  |   |   | (4     | )(5)       | Note                    |         |   |         |       |   |   | 104,942          |   |   |           | 104,017    |   |   |   | 0.26 |   |
| Total Note                                       |   |   |   |       |                    |         |   |         |       |   |   | 104,942          |   |   |           | 104,017    |   |   |   | 0.26 |   |
|                                             |   |   |   |       |                    |         |   |         |       |   |   |             |   |   |           |       |   |   |   |   |   |
| Total Investments                                |   |   |   |       |                    |         |   |         |       |   | $      | 37,077,138       |   |   | $              | 39,176,772 |   |   |   | 97.22 |   |

| (1) Investments primarily in non-traded public REITs or their successors.                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) Investments in affiliated companies. See additional disclosures in note 5.                                                                                                                                                                   |
| (3) Non-qualifying assets under Section 55(a) of the 1940 Act. As of June 30, 2016, the total percentage of non-qualifying assets is 16.38%, and as a business development company non-qualifying assets may not exceed 30% of our total assets. |
| (4) Investments in illiquid securities, or securities that are not traded on a national exchange. As of June 30, 2016, 65.46% of the Company's total assets are in illiquid securities.                                                          |
| (5) Investments in non-income producing securities. As of June 30, 2016, 21.75% of the Company's total assets are in non-income producing securities                                                                                        |

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Table of Contents

| Name                                                |        | Asset Type                                                                                |  Shares/Units                                                                                                |  Cost Basis                                                                                                                  |  Total Fair Value                                                                                                            | % ofNet Assets                                                                                                                  |
|-----------------------------------------------------|-------------|-------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
| American Realty Capital Properties, Inc.            | (3) (5)     | Publicly Traded Company                                                                   |        54,800.00                                                               |  $           514,633                                                                           |  $           445,524                                                                           |                  1.99                      |
| Ashford Hospitality Prime, Inc.                     | (3)         | Publicly Traded Company                                                                   |        15,800.00                                                               |               274,131                                       |               237,316                                       |                  1.06                      |
| Ashford Hospitality Trust, Inc.                     | (3)         | Publicly Traded Company                                                                   |        30,000.00                                                               |               299,917                                       |               253,800                                       |                  1.14                      |
| CBL & Associates Properties, Inc.               | (3)         | Publicly Traded Company                                                                   |        18,300.00                                                               |               348,730                                       |               296,460                                       |                  1.33                      |
| Equity Commonwealth                                 | (3) (5)     | Publicly Traded Company                                                                   |        12,150.00                                                               |               311,114                                       |               311,890                                       |                  1.39                      |
| Lexington Realty Trust                              | (3)         | Publicly Traded Company                                                                   |        49,300.00                                                               |               528,497                                       |               418,064                                       |                  1.87                      |
| Liberty Property Trust                              | (3)         | Publicly Traded Company                                                                   |          5,500.00                                                    |               195,750                                       |               177,210                                       |                  0.79                      |
| One Liberty Properties, Inc.                        | (3)         | Publicly Traded Company                                                                   |          9,000.00                                                    |               206,110                                       |               191,520                                       |                  0.86                      |
| Rouse Properties Inc                                | (3)         | Publicly Traded Company                                                                   |        20,700.00                                                               |               377,231                                       |               338,445                                       |                  1.52                      |
| Senior Housing Properties Trust                     | (3)         | Publicly Traded Company                                                                   |          9,000.00                                                    |               201,135                                       |               157,950                                       |                  0.71                      |
| Winthrop Realty Trust Shares of Beneficial Interest | (3) (5)     | Publicly Traded Company                                                                   |        38,500.00                                                               |               594,594                                       |               583,275                                       |                  2.61                      |
| Total Publicly Traded Company                       |        |                                                                                      |                                                                                                              |            3,851,842                                                       |            3,411,454                                                       |                15.27                                 |
|                                                |        |                                                                                      |                                                                                                              |                                                                                                                              |                                                                                                                              |                                                                                                                            |
| Bluerock Residential Growth REIT, Inc. Class B2     | (4)         | Non Traded Company                                                                        |          1,429.61                                                    |                 17,211                            |                 18,099                            |                  0.08                      |
| Bluerock Residential Growth REIT, Inc. Class B3     | (4)         | Non Traded Company                                                                        |          1,429.61                                                    |                 15,781                            |                 18,099                            |                  0.08                      |
| FSP South 10th Street Corp. Liquidating Trust       | (4) (5)     | Non Traded Company                                                                        |                 0.25              |                      152 |                      130 |                      - |
| Hines Real Estate Investment Trust, Inc.            | (4)         | Non Traded Company                                                                        |          2,692.31                                                    |                 13,569                            |                 12,949                            |                  0.06                      |
| InvenTrust Properties Corp.                         | (4)         | Non Traded Company                                                                        |      853,577.92                                                                          |            2,128,695                                                       |            2,424,161                                                       |                10.85                                 |
| KBS Real Estate Investment Trust, Inc.              | (4)         | Non Traded Company                                                                        |      205,831.73                                                                          |               322,025                                       |               642,195                                       |                  2.87                      |
| Landmark Apartment Trust, Inc.                      | (4)         | Non Traded Company                                                                        |      179,421.12                                                                          |               770,227                                       |               893,517                                       |                  4.00                      |
| SmartStop Self Storage, Inc.                        | (4)         | Non Traded Company                                                                        |      124,588.73                                                                          |            1,094,503                                                       |            1,639,588                                                       |                  7.34                      |
| TIER REIT, Inc.                                     | (4)         | Non Traded Company                                                                        |      186,508.00                                                                          |            2,401,668                                                       |            3,189,287                                                       |                14.28                                 |
| Total Non Traded Company (1)                        |        |                                                                                      |                                                                                                              |            6,763,831                                                       |            8,838,025                                                       |                39.56                                 |
|                                                |        |                                                                                      |                                                                                                              |                                                                                                                              |                                                                                                                              |                                                                                                                            |
| Del Taco Income Properties IV                       | (4)         | LP Interest                                                                               |          2,296.00                                                    |                 59,696                            |                 65,275                            |                  0.29                      |
| Del Taco Restaurant Properties I                    | (4)         | LP Interest                                                                               |             591.00                                    |               443,823                                       |               492,172                                       |                  2.20                      |
| Del Taco Restaurant Properties II                   | (4)         | LP Interest                                                                               |             892.00                                    |               179,815                                       |               200,878                                       |                  0.90                      |
| DRV Holding Company, LLC                            | (4) (5)     | LP Interest                                                                               |             500.00                                    |               500,000                                       |               552,785                                       |                  2.47                      |
| El Conquistador Limited Partnership                 | (4)         | LP Interest                                                                               |                 2.00              |                 80,976                            |                 47,107                            |                  0.21                      |
| Hotel Durant, LLC                                   | (4)         | LP Interest                                                                               |                 7.10              |               577,299                                       |               366,106                                       |                  1.64                      |
| Inland Land Appreciation Fund II, L.P.              | (4) (5)     | LP Interest                                                                               |             210.97                                    |                   8,667                 |                 30,956                            |                  0.14                      |
| MPF Pacific Gateway - Class B                       | (2) (4) (5) |               23.20 |                   6,287 |                   6,613                 |                  0.03                        |
| National Property Investors 6                       | (4) (5)     | LP Interest                                                                               |                 7.00              |                      145 |                      151 |                      - |
| Post Street Renaissance Partners Class A            | (4) (5)     | LP Interest                                                                               |                 9.10              |                 16,981                            |                 20,336                            |                  0.09                      |
| Post Street Renaissance Partners Class D            | (4) (5)     | LP Interest                                                                               |               21.60                         |               105,623                                       |               130,036                                       |                  0.58                      |
| Rancon Realty Fund IV                               | (4) (5)     | LP Interest                                                                               |          1,016.00                                                    |               185,651                                       |               406,400                                       |                  1.82                      |
| Rancon Realty Fund V                                | (4) (5)     | LP Interest                                                                               |          1,156.00                                                    |               213,661                                       |               233,455                                       |                  1.05                      |
| Resource Real Estate Investors 6, L.P.              | (4)         | LP Interest                                                                               |        35,100.00                                                               |               180,990                                       |               175,501                                       |                  0.79                      |
| Secured Income, LP                                  | (4) (5)     | LP Interest                                                                               |        64,177.00                                                               |               560,403                                       |               748,946                                       |                  3.35                      |
| The Weatherly, LTD                                  | (4) (5)     | LP Interest                                                                               |               60.00                         |               672,000                                       |               672,000                                       |                  3.01                      |
| The Weatherly Building, LLC                         | (4) (5)     | LP Interest                                                                               |               17.50                         |               392,000                                       |               392,000                                       |                  1.75                      |
| Uniprop Manufactured Housing Income Fund II, LP     | (4)         | LP Interest                                                                               |        53,202.00                                                               |               237,401                                       |               276,118                                       |                  1.24                      |
| VWC Savannah, LLC                                   | (4) (5)     | LP Interest                                                                               |                 8.25              |               825,000                                       |               825,532                                       |                  3.70                      |
| Total LP Interest                                   |        |                                                                                      |                                                                                                              |            5,246,418                                                       |            5,642,367                                                       |                25.26                                 |
|                                                |        |                                                                                      |                                                                                                              |                                                                                                                              |                                                                                                                              |                                                                                                                            |
| Coastal Realty Business Trust, REEP, Inc. - A       | (2) (4) (5) |        72,320.00                                       |                 73,555            |                 96,909                            |                  0.44                        |
| Coastal Realty Business Trust, Series H2- A         | (2) (4)     | Investment Trust                                                                          |        47,284.16                                                               |               246,351                                       |               188,191                                       |                  0.84                      |
| Total Investment Trust                              |        |                                                                                      |                                                                                                              |               319,906                                       |               285,100                                       |                  1.28                      |
|                                                |        |                                                                                      |                                                                                                              |                                                                                                                              |                                                                                                                              |                                                                                                                            |
| BR Cabrillo LLC Promissory Note                     | (4) (5)     | Note                                                                                      |      346,723.32                                                                          |               346,723                                       |               468,076                                       |                  2.10                      |
| Total Note                                          |        |                                                                                      |                                                                                                              |               346,723                                       |               468,076                                       |                  2.10                      |
|                                                |        |                                                                                      |                                                                                                              |                                                                                                                              |                                                                                                                              |                                                                                                                            |
| Total Investments                                   |        |                                                                                      |                                                                                                              |  $      16,528,720                                                                                            |  $      18,645,022                                                                                            |                83.47                                 |

| (1) Investments primarily in non-traded public REITs or their successors.                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) Investments in affiliated companies. See additional disclosures in note 5.                                                                                                                                                                   |
| (3) Non-qualifying assets under Section 55(a) of the 1940 Act. As of June 30, 2015, the total percentage of non-qualifying assets is 14.69%, and as a business development company non-qualifying assets may not exceed 30% of our total assets. |
| (4) Investments in illiquid securities, or securities that are not traded on a national exchange. As of June 30, 2015, the Company has 65.61% of its assets in illiquid securities.                                                              |
| (5) Investments in non-income producing securities. As of June 30, 2015, the Company has 25.52% of its assets in non-income producing securities.                                                                                                |

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|                                                                                             |   | Year Ended June 30, |      |
|--------------------------------------------------------------------------------------------------|--------|---------------------|-----------|
|                                                                                             |   | 2016                |      |   | 2015 |   |   | 2014 |   |
|                                                                                             |   | (Restated)          |      |   | (Restated) |   |   | (Restated) |   |
| Investment income                                                                                |   |                |      |   |   |   |   |   |   |
|     Dividend and distribution income                                              |   | $                   | 2,522,528 |   |   | $ | 532,036 |   |   | $ | 597,847 |   |
|     Interest and other income                                                     |   |                | 113,877   |   |   |   | 70,533 |   |   |   | 26,097 |   |
|         Total investment income                               |   |                | 2,636,405 |   |   |   | 602,569 |   |   |   | 623,944 |   |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                               |   |                |      |   |   |   |   |   |   |   |   |   |
|     Base management fee                                                           |   |                | 845,264   |   |   |   | 495,285 |   |   |   | 233,599 |   |
|     Portfolio structuring fee                                                     |   |                | 575,961   |   |   |   | 390,210 |   |   |   | 57,953 |   |
|     Subordinated incentive fee                                                    |   |                | -         |   |   |   | 24,958 |   |   |   | - |   |
|     Administrative cost reimbursements                                            |   |                | 120,000   |   |   |   | 120,000 |   |   |   | 60,000 |   |
|     Amortization of deferred offering costs                                       |   |                | -         |   |   |   | 35,402 |   |   |   | 389,423 |   |
|     Professional fees                                                             |   |                | 140,550   |   |   |   | 145,597 |   |   |   | 121,387 |   |
|     Other general and administrative                                              |   |                | 146,643   |   |   |   | 122,699 |   |   |   | 110,122 |   |
|         Total operating expenses                         |   |                | 1,828,418 |   |   |   | 1,334,151 |   |   |   | 972,484 |   |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
|         Net investment income (loss)                          |   |                | 807,987   |   |   |   | (731,582 | ) |   |   | (348,540 | ) |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                                                      |   |                |      |   |   |   |   |   |   |   |   |   |
|     Net realized gain                                                             |   |                | 2,809,740 |   |   |   | 1,578,081 |   |   |   | 632,703 |   |
|     Net unrealized gain (loss)                                                    |   |                | (16,668   | ) |   |   | 1,803,714 |   |   |   | 192,524 |   |
|         Total net realized and unrealized gain on investments |   |                | 2,793,072 |   |   |   | 3,381,795 |   |   |   | 825,227 |   |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
|         Income tax (provision) benefit (note 2)               |   |                | 1,412     |   |   |   | 188,949 |   |   |   | (373,580 | ) |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                                             |   | $                   | 3,602,471 |   |   | $ | 2,839,162 |   |   | $ | 103,107 |   |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share                                   |   | $                   | 1.17      |   |   | $ | 1.84 |   |   | $ | 0.13 |   |
|                                                                                             |   |                |      |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                                                       |   |                | 3,073,448 |   |   |   | 1,541,525 |   |   |   | 763,813 |   |

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|                                                            |   | For The Year Ended June 30, |       |
|----------------------------------------------------------------------|--------|-----------------------------|------------|
|                                                                 |   | 2016                        |       |   | 2015 |   |   | 2014 |   |
|                                                            |   | (Restated)                  |       |   | (Restated) |   |   | (Restated) |   |
| Operations                                                           |   |                        |       |   |   |   |   |   |   |
| Net investment income (loss)                                         |   | $                           | 807,987    |   |   | $ | (731,582 | ) |   | $ | (348,540 | ) |
| Net realized gain                                                    |   |                        | 2,809,740  |   |   |   | 1,578,081 |   |   |   | 632,703 |   |
| Net unrealized gain (loss)                                           |   |                        | (16,668    | ) |   |   | 1,803,714 |   |   |   | 192,524 |   |
| Income tax (provision) benefit                                       |   |                        | 1,412      |   |   |   | 188,949 |   |   |   | (373,580 | ) |
| Net increase in net assets resulting from operations                 |   |                        | 3,602,471  |   |   |   | 2,839,162 |   |   |   | 103,107 |   |
|                                                                 |   |                        |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                        |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                        | (2,377,506 | ) |   |   | (972,586 | ) |   |   | (130,850 | ) |
|                                                                 |   |                        |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                        |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                        | 19,248,674 |   |   |   | 12,925,611 |   |   |   | 1,655,790 |   |
| Issuance of common stock through reinvestment of dividends           |   |                        | 937,158    |   |   |   | 78,373 |   |   |   | 111 |   |
| Redemption of common stock                                           |   |                        | (1,526,467 | ) |   |   | - |   |   |   | - |   |
| Selling commissions and fees                                         |   |                        | (1,912,368 | ) |   |   | (1,275,120 | ) |   |   | (157,301 | ) |
| Net increase in net assets resulting from capital share transactions |   |                        | 16,746,997 |   |   |   | 11,728,864 |   |   |   | 1,498,600 |   |
|                                                                 |   |                        |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                        | 17,971,962 |   |   |   | 13,595,440 |   |   |   | 1,470,857 |   |
|                                                                 |   |                        |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of the year                                  |   |                        | 22,360,229 |   |   |   | 8,764,789 |   |   |   | 7,293,932 |   |
|                                                                 |   |                        |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of the year                                        |   | $                           | 40,332,191 |   |   | $ | 22,360,229 |   |   | $ | 8,764,789 |   |

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|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   | For The Year EndedJune 30, |
|-------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   | 2016                       |   | 2015 |   | 2014 |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   | (Restated)                 |   | (Restated) |   | (Restated) |
| Cash flows from operating activities:                                                                       |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Net increase in net assets resulting from operations                                     |  $            3,602,471                                                                                                                |   |  $            2,839,162                                                                                                                |   |  $               103,107                                                                                                |
|     Adjustments to reconcile net increase in net assets resulting from                       |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Operations to net cash from operating activities:                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Proceeds from sale of investments, net                                                   |              12,496,611                                                                                  |   |                8,120,686                                                                       |   |                2,289,429                                                                       |
|     Return of capital                                                                        |                   407,050                                                       |   |                     78,068                                            |   |                1,304,778                                                                       |
|     Purchase of investments                                                                  |             (30,642,339)                                                                                      |   |             (17,555,986)                                                                                      |   |               (1,819,267)                                                                           |
|     Net realized gain on investments                                                         |               (2,809,740)                                                                           |   |               (1,578,081)                                                                           |   |                  (632,703)                                                           |
|     Net unrealized loss (gain) on investments                                                |                     16,668                                            |   |               (1,803,714)                                                                           |   |                  (192,524)                                                           |
|     Amortization of deferred offering costs                                                  |                             - |   |                     35,402                                            |   |                   389,423                                                       |
|     Changes in assets and liabilities:                                                       |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|         Accounts receivable                                              |                  (351,267)                                                           |   |                    (74,820)                                                |   |                      (3,650)                                     |
|         Other assets                                                     |                  (129,879)                                                           |   |                    (85,883)                                                |   |                    (28,105)                                                |
|         Accounts payable and accrued liabilities                         |                     55,342                                            |   |                    (40,681)                                                |   |                  (205,895)                                                           |
|         Income tax payable                                               |                             - |   |                  (160,362)                                                           |   |                   160,362                                                       |
|         Due to related entities                                          |                     23,208                                            |   |                   149,098                                                       |   |                     22,522                                            |
|         Deferred tax liability                                           |                          696                 |   |                    (79,851)                                                |   |                   124,518                                                       |
|             Net cash from operating activities       |             (17,331,179)                                                                                      |   |             (10,156,962)                                                                                      |   |                1,511,995                                                                       |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Cash flows from financing activities:                                                                       |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Proceeds from issuance of common stock                                                   |              19,248,674                                                                                  |   |              12,925,611                                                                                  |   |                1,655,790                                                                       |
|     Redemption of common stock                                                               |               (1,526,467)                                                                           |   |                             - |   |                             - |
|     Dividends to stockholders                                                                |               (1,440,348)                                                                           |   |                  (894,213)                                                           |   |                  (130,739)                                                           |
|     Payment of selling commissions and fees                                                  |               (1,925,571)                                                                           |   |               (1,308,151)                                                                           |   |                  (157,301)                                                           |
|     Change in capital pending acceptance                                                     |                1,028,240                                                                       |   |                   208,050                                                       |   |                   380,200                                                       |
|              Net cash from financing activities |              15,384,528                                                                                  |   |              10,931,297                                                                                  |   |                1,747,950                                                                       |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                        |               (1,946,651)                                                                           |   |                   774,335                                                       |   |                3,259,945                                                                       |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Cash and cash equivalents at beginning of the year                                                          |                4,297,086                                                                       |   |                3,522,751                                                                       |   |                   262,806                                                       |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Cash and cash equivalents at end of the year                                                                |  $            2,350,435                                                                                                                |   |  $            4,297,086                                                                                                                |   |  $            3,522,751                                                                                                                |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Non-cash financing activities:                                                                              |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Issuance of common stock through reinvestment of dividends                               |  $               937,158                                                                                                     |   |  $                 78,373                                                                                               |   |  $                      111                                                                                   |
|                                                                                                        |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                       |   |   |   |   |
| Supplemental disclosures:                                                                                   |                                                                                                                                                                      |   |                                                                                                                                                                      |   |                                                                                                                                                                      |
|     Taxes paid                                                                               |  $                   4,133                                                                                         |   |  $                 62,500                                                                                               |   |  $                 88,700                                                                                               |

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|  | • | Recently quoted trading prices for the same or similar securities; |
|--|---------|--------------------------------------------------------------------|

|  | • | Recent purchase prices paid for the same or similar securities; |
|--|---------|-----------------------------------------------------------------|

|  | • | Recent sale prices received for the same or similar securities; |
|--|---------|-----------------------------------------------------------------|

|  | • | Relevant reports issued by industry analysts and publications; and |
|--|---------|--------------------------------------------------------------------|

|  | • | Other relevant observable and unobservable inputs, including liquidity discounts. |
|--|---------|-----------------------------------------------------------------------------------|

|  | Level I – | Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I are publicly traded equity securities. The Company does not adjust the quoted price for these investments even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. |
|--|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Level II – | Price inputs are quoted prices for similar financial instruments in active markets; quoted prices for identical or similar financial instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Investments which are generally included in this category are publicly traded equity securities with restrictions. |
|--|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Level III – | Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair values for these investments are estimated by management using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, financial condition, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant judgment by management. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had an active market for these investments existed. |
|--|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                          |   | Previously Reported |       |   | Restatement Adjustments |   |       | Restated      |   |
|-----------------------------------------------|--------|---------------------|------------|--------|-------------------------|--------|------------|---------------|--------|
|                                          |   | June 30, 2016       |       |   | June 30, 2015           |   |       | June 30, 2016 |   |   | June 30, 2015 |   |   | June 30, 2016 |   |   | June 30, 2015 |   |
|                                          |   |                |       |   |                    |   |       |          |   |   |   |   |   |   |   |   |   |   |
| Due to related entities                       |   | $                   | 266,980    |   |                    | $      | 228,803    |          |   | $ | (36,759 | ) |   | $ | (21,790 | ) |   | $ | 230,221 |   |   | $ | 207,013 |   |
| Total liabilities                             |   |                | 2,019,789  |   |                    |   | 879,765    |          |   |   | (36,759 | ) |   |   | (21,790 | ) |   |   | 1,983,030 |   |   |   | 857,975 |   |
| Capital in excess of par value                |   |                | 36,232,101 |   |                    |   | 20,061,251 |          |   |   | 1,024,124 |   |   |   | 448,163 |   |   |   | 37,256,225 |   |   |   | 20,509,414 |   |
| Accumulated undistributed net investment loss |   |                | 367,490    |   |                    |   | (1,002,901 | )             |   |   | (987,365 | ) |   |   | (426,373 | ) |   |   | (619,875 | ) |   |   | (1,429,274 | ) |
| Total net assets                              |   |                | 40,295,432 |   |                    |   | 22,338,439 |          |   |   | 36,759 |   |   |   | 21,790 |   |   |   | 40,332,191 |   |   |   | 22,360,229 |   |
|                                          |   |                |       |   |                    |   |       |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Asset Value per share                     |   | $                   | 9.93       |   |                    | $      | 10.17      |          |   | $ | 0.01 |   |   | $ | 0.01 |   |   | $ | 9.94 |   |   | $ | 10.18 |   |

|                                                           |   | For The Year Ended      |      |
|----------------------------------------------------------------|--------|-------------------------|-----------|
|                                                           |   | June 30, 2016           |      |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                           |   |                    |      |   |   |   |   |   |   |
|                                                           |   | Previously Reported     |      |
| Operating expenses                                             |   |                    |      |   |   |   |   |   |   |
|     Portfolio structuring fee                   |   | $                       | -         |   |   | $ | - |   |   | $ | - |   |
|     Subordinated incentive fee                  |   |                    | 14,969    |   |   |   | 46,748 |   |   |   | - |   |
| Total operating expenses                                       |   |                    | 1,267,426 |   |   |   | 965,731 |   |   |   | 914,531 |   |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
| Total net investment income (loss)                             |   |                    | 1,368,979 |   |   |   | (363,162 | ) |   |   | (290,587 | ) |
| Total Net increase in net assets resulting from operations     |   |                    | 4,163,463 |   |   |   | 3,207,582 |   |   |   | 161,060 |   |
| Net increase in net assets resulting from operations per Share |   | $                       | 1.35      |   |   | $ | 2.08 |   |   | $ | 0.21 |   |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
|                                                           |   | Restatement Adjustments |      |
| Operating expenses                                             |   |                    |      |   |   |   |   |   |   |   |   |   |
|     Portfolio structuring fee                   |   | $                       | 575,961   |   |   | $ | 390,210 |   |   | $ | 57,953 |   |
|     Subordinated incentive fee                  |   |                    | (14,969   | ) |   |   | (21,790 | ) |   |   | - |   |
| Total operating expenses                                       |   |                    | 560,992   |   |   |   | 368,420 |   |   |   | 57,953 |   |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
| Total net investment income (loss)                             |   |                    | (560,992  | ) |   |   | (368,420 | ) |   |   | (57,953 | ) |
| Total Net increase in net assets resulting from operations     |   |                    | (560,992  | ) |   |   | (368,420 | ) |   |   | (57,953 | ) |
| Net increase in net assets resulting from operations per Share |   | $                       | (0.18     | ) |   | $ | (0.24 | ) |   | $ | (0.08 | ) |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
|                                                           |   | Restated                |      |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                    |      |   |   |   |   |   |   |   |   |   |
|     Portfolio structuring fee                   |   | $                       | 575,961   |   |   | $ | 390,210 |   |   | $ | 57,953 |   |
|     Subordinated incentive fee                  |   |                    | -         |   |   |   | 24,958 |   |   |   | - |   |
| Total operating expenses                                       |   |                    | 1,828,418 |   |   |   | 1,334,151 |   |   |   | 972,484 |   |
|                                                           |   |                    |      |   |   |   |   |   |   |   |   |   |
| Total net investment income (loss)                             |   |                    | 807,987   |   |   |   | (731,582 | ) |   |   | (348,540 | ) |
| Total Net increase in net assets resulting from operations     |   |                    | 3,602,471 |   |   |   | 2,839,162 |   |   |   | 103,107 |   |
| Net increase in net assets resulting from operations per Share |   | $                       | 1.17      |   |   | $ | 1.84 |   |   | $ | 0.13 |   |

----

Table of Contents

|                                                                 |   | For The Year Ended      |       |
|----------------------------------------------------------------------|--------|-------------------------|------------|
|                                                                 |   | June 30, 2016           |       |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported     |       |
| Operations                                                           |   |                    |       |   |   |   |   |   |   |
| Net investment income (loss)                                         |   | $                       | 1,368,979  |   |   | $ | (363,162 | ) |   | $ | (290,587 | ) |
| Net increase in net assets resulting from operations                 |   |                    | 4,163,463  |   |   |   | 3,207,582 |   |   |   | 161,060 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Selling commissions and fees                                         |   |                    | (2,488,329 | ) |   |   | (1,665,330 | ) |   |   | (215,254 | ) |
| Net increase in net assets resulting from capital share transactions |   |                    | 16,171,036 |   |   |   | 11,338,654 |   |   |   | 1,440,647 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                    | 17,956,993 |   |   |   | 13,573,650 |   |   |   | 1,470,857 |   |
| Net assets at beginning of the year                                  |   |                    | 22,338,439 |   |   |   | 8,764,789 |   |   |   | 7,293,932 |   |
| Net assets at end of the year                                        |   |                    | 40,295,432 |   |   |   | 22,338,439 |   |   |   | 8,764,789 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Restatement Adjustments |       |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Operations                                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                         |   | $                       | (560,992   | ) |   | $ | (368,420 | ) |   | $ | (57,953 | ) |
| Net increase in net assets resulting from capital share transactions |   |                    | (560,992   | ) |   |   | (368,420 | ) |   |   | (57,953 | ) |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Selling commissions and fees                                         |   |                    | 575,961    |   |   |   | 390,210 |   |   |   | 57,953 |   |
| Net increase in net assets resulting from capital share transactions |   |                    | 575,961    |   |   |   | 390,210 |   |   |   | 57,953 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                    | 14,969     |   |   |   | 21,790 |   |   |   | - |   |
| Net assets at beginning of the year                                  |   |                    | 21,790     |   |   |   | - |   |   |   | - |   |
| Net assets at end of the year                                        |   |                    | 36,759     |   |   |   | 21,790 |   |   |   | - |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Restated                |       |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Operations                                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                         |   | $                       | 807,987    |   |   | $ | (731,582 | ) |   | $ | (348,540 | ) |
| Net increase in net assets resulting from capital share transactions |   |                    | 3,602,471  |   |   |   | 2,839,162 |   |   |   | 103,107 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                    |       |   |   |   |   |   |   |   |   |   |
| Selling commissions and fees                                         |   |                    | (1,912,368 | ) |   |   | (1,275,120 | ) |   |   | (157,301 | ) |
| Net increase in net assets resulting from capital share transactions |   |                    | 16,746,997 |   |   |   | 11,728,864 |   |   |   | 1,498,600 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                    | 17,971,962 |   |   |   | 13,595,440 |   |   |   | 1,470,857 |   |
| Net assets at beginning of the year                                  |   |                    | 22,360,229 |   |   |   | 8,764,789 |   |   |   | 7,293,932 |   |
| Net assets at end of the year                                        |   |                    | 40,332,191 |   |   |   | 22,360,229 |   |   |   | 8,764,789 |   |

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Table of Contents

|                                                                                       |   | For The Year Ended      |        |
|--------------------------------------------------------------------------------------------|--------|-------------------------|-------------|
|                                                                                       |   | June 30, 2016           |        |   | June 30, 2015 |   |   | June 30, 2014 |   |
|                                                                                       |   |                    |        |   |   |   |   |   |   |
|                                                                                       |   | Previously Reported     |        |
| Cash flows from operating activities:                                                      |   |                    |        |   |   |   |   |   |   |
|     Net increase in net assets resulting from operations                    |   | $                       | 4,163,463   |   |   | $ | 3,207,582 |   |   | $ | 161,060 |   |
|         Changes in assets and liabilities:              |   |                    |        |   |   |   |   |   |   |   |   |   |
|             Due to related entities |   |                    | 38,177      |   |   |   | 170,888 |   |   |   | 22,522 |   |
| Net cash from operating activities                                                         |   |                    | (16,755,218 | ) |   |   | (9,766,752 | ) |   |   | 1,569,948 |   |
|                                                                                       |   |                    |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                      |   |                    |        |   |   |   |   |   |   |   |   |   |
|     Payment of selling commissions and fees                                 |   |                    | (2,501,532  | ) |   |   | (1,698,361 | ) |   |   | (215,254 | ) |
|  Net cash from financing activities                                                   |   |                    | 14,808,567  |   |   |   | 10,541,087 |   |   |   | 1,689,997 |   |
|                                                                                       |   |                    |        |   |   |   |   |   |   |   |   |   |
|                                                                                       |   | Restatement Adjustments |        |
| Cash flows from operating activities:                                                      |   |                    |        |   |   |   |   |   |   |   |   |   |
|     Net increase in net assets resulting from operations                    |   | $                       | (560,992    | ) |   | $ | (368,420 | ) |   | $ | (57,953 | ) |
|         Changes in assets and liabilities:              |   |                    |        |   |   |   |   |   |   |   |   |   |
|             Due to related entities |   |                    | (14,969     | ) |   |   | (21,790 | ) |   |   | - |   |
| Net cash from operating activities                                                         |   |                    | (575,961    | ) |   |   | (390,210 | ) |   |   | (57,953 | ) |
|                                                                                       |   |                    |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                      |   |                    |        |   |   |   |   |   |   |   |   |   |
|     Payment of selling commissions and fees                                 |   |                    | 575,961     |   |   |   | 390,210 |   |   |   | 57,953 |   |
|  Net cash from financing activities                                                   |   |                    | 575,961     |   |   |   | 390,210 |   |   |   | 57,953 |   |
|                                                                                       |   |                    |        |   |   |   |   |   |   |   |   |   |
|                                                                                       |   | Restated                |        |
| Cash flows from operating activities:                                                      |   |                    |        |   |   |   |   |   |   |   |   |   |
|     Net increase in net assets resulting from operations                    |   | $                       | 3,602,471   |   |   | $ | 2,839,162 |   |   | $ | 103,107 |   |
|         Changes in assets and liabilities:              |   |                    |        |   |   |   |   |   |   |   |   |   |
|             Due to related entities |   |                    | 23,208      |   |   |   | 149,098 |   |   |   | 22,522 |   |
| Net cash from operating activities                                                         |   |                    | (17,331,179 | ) |   |   | (10,156,962 | ) |   |   | 1,511,995 |   |
|                                                                                       |   |                    |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                      |   |                    |        |   |   |   |   |   |   |   |   |   |
|     Payment of selling commissions and fees                                 |   |                    | (1,925,571  | ) |   |   | (1,308,151 | ) |   |   | (157,301 | ) |
|  Net cash from financing activities                                                   |   |                    | 15,384,528  |   |   |   | 10,931,297 |   |   |   | 1,747,950 |   |

|                    |   | June 30, 2016 |       |   | June 30, 2015 |   |
|-------------------------|--------|---------------|------------|--------|---------------|--------|
| Asset Type              |   | Cost          |       |   | Fair Value    |   |   | Cost |   |   | Fair Value |   |
| Publicly Traded Company |   | $             | 10,917,013 |   |          | $      | 11,475,174 |   |   | $ | 3,851,842 |   |   | $ | 3,411,454 |   |
| Non Traded Company      |   |          | 11,406,586 |   |          |   | 11,609,041 |   |   |   | 6,763,831 |   |   |   | 8,838,025 |   |
| LP Interest             |   |          | 14,390,162 |   |          |   | 15,793,475 |   |   |   | 5,246,418 |   |   |   | 5,642,367 |   |
| Investment Trust        |   |          | 258,435    |   |          |   | 195,065 |   |   |   | 319,906 |   |   |   | 285,100 |   |
| Note                    |   |          | 104,942    |   |          |   | 104,017 |   |   |   | 346,723 |   |   |   | 468,076 |   |
| Total                   |   | $             | 37,077,138 |   |          | $      | 39,176,772 |   |   | $ | 16,528,720 |   |   | $ | 18,645,022 |   |

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| Asset Type              |   | Total  |       |   | Level I |   |       | Level II |   |   | Level III |   |
|-------------------------|--------|--------|------------|--------|---------|--------|------------|----------|--------|--------|-----------|--------|
| Publicly Traded Company |   | $      | 11,475,174 |   |    | $      | 11,117,674 |     |   | $      | 357,500   |   |   | $ | - |   |
| Non Traded Company      |   |   | 11,609,041 |   |    |   | -          |     |   |   | 2,820,137 |   |   |   | 8,788,904 |   |
| LP Interest             |   |   | 15,793,475 |   |    |   | -          |     |   |   | -         |   |   |   | 15,793,475 |   |
| Investment Trust        |   |   | 195,065    |   |    |   | -          |     |   |   | -         |   |   |   | 195,065 |   |
| Note                    |   |   | 104,017    |   |    |   | -          |     |   |   | -         |   |   |   | 104,017 |   |
| Total                   |   | $      | 39,176,772 |   |    | $      | 11,117,674 |     |   | $      | 3,177,637 |   |   | $ | 24,881,461 |   |

| Asset Type              |   | Total  |       |   | Level I |   |      | Level II |   |   | Level III |   |
|-------------------------|--------|--------|------------|--------|---------|--------|-----------|----------|--------|--------|-----------|--------|
| Publicly Traded Company |   | $      | 3,411,454  |   |    | $      | 3,411,454 |     |   | $      | -         |   |   | $ | - |   |
| Non Traded Company      |   |   | 8,838,025  |   |    |   | -         |     |   |   | 36,198    |   |   |   | 8,801,827 |   |
| LP Interest             |   |   | 5,642,367  |   |    |   | -         |     |   |   | -         |   |   |   | 5,642,367 |   |
| Investment Trust        |   |   | 285,100    |   |    |   | -         |     |   |   | -         |   |   |   | 285,100 |   |
| Note                    |   |   | 468,076    |   |    |   | -         |     |   |   | -         |   |   |   | 468,076 |   |
| Total                   |   | $      | 18,645,022 |   |    | $      | 3,411,454 |     |   | $      | 36,198    |   |   | $ | 15,197,370 |   |

| Balance at July 1, 2015         |   | $      | 15,197,370 |   |
|---------------------------------|--------|--------|------------|--------|
| Purchases of investments        |   |   | 20,665,939 |   |
| Transfers to Level I            |   |   | (3,189,287 | )      |
| Proceeds from sales, net        |   |   | (9,647,307 | )      |
| Return of capital               |   |   | (368,550   | )      |
| Net realized gains              |   |   | 2,857,770  |   |
| Net unrealized gains            |   |   | (634,474   | )      |
| Ending balance at June 30, 2016 |   | $      | 24,881,461 |   |

----

Table of Contents

| Balance at July 1, 2014                  |   | $      | 4,207,480  |   |
|------------------------------------------|--------|--------|------------|--------|
| Purchases of investments                 |   |   | 13,178,354 |   |
| Transfer to Level I                      |   |   | (1,890,650 | )      |
| Proceeds from sales, net                 |   |   | (3,305,802 | )      |
| Return of capital                        |   |   | (10,850    | )      |
| Net realized gain on sale of investments |   |   | 674,913    |   |
| Net unrealized gain                      |   |   | 2,343,925  |   |
| Ending balance at June 30, 2015          |   | $      | 15,197,370 |   |

----

Table of Contents

| Asset Type              |   | Fair Value |       | Primary Valuation Techniques | Unobservable Inputs Used |                                   | Range  |   |         | Wt. Average |   |
|-------------------------|--------|------------|------------|------------------------------|--------------------------|----------------------------------------|--------|--------|--------------|-------------|--------|
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |
| Level II                |   |       |       |                         |                     |                                   |   |   |         |        |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |
| Publicly Traded Company |   | $          | 357,500    |                         | Market Activity          | 10 day average trading price           |   |   |         |        |   |   |
| Non Traded Company      |   |       | 2,820,137  |                         | Market Activity          | Publicly traded price of like security |   |   |         |        |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |
|                    |   | $          | 3,177,637  |                         |                     |                                   |   |   |         |        |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |
| Level III               |   |       |       |                         |                     |                                   |   |   |         |        |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |
| Non Traded Company      |   | $          | 8,092,915  |                         | Market Activity          | Acquisition cost                       |   |   |         |        |   |   |
|                    |   |       |       |                         |           | Secondary market industry publication  |   |   |         |        |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |
| Non Traded Company      |   |       | 695,989    |                         | Net Asset Value (1)      | Capitalization rate                    |   |   | 6.4% - 8.3   | %           |   |   | 7.3% |   |
|                    |   |       |       |                         |           | Liquidity discount                     |   |   | 22.3% -32.3  | %           |   |   | 26.5% |   |
|                    |   |       |       |                         |           | Sponsor provided value                 |   |   |         |        |   |   |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |   |   |
| LP Interest             |   |       | 8,203,247  |                         | Market Activity          | Acquisition cost                       |   |   |         |        |   |   |   |   |
|                    |   |       |       |                         |           | Secondary market industry publication  |   |   |         |        |   |   |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |   |   |
| LP Interest             |   |       | 7,590,228  |                         | Net Asset Value (1)      | Capitalization rate                    |   |   | 6.3% - 7.1   | %           |   |   | 6.9% |   |
|                    |   |       |       |                         |           | Price per apartment unit               |   |   |         |        |   |   |   |   |
|                    |   |       |       |                         |           | Discount rate                          |   |   | 30.0         | %           |   |   |   |   |
|                    |   |       |       |                         |           | Liquidity discount                     |   |   | 15.0% - 38.0 | %           |   |   | 23.9% |   |
|                    |   |       |       |                         |           | Sponsor provided value                 |   |   |         |        |   |   |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |   |   |
| Investment Trust        |   |       | 95,987     |                         | Market Activity          | Secondary market industry publication  |   |   |         |        |   |   |   |   |
| Investment Trust        |   |       | 99,078     |                         | Net Asset Value (1)      | Capitalization rate                    |   |   | 6.7          | %           |   |   |   |   |
|                    |   |       |       |                         |           | Liquidity discount                     |   |   | 15.0         | %           |   |   |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |   |   |
| Note                    |   |       | 104,017    |                         | Net Asset Value (1)      | Liquidity discount                     |   |   | 52.3         | %           |   |   |   |   |
|                    |   |       |       |                         |                     |                                   |   |   |         |        |   |   |   |   |
|                    |   | $          | 24,881,461 |                         |                     |                                   |   |   |         |        |   |   |   |   |

| (1) | The net asset value of the issuer's shares was calculated by the Company. |
|-----|---------------------------------------------------------------------------|

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| Asset Type         |   | Fair Value |       | Primary Valuation Techniques | Unobservable Inputs Used |                                  | Range  |   |         | Wt. Average |   |
|--------------------|--------|------------|------------|------------------------------|--------------------------|---------------------------------------|--------|--------|--------------|-------------|--------|
|               |   |       |       |                         |                     |                                  |   |   |         |        |   |
| Non Traded Company |   | $          | 8,801,827  |                         | Market Activity          | Acquisition Cost                      |   |   |         |        |   |   |
|               |   |       |       |                         |           | Secondary market industry publication |   |   |         |        |   |   |
|               |   |       |       |                         |                     |                                  |   |   |         |        |   |   |
| LP Interest        |   |       | 2,879,480  |                         | Market Activity          | Acquisition Cost                      |   |   |         |        |   |   |
|               |   |       |       |                         |           | Secondary market industry publication |   |   |         |        |   |   |
| LP Interest        |   |       | 2,762,887  |                         | Net Asset Value (1)      | Capitalization rate                   |   |   | 6.5% - 7.5   | %           |   |   | 6.7% |   |
|               |   |       |       |                         |           | Comparable sales report               |   |   |         |        |   |   |   |   |
|               |   |       |       |                         |           | Contracted sale of property           |   |   |         |        |   |   |   |   |
|               |   |       |       |                         |           | Liquidity discount                    |   |   | 10.0% - 40.0 | %           |   |   | 30.8% |   |
|               |   |       |       |                         |           | Sponsor provided value                |   |   |         |        |   |   |   |   |
|               |   |       |       |                         |                     |                                  |   |   |         |        |   |   |   |   |
| Investment Trust   |   |       | 188,191    |                         | Market Activity          | Secondary market industry publication |   |   |         |        |   |   |   |   |
| Investment Trust   |   |       | 96,909     |                         | Net Asset Value (1)      | Capitalization rate                   |   |   | 6.6          | %           |   |   |   |   |
|               |   |       |       |                         |           | Liquidity discount                    |   |   | 28.0         | %           |   |   |   |   |
|               |   |       |       |                         |                     |                                  |   |   |         |        |   |   |   |   |
| Note               |   |       | 468,076    |                         | Net Asset Value (1)      | Liquidity discount                    |   |   | 15.0         | %           |   |   |   |   |
|               |   |       |       |                         |           | Sponsor provided value                |   |   |         |        |   |   |   |   |
|               |   | $          | 15,197,370 |                         |                     |                                  |   |   |         |        |   |   |   |   |

| (1) | The net asset value of the issuer's shares was calculated by the Company. |
|-----|---------------------------------------------------------------------------|

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|                             |   | Annual base management fee percentages |       |   | Total Managed Funds |   |
|----------------------------------|--------|----------------------------------------|------------|--------|---------------------|--------|
|                             |   |                                   | 3.0 %      |   |                |   | 2.0 % |   |   |   |   |
| For the year ended June 30, 2016 |   |                                   |       |   |                |   |   |   |   |   |   |
| Quarter ended:                   |   |                                   |       |   |                |   |   |   |   |   |   |
| September 30, 2015               |   | $                                      | 20,000,000 |   |                | $      | 5,777,367 |   |   | $ | 25,777,367 |   |
| December 31, 2015                |   |                                   | 20,000,000 |   |                |   | 9,125,012 |   |   |   | 29,125,012 |   |
| March 31, 2016                   |   |                                   | 20,000,000 |   |                |   | 13,577,239 |   |   |   | 33,577,239 |   |
| June 30, 2016                    |   |                                   | 20,000,000 |   |                |   | 20,573,195 |   |   |   | 40,573,195 |   |
|                             |   |                                   |       |   |                |   |   |   |   |   |   |   |
| For the year ended June 30, 2015 |   |                                   |       |   |                |   |   |   |   |   |   |   |
| Quarter ended:                   |   |                                   |       |   |                |   |   |   |   |   |   |   |
| September 30, 2014               |   | $                                      | 11,962,664 |   |                |   | - |   |   |   | 11,962,664 |   |
| December 31, 2014                |   |                                   | 14,663,986 |   |                |   | - |   |   |   | 14,663,986 |   |
| March 31, 2015                   |   |                                   | 18,116,679 |   |                |   | - |   |   |   | 18,116,679 |   |
| June 30, 2015                    |   |                                   | 20,000,000 |   |                |   | 1,942,055 |   |   |   | 21,942,055 |   |
|                             |   |                                   |       |   |                |   |   |   |   |   |   |   |
| For the year ended June 30, 2014 |   |                                   |       |   |                |   |   |   |   |   |   |   |
| Quarter ended:                   |   |                                   |       |   |                |   |   |   |   |   |   |   |
| September 30, 2013               |   | $                                      | 7,282,097  |   |                | $      | - |   |   | $ | 7,282,097 |   |
| December 31, 2013                |   |                                   | 7,282,097  |   |                |   | - |   |   |   | 7,282,097 |   |
| March 31, 2014                   |   |                                   | 7,644,094  |   |                |   | - |   |   |   | 7,644,094 |   |
| June 30, 2014                    |   |                                   | 8,938,071  |   |                |   | - |   |   |   | 8,938,071 |   |

----

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|                                                          |   | Incurred For The Year Ended |    |   | Unpaid as of  |   |
|---------------------------------------------------------------|--------|-----------------------------|---------|--------|---------------|--------|
| Types and Recipient                                           |   | June 30, 2016               |    |   | June 30, 2015 |   |   | June 30, 2014 |   |   | June 30, 2016 |   |   | June 30, 2015 |   |
|                                                          |   | (Restated)                  |    |   | (Restated)    |   |   | (Restated) |   |   | (Restated) |   |   | (Restated) |   |
| Portfolio Structuring fee- the Adviser                        |   | $                           | 575,961 |   |          | $      | 390,210 |   |   | $ | 57,953 |   |   | $ | - |   |   | $ | - |   |
| Base Management fees- the Adviser                             |   |                        | 845,264 |   |          |   | 495,285 |   |   |   | 233,599 |   |   |   | 252,866 |   |   |   | 159,710 |   |
| Subordinated incentive fee- the Adviser                       |   |                        | -       |   |          |   | 24,958 |   |   |   | - |   |   |   | - |   |   |   | 46,748 |   |
| Administrative Cost Reimbursements- MacKenzie                 |   |                        | 120,000 |   |          |   | 120,000 |   |   |   | 60,000 |   |   |   | 30,000 |   |   |   | 30,000 |   |
| Others expenses (1)- MacKenzie                                |   |                        |    |   |          |   |   |   |   |   |   |   |   |   | - |   |   |   | 638 |   |
| Organization & Offering Cost Reimbursement by the Adviser |   |                        |    |   |          |   |   |   |   |   |   |   |   |   | (15,886 | ) |   |   | (8,293 | ) |
| Due from the Adviser (2)                                      |   |                        |    |   |          |   |   |   |   |   |   |   |   |   | (36,759 | ) |   |   | (21,790 | ) |
| Due to related entities                                       |   |                        |    |   |          |   |   |   |   |   |   |   |   | $ | 230,221 |   |   | $ | 207,013 |   |

| (1) | Expenses paid by MacKenzie to third parties on behalf of the Company to be reimbursed |
|-----|---------------------------------------------------------------------------------------|

| (2) | As discussed in Note 3, the amounts are the subordinated incentive income fee refund receivable from the Adviser as of June 30, 2016 and 2015, resulting from the reclassification of the portfolio structuring fee as operating expenses. The amount was fully refunded by the Adviser subsequent to June 30, 2016. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                         |   | Number of shares at |       |   | Fair Value at    |   |      | Amount of equity in net profit and loss |   |   | Amount of dividends/interest |   |
|----------------------------------------------|--------|---------------------|------------|--------|------------------|--------|-----------|-----------------------------------------|--------|--------|------------------------------|--------|
| Name of issuer and title of issue            |   | June 30, :          |       |   | June 30, :  |   |      | For The Year Ended June 30,:            |   |   | For The Year Ended June 30,: |   |
|                                         |   | 2016                |       |   | 2015             |   |      | 2016                                    |   |   | 2015                         |   |   | 2016 |   |   | 2015 |   |   | 2016 |   |   | 2015 |   |
| Controlled Investments:                      |   |                |       |   |             |   |      |                                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                |       |   |             |   |      |                                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Coastal Realty Business Trust, REEP, Inc.- A |   |                | 72,320.00  |   |             |   | 72,320.00 |                                    |   | $      | 99,078                       |   |   | $ | 96,909 |   |   | $ | - |   |   | $ | 2,170 |   |   | $ | - |   |   | $ | 2,170 |   |
| Coastal Realty Business Trust, Series H2- A  |   |                | 47,284.16  |   |             |   | 47,284.16 |                                    |   | $      | 95,987                       |   |   | $ | 188,191 |   |   | $ | 9,456 |   |   | $ | 14,776 |   |   | $ | 9,456 |   |   | $ | 14,776 |   |
| MC 15 Preferred Equity, LLC                  |   |                | 250,000.00 |   |             |   | -         |                                    |   | $      | 2,500,000                    |   |   | $ | - |   |   | $ | (8,002 | ) |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                         |   |                |       |   |             |   |      |                                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-Controlled/Affiliate Investment:         |   |                |       |   |             |   |      |                                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   |                |       |   |             |   |      |                                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MPF Pacific Gateway - Class B                |   |                | 23.20      |   |             |   | 23.20     |                                    |   | $      | 7,309.00                     |   |   | $ | 6,613 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |

| · | CRBT, REEP, Inc.-A, which has an ownership interest in one of three general partners of a limited partnership which owns one multi-family property located in Frederick, Maryland. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | CRBT, Series H2-A, which invests in shares of a REIT that owns a real estate portfolio totaling 105 properties within asset classes of ski and mountain lifestyle, senior housing, attractions, marinas and other lifestyle properties located in the United States and Canada. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |
|----------------------------------------------------------------------------------------|--------|--------------------|------------|--------|--------------------------------------------------------------------------------|--------|--------------|---------------|--------|--------|---------------|--------|--------|--------|-----------|
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |
|                                                                                   |   | For The Year Ended |       |   |    For the period from Inception (Jan 25, 2012) throughJune 30, 2012 |   |
|                                                                                   |   | June 30, 2016      |       |   | June 30, 2015                                                                  |   |         | June 30, 2014 |   |   | June 30, 2013 |   |   |   |
| Per Share Data:                                                                        |   | (Restated)         |       |   | (Restated)                                                                     |   |         | (Restated)    |   |   |          |   |   |   |      |   |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |
|     Beginning net asset value                                           |   | $                  | 10.18      |   |                                                                           | $      | 9.81         |          |   | $      | 10.02         |   |   | $      | 8.53      |   |   | $ | - |   |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |   |   |   |   |   |
|     Net investment income (loss)                                        |   |               | 0.26       |   |                                                                           |   | (0.47)       |          |   |   | (0.46)        |   |   |   | (0.41)    |   |   |   | (1.47) |   |
|     Net realized gain (1)                                               |   |               | 0.91       |   |                                                                           |   | 1.03         |          |   |   | 0.83          |   |   |   | 0.21      |   |   |   | - |   |
|     Net unrealized gain (loss) (1)                                      |   |               | (0.01      | )      |                                                                           |   | 1.17         |          |   |   | 0.25          |   |   |   | 0.44      |   |   |   | - |   |
|     Income tax (provision) benefit (1)                                  |   |               | -          |   |                                                                           |   | 0.12         |          |   |   | (0.49)        |   |   |   | -         |   |   |   | - |   |
|     Net increase in net assets resulting from operations                |   |               | 1.16       |   |                                                                           |   | 1.85         |          |   |   | 0.13          |   |   |   | 0.24      |   |   |   | (1.47) |   |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |   |   |   |   |   |
|     Issuance of common stock at par                                     |   |               | -          |   |                                                                           |   | -            |          |   |   | -             |   |   |   | -         |   |   |   | 10.00 |   |
|     Issuance of common stock above (below) net asset value (1) (4) |   |               | (0.68)     |   |                                                                           |   | (0.85)       |          |   |   | (0.16)        |   |   |   | 1.25      |   |   |   | - |   |
|     Redemption of common stock below net asset value (1) (6)            |   |               | 0.05       |   |                                                                           |   | -            |          |   |   | -             |   |   |   | -         |   |   |   | - |   |
|     Dividends to stockholders from net realized gains (1) (5)           |   |               | (0.77)     |   |                                                                           |   | (0.63)       |          |   |   | (0.18)        |   |   |   | -         |   |   |   | - |   |
|     Ending net asset value                                              |   | $                  | 9.94       |   |                                                                           | $      | 10.18        |          |   | $      | 9.81          |   |   | $      | 10.02     |   |   | $ | 8.53 |   |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |   |   |   |   |   |
|    Weighted average common Shares outstanding                                |   |               | 3,073,448  |   |                                                                           |   | 1,541,525    |          |   |   | 763,813       |   |   |   | 269,268   |   |   |   | 36,000 |   |
|    Shares outstanding at the end of period                                   |   |               | 4,057,319  |   |                                                                           |   | 2,196,612.73 |          |   |   | 893,808       |   |   |   | 728,217   |   |   |   | 36,000 |   |
|     Net assets at the end of period                                     |   | $                  | 40,332,191 |   |                                                                           | $      | 22,360,229   |          |   | $      | 8,764,789     |   |   | $      | 7,293,932 |   |   | $ | 307,059 |   |
|     Average net assets (2)                                              |   | $                  | 31,346,210 |   |                                                                           | $      | 15,551,614   |          |   | $      | 7,791,777     |   |   | $      | 3,789,098 |   |   | $ | 332,771 |   |
|                                                                                   |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |   |   |   |   |   |
| Ratios to average net assets                                                           |   |               |       |   |                                                                           |   |         |          |   |   |          |   |   |   |      |   |   |   |   |   |
|     Total expenses                                                      |   |               | 5.83       | %      |                                                                           |   | 8.58         | %             |   |   | 12.48         | %      |   |   | 5.00      | % |   |   | 15.91 | % |
|     Net investment income (loss)                                        |   |               | 2.58       | %      |                                                                           |   | (4.70)       | %             |   |   | (4.47)        | %      |   |   | (2.94)    | % |   |   | (15.91) |   % |
|     Total rate of return (3)                                            |   |               | 11.49      | %      |                                                                           |   | 18.26        | %             |   |   | 1.32          | %      |   |   | 1.71      | % |   |   | (15.91) |   % |

| (1)       Based on weighted average number of shares of common stock outstanding for the period.                                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)       Average net assets were derived from the beginning and ending period-end net assets.                                                                                                                                                |
| (3)       Total return is based on the net increase (decrease) in net assets resulting from operations divided by average net assets. An individual stockholder's return may vary from this return based on the time of capital transactions, |
| (4)       Net of sales commissions and dealer manager fees of $1.00 per share, as restated.                                                                                                                                                   |
| (5)       Dividends are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP.                                                                          |
| (6)       Based on the most recent NAV issued as of March 31, 2016, and December 31, 2015, of $9.77 and $10.06 per share, respectively.                                                                                                       |

----

Table of Contents

|                                  |   | Dividends |   |
|---------------------------------------|--------|-----------|--------|
| During the Quarter Ended              |   | Per Share |   |   | Amount |   |
| Three months ended September 30, 2015 |   | $         | 0.300  |   |   | $ | 623,394 |   |
| Three months ended December 31, 2015  |   |      | 0.210  |   |   |   | 520,306 |   |
| Three months ended March 31, 2016     |   |      | 0.250  |   |   |   | 676,145 |   |
| Three months ended June 30, 2016      |   |      | 0.175  |   |   |   | 557,661 |   |
|                                  |   | $         | 0.935  |   |   | $ | 2,377,506 |   |

|                                  |   | Dividends |   |
|---------------------------------------|--------|-----------|--------|
| During the Quarter Ended              |   | Per Share |   |   | Amount |   |
| Three months ended September 30, 2014 |   | $         | 0.300  |   |   | $ | 255,442 |   |
| Three months ended December 31, 2014  |   |      | 0.175  |   |   |   | 186,812 |   |
| Three months ended March 31, 2015     |   |      | 0.175  |   |   |   | 233,445 |   |
| Three months ended June 30, 2015      |   |      | 0.175  |   |   |   | 296,887 |   |
|                                  |   | $         | 0.825  |   |   | $ | 972,586 |   |

----

Table of Contents

|                                                               |   | December 31, 2015 |      |   | December 31, 2014 |   |
|--------------------------------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
| Ordinary income - earnings and profits from pre REIT qualification |   | $                 | -         |   |              | $      | 103,874 |   |
| Capital gain                                                       |   |              | 867,496   |   |              |   | 469,230 |   |
| Ordinary income- Post REIT qualification                           |   |              | 1,482,715 |   |              |   | - |   |
| Total dividends                                                    |   | $                 | 2,350,211 |   |              | $      | 573,104 |   |

|                                 |   | December 31, 2015 |      |   | December 31, 2014 |   |
|--------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
|                                 |   |              |      |   |              |   |
| Undistributed long term capital gain |   | $                 | 235,124   |   |              | $      | 6,372 |   |
| Unrealized fair value appreciation   |   |              | 3,038,753 |   |              |   | 1,120,925 |   |
|                                 |   | $                 | 3,273,877 |   |              | $      | 1,127,297 |   |

|                                    |   | June 30, 2016 |       |   | June 30, 2015 |   |
|-----------------------------------------|--------|---------------|------------|--------|---------------|--------|
|                                    |   |          |       |   |          |   |
| Aggregate gross unrealized appreciation |   | $             | 4,180,504  |   |          | $      | 2,909,892 |   |
| Aggregate gross unrealized depreciation |   |          | (1,391,373 | )      |          |   | (825,283 | ) |
| Net unrealized appreciation             |   | $             | 2,789,131  |   |          | $      | 2,084,609 |   |
|                                    |   |          |       |   |          |   |   |   |
| Aggregate cost (tax basis)              |   | $             | 36,387,641 |   |          | $      | 16,560,414 |   |

----

Table of Contents

|                                                                        |   | Quarter Ended      |      |
|-----------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                        |   | September 30, 2015 |      |   | December 31, 2015 |   |   | March 31, 2016 |   |   | June 30, 2016 |   |
|                                                                        |   | (Restated)         |      |   | (Restated) |   |   | (Restated) |   |   | (Restated) |   |
| Net investment income (loss), as restated                              |   | $                  | 254,830   |   |   | $ | (131,595 | ) |   | $ | (381,439 | ) |   | $ | 1,066,192 |   |
| Net realized gain from sale of investments                                  |   | $                  | 328,799   |   |   | $ | 1,079,176 |   |   | $ | 864,576 |   |   | $ | 537,189 |   |
| Net unrealized gain (loss) on investments                                   |   | $                  | 553,614   |   |   | $ | (420,803 | ) |   | $ | (309,836 | ) |   | $ | 160,357 |   |
| Income tax (provision) benefit                                              |   | $                  | 1,412     |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Net increase in net assets resulting from operations, as restated           |   | $                  | 1,138,655 |   |   | $ | 526,778 |   |   | $ | 173,301 |   |   | $ | 1,763,738 |   |
| Net increase in net assets resulting from operations per Share, as restated |   | $                  | 0.46      |   |   | $ | 0.19 |   |   | $ | 0.05 |   |   | $ | 0.46 |   |
| Weighted average Share outstanding                                          |   |               | 2,476,514 |   |   |   | 2,778,183 |   |   |   | 3,236,743 |   |   |   | 3,812,155 |   |

|                                                                        |   | Quarter Ended      |      |
|-----------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                        |   | September 30, 2014 |      |   | December 31, 2014 |   |   | March 31, 2015 |   |   | June 30, 2015 |   |
|                                                                        |   | (Restated)         |      |   | (Restated) |   |   | (Restated) |   |   | (Restated) |   |
| Net investment loss, as restated                                            |   | $                  | (283,601  | ) |   | $ | (178,180 | ) |   | $ | (140,082 | ) |   | $ | (129,719 | ) |
| Net realized gain from sale of investments                                  |   | $                  | 132,498   |   |   | $ | 189,256 |   |   | $ | 436,436 |   |   | $ | 819,891 |   |
| Net unrealized gain on investments                                          |   | $                  | 607,494   |   |   | $ | 176,927 |   |   | $ | 929,836 |   |   | $ | 89,457 |   |
| Income tax (provision) benefit                                              |   | $                  | (213,152  | ) |   | $ | 402,101 |   |   | $ | - |   |   | $ | - |   |
| Net increase in net assets resulting from operations, as restated           |   | $                  | 243,239   |   |   | $ | 590,104 |   |   | $ | 1,226,190 |   |   | $ | 779,629 |   |
| Net increase in net assets resulting from operations per Share, as restated |   | $                  | 0.23      |   |   | $ | 0.44 |   |   | $ | 0.72 |   |   | $ | 0.38 |   |
| Weighted average Share outstanding                                          |   |               | 1,066,094 |   |   |   | 1,334,447 |   |   |   | 1,696,306 |   |   |   | 2,078,452 |   |

|                                                                                   |   | Quarter Ended      |     |
|----------------------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                                   |   |               |     |   |   |   |   | March 31, 2014 |   |   | June 30, 2014 |   |
|                                                                                   |   | September 30, 2013 |     |   | December 31, 2013 |   |   | (Restated) |   |   | (Restated) |   |
| Net investment income (loss), as restated                                              |   | $                  | (177,900 | ) |   | $ | (119,854 | ) |   | $ | (145,286 | ) |   | $ | 94,500 |   |
| Net realized gain (loss) from sale of investments                                      |   | $                  | (852     | ) |   | $ | 410,262 |   |   | $ | 142,469 |   |   | $ | 80,824 |   |
| Net unrealized gain on investments                                                     |   | $                  | 84,075   |   |   | $ | 48,249 |   |   | $ | 276,752 |   |   | $ | (216,552 | ) |
| Income tax provision                                                                   |   | $                  | -        |   |   | $ | (172,384 | ) |   | $ | (129,538 | ) |   | $ | (71,658 | ) |
| Net increase (decrease) in net assets resulting from operations, as restated           |   | $                  | (94,677  | ) |   | $ | 166,273 |   |   | $ | 144,397 |   |   | $ | (112,886 | ) |
| Net increase (decrease) in net assets resulting from operations per Share, as restated |   | $                  | (0.13    | ) |   | $ | 0.23 |   |   | $ | 0.19 |   |   | $ | (0.13 | ) |
| Weighted average Share outstanding                                                     |   |               | 728,217  |   |   |   | 728,217 |   |   |   | 747,840 |   |   |   | 851,583 |   |

----

Table of Contents

|                                                                                                      |   | September 30, 2015                              |       |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                                                      |   |    (Unaudited)    |       |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |
|                                                                                                      |   | Previously Reported                             |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |   |                                            |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $19,635,501)                                                          |   | $                                               | 22,305,418 |   |   | $ | - |   |   | $ | 22,305,418 |   |
| Cash and cash equivalents                                                                                 |   |                                            | 4,615,031  |   |   |   | - |   |   |   | 4,615,031 |   |
| Accounts receivable                                                                                       |   |                                            | 145,380    |   |   |   | - |   |   |   | 145,380 |   |
| Other assets                                                                                              |   |                                            | 176,277    |   |   |   | - |   |   |   | 176,277 |   |
| Total assets                                                                                              |   | $                                               | 27,242,106 |   |   | $ | - |   |   | $ | 27,242,106 |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |   | $                                               | 101,856    |   |   | $ | - |   |   | $ | 101,856 |   |
| Income tax payable                                                                                        |   |                                            | 10,980     |   |   |   | - |   |   |   | 10,980 |   |
| Capital pending acceptance                                                                                |   |                                            | 563,230    |   |   |   | - |   |   |   | 563,230 |   |
| Due to related entities                                                                                   |   |                                            | 202,394    |   |   |   | (21,790 | ) |   |   | 180,604 |   |
| Deferred tax liability                                                                                    |   |                                            | 39,431     |   |   |   | - |   |   |   | 39,431 |   |
| Total liabilities                                                                                         |   |                                            | 917,891    |   |   |   | (21,790 | ) |   |   | 896,101 |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |   |                                            | -          |   |   |   | - |   |   |   | - |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 2,582,154.91 shares issued and outstanding |   |                                            | 258        |   |   |   | - |   |   |   | 258 |   |
| Capital in excess of par value                                                                            |   |                                            | 23,420,040 |   |   |   | 559,852 |   |   |   | 23,979,892 |   |
| Accumulated undistributed net investment loss                                                             |   |                                            | (634,970   | ) |   |   | (538,062 | ) |   |   | (1,173,032 | ) |
| Accumulated undistributed net realized gain                                                               |   |                                            | 868,971    |   |   |   | - |   |   |   | 868,971 |   |
| Accumulated undistributed net unrealized gain                                                             |   |                                            | 2,669,916  |   |   |   | - |   |   |   | 2,669,916 |   |
| Total net assets                                                                                          |   |                                            | 26,324,215 |   |   |   | 21,790 |   |   |   | 26,346,005 |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |   | $                                               | 27,242,106 |   |   | $ | - |   |   | $ | 27,242,106 |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |   | $                                               | 10.19      |   |   | $ | 0.01 |   |   | $ | 10.20 |   |
|                                                                                                      |   |                                            |       |   |   |   |   |   |   |   |   |   |

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Table of Contents

|                                                                                                      |                   | December 31, 2015   |       |
|-----------------------------------------------------------------------------------------------------------|-------------------|---------------------|------------|
|                                                                                                      |  (Unaudited) |                |
|                                                                                                      |              |                |       |   |   |   |   |   |   |
|                                                                                                      |              | Previously Reported |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |              |                |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $21,804,717)                                                          |              | $                   | 24,053,832 |   |   | $ | - |   |   | $ | 24,053,832 |   |
| Cash and cash equivalents                                                                                 |              |                | 4,536,800  |   |   |   | - |   |   |   | 4,536,800 |   |
| Accounts receivable                                                                                       |              |                | 2,057,375  |   |   |   | - |   |   |   | 2,057,375 |   |
| Other assets                                                                                              |              |                | 261,332    |   |   |   | - |   |   |   | 261,332 |   |
| Total assets                                                                                              |              | $                   | 30,909,339 |   |   | $ | - |   |   | $ | 30,909,339 |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |              |                |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |              | $                   | 56,678     |   |   | $ | - |   |   | $ | 56,678 |   |
| Capital pending acceptance                                                                                |              |                | 802,392    |   |   |   | - |   |   |   | 802,392 |   |
| Due to related entities                                                                                   |              |                | 715,157    |   |   |   | (36,759 | ) |   |   | 678,398 |   |
| Deferred tax liability                                                                                    |              |                | 46,278     |   |   |   | - |   |   |   | 46,278 |   |
| Total liabilities                                                                                         |              |                | 1,620,505  |   |   |   | (36,759 | ) |   |   | 1,583,746 |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |              |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |              |                |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 2,912,501.18 shares issued and outstanding |              |                | 291        |   |   |   | - |   |   |   | 291 |   |
| Capital in excess of par value                                                                            |              |                | 26,301,809 |   |   |   | 651,166 |   |   |   | 26,952,975 |   |
| Accumulated undistributed net investment loss                                                             |              |                | (690,220   | ) |   |   | (614,407 | ) |   |   | (1,304,627 | ) |
| Accumulated undistributed net realized gain                                                               |              |                | 1,427,841  |   |   |   | - |   |   |   | 1,427,841 |   |
| Accumulated undistributed net unrealized gain                                                             |              |                | 2,249,113  |   |   |   | - |   |   |   | 2,249,113 |   |
| Total net assets                                                                                          |              |                | 29,288,834 |   |   |   | 36,759 |   |   |   | 29,325,593 |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |              | $                   | 30,909,339 |   |   | $ | - |   |   | $ | 30,909,339 |   |
|                                                                                                      |              |                |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |              | $                   | 10.06      |   |   | $ | 0.01 |   |   | $ | 10.07 |   |

|                                                                                                      |                                                   | March 31, 2016      |       |
|-----------------------------------------------------------------------------------------------------------|--------------------------------------------------------|---------------------|------------|
|                                                                                                      |      (Unaudited)    |                |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |
|                                                                                                      |                                                   | Previously Reported |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |                                                   |                |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $25,764,742)                                                          |                                                   | $                   | 27,704,020 |   |   | $ | - |   |   | $ | 27,704,020 |   |
| Cash and cash equivalents                                                                                 |                                                   |                | 6,439,951  |   |   |   | - |   |   |   | 6,439,951 |   |
| Accounts receivable                                                                                       |                                                   |                | 322,777    |   |   |   | - |   |   |   | 322,777 |   |
| Other assets                                                                                              |                                                   |                | 307,183    |   |   |   | - |   |   |   | 307,183 |   |
| Total assets                                                                                              |                                                   | $                   | 34,773,931 |   |   | $ | - |   |   | $ | 34,773,931 |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |                                                   | $                   | 30,593     |   |   | $ | - |   |   | $ | 30,593 |   |
| Capital pending acceptance                                                                                |                                                   |                | 865,210    |   |   |   | - |   |   |   | 865,210 |   |
| Due to related entities                                                                                   |                                                   |                | 1,038,857  |   |   |   | (36,759 | ) |   |   | 1,002,098 |   |
| Deferred tax liability                                                                                    |                                                   |                | 46,278     |   |   |   | - |   |   |   | 46,278 |   |
| Total liabilities                                                                                         |                                                   |                | 1,980,938  |   |   |   | (36,759 | ) |   |   | 1,944,179 |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |                                                   |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 3,357,723.89 shares issued and outstanding |                                                   |                | 336        |   |   |   | - |   |   |   | 336 |   |
| Capital in excess of par value                                                                            |                                                   |                | 30,147,921 |   |   |   | 812,012 |   |   |   | 30,959,933 |   |
| Accumulated undistributed net investment loss                                                             |                                                   |                | (910,814   | ) |   |   | (775,253 | ) |   |   | (1,686,067 | ) |
| Accumulated undistributed net realized gain                                                               |                                                   |                | 1,616,272  |   |   |   | - |   |   |   | 1,616,272 |   |
| Accumulated undistributed net unrealized gain                                                             |                                                   |                | 1,939,278  |   |   |   | - |   |   |   | 1,939,278 |   |
| Total net assets                                                                                          |                                                   |                | 32,792,993 |   |   |   | 36,759 |   |   |   | 32,829,752 |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |                                                   | $                   | 34,773,931 |   |   | $ | - |   |   | $ | 34,773,931 |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |                                                   | $                   | 9.77       |   |   | $ | 0.01 |   |   | $ | 9.78 |   |
|                                                                                                      |                                                   |                |       |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended September 30, 2015 |      |
|----------------------------------------------------------------|--------|-----------------------------------------------|-----------|
|                                                           |   | (Unaudited)                                   |      |
|                                                           |   |                                          |      |   |   |   |   |   |   |
|                                                           |   | Previously Reported                           |      |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                          |      |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                             | 626,166   |   |   | $ | - |   |   | $ | 626,166 |   |
| Interest and other income                                      |   |                                          | 52,402    |   |   |   | - |   |   |   | 52,402 |   |
| Total investment income                                        |   |                                          | 678,568   |   |   |   | - |   |   |   | 678,568 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                          | 178,887   |   |   |   | - |   |   |   | 178,887 |   |
| Portfolio structuring fee                                      |   |                                          | -         |   |   |   | 111,689 |   |   |   | 111,689 |   |
| Administrative cost reimbursements                             |   |                                          | 30,000    |   |   |   | - |   |   |   | 30,000 |   |
| Professional fees                                              |   |                                          | 72,728    |   |   |   | - |   |   |   | 72,728 |   |
| Other general and administrative                               |   |                                          | 30,434    |   |   |   | - |   |   |   | 30,434 |   |
| Total operating expenses                                       |   |                                          | 312,049   |   |   |   | 111,689 |   |   |   | 423,738 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net investment income                                          |   |                                          | 366,519   |   |   |   | (111,689 | ) |   |   | 254,830 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                          | 328,799   |   |   |   | - |   |   |   | 328,799 |   |
| Net unrealized gain                                            |   |                                          | 553,614   |   |   |   | - |   |   |   | 553,614 |   |
| Total net realized and unrealized gain on investments          |   |                                          | 882,413   |   |   |   | - |   |   |   | 882,413 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                             |   |                                          | 1,412     |   |   |   | - |   |   |   | 1,412 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                             | 1,250,344 |   |   | $ | (111,689 | ) |   | $ | 1,138,655 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                             | 0.50      |   |   | $ | (0.04 | ) |   | $ | 0.46 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                          | 2,476,514 |   |   |   | - |   |   |   | 2,476,514 |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended December 31, 2015 |      |   | For The Six Months Ended December 31, 2015 |   |
|----------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|--------------------------------------------|--------|
|                                                           |   | (Unaudited)                                  |      |   | (Unaudited)                                |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Previously Reported                          |      |   | Restatement Adjustments                    |   |   | Restated |   |   | Previously Reported |   |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                            | 754,281   |   |                                       | $      | - |   |   | $ | 754,281 |   |   | $ | 1,380,447 |   |   | $ | - |   |   | $ | 1,380,447 |   |
| Interest and other income                                      |   |                                         | 23,739    |   |                                       |   | - |   |   |   | 23,739 |   |   |   | 76,141 |   |   |   | - |   |   |   | 76,141 |   |
| Total investment income                                        |   |                                         | 778,020   |   |                                       |   | - |   |   |   | 778,020 |   |   |   | 1,456,588 |   |   |   | - |   |   |   | 1,456,588 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                         | 195,625   |   |                                       |   | - |   |   |   | 195,625 |   |   |   | 374,512 |   |   |   | - |   |   |   | 374,512 |   |
| Portfolio structuring fee                                      |   |                                         | -         |   |                                       |   | 91,314 |   |   |   | 91,314 |   |   |   | - |   |   |   | 203,003 |   |   |   | 203,003 |   |
| Subordinated incentive fee                                     |   |                                         | 550,415   |   |                                       |   | (14,969 | ) |   |   | 535,446 |   |   |   | 550,415 |   |   |   | (14,969 | ) |   |   | 535,446 |   |
| Administrative cost reimbursements                             |   |                                         | 30,000    |   |                                       |   | - |   |   |   | 30,000 |   |   |   | 60,000 |   |   |   | - |   |   |   | 60,000 |   |
| Professional fees                                              |   |                                         | 18,056    |   |                                       |   | - |   |   |   | 18,056 |   |   |   | 90,784 |   |   |   | - |   |   |   | 90,784 |   |
| Other general and administrative                               |   |                                         | 39,174    |   |                                       |   | - |   |   |   | 39,174 |   |   |   | 69,608 |   |   |   | - |   |   |   | 69,608 |   |
| Total operating expenses                                       |   |                                         | 833,270   |   |                                       |   | 76,345 |   |   |   | 909,615 |   |   |   | 1,145,319 |   |   |   | 188,034 |   |   |   | 1,333,353 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                   |   |                                         | (55,250   | )      |                                       |   | (76,345 | ) |   |   | (131,595 | ) |   |   | 311,269 |   |   |   | (188,034 | ) |   |   | 123,235 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                         | 1,079,176 |   |                                       |   | - |   |   |   | 1,079,176 |   |   |   | 1,407,975 |   |   |   | - |   |   |   | 1,407,975 |   |
| Net unrealized gain (loss)                                     |   |                                         | (420,803  | )      |                                       |   | - |   |   |   | (420,803 | ) |   |   | 132,811 |   |   |   | - |   |   |   | 132,811 |   |
| Total net realized and unrealized gain on investments          |   |                                         | 658,373   |   |                                       |   | - |   |   |   | 658,373 |   |   |   | 1,540,786 |   |   |   | - |   |   |   | 1,540,786 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                             |   |                                         | -         |   |                                       |   | - |   |   |   | - |   |   |   | 1,412 |   |   |   | - |   |   |   | 1,412 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                            | 603,123   |   |                                       | $      | (76,345 | ) |   | $ | 526,778 |   |   | $ | 1,853,467 |   |   | $ | (188,034 | ) |   | $ | 1,665,433 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                            | 0.22      |   |                                       | $      | (0.03 | ) |   | $ | 0.19 |   |   | $ | 0.71 |   |   | $ | (0.08 | ) |   | $ | 0.63 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                         | 2,778,183 |   |                                       |   | - |   |   |   | 2,778,183 |   |   |   | 2,627,348 |   |   |   | - |   |   |   | 2,627,348 |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended March 31, 2016 |      |   | For The Nine Months Ended March 31, 2016 |   |
|----------------------------------------------------------------|--------|-------------------------------------------|-----------|--------|------------------------------------------|--------|
|                                                           |   | (Unaudited)                               |      |   | (Unaudited)                              |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Previously Reported                       |      |   | Restatement Adjustments                  |   |   | Restated |   |   | Previously Reported |   |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                         | 346,569   |   |                                     | $      | - |   |   | $ | 346,569 |   |   | $ | 1,727,016 |   |   | $ | - |   |   | $ | 1,727,016 |   |
| Interest and other income                                      |   |                                      | 32,517    |   |                                     |   | - |   |   |   | 32,517 |   |   |   | 108,658 |   |   |   | - |   |   |   | 108,658 |   |
| Total investment income                                        |   |                                      | 379,086   |   |                                     |   | - |   |   |   | 379,086 |   |   |   | 1,835,674 |   |   |   | - |   |   |   | 1,835,674 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                      | 217,886   |   |                                     |   | - |   |   |   | 217,886 |   |   |   | 592,398 |   |   |   | - |   |   |   | 592,398 |   |
| Portfolio structuring fee                                      |   |                                      | -         |   |                                     |   | 160,845 |   |   |   | 160,845 |   |   |   | - |   |   |   | 363,848 |   |   |   | 363,848 |   |
| Subordinated incentive fee                                     |   |                                      | 285,577   |   |                                     |   | - |   |   |   | 285,577 |   |   |   | 835,992 |   |   |   | (14,969 | ) |   |   | 821,023 |   |
| Administrative cost reimbursements                             |   |                                      | 30,000    |   |                                     |   | - |   |   |   | 30,000 |   |   |   | 90,000 |   |   |   | - |   |   |   | 90,000 |   |
| Professional fees                                              |   |                                      | 25,815    |   |                                     |   | - |   |   |   | 25,815 |   |   |   | 116,599 |   |   |   | - |   |   |   | 116,599 |   |
| Other general and administrative                               |   |                                      | 40,402    |   |                                     |   | - |   |   |   | 40,402 |   |   |   | 110,010 |   |   |   | - |   |   |   | 110,010 |   |
| Total operating expenses                                       |   |                                      | 599,680   |   |                                     |   | 160,845 |   |   |   | 760,525 |   |   |   | 1,744,999 |   |   |   | 348,879 |   |   |   | 2,093,878 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                   |   |                                      | (220,594  | )      |                                     |   | (160,845 | ) |   |   | (381,439 | ) |   |   | 90,675 |   |   |   | (348,879 | ) |   |   | (258,204 | ) |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                      | 864,576   |   |                                     |   | - |   |   |   | 864,576 |   |   |   | 2,272,551 |   |   |   | - |   |   |   | 2,272,551 |   |
| Net unrealized loss                                            |   |                                      | (309,836  | )      |                                     |   | - |   |   |   | (309,836 | ) |   |   | (177,025 | ) |   |   | - |   |   |   | (177,025 | ) |
| Total net realized and unrealized gain on investments          |   |                                      | 554,740   |   |                                     |   | - |   |   |   | 554,740 |   |   |   | 2,095,526 |   |   |   | - |   |   |   | 2,095,526 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                             |   |                                      | -         |   |                                     |   | - |   |   |   | - |   |   |   | 1,412 |   |   |   | - |   |   |   | 1,412 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                         | 334,146   |   |                                     | $      | (160,845 | ) |   | $ | 173,301 |   |   | $ | 2,187,613 |   |   | $ | (348,879 | ) |   | $ | 1,838,734 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                         | 0.10      |   |                                     | $      | (0.05 | ) |   | $ | 0.05 |   |   | $ | 0.77 |   |   | $ | (0.12 | ) |   | $ | 0.65 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                      | 3,236,743 |   |                                     |   | - |   |   |   | 3,236,743 |   |   |   | 2,829,003 |   |   |   | - |   |   |   | 2,829,003 |   |

----

Table of Contents

|                                                                 |   | For The Three Months Ended September 30, 2015 |       |
|----------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                 |   | (Unaudited)                                   |       |
|                                                                 |   |                                          |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                           |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                          |       |   |   |   |   |   |   |
| Net investment income                                                |   | $                                             | 366,519    |   |   | $ | (111,689 | ) |   | $ | 254,830 |   |
| Net realized gain                                                    |   |                                          | 328,799    |   |   |   | - |   |   |   | 328,799 |   |
| Net unrealized gain                                                  |   |                                          | 553,614    |   |   |   | - |   |   |   | 553,614 |   |
| Income tax benefit                                                   |   |                                          | 1,412      |   |   |   | - |   |   |   | 1,412 |   |
| Net increase in net assets resulting from operations                 |   |                                          | 1,250,344  |   |   |   | (111,689 | ) |   |   | 1,138,655 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                          | (623,394   | ) |   |   | - |   |   |   | (623,394 | ) |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                          | 3,722,968  |   |   |   | - |   |   |   | 3,722,968 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                          | 112,344    |   |   |   | - |   |   |   | 112,344 |   |
| Selling commissions and fees                                         |   |                                          | (476,486   | ) |   |   | 111,689 |   |   |   | (364,797 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                          | 3,358,826  |   |   |   | 111,689 |   |   |   | 3,470,515 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                          | 3,985,776  |   |   |   | - |   |   |   | 3,985,776 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                          | 22,338,439 |   |   |   | 21,790 |   |   |   | 22,360,229 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                             | 26,324,215 |   |   | $ | 21,790 |   |   | $ | 26,346,005 |   |

----

Table of Contents

|                                                                 |   | For The Six Months Ended December 31, 2015 |       |
|----------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                 |   | (Unaudited)                                |       |
|                                                                 |   |                                       |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                        |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                       |       |   |   |   |   |   |   |
| Net investment income                                                |   | $                                          | 311,269    |   |   | $ | (188,034 | ) |   | $ | 123,235 |   |
| Net realized gain                                                    |   |                                       | 1,407,975  |   |   |   | - |   |   |   | 1,407,975 |   |
| Net unrealized gain                                                  |   |                                       | 132,811    |   |   |   | - |   |   |   | 132,811 |   |
| Income tax benefit                                                   |   |                                       | 1,412      |   |   |   | - |   |   |   | 1,412 |   |
| Net increase in net assets resulting from operations                 |   |                                       | 1,853,467  |   |   |   | (188,034 | ) |   |   | 1,665,433 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                       | (1,143,700 | ) |   |   | - |   |   |   | (1,143,700 | ) |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                       | 6,766,768  |   |   |   | - |   |   |   | 6,766,768 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                       | 346,040    |   |   |   | - |   |   |   | 346,040 |   |
| Selling commissions and fees                                         |   |                                       | (872,180   | ) |   |   | 203,003 |   |   |   | (669,177 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                       | 6,240,628  |   |   |   | 203,003 |   |   |   | 6,443,631 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                       | 6,950,395  |   |   |   | 14,969 |   |   |   | 6,965,364 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                       | 22,338,439 |   |   |   | 21,790 |   |   |   | 22,360,229 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                          | 29,288,834 |   |   | $ | 36,759 |   |   | $ | 29,325,593 |   |

----

Table of Contents

|                                                                 |   | For The Nine Months Ended March 31, 2016 |       |
|----------------------------------------------------------------------|--------|------------------------------------------|------------|
|                                                                 |   | (Unaudited)                              |       |
|                                                                 |   |                                     |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                      |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                     |       |   |   |   |   |   |   |
| Net investment income                                                |   | $                                        | 90,675     |   |   | $ | (348,879 | ) |   | $ | (258,204 | ) |
| Net realized gain                                                    |   |                                     | 2,272,551  |   |   |   | - |   |   |   | 2,272,551 |   |
| Net unrealized loss                                                  |   |                                     | (177,025   | ) |   |   | - |   |   |   | (177,025 | ) |
| Income tax benefit                                                   |   |                                     | 1,412      |   |   |   | - |   |   |   | 1,412 |   |
| Net increase in net assets resulting from operations                 |   |                                     | 2,187,613  |   |   |   | (348,879 | ) |   |   | 1,838,734 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                     | (1,819,845 | ) |   |   | - |   |   |   | (1,819,845 | ) |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                     | 12,128,268 |   |   |   | - |   |   |   | 12,128,268 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                     | 664,218    |   |   |   | - |   |   |   | 664,218 |   |
| Redemption of common stock                                           |   |                                     | (1,136,524 | ) |   |   | - |   |   |   | (1,136,524 | ) |
| Selling commissions and fees                                         |   |                                     | (1,569,176 | ) |   |   | 363,848 |   |   |   | (1,205,328 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                     | 10,086,786 |   |   |   | 363,848 |   |   |   | 10,450,634 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                     | 10,454,554 |   |   |   | 14,969 |   |   |   | 10,469,523 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                     | 22,338,439 |   |   |   | 21,790 |   |   |   | 22,360,229 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                        | 32,792,993 |   |   | $ | 36,759 |   |   | $ | 32,829,752 |   |

----

Table of Contents

|                                                                         |   | For The Three Months Ended September 30, 2015 |       |
|------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                         |   | (Unaudited)                                   |       |
|                                                                         |   |                                          |       |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                           |       |   | Restatement Adjustments |   |   | Restated |   |
| Cash flows from operating activities:                                        |   |                                          |       |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                             | 1,250,344  |   |   | $ | (111,689 | ) |   | $ | 1,138,655 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of investments, net                                       |   |                                          | 1,545,423  |   |   |   | - |   |   |   | 1,545,423 |   |
| Return of capital                                                            |   |                                          | 1,177      |   |   |   | - |   |   |   | 1,177 |   |
| Purchase of investments                                                      |   |                                          | (4,324,583 | ) |   |   | - |   |   |   | (4,324,583 | ) |
| Net realized gain                                                            |   |                                          | (328,799   | ) |   |   | - |   |   |   | (328,799 | ) |
| Net unrealized gain                                                          |   |                                          | (553,614   | ) |   |   | - |   |   |   | (553,614 | ) |
| Changes in assets and liabilities:                                           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                          | (57,691    | ) |   |   | - |   |   |   | (57,691 | ) |
| Other assets                                                                 |   |                                          | 37,830     |   |   |   | - |   |   |   | 37,830 |   |
| Accounts payable and accrued liabilities                                     |   |                                          | 82,793     |   |   |   | - |   |   |   | 82,793 |   |
| Income tax payable                                                           |   |                                          | 10,980     |   |   |   | - |   |   |   | 10,980 |   |
| Due to related entities                                                      |   |                                          | (26,409    | ) |   |   | - |   |   |   | (26,409 | ) |
| Deferred tax liability                                                       |   |                                          | (5,236     | ) |   |   | - |   |   |   | (5,236 | ) |
| Net cash from operating activities                                           |   |                                          | (2,367,785 | ) |   |   | (111,689 | ) |   |   | (2,479,474 | ) |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                          | 3,722,968  |   |   |   | - |   |   |   | 3,722,968 |   |
| Dividends to stockholders                                                    |   |                                          | (511,050   | ) |   |   | - |   |   |   | (511,050 | ) |
| Payment of selling commissions and fees                                      |   |                                          | (501,168   | ) |   |   | 111,689 |   |   |   | (389,479 | ) |
| Change in capital pending acceptance                                         |   |                                          | (25,020    | ) |   |   | - |   |   |   | (25,020 | ) |
|        Net cash from financing activities |   |                                          | 2,685,730  |   |   |   | 111,689 |   |   |   | 2,797,419 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                          | 317,945    |   |   |   | - |   |   |   | 317,945 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                          | 4,297,086  |   |   |   | - |   |   |   | 4,297,086 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                             | 4,615,031  |   |   | $ | - |   |   | $ | 4,615,031 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                             | 112,344    |   |   | $ | - |   |   | $ | 112,344 |   |

----

Table of Contents

|                                                                         |   | For The Six Months Ended December 31, 2015 |        |
|------------------------------------------------------------------------------|--------|--------------------------------------------|-------------|
|                                                                         |   | (Unaudited)                                |        |
|                                                                         |   |                                       |        |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                        |        |   | Restatement Adjustments |   |   | Restated |   |
|                                                                         |   |                                       |        |   |   |   |   |   |   |
| Cash flows from operating activities:                                        |   |                                       |        |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                          | 1,853,467   |   |   |   | (188,034 | ) |   | $ | 1,665,433 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                       |        |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of investments, net                                       |   |                                       | 7,833,638   |   |   |   | - |   |   |   | 7,833,638 |   |
| Return of capital                                                            |   |                                       | 121,446     |   |   |   | - |   |   |   | 121,446 |   |
| Purchase of investments                                                      |   |                                       | (11,823,108 | ) |   |   | - |   |   |   | (11,823,108 | ) |
| Net realized gain                                                            |   |                                       | (1,407,975  | ) |   |   | - |   |   |   | (1,407,975 | ) |
| Net unrealized gain                                                          |   |                                       | (132,811    | ) |   |   | - |   |   |   | (132,811 | ) |
| Changes in assets and liabilities:                                           |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                       | (1,969,686  | ) |   |   | - |   |   |   | (1,969,686 | ) |
| Other assets                                                                 |   |                                       | (72,379     | ) |   |   | - |   |   |   | (72,379 | ) |
| Accounts payable and accrued liabilities                                     |   |                                       | 27,191      |   |   |   | - |   |   |   | 27,191 |   |
| Due to related entities                                                      |   |                                       | 486,354     |   |   |   | (14,969 | ) |   |   | 471,385 |   |
| Deferred tax liability                                                       |   |                                       | 1,611       |   |   |   | - |   |   |   | 1,611 |   |
| Net cash from operating activities                                           |   |                                       | (5,082,252  | ) |   |   | (203,003 | ) |   |   | (5,285,255 | ) |
|                                                                         |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                       | 6,766,768   |   |   |   | - |   |   |   | 6,766,768 |   |
| Dividends to stockholders                                                    |   |                                       | (797,660    | ) |   |   | - |   |   |   | (797,660 | ) |
| Payment of selling commissions and fees                                      |   |                                       | (861,284    | ) |   |   | 203,003 |   |   |   | (658,281 | ) |
| Change in capital pending acceptance                                         |   |                                       | 214,142     |   |   |   | - |   |   |   | 214,142 |   |
|        Net cash from financing activities |   |                                       | 5,321,966   |   |   |   | 203,003 |   |   |   | 5,524,969 |   |
|                                                                         |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                       | 239,714     |   |   |   | - |   |   |   | 239,714 |   |
|                                                                         |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                       | 4,297,086   |   |   |   | - |   |   |   | 4,297,086 |   |
|                                                                         |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                          | 4,536,800   |   |   | $ | - |   |   | $ | 4,536,800 |   |
|                                                                         |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                       |        |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                          | 346,040     |   |   | $ | - |   |   | $ | 346,040 |   |

----

Table of Contents

|                                                                         |   | For The Nine Months Ended March 31, 2016 |        |
|------------------------------------------------------------------------------|--------|------------------------------------------|-------------|
|                                                                         |   | (Unaudited)                              |        |
|                                                                         |   |                                     |        |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                      |        |   | Restatement Adjustments |   |   | Restated |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |
| Cash flows from operating activities:                                        |   |                                     |        |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                        | 2,187,613   |   |   |   | (348,879 | ) |   | $ | 1,838,734 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                     |        |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Distributions in-kind from Ashford Hospitality Trust                         |   |                                     | -           |   |   |   | - |   |   |   | - |   |
| Proceeds from sale of investments, net                                       |   |                                     | 10,208,993  |   |   |   | - |   |   |   | 10,208,993 |   |
| Return of capital                                                            |   |                                     | 121,447     |   |   |   | - |   |   |   | 121,447 |   |
| Purchase of investments                                                      |   |                                     | (17,293,912 | ) |   |   | - |   |   |   | (17,293,912 | ) |
| Net realized gain on investments                                             |   |                                     | (2,272,551  | ) |   |   | - |   |   |   | (2,272,551 | ) |
| Net unrealized loss on investments                                           |   |                                     | 177,025     |   |   |   | - |   |   |   | 177,025 |   |
| Changes in assets and liabilities:                                           |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                     | (235,088    | ) |   |   | - |   |   |   | (235,088 | ) |
| Other assets                                                                 |   |                                     | (83,027     | ) |   |   | - |   |   |   | (83,027 | ) |
| Accounts payable and accrued liabilities                                     |   |                                     | 3,559       |   |   |   | - |   |   |   | 3,559 |   |
| Due to related entities                                                      |   |                                     | 810,054     |   |   |   | (14,969 | ) |   |   | 795,085 |   |
| Deferred tax liability                                                       |   |                                     | 1,611       |   |   |   | - |   |   |   | 1,611 |   |
| Net cash from operating activities                                           |   |                                     | (6,374,276  | ) |   |   | (363,848 | ) |   |   | (6,738,124 | ) |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                     | 12,128,268  |   |   |   | - |   |   |   | 12,128,268 |   |
| Redemption of common stock                                                   |   |                                     | (1,136,524  | ) |   |   | - |   |   |   | (1,136,524 | ) |
| Dividends to stockholders                                                    |   |                                     | (1,155,627  | ) |   |   | - |   |   |   | (1,155,627 | ) |
| Payment of selling commissions and fees                                      |   |                                     | (1,595,936  | ) |   |   | 363,848 |   |   |   | (1,232,088 | ) |
| Change in capital pending acceptance                                         |   |                                     | 276,960     |   |   |   | - |   |   |   | 276,960 |   |
|        Net cash from financing activities |   |                                     | 8,517,141   |   |   |   | 363,848 |   |   |   | 8,880,989 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                     | 2,142,865   |   |   |   | - |   |   |   | 2,142,865 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                     | 4,297,086   |   |   |   | - |   |   |   | 4,297,086 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                        | 6,439,951   |   |   | $ | - |   |   | $ | 6,439,951 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                        | 664,218     |   |   | $ | - |   |   | $ | 664,218 |   |

----

Table of Contents

|                                                                                                      |   | September 30, 2014  |       |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                                                      |   | (Unaudited)         |       |
|                                                                                                      |   |                |       |   |   |   |   |   |   |
|                                                                                                      |   | Previously Reported |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |   |                |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $8,070,767)                                                           |   | $                   | 8,990,848  |   |   | $ | - |   |   | $ | 8,990,848 |   |
| Cash and cash equivalents                                                                                 |   |                | 3,273,445  |   |   |   | - |   |   |   | 3,273,445 |   |
| Accounts receivable                                                                                       |   |                | 19,329     |   |   |   | - |   |   |   | 19,329 |   |
| Other assets                                                                                              |   |                | 87,663     |   |   |   | - |   |   |   | 87,663 |   |
| Total assets                                                                                              |   | $                   | 12,371,285 |   |   | $ | - |   |   | $ | 12,371,285 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |   |                |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |   | $                   | 113,178    |   |   | $ | - |   |   | $ | 113,178 |   |
| Income tax payable                                                                                        |   |                | 131,523    |   |   |   | - |   |   |   | 131,523 |   |
| Capital pending acceptance                                                                                |   |                | 250,000    |   |   |   | - |   |   |   | 250,000 |   |
| Due to related entities                                                                                   |   |                | 32,755     |   |   |   | - |   |   |   | 32,755 |   |
| Deferred tax liability                                                                                    |   |                | 366,509    |   |   |   | - |   |   |   | 366,509 |   |
| Total liabilities                                                                                         |   |                | 893,965    |   |   |   | - |   |   |   | 893,965 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |   |                | -          |   |   |   | - |   |   |   | - |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |   |                |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 1,196,284.50 shares issued and outstanding |   |                | 120        |   |   |   | - |   |   |   | 120 |   |
| Capital in excess of par value                                                                            |   |                | 10,968,007 |   |   |   | 151,085 |   |   |   | 11,119,092 |   |
| Retained Earnings                                                                                         |   |                | 509,193    |   |   |   | (151,085 | ) |   |   | 358,108 |   |
| Total net assets                                                                                          |   |                | 11,477,320 |   |   |   | - |   |   |   | 11,477,320 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |   | $                   | 12,371,285 |   |   | $ | - |   |   | $ | 12,371,285 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |   | $                   | 9.59       |   |   | $ | - |   |   | $ | 9.59 |   |

----

Table of Contents

|                                                                                                      |   | December 31, 2014   |       |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                                                      |   | (Unaudited)         |       |
|                                                                                                      |   |                |       |   |   |   |   |   |   |
|                                                                                                      |   | Previously Reported |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |   |                |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $10,088,822)                                                          |   | $                   | 11,185,831 |   |   | $ | - |   |   | $ | 11,185,831 |   |
| Cash and cash equivalents                                                                                 |   |                | 3,437,927  |   |   |   | - |   |   |   | 3,437,927 |   |
| Accounts receivable                                                                                       |   |                | 189,277    |   |   |   | - |   |   |   | 189,277 |   |
| Other assets                                                                                              |   |                | 257,048    |   |   |   | - |   |   |   | 257,048 |   |
| Total assets                                                                                              |   | $                   | 15,070,083 |   |   | $ | - |   |   | $ | 15,070,083 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |   |                |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |   | $                   | 55,876     |   |   | $ | - |   |   | $ | 55,876 |   |
| Income tax payable                                                                                        |   |                | 76,915     |   |   |   | - |   |   |   | 76,915 |   |
| Capital pending acceptance                                                                                |   |                | 525,002    |   |   |   | - |   |   |   | 525,002 |   |
| Due to related entities                                                                                   |   |                | 81,432     |   |   |   | - |   |   |   | 81,432 |   |
| Deferred tax liability                                                                                    |   |                | 18,516     |   |   |   | - |   |   |   | 18,516 |   |
| Total liabilities                                                                                         |   |                | 757,741    |   |   |   | - |   |   |   | 757,741 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |   |                | -          |   |   |   | - |   |   |   | - |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |   |                |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 1,466,476.46 shares issued and outstanding |   |                | 147        |   |   |   | - |   |   |   | 147 |   |
| Capital in excess of par value                                                                            |   |                | 13,705,122 |   |   |   | 231,963 |   |   |   | 13,937,085 |   |
| Retained Earnings                                                                                         |   |                | 607,073    |   |   |   | (231,963 | ) |   |   | 375,110 |   |
| Total net assets                                                                                          |   |                | 14,312,342 |   |   |   | - |   |   |   | 14,312,342 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |   | $                   | 15,070,083 |   |   | $ | - |   |   | $ | 15,070,083 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |   | $                   | 9.76       |   |   | $ | - |   |   | $ | 9.76 |   |

----

Table of Contents

|                                                                                                      |   | March 31, 2015      |       |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                                                      |   | (Unaudited)         |       |
|                                                                                                      |   |                |       |   |   |   |   |   |   |
|                                                                                                      |   | Previously Reported |       |   | Restatement Adjustments |   |   | Restated |   |
| Assets                                                                                                    |   |                |       |   |   |   |   |   |   |
| Investments, at fair value (cost of $14,640,540)                                                          |   | $                   | 16,667,386 |   |   | $ | - |   |   | $ | 16,667,386 |   |
| Cash and cash equivalents                                                                                 |   |                | 2,123,677  |   |   |   | - |   |   |   | 2,123,677 |   |
| Accounts receivable                                                                                       |   |                | 69,043     |   |   |   | - |   |   |   | 69,043 |   |
| Other assets                                                                                              |   |                | 209,947    |   |   |   | - |   |   |   | 209,947 |   |
| Total assets                                                                                              |   | $                   | 19,070,053 |   |   | $ | - |   |   | $ | 19,070,053 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                               |   |                |       |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                  |   | $                   | 40,566     |   |   | $ | - |   |   | $ | 40,566 |   |
| Income tax payable                                                                                        |   |                | 6,488      |   |   |   | - |   |   |   | 6,488 |   |
| Capital pending acceptance                                                                                |   |                | 411,408    |   |   |   | - |   |   |   | 411,408 |   |
| Due to related entities                                                                                   |   |                | 158,929    |   |   |   | - |   |   |   | 158,929 |   |
| Deferred tax liability                                                                                    |   |                | 37,943     |   |   |   | - |   |   |   | 37,943 |   |
| Total liabilities                                                                                         |   |                | 655,334    |   |   |   | - |   |   |   | 655,334 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                             |   |                | -          |   |   |   | - |   |   |   | - |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net assets                                                                                                |   |                |       |   |   |   |   |   |   |   |   |   |
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 1,811,991.17 shares issued and outstanding |   |                | 181        |   |   |   | - |   |   |   | 181 |   |
| Capital in excess of par value                                                                            |   |                | 16,711,802 |   |   |   | 334,881 |   |   |   | 17,046,683 |   |
| Retained earnings                                                                                         |   |                | 1,702,736  |   |   |   | (334,881 | ) |   |   | 1,367,855 |   |
| Total net assets                                                                                          |   |                | 18,414,719 |   |   |   | - |   |   |   | 18,414,719 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Total liabilities and net assets                                                                          |   | $                   | 19,070,053 |   |   | $ | - |   |   | $ | 19,070,053 |   |
|                                                                                                      |   |                |       |   |   |   |   |   |   |   |   |   |
| Net asset value per Share                                                                                 |   | $                   | 10.16      |   |   | $ | - |   |   | $ | 10.16 |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended September 30, 2014 |      |
|----------------------------------------------------------------|--------|-----------------------------------------------|-----------|
|                                                           |   | (Unaudited)                                   |      |
|                                                           |   |                                          |      |   |   |   |   |   |   |
|                                                           |   | Previously Reported                           |      |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                          |      |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                             | 59,520    |   |   | $ | - |   |   | $ | 59,520 |   |
| Interest and other income                                      |   |                                          | 12,148    |   |   |   | - |   |   |   | 12,148 |   |
| Total investment income                                        |   |                                          | 71,668    |   |   |   | - |   |   |   | 71,668 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                          | 89,720    |   |   |   | - |   |   |   | 89,720 |   |
| Portfolio structuring fee                                      |   |                                          | -         |   |   |   | 93,132 |   |   |   | 93,132 |   |
| Administrative cost reimbursements                             |   |                                          | 30,000    |   |   |   | - |   |   |   | 30,000 |   |
| Amortization of deferred offering costs                        |   |                                          | 35,402    |   |   |   | - |   |   |   | 35,402 |   |
| Professional fees                                              |   |                                          | 75,362    |   |   |   | - |   |   |   | 75,362 |   |
| Other general and administrative                               |   |                                          | 31,653    |   |   |   | - |   |   |   | 31,653 |   |
| Total operating expenses                                       |   |                                          | 262,137   |   |   |   | 93,132 |   |   |   | 355,269 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net investment loss                                            |   |                                          | (190,469  | ) |   |   | (93,132 | ) |   |   | (283,601 | ) |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                          | 132,498   |   |   |   | - |   |   |   | 132,498 |   |
| Net unrealized gain                                            |   |                                          | 607,494   |   |   |   | - |   |   |   | 607,494 |   |
| Total net realized and unrealized gain on investments          |   |                                          | 739,992   |   |   |   | - |   |   |   | 739,992 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Income tax provision                                           |   |                                          | (213,152  | ) |   |   | - |   |   |   | (213,152 | ) |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                             | 336,371   |   |   | $ | (93,132 | ) |   | $ | 243,239 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                             | 0.32      |   |   | $ | (0.09 | ) |   | $ | 0.23 |   |
|                                                           |   |                                          |      |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                          | 1,066,094 |   |   |   | - |   |   |   | 1,066,094 |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended December 31, 2014 |      |   | For The Six Months Ended December 31, 2014 |   |
|----------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|--------------------------------------------|--------|
|                                                           |   | (Unaudited)                                  |      |   | (Unaudited)                                |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Previously Reported                          |      |   | Restatement Adjustments                    |   |   | Restated |   |   | Previously Reported |   |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                            | 100,705   |   |                                       | $      | - |   |   | $ | 100,705 |   |   | $ | 160,222 |   |   | $ | - |   |   | $ | 160,222 |   |
| Interest and other income                                      |   |                                         | 12,606    |   |                                       |   | - |   |   |   | 12,606 |   |   |   | 24,754 |   |   |   | - |   |   |   | 24,754 |   |
| Total investment income                                        |   |                                         | 113,311   |   |                                       |   | - |   |   |   | 113,311 |   |   |   | 184,976 |   |   |   | - |   |   |   | 184,976 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                         | 109,980   |   |                                       |   | - |   |   |   | 109,980 |   |   |   | 199,700 |   |   |   | - |   |   |   | 199,700 |   |
| Portfolio structuring fee                                      |   |                                         | -         |   |                                       |   | 80,878 |   |   |   | 80,878 |   |   |   | - |   |   |   | 174,010 |   |   |   | 174,010 |   |
| Administrative cost reimbursements                             |   |                                         | 30,000    |   |                                       |   | - |   |   |   | 30,000 |   |   |   | 60,000 |   |   |   | - |   |   |   | 60,000 |   |
| Amortization of deferred offering costs                        |   |                                         | -         |   |                                       |   | - |   |   |   | - |   |   |   | 35,402 |   |   |   | - |   |   |   | 35,402 |   |
| Professional fees                                              |   |                                         | 38,027    |   |                                       |   | - |   |   |   | 38,027 |   |   |   | 113,390 |   |   |   | - |   |   |   | 113,390 |   |
| Other general and administrative                               |   |                                         | 32,606    |   |                                       |   | - |   |   |   | 32,606 |   |   |   | 64,253 |   |   |   | - |   |   |   | 64,253 |   |
| Total operating expenses                                       |   |                                         | 210,613   |   |                                       |   | 80,878 |   |   |   | 291,491 |   |   |   | 472,745 |   |   |   | 174,010 |   |   |   | 646,755 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment loss                                            |   |                                         | (97,302   | )      |                                       |   | (80,878 | ) |   |   | (178,180 | ) |   |   | (287,769 | ) |   |   | (174,010 | ) |   |   | (461,779 | ) |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                         | 189,256   |   |                                       |   | - |   |   |   | 189,256 |   |   |   | 321,754 |   |   |   | - |   |   |   | 321,754 |   |
| Net unrealized gain                                            |   |                                         | 176,927   |   |                                       |   | - |   |   |   | 176,927 |   |   |   | 784,421 |   |   |   | - |   |   |   | 784,421 |   |
| Total net realized and unrealized gain on investments          |   |                                         | 366,183   |   |                                       |   | - |   |   |   | 366,183 |   |   |   | 1,106,175 |   |   |   | - |   |   |   | 1,106,175 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax provision                                           |   |                                         | 402,101   |   |                                       |   | - |   |   |   | 402,101 |   |   |   | 188,949 |   |   |   | - |   |   |   | 188,949 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                            | 670,982   |   |                                       | $      | (80,878 | ) |   | $ | 590,104 |   |   | $ | 1,007,355 |   |   | $ | (174,010 | ) |   | $ | 833,345 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                            | 0.50      |   |                                       | $      | (0.06 | ) |   | $ | 0.44 |   |   | $ | 0.84 |   |   | $ | (0.15 | ) |   | $ | 0.69 |   |
|                                                           |   |                                         |      |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                         | 1,334,447 |   |                                       |   | - |   |   |   | 1,334,447 |   |   |   | 1,200,270 |   |   |   | - |   |   |   | 1,200,270 |   |

----

Table of Contents

|                                                           |   | For The Three Months Ended March 31, 2015 |      |   | For The Nine Months Ended March 31, 2015 |   |
|----------------------------------------------------------------|--------|-------------------------------------------|-----------|--------|------------------------------------------|--------|
|                                                           |   | (Unaudited)                               |      |   | (Unaudited)                              |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Previously Reported                       |      |   | Restatement Adjustments                  |   |   | Restated |   |   | Previously Reported |   |   | Restatement Adjustments |   |   | Restated |   |
| Investment income                                              |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend and distribution income                               |   | $                                         | 152,119   |   |                                     | $      | - |   |   | $ | 152,119 |   |   | $ | 312,341 |   |   | $ | - |   |   | $ | 312,341 |   |
| Interest and other income                                      |   |                                      | 22,183    |   |                                     |   | - |   |   |   | 22,183 |   |   |   | 46,937 |   |   |   | - |   |   |   | 46,937 |   |
| Total investment income                                        |   |                                      | 174,302   |   |                                     |   | - |   |   |   | 174,302 |   |   |   | 359,278 |   |   |   | - |   |   |   | 359,278 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                             |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Base management fee                                            |   |                                      | 135,875   |   |                                     |   | - |   |   |   | 135,875 |   |   |   | 335,575 |   |   |   | - |   |   |   | 335,575 |   |
| Portfolio structuring fee                                      |   |                                      | -         |   |                                     |   | 102,918 |   |   |   | 102,918 |   |   |   | - |   |   |   | 276,928 |   |   |   | 276,928 |   |
| Administrative cost reimbursements                             |   |                                      | 30,000    |   |                                     |   | - |   |   |   | 30,000 |   |   |   | 90,000 |   |   |   | - |   |   |   | 90,000 |   |
| Professional fees                                              |   |                                      | 16,349    |   |                                     |   | - |   |   |   | 16,349 |   |   |   | 129,739 |   |   |   | - |   |   |   | 129,739 |   |
| Other general and administrative                               |   |                                      | 29,242    |   |                                     |   | - |   |   |   | 29,242 |   |   |   | 93,495 |   |   |   | - |   |   |   | 93,495 |   |
| Total operating expenses                                       |   |                                      | 211,466   |   |                                     |   | 102,918 |   |   |   | 314,384 |   |   |   | 684,211 |   |   |   | 276,928 |   |   |   | 961,139 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment loss                                            |   |                                      | (37,164   | )      |                                     |   | (102,918 | ) |   |   | (140,082 | ) |   |   | (324,933 | ) |   |   | (276,928 | ) |   |   | (601,861 | ) |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized and unrealized gain on investments                    |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gain                                              |   |                                      | 436,436   |   |                                     |   | - |   |   |   | 436,436 |   |   |   | 758,190 |   |   |   | - |   |   |   | 758,190 |   |
| Net unrealized loss                                            |   |                                      | 929,836   |   |                                     |   | - |   |   |   | 929,836 |   |   |   | 1,714,257 |   |   |   | - |   |   |   | 1,714,257 |   |
| Total net realized and unrealized gain on investments          |   |                                      | 1,366,272 |   |                                     |   | - |   |   |   | 1,366,272 |   |   |   | 2,472,447 |   |   |   | - |   |   |   | 2,472,447 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                             |   |                                      | -         |   |                                     |   | - |   |   |   | - |   |   |   | 188,949 |   |   |   | - |   |   |   | 188,949 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations           |   | $                                         | 1,329,108 |   |                                     | $      | (102,918 | ) |   | $ | 1,226,190 |   |   | $ | 2,336,463 |   |   | $ | (276,928 | ) |   | $ | 2,059,535 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations per Share |   | $                                         | 0.78      |   |                                     | $      | (0.06 | ) |   | $ | 0.72 |   |   | $ | 1.71 |   |   | $ | (0.20 | ) |   | $ | 1.51 |   |
|                                                           |   |                                      |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common Shares outstanding                     |   |                                      | 1,696,306 |   |                                     |   | - |   |   |   | 1,696,306 |   |   |   | 1,363,202 |   |   |   | - |   |   |   | 1,363,202 |   |

----

Table of Contents

|                                                                 |   | For The Three Months Ended September 30, 2014 |       |
|----------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                 |   | (Unaudited)                                   |       |
|                                                                 |   |                                          |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                           |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                          |       |   |   |   |   |   |   |
| Net investment loss                                                  |   | $                                             | (190,469   | ) |   | $ | (93,132 | ) |   | $ | (283,601 | ) |
| Net realized gain                                                    |   |                                          | 132,498    |   |   |   | - |   |   |   | 132,498 |   |
| Net unrealized gain                                                  |   |                                          | 607,494    |   |   |   | - |   |   |   | 607,494 |   |
| Income tax provision                                                 |   |                                          | (213,152   | ) |   |   | - |   |   |   | (213,152 | ) |
| Net increase in net assets resulting from operations                 |   |                                          | 336,371    |   |   |   | (93,132 | ) |   |   | 243,239 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                          | (255,442   | ) |   |   | - |   |   |   | (255,442 | ) |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                          | 3,023,020  |   |   |   | - |   |   |   | 3,023,020 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                          | 1,574      |   |   |   | - |   |   |   | 1,574 |   |
| Selling commissions and fees                                         |   |                                          | (392,992   | ) |   |   | 93,132 |   |   |   | (299,860 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                          | 2,631,602  |   |   |   | 93,132 |   |   |   | 2,724,734 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                          | 2,712,531  |   |   |   | - |   |   |   | 2,712,531 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                          | 8,764,789  |   |   |   | - |   |   |   | 8,764,789 |   |
|                                                                 |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                             | 11,477,320 |   |   | $ | - |   |   | $ | 11,477,320 |   |

----

Table of Contents

|                                                            |   | For The Six Months Ended December 31, 2014 |       |
|----------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                 |   | (Unaudited)                                |       |
|                                                                 |   |                                       |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                        |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                       |       |   |   |   |   |   |   |
| Net investment loss                                                  |   | $                                          | (287,769   | ) |   | $ | (174,010 | ) |   | $ | (461,779 | ) |
| Net realized gain                                                    |   |                                       | 321,754    |   |   |   | - |   |   |   | 321,754 |   |
| Net unrealized gain                                                  |   |                                       | 784,421    |   |   |   | - |   |   |   | 784,421 |   |
| Income tax benefit                                                   |   |                                       | 188,949    |   |   |   | - |   |   |   | 188,949 |   |
| Net increase in net assets resulting from operations                 |   |                                       | 1,007,355  |   |   |   | (174,010 | ) |   |   | 833,345 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                       | (442,254   | ) |   |   | - |   |   |   | (442,254 | ) |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                       | 5,718,960  |   |   |   | - |   |   |   | 5,718,960 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                       | 6,956      |   |   |   | - |   |   |   | 6,956 |   |
| Selling commissions and fees                                         |   |                                       | (743,464   | ) |   |   | 174,010 |   |   |   | (569,454 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                       | 4,982,452  |   |   |   | 174,010 |   |   |   | 5,156,462 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                       | 5,547,553  |   |   |   | - |   |   |   | 5,547,553 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                       | 8,764,789  |   |   |   | - |   |   |   | 8,764,789 |   |
|                                                                 |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                          | 14,312,342 |   |   | $ | - |   |   | $ | 14,312,342 |   |

----

Table of Contents

|                                                                 |   | For The Nine Months Ended March 31, 2015 |       |
|----------------------------------------------------------------------|--------|------------------------------------------|------------|
|                                                                 |   | (Unaudited)                              |       |
|                                                                 |   |                                     |       |   |   |   |   |   |   |
|                                                                 |   | Previously Reported                      |       |   | Restatement Adjustment |   |   | Restated |   |
| Operations                                                           |   |                                     |       |   |   |   |   |   |   |
| Net investment loss                                                  |   | $                                        | (324,933   | ) |   | $ | (276,928 | ) |   | $ | (601,861 | ) |
| Net realized gain                                                    |   |                                     | 758,190    |   |   |   | - |   |   |   | 758,190 |   |
| Net unrealized loss                                                  |   |                                     | 1,714,257  |   |   |   | - |   |   |   | 1,714,257 |   |
| Income tax benefit                                                   |   |                                     | 188,949    |   |   |   | - |   |   |   | 188,949 |   |
| Net increase in net assets resulting from operations                 |   |                                     | 2,336,463  |   |   |   | (276,928 | ) |   |   | 2,059,535 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Dividends                                                            |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Dividends to stockholders from net realized gain                     |   |                                     | (675,699   | ) |   |   | - |   |   |   | (675,699 | ) |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Capital share transactions                                           |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                                             |   |                                     | 9,149,560  |   |   |   | - |   |   |   | 9,149,560 |   |
| Issuance of common stock through reinvestment of dividends           |   |                                     | 29,048     |   |   |   | - |   |   |   | 29,048 |   |
| Selling commissions and fees                                         |   |                                     | (1,189,442 | ) |   |   | 276,928 |   |   |   | (912,514 | ) |
| Net increase in net assets resulting from capital share transactions |   |                                     | 7,989,166  |   |   |   | 276,928 |   |   |   | 8,266,094 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Total increase in net assets                                         |   |                                     | 9,649,930  |   |   |   | - |   |   |   | 9,649,930 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Net assets at beginning of period                                    |   |                                     | 8,764,789  |   |   |   | - |   |   |   | 8,764,789 |   |
|                                                                 |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Net assets at end of period                                          |   | $                                        | 18,414,719 |   |   | $ | - |   |   | $ | 18,414,719 |   |

----

Table of Contents

|                                                                         |   | For The Three Months Ended September 30, 2014 |       |
|------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                         |   | (Unaudited)                                   |       |
|                                                                         |   |                                          |       |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                           |       |   | Restatement Adjustments |   |   | Restated |   |
| Cash flows from operating activities:                                        |   |                                          |       |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                             | 336,371    |   |   | $ | (93,132 | ) |   | $ | 243,239 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of investments, net                                       |   |                                          | 790,480    |   |   |   | - |   |   |   | 790,480 |   |
| Return of capital                                                            |   |                                          | 20,781     |   |   |   | - |   |   |   | 20,781 |   |
| Purchase of investments                                                      |   |                                          | (3,156,122 | ) |   |   | - |   |   |   | (3,156,122 | ) |
| Net realized gain                                                            |   |                                          | (132,498   | ) |   |   | - |   |   |   | (132,498 | ) |
| Net unrealized gain                                                          |   |                                          | (607,494   | ) |   |   | - |   |   |   | (607,494 | ) |
| Amortization of deferred offering costs                                      |   |                                          | 35,402     |   |   |   |   |   |   |   | 35,402 |   |
| Changes in assets and liabilities:                                           |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                          | (6,460     | ) |   |   | - |   |   |   | (6,460 | ) |
| Other assets                                                                 |   |                                          | (18,518    | ) |   |   | - |   |   |   | (18,518 | ) |
| Accounts payable and accrued liabilities                                     |   |                                          | 54,800     |   |   |   | - |   |   |   | 54,800 |   |
| Income tax payable                                                           |   |                                          | (28,839    | ) |   |   | - |   |   |   | (28,839 | ) |
| Due to related entities                                                      |   |                                          | (25,160    | ) |   |   | - |   |   |   | (25,160 | ) |
| Deferred tax liability                                                       |   |                                          | 241,991    |   |   |   | - |   |   |   | 241,991 |   |
| Net cash from operating activities                                           |   |                                          | (2,495,266 | ) |   |   | (93,132 | ) |   |   | (2,588,398 | ) |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                          | 3,023,020  |   |   |   |   |   |   |   | 3,023,020 |   |
| Dividends to stockholders                                                    |   |                                          | (253,868   | ) |   |   |   |   |   |   | (253,868 | ) |
| Payment of selling commissions and fees                                      |   |                                          | (392,992   | ) |   |   | 93,132 |   |   |   | (299,860 | ) |
| Change in capital pending acceptance                                         |   |                                          | (130,200   | ) |   |   | - |   |   |   | (130,200 | ) |
|        Net cash from financing activities |   |                                          | 2,245,960  |   |   |   | 93,132 |   |   |   | 2,339,092 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                          | (249,306   | ) |   |   | - |   |   |   | (249,306 | ) |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                          | 3,522,751  |   |   |   | - |   |   |   | 3,522,751 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                             | 3,273,445  |   |   | $ | - |   |   | $ | 3,273,445 |   |
|                                                                         |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                          |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                             | 1,574      |   |   | $ | - |   |   | $ | 1,574 |   |

----

Table of Contents

|                                                                         |   | For The Six Months Ended December 31, 2014 |       |
|------------------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                         |   | (Unaudited)                                |       |
|                                                                         |   |                                       |       |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                        |       |   | Restatement Adjustments |   |   | Restated |   |
|                                                                         |   |                                       |       |   |   |   |   |   |   |
| Cash flows from operating activities:                                        |   |                                       |       |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                          | 1,007,355  |   |   |   | (174,010 | ) |   | $ | 833,345 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                       |       |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of investments, net                                       |   |                                       | 2,102,153  |   |   |   | - |   |   |   | 2,102,153 |   |
| Return of capital                                                            |   |                                       | 85,573     |   |   |   | - |   |   |   | 85,573 |   |
| Purchase of investments                                                      |   |                                       | (6,361,387 | ) |   |   | - |   |   |   | (6,361,387 | ) |
| Net realized gain                                                            |   |                                       | (321,754   | ) |   |   | - |   |   |   | (321,754 | ) |
| Net unrealized gain                                                          |   |                                       | (784,421   | ) |   |   | - |   |   |   | (784,421 | ) |
| Amortization of deferred offering costs                                      |   |                                       | 35,402     |   |   |   |   |   |   |   | 35,402 |   |
| Changes in assets and liabilities:                                           |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                       | (176,408   | ) |   |   | - |   |   |   | (176,408 | ) |
| Other assets                                                                 |   |                                       | (187,903   | ) |   |   | - |   |   |   | (187,903 | ) |
| Accounts payable and accrued liabilities                                     |   |                                       | (2,502     | ) |   |   | - |   |   |   | (2,502 | ) |
| Income tax payable                                                           |   |                                       | (83,447    | ) |   |   | - |   |   |   | (83,447 | ) |
| Due to related entities                                                      |   |                                       | 23,517     |   |   |   | - |   |   |   | 23,517 |   |
| Deferred tax liability                                                       |   |                                       | (106,002   | ) |   |   | - |   |   |   | (106,002 | ) |
| Net cash from operating activities                                           |   |                                       | (4,769,824 | ) |   |   | (174,010 | ) |   |   | (4,943,834 | ) |
|                                                                         |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                       | 5,718,960  |   |   |   | - |   |   |   | 5,718,960 |   |
| Dividends to stockholders                                                    |   |                                       | (435,298   | ) |   |   | - |   |   |   | (435,298 | ) |
| Payment of selling commissions and fees                                      |   |                                       | (743,464   | ) |   |   | 174,010 |   |   |   | (569,454 | ) |
| Change in capital pending acceptance                                         |   |                                       | 144,802    |   |   |   | - |   |   |   | 144,802 |   |
|        Net cash from financing activities |   |                                       | 4,685,000  |   |   |   | 174,010 |   |   |   | 4,859,010 |   |
|                                                                         |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                       | (84,824    | ) |   |   | - |   |   |   | (84,824 | ) |
|                                                                         |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                       | 3,522,751  |   |   |   | - |   |   |   | 3,522,751 |   |
|                                                                         |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                          | 3,437,927  |   |   | $ | - |   |   | $ | 3,437,927 |   |
|                                                                         |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                          | 6,956      |   |   | $ | - |   |   | $ | 6,956 |   |

----

Table of Contents

|                                                                         |   | For The Nine Months Ended March 31, 2015 |        |
|------------------------------------------------------------------------------|--------|------------------------------------------|-------------|
|                                                                         |   | (Unaudited)                              |        |
|                                                                         |   |                                     |        |   |   |   |   |   |   |
|                                                                         |   | Previously Reported                      |        |   | Restatement Adjustments |   |   | Restated |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |
| Cash flows from operating activities:                                        |   |                                     |        |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                         |   | $                                        | 2,336,463   |   |   | $ | (276,928 | ) |   | $ | 2,059,535 |   |
| Adjustments to reconcile net increase in net assets resulting from           |   |                                     |        |   |   |   |   |   |   |   |   |   |
| operations to net cash from operating activities:                            |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of investments, net                                       |   |                                     | 4,405,858   |   |   |   | - |   |   |   | 4,405,858 |   |
| Return of capital                                                            |   |                                     | 85,572      |   |   |   | - |   |   |   | 85,572 |   |
| Purchase of investments                                                      |   |                                     | (12,780,374 | ) |   |   | - |   |   |   | (12,780,374 | ) |
| Net realized gain on investments                                             |   |                                     | (758,190    | ) |   |   | - |   |   |   | (758,190 | ) |
| Net unrealized loss on investments                                           |   |                                     | (1,714,257  | ) |   |   | - |   |   |   | (1,714,257 | ) |
| Amortization of deferred offering costs                                      |   |                                     | 35,402      |   |   |   |   |   |   |   | 35,402 |   |
| Changes in assets and liabilities:                                           |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                     | (56,174     | ) |   |   | - |   |   |   | (56,174 | ) |
| Other assets                                                                 |   |                                     | (140,802    | ) |   |   | - |   |   |   | (140,802 | ) |
| Accounts payable and accrued liabilities                                     |   |                                     | (17,812     | ) |   |   | - |   |   |   | (17,812 | ) |
| Income tax payable                                                           |   |                                     | (153,874    | ) |   |   | - |   |   |   | (153,874 | ) |
| Due to related entities                                                      |   |                                     | 101,014     |   |   |   | - |   |   |   | 101,014 |   |
| Deferred tax liability                                                       |   |                                     | (86,575     | ) |   |   | - |   |   |   | (86,575 | ) |
| Net cash from operating activities                                           |   |                                     | (8,743,749  | ) |   |   | (276,928 | ) |   |   | (9,020,677 | ) |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                                     | 9,149,560   |   |   |   | - |   |   |   | 9,149,560 |   |
| Dividends to stockholders                                                    |   |                                     | (646,651    | ) |   |   | - |   |   |   | (646,651 | ) |
| Payment of selling commissions and fees                                      |   |                                     | (1,189,442  | ) |   |   | 276,928 |   |   |   | (912,514 | ) |
| Change in capital pending acceptance                                         |   |                                     | 31,208      |   |   |   | - |   |   |   | 31,208 |   |
|        Net cash from financing activities |   |                                     | 7,344,675   |   |   |   | 276,928 |   |   |   | 7,621,603 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                     | (1,399,074  | ) |   |   | - |   |   |   | (1,399,074 | ) |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of the period                         |   |                                     | 3,522,751   |   |   |   | - |   |   |   | 3,522,751 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of the period                               |   | $                                        | 2,123,677   |   |   | $ | - |   |   | $ | 2,123,677 |   |
|                                                                         |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Non-cash financing activities:                                               |   |                                     |        |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through reinvestment of dividends                   |   | $                                        | 29,048      |   |   | $ | - |   |   | $ | 29,048 |   |

----

Table of Contents

|   | MACKENZIE REALTY CAPITAL, INC. |                    |
|--------|--------------------------------|-------------------------|
|   | (Registrant)                   |                    |
|   |                           |                    |   |
|   | By:                            | /s/ Robert Dixon        |   |
|   |                           | Robert Dixon            |   |
|   |                           | Chief Executive Officer |   |
|   |                           |                    |   |
|   | Date:                          | December 5, 2016        |   |

| Signature          |   |   |                                         | Title  |   |   |             |             | Date   |
|--------------------|--------|--------|----------------------------------------------|--------|--------|--------|------------------|------------------|--------|
|               |   |   |                                         |   |   |   |             |             |   |
| /s/ Robert Dixon   |   |   | Chief Executive Officer                      |   |   |   | December 5, 2016 |
| Robert Dixon       |   |   | (Principal Executive Officer)                |   |   |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
| /s/ Paul Koslosky  |   |   | Chief Financial Officer                      |   |   |   | December 5, 2016 |
| Paul Koslosky      |   |   | (Principal Financial and Accounting Officer) |   |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
| /s/ C.E. Patterson |   |   | Director                                     |   |   |   |             | December 5, 2016 |
| C.E. Patterson     |   |   |                                         |   |   |   |             |             |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
| /s/ Tim Dozois     |   |   | Director                                     |   |   |   |             | December 5, 2016 |
| Tim Dozois         |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
|               |   |   |                                         |   |   |   |             |             |   |
| /s/ Tom Frame      |   |   | Director                                     |   |   |   |             | December 5, 2016 |
| Tom Frame          |   |   |                                         |   |   |   |             |             |   |

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