|                                                                   |   | Year ended June 30, |       |
|------------------------------------------------------------------------|--------|---------------------|------------|
|                                                              |   | 2012                |       |   | 2011 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Earnings:                                                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in net assets from operations                  |   | $                   | (5,462,081 | ) |   | $ | (5,802,576 | ) |   | $ | (6,374,963 | ) |   | $ | (5,462,453 | ) |   | $ | (537,571 | ) |
| Fixed charges                                                          |   |                | 1,351,805  |   |   |   | 1,517,044 |   |   |   | 964,382 |   |   |   | 1,130,738 |   |   |   | 2,398,654 |   |
| Adjusted earnings                                                      |   | $                   | (4,110,276 | ) |   | $ | (4,285,532 | ) |   | $ | (5,410,581 | ) |   | $ | (4,331,715 | ) |   | $ | 1,861,083 |   |
|                                                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                         |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                       |   | $                   | 1,280,954  |   |   | $ | 1,446,193 |   |   | $ | 906,202 |   |   | $ | 1,090,074 |   |   | $ | 2,357,540 |   |
| Amortization of deferred loan costs                                    |   |                | 70,851     |   |   |   | 70,851 |   |   |   | 58,180 |   |   |   | 40,664 |   |   |   | 41,114 |   |
| Total fixed charges                                                    |   | $                   | 1,351,805  |   |   | $ | 1,517,044 |   |   | $ | 964,382 |   |   | $ | 1,130,738 |   |   | $ | 2,398,654 |   |
|                                                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preference dividends                                                   |   |                | 337,500    |   |   |   | 337,500 |   |   |   | 421,875 |   |   |   | 253,125 |   |   |   | 337,500 |   |
| Total fixed charges and preference dividends                           |   | $                   | 1,689,305  |   |   | $ | 1,854,544 |   |   | $ | 1,386,257 |   |   | $ | 1,383,863 |   |   | $ | 2,736,154 |   |
|                                                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                     |   |                | (2.43      | ) |   |   | (2.31 | ) |   |   | (3.90 | ) |   |   | (3.13 | ) |   |   | 0.68 |   |
|                                                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deficiency of earnings to cover fixed charges and preference dividends |   | $                   | 5,799,581  |   |   | $ | 6,140,076 |   |   | $ | 6,796,838 |   |   | $ | 5,715,578 |   |   | $ | 875,071 |   |
| (less than 1:1 ratio)                                                  |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |