EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
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| Year ended June 30, | ||||||||
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
Earnings: |
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Net increase (decrease) in net assets from operations | $ | (6,374,963) | $ | (5,462,453) | $ | (537,571) | $ | 199,072 | $ | (323,980) |
Fixed charges |
| 964,382 |
| 1,130,738 |
| 2,398,654 |
| 2,158,679 |
| 2,157,905 |
Adjusted earnings | $ | (5,410,581) | $ | (4,331,715) | $ | 1,861,083 | $ | 2,357,751 | $ | 1,833,925 |
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Fixed charges: |
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Interest expense | $ | 906,202 | $ | 1,090,074 | $ | 2,357,540 | $ | 2,117,675 | $ | 2,116,903 |
Amortization of deferred loan costs |
| 58,180 |
| 40,664 |
| 41,114 |
| 41,004 |
| 41,002 |
Total fixed charges | $ | 964,382 | $ | 1,130,738 | $ | 2,398,654 | $ | 2,158,679 | $ | 2,157,905 |
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Preference dividends |
| 421,875 |
| 253,125 |
| 337,500 |
| 337,500 |
| 337,500 |
Total fixed charges and preference dividends | $ | 1,386,257 | $ | 1,383,863 | $ | 2,736,154 | $ | 2,496,179 | $ | 2,495,405 |
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Ratio of earnings to fixed charges |
| (3.90) |
| (3.13) |
| 0.68 |
| 0.94 |
| 0.73 |
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Deficiency of earnings to cover fixed charges and preference dividends | $ | 6,796,838 | $ | 5,715,578 | $ | 875,071 | $ | 138,428 | $ | 661,480 |
(less than 1:1 ratio) |
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