EX-12

Exhibit 12

Statements re: computation of ratios

(Dollars in Thousands, Except Ratios)


	For the year ended December 31,
	2013			2012			2011			2010			2009

Net income from continuing operations	$	1,527		$	3,761		$	5,714		$	4,928		$	4,400

Add: fixed charges and preferred and senior common distributions		31,506			26,962			21,247			21,191			22,001

Less: preferred and senior common distributions		(4,394	)		(4,206	)		(4,156	)		(4,114	)		(4,094	)


Earnings	$	28,639		$	26,517		$	22,805		$	22,005		$	22,307

Fixed charges and preferred and senior common distributions:
Interest expense ⁽¹⁾		25,314			21,239			16,158			16,031			16,399
Amortization of deferred financing fees		1,780			1,502			918			1,031			1,496
Estimated interest component of rent		18			15			15			15			12
Preferred and senior common distributions		4,394			4,206			4,156			4,114			4,094


Total fixed charges and preferred and senior common distributions	$	31,506		$	26,962		$	21,247		$	21,191		$	22,001

Ratio of earnings to combined fixed charges and preferred distributions		N/A	⁽²⁾		N/A	⁽³⁾		1.1			1.0			1.0

⁽¹⁾	Interest expense includes dividends paid on our mandatorily redeemable term preferred stock.

⁽²⁾	For the year ended December 31, 2013, earnings, as defined, were insufficent to cover fixed charges by $2,867.

⁽³⁾	For the year ended December 31, 2012, earnings, as defined, were insufficent to cover fixed charges by $445.

N/A: Not Applicable

The calculation of the ratio of earnings to combined fixed charges and preferred distributions is above. “Earnings” consist of net income from continuing operations before fixed charges. “Fixed charges” consist of interest expense, amortization of deferred financing fees and the portion of operating lease expense that represents interest. The portion of operating lease expense that represents interest is calculated by dividing the amount of rent expense, allocated to us by our Adviser as part of the administration fee payable under the Advisory Agreement, by three.