Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Fair Value of Investments Based on Inputs

The following table summarizes the fair value of the Company’s investments based on the inputs at December 31, 2013:


	Fair Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	3,000,000	$	—	$	—	$	3,000,000
Secured mezzanine term loan		2,952,836		—		—		2,952,836
Senior secured trade finance participations		594,225		—		—		594,225

Total	$	6,547,061	$	—	$	—	$	6,547,061

Summary of Investments of Level 3 Inputs

The following is a reconciliation for the year ended December 31, 2013 of investments for which Level 3 inputs were used in determining fair value:


	Fair Value at December 31, 2012		Purchases		Maturities or Prepayments			Amortization		Fair Value at December 31, 2013
Senior secured term loan participations	$	—	$	3,000,000	$	—		$	—	$	3,000,000
Secured mezzanine term loan		—		2,924,834		—			28,002		2,952,836
Senior secured trade finance participations		—		2,237,324		(1,643,099	)		—		594,225

Total	$	—	$	8,162,158	$	(1,643,099	)	$	28,002	$	6,547,061

Summary of Quantitative Information of Fair Value Measurements of Investments

The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2013:


	Fair value		Valuation technique	Unobservable input		Range (weighted average)
Senior secured trade finance participations	$	594,225	Income approach		Market yield	9.85% - 12.55% (10.28%)
Secured mezzanine term loan	$	2,952,836	Income approach		Market yield	14.50%
Senior secured term loan participations	$	3,000,000	Income approach		Market yield	12.43% - 13.10% (12.54%)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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