Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	5,474,534	$	—	$	—	$	5,474,534
Senior secured term loan participations		18,484,242		—		—		18,484,242
Senior secured trade finance participations		77,069,328		—		—		77,069,328
Total	$	101,028,104	$	—	$	—	$	101,028,104

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2014:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	5,750,000	$	—	$	—	$	5,750,000
Secured mezzanine term loan		47,697,442		—		—		47,697,442
Total	$	53,447,442	$	—	$	—	$	53,447,442

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the year ended December 31, 2015, of investments classified as Level 3:

	Fair Value at December 31, 2014		Purchases		Maturities or Prepayments			Amortization		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2015
Senior secured term loan	$	—	$	5,500,000	$	(25,466	)	$	—	$	—		$	5,474,534
Senior secured term loan participations		5,750,000		13,446,833		(400,000	)		5,833		(318,424	)		18,484,242
Senior secured trade finance participations		47,697,442		119,422,199		(90,050,313	)		—					77,069,328
Total	$	53,447,442	$	138,369,032	$	(90,475,779	)	$	5,833	$	(318,424	)	$	101,028,104

The following is a reconciliation of activity for the year ended December 31, 2014 of investments classified as Level 3:

	Fair Value at December 31, 2013		Purchases		Maturities or Prepayments			Amortization		Net change in unrealized appreciation (depreciation)		Fair Value at December 31, 2014
Senior secured term loan participations	$	3,000,000	$	3,326,000	$	(576,000	)	$	—	$	—	$	5,750,000
Secured mezzanine term loan		2,952,836		1,944,777		(5,000,000	)		102,387		—		—
Senior secured trade finance participations		594,225		69,721,771		(22,618,554	)		—		—		47,697,442
Unsecured short term note receivable		—		3,000,000		(3,000,000	)		—		—		—
Total	$	6,547,061	$	77,992,548	$	(31,194,554	)	$	102,387	$	—	$	53,447,442

Summary of Quantitative Information of Fair Value Measurements of Investments

As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations	$	77,069,328	Income approach	Market yield	8.89% – 17.50% (12.04%)
Senior secured term loan	$	5,474,534	Income approach	Market yield		13.50%
Senior secured term loan participations	$	15,544,242	Income approach	Market yield	15.83% - 17.43%(16.13%)
Senior secured term loan participations	$	2,940,000	Collateral based approach	Value of collateral	N/A

As of December 31, 2014, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2014:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations	$	47,697,442	Income approach	Market yield	9.00% – 17.50% (12.66%)
Senior secured term loan participations	$	3,000,000	Income approach	Market yield		12.43%
Senior secured term loan participations	$	2,750,000	Collateral based approach	Value of collateral	N/A