Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 25, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'CK0001550453 | ' |
Entity Registrant Name | 'TriLinc Global Impact Fund LLC | ' |
Entity Central Index Key | '0001550453 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Public Float | ' | $0 |
Class A Units [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 778,862.93 |
Class C Units [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 76,560.84 |
Class I Units [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,533,556.37 |
Consolidated_Statements_of_Ass
Consolidated Statements of Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
ASSETS | ' | ' | |
Investments owned, at fair value (amortized cost of $6,547,061) | $6,547,061 | [1] | ' |
Cash | 6,666,659 | 200,114 | |
Interest receivable | 114,809 | ' | |
Due from affiliates (see Note 5) | 79,109 | ' | |
Prepaid expenses | 54,180 | ' | |
Total assets | 13,461,818 | 200,114 | |
LIABILITIES | ' | ' | |
Due to unitholders | 65,015 | ' | |
Due to affiliates (see Note 6) | 31,391 | 252 | |
Other payables | 149 | ' | |
Total liabilities | 96,555 | 252 | |
NET ASSETS | 13,365,263 | 199,862 | |
ANALYSIS OF NET ASSETS: | ' | ' | |
Offering costs | -705,946 | ' | |
Class A Units [Member] | ' | ' | |
LIABILITIES | ' | ' | |
NET ASSETS | 3,234,442 | ' | |
ANALYSIS OF NET ASSETS: | ' | ' | |
Net capital paid | 3,405,283 | ' | |
Class C Units [Member] | ' | ' | |
LIABILITIES | ' | ' | |
NET ASSETS | 366,221 | ' | |
ANALYSIS OF NET ASSETS: | ' | ' | |
Net capital paid | 385,565 | ' | |
Class I Units [Member] | ' | ' | |
LIABILITIES | ' | ' | |
NET ASSETS | 9,764,600 | ' | |
ANALYSIS OF NET ASSETS: | ' | ' | |
Net capital paid | $10,280,361 | ' | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Consolidated_Statements_of_Ass1
Consolidated Statements of Assets and Liabilities (Parenthetical) (USD $) | Dec. 31, 2013 | |
Investments owned, amortized cost | $6,547,061 | [1] |
Net assets, per unit | $8.57 | |
Net assets, units outstanding | 1,559,136.77 | |
Class A Units [Member] | ' | |
Net assets, per unit | $8.57 | |
Net assets, units outstanding | 377,316.67 | |
Class C Units [Member] | ' | |
Net assets, per unit | $8.57 | |
Net assets, units outstanding | 42,721.87 | |
Class I Units [Member] | ' | |
Net assets, per unit | $8.57 | |
Net assets, units outstanding | 1,139,098.23 | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
INVESTMENT INCOME | ' | ' |
Interest income | $126 | $246,730 |
Total investment income | 126 | 246,730 |
EXPENSES | ' | ' |
Management fees | ' | 93,146 |
Incentive fee | ' | 34,001 |
Miscellaneous expense | 264 | ' |
Total expenses gross | 264 | 127,147 |
Expenses support payment from Sponsor | ' | -96,156 |
Net expenses | 264 | 30,991 |
NET INVESTMENT INCOME (LOSS) | -138 | 215,739 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($138) | $215,739 |
NET INCOME (LOSS) PER UNITS - BASIC AND DILUTED | ($0.01) | $0.47 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 22,160.67 | 455,812.02 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Net Assets (USD $) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
INCREASE/(DECREASE) FROM OPERATIONS | ' | ' |
Net investment income/(loss) | ($138) | $215,739 |
Net increase/(decrease) from operations | -138 | 215,739 |
DECREASE FROM DISTRIBUTIONS | ' | ' |
Distributions to unitholders | ' | -266,642 |
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS | ' | ' |
Contribution from Sponsor | ' | 51,034 |
Offering costs | ' | -705,946 |
Issuance of capital Units | 200,000 | 13,216,304 |
Net increase in net assets | 199,862 | 13,165,401 |
Net assets at beginning of period | ' | 199,862 |
Net assets at end of period | 199,862 | 13,365,263 |
Class A Units [Member] | ' | ' |
DECREASE FROM DISTRIBUTIONS | ' | ' |
Distributions to unitholders | ' | -115,142 |
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS | ' | ' |
Issuance of capital Units | 200,000 | 3,205,286 |
Net assets at end of period | ' | 3,234,442 |
Class C Units [Member] | ' | ' |
DECREASE FROM DISTRIBUTIONS | ' | ' |
Distributions to unitholders | ' | -1,993 |
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS | ' | ' |
Issuance of capital Units | ' | 385,565 |
Net assets at end of period | ' | 366,221 |
Class I Units [Member] | ' | ' |
DECREASE FROM DISTRIBUTIONS | ' | ' |
Distributions to unitholders | ' | -149,507 |
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS | ' | ' |
Issuance of capital Units | ' | 10,280,365 |
Net assets at end of period | ' | $9,764,600 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows from operating activities | ' | ' |
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($138) | $215,739 |
ADJUSTMENT TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | ' | ' |
Purchase of investments | ' | -8,162,158 |
Maturity of investments | ' | 1,643,099 |
Accretion of discounts on investments | ' | -28,002 |
Increase in interest receivable | ' | -114,809 |
Increase in due from affiliates | ' | -28,075 |
Increase in prepaid expenses | ' | -54,180 |
Increase in due to unitholders | ' | 65,015 |
Increase in due to affiliates | 252 | 31,139 |
Increase in other payable | ' | 149 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 114 | -6,432,083 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of units | 200,000 | 13,820,954 |
Distributions Paid to Unitholders | ' | -216,380 |
Payments of offering costs | ' | -705,946 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 200,000 | 12,898,628 |
TOTAL INCREASE IN CASH | 200,114 | 6,466,545 |
CASH AT BEGINNING OF THE PERIOD | ' | 200,114 |
CASH AT END OF THE PERIOD | 200,114 | 6,666,659 |
Supplemental non-cash information | ' | ' |
Issuance of units in connection with distribution reinvestment plan | ' | 50,262 |
Capital contribution from our Sponsor | ' | $51,034 |
Consolidated_Schedule_of_Inves
Consolidated Schedule of Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||
Secured Mezzanine Term Loan [Member] | Secured Mezzanine Term Loan [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Trade Finance Participations [Member] | Senior Secured Trade Finance Participations [Member] | Senior Secured Trade Finance Participations [Member] | Senior Secured Trade Finance Participations [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||
Indonesia [Member] | Peru [Member] | Brazil [Member] | Brazil [Member] | Brazil [Member] | Chile [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | ||||||||||||||||
PT Indah Global Semesta (IGS) [Member] | Corporation Prodesa S.R.L. [Member] | Usivale Industria y Commercio [Member] | Usivale Industria y Commercio [Member] | Usivale Industria y Commercio [Member] | Forestal Rio Calle Calle S.A. [Member] | Gondi S.A. [Member] | Gondi S.A. [Member] | Gondi S.A. [Member] | ||||||||||||||||
Consumer Electronics [Member] | Consumer Products [Member] | Agricultural Products [Member] | Agricultural Products [Member] | Agricultural Products [Member] | Forest Products [Member] | Meat, Poultry & Fish [Member] | Meat, Poultry & Fish [Member] | Meat, Poultry & Fish [Member] | ||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Description | ' | 'Electronics Retailer | [1] | ' | 'Diaper Manufacturer | [1] | 'Sugar Producer | [1] | ' | ' | ' | 'Sustainable Timber Exporter | [1] | 'Other | [1] | ' | ' | |||||||
Interest | ' | 10.00% | [1] | ' | 13.10% | [1] | 12.43% | [1] | ' | ' | ' | 9.85% | [1] | ' | 12.46% | [1] | 12.55% | [1] | ||||||
Fees | ' | 4.50% | [1],[2] | ' | 0.00% | [1],[2] | 0.00% | [1],[2] | ' | ' | ' | 0.00% | [1],[2] | 0.00% | [1],[2] | ' | ' | |||||||
Maturity | ' | 26-Jul-14 | [1] | ' | 12-Jul-16 | [1] | ' | 15-Dec-14 | [1] | 15-Dec-16 | [1] | ' | 14-Jan-14 | [1] | ' | 8-Aug-14 | [1] | 21-Sep-14 | [1] | |||||
Principal Amount | ' | $3,000,000 | [1] | ' | $500,000 | [1] | $2,500,000 | [1] | ' | ' | ' | $500,000 | [1] | $94,225 | [1] | ' | ' | |||||||
Current Commitment | ' | 3,000,000 | [1],[3] | ' | 500,000 | [1],[3] | 2,500,000 | [1],[3] | ' | ' | ' | 500,000 | [1],[3] | 500,000 | [1],[3] | ' | ' | |||||||
Amortized Cost | 2,952,836 | [1] | 2,952,836 | [1] | 3,000,000 | [1] | 500,000 | [1] | 2,500,000 | [1] | ' | ' | 594,225 | [1] | 500,000 | [1] | 94,225 | [1] | ' | ' | ||||
Fair Value | $2,952,836 | [1] | $2,952,836 | [1] | $3,000,000 | [1] | $500,000 | [1] | $2,500,000 | [1] | ' | ' | $594,225 | [1] | $500,000 | [1] | $94,225 | [1] | ' | ' | ||||
% of Net Assets | 22.10% | [1] | 22.10% | [1] | 22.40% | [1] | 3.70% | [1] | 18.70% | [1] | ' | ' | 4.40% | [1] | 3.70% | [1] | 0.70% | [1] | ' | ' | ||||
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. | |||||||||||||||||||||||
[2] | Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. | |||||||||||||||||||||||
[3] | Other than the IGS loan facility, all other loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower. |
Consolidated_Schedule_of_Inves1
Consolidated Schedule of Investments (Details) (Parenthetical) (Consumer Electronics [Member], Indonesia [Member], PT Indah Global Semesta (IGS) [Member], Secured Mezzanine Term Loan [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Consumer Electronics [Member] | Indonesia [Member] | PT Indah Global Semesta (IGS) [Member] | Secured Mezzanine Term Loan [Member] | ' |
Extended loan period | '3 years |
Loan term extension interval | '12 months |
Organization_and_Operations_of
Organization and Operations of the Company | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Operations of the Company | ' |
Note 1. Organization and Operations of the Company | |
TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. The Company anticipates that a substantial portion of its assets will continue to consist of collateralized private debt instruments, which the Company believes offer opportunities for competitive risk-adjusted returns through income generation. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered in the State of California. | |
TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies. | |
In May 2012, the Advisor purchased 22,160.665 Class A units for aggregate gross proceeds of $200,000. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,329.639 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The Company’s offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended. | |
Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives. | |
To assist the Company in achieving its investment objective, the Company will make investments via wholly owned subsidiaries. As of December 31, 2013, the Company’s subsidiaries are TriLinc Global Impact Fund – Asia, Ltd. (“TGIF-A”), TriLinc Global Impact Fund – Latin America, Ltd. (“TGIF-LA”) and TriLinc Global Impact Fund – Trade Finance, Ltd. (“TGIF-TF”), all of which are Cayman Islands exempted companies. To assist the Advisor in managing the Company and its subsidiaries, the Advisor may provide services via TriLinc Advisors International, Ltd. (“TAI”), a Cayman Islands exempted company that is wholly owned by TriLinc Advisors, LLC. As of December 31, 2013, the Company has made, through its subsidiaries, loans in several countries located in South America and Asia. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
Note 2. Significant Accounting Policies | ||||
Basis of Presentation | ||||
The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars. | ||||
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each subsidiary and, as such, the subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between subsidiaries, to the extent they occur, are eliminated in consolidation. As of December 31, 2013, all three subsidiaries, TGIF-A, TGIF-TF and TGIF-LA, have commenced operations. | ||||
Cash | ||||
Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in any such accounts. | ||||
Prepaid expenses | ||||
Prepaid expenses represent prepaid insurance paid by the Fund during 2013. Prepaid insurance is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expense for the year ended December 31, 2013 was reimbursed to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. | ||||
Revenue Recognition | ||||
The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. The Company records prepayment premiums on loans and debt securities as interest income on a straight line basis, which we have determined not be materially different from the effective yield method. | ||||
The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. | ||||
Structuring and similar fees are recorded as a discount on investments purchased and are accreted into income, on a straight line basis, which we have determined not to be materially different from the effective yield method. Structuring and similar fees are included in interest income. | ||||
Valuation of Investments | ||||
The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 3. | ||||
ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: | ||||
• | Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
• | Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable. | |||
• | Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. | |||
The inputs used in the determination of fair value may require significant judgment or estimation. | ||||
Investments for which market quotations are readily available are valued at those quotations. Most of our investments will be private investments in companies whose securities are not actively traded in the market and for which quotations will not be available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below: | ||||
1 | Each investment will be valued by the Advisor in collaboration with the relevant sub-advisor; | |||
2 | For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable; | |||
3 | The audit committee of our board of managers will review and discuss the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and | |||
4 | Our board of managers will discuss the valuations and determine the fair value of each investment in our portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. Our board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment. | |||
Below is a description of factors that our board of managers may consider when valuing our investments. | ||||
Fixed income investments are typically valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors. | ||||
Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items. | ||||
We may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. We may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors we deem relevant in measuring the fair values of our investments. | ||||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | ||||
The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. | ||||
Payment-in-Kind Interest | ||||
The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. | ||||
Income Taxes | ||||
The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. Therefore, no provision for federal or state income taxes has been included in these financial statements. | ||||
The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. | ||||
The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. | ||||
At December 31, 2013, no tax liability for uncertain tax provision has been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2012. | ||||
Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. | ||||
Calculation of Net Asset Value | ||||
The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of our assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding. | ||||
Net Income (Loss) per Unit | ||||
Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive unit outstanding at December 31, 2013. | ||||
Prepaid expenses | ||||
Prepaid expenses represent prepaid insurance paid by the Fund during 2013. The amortization of prepaid expense for the year ended December 31, 2013 was reimbursed to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. | ||||
Organization and Offering Costs | ||||
The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor up to 5.00% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s Board of Managers. If the Company sells the Maximum Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. | ||||
We may reimburse our dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), we would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. In the event the aggregate selling commission and dealer manager fees are less than 9.75% of the gross offering proceeds (which will be the case, for example, if any offering proceeds come from the sale of any Class C or Class I units), we would reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that we will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the offering, as required by the rules of FINRA. | ||||
Operating Expense Responsibility Agreement | ||||
The Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement effective as of June 11, 2013 and covering expenses through December 31, 2013. Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through December 31, 2013 and will additionally pay the accrued operating expenses of the Company as of December 31, 2013 on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and therefore have not been recorded as expenses of the Company as of December 31, 2013. In accordance with ASC 450, Contingencies such expenses will be accrued and payable by the Company in the period, that they become both probable and estimable. | ||||
Recently Issued Accounting Pronouncements | ||||
Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that we have not adopted. | ||||
In June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 is effective on January 1, 2014, and is not expected to have a material effect on the Company’s consolidated financial statements. | ||||
Risk Factors | ||||
The Company has little operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers. | ||||
The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objective will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. | ||||
The Company’s investments consist of loans, loan participations and trade finance that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. | ||||
The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially | ||||
At December 31, 2013, our investment portfolio included 5 companies and was comprised of $2,952,836 or 45.1% in secured mezzanine loans, $3,000,000 or 45.8% in senior secured term loans participations, and $594,225 or 9.1% in senior secured trade finance participation. Our largest loan by value was $2,952,836 or 45.1% of total investments. Our 2 largest loans by value comprised 83.3% of our portfolio at December 31, 2013. Participation in loans amounted to $3,594,225 or 54.9% and direct loans amounted to $2,952,836 or 45.1% of our total portfolio at December 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 3. Fair Value Measurements | |||||||||||||||||||||
The following table summarizes the fair value of the Company’s investments based on the inputs at December 31, 2013: | |||||||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Value | |||||||||||||||||||||
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 | |||||||||||||
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 | Purchases | Maturities or | Amortization | Fair Value at | |||||||||||||||||
December 31, | Prepayments | December 31, | |||||||||||||||||||
2012 | 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 | ||||||||||
As of December 31, 2013, 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, 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%) | ||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements. | |||||||||||||||||||||
For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 4. |
Investments
Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
Note 4. Investments | |||||||||||||
As of December 31, 2013, the Company’s investment consisted of the following: | |||||||||||||
Amortized | Fair | Percentage | |||||||||||
Cost | Value | of Total | |||||||||||
Senior Secured Term Loan Participations | $ | 3,000,000 | $ | 3,000,000 | 45.8 | % | |||||||
Secured Mezzanine Term Loan | 2,952,836 | 2,952,836 | 45.1 | % | |||||||||
Senior Secured Trade Finance Participations | 594,225 | 594,225 | 9.1 | % | |||||||||
Total investments | $ | 6,547,061 | $ | 6,547,061 | 100 | % | |||||||
The industry composition of our portfolio, at fair market value, at December 31, 2013 was as follows: | |||||||||||||
Industry | Fair | Percentage | |||||||||||
Value | of Total | ||||||||||||
Consumer Electronics | $ | 2,952,836 | 45.1 | % | |||||||||
Agricultural Products | 2,500,000 | 38.2 | % | ||||||||||
Personal and Nondurable Consumer Products | 500,000 | 7.6 | % | ||||||||||
Forest Products | 500,000 | 7.6 | % | ||||||||||
Meat, Poultry & Fish | 94,225 | 1.4 | % | ||||||||||
Total investments | $ | 6,547,061 | 100 | % | |||||||||
The table below shows the portfolio composition by geography classification at fair value at December, 31, 2013: | |||||||||||||
Country | Fair | Percentage | |||||||||||
Value | of Total | ||||||||||||
Indonesia | $ | 2,952,836 | 45.1 | % | |||||||||
Brazil | 2,500,000 | 38.2 | % | ||||||||||
Peru | 500,000 | 7.6 | % | ||||||||||
Chile | 500,000 | 7.6 | % | ||||||||||
Ecuador | 94,225 | 1.4 | % | ||||||||||
Total investments | $ | 6,547,061 | 100 | % | |||||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Note 5. Related Parties | |
Agreements | |
Advisory Agreement | |
Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Amended and Restated Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor will manage, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk. If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee on net investment income and an incentive fee on capital gains. The incentive fee on net investment income, or the subordinated incentive fee on income, will be calculated and payable quarterly in arrears and will be based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, will be payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the incentive fee on income shall equal 20% of the amount of the Company’s pre-incentive fee net investment income. | |
An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company has no capital gains and therefore did not accrue an incentive fee for the year ended December 31, 2013. | |
Transactions | |
In May 2012, the Advisor purchased 22,160.665 Class A units at $9.025 per unit for aggregate gross proceeds of $200,000. | |
In June, 2013, the Sponsor purchased 321,329.639 Class A units at $9.025 per unit for aggregate gross proceeds of $2,900,000. | |
On December 31, 2013, the Sponsor made a capital contribution to the Fund in the amount of $51,034 to cover the amount of distributions paid by the Fund that were in excess of net investment income. | |
Due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $79,109 is comprised of $28,075 due from the Sponsor in connection with the Amended and Restated Operating Expense Responsibility Agreement and $51,034, in capital contribution due from the Sponsor. The operating expenses were paid by the Company during the year ended December 31, 2013, but under the terms of the Amended and Restated Operating Expense Responsibility Agreement are the responsibility of the Sponsor. | |
As of December 31, 2013, pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid approximately $1,344,000 of operating expenses on behalf of the Company and will pay an additional $440,600 of expenses, which have been accrued by the Sponsor as of December 31, 2013. Such expenses will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million. | |
For the year ended December 31, 2013, the Company paid $93,146 in management fees and $44,021 in incentive fees to our Advisor. $10,020 of the incentive fee earned by the Advisor was paid by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. In addition, the Sponsor made an expenses support payment to the Company in the aggregate amount of $96,156 under the Amended and Restated Operating Expense Responsibility Agreement for management fee of $66,726 and incentive fee of $29,430 earned by the Advisor during the quarter ended December 31, 2013. | |
For the year ended December 31, 2013, the Company paid $17,347 in dealer manager fees and $28,628 in selling commission to our dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of our units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations. |
Organization_and_Offering_Cost
Organization and Offering Costs | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Organization and Offering Costs | ' |
Note 6. Organization and Offering Costs | |
As of December 31, 2013, the Sponsor has paid approximately $4.8 million of offering costs and $236 thousand of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $1.8 million of offering costs and $30,521 of organization costs, which were incurred by the Sponsor during the year ended December 31, 2013. During the year ended December 31, 2013, $674,554 was paid and $31,391 was recognized as a liability to the Sponsor as payment towards the reimbursement of offering costs. The total, $705,946, is included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. |
Unit_Capital
Unit Capital | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Unit Capital | ' | ||||||||||||
Note 7. Unit Capital | |||||||||||||
The Company has three classes of units, Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding and therefore have the same net asset value per unit. The following table is a summary of the units issued during the year ended December 31, 2013: | |||||||||||||
Units Outstanding as of | Units Issued | Units Outstanding as of | |||||||||||
December 31, 2012 | During the Period | 31-Dec-13 | |||||||||||
Class A Units | 22,160.67 | 355,156.00 | 377,316.67 | ||||||||||
Class C Units | — | 42,721.87 | 42,721.87 | ||||||||||
Class I Units | — | 1,139,098.23 | 1,139,098.23 | ||||||||||
Total | 22,160.67 | 1,536,976.10 | 1,559,136.77 | ||||||||||
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Distributions | ' |
Note 8. Distributions | |
On June 12, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day. On August 2, 2013, $857 of these distributions were paid in cash and on July 31, 2013, $18,547 were reinvested in units for those unitholders participating in the Company’s amended and restated distribution reinvestment plan (the “Distribution Reinvestment Plan”). | |
On July 24, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from August 1 through August 31, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day. On September 3 and September 5, 2013, $22,932 of these distributions were paid in cash and on August 30, 2013, $1,452 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. | |
On August 6, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from September 1 through December 31, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day. On October 2, 2013, $22,892 of these distributions were paid in cash and on December 31, 2013, $1,771 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. | |
On September 18, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On November 4, 2013, $47,409 of these distributions were paid in cash and on October 31, 2013, $6,287 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. | |
On October 30, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from November 1 through November 30, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On December 2, 2013, $57,275 of these distributions were paid in cash and on November 30, 2013, $9,370 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. | |
On December 18, 2013, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from December 1 through December 31, 2013. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On January 2, 2014, $65,015 of these distributions were paid in cash and on December 31, 2013, $12,835 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. |
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Financial Highlights | ' | ||||
Note 9. Financial Highlights | |||||
The following is a schedule of financial highlights of the Company for the period beginning June 11, 2013, the date the Company commenced operations, and ended December 31, 2013. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes. Information for the period ended December 31, 2012 is not included since operations did not commence until 2013 and it is not considered meaningful. | |||||
Per unit data (1): | |||||
Net proceeds before offering costs (2) | $ | 9.025 | |||
Offering costs | (0.453 | ) | |||
Net Proceeds after offering costs | 8.572 | ||||
Net investment income | 0.271 | ||||
Distributions | (0.335 | ) | |||
Capital contribution | 0.064 | ||||
Net increase/(decrease) in net assets | 0 | ||||
Net asset value at end of period | $ | 8.572 | |||
Total return based on net asset value (3) | 3.908 | % | |||
Net assets at end of period | $ | 13,365,263 | |||
Units Outstanding at end of period | 1,559,136.77 | ||||
Ratio/Supplemental data (annualized) (3)(4): | |||||
Ratio of net investment income to average net assets | 5.52 | % | |||
Ratio of operating expenses to average net assets | 0.79 | % | |||
1 | The per unit data was derived by using the weighted average units outstanding during the period from June 11, 2013 through December 31, 2013 which was 796,318.386 | ||||
2 | Represents net asset value at the beginning of the period. | ||||
3 | Total return, ratio of net investment income and ratio of operating expenses to average net assets for the period beginning June 11, 2013 and ended December 31, 2013, prior to the effect of the Amended and Restated Operating Expense Responsibility Agreement were (10.82%), (20.22%) and 26.54%, respectively. The ratio of net investment income and ratio of net expenses to average net assets for the year ended December 31, 2013 have been annualized assuming consistent results over a full fiscal year, and are calculated using the full twelve month period ending December 31, 2013. | ||||
4 | The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year due to the Company’s brief period of operations through December 31, 2013. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Data | ' | ||||||||||||||||
Note 10. Selected Quarterly Data (Unaudited) | |||||||||||||||||
2013 | |||||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||||
Total investment income | $ | 147,149 | $ | 95,868 | $ | 3,674 | $ | 39 | |||||||||
Net investment income | $ | 147,149 | $ | 67,966 | $ | 620 | $ | 3 | |||||||||
Net increase in net assets resulting from operations | $ | 147,149 | $ | 67,966 | $ | 620 | $ | 3 | |||||||||
Basic and diluted earning per unit | $ | 0.12 | $ | 0.16 | $ | 0.01 | $ | 0 | |||||||||
Net asset value per unit as of the end of the quarter | $ | 8.572 | $ | 8.573 | $ | 8.575 | $ | 9.018 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 11. Subsequent Events | |
The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2013, except as discussed below. | |
Distributions | |
On January 28, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from January 1 through January 31, 2014. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On February 3, 2014, these distributions were paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. | |
On February 24, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2014. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On March 3, 2014, these distributions were paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. | |
On March 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2014. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan on or about April 3, 2014. | |
Status of the Offering | |
Subsequent to December 31, 2013 through March 25, 2014, the Company sold approximately 829,843 units in the Offering (including units issued pursuant to the DRIP) for approximately $7,489,000 in gross proceeds. As of March 25, 2014, the Company had received approximately $21.6 million in total gross offering proceeds through the issuance of approximately 2.4 million total units in the Offering (including units issued pursuant to the DRIP). | |
Unit Offering Price | |
Pursuant to the net asset value determination by the Company’s board of managers, the value has not increased above nor decreased below our net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. The Company’s net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $51,034 in the quarter ended December 31, 2013 or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations. | |
Investments | |
Subsequent to December 31, 2014 through March 25, 2014, the Company funded approximately $5.1 million in new loans. | |
Agreements | |
In February 2014, we entered into an Amended and Restated Advisory Agreement with the Advisor to renew our arrangement with the Advisor for an additional year. | |
On March 5, 2014 we entered into an Amended and Restated Operating Expenses Responsibility Agreement with our Sponsor and Advisor. Pursuant to the terms of this agreement, our Sponsor agreed to be responsible for our cumulative operating expenses incurred through December 31, 2013, including management and incentive fees earned by the Advisor during the quarter ended December 31, 2013. For additional information refer to Note 2 and 5. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars. | ||||
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each subsidiary and, as such, the subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between subsidiaries, to the extent they occur, are eliminated in consolidation. As of December 31, 2013, all three subsidiaries, TGIF-A, TGIF-TF and TGIF-LA, have commenced operations. | ||||
Cash | ' | |||
Cash | ||||
Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in any such accounts. | ||||
Prepaid Expenses | ' | |||
Prepaid expenses | ||||
Prepaid expenses represent prepaid insurance paid by the Fund during 2013. Prepaid insurance is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expense for the year ended December 31, 2013 was reimbursed to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. The Company records prepayment premiums on loans and debt securities as interest income on a straight line basis, which we have determined not be materially different from the effective yield method. | ||||
The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. | ||||
Structuring and similar fees are recorded as a discount on investments purchased and are accreted into income, on a straight line basis, which we have determined not to be materially different from the effective yield method. Structuring and similar fees are included in interest income. | ||||
Valuation of Investments | ' | |||
Valuation of Investments | ||||
The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 3. | ||||
ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: | ||||
• | Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
• | Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable. | |||
• | Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. | |||
The inputs used in the determination of fair value may require significant judgment or estimation. | ||||
Investments for which market quotations are readily available are valued at those quotations. Most of our investments will be private investments in companies whose securities are not actively traded in the market and for which quotations will not be available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below: | ||||
1 | Each investment will be valued by the Advisor in collaboration with the relevant sub-advisor; | |||
2 | For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable; | |||
3 | The audit committee of our board of managers will review and discuss the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and | |||
4 | Our board of managers will discuss the valuations and determine the fair value of each investment in our portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. Our board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment. | |||
Below is a description of factors that our board of managers may consider when valuing our investments. | ||||
Fixed income investments are typically valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors. | ||||
Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items. | ||||
We may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. We may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors we deem relevant in measuring the fair values of our investments. | ||||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | ' | |||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | ||||
The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. | ||||
Payment-in-Kind Interest | ' | |||
Payment-in-Kind Interest | ||||
The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. Therefore, no provision for federal or state income taxes has been included in these financial statements. | ||||
The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. | ||||
The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. | ||||
At December 31, 2013, no tax liability for uncertain tax provision has been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2012. | ||||
Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. | ||||
Calculation of Net Asset Value | ' | |||
Calculation of Net Asset Value | ||||
The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of our assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding. | ||||
Net Income (Loss) per Unit | ' | |||
Net Income (Loss) per Unit | ||||
Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive unit outstanding at December 31, 2013. | ||||
Organization and Offering Costs | ' | |||
Organization and Offering Costs | ||||
The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor up to 5.00% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s Board of Managers. If the Company sells the Maximum Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. | ||||
We may reimburse our dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), we would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. In the event the aggregate selling commission and dealer manager fees are less than 9.75% of the gross offering proceeds (which will be the case, for example, if any offering proceeds come from the sale of any Class C or Class I units), we would reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that we will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the offering, as required by the rules of FINRA. | ||||
Operating Expense Responsibility Agreement | ' | |||
Operating Expense Responsibility Agreement | ||||
The Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement effective as of June 11, 2013 and covering expenses through December 31, 2013. Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through December 31, 2013 and will additionally pay the accrued operating expenses of the Company as of December 31, 2013 on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and therefore have not been recorded as expenses of the Company as of December 31, 2013. In accordance with ASC 450, Contingencies such expenses will be accrued and payable by the Company in the period, that they become both probable and estimable. | ||||
Recently Issued Accounting Pronouncements | ' | |||
Recently Issued Accounting Pronouncements | ||||
Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that we have not adopted. | ||||
In June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 is effective on January 1, 2014, and is not expected to have a material effect on the Company’s consolidated financial statements. | ||||
Risk Factors | ' | |||
Risk Factors | ||||
The Company has little operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers. | ||||
The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objective will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. | ||||
The Company’s investments consist of loans, loan participations and trade finance that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. | ||||
The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially | ||||
At December 31, 2013, our investment portfolio included 5 companies and was comprised of $2,952,836 or 45.1% in secured mezzanine loans, $3,000,000 or 45.8% in senior secured term loans participations, and $594,225 or 9.1% in senior secured trade finance participation. Our largest loan by value was $2,952,836 or 45.1% of total investments. Our 2 largest loans by value comprised 83.3% of our portfolio at December 31, 2013. Participation in loans amounted to $3,594,225 or 54.9% and direct loans amounted to $2,952,836 or 45.1% of our total portfolio at December 31, 2013. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
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 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Value | |||||||||||||||||||||
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 | Purchases | Maturities or | Amortization | Fair Value at | |||||||||||||||||
December 31, | Prepayments | December 31, | |||||||||||||||||||
2012 | 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%) |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||
Schedule of Investments | ' | ||||||||||||
As of December 31, 2013, the Company’s investment consisted of the following: | |||||||||||||
Amortized | Fair | Percentage | |||||||||||
Cost | Value | of Total | |||||||||||
Senior Secured Term Loan Participations | $ | 3,000,000 | $ | 3,000,000 | 45.8 | % | |||||||
Secured Mezzanine Term Loan | 2,952,836 | 2,952,836 | 45.1 | % | |||||||||
Senior Secured Trade Finance Participations | 594,225 | 594,225 | 9.1 | % | |||||||||
Total investments | $ | 6,547,061 | $ | 6,547,061 | 100 | % | |||||||
Components of Investment Portfolio, Fair Value | ' | ||||||||||||
The industry composition of our portfolio, at fair market value, at December 31, 2013 was as follows: | |||||||||||||
Industry | Fair | Percentage | |||||||||||
Value | of Total | ||||||||||||
Consumer Electronics | $ | 2,952,836 | 45.1 | % | |||||||||
Agricultural Products | 2,500,000 | 38.2 | % | ||||||||||
Personal and Nondurable Consumer Products | 500,000 | 7.6 | % | ||||||||||
Forest Products | 500,000 | 7.6 | % | ||||||||||
Meat, Poultry & Fish | 94,225 | 1.4 | % | ||||||||||
Total investments | $ | 6,547,061 | 100 | % | |||||||||
Schedule of Investment by Geographical Classification | ' | ||||||||||||
The table below shows the portfolio composition by geography classification at fair value at December, 31, 2013: | |||||||||||||
Country | Fair | Percentage | |||||||||||
Value | of Total | ||||||||||||
Indonesia | $ | 2,952,836 | 45.1 | % | |||||||||
Brazil | 2,500,000 | 38.2 | % | ||||||||||
Peru | 500,000 | 7.6 | % | ||||||||||
Chile | 500,000 | 7.6 | % | ||||||||||
Ecuador | 94,225 | 1.4 | % | ||||||||||
Total investments | $ | 6,547,061 | 100 | % | |||||||||
Unit_Capital_Tables
Unit Capital (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Capital Units Issued | ' | ||||||||||||
The following table is a summary of the units issued during the year ended December 31, 2013: | |||||||||||||
Units Outstanding as of | Units Issued | Units Outstanding as of | |||||||||||
December 31, 2012 | During the Period | 31-Dec-13 | |||||||||||
Class A Units | 22,160.67 | 355,156.00 | 377,316.67 | ||||||||||
Class C Units | — | 42,721.87 | 42,721.87 | ||||||||||
Class I Units | — | 1,139,098.23 | 1,139,098.23 | ||||||||||
Total | 22,160.67 | 1,536,976.10 | 1,559,136.77 |
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Schedule of Financial Highlights | ' | ||||
The following is a schedule of financial highlights of the Company for the period beginning June 11, 2013, the date the Company commenced operations, and ended December 31, 2013. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes. Information for the period ended December 31, 2012 is not included since operations did not commence until 2013 and it is not considered meaningful. | |||||
Per unit data (1): | |||||
Net proceeds before offering costs (2) | $ | 9.025 | |||
Offering costs | (0.453 | ) | |||
Net Proceeds after offering costs | 8.572 | ||||
Net investment income | 0.271 | ||||
Distributions | (0.335 | ) | |||
Capital contribution | 0.064 | ||||
Net increase/(decrease) in net assets | 0 | ||||
Net asset value at end of period | $ | 8.572 | |||
Total return based on net asset value (3) | 3.908 | % | |||
Net assets at end of period | $ | 13,365,263 | |||
Units Outstanding at end of period | 1,559,136.77 | ||||
Ratio/Supplemental data (annualized) (3)(4): | |||||
Ratio of net investment income to average net assets | 5.52 | % | |||
Ratio of operating expenses to average net assets | 0.79 | % | |||
1 | The per unit data was derived by using the weighted average units outstanding during the period from June 11, 2013 through December 31, 2013 which was 796,318.386 | ||||
2 | Represents net asset value at the beginning of the period. | ||||
3 | Total return, ratio of net investment income and ratio of operating expenses to average net assets for the period beginning June 11, 2013 and ended December 31, 2013, prior to the effect of the Amended and Restated Operating Expense Responsibility Agreement were (10.82%), (20.22%) and 26.54%, respectively. The ratio of net investment income and ratio of net expenses to average net assets for the year ended December 31, 2013 have been annualized assuming consistent results over a full fiscal year, and are calculated using the full twelve month period ending December 31, 2013. | ||||
4 | The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year due to the Company’s brief period of operations through December 31, 2013. |
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Data | ' | ||||||||||||||||
2013 | |||||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||||
Total investment income | $ | 147,149 | $ | 95,868 | $ | 3,674 | $ | 39 | |||||||||
Net investment income | $ | 147,149 | $ | 67,966 | $ | 620 | $ | 3 | |||||||||
Net increase in net assets resulting from operations | $ | 147,149 | $ | 67,966 | $ | 620 | $ | 3 | |||||||||
Basic and diluted earning per unit | $ | 0.12 | $ | 0.16 | $ | 0.01 | $ | 0 | |||||||||
Net asset value per unit as of the end of the quarter | $ | 8.572 | $ | 8.573 | $ | 8.575 | $ | 9.018 |
Organization_and_Operations_of1
Organization and Operations of the Company - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-12 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Class A Units [Member] | Class A Units [Member] | TriLinc Advisors, LLC [Member] | TriLinc Global, LLC [Member] | TriLinc Global, LLC [Member] | TriLinc Global, LLC [Member] | Strategic Capital Advisory Services, LLC [Member] | |||
Class A Units [Member] | Class A Units [Member] | Minimum [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | |||||
Class A Units [Member] | |||||||||
Organization And Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | 85.00% | 15.00% |
Aggregate gross proceeds on units purchased | $200,000 | $13,216,304 | $200,000 | $3,205,286 | $200,000 | $2,900,000 | ' | ' | ' |
Shares purchased under equity transaction | ' | 1,536,976.10 | ' | 355,156.00 | 22,160.67 | 321,329.64 | ' | ' | ' |
Minimum offering requirement | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' |
Offering period, description | ' | 'The Company's offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended. | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | |||
Subsidiary | ||||
Significant Accounting Policies [Line Items] | ' | ' | ||
Number of subsidiaries | ' | 3 | ||
Due date for unpaid principal and interest | ' | '90 days | ||
Maximum investment maturity period | ' | '12 months | ||
Tax liability for uncertain tax provision | $0 | $0 | ||
Interest and penalties related to unrecognized tax benefits | ' | 0 | ||
Amount of investment in loans | 6,547,061 | [1] | 6,547,061 | [1] |
Percentage of Investment | 100.00% | ' | ||
Maximum [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of underwriting compensation | ' | 10.00% | ||
Domestic Tax Authority [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Provision for income taxes | ' | 0 | ||
State and Local Jurisdiction [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Provision for income taxes | ' | 0 | ||
Class A Units [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of selling commission and dealer manager fee of gross offering proceeds | ' | 9.75% | ||
Percentage of reimburse to dealer manager | ' | 0.25% | ||
Capital Units Class C or Class I [Member] | Maximum [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of selling commission and dealer manager fee of gross offering proceeds | ' | 9.75% | ||
Capital Units Class C or Class I [Member] | Minimum [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of reimburse to dealer manager | ' | 0.25% | ||
Indirect Loans [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Amount of investment in loans | 3,594,225 | 3,594,225 | ||
Percentage of Investment | 54.90% | ' | ||
Direct Loans [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Amount of investment in loans | 2,952,836 | 2,952,836 | ||
Percentage of Investment | 45.10% | ' | ||
Secured Mezzanine Term Loan [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Amount of investment in loans | 2,952,836 | [1] | 2,952,836 | [1] |
Percentage of Investment | 45.10% | ' | ||
Senior Secured Term Loan Participations [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Amount of investment in loans | 3,000,000 | [1] | 3,000,000 | [1] |
Percentage of Investment | 45.80% | ' | ||
Senior Secured Trade Finance Participations [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Amount of investment in loans | 594,225 | [1] | 594,225 | [1] |
Percentage of Investment | 9.10% | ' | ||
Senior secured term loan participations and Secured mezzanine term loan [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of Investment | 83.30% | ' | ||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Intercompany agreement description | ' | 'Organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor up to 5.00% of the gross offering proceeds (the "O&O Reimbursement Limit") raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. | ||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | Maximum [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Intercompany agreement description | ' | 'If the Company sells the Maximum Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. | ||
TriLinc Global, LLC [Member] | Operating Expense [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Reimbursement of operating expenses incurred by Sponsor | $200,000,000 | $200,000,000 | ||
TGIF-A [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of ownership | ' | 100.00% | ||
TGIF-TF [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of ownership | ' | 100.00% | ||
TAI [Member] | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ||
Percentage of ownership | ' | 100.00% | ||
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Fair Value of Investments Based on Inputs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | $6,547,061 | [1] | ' |
Senior Secured Term Loan Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 3,000,000 | [1] | ' |
Secured Mezzanine Term Loan [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 2,952,836 | [1] | ' |
Senior Secured Trade Finance Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 594,225 | [1] | ' |
Level 1 [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 1 [Member] | Senior Secured Term Loan Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 1 [Member] | Secured Mezzanine Term Loan [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 1 [Member] | Senior Secured Trade Finance Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 2 [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 2 [Member] | Senior Secured Term Loan Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 2 [Member] | Secured Mezzanine Term Loan [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 2 [Member] | Senior Secured Trade Finance Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | ' | ' | |
Level 3 [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 6,547,061 | ' | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 3,000,000 | ' | |
Level 3 [Member] | Secured Mezzanine Term Loan [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | 2,952,836 | ' | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | ' | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Investments, fair value | $594,225 | ' | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Investments of Level 3 Inputs (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Investment owned at fair value, beginning balance | ' | |
Purchases of investments | 8,162,158 | |
Maturities or payments of investments | -1,643,099 | |
Amortization of investments | 28,002 | |
Investment owned at Fair value, ending balance | 6,547,061 | [1] |
Senior Secured Term Loan Participations [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Investment owned at fair value, beginning balance | ' | |
Purchases of investments | 3,000,000 | |
Maturities or payments of investments | ' | |
Amortization of investments | ' | |
Investment owned at Fair value, ending balance | 3,000,000 | [1] |
Secured Mezzanine Term Loan [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Investment owned at fair value, beginning balance | ' | |
Purchases of investments | 2,924,834 | |
Maturities or payments of investments | ' | |
Amortization of investments | 28,002 | |
Investment owned at Fair value, ending balance | 2,952,836 | [1] |
Senior Secured Trade Finance Participations [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Investment owned at fair value, beginning balance | ' | |
Purchases of investments | 2,237,324 | |
Maturities or payments of investments | -1,643,099 | |
Amortization of investments | ' | |
Investment owned at Fair value, ending balance | $594,225 | [1] |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Fair_Value_Measurements_Summar2
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
Senior Secured Trade Finance Participations [Member] | Senior Secured Trade Finance Participations [Member] | Secured Mezzanine Term Loan [Member] | Secured Mezzanine Term Loan [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Term Loan Participations [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||
Senior Secured Trade Finance Participations [Member] | Secured Mezzanine Term Loan [Member] | Senior Secured Term Loan Participations [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||
Senior Secured Trade Finance Participations [Member] | Senior Secured Term Loan Participations [Member] | Senior Secured Trade Finance Participations [Member] | Secured Mezzanine Term Loan [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value | $6,547,061 | [1] | ' | $594,225 | [1] | ' | $2,952,836 | [1] | ' | $3,000,000 | [1] | ' | $6,547,061 | $594,225 | $2,952,836 | $3,000,000 | ' | ' | ' | ' | ' |
Valuation technique | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Income approach | 'Income approach | 'Income approach | ' | ' | ' | ' | ' | ||||
Unobservable input | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Market yield | 'Market yield | 'Market yield | ' | ' | ' | ' | ' | ||||
Range (weighted average) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.28% | ' | 12.54% | 9.85% | 12.43% | 12.55% | 14.50% | 13.10% | ||||
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Investments_Schedule_of_Invest
Investments - Schedule of Investments (Detail) (USD $) | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Investments [Line Items] | ' | ' | |
Amortized Cost | $6,547,061 | [1] | ' |
Fair Value | 6,547,061 | [1] | ' |
Percentage of Total | 100.00% | ' | |
Senior Secured Term Loan Participations [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Amortized Cost | 3,000,000 | [1] | ' |
Fair Value | 3,000,000 | [1] | ' |
Percentage of Total | 45.80% | ' | |
Secured Mezzanine Term Loan [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Amortized Cost | 2,952,836 | [1] | ' |
Fair Value | 2,952,836 | [1] | ' |
Percentage of Total | 45.10% | ' | |
Senior Secured Trade Finance Participations [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Amortized Cost | 594,225 | [1] | ' |
Fair Value | $594,225 | [1] | ' |
Percentage of Total | 9.10% | ' | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Investments_Components_of_Inve
Investments - Components of Investment Portfolio, Fair Value (Detail) (USD $) | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | $6,547,061 | [1] | ' |
Percentage of Total | 100.00% | ' | |
Consumer Electronics [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 2,952,836 | ' | |
Percentage of Total | 45.10% | ' | |
Agricultural Products [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 2,500,000 | ' | |
Percentage of Total | 38.20% | ' | |
Personal and Nondurable Consumer Products [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 500,000 | ' | |
Percentage of Total | 7.60% | ' | |
Forest Products [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 500,000 | ' | |
Percentage of Total | 7.60% | ' | |
Meat, Poultry & Fish [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | $94,225 | ' | |
Percentage of Total | 1.40% | ' | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Investments_Schedule_of_Invest1
Investments - Schedule of Investment by Geographical Classification (Detail) (USD $) | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | $6,547,061 | [1] | ' |
Percentage of Total | 100.00% | ' | |
Indonesia [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 2,952,836 | ' | |
Percentage of Total | 45.10% | ' | |
Brazil [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 2,500,000 | ' | |
Percentage of Total | 38.20% | ' | |
Peru [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 500,000 | ' | |
Percentage of Total | 7.60% | ' | |
Chile [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | 500,000 | ' | |
Percentage of Total | 7.60% | ' | |
Ecuador [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fair Value | $94,225 | ' | |
Percentage of Total | 1.40% | ' | |
[1] | Refer to Note 4 of the consolidated financial statements for additional information on the Company's investments. |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Class A Units [Member] | Class A Units [Member] | TriLinc Global, LLC [Member] | TriLinc Global, LLC [Member] | TriLinc Global, LLC [Member] | TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | TriLinc Advisors, LLC [Member] | ||||
Class A Units [Member] | Operating Expense [Member] | Other Expense [Member] | Class A Units [Member] | Operating Expense [Member] | Operating Expense [Member] | Investment Advisory Management And Administrative Fees [Member] | Incentive Fees [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany agreement description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Amended and Restated Advisory Agreement between the Company and the Advisor. | 'The incentive fee on net investment income, or the subordinated incentive fee on income, will be calculated and payable quarterly in arrears and will be based upon the Companybs pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Companybs pre-incentive fee net investment income does not exceed the preferred return rate of 1.50% (6.00% annualized) (the bPreferred Returnb). In any quarter, all of the Companybs pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, will be payable to the Advisor. |
Percentage of incentive fee on income | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of incentive fee on capital gains | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment fee on capital gain percentage | ' | ' | 'The incentive fee on capital gains is equal to 20% of the Company's realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital gains | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued incentive fee | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased under equity transaction | ' | ' | 1,536,976.10 | ' | 355,156.00 | ' | 321,329.64 | ' | ' | ' | 22,160.67 | ' | ' | ' | ' |
Offering price per unit | ' | ' | ' | ' | ' | ' | $9.03 | ' | ' | ' | $9.03 | ' | ' | ' | ' |
Aggregate gross proceeds on units purchased | ' | 200,000 | 13,216,304 | 200,000 | 3,205,286 | ' | 2,900,000 | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Contribution from Sponsor | 51,034 | ' | 51,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from affiliates | 79,109 | ' | 79,109 | ' | ' | 28,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating expenses paid by Sponsor on behalf of company | ' | ' | ' | ' | ' | ' | ' | 1,344,000 | 440,600 | ' | ' | ' | ' | ' | ' |
Reimbursement of operating expenses incurred by Sponsor | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | 93,146 | ' | ' | ' | ' | ' | ' | 93,146 | ' | 66,726 | ' | ' | ' |
Incentive fees | ' | ' | 34,001 | ' | ' | ' | ' | ' | ' | 44,021 | ' | 29,430 | 10,020 | ' | ' |
Aggregate amount of related party transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,156 | ' | ' | ' |
Payable of dealer manager fees | 17,347 | ' | 17,347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable of selling commission | ' | ' | $28,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Offering_Cost1
Organization and Offering Costs - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Organization And Offering Costs [Line Items] | ' | ' |
Offering costs paid by the Sponsor on behalf of the Company | $705,946 | ' |
Reimbursement of offering costs incurred by Sponsor | 705,946 | ' |
Reduction to net assets | 705,946 | ' |
Offering costs payable to sponsor | 31,391 | 252 |
TriLinc Global, LLC [Member] | ' | ' |
Organization And Offering Costs [Line Items] | ' | ' |
Offering costs paid by the Sponsor on behalf of the Company | 4,800,000 | ' |
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | ' |
Reimbursement of offering costs incurred by Sponsor | 1,800,000 | ' |
Reimbursement of organization costs incurred by Sponsor | 30,521 | ' |
Reduction to net assets | $674,554 | ' |
Unit_Capital_Summary_of_Capita
Unit Capital - Summary of Capital Units Issued (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Capital Unit [Line Items] | ' |
Units Outstanding, Beginning Balance | 22,160.67 |
Units Issued During the Period | 1,536,976.10 |
Units Outstanding, Ending Balance | 1,559,136.77 |
Class A Units [Member] | ' |
Capital Unit [Line Items] | ' |
Units Outstanding, Beginning Balance | 22,160.67 |
Units Issued During the Period | 355,156.00 |
Units Outstanding, Ending Balance | 377,316.67 |
Class C Units [Member] | ' |
Capital Unit [Line Items] | ' |
Units Outstanding, Beginning Balance | ' |
Units Issued During the Period | 42,721.87 |
Units Outstanding, Ending Balance | 42,721.87 |
Class I Units [Member] | ' |
Capital Unit [Line Items] | ' |
Units Outstanding, Beginning Balance | ' |
Units Issued During the Period | 1,139,098.23 |
Units Outstanding, Ending Balance | 1,139,098.23 |
Distributions_Additional_Infor
Distributions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 18, 2013 | Dec. 02, 2013 | Oct. 30, 2013 | Oct. 02, 2013 | Sep. 18, 2013 | Sep. 05, 2013 | Sep. 03, 2013 | Aug. 06, 2013 | Aug. 02, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Aug. 30, 2013 | Jul. 31, 2013 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | Nov. 04, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Jan. 02, 2014 | Dec. 18, 2013 | Oct. 30, 2013 | Sep. 18, 2013 | Aug. 06, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | Dec. 18, 2013 | Oct. 30, 2013 | Sep. 18, 2013 | Aug. 06, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | ||||||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend distribution period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-13 | 1-Nov-13 | 1-Oct-13 | 1-Sep-13 | 1-Aug-13 | 1-Jul-13 | 1-Mar-14 | 1-Feb-14 | 1-Jan-14 | 31-Dec-13 | 30-Nov-13 | 31-Oct-13 | 31-Dec-13 | 31-Aug-13 | 31-Jul-13 | 31-Mar-14 | 28-Feb-14 | 31-Jan-14 |
Distribution declared per unit | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for distributions | ' | $57,275 | ' | $22,892 | ' | $22,932 | $22,932 | ' | $857 | ' | ' | $216,380 | ' | ' | ' | ' | ' | ' | $47,409 | ' | ' | $65,015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinvestment under distribution reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,771 | $9,370 | $1,452 | $18,547 | ' | ' | ' | ' | $12,835 | $6,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends distribution declared date | 18-Dec-13 | ' | 30-Oct-13 | ' | 18-Sep-13 | ' | ' | 6-Aug-13 | ' | 24-Jul-13 | 12-Jun-13 | ' | ' | ' | ' | 25-Mar-14 | 24-Feb-14 | 28-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Highlights_Schedule_
Financial Highlights - Schedule of Financial Highlights (Detail) (USD $) | 7 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' |
Net proceeds before offering costs | $9.03 | ' |
Offering costs | ($0.45) | ' |
Net Proceeds after offering costs | $8.57 | ' |
Net investment income | $0.27 | ' |
Distributions | ($0.34) | ' |
Capital contribution | $0.06 | ' |
Net increase/(decrease) in net assets | $0 | ' |
Net asset value at end of period | $8.57 | ' |
Total return based on net asset value | 3.91% | ' |
Net assets at end of period | $13,365,263 | $199,862 |
Units Outstanding at end of period | 1,559,136.77 | 22,160.67 |
Ratio/Supplemental data (annualized) : | ' | ' |
Ratio of net investment income to average net assets | 5.52% | ' |
Ratio of operating expenses to average net assets | 0.79% | ' |
Financial_Highlights_Schedule_1
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) | 7 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Schedule Of Financial Highlights [Line Items] | ' | ' | ' |
Weighted average units outstanding | 796,318.39 | 22,160.67 | 455,812.02 |
Ratio of net investment income to average net assets | 5.52% | ' | ' |
Ratio of operating expenses to average net assets | 0.79% | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' |
Schedule Of Financial Highlights [Line Items] | ' | ' | ' |
Total return to average net assets | -10.82% | ' | ' |
Ratio of net investment income to average net assets | -20.22% | ' | ' |
Ratio of operating expenses to average net assets | 26.54% | ' | ' |
Selected_Quarterly_Data_Summar
Selected Quarterly Data - Summary of Selected Quarterly Data (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Stockholders Equity Excluding Portion Attributable To Subsidiaries Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' |
Total investment income | $147,149 | $95,868 | $3,674 | $39 | $126 | $246,730 |
Net investment income | 147,149 | 67,966 | 620 | 3 | -138 | 215,739 |
Net increase in net assets resulting from operations | $147,149 | $67,966 | $620 | $3 | ($138) | $215,739 |
Basic and diluted earning per unit | $0.12 | $0.16 | $0.01 | $0 | ($0.01) | $0.47 |
Net asset value per unit as of the end of the quarter | $8.57 | $8.57 | $8.57 | $9.02 | ' | $8.57 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 18, 2013 | Oct. 30, 2013 | Sep. 18, 2013 | Aug. 06, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 18, 2013 | Oct. 30, 2013 | Sep. 18, 2013 | Aug. 06, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Dec. 18, 2013 | Oct. 30, 2013 | Sep. 18, 2013 | Aug. 06, 2013 | Jul. 24, 2013 | Jun. 12, 2013 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | Mar. 25, 2014 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | Mar. 25, 2014 | Feb. 24, 2014 | Jan. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period Start [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Period End [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Class A Units [Member] | Class C Units [Member] | Class I Units [Member] | ||||||||||
Period Start [Member] | Period Start [Member] | Period Start [Member] | Period End [Member] | Period End [Member] | Period End [Member] | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends distribution declared date | 18-Dec-13 | 30-Oct-13 | 18-Sep-13 | 6-Aug-13 | 24-Jul-13 | 12-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Mar-14 | 24-Feb-14 | 28-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend distribution period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-13 | 1-Nov-13 | 1-Oct-13 | 1-Sep-13 | 1-Aug-13 | 1-Jul-13 | 31-Dec-13 | 30-Nov-13 | 31-Oct-13 | 31-Dec-13 | 31-Aug-13 | 31-Jul-13 | ' | ' | ' | ' | 1-Mar-14 | 1-Feb-14 | 1-Jan-14 | 31-Mar-14 | 28-Feb-14 | 31-Jan-14 | ' | ' | ' |
Dividends declared per unit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units Issued During the Period | ' | ' | ' | ' | ' | ' | ' | ' | 1,536,976.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | 829,843 | ' | ' | ' | ' | ' | ' | 355,156.00 | 42,721.87 | 1,139,098.23 |
Gross proceeds from issuance of units | ' | ' | ' | ' | ' | ' | ' | $200,000 | $13,820,954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,600,000 | ' | ' | $7,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $9.58 | $9.19 |
Contribution from Sponsor | ' | ' | ' | ' | ' | ' | 51,034 | ' | 51,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded new loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,100,000 | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |