Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 17, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001550453 | |
Entity Registrant Name | TriLinc Global Impact Fund, LLC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-55432 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4732802 | |
Entity Address, Address Line One | 1230 Rosecrans Avenue, Suite 605 | |
Entity Address, City or Town | Manhattan Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90266 | |
City Area Code | 310 | |
Local Phone Number | 997-0580 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Capital Unit, Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,423,851 | |
Capital Unit, Class Y [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,683,015 | |
Capital Unit, Class W [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,555 | |
Capital Unit, Class I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,576,284 | |
Capital Unit, Class C [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,766,733 | |
Capital Unit, Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,303,923 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $326,850,308 and $350,118,576, respectively) | $ 252,960,425 | $ 273,616,782 |
Cash | 261,035 | 14,510,817 |
Interest receivable | 25,314,096 | 26,014,317 |
Receivables from unsettled transaction | 5,000,000 | 0 |
Other assets | 63,168 | 680,813 |
Total assets | 283,668,841 | 314,822,729 |
LIABILITIES | ||
Due to unitholders | 0 | 1,344,445 |
Management fee payable | 1,235,800 | 2,244,056 |
Notes payable | 0 | 16,985,091 |
Repurchase obligation | 0 | 5,000,000 |
Unit repurchases payable | 0 | 1,769,470 |
Accrued distribution and other fees | 344,000 | 420,000 |
Accrued expenses | 6,444,753 | 4,255,679 |
Other payable | 678,438 | 856,583 |
Total liabilities | 9,073,730 | 32,875,324 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 274,595,111 | 281,947,405 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,355,402) | (17,355,402) |
Net assets | 274,595,111 | 281,947,405 |
Net assets | 274,595,111 | 281,947,405 |
Capital Unit, Class A [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 113,401,424 | 116,145,148 |
Net assets | 105,329,365 | 108,075,475 |
Net assets | 105,329,365 | 108,075,475 |
Capital Unit, Class C [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 47,789,571 | 49,481,188 |
Net assets | 44,364,429 | 46,015,414 |
Net assets | 44,364,429 | 46,015,414 |
Capital Unit, Class I [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 65,511,053 | 66,505,510 |
Net assets | 60,846,895 | 61,883,510 |
Net assets | 60,846,895 | 61,883,510 |
Capital Unit, Class W [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 151,129 | 155,409 |
Net assets | 140,300 | 144,542 |
Net assets | 140,300 | 144,542 |
Capital Unit, Class Y [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 16,622,540 | 17,085,521 |
Net assets | 15,439,326 | 15,898,433 |
Net assets | 15,439,326 | 15,898,433 |
Capital Unit, Class Z [Member] | ||
ANALYSIS OF NET ASSETS: | ||
Net capital paid on units | 48,474,796 | 49,930,031 |
Net assets | 48,474,796 | 49,930,031 |
Net assets | 48,474,796 | 49,930,031 |
Affiliated Entity [Member] | ||
ASSETS | ||
Due from affiliates (see Note 5) | 70,117 | 0 |
LIABILITIES | ||
Due to affiliates (see Note 5) | $ 370,739 | $ 0 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Investment owned, amortized cost | $ 326,850,308 | $ 350,118,576 | ||||
Net assets, per unit (in dollars per share) | [1],[2] | $ 5.75 | $ 6.82 | |||
Units outstanding (in shares) | 47,778,358 | 47,639,086 | 47,653,286 | 47,619,327 | ||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | ||||||
Net assets, per unit (in dollars per share) | $ 5.754 | $ 5.927 | $ 6.838 | $ 7.049 | ||
Capital Unit, Class A [Member] | ||||||
Units outstanding (in shares) | 18,303,924 | 18,233,751 | 18,202,815 | 18,128,699 | ||
Capital Unit, Class C [Member] | ||||||
Units outstanding (in shares) | 7,766,734 | 7,831,059 | 7,850,611 | 7,827,952 | ||
Capital Unit, Class I [Member] | ||||||
Units outstanding (in shares) | 10,576,279 | 10,443,595 | 10,454,978 | 10,517,764 | ||
Capital Unit, Class W [Member] | ||||||
Units outstanding (in shares) | 24,555 | 24,555 | 24,555 | 24,555 | ||
Capital Unit, Class Y [Member] | ||||||
Units outstanding (in shares) | 2,683,015 | 2,682,275 | 2,696,476 | 2,696,506 | ||
Capital Unit, Class Z [Member] | ||||||
Units outstanding (in shares) | 8,423,851 | 8,423,851 | 8,423,851 | 8,423,851 | ||
[1]For financial statement reporting purposes under GAAP, as of September 30, 2023 and 2022, the Company recorded a liability in the amount of $334$344,000 and $428,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the NAV used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of NAV determination is consistent with the industry standard and is more appropriate since the Company intends for the NAV to reflect the estimated value on the date that the Company determines its NAV.[2]The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2023 and 2022, which were 47,753,569 and 47,721,878, respectively. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
INVESTMENT INCOME | ||||||
Interest income | $ 5,764,883 | $ 8,786,055 | $ 19,330,553 | $ 26,631,208 | ||
Interest from cash | 460 | 0 | 1,762 | 3,481 | ||
Total investment income | 5,765,343 | 8,786,055 | 19,332,315 | 26,634,689 | ||
EXPENSES | ||||||
Asset management fees | 1,379,874 | 1,641,882 | 4,167,875 | 4,987,817 | ||
Incentive fees | 0 | 995,962 | 0 | 3,151,543 | ||
Professional fees | 1,120,850 | 819,457 | 4,537,802 | 2,345,583 | ||
General and administrative expenses | 299,649 | 340,189 | 837,022 | 901,573 | ||
Interest expenses | 802,723 | 0 | 2,207,040 | 11,169 | ||
Board of managers fees | 64,375 | 64,375 | 193,125 | 193,125 | ||
Total expenses | 3,667,471 | 3,861,865 | 11,942,864 | 11,590,810 | ||
NET INVESTMENT INCOME | 2,097,872 | 4,924,190 | 7,389,451 | 15,043,879 | ||
Net change in unrealized appreciation (depreciation) on investments | 951,316 | (1,967,920) | 2,611,916 | (10,866,588) | ||
Net realized loss on investments | (2,042,012) | 0 | (11,114,481) | 0 | ||
Foreign exchange gain | 0 | 0 | 5,644 | 0 | ||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 1,007,176 | $ 2,956,270 | $ (1,107,470) | $ 4,177,291 | ||
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED (in dollars per share) | $ 0.04 | $ 0.1 | $ 0.16 | [1] | $ 0.32 | [1] |
EARNINGS (LOSS) PER UNIT - BASIC AND DILUTED (in dollars per share) | $ 0.02 | $ 0.06 | $ (0.02) | $ 0.09 | ||
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED (in shares) | 47,778,359 | 47,653,286 | 47,753,569 | 47,721,878 | ||
[1]The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2023 and 2022, which were 47,753,569 and 47,721,878, respectively. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
INCREASE (DECREASE) FROM OPERATIONS | ||
Net investment income | $ 7,389,451 | $ 15,043,879 |
Foreign exchange gain | 5,644 | 0 |
Net change in unrealized appreciation (depreciation) on investments | 2,611,916 | (10,866,588) |
Net realized loss on investments | (11,114,481) | 0 |
Net increase (Decrease) from operations | (1,107,470) | 4,177,291 |
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (7,267,645) | (17,731,627) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Repurchase of units | (115,711) | (5,256,564) |
Offering costs | 0 | (37,694) |
Distribution and other fees | 76,000 | 18,000 |
Net increase from capital transactions | 1,022,821 | 261,738 |
NET CHANGE IN NET ASSETS | (7,352,294) | (13,292,598) |
Net assets at beginning of period | 281,947,405 | 338,725,057 |
Net assets at end of period | 274,595,111 | 325,432,459 |
Capital Unit, Class A [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (2,795,439) | (6,773,924) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of Class A units | 491,720 | 2,450,501 |
Repurchase of units | (11,883) | (1,914,861) |
Capital Unit, Class C [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,170,198) | (2,879,275) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of Class A units | 263,353 | 1,145,785 |
Repurchase of units | (87,393) | (978,235) |
Capital Unit, Class I [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,601,353) | (3,921,089) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of Class A units | 302,396 | 1,623,873 |
Repurchase of units | (16,435) | (2,051,816) |
Capital Unit, Class W [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (3,379) | (8,242) |
Capital Unit, Class Y [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (409,989) | (1,010,792) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of Class A units | 5,063 | 317,837 |
Repurchase of units | 0 | (311,652) |
Capital Unit, Class Z [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | $ (1,287,287) | $ (3,138,305) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ (1,107,470) | $ 4,177,291 |
ADJUSTMENTS TO RECONCILE NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||
Purchase of investments | (11,624,375) | 0 |
Proceeds from disposition of investments | 26,642,835 | 10,808,724 |
Payment-in-kind interest | (12,795,247) | (15,857,638) |
Net change in unrealized (appreciation) depreciation on investments | (2,611,916) | 10,866,588 |
Net realized loss on investments | 11,114,481 | 0 |
Foreign exchange gain | (5,644) | 0 |
Accretion of original issue discount on investment | (113,885) | (949,177) |
Amortization of debt issuance costs | 1,014,909 | 0 |
INCREASE FROM CAPITAL TRANSACTIONS | ||
(Increase) Decrease in interest receivable | 710,088 | (4,024,008) |
Increase in due from affiliate | (29,876) | 0 |
(Increase) Decrease in other assets | 617,645 | (83,771) |
Increase (Decrease) in management and incentive fees payable | (1,008,256) | 1,074,160 |
Increase in accrued expenses | 2,189,074 | 0 |
Increase in due to affiliates | 370,739 | 0 |
Increase (Decrease) in other payables | (178,145) | 1,037,190 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 13,184,957 | 7,049,359 |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 0 | 294,496 |
Distributions paid to unitholders | (7,549,558) | (12,581,710) |
Repayment of note payable | (18,000,000) | (5,000,000) |
Payments of offering costs | 0 | (37,694) |
Repurchase of units | (1,885,181) | (5,349,715) |
NET CASH USED IN FINANCING ACTIVITIES | (27,434,739) | (22,674,623) |
TOTAL DECREASE IN CASH | (14,249,782) | (15,625,264) |
Cash at beginning of period | 14,510,817 | 16,795,342 |
Cash at end of period | 261,035 | 1,170,078 |
Supplemental information | ||
Cash paid for interest during the period | 1,224,199 | 11,169 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 1,063,205 | 5,243,500 |
Change in accrual of distribution and other fees | $ (76,000) | $ (18,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Schedule of Investments [Text Block] | Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) Investment Type / Country Portfolio Company Sector Description Interest Fees (2) Maturity (3) Principal Amount Participation % (4) Amortized Cost Fair Value % of Net Assets Senior Secured Term Loans (1) Brazil Usivale Industria E Commercio Ltda (5), (6) Sugarcane and Sugar Beets Sugar Producer N/A 0.0 % 12/15/2026 $ 800,030 N/A $ 800,030 $ 653,081 0.2 % Ecuador Grupo Surpapel Corrugated and solid fiber boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 4,216,022 14 % 4,216,022 4,216,022 1.5 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% PIK 0.0 % 6/30/2023 22,219,566 100 % 22,219,566 15,302,209 5.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 8/31/2023 5,000,000 17 % 5,000,000 5,000,000 1.8 % Malaysia Vikudha Malaysia Sdn Bhd (5), (6) Chemicals and Allied Products Wholesale Distributor 12.00% 0.0 % 6/30/2023 18,484,704 67 % 18,484,704 8,233,952 3.0 % Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor 15.50% PIK 0.0 % 7/27/2023 44,319,638 58 % 44,319,638 44,319,638 16.1 % Singapore Triton Metallics Pte Ltd. (5) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 13.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,239 7.0 % Total Senior Secured Term Loans 126,839,241 107,054,141 38.8 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 15.47% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,368,289 0.9 % Brazil Qintess Tecnologia e Participacoes Ltda Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 20,056,485 55 % 20,170,370 20,170,370 7.3 % Brazil Dock Brasil Engenharia E Servicos S.A. Boatbuilding and Repairing Ship Maintenance & Repair Service Provider Cash - 8% , PIK - 12% 0.0 % 12/7/2023 7,859,746 42 % 7,859,746 7,859,746 2.9 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 15,429,559 30 % 15,429,559 15,116,538 5.5 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90% 0.0 % 12/24/2026 4,328,157 40 % 4,328,157 4,328,157 1.6 % Jersey Africell Holding Limited Telephone Communications Mobile Network Operator 17.74% 0.0 % 9/30/2026 2,925,000 13 % 2,925,000 2,925,000 1.1 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.17% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 60 % 15,063,954 3,784,284 1.4 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/24/2027 2,011,075 18 % 2,011,075 2,011,075 0.7 % Namibia Trustco Group Holdings Ltd. (5), (6) Land Subdividers and Developers Property Developer 8.50% Cash/4.0% PIK 0.0 % 8/15/2021 18,717,631 100 % 18,717,631 10,963,151 4.0 % Netherlands Cevher International B.V. Netherlands Motor Vehicle Parts and Accessories Wheel Manufacturer 8.00% 0.0 % 2/7/2024 8,275,000 44 % 10,697,318 10,697,318 3.9 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00% 0.0 % 11/30/2024 12,011,272 100 % 12,011,272 4,275,187 1.6 % Romania Lidas SRL (8) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,526,630 41 % 6,618,564 6,618,564 2.4 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 644,238 49 % 644,238 278,245 0.1 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 6/30/2025 13,101,741 56 % 13,101,741 11,865,958 4.3 % Total Senior Secured Term Loan Participations 135,179,625 103,261,882 37.7 % Senior Secured Trade Finance Participations (1) Argentina Compania Argentina de Granos S.A. (5), (6) Soybeans Agriculture Distributor 10.45% 0.0 % 6/30/2018 12,500,000 83 % 12,500,000 5,059,286 1.8 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 100 % 5,802,296 4,289,181 1.6 % Cameroon Producam SA (5), (6) Chocolate and Cocoa Products Cocoa & Coffee Exporter 9.50%, 6.0% 0.0 % 6/30/2023 16,035,023 53 % 16,035,023 14,476,313 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (8) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 7/1/2023 4,424,931 100 % 4,424,931 3,653,637 1.3 % Nigeria Courtyard Farms Limited Farm Products Cocoa Trader III 8.50% 0.0 % 9/30/2023 649,590 11 % 649,590 553,709 0.2 % Nigeria Alfa Systems and Commodity Company Limited Farm Products Cocoa Trader II 8.50% 0.0 % 9/30/2023 820,482 13 % 820,482 710,866 0.3 % Peru Cooperativa de Servicios Multiples Centrocafe (8) Farm Products Coffee Exporter 13.45% 0.0 % 3/10/2023 124,834 100 % 124,834 124,834 0.0 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 15 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 41,005,586 29,516,256 10.7 % Other Investments (1) N/A IIG TOF B.V. (5), (6) Other Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,668,290 1.0 % Chile Itelecom Holding Chile SPA (5), (6) Electric Services Claim in Bankruptcy N/A 0.0 % N/A 1,456,162 N/A 1,456,162 970,394 0.4 % Argentina Algodonera Avellaneda S.A. (5), (6) Cotton Ginning Claim in Bankruptcy N/A 0.0 % N/A 4,935,048 N/A 4,935,048 1,792,698 0.7 % Argentina Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6) Beef Cattle, Except Feedlots Claim in Bankruptcy N/A 0.0 % N/A 6,499,323 N/A 6,499,323 2,955,774 1.1 % Morocco Mac Z Group SARL (5), (6) Other Scrap Metal liquidation N/A 0.0 % N/A 1,433,058 N/A 1,433,058 56,219 0.0 % Peru TriLinc Peru S.A.C. (5) Other Real estate property N/A 0.0 % N/A 3,502,265 N/A 3,502,265 3,375,367 1.2 % Total other investments 23,825,856 11,818,742 4.4 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC (7) Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,309,404 0.5 % Total Investments $ 326,850,308 $ 252,960,425 See accompanying notes to the consolidated financial statements. 1 Refer to Notes 2, 3 4 2 Fees may 3 Trade finance borrowers may 4 Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. 5 Watch List investment. 6 Investment on non-accrual status. 7 The Company holds equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 7.43% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on January 23, 2024. 8 Lidas SRL is the operating company for this loan. This participation is in a senior secured term loan to Cristal Proiect SRL, which is guaranteed by Lidas SRL. Consolidated Schedule of Investments December 31, 2022 Investment Type /Country Portfolio Company Sector Description Interest Fees (2) Maturity (3) Principal Amount Participation % (4) Amortized Cost Fair Value % of Net Assets Senior Secured Term Loans (1) Brazil Usivale Industria E Commercio Ltda (5), (6) Sugarcane and Sugar Beets Sugar Producer N/A 0.0 % 12/15/2026 $ 545,673 N/A $ 545,673 $ 339,258 0.1 % Ecuador Grupo Surpapel (9) Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.28% Cash/2.20% PIK 0.0 % 6/18/2025 9,795,061 14 % 9,795,061 9,795,061 3.5 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% PIK 0.0 % 6/30/2023 22,219,565 100 % 22,219,565 15,658,685 5.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 13.00 % 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.5 % Malaysia Vikudha Malaysia Sdn Bhd (5), (6) Chemicals and Allied Products Wholesale Distributor 12.00 % 0.0 % 6/30/2023 18,484,703 67 % 18,484,703 11,846,182 4.2 % Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor 15.50% PIK 0.0 % 7/27/2023 38,841,010 58 % 38,841,010 38,841,010 13.8 % Singapore Triton Metallics Pte Ltd. (5) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 13.50% PIK 0.0 % 8/18/2025 21,074,573 100 % 21,074,573 18,604,532 6.6 % Total Senior Secured Term Loans 120,960,585 105,084,728 37.3 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 15.46 % 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,368,290 0.8 % Brazil Qintess Tecnologia e Participacoes Ltda Computer Related Services, NEC IT Service Provider 10.75% Cash/3.25% PIK 0.0 % 11/23/2023 19,082,939 27 % 19,197,072 19,197,073 6.8 % Brazil Dock Brasil Engenharia E Servicos S.A. Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 8.00% Cash/10.0% PIK 0.0 % 12/7/2023 7,185,803 42 % 7,185,803 7,185,803 2.5 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 18,147,562 30 % 18,147,562 17,834,541 6.3 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90 % 0.0 % 12/24/2026 3,219,553 40 % 3,219,553 3,219,553 1.1 % Ghana Quantum Group Ltd (10) Petroleum and Petroleum Products Tank Farm Operator 12.00 % 0.0 % 2/10/2023 3,289,660 76 % 3,289,660 3,289,660 1.2 % Jersey Africell Holding Limited Telephone Communications Mobile Network Operator 14.42 % 0.0 % 9/30/2026 13,750,000 13 % 13,750,000 13,750,000 4.9 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 12.27% Cash/4.00% PIK 0.0 % 3/31/2023 15,090,682 60 % 15,090,682 4,926,482 1.7 % Mexico HINV, S.A. DE C.V. (8) Personal Credit Institutions Consumer Lender III 11.95 % 0.0 % 1/24/2027 1,796,474 18 % 1,796,474 1,796,474 0.6 % Namibia Trustco Group Holdings Ltd. (5), (6) Land Subdividers and Developers Property Developer 8.50% Cash/4.0% PIK 0.0 % 8/15/2021 18,717,631 100 % 18,717,631 11,754,052 4.2 % Netherlands Cevher International B.V. Netherlands Motor Vehicle Parts and Accessories Wheel Manufacturer 8.00 % 0.0 % 2/7/2024 8,275,000 44 % 9,779,546 9,779,546 3.5 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00 % 0.0 % 11/30/2021 16,243,585 100 % 16,243,584 6,984,020 2.5 % Romania Lidas SRL Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,187,371 41 % 6,279,305 6,279,305 2.2 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 568,179 49 % 568,179 568,179 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 6/30/2025 12,100,913 56 % 12,100,913 10,757,569 3.8 % Total Senior Secured Term Loan Participations 150,966,964 119,690,547 42.3 % Senior Secured Trade Finance Participations (1) Argentina Compania Argentina de Granos S.A. (5), (6) Soybeans Agriculture Distributor 10.45 % 0.0 % 6/30/2018 12,500,000 83 % 12,500,000 5,239,479 1.9 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67 % 0.0 % 7/29/2019 5,802,296 100 % 5,802,296 4,180,102 1.5 % Cameroon Producam SA (5), (6) Chocolate and Cocoa Products Cocoa & Coffee Exporter 9.50%, 6.0% 0.0 % 6/30/2023 16,035,023 53 % 16,035,023 14,476,312 5.1 % Ecuador Pacfish S.A. (8) Frozen Fish and Seafood Seafood Processing Company III 12.14 % 2.1 % 2/22/2023 256,741 100 % 256,741 256,741 0.1 % Hong Kong Conplex International Ltd. (5), (6) Telephone and Telegraph Apparatus Mobile Phone Distributor 10.00 % 0.0 % 5/31/2020 9,072,469 26 % 9,072,469 424,976 0.2 % Indonesia PT Citra Labuantirta (11) Chocolate and Cocoa Products Cocoa Processor 11.00 % 0.0 % 5/26/2023 5,000,000 17 % 5,000,000 5,000,000 1.8 % Nigeria Courtyard Farms Limited (12) Farm Products Cocoa Trader III 8.50 % 0.0 % 3/31/2023 664,101 11 % 664,101 664,101 0.2 % Nigeria Alfa Systems and Commodity Company Limited (12) Farm Products Cocoa Trader II 8.50 % 0.0 % 3/31/2023 820,482 13 % 820,482 820,482 0.3 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60 % 0.0 % 6/30/2018 648,430 15 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 50,799,542 31,710,623 11.3 % Other Investments (1) N/A IIG TOF B.V. (5), (6) N/A Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,668,290 0.9 % Chile Itelecom Holding Chile SPA (5), (6) Electric Services Claim in Bankruptcy N/A 0.0 % N/A 1,456,162 N/A 1,456,162 970,393 0.3 % Argentina Algodonera Avellaneda S.A. (5), (6) Cotton Ginning Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,857,650 1.0 % Argentina Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6) Beef Cattle, Except Feedlots Claim in Bankruptcy N/A 0.0 % N/A 9,000,000 N/A 9,000,000 5,297,921 1.9 % Morocco Mac Z Group SARL (5), (6) N/A Scrap Metal liquidation N/A 0.0 % 7/31/2018 1,433,058 N/A 1,433,058 628,862 0.2 % Peru TriLinc Peru S.A.C. (5) N/A Real estate property N/A 0.0 % 12/31/2025 3,502,265 N/A 3,502,265 3,502,265 1.2 % Total other investments 27,391,485 15,925,381 5.5 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC (7) Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,205,503 0.4 % Total Investments $ 350,118,576 $ 273,616,782 See accompanying notes to the consolidated financial statements. 1 Refer to Notes 2, 3 4 2 Fees may 3 Trade finance borrowers may 4 Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. 5 Watch List investment. 6 Investment on non-accrual status. 7 The Company holds four December 31, 2022, July 27, 2023. 8 New investment in the fourth 2022. 9 The Company entered into a repurchase agreement in the fourth 2022. 5 10 The maturity date was extended to 9/15/2023. 11 The maturity date was extended to 8/31/2023. 12 The maturity date was extended to 9/30/2023. |
Note 1 - Organization and Opera
Note 1 - Organization and Operations of the Company | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 June 11, 2013. may may not may TriLinc Global, LLC (the “Sponsor”) is the sponsor of the Company and employs staff who operate both the Advisor and the Company. The Sponsor owns 100% of the Advisor. In May 2012, February 25, 2013. June 11, 2013, March 31, 2017. April 1, 2017 September 30, 2023 September 30, 2023 Although the Company was organized and intends to conduct its business in a manner so that it is not 1940, 946, Financial Services Investment Companies To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. The Subsidiaries own all of the Company’s investments. As of September 30, 2023 ● TriLinc Global Impact Fund – Asia, Ltd. ● TriLinc Global Impact Fund – Latin America, Ltd. ● TriLinc Global Impact Fund – Trade Finance, Ltd. ● TriLinc Global Impact Fund – African Trade Finance, Ltd. ● TriLinc Global Impact Fund – Africa, Ltd. ● TriLinc Global Impact Fund – Latin America II, Ltd. ● TriLinc Global Impact Fund – African Trade Finance II, Ltd. ● TriLinc Global Impact Fund – Latin America III, Ltd. ● TriLinc Global Impact Fund – Asia II, Ltd. ● TriLinc Global Impact Fund – Asia III, Ltd. ● TriLinc Global Impact Fund – Asia IV, Ltd. ● TriLinc Global Impact Fund – African Trade Finance III, Ltd. ● TriLinc Global Impact Fund – Europe, Ltd. ● TriLinc Global Impact Fund – North America, Ltd. ● TriLinc Global Impact Fund – Africa Latin America, Ltd. ● TriLinc Global Impact Fund - Africa Latin America Trade Finance, Ltd ● TriLinc Global Impact Fund – Cayman, Ltd. Through September 30, 2023 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. 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 Company follows the accounting and reporting guidance in the FASB ASC Topic 946 Financial Services, Investment Companies 946” . may may The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10 not 10 December 31, 2022 n September 29, 2023. The results of operations for the nine September 30, 2023 not may December 31, 2023 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. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented. These financial statements are presented in United States (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries. Cash Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may not not Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. Following the initial accrual of interest income, receivable balances are adjusted to reflect their net realizable value at each reporting date. The Company determines the net realizable value using the same methodologies used to determine the fair value of investments. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight-line basis over the life of the associated loan, which the Company has determined not The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company generally places loans on non-accrual status when there is a reasonable doubt that principal or interest will be collected. 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. Valuation of Investments The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. 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. The fair value measurement guidance 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 three ● Level 1 ● Level 2 1, ● Level 3 may These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may may not may not may 3 no The inputs used in the determination of fair value may Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not not not not 1. Each investment is valued by the Advisor on a quarterly basis; 2. Materiality is assessed quarterly on all investments to determine whether an independent review is appropriate. The Advisor engages a third third not 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any report rendered by the independent valuation firm; and 4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not Below is a description of factors that the Company’s board of managers may Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. All non-Watch List investments are deemed performing loans, because there are no one may may may ● Macro-economic factors that are relevant to the investment or the underlying borrower ● Industry factors that are relevant to the investment or the underlying borrower ● Historical and projected financial performance of the borrower based on most recent financial statements ● Borrower draw requests and payment track record ● Loan covenants, duration and drivers ● Performance and condition of the collateral (nature, type and value) that supports the investment ● Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback ● For participations, the Company’s ownership percentage of the overall facility ● Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized ● Applicable global interest rates ● Impact of investments placed on non-accrual status With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may third may 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. 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 has 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 as of September 30, 2023 three nine September 30, 2023 three nine September 30, 2022, Distribution and Ongoing Dealer Manager and Service Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no five x fifth six x sixth not The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2023 Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not no The Company may The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes not As of September 30, 2023 December 31, 2019. 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 NAV is calculated on a quarterly basis. As of September 30, 2023 six may September 30, 2023 The Company is not not not not Accordingly, the Company believes that its estimated NAV at any given time should not may September 30, 2023 10 September 30, 2023 December 31, 2022 19 nine September 30, 2023 See the Watch List Investments section in Part I, Item 2, 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 September 30, 2023 2022. Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not not not may may Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one may may 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 may not may 2, 3, not November 2019, March 30, 2020, not The Company’s investments consist of loans, loan participations and trade finance participations 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 may The value of the Company’s investments in loans may one not not may 19 September 30, 2023 December 31, 2022 may In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may may may may At September 30, 2023 September 30, 2023 September 30, 2023 |
Note 3 - Investments
Note 3 - Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. As of September 30, 2023 Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 126,839,241 $ 107,054,141 42.3 % Senior secured term loan participations 135,179,625 103,261,882 40.8 % Senior secured trade finance participations 41,005,586 29,516,256 11.7 % Other investments 23,825,856 11,818,742 4.7 % Equity warrants — 1,309,404 0.5 % Total investments $ 326,850,308 252,960,425 100.0 % As of December 31, 2022 Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 120,960,585 $ 105,084,728 38.5 % Senior secured term loan participations 150,966,964 119,690,547 43.7 % Senior secured trade finance participations 50,799,542 31,710,623 11.6 % Other investments 27,391,485 15,925,381 5.8 % Equity warrants — 1,205,503 0.4 % Total investments $ 350,118,576 $ 273,616,782 100.0 % Participations The majority of the Company’s investments are in the form of participation interests (“Participations”). Participations are interests in financing facilities originated by one may one may Interest Receivable Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity. In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Trade Finance Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s Participations in trade finance positions typically fall into two one ● nature of the goods or transaction being financed, ● the terms associated with the sale and repayment of the goods, ● the execution risk associated with producing, storing and shipment of the goods, ● the financial and performance profile of both the borrower and end buyer(s), ● the underlying advance rate and subsequent Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction, ● collateral and financial controls (collection accounts and inventory possession), ● third ● the region, country or jurisdiction in which the financing is being completed. Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables. In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product. Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities ( one one On occasion, the Company may one one may Short Term Investments Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: ( 1 one 2 not not Warrants Certain investments, including loans and participations, may may may may may not The industry composition of the Company’s portfolio, at fair value as of September 30, 2023 December 31, 2022 As of September 30, 2023 As of December 31, 2022 Fair Percentage Fair Percentage Industry Value of Total Value of Total Beef Cattle, Except Feedlots $ 2,955,774 1.2 % $ 5,297,921 1.9 % Boatbuilding and Repairing 7,859,746 3.1 % 7,185,803 2.6 % Chemicals and Allied Products 8,233,952 3.3 % 11,846,182 4.3 % Chocolate and Cocoa Products 29,476,313 11.7 % 29,476,312 10.8 % Coal and Other Minerals and Ores 34,631,448 13.7 % 34,263,217 12.5 % Computer Related Services, NEC 20,170,370 8.0 % 19,197,073 7.0 % Corn 12,144,203 4.8 % 11,325,748 4.1 % Corrugated and solid fiber boxes 4,216,022 1.7 % 9,795,061 3.6 % Cotton Ginning 1,792,698 0.7 % 2,857,650 1.0 % Dairy Farms 4,289,181 1.7 % 4,180,102 1.5 % Drugs, Proprietaries, and Sundries 648,430 0.3 % 648,430 0.2 % Electric Services 970,394 0.4 % 970,393 0.4 % Farm Products 1,389,409 0.5 % 1,484,583 0.5 % Freight Transportation Arrangement 3,784,284 1.5 % 4,926,482 1.8 % Frozen Fish and Seafood 3,653,637 1.4 % 256,741 0.1 % Hotels and Motels 15,116,538 6.0 % 17,834,541 6.5 % Land Subdividers and Developers 10,963,151 4.3 % 11,754,052 4.3 % Motor Vehicle Parts and Accessories 10,697,318 4.2 % 9,779,546 3.6 % Personal Credit Institutions 6,339,232 2.5 % 5,016,027 1.8 % Petroleum and Petroleum Products — 0.0 % 3,289,660 1.2 % Refuse Systems 45,629,042 18.0 % 40,046,513 14.6 % Retail Bakeries 6,618,564 2.6 % 6,279,305 2.3 % Short-Term Business Credit 2,368,289 0.9 % 2,368,290 0.9 % Soybeans 5,059,286 2.0 % 5,239,479 1.9 % Sugarcane and Sugar Beets 653,081 0.3 % 339,258 0.1 % Telephone and Telegraph Apparatus — 0.0 % 424,976 0.3 % Telephone Communications 2,925,000 1.2 % 13,750,000 5.1 % Towing and Tugboat Service 4,275,187 1.7 % 6,984,020 2.6 % Other 6,099,876 2.3 % 6,799,417 2.5 % Total $ 252,960,425 100.0 % $ 273,616,782 100.0 % The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2023 December 31, 2022 As of September 30, 2023 As of December 31, 2022 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 14,096,939 5.6 % $ 17,575,152 6.3 % Botswana 2,368,289 1.0 % 2,368,290 0.9 % Brazil 28,683,197 11.3 % 26,722,134 9.8 % Cabo Verde 15,116,538 6.0 % 17,834,541 6.5 % Cameroon 14,476,313 5.7 % 14,476,312 5.3 % Chile 970,394 0.4 % 970,393 0.4 % Colombia 4,328,157 1.7 % 3,219,553 1.2 % Ecuador 7,869,659 3.1 % 10,051,802 3.7 % Ghana — 0.0 % 3,289,660 1.2 % Hong Kong 15,302,209 6.0 % 16,083,661 5.9 % Indonesia 15,000,000 5.9 % 15,000,000 5.5 % Jersey 2,925,000 1.2 % 13,750,000 5.0 % Kenya 3,784,284 1.5 % 4,926,482 1.8 % Malaysia 8,233,952 3.3 % 11,846,182 4.3 % Mexico 47,640,117 18.8 % 41,842,987 15.3 % Morocco 56,219 0.0 % 628,862 0.2 % Namibia 10,963,151 4.3 % 11,754,052 4.3 % Netherlands 10,697,318 4.2 % 9,779,546 3.6 % Nigeria 5,539,762 2.2 % 8,468,603 3.1 % Peru 3,500,201 1.4 % 3,502,265 1.3 % Romania 6,618,564 2.6 % 6,279,305 2.3 % Singapore 19,329,239 7.6 % 18,604,532 6.8 % United Arab Emirates 648,430 0.3 % 648,430 0.2 % Uganda 12,144,203 4.8 % 11,325,748 4.1 % N/A (2) 2,668,290 1.1 % 2,668,290 1.0 % Total $ 252,960,425 100.0 % $ 273,616,782 100.0 % ( 1 All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. ( 2 This investment was in a credit facility originated by IIG TOF B.V., which has been placed into bankruptcy; therefore, no |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 September 30, 2023 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 107,054,141 $ — $ — $ 107,054,141 Senior secured term loan participations 103,261,882 — — 103,261,882 Senior secured trade finance participations 29,516,256 — — 29,516,256 Other investments 11,818,742 — — 11,818,742 Equity warrants 1,309,404 — — 1,309,404 Total $ 252,960,425 $ — $ — $ 252,960,425 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 December 31, 2022 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 105,084,728 $ — $ — $ 105,084,728 Senior secured term loan participations 119,690,547 — — 119,690,547 Senior secured trade finance participations 31,710,623 — — 31,710,623 Other investments 15,925,381 — — 15,925,381 Equity warrants 1,205,503 — — 1,205,503 Total $ 273,616,782 $ — $ — $ 273,616,782 The following is a reconciliation of activity for the nine September 30, 2023 3: Fair Value at December 31, 2022 Purchases Proceeds from disposition of investments Transfer Accretion of original issue discount on investment Payment-in-kind interest Net change in unrealized appreciation (depreciation) Net realized loss Fair Value at September 30, 2023 Senior secured term loans $ 105,084,728 $ 309,362 $ (5,904,056 ) $ 5,000,000 $ — $ 6,019,022 $ (3,909,241 ) $ 454,327 $ 107,054,141 Senior secured term loan participations 119,690,547 1,803,103 (21,984,217 ) — 113,885 6,776,226 (641,323 ) (2,496,339 ) 103,261,882 Senior secured trade finance participations 31,710,623 9,511,910 (5,233,399 ) (5,000,000 ) — — 7,599,590 (9,072,469 ) 29,516,256 Other investments 15,925,381 — (3,565,628 ) — — — (541,011 ) — 11,818,742 Equity warrants 1,205,503 — — — — — 103,901 — 1,309,404 Total $ 273,616,782 $ 11,624,375 $ (36,687,300 ) $ — $ 113,885 $ 12,795,247 $ 2,611,916 $ (11,114,481 ) $ 252,960,425 The Company recorded net realized losses of $11,114,481 and $0 for the Company’s investments classified as Level 3 nine September 30, 2023 2022, nine September 30, 2023 2022 3 19 As of September 30, 2023 3 3 September 30, 2023 Fair value Valuation technique Unobservable input Range (weighted average) (4) Senior secured trade finance participations (2) $ 24,578,645 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.93x, 9.5% - 17.25% (16.08%) Senior secured trade finance participations (1) $ 4,937,611 Collateral based approach Value of collateral (collateral coverage ratio) 0.85x - 1.67x Senior secured term loans (2) $ 107,054,141 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.12x, 13.25% - 20.0% (17.27%) Senior secured term loan participations (2) $ 92,298,731 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.0x - 0.16x, 11.0% - 23.4% (17.37%) Senior secured term loan participations (1) $ 10,963,151 Collateral based approach Value of collateral (collateral coverage ratio) 0.54x Other investments (3) $ 11,818,742 Collateral based approach Value of collateral (collateral coverage ratio) 0.15x - 1.19x Equity warrants $ 1,309,404 Option Pricing Method Risk free rate, volatility, time to liquidity 4.6%, 81%, 5 years ( 1 Collateral based approach used for the following Watch List investments: Trustco, Sancor, GPI, FRIAR, Algonodera, Mac Z, Itelecom, Receivable from IIG and TriLinc Peru S.A.C. ( 2 The Company used the income approach for the following Watch List investments: Helios Maritime, CAGSA, Triton, Producam, Agilis Partners Holding LLC, Agilis Partners, Usivale, Limas, Qintess, Courtyard and Alfa and a hybrid of the collateral based approach and the income approach for Ecsponent, Multiple ICD, WinRep and Vikudha, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. ( 3 Some of these investments have been placed into bankruptcy and utilize the collateral approach. ( 4 The inputs were weighted based on the fair value of the investments included in the range. As of December 31, 2022 3 3 December 31, 2022 Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 26,457,115 Collateral based approach Income approach (DCF) Discount rate 10.5% - 15.75% (15.0%) Senior secured trade finance participations (1) $ 5,253,508 Collateral based approach Value of collateral (collateral coverage ratio) 1.2x - 1.96x Senior secured term loans (2) $ 105,084,728 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.58x 13.5% - 20.0% (16.22%) Senior secured term loan participations (2) $ 107,936,495 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.0x - 0.17x 12.0% - 20.75% (17.53%) Senior secured term loan participations (1) $ 11,754,052 Collateral based approach Value of collateral (collateral coverage ratio) 1.21x Other investments (3) $ 15,925,381 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 8%, 0.4x - 2.19x Equity warrants $ 1,205,503 Option Pricing Method Risk free rate, volatility, time to exit 3.99%, 74%, 5 years ( 1 Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. ( 2 The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. ( 3 These investments were originally classified as an investment in a credit facility originated by IIG TOF B.V., TriLinc Peru S.A.C., and Grupo Surpapel. ( 4 The inputs were weighted based on the fair value of the investments included in the range. The significant unobservable Level 3 For additional information concerning of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3. |
Note 5 - Contingencies and Rela
Note 5 - Contingencies and Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Contingencies and Related Parties Disclosure [Text Block] | Note 5. Agreements Advisory Agreement The current term of the Second Amended and Restated Advisory Agreement, dated as of February 14, 2018, February 25, 2024, one 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 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 manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not may If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee that is comprised of two No not 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 had no capital gains and therefore did not three nine September 30, 2023 2022 may 2023. Repurchase agreement On November 3, 2022, $5.0 one three March, 31, 2023, October 2023. no no September 30, 2023, not September 30, 2023. three September 30, 2023, Transactions For the three September 30, 2023 2022, nine September 30, 2023 2022, As of September 30, 2023 December 31, 2022, As of September 30, 2023 December 31, 2022, |
Note 6 - Organization and Offer
Note 6 - Organization and Offering Costs | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Offering Costs and Formation Transaction Expenses [Text Block] | Note 6. The Sponsor previously paid approximately $17,655,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company. Such amounts include approximately $0 and $38,000 of offering costs incurred by the Sponsor during the nine September 30, 2023 2022 nine September 30, 2023 2022 From the commencement of the Company’s operations through September 30, 2023 For the nine September 30, 2023 2022 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. The Company’s note payable consists of the following: September 30, 2023 December 31, 2022 Outstanding Balance Outstanding Balance BlueOrchard facility $ — $ 9,000,000 DEG facility — 9,000,000 Less: Unamortized debt issuance costs — (1,014,909 ) Total notes payable $ — $ 16,985,091 DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG") facility On November 22, 2022, August 31, 2023. During the nine September 30, 2023, Blueorchard Microfinance Fund ("BlueOrchard") facility On November 22, 2022, August 31, 2023. During the nine September 30, 2023 |
Note 8 - Unit Capital
Note 8 - Unit Capital | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Members' Equity Notes Disclosure [Text Block] | Note 8. As of September 30, 2023 six September 30, 2023 September 30, 2023 nine September 30, 2023 Units Units Issued Units Outstanding under Distribution Units Units Outstanding as of Reinvestment Plan Exchanged Repurchased as of December 31, During During During September 30, 2022 the Period the Period the Period 2023 Class A units 18,233,751 71,911 — (1,738 ) 18,303,924 Class C units 7,831,059 38,809 (90,353 ) (12,781 ) 7,766,734 Class I units 10,443,595 44,734 90,353 (2,403 ) 10,576,279 Class W units 24,555 — — — 24,555 Class Y units 2,682,275 740 — — 2,683,015 Class Z units 8,423,851 — — — 8,423,851 Total 47,639,086 156,194 — (16,922 ) 47,778,358 156,194 units were issued under the DRP for aggregate gross proceeds of approximately $1,063,000 during the nine September 30, 2023 During the nine September 30, 2023, Beginning June 11, 2014, may 12 one The unit repurchase program includes numerous restrictions, including a one may During the nine September 30, 2023 not 10 December 31, 2022 March 31, 2023, April 1, 2023. 10 September 30, 2023 As of September 30, 2022, September 30, 2022 nine September 30, 2022: Units Units Issued Units Outstanding Units Issued under Distribution Units Units Outstanding as of under Private Placement Reinvestment Plan Exchanged Repurchased as of December 31, During During During During September 30, 2021 the Period the Period the Period the Period 2022 Class A units 18,128,699 — 346,166 — (272,050 ) 18,202,815 Class C units 7,827,952 — 183,985 (21,991 ) (139,335 ) 7,850,611 Class I units 10,517,764 — 207,472 21,991 (292,249 ) 10,454,978 Class W units 24,555 — — — - 24,555 Class Y units 2,696,506 41,163 3,162 — (44,355 ) 2,696,476 Class Z units 8,423,851 — — — - 8,423,851 Total 47,619,327 41,163 740,785 — (747,989 ) 47,653,286 740,785 units were issued under the DRP for aggregate gross proceeds of approximately $5,243,000 and 41,163 units were sold pursuant to our private placement for aggregate gross proceeds of approximately $295,000. During the nine September 30, 2022, During the nine September 30, 2022, During the nine September 30, 2022, September 30, 2022, October 2022. September 30, 2022, not not |
Note 9 - Distributions
Note 9 - Distributions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Distributions Disclosure [Text Block] | Note 9. The following table summarizes the distributions for the nine September 30, 2023 Daily Rate Cash Distributions Total Month ended Date Authorized Per Unit Distributions Reinvested Declared January 31, 2023 November 11, 2022 $ 0.00131143 $ 1,374,744 $ 558,839 $ 1,933,583 February 28, 2023 November 11, 2022 $ 0.00131143 1,240,987 504,366 1,745,353 March 31, 2023 November 11, 2022 $ 0.00131143 1,928,567 — 1,928,567 April 30, 2023 August 21, 2023 $ 0.00115953 1,660,142 — 1,660,142 Total for 2023 $ 6,204,440 $ 1,063,205 $ 7,267,645 In November 2022, December 2022 January, February March 2023. September 30, 2022. August 2023, April 2023. April not August 21, 2023. no 11. The following table summarizes the distributions for the nine September 30, 2022: Daily Rate Cash Distributions Total Month ended Date Authorized Per Unit Distributions Reinvested Declared January 31, 2022 November 12, 2021 $ 0.00139060 $ 1,431,971 $ 616,109 $ 2,048,080 February 28, 2022 November 12, 2021 $ 0.00139060 1,298,531 554,580 1,853,111 March 31, 2022 February 17, 2022 $ 0.00139060 1,442,429 612,752 2,055,181 April 30, 2022 March 29, 2022 $ 0.00136605 1,380,602 566,059 1,946,661 May 31, 2022 March 29, 2022 $ 0.00136605 1,419,163 595,824 2,014,987 June 30, 2022 May 11, 2022 $ 0.00135186 1,364,770 569,848 1,934,618 July 31, 2022 May 11, 2022 $ 0.00135186 1,404,321 586,611 1,990,932 August 31, 2022 May 11, 2022 $ 0.00135186 1,407,220 587,655 1,994,875 September 30, 2022 August 12, 2022 $ 0.00135186 1,339,120 554,062 1,893,182 Total for 2022 $ 12,488,127 $ 5,243,500 $ 17,731,627 In Au gust 2022, September 2022. September 2022 March 31, 2022. |
Note 10 - Financial Highlights
Note 10 - Financial Highlights | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investment Company, Financial Highlights [Text Block] | Note 10. The following is a schedule of financial highlights of the Company for the nine September 30, 2023 2022 Nine Months Ended September 30, September 30, 2023 2022 Per unit data (1): Net asset value at beginning of period $ 5.92 $ 7.10 Net investment income 0.16 0.32 Net change in unrealized appreciation (depreciation) on investments 0.06 (0.23 ) Net realized loss on investments (0.23 ) — Foreign exchange gain 0.00 — Net increase in net assets resulting from operations (0.01 ) 0.09 Distributions (0.16 ) (0.37 ) Net change in accrued distribution and other fees 0.00 — Net decrease in net assets (0.17 ) (0.28 ) Net asset value at end of period (2) $ 5.75 $ 6.82 Total return based on net asset value (3) (0.22 )% 1.23 % Net assets at end of period $ 274,595,111 $ 325,432,459 Units Outstanding at end of period 47,778,358 47,653,286 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 3.55 % 6.06 % Ratio of total expenses to average net assets 5.74 % 4.67 % 1 The per unit data was derived by using the weighted average units outstanding during the nine September 30, 2023 2022 2 For financial statement reporting purposes under GAAP, as of September 30, 2023 2022, may not not 3 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11. The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Except as discussed below, there have been no 10 three nine September 30, 2023 Distributions The cash distribution for May 2023 October 19, 2023 October 23, 2023. None May April 1, 2023. no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 Company follows the accounting and reporting guidance in the FASB ASC Topic 946 Financial Services, Investment Companies 946” . may may The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10 not 10 December 31, 2022 n September 29, 2023. The results of operations for the nine September 30, 2023 not may December 31, 2023 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. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented. These financial statements are presented in United States (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may not not |
Revenue [Policy Text Block] | Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. Following the initial accrual of interest income, receivable balances are adjusted to reflect their net realizable value at each reporting date. The Company determines the net realizable value using the same methodologies used to determine the fair value of investments. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight-line basis over the life of the associated loan, which the Company has determined not The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company generally places loans on non-accrual status when there is a reasonable doubt that principal or interest will be collected. 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. |
Investment, Policy [Policy Text Block] | Valuation of Investments The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. 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. The fair value measurement guidance 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 three ● Level 1 ● Level 2 1, ● Level 3 may These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may may not may not may 3 no The inputs used in the determination of fair value may Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not not not not 1. Each investment is valued by the Advisor on a quarterly basis; 2. Materiality is assessed quarterly on all investments to determine whether an independent review is appropriate. The Advisor engages a third third not 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any report rendered by the independent valuation firm; and 4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not Below is a description of factors that the Company’s board of managers may Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. All non-Watch List investments are deemed performing loans, because there are no one may may may ● Macro-economic factors that are relevant to the investment or the underlying borrower ● Industry factors that are relevant to the investment or the underlying borrower ● Historical and projected financial performance of the borrower based on most recent financial statements ● Borrower draw requests and payment track record ● Loan covenants, duration and drivers ● Performance and condition of the collateral (nature, type and value) that supports the investment ● Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback ● For participations, the Company’s ownership percentage of the overall facility ● Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized ● Applicable global interest rates ● Impact of investments placed on non-accrual status With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may third may |
Net Gains (Losses) From Investment Activities Policy [Policy Text Block] | 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. 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 Policy [Policy Text Block] | Payment-in-Kind Interest The Company has 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 as of September 30, 2023 three nine September 30, 2023 three nine September 30, 2022, |
Distribution and Ongoing Dealer Manager and Services Fees Policy [Policy Text Block] | Distribution and Ongoing Dealer Manager and Service Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no five x fifth six x sixth not The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2023 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not no The Company may The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes not As of September 30, 2023 December 31, 2019. 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. |
Net Asset Value Policy [Policy Text Block] | Calculation of Net Asset Value The Company’s NAV is calculated on a quarterly basis. As of September 30, 2023 six may September 30, 2023 The Company is not not not not Accordingly, the Company believes that its estimated NAV at any given time should not may September 30, 2023 10 September 30, 2023 December 31, 2022 19 nine September 30, 2023 See the Watch List Investments section in Part I, Item 2, |
Earnings Per Share, Policy [Policy Text Block] | 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 September 30, 2023 2022. |
Organization and Offering Costs Policy [Policy Text Block] | Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not not not may may |
Risk and Uncertainties Policy [Policy Text Block] | Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one may may 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 may not may 2, 3, not November 2019, March 30, 2020, not The Company’s investments consist of loans, loan participations and trade finance participations 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 may The value of the Company’s investments in loans may one not not may 19 September 30, 2023 December 31, 2022 may In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may may may may At September 30, 2023 September 30, 2023 September 30, 2023 |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Investment [Table Text Block] | Investment Type / Country Portfolio Company Sector Description Interest Fees (2) Maturity (3) Principal Amount Participation % (4) Amortized Cost Fair Value % of Net Assets Senior Secured Term Loans (1) Brazil Usivale Industria E Commercio Ltda (5), (6) Sugarcane and Sugar Beets Sugar Producer N/A 0.0 % 12/15/2026 $ 800,030 N/A $ 800,030 $ 653,081 0.2 % Ecuador Grupo Surpapel Corrugated and solid fiber boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 4,216,022 14 % 4,216,022 4,216,022 1.5 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% PIK 0.0 % 6/30/2023 22,219,566 100 % 22,219,566 15,302,209 5.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 8/31/2023 5,000,000 17 % 5,000,000 5,000,000 1.8 % Malaysia Vikudha Malaysia Sdn Bhd (5), (6) Chemicals and Allied Products Wholesale Distributor 12.00% 0.0 % 6/30/2023 18,484,704 67 % 18,484,704 8,233,952 3.0 % Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor 15.50% PIK 0.0 % 7/27/2023 44,319,638 58 % 44,319,638 44,319,638 16.1 % Singapore Triton Metallics Pte Ltd. (5) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 13.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,239 7.0 % Total Senior Secured Term Loans 126,839,241 107,054,141 38.8 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 15.47% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,368,289 0.9 % Brazil Qintess Tecnologia e Participacoes Ltda Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 20,056,485 55 % 20,170,370 20,170,370 7.3 % Brazil Dock Brasil Engenharia E Servicos S.A. Boatbuilding and Repairing Ship Maintenance & Repair Service Provider Cash - 8% , PIK - 12% 0.0 % 12/7/2023 7,859,746 42 % 7,859,746 7,859,746 2.9 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 15,429,559 30 % 15,429,559 15,116,538 5.5 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90% 0.0 % 12/24/2026 4,328,157 40 % 4,328,157 4,328,157 1.6 % Jersey Africell Holding Limited Telephone Communications Mobile Network Operator 17.74% 0.0 % 9/30/2026 2,925,000 13 % 2,925,000 2,925,000 1.1 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.17% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 60 % 15,063,954 3,784,284 1.4 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/24/2027 2,011,075 18 % 2,011,075 2,011,075 0.7 % Namibia Trustco Group Holdings Ltd. (5), (6) Land Subdividers and Developers Property Developer 8.50% Cash/4.0% PIK 0.0 % 8/15/2021 18,717,631 100 % 18,717,631 10,963,151 4.0 % Netherlands Cevher International B.V. Netherlands Motor Vehicle Parts and Accessories Wheel Manufacturer 8.00% 0.0 % 2/7/2024 8,275,000 44 % 10,697,318 10,697,318 3.9 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00% 0.0 % 11/30/2024 12,011,272 100 % 12,011,272 4,275,187 1.6 % Romania Lidas SRL (8) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,526,630 41 % 6,618,564 6,618,564 2.4 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 644,238 49 % 644,238 278,245 0.1 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 6/30/2025 13,101,741 56 % 13,101,741 11,865,958 4.3 % Total Senior Secured Term Loan Participations 135,179,625 103,261,882 37.7 % Senior Secured Trade Finance Participations (1) Argentina Compania Argentina de Granos S.A. (5), (6) Soybeans Agriculture Distributor 10.45% 0.0 % 6/30/2018 12,500,000 83 % 12,500,000 5,059,286 1.8 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 100 % 5,802,296 4,289,181 1.6 % Cameroon Producam SA (5), (6) Chocolate and Cocoa Products Cocoa & Coffee Exporter 9.50%, 6.0% 0.0 % 6/30/2023 16,035,023 53 % 16,035,023 14,476,313 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (8) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 7/1/2023 4,424,931 100 % 4,424,931 3,653,637 1.3 % Nigeria Courtyard Farms Limited Farm Products Cocoa Trader III 8.50% 0.0 % 9/30/2023 649,590 11 % 649,590 553,709 0.2 % Nigeria Alfa Systems and Commodity Company Limited Farm Products Cocoa Trader II 8.50% 0.0 % 9/30/2023 820,482 13 % 820,482 710,866 0.3 % Peru Cooperativa de Servicios Multiples Centrocafe (8) Farm Products Coffee Exporter 13.45% 0.0 % 3/10/2023 124,834 100 % 124,834 124,834 0.0 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 15 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 41,005,586 29,516,256 10.7 % Other Investments (1) N/A IIG TOF B.V. (5), (6) Other Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,668,290 1.0 % Chile Itelecom Holding Chile SPA (5), (6) Electric Services Claim in Bankruptcy N/A 0.0 % N/A 1,456,162 N/A 1,456,162 970,394 0.4 % Argentina Algodonera Avellaneda S.A. (5), (6) Cotton Ginning Claim in Bankruptcy N/A 0.0 % N/A 4,935,048 N/A 4,935,048 1,792,698 0.7 % Argentina Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6) Beef Cattle, Except Feedlots Claim in Bankruptcy N/A 0.0 % N/A 6,499,323 N/A 6,499,323 2,955,774 1.1 % Morocco Mac Z Group SARL (5), (6) Other Scrap Metal liquidation N/A 0.0 % N/A 1,433,058 N/A 1,433,058 56,219 0.0 % Peru TriLinc Peru S.A.C. (5) Other Real estate property N/A 0.0 % N/A 3,502,265 N/A 3,502,265 3,375,367 1.2 % Total other investments 23,825,856 11,818,742 4.4 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC (7) Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,309,404 0.5 % Total Investments $ 326,850,308 $ 252,960,425 Investment Type /Country Portfolio Company Sector Description Interest Fees (2) Maturity (3) Principal Amount Participation % (4) Amortized Cost Fair Value % of Net Assets Senior Secured Term Loans (1) Brazil Usivale Industria E Commercio Ltda (5), (6) Sugarcane and Sugar Beets Sugar Producer N/A 0.0 % 12/15/2026 $ 545,673 N/A $ 545,673 $ 339,258 0.1 % Ecuador Grupo Surpapel (9) Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.28% Cash/2.20% PIK 0.0 % 6/18/2025 9,795,061 14 % 9,795,061 9,795,061 3.5 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% PIK 0.0 % 6/30/2023 22,219,565 100 % 22,219,565 15,658,685 5.6 % Indonesia PT Citra Labuantirta Chocolate and Cocoa Products Cocoa Processor 13.00 % 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.5 % Malaysia Vikudha Malaysia Sdn Bhd (5), (6) Chemicals and Allied Products Wholesale Distributor 12.00 % 0.0 % 6/30/2023 18,484,703 67 % 18,484,703 11,846,182 4.2 % Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor 15.50% PIK 0.0 % 7/27/2023 38,841,010 58 % 38,841,010 38,841,010 13.8 % Singapore Triton Metallics Pte Ltd. (5) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 13.50% PIK 0.0 % 8/18/2025 21,074,573 100 % 21,074,573 18,604,532 6.6 % Total Senior Secured Term Loans 120,960,585 105,084,728 37.3 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 15.46 % 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,368,290 0.8 % Brazil Qintess Tecnologia e Participacoes Ltda Computer Related Services, NEC IT Service Provider 10.75% Cash/3.25% PIK 0.0 % 11/23/2023 19,082,939 27 % 19,197,072 19,197,073 6.8 % Brazil Dock Brasil Engenharia E Servicos S.A. Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 8.00% Cash/10.0% PIK 0.0 % 12/7/2023 7,185,803 42 % 7,185,803 7,185,803 2.5 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 18,147,562 30 % 18,147,562 17,834,541 6.3 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90 % 0.0 % 12/24/2026 3,219,553 40 % 3,219,553 3,219,553 1.1 % Ghana Quantum Group Ltd (10) Petroleum and Petroleum Products Tank Farm Operator 12.00 % 0.0 % 2/10/2023 3,289,660 76 % 3,289,660 3,289,660 1.2 % Jersey Africell Holding Limited Telephone Communications Mobile Network Operator 14.42 % 0.0 % 9/30/2026 13,750,000 13 % 13,750,000 13,750,000 4.9 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 12.27% Cash/4.00% PIK 0.0 % 3/31/2023 15,090,682 60 % 15,090,682 4,926,482 1.7 % Mexico HINV, S.A. DE C.V. (8) Personal Credit Institutions Consumer Lender III 11.95 % 0.0 % 1/24/2027 1,796,474 18 % 1,796,474 1,796,474 0.6 % Namibia Trustco Group Holdings Ltd. (5), (6) Land Subdividers and Developers Property Developer 8.50% Cash/4.0% PIK 0.0 % 8/15/2021 18,717,631 100 % 18,717,631 11,754,052 4.2 % Netherlands Cevher International B.V. Netherlands Motor Vehicle Parts and Accessories Wheel Manufacturer 8.00 % 0.0 % 2/7/2024 8,275,000 44 % 9,779,546 9,779,546 3.5 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00 % 0.0 % 11/30/2021 16,243,585 100 % 16,243,584 6,984,020 2.5 % Romania Lidas SRL Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,187,371 41 % 6,279,305 6,279,305 2.2 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 568,179 49 % 568,179 568,179 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 6/30/2025 12,100,913 56 % 12,100,913 10,757,569 3.8 % Total Senior Secured Term Loan Participations 150,966,964 119,690,547 42.3 % Senior Secured Trade Finance Participations (1) Argentina Compania Argentina de Granos S.A. (5), (6) Soybeans Agriculture Distributor 10.45 % 0.0 % 6/30/2018 12,500,000 83 % 12,500,000 5,239,479 1.9 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67 % 0.0 % 7/29/2019 5,802,296 100 % 5,802,296 4,180,102 1.5 % Cameroon Producam SA (5), (6) Chocolate and Cocoa Products Cocoa & Coffee Exporter 9.50%, 6.0% 0.0 % 6/30/2023 16,035,023 53 % 16,035,023 14,476,312 5.1 % Ecuador Pacfish S.A. (8) Frozen Fish and Seafood Seafood Processing Company III 12.14 % 2.1 % 2/22/2023 256,741 100 % 256,741 256,741 0.1 % Hong Kong Conplex International Ltd. (5), (6) Telephone and Telegraph Apparatus Mobile Phone Distributor 10.00 % 0.0 % 5/31/2020 9,072,469 26 % 9,072,469 424,976 0.2 % Indonesia PT Citra Labuantirta (11) Chocolate and Cocoa Products Cocoa Processor 11.00 % 0.0 % 5/26/2023 5,000,000 17 % 5,000,000 5,000,000 1.8 % Nigeria Courtyard Farms Limited (12) Farm Products Cocoa Trader III 8.50 % 0.0 % 3/31/2023 664,101 11 % 664,101 664,101 0.2 % Nigeria Alfa Systems and Commodity Company Limited (12) Farm Products Cocoa Trader II 8.50 % 0.0 % 3/31/2023 820,482 13 % 820,482 820,482 0.3 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60 % 0.0 % 6/30/2018 648,430 15 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 50,799,542 31,710,623 11.3 % Other Investments (1) N/A IIG TOF B.V. (5), (6) N/A Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,668,290 0.9 % Chile Itelecom Holding Chile SPA (5), (6) Electric Services Claim in Bankruptcy N/A 0.0 % N/A 1,456,162 N/A 1,456,162 970,393 0.3 % Argentina Algodonera Avellaneda S.A. (5), (6) Cotton Ginning Claim in Bankruptcy N/A 0.0 % N/A 6,000,000 N/A 6,000,000 2,857,650 1.0 % Argentina Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6) Beef Cattle, Except Feedlots Claim in Bankruptcy N/A 0.0 % N/A 9,000,000 N/A 9,000,000 5,297,921 1.9 % Morocco Mac Z Group SARL (5), (6) N/A Scrap Metal liquidation N/A 0.0 % 7/31/2018 1,433,058 N/A 1,433,058 628,862 0.2 % Peru TriLinc Peru S.A.C. (5) N/A Real estate property N/A 0.0 % 12/31/2025 3,502,265 N/A 3,502,265 3,502,265 1.2 % Total other investments 27,391,485 15,925,381 5.5 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC (7) Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,205,503 0.4 % Total Investments $ 350,118,576 $ 273,616,782 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Summary Investment Holdings [Table Text Block] | Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 126,839,241 $ 107,054,141 42.3 % Senior secured term loan participations 135,179,625 103,261,882 40.8 % Senior secured trade finance participations 41,005,586 29,516,256 11.7 % Other investments 23,825,856 11,818,742 4.7 % Equity warrants — 1,309,404 0.5 % Total investments $ 326,850,308 252,960,425 100.0 % Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 120,960,585 $ 105,084,728 38.5 % Senior secured term loan participations 150,966,964 119,690,547 43.7 % Senior secured trade finance participations 50,799,542 31,710,623 11.6 % Other investments 27,391,485 15,925,381 5.8 % Equity warrants — 1,205,503 0.4 % Total investments $ 350,118,576 $ 273,616,782 100.0 % |
Investment Holdings, Schedule of Investments [Table Text Block] | As of September 30, 2023 As of December 31, 2022 Fair Percentage Fair Percentage Industry Value of Total Value of Total Beef Cattle, Except Feedlots $ 2,955,774 1.2 % $ 5,297,921 1.9 % Boatbuilding and Repairing 7,859,746 3.1 % 7,185,803 2.6 % Chemicals and Allied Products 8,233,952 3.3 % 11,846,182 4.3 % Chocolate and Cocoa Products 29,476,313 11.7 % 29,476,312 10.8 % Coal and Other Minerals and Ores 34,631,448 13.7 % 34,263,217 12.5 % Computer Related Services, NEC 20,170,370 8.0 % 19,197,073 7.0 % Corn 12,144,203 4.8 % 11,325,748 4.1 % Corrugated and solid fiber boxes 4,216,022 1.7 % 9,795,061 3.6 % Cotton Ginning 1,792,698 0.7 % 2,857,650 1.0 % Dairy Farms 4,289,181 1.7 % 4,180,102 1.5 % Drugs, Proprietaries, and Sundries 648,430 0.3 % 648,430 0.2 % Electric Services 970,394 0.4 % 970,393 0.4 % Farm Products 1,389,409 0.5 % 1,484,583 0.5 % Freight Transportation Arrangement 3,784,284 1.5 % 4,926,482 1.8 % Frozen Fish and Seafood 3,653,637 1.4 % 256,741 0.1 % Hotels and Motels 15,116,538 6.0 % 17,834,541 6.5 % Land Subdividers and Developers 10,963,151 4.3 % 11,754,052 4.3 % Motor Vehicle Parts and Accessories 10,697,318 4.2 % 9,779,546 3.6 % Personal Credit Institutions 6,339,232 2.5 % 5,016,027 1.8 % Petroleum and Petroleum Products — 0.0 % 3,289,660 1.2 % Refuse Systems 45,629,042 18.0 % 40,046,513 14.6 % Retail Bakeries 6,618,564 2.6 % 6,279,305 2.3 % Short-Term Business Credit 2,368,289 0.9 % 2,368,290 0.9 % Soybeans 5,059,286 2.0 % 5,239,479 1.9 % Sugarcane and Sugar Beets 653,081 0.3 % 339,258 0.1 % Telephone and Telegraph Apparatus — 0.0 % 424,976 0.3 % Telephone Communications 2,925,000 1.2 % 13,750,000 5.1 % Towing and Tugboat Service 4,275,187 1.7 % 6,984,020 2.6 % Other 6,099,876 2.3 % 6,799,417 2.5 % Total $ 252,960,425 100.0 % $ 273,616,782 100.0 % |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | As of September 30, 2023 As of December 31, 2022 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 14,096,939 5.6 % $ 17,575,152 6.3 % Botswana 2,368,289 1.0 % 2,368,290 0.9 % Brazil 28,683,197 11.3 % 26,722,134 9.8 % Cabo Verde 15,116,538 6.0 % 17,834,541 6.5 % Cameroon 14,476,313 5.7 % 14,476,312 5.3 % Chile 970,394 0.4 % 970,393 0.4 % Colombia 4,328,157 1.7 % 3,219,553 1.2 % Ecuador 7,869,659 3.1 % 10,051,802 3.7 % Ghana — 0.0 % 3,289,660 1.2 % Hong Kong 15,302,209 6.0 % 16,083,661 5.9 % Indonesia 15,000,000 5.9 % 15,000,000 5.5 % Jersey 2,925,000 1.2 % 13,750,000 5.0 % Kenya 3,784,284 1.5 % 4,926,482 1.8 % Malaysia 8,233,952 3.3 % 11,846,182 4.3 % Mexico 47,640,117 18.8 % 41,842,987 15.3 % Morocco 56,219 0.0 % 628,862 0.2 % Namibia 10,963,151 4.3 % 11,754,052 4.3 % Netherlands 10,697,318 4.2 % 9,779,546 3.6 % Nigeria 5,539,762 2.2 % 8,468,603 3.1 % Peru 3,500,201 1.4 % 3,502,265 1.3 % Romania 6,618,564 2.6 % 6,279,305 2.3 % Singapore 19,329,239 7.6 % 18,604,532 6.8 % United Arab Emirates 648,430 0.3 % 648,430 0.2 % Uganda 12,144,203 4.8 % 11,325,748 4.1 % N/A (2) 2,668,290 1.1 % 2,668,290 1.0 % Total $ 252,960,425 100.0 % $ 273,616,782 100.0 % |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 107,054,141 $ — $ — $ 107,054,141 Senior secured term loan participations 103,261,882 — — 103,261,882 Senior secured trade finance participations 29,516,256 — — 29,516,256 Other investments 11,818,742 — — 11,818,742 Equity warrants 1,309,404 — — 1,309,404 Total $ 252,960,425 $ — $ — $ 252,960,425 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 105,084,728 $ — $ — $ 105,084,728 Senior secured term loan participations 119,690,547 — — 119,690,547 Senior secured trade finance participations 31,710,623 — — 31,710,623 Other investments 15,925,381 — — 15,925,381 Equity warrants 1,205,503 — — 1,205,503 Total $ 273,616,782 $ — $ — $ 273,616,782 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value at December 31, 2022 Purchases Proceeds from disposition of investments Transfer Accretion of original issue discount on investment Payment-in-kind interest Net change in unrealized appreciation (depreciation) Net realized loss Fair Value at September 30, 2023 Senior secured term loans $ 105,084,728 $ 309,362 $ (5,904,056 ) $ 5,000,000 $ — $ 6,019,022 $ (3,909,241 ) $ 454,327 $ 107,054,141 Senior secured term loan participations 119,690,547 1,803,103 (21,984,217 ) — 113,885 6,776,226 (641,323 ) (2,496,339 ) 103,261,882 Senior secured trade finance participations 31,710,623 9,511,910 (5,233,399 ) (5,000,000 ) — — 7,599,590 (9,072,469 ) 29,516,256 Other investments 15,925,381 — (3,565,628 ) — — — (541,011 ) — 11,818,742 Equity warrants 1,205,503 — — — — — 103,901 — 1,309,404 Total $ 273,616,782 $ 11,624,375 $ (36,687,300 ) $ — $ 113,885 $ 12,795,247 $ 2,611,916 $ (11,114,481 ) $ 252,960,425 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair value Valuation technique Unobservable input Range (weighted average) (4) Senior secured trade finance participations (2) $ 24,578,645 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.93x, 9.5% - 17.25% (16.08%) Senior secured trade finance participations (1) $ 4,937,611 Collateral based approach Value of collateral (collateral coverage ratio) 0.85x - 1.67x Senior secured term loans (2) $ 107,054,141 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.12x, 13.25% - 20.0% (17.27%) Senior secured term loan participations (2) $ 92,298,731 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.0x - 0.16x, 11.0% - 23.4% (17.37%) Senior secured term loan participations (1) $ 10,963,151 Collateral based approach Value of collateral (collateral coverage ratio) 0.54x Other investments (3) $ 11,818,742 Collateral based approach Value of collateral (collateral coverage ratio) 0.15x - 1.19x Equity warrants $ 1,309,404 Option Pricing Method Risk free rate, volatility, time to liquidity 4.6%, 81%, 5 years Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 26,457,115 Collateral based approach Income approach (DCF) Discount rate 10.5% - 15.75% (15.0%) Senior secured trade finance participations (1) $ 5,253,508 Collateral based approach Value of collateral (collateral coverage ratio) 1.2x - 1.96x Senior secured term loans (2) $ 105,084,728 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.58x 13.5% - 20.0% (16.22%) Senior secured term loan participations (2) $ 107,936,495 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.0x - 0.17x 12.0% - 20.75% (17.53%) Senior secured term loan participations (1) $ 11,754,052 Collateral based approach Value of collateral (collateral coverage ratio) 1.21x Other investments (3) $ 15,925,381 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 8%, 0.4x - 2.19x Equity warrants $ 1,205,503 Option Pricing Method Risk free rate, volatility, time to exit 3.99%, 74%, 5 years |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2023 December 31, 2022 Outstanding Balance Outstanding Balance BlueOrchard facility $ — $ 9,000,000 DEG facility — 9,000,000 Less: Unamortized debt issuance costs — (1,014,909 ) Total notes payable $ — $ 16,985,091 |
Note 8 - Unit Capital (Tables)
Note 8 - Unit Capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Capital Units [Table Text Block] | Units Units Issued Units Outstanding under Distribution Units Units Outstanding as of Reinvestment Plan Exchanged Repurchased as of December 31, During During During September 30, 2022 the Period the Period the Period 2023 Class A units 18,233,751 71,911 — (1,738 ) 18,303,924 Class C units 7,831,059 38,809 (90,353 ) (12,781 ) 7,766,734 Class I units 10,443,595 44,734 90,353 (2,403 ) 10,576,279 Class W units 24,555 — — — 24,555 Class Y units 2,682,275 740 — — 2,683,015 Class Z units 8,423,851 — — — 8,423,851 Total 47,639,086 156,194 — (16,922 ) 47,778,358 Units Units Issued Units Outstanding Units Issued under Distribution Units Units Outstanding as of under Private Placement Reinvestment Plan Exchanged Repurchased as of December 31, During During During During September 30, 2021 the Period the Period the Period the Period 2022 Class A units 18,128,699 — 346,166 — (272,050 ) 18,202,815 Class C units 7,827,952 — 183,985 (21,991 ) (139,335 ) 7,850,611 Class I units 10,517,764 — 207,472 21,991 (292,249 ) 10,454,978 Class W units 24,555 — — — - 24,555 Class Y units 2,696,506 41,163 3,162 — (44,355 ) 2,696,476 Class Z units 8,423,851 — — — - 8,423,851 Total 47,619,327 41,163 740,785 — (747,989 ) 47,653,286 |
Note 9 - Distributions (Tables)
Note 9 - Distributions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution [Table Text Block] | Daily Rate Cash Distributions Total Month ended Date Authorized Per Unit Distributions Reinvested Declared January 31, 2023 November 11, 2022 $ 0.00131143 $ 1,374,744 $ 558,839 $ 1,933,583 February 28, 2023 November 11, 2022 $ 0.00131143 1,240,987 504,366 1,745,353 March 31, 2023 November 11, 2022 $ 0.00131143 1,928,567 — 1,928,567 April 30, 2023 August 21, 2023 $ 0.00115953 1,660,142 — 1,660,142 Total for 2023 $ 6,204,440 $ 1,063,205 $ 7,267,645 Daily Rate Cash Distributions Total Month ended Date Authorized Per Unit Distributions Reinvested Declared January 31, 2022 November 12, 2021 $ 0.00139060 $ 1,431,971 $ 616,109 $ 2,048,080 February 28, 2022 November 12, 2021 $ 0.00139060 1,298,531 554,580 1,853,111 March 31, 2022 February 17, 2022 $ 0.00139060 1,442,429 612,752 2,055,181 April 30, 2022 March 29, 2022 $ 0.00136605 1,380,602 566,059 1,946,661 May 31, 2022 March 29, 2022 $ 0.00136605 1,419,163 595,824 2,014,987 June 30, 2022 May 11, 2022 $ 0.00135186 1,364,770 569,848 1,934,618 July 31, 2022 May 11, 2022 $ 0.00135186 1,404,321 586,611 1,990,932 August 31, 2022 May 11, 2022 $ 0.00135186 1,407,220 587,655 1,994,875 September 30, 2022 August 12, 2022 $ 0.00135186 1,339,120 554,062 1,893,182 Total for 2022 $ 12,488,127 $ 5,243,500 $ 17,731,627 |
Note 10 - Financial Highlights
Note 10 - Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Investment Company, Financial Highlights [Table Text Block] | Nine Months Ended September 30, September 30, 2023 2022 Per unit data (1): Net asset value at beginning of period $ 5.92 $ 7.10 Net investment income 0.16 0.32 Net change in unrealized appreciation (depreciation) on investments 0.06 (0.23 ) Net realized loss on investments (0.23 ) — Foreign exchange gain 0.00 — Net increase in net assets resulting from operations (0.01 ) 0.09 Distributions (0.16 ) (0.37 ) Net change in accrued distribution and other fees 0.00 — Net decrease in net assets (0.17 ) (0.28 ) Net asset value at end of period (2) $ 5.75 $ 6.82 Total return based on net asset value (3) (0.22 )% 1.23 % Net assets at end of period $ 274,595,111 $ 325,432,459 Units Outstanding at end of period 47,778,358 47,653,286 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 3.55 % 6.06 % Ratio of total expenses to average net assets 5.74 % 4.67 % |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Details Textual) - Warrant [Member] - MEXICO - Blue Arrow Biojet Holdings, LLC [Member] - Refuse Systems [Member] - Waste to Fuels Processor [Member] - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Interest Rate | 7.43% | 2% |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Schedule of Inve_4
Consolidated Schedule of Investments - Investments (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | ||||
Amortized cost | $ 326,850,308 | $ 350,118,576 | |||
Fair value | 252,960,425 | 273,616,782 | |||
Sugarcane and Sugar Beets [Member] | |||||
Fair value | 653,081 | 339,258 | |||
Corrugated and Solid Fiber Boxes [Member] | |||||
Fair value | 4,216,022 | 9,795,061 | |||
Coal and Other Minerals and Ores [Member] | |||||
Fair value | 34,631,448 | 34,263,217 | |||
Chocolate and Cocoa Products [Member] | |||||
Fair value | 29,476,313 | 29,476,312 | |||
Chemicals and Allied Products [Member] | |||||
Fair value | 8,233,952 | 11,846,182 | |||
Refuse Systems [Member] | |||||
Fair value | 45,629,042 | 40,046,513 | |||
Short-Term Business Credit [Member] | |||||
Fair value | 2,368,289 | 2,368,290 | |||
Computer Related Services, NEC [Member] | |||||
Fair value | 20,170,370 | 19,197,073 | |||
Boatbuilding and Repairing [Member] | |||||
Fair value | 7,859,746 | 7,185,803 | |||
Hotels and Motels [Member] | |||||
Fair value | 15,116,538 | 17,834,541 | |||
Personal Credit Institutions [Member] | |||||
Fair value | 6,339,232 | 5,016,027 | |||
Petroleum and Petroleum Products [Member] | |||||
Fair value | 0 | 3,289,660 | |||
Telephone Communications [Member] | |||||
Fair value | 2,925,000 | 13,750,000 | |||
Freight Transportation Arrangement [Member] | |||||
Fair value | 3,784,284 | 4,926,482 | |||
Land Subdividers and Developers [Member] | |||||
Fair value | 10,963,151 | 11,754,052 | |||
Motor Vehicle Parts and Accessories [Member] | |||||
Fair value | 10,697,318 | 9,779,546 | |||
Towing And Tugboat Service [Member] | |||||
Fair value | 4,275,187 | 6,984,020 | |||
Retail Bakeries [Member] | |||||
Fair value | 6,618,564 | 6,279,305 | |||
Corn [Member] | |||||
Fair value | 12,144,203 | 11,325,748 | |||
Soybeans [Member] | |||||
Fair value | 5,059,286 | 5,239,479 | |||
Dairy Farms [Member] | |||||
Fair value | 4,289,181 | 4,180,102 | |||
Frozen Fish and Seafood [Member] | |||||
Fair value | 3,653,637 | 256,741 | |||
Farm Products [Member] | |||||
Fair value | 1,389,409 | 1,484,583 | |||
Telephone and Telegraph Apparatus [Member] | |||||
Fair value | 0 | 424,976 | |||
Drugs, Proprietaries, and Sundries [Member] | |||||
Fair value | 648,430 | 648,430 | |||
Electric Services [Member] | |||||
Fair value | 970,394 | 970,393 | |||
Cotton Ginning [Member] | |||||
Fair value | 1,792,698 | 2,857,650 | |||
Beef Cattle, Except Feedlots [Member] | |||||
Fair value | 2,955,774 | 5,297,921 | |||
BRAZIL | |||||
Fair value | 28,683,197 | 26,722,134 | |||
ECUADOR | |||||
Fair value | 7,869,659 | 10,051,802 | |||
HONG KONG | |||||
Fair value | 15,302,209 | 16,083,661 | |||
INDONESIA | |||||
Fair value | 15,000,000 | 15,000,000 | |||
MALAYSIA | |||||
Fair value | 8,233,952 | 11,846,182 | |||
MEXICO | |||||
Fair value | 47,640,117 | 41,842,987 | |||
SINGAPORE | |||||
Fair value | 19,329,239 | 18,604,532 | |||
BOTSWANA | |||||
Fair value | 2,368,289 | 2,368,290 | |||
CABO VERDE | |||||
Fair value | 15,116,538 | 17,834,541 | |||
COLOMBIA | |||||
Fair value | 4,328,157 | 3,219,553 | |||
GHANA | |||||
Fair value | 0 | 3,289,660 | |||
JERSEY | |||||
Fair value | 2,925,000 | 13,750,000 | |||
KENYA | |||||
Fair value | 3,784,284 | 4,926,482 | |||
NAMIBIA | |||||
Fair value | 10,963,151 | 11,754,052 | |||
NETHERLANDS | |||||
Fair value | 10,697,318 | 9,779,546 | |||
NIGERIA | |||||
Fair value | 5,539,762 | 8,468,603 | |||
ROMANIA | |||||
Fair value | 6,618,564 | 6,279,305 | |||
UGANDA | |||||
Fair value | 12,144,203 | 11,325,748 | |||
ARGENTINA | |||||
Fair value | [1] | 14,096,939 | 17,575,152 | ||
CAMEROON | |||||
Fair value | 14,476,313 | 14,476,312 | |||
PERU | |||||
Fair value | 3,500,201 | 3,502,265 | |||
UNITED ARAB EMIRATES | |||||
Fair value | 648,430 | 648,430 | |||
CHILE | |||||
Fair value | 970,394 | 970,393 | |||
MOROCCO | |||||
Fair value | 56,219 | 628,862 | |||
Senior Secured Term Loan [Member] | |||||
Amortized cost | [2] | 126,839,241 | 120,960,585 | ||
Fair value | [2] | $ 107,054,141 | $ 105,084,728 | ||
Percent of net assets | [2] | 38.80% | 37.30% | ||
Senior Secured Term Loan [Member] | BRAZIL | Usivale Industria E Commercio Ltda [Member] | Sugar Producer [Member] | Sugarcane and Sugar Beets [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Dec. 15, 2026 | [5] | Dec. 15, 2026 | [6] |
Principal amount | [2],[4] | $ 800,030 | [5] | $ 545,673 | [6] |
Amortized cost | [2],[4] | 800,030 | [5] | 545,673 | [6] |
Fair value | [2],[4] | $ 653,081 | [5] | $ 339,258 | [6] |
Percent of net assets | [2],[4] | 0.20% | [5] | 0.10% | [6] |
Senior Secured Term Loan [Member] | ECUADOR | Grupo Surpapel [Member] | Sustainable Packaging Manufacturer [Member] | Corrugated and Solid Fiber Boxes [Member] | |||||
Fees | [2],[3] | 0% | 0% | [8] | |
Maturity | [2],[7] | Jun. 18, 2025 | Jun. 18, 2025 | [8] | |
Principal amount | [2] | $ 4,216,022 | $ 9,795,061 | [8] | |
Amortized cost | [2] | 4,216,022 | 9,795,061 | [8] | |
Fair value | [2] | $ 4,216,022 | $ 9,795,061 | [8] | |
Percent of net assets | [2] | 1.50% | 3.50% | [8] | |
Interest, cash | [2] | 12.88% | 12.28% | [8] | |
Interest, PIK | [2] | 2.20% | 2.20% | [8] | |
Participation percentage | [2],[9] | 14% | 14% | [8] | |
Senior Secured Term Loan [Member] | HONG KONG | Limas Commodities House Limited [Member] | Resource Trader [Member] | Coal and Other Minerals and Ores [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jun. 30, 2023 | [5] | Jun. 30, 2023 | [6] |
Principal amount | [2],[4] | $ 22,219,566 | [5] | $ 22,219,565 | [6] |
Amortized cost | [2],[4] | 22,219,566 | [5] | 22,219,565 | [6] |
Fair value | [2],[4] | $ 15,302,209 | [5] | $ 15,658,685 | [6] |
Percent of net assets | [2],[4] | 5.60% | [5] | 5.60% | [6] |
Interest, PIK | [2],[4] | 11.50% | [5] | 11.50% | [6] |
Participation percentage | [2],[4],[9] | 100% | [5] | 100% | [6] |
Senior Secured Term Loan [Member] | INDONESIA | PT Citra Labuantirta [Member] | Cocoa Processor [Member] | Chocolate and Cocoa Products [Member] | |||||
Fees | [2],[3] | 2% | 2% | ||
Maturity | [2],[7] | Mar. 04, 2024 | Mar. 04, 2024 | ||
Principal amount | [2] | $ 10,000,000 | $ 10,000,000 | ||
Amortized cost | [2] | 10,000,000 | 10,000,000 | ||
Fair value | [2] | $ 10,000,000 | $ 10,000,000 | ||
Percent of net assets | [2] | 3.60% | 3.50% | ||
Participation percentage | [2],[9] | 33% | 33% | ||
Investment Interest Rate | [2] | 13% | 13% | ||
Senior Secured Term Loan [Member] | MALAYSIA | Vikudha Malaysia Sdn Bhd [Member] | Wholesale Distributor [Member] | Chemicals and Allied Products [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jun. 30, 2023 | [5] | Jun. 30, 2023 | [6] |
Principal amount | [2],[4] | $ 18,484,704 | [5] | $ 18,484,703 | [6] |
Amortized cost | [2],[4] | 18,484,704 | [5] | 18,484,703 | [6] |
Fair value | [2],[4] | $ 8,233,952 | [5] | $ 11,846,182 | [6] |
Percent of net assets | [2],[4] | 3% | [5] | 4.20% | [6] |
Participation percentage | [2],[4],[9] | 67% | [5] | 67% | [6] |
Investment Interest Rate | [2],[4] | 12% | [5] | 12% | [6] |
Senior Secured Term Loan [Member] | MEXICO | Blue Arrow Biojet Holdings, LLC [Member] | Waste to Fuels Processor [Member] | Refuse Systems [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Jul. 27, 2023 | Jul. 27, 2023 | ||
Principal amount | [2] | $ 44,319,638 | $ 38,841,010 | ||
Amortized cost | [2] | 44,319,638 | 38,841,010 | ||
Fair value | [2] | $ 44,319,638 | $ 38,841,010 | ||
Percent of net assets | [2] | 16.10% | 13.80% | ||
Interest, PIK | [2] | 15.50% | 15.50% | ||
Participation percentage | [2],[9] | 58% | 58% | ||
Senior Secured Term Loan [Member] | SINGAPORE | Triton Metallics Pte. Ltd. [Member] | Non-Ferrous Metal Trader [Member] | Coal and Other Minerals and Ores [Member] | |||||
Fees | [2],[3] | 0% | [5] | 0% | [6] |
Maturity | [2],[7] | Aug. 18, 2025 | [5] | Aug. 18, 2025 | [6] |
Principal amount | [2] | $ 21,799,281 | [5] | $ 21,074,573 | [6] |
Amortized cost | [2] | 21,799,281 | [5] | 21,074,573 | [6] |
Fair value | [2] | $ 19,329,239 | [5] | $ 18,604,532 | [6] |
Percent of net assets | [2] | 7% | [5] | 6.60% | [6] |
Interest, PIK | [2] | 13.50% | [5] | 13.50% | [6] |
Participation percentage | [2],[9] | 100% | [5] | 100% | [6] |
Senior Secured Term Loan [Member] | COLOMBIA | Kredit Plus S.A.S. [Member] | Consumer Lender II [Member] | Personal Credit Institutions [Member] | |||||
Fees | [2],[3] | 0% | |||
Maturity | [2],[7] | Dec. 24, 2026 | |||
Principal amount | [2] | $ 3,219,553 | |||
Amortized cost | [2] | 3,219,553 | |||
Fair value | [2] | $ 3,219,553 | |||
Percent of net assets | [2] | 1.10% | |||
Participation percentage | [2],[9] | 40% | |||
Investment Interest Rate | [2] | 11.90% | |||
Senior Secured Term Loan 2 [Member] | INDONESIA | PT Citra Labuantirta [Member] | Cocoa Processor [Member] | Chocolate and Cocoa Products [Member] | |||||
Fees | [2],[3] | 2% | |||
Maturity | [2],[7] | Aug. 31, 2023 | |||
Principal amount | [2] | $ 5,000,000 | |||
Amortized cost | [2] | 5,000,000 | |||
Fair value | [2] | $ 5,000,000 | |||
Percent of net assets | [2] | 1.80% | |||
Participation percentage | [2],[9] | 17% | |||
Investment Interest Rate | [2] | 11% | |||
Senior Secured Term Loan Participations [Member] | |||||
Amortized cost | [2] | $ 135,179,625 | $ 150,966,964 | ||
Fair value | [2] | $ 103,261,882 | $ 119,690,547 | ||
Percent of net assets | [2] | 37.70% | 42.30% | ||
Senior Secured Term Loan Participations [Member] | BRAZIL | Qintess Tecnologia e Participacoes Ltda [Member] | IT Service Provider [Member] | Computer Related Services, NEC [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Aug. 11, 2026 | Nov. 23, 2023 | ||
Principal amount | [2] | $ 20,056,485 | $ 19,082,939 | ||
Amortized cost | [2] | 20,170,370 | 19,197,072 | ||
Fair value | [2] | $ 20,170,370 | $ 19,197,073 | ||
Percent of net assets | [2] | 7.30% | 6.80% | ||
Interest, cash | [2] | 10.75% | |||
Interest, PIK | [2] | 3.25% | |||
Participation percentage | [2],[9] | 55% | 27% | ||
Investment Interest Rate | [2] | 12% | |||
Senior Secured Term Loan Participations [Member] | BRAZIL | Dock Brasil Engenharia E Servicos S.A. [Member] | Ship Maintenance & Repair Service Provider [Member] | Boatbuilding and Repairing [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Dec. 07, 2023 | Dec. 07, 2023 | ||
Principal amount | [2] | $ 7,859,746 | $ 7,185,803 | ||
Amortized cost | [2] | 7,859,746 | 7,185,803 | ||
Fair value | [2] | $ 7,859,746 | $ 7,185,803 | ||
Percent of net assets | [2] | 2.90% | 2.50% | ||
Interest, cash | [2] | 8% | 8% | ||
Interest, PIK | [2] | 12% | 10% | ||
Participation percentage | [2],[9] | 42% | 42% | ||
Senior Secured Term Loan Participations [Member] | MEXICO | HINV, S.A. DE C.V. [Member] | Consumer Lender III [Member] | Personal Credit Institutions [Member] | |||||
Fees | [2],[3] | 0% | |||
Maturity | [2],[7] | Jan. 24, 2027 | |||
Principal amount | [2] | $ 2,011,075 | |||
Amortized cost | [2] | 2,011,075 | |||
Fair value | [2] | $ 2,011,075 | |||
Percent of net assets | [2] | 0.70% | |||
Participation percentage | [2],[9] | 18% | |||
Investment Interest Rate | [2] | 11.95% | |||
Senior Secured Term Loan Participations [Member] | BOTSWANA | Ecsponent Holdings Limited [Member] | SME Financier [Member] | Short-Term Business Credit [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Aug. 18, 2023 | [5] | Aug. 18, 2023 | [6] |
Principal amount | [2],[4] | $ 5,601,000 | [5] | $ 5,601,000 | [6] |
Amortized cost | [2],[4] | 5,601,000 | [5] | 5,601,000 | [6] |
Fair value | [2],[4] | $ 2,368,289 | [5] | $ 2,368,290 | [6] |
Percent of net assets | [2],[4] | 0.90% | [5] | 0.80% | [6] |
Participation percentage | [2],[4],[9] | 47% | [5] | 47% | [6] |
Investment Interest Rate | [2],[4] | 15.47% | [5] | 15.46% | [6] |
Senior Secured Term Loan Participations [Member] | CABO VERDE | TRG Cape Verde Holdings Ltd [Member] | Hospitality Service Provider [Member] | Hotels and Motels [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Dec. 31, 2024 | Dec. 31, 2024 | ||
Principal amount | [2] | $ 15,429,559 | $ 18,147,562 | ||
Amortized cost | [2] | 15,429,559 | 18,147,562 | ||
Fair value | [2] | $ 15,116,538 | $ 17,834,541 | ||
Percent of net assets | [2] | 5.50% | 6.30% | ||
Interest, cash | [2] | 10% | 10% | ||
Interest, PIK | [2] | 3.50% | 3.50% | ||
Participation percentage | [2],[9] | 30% | 30% | ||
Senior Secured Term Loan Participations [Member] | COLOMBIA | Kredit Plus S.A.S. [Member] | Consumer Lender II [Member] | Personal Credit Institutions [Member] | |||||
Fees | [2],[3] | 0% | |||
Maturity | [2],[7] | Dec. 24, 2026 | |||
Principal amount | [2] | $ 4,328,157 | |||
Amortized cost | [2] | 4,328,157 | |||
Fair value | [2] | $ 4,328,157 | |||
Percent of net assets | [2] | 1.60% | |||
Participation percentage | [2],[9] | 40% | |||
Investment Interest Rate | [2] | 11.90% | |||
Senior Secured Term Loan Participations [Member] | GHANA | Quantum Group Ltd [Member] | Tank Farm Operator [Member] | Petroleum and Petroleum Products [Member] | |||||
Fees | [2],[3] | 0% | |||
Maturity | [2],[7],[10] | Feb. 10, 2023 | |||
Principal amount | [2],[10] | $ 3,289,660 | |||
Amortized cost | [2],[10] | 3,289,660 | |||
Fair value | [2],[10] | $ 3,289,660 | |||
Percent of net assets | [2],[10] | 1.20% | |||
Participation percentage | [2],[9],[10] | 76% | |||
Investment Interest Rate | [2],[10] | 12% | |||
Senior Secured Term Loan Participations [Member] | JERSEY | Africell Holding Limited [Member] | Mobile Network Operator [Member] | Telephone Communications [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Sep. 30, 2026 | Sep. 30, 2026 | ||
Principal amount | [2] | $ 2,925,000 | $ 13,750,000 | ||
Amortized cost | [2] | 2,925,000 | 13,750,000 | ||
Fair value | [2] | $ 2,925,000 | $ 13,750,000 | ||
Percent of net assets | [2] | 1.10% | 4.90% | ||
Participation percentage | [2],[9] | 13% | 13% | ||
Investment Interest Rate | [2] | 17.74% | 14.42% | ||
Senior Secured Term Loan Participations [Member] | KENYA | Multiple ICD (Kenya) Limited [Member] | Freight and Cargo Transporter [Member] | Freight Transportation Arrangement [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Mar. 31, 2023 | [5] | Mar. 31, 2023 | [6] |
Principal amount | [2],[4] | $ 15,063,954 | [5] | $ 15,090,682 | [6] |
Amortized cost | [2],[4] | 15,063,954 | [5] | 15,090,682 | [6] |
Fair value | [2],[4] | $ 3,784,284 | [5] | $ 4,926,482 | [6] |
Percent of net assets | [2],[4] | 1.40% | [5] | 1.70% | [6] |
Interest, cash | [2],[4] | 13.17% | [5] | 12.27% | [6] |
Interest, PIK | [2],[4] | 4% | [5] | 4% | [6] |
Participation percentage | [2],[4],[9] | 60% | [5] | 60% | [6] |
Senior Secured Term Loan Participations [Member] | NAMIBIA | Trustco Group Holdings Ltd [Member] | Property Developer [Member] | Land Subdividers and Developers [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Aug. 15, 2021 | [5] | Aug. 15, 2021 | [6] |
Principal amount | [2],[4] | $ 18,717,631 | [5] | $ 18,717,631 | [6] |
Amortized cost | [2],[4] | 18,717,631 | [5] | 18,717,631 | [6] |
Fair value | [2],[4] | $ 10,963,151 | [5] | $ 11,754,052 | [6] |
Percent of net assets | [2],[4] | 4% | [5] | 4.20% | [6] |
Interest, cash | [2],[4] | 8.50% | [5] | 8.50% | [6] |
Interest, PIK | [2],[4] | 4% | [5] | 4% | [6] |
Participation percentage | [2],[4],[9] | 100% | [5] | 100% | [6] |
Senior Secured Term Loan Participations [Member] | NETHERLANDS | Cevher International B.V. Netherlands [Member] | Wheel Manufacturer [Member] | Motor Vehicle Parts and Accessories [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | Feb. 07, 2024 | Feb. 07, 2024 | ||
Principal amount | [2] | $ 8,275,000 | $ 8,275,000 | ||
Amortized cost | [2] | 10,697,318 | 9,779,546 | ||
Fair value | [2] | $ 10,697,318 | $ 9,779,546 | ||
Percent of net assets | [2] | 3.90% | 3.50% | ||
Participation percentage | [2],[9] | 44% | 44% | ||
Investment Interest Rate | [2] | 8% | 8% | ||
Senior Secured Term Loan Participations [Member] | NIGERIA | Helios Maritime I Ltd [Member] | Marine Logistics Provider [Member] | Towing And Tugboat Service [Member] | |||||
Fees | [2],[3] | 0% | [5] | 0% | [6] |
Maturity | [2],[7] | Nov. 30, 2024 | [5] | Nov. 30, 2021 | [6] |
Principal amount | [2] | $ 12,011,272 | [5] | $ 16,243,585 | [6] |
Amortized cost | [2] | 12,011,272 | [5] | 16,243,584 | [6] |
Fair value | [2] | $ 4,275,187 | [5] | $ 6,984,020 | [6] |
Percent of net assets | [2] | 1.60% | [5] | 2.50% | [6] |
Participation percentage | [2],[9] | 100% | [5] | 100% | [6] |
Investment Interest Rate | [2] | 3% | [5] | 3% | [6] |
Senior Secured Term Loan Participations [Member] | ROMANIA | Lidas SRL [Member] | Frozen Bakery Products Manufacturer [Member] | Retail Bakeries [Member] | |||||
Fees | [2],[3] | 0% | 0% | ||
Maturity | [2],[7] | May 20, 2024 | May 20, 2024 | ||
Principal amount | [2] | $ 6,526,630 | $ 6,187,371 | ||
Amortized cost | [2] | 6,618,564 | 6,279,305 | ||
Fair value | [2] | $ 6,618,564 | $ 6,279,305 | ||
Percent of net assets | [2] | 2.40% | 2.20% | ||
Interest, cash | [2] | 7% | 7% | ||
Interest, PIK | [2] | 7% | 7% | ||
Participation percentage | [2],[9] | 41% | 41% | ||
Senior Secured Term Loan Participations [Member] | UGANDA | Agilis Partners Holding LLC [Member] | Grain Processor G [Member] | Corn [Member] | |||||
Fees | [2],[3] | 0% | [5] | 0% | [6] |
Maturity | [2],[7] | Jul. 08, 2024 | [5] | Jul. 08, 2024 | [6] |
Principal amount | [2] | $ 644,238 | [5] | $ 568,179 | [6] |
Amortized cost | [2] | 644,238 | [5] | 568,179 | [6] |
Fair value | [2] | $ 278,245 | [5] | $ 568,179 | [6] |
Percent of net assets | [2] | 0.10% | [5] | 0.20% | [6] |
Interest, PIK | [2] | 12.80% | [5] | 12.80% | [6] |
Participation percentage | [2],[9] | 49% | [5] | 49% | [6] |
Senior Secured Term Loan Participations [Member] | UGANDA | Agilis Partners [Member] | Grain Processor F [Member] | Corn [Member] | |||||
Fees | [2],[3] | 0% | [5] | 0% | [6] |
Maturity | [2],[7] | Jun. 30, 2025 | [5] | Jun. 30, 2025 | [6] |
Principal amount | [2] | $ 13,101,741 | [5] | $ 12,100,913 | [6] |
Amortized cost | [2] | 13,101,741 | [5] | 12,100,913 | [6] |
Fair value | [2] | $ 11,865,958 | [5] | $ 10,757,569 | [6] |
Percent of net assets | [2] | 4.30% | [5] | 3.80% | [6] |
Interest, cash | [2] | 3.50% | [5] | 3.50% | [6] |
Interest, PIK | [2] | 8% | [5] | 8% | [6] |
Participation percentage | [2],[9] | 56% | [5] | 56% | [6] |
Warrant [Member] | |||||
Amortized cost | $ 0 | $ 0 | |||
Fair value | 1,309,404 | 1,205,503 | |||
Warrant [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Waste to Fuels Processor [Member] | Refuse Systems [Member] | |||||
Amortized cost | 0 | [11] | 0 | [12] | |
Fair value | $ 1,309,404 | [11] | $ 1,205,503 | [2],[12] | |
Percent of net assets | 0.50% | [11] | 0.40% | [2],[12] | |
Warrant [Member] | MEXICO | Blue Arrow Biojet Holdings, LLC [Member] | Waste to Fuels Processor [Member] | Refuse Systems [Member] | |||||
Investment Interest Rate | 7.43% | 2% | |||
Warrant [Member] | MEXICO | HINV, S.A. DE C.V. [Member] | Consumer Lender III [Member] | Personal Credit Institutions [Member] | |||||
Fees | [2],[3],[13] | 0% | |||
Maturity | [2],[7],[13] | Jan. 24, 2027 | |||
Principal amount | [2],[13] | $ 1,796,474 | |||
Amortized cost | [2],[13] | 1,796,474 | |||
Fair value | [2],[13] | $ 1,796,474 | |||
Percent of net assets | [2],[13] | 0.60% | |||
Participation percentage | [2],[9],[13] | 18% | |||
Investment Interest Rate | [2],[13] | 11.95% | |||
Senior Secured Trade Finance Participations [Member] | |||||
Amortized cost | [2] | $ 41,005,586 | $ 50,799,542 | ||
Fair value | [2] | $ 29,516,256 | $ 31,710,623 | ||
Percent of net assets | [2] | 10.70% | 11.30% | ||
Senior Secured Trade Finance Participations [Member] | ECUADOR | Pacfish S.A. [Member] | Seafood Processing Company III [Member] | Frozen Fish and Seafood [Member] | |||||
Fees | [2],[3] | 0% | 2.10% | [13] | |
Maturity | [2],[7] | Jul. 01, 2023 | Feb. 22, 2023 | [13] | |
Principal amount | [2] | $ 4,424,931 | $ 256,741 | [13] | |
Amortized cost | [2] | 4,424,931 | 256,741 | [13] | |
Fair value | [2] | $ 3,653,637 | $ 256,741 | [13] | |
Percent of net assets | [2] | 1.30% | 0.10% | [13] | |
Participation percentage | [2],[9] | 100% | 100% | [13] | |
Investment Interest Rate | [2] | 11.75% | 12.14% | [13] | |
Senior Secured Trade Finance Participations [Member] | HONG KONG | Conplex International Ltd. [Member] | Mobile Phone Distributor [Member] | Telephone and Telegraph Apparatus [Member] | |||||
Fees | [2],[3],[4],[6] | 0% | |||
Maturity | [2],[4],[6],[7] | May 31, 2020 | |||
Principal amount | [2],[4],[6] | $ 9,072,469 | |||
Amortized cost | [2],[4],[6] | 9,072,469 | |||
Fair value | [2],[4],[6] | $ 424,976 | |||
Percent of net assets | [2],[4],[6] | 0.20% | |||
Participation percentage | [2],[4],[6],[9] | 26% | |||
Investment Interest Rate | [2],[4],[6] | 10% | |||
Senior Secured Trade Finance Participations [Member] | INDONESIA | PT Citra Labuantirta [Member] | Cocoa Processor [Member] | Chocolate and Cocoa Products [Member] | |||||
Fees | [2],[3],[14] | 0% | |||
Maturity | [2],[7],[14] | May 26, 2023 | |||
Principal amount | [2],[14] | $ 5,000,000 | |||
Amortized cost | [2],[14] | 5,000,000 | |||
Fair value | [2],[14] | $ 5,000,000 | |||
Percent of net assets | [2],[14] | 1.80% | |||
Participation percentage | [2],[9],[14] | 17% | |||
Investment Interest Rate | [2],[14] | 11% | |||
Senior Secured Trade Finance Participations [Member] | NIGERIA | Courtyard Farms Limited [Member] | Cocoa Trader III [Member] | Farm Products [Member] | |||||
Fees | [2],[3] | 0% | 0% | [15] | |
Maturity | [2],[7] | Sep. 30, 2023 | Mar. 31, 2023 | [15] | |
Principal amount | [2] | $ 649,590 | $ 664,101 | [15] | |
Amortized cost | [2] | 649,590 | 664,101 | [15] | |
Fair value | [2] | $ 553,709 | $ 664,101 | [15] | |
Percent of net assets | [2] | 0.20% | 0.20% | [15] | |
Participation percentage | [2],[9] | 11% | 11% | [15] | |
Investment Interest Rate | [2] | 8.50% | 8.50% | [15] | |
Senior Secured Trade Finance Participations [Member] | NIGERIA | Alfa Systems and Commodity Company Limited [Member] | Cocoa Trader II [Member] | Farm Products [Member] | |||||
Fees | [2],[3] | 0% | 0% | [15] | |
Maturity | [2],[7] | Sep. 30, 2023 | Mar. 31, 2023 | [15] | |
Principal amount | [2] | $ 820,482 | $ 820,482 | [15] | |
Amortized cost | [2] | 820,482 | 820,482 | [15] | |
Fair value | [2] | $ 710,866 | $ 820,482 | [15] | |
Percent of net assets | [2] | 0.30% | 0.30% | [15] | |
Participation percentage | [2],[9] | 13% | 13% | [15] | |
Investment Interest Rate | [2] | 8.50% | 8.50% | [15] | |
Senior Secured Trade Finance Participations [Member] | ARGENTINA | Compania Argentina de Granos (CAGSA) [Member] | Agriculture Distributor [Member] | Soybeans [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jun. 30, 2018 | [5] | Jun. 30, 2018 | [6] |
Principal amount | [2],[4] | $ 12,500,000 | [5] | $ 12,500,000 | [6] |
Amortized cost | [2],[4] | 12,500,000 | [5] | 12,500,000 | [6] |
Fair value | [2],[4] | $ 5,059,286 | [5] | $ 5,239,479 | [6] |
Percent of net assets | [2],[4] | 1.80% | [5] | 1.90% | [6] |
Participation percentage | [2],[9] | 83% | 83% | [4],[6] | |
Investment Interest Rate | [2],[4] | 10.45% | [5] | 10.45% | [6] |
Senior Secured Trade Finance Participations [Member] | ARGENTINA | Sancor Cooperativas Unidas Limitada [Member] | Dairy Co-Operative [Member] | Dairy Farms [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jul. 29, 2019 | [5] | Jul. 29, 2019 | [6] |
Principal amount | [2],[4] | $ 5,802,296 | [5] | $ 5,802,296 | [6] |
Amortized cost | [2],[4] | 5,802,296 | [5] | 5,802,296 | [6] |
Fair value | [2],[4] | $ 4,289,181 | [5] | $ 4,180,102 | [6] |
Percent of net assets | [2],[4] | 1.60% | [5] | 1.50% | [6] |
Participation percentage | [2],[4],[9] | 100% | [5] | 100% | [6] |
Investment Interest Rate | [2],[4] | 10.67% | [5] | 10.67% | [6] |
Senior Secured Trade Finance Participations [Member] | CAMEROON | Producam SA [Member] | Cocoa & Coffee Exporter [Member] | Chocolate and Cocoa Products [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jun. 30, 2023 | [5] | Jun. 30, 2023 | [6] |
Principal amount | [2],[4] | $ 16,035,023 | [5] | $ 16,035,023 | [6] |
Amortized cost | [2],[4] | 16,035,023 | [5] | 16,035,023 | [6] |
Fair value | [2],[4] | $ 14,476,313 | [5] | $ 14,476,312 | [6] |
Percent of net assets | [2],[4] | 5.30% | [5] | 5.10% | [6] |
Interest, PIK | [2],[4] | 6% | [5] | 9.50% | [6] |
Participation percentage | [2],[4],[9] | 53% | [5] | 53% | [6] |
Investment Interest Rate | [2],[4] | 9.50% | [5] | 6% | [6] |
Senior Secured Trade Finance Participations [Member] | PERU | Cooperativa de Servicios Multiples Centrocafe [Member] | Coffee Exporter [Member] | Farm Products [Member] | |||||
Fees | [2],[3],[16] | 0% | |||
Maturity | [2],[7],[16] | Mar. 10, 2023 | |||
Principal amount | [2],[16] | $ 124,834 | |||
Amortized cost | [2],[16] | 124,834 | |||
Fair value | [2],[16] | $ 124,834 | |||
Percent of net assets | [2],[16] | 0% | |||
Participation percentage | [2],[9],[16] | 100% | |||
Investment Interest Rate | [2],[16] | 13.45% | |||
Senior Secured Trade Finance Participations [Member] | UNITED ARAB EMIRATES | Global Pharma Intelligence Sarl [Member] | Pharmaceuticals Distributor [Member] | Drugs, Proprietaries, and Sundries [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[7] | Jun. 30, 2018 | [5] | Jun. 30, 2018 | [6] |
Principal amount | [2],[4] | $ 648,430 | [5] | $ 648,430 | [6] |
Amortized cost | [2],[4] | 648,430 | [5] | 648,430 | [6] |
Fair value | [2],[4] | $ 648,430 | [5] | $ 648,430 | [6] |
Percent of net assets | [2],[4] | 0.20% | [5] | 0.20% | [6] |
Participation percentage | [2],[4],[9] | 15% | [5] | 15% | [6] |
Investment Interest Rate | [2],[4] | 14.60% | [5] | 14.60% | [6] |
Other Investment Companies [Member] | |||||
Amortized cost | [2] | $ 23,825,856 | $ 27,391,485 | ||
Fair value | [2] | $ 11,818,742 | $ 15,925,381 | ||
Percent of net assets | [2] | 4.40% | 5.50% | ||
Other Investment Companies [Member] | IIG Trade Opportunities Fund BV [Member] | Claim in Bankruptcy [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Principal amount | [2],[4] | $ 6,000,000 | [5] | $ 6,000,000 | [6] |
Amortized cost | [2],[4] | 6,000,000 | [5] | 6,000,000 | [6] |
Fair value | [2],[4] | $ 2,668,290 | [5] | $ 2,668,290 | [6] |
Percent of net assets | [2],[4] | 1% | [5] | 0.90% | [6] |
Other Investment Companies [Member] | ARGENTINA | Algodonera Avellaneda S.A. [Member] | Claim in Bankruptcy [Member] | Cotton Ginning [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Principal amount | [2],[4] | $ 4,935,048 | [5] | $ 6,000,000 | [6] |
Amortized cost | [2],[4] | 4,935,048 | [5] | 6,000,000 | [6] |
Fair value | [2],[4] | $ 1,792,698 | [5] | $ 2,857,650 | [6] |
Percent of net assets | [2],[4] | 0.70% | [5] | 1% | [6] |
Other Investment Companies [Member] | ARGENTINA | Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (FRIAR) [Member] | Claim in Bankruptcy [Member] | Beef Cattle, Except Feedlots [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Principal amount | $ 6,499,323 | [2],[4],[5] | $ 9,000,000 | ||
Amortized cost | [2],[4] | 6,499,323 | [5] | 9,000,000 | [6] |
Fair value | [2],[4] | $ 2,955,774 | [5] | $ 5,297,921 | [6] |
Percent of net assets | [2],[4] | 1.10% | [5] | 1.90% | [6] |
Other Investment Companies [Member] | PERU | TriLinc Peru S.A.C. [Member] | Real Estate Property [Member] | |||||
Fees | [2],[3],[5] | 0% | |||
Principal amount | [2],[5] | $ 3,502,265 | |||
Amortized cost | [2],[5] | 3,502,265 | |||
Fair value | [2],[5] | $ 3,375,367 | |||
Percent of net assets | [2],[5] | 1.20% | |||
Other Investment Companies [Member] | PERU | TriLinc Peru S.A.C. [Member] | Real Estate [Member] | |||||
Fees | [2],[3],[6] | 0% | |||
Maturity | [2],[6],[7] | Dec. 31, 2025 | |||
Principal amount | [2],[6] | $ 3,502,265 | |||
Amortized cost | [2],[6] | 3,502,265 | |||
Fair value | [2],[6] | $ 3,502,265 | |||
Percent of net assets | [2],[6] | 1.20% | |||
Other Investment Companies [Member] | CHILE | Itelecom Holding Chile SPA [Member] | Claim in Bankruptcy [Member] | Electric Services [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Principal amount | [2],[4] | $ 1,456,162 | [5] | $ 1,456,162 | [6] |
Amortized cost | [2],[4] | 1,456,162 | [5] | 1,456,162 | [6] |
Fair value | [2],[4] | $ 970,394 | [5] | $ 970,393 | [6] |
Percent of net assets | [2],[4] | 0.40% | [5] | 0.30% | [6] |
Other Investment Companies [Member] | MOROCCO | Mac Z Group SARL [Member] | Scrap Metal Liquidation [Member] | |||||
Fees | [2],[3],[4] | 0% | [5] | 0% | [6] |
Maturity | [2],[4],[6],[7] | Jul. 31, 2018 | |||
Principal amount | [2],[4] | $ 1,433,058 | [5] | $ 1,433,058 | [6] |
Amortized cost | [2],[4] | 1,433,058 | [5] | 1,433,058 | [6] |
Fair value | [2],[4] | $ 56,219 | [5] | $ 628,862 | [6] |
Percent of net assets | [2],[4] | 0% | [5] | 0.20% | [6] |
[1]All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V.[2]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[3]Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.[4]Investment on non-accrual status.[5]Watch List investment. Refer to the Watch List Investments section in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations for further information.[6]Watch List investment. Refer to the Watch List Investments section in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information.[7]Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.[8]The Company entered into a repurchase agreement in the fourth quarter of 2022. Refer to Note 5 for additional information.[9]Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.[10]The maturity date was extended to 9/15/2023.[11]The Company holds equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 7.43% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on January 23, 2024.[12]The Company holds four equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 2.0% of the investee’s equity interest. The warrants have a strike price of $0.01 and, as of December 31, 2022, had an expiration date of July 27, 2023.[13]New investment in the fourth quarter of 2022.[14]The maturity date was extended to 8/31/2023.[15]The maturity date was extended to 9/30/2023.[16]Lidas SRL is the operating company for this loan. This participation is in a senior secured term loan to Cristal Proiect SRL, which is guaranteed by Lidas SRL. |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations of the Company (Details Textual) | 1 Months Ended | 9 Months Ended | 49 Months Ended | 78 Months Ended | |||
Jun. 11, 2013 USD ($) shares | May 31, 2012 USD ($) shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2017 USD ($) | Sep. 30, 2023 USD ($) | Feb. 25, 2013 USD ($) | |
Impact Investments in SMEs, Maximum Number of Employees | 500 | ||||||
Partners' Capital Account, Sale of Units, Total | $ 361,776,000 | $ 515,418,000 | |||||
Limited Liability Company or Limited Partnership, Business, Formation Date | Apr. 30, 2012 | ||||||
Distribution Reinvestment Plan [Member] | |||||||
Partners' Capital Account, Sale of Units, Total | $ 1,063,000 | $ 5,243,000 | $ 13,338,000 | 53,853,000 | |||
Private Placement [Member] | |||||||
Partners' Capital Account, Sale of Units, Total | $ 99,790,000 | ||||||
IPO [Member] | |||||||
Equity Offering, Maximum Units Amount | $ 1,500,000,000 | ||||||
Equity Offering, Minimum Unit Requirement | $ 2,000,000 | ||||||
Capital Unit, Class A [Member] | |||||||
Partners' Capital Account, Public Sale of Units | 491,720 | 2,450,501 | |||||
Capital Unit, Class A [Member] | Distribution Reinvestment Plan [Member] | |||||||
Partners' Capital Account, Sale of Units, Total | $ 491,720 | $ 2,450,501 | |||||
Capital Unit, Class A [Member] | TriLinc Advisors LLC [Member] | |||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | shares | 22,161 | ||||||
Partners' Capital Account, Public Sale of Units | $ 200,000 | ||||||
Capital Unit, Class A [Member] | TriLinc Global LLC [Member] | IPO [Member] | |||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | shares | 321,330 | ||||||
Partners' Capital Account, Public Sale of Units | $ 2,900,000 | ||||||
TriLinc Global LLC [Member] | TriLinc Advisors LLC [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100% |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2022 | ||
Interest Income, Operating, Paid in Kind | $ 3,182,898 | $ 4,675,878 | $ 12,795,247 | $ 15,857,638 | |||
Liability for Uncertainty in Income Taxes, Current | 0 | $ 0 | |||||
Open Tax Year | 2019 2020 2021 2022 2023 | ||||||
Distribution, Dealer Manager and Service Fees Payable | $ 344,000 | $ 428,000 | $ 344,000 | $ 428,000 | |||
Net Asset Value Per Share (in dollars per share) | [1],[2] | $ 5.75 | $ 6.82 | $ 5.75 | $ 6.82 | ||
Investment Company, Net Asset Value Per Share, Period Increase (Decrease) (in dollars per share) | [2] | $ (0.17) | $ (0.28) | ||||
Unrealized Gain (Loss) on Investments | $ 951,316 | $ (1,967,920) | $ 2,611,916 | $ (10,866,588) | |||
Realized Investment Gains (Losses) | $ (2,042,012) | $ 0 | $ (11,114,481) | $ 0 | |||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 0 | 0 | |||||
Number of Watch List Investments | 20 | 20 | |||||
Investment Owned, Fair Value | $ 252,960,425 | $ 252,960,425 | $ 273,616,782 | ||||
Investment Concentration [Member] | Investment Portfolio [Member] | |||||||
Number of Investment Loans | 5 | ||||||
Largest Loan by Value [Member] | |||||||
Investment Owned, Fair Value | $ 44,319,638 | $ 44,319,638 | |||||
Largest Loan by Value [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||
Concentration Risk, Percentage | 17.50% | ||||||
Five Largest Loans by Value [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||
Concentration Risk, Percentage | 45.20% | ||||||
Participation in Loans [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||
Concentration Risk, Percentage | 52.50% | ||||||
International Investment Group LLC [Member] | Sub Advisory Agreement [Member] | |||||||
Number of Watch List Investments | 5 | 5 | |||||
Non Existence Loan Participation Amount | $ 6,000,000 | $ 6,000,000 | |||||
TriLinc Global LLC [Member] | |||||||
Reimbursable Offering Costs, Maximum Percentage of Gross Offering Proceeds | 15% | ||||||
Approximate [Member] | |||||||
Net Asset Value Per Share (in dollars per share) | $ 5.74 | $ 5.74 | |||||
Capital Unit, Class C [Member] | |||||||
Distribution Fee, Per Annum, Percentage of Estimated Value Per Share | 0.80% | 0.80% | 0.80% | 0.80% | |||
Selling Compensation, Percentage of Gross Proceeds From Offering | 10% | ||||||
Distribution Fee Payable | $ 329,000 | $ 329,000 | |||||
Capital Unit Class I and Capital Unit Class W [Member] | |||||||
Dealer Manager Fee Payable, Period, Maximum (Year) | 5 years | ||||||
Service Fee Payable, Period, Maximum (Year) | 6 years | ||||||
Capital Unit, Class I [Member] | |||||||
Dealer Management Fee Payable | 14,000 | $ 14,000 | |||||
Capital Unit, Class W [Member] | |||||||
Dealer Manager and Service Fees Payable | 1,000 | 1,000 | |||||
Capital Unit Class C, Capital Unit Class I and Capital Unit Class W [Member] | |||||||
Distribution, Dealer Manager and Service Fees Payable | $ 344,000 | $ 428,000 | $ 344,000 | $ 428,000 | |||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | |||||||
Net Asset Value Per Share (in dollars per share) | $ 5.754 | $ 6.838 | $ 5.754 | $ 6.838 | $ 5.927 | $ 7.049 | |
Investment Company, Net Asset Value Per Share, Period Increase (Decrease) (in dollars per share) | (0.17) | ||||||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | Approximate [Member] | |||||||
Net Asset Value Per Share (in dollars per share) | $ 5.75 | $ 5.75 | $ 5.92 | ||||
Each Subsidiary [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100% | ||||||
[1]For financial statement reporting purposes under GAAP, as of September 30, 2023 and 2022, the Company recorded a liability in the amount of $334$344,000 and $428,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the NAV used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of NAV determination is consistent with the industry standard and is more appropriate since the Company intends for the NAV to reflect the estimated value on the date that the Company determines its NAV.[2]The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2023 and 2022, which were 47,753,569 and 47,721,878, respectively. |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accrued Deferred Interest Receivable | $ 2,047,000 | $ 2,047,000 |
Trade Finance Transactions, Maturity Period (Year) | 1 year | |
Minimum [Member] | ||
Trade Finance Transactions, Period (Day) | 60 days | |
Maximum [Member] | ||
Trade Finance Transactions, Period (Day) | 180 days |
Note 3 - Investments - Summary
Note 3 - Investments - Summary of Investments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Investment, amortized cost | $ 326,850,308 | $ 350,118,576 | |
Investment Owned, Fair Value | $ 252,960,425 | $ 273,616,782 | |
Percentage of total investments | 100% | 100% | |
Senior Secured Term Loan [Member] | |||
Investment, amortized cost | [1] | $ 126,839,241 | $ 120,960,585 |
Investment Owned, Fair Value | [1] | $ 107,054,141 | $ 105,084,728 |
Percentage of total investments | 42.30% | 38.50% | |
Senior Secured Term Loan Participations [Member] | |||
Investment, amortized cost | [1] | $ 135,179,625 | $ 150,966,964 |
Investment Owned, Fair Value | [1] | $ 103,261,882 | $ 119,690,547 |
Percentage of total investments | 40.80% | 43.70% | |
Senior Secured Trade Finance Participations [Member] | |||
Investment, amortized cost | [1] | $ 41,005,586 | $ 50,799,542 |
Investment Owned, Fair Value | [1] | $ 29,516,256 | $ 31,710,623 |
Percentage of total investments | 11.70% | 11.60% | |
Other Investment Companies [Member] | |||
Investment, amortized cost | [1] | $ 23,825,856 | $ 27,391,485 |
Investment Owned, Fair Value | [1] | $ 11,818,742 | $ 15,925,381 |
Percentage of total investments | 4.70% | 5.80% | |
Warrant [Member] | |||
Investment, amortized cost | $ 0 | $ 0 | |
Investment Owned, Fair Value | $ 1,309,404 | $ 1,205,503 | |
Percentage of total investments | 0.50% | 0.40% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Note 3 - Investments - Portfoli
Note 3 - Investments - Portfolio Composition by Industry (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Owned, Fair Value | $ 252,960,425 | $ 273,616,782 |
Percentage of total investments | 100% | 100% |
Beef Cattle, Except Feedlots [Member] | ||
Investment Owned, Fair Value | $ 2,955,774 | $ 5,297,921 |
Percentage of total investments | 1.20% | 1.90% |
Boatbuilding and Repairing [Member] | ||
Investment Owned, Fair Value | $ 7,859,746 | $ 7,185,803 |
Percentage of total investments | 3.10% | 2.60% |
Chemicals and Allied Products [Member] | ||
Investment Owned, Fair Value | $ 8,233,952 | $ 11,846,182 |
Percentage of total investments | 3.30% | 4.30% |
Chocolate and Cocoa Products [Member] | ||
Investment Owned, Fair Value | $ 29,476,313 | $ 29,476,312 |
Percentage of total investments | 11.70% | 10.80% |
Coal and Other Minerals and Ores [Member] | ||
Investment Owned, Fair Value | $ 34,631,448 | $ 34,263,217 |
Percentage of total investments | 13.70% | 12.50% |
Computer Related Services, NEC [Member] | ||
Investment Owned, Fair Value | $ 20,170,370 | $ 19,197,073 |
Percentage of total investments | 8% | 7% |
Corn [Member] | ||
Investment Owned, Fair Value | $ 12,144,203 | $ 11,325,748 |
Percentage of total investments | 4.80% | 4.10% |
Corrugated and Solid Fiber Boxes [Member] | ||
Investment Owned, Fair Value | $ 4,216,022 | $ 9,795,061 |
Percentage of total investments | 1.70% | 3.60% |
Cotton Ginning [Member] | ||
Investment Owned, Fair Value | $ 1,792,698 | $ 2,857,650 |
Percentage of total investments | 0.70% | 1% |
Dairy Farms [Member] | ||
Investment Owned, Fair Value | $ 4,289,181 | $ 4,180,102 |
Percentage of total investments | 1.70% | 1.50% |
Drugs, Proprietaries, and Sundries [Member] | ||
Investment Owned, Fair Value | $ 648,430 | $ 648,430 |
Percentage of total investments | 0.30% | 0.20% |
Electric Services [Member] | ||
Investment Owned, Fair Value | $ 970,394 | $ 970,393 |
Percentage of total investments | 0.40% | 0.40% |
Farm Products [Member] | ||
Investment Owned, Fair Value | $ 1,389,409 | $ 1,484,583 |
Percentage of total investments | 0.50% | 0.50% |
Freight Transportation Arrangement [Member] | ||
Investment Owned, Fair Value | $ 3,784,284 | $ 4,926,482 |
Percentage of total investments | 1.50% | 1.80% |
Frozen Fish and Seafood [Member] | ||
Investment Owned, Fair Value | $ 3,653,637 | $ 256,741 |
Percentage of total investments | 1.40% | 0.10% |
Hotels and Motels [Member] | ||
Investment Owned, Fair Value | $ 15,116,538 | $ 17,834,541 |
Percentage of total investments | 6% | 6.50% |
Land Subdividers and Developers [Member] | ||
Investment Owned, Fair Value | $ 10,963,151 | $ 11,754,052 |
Percentage of total investments | 4.30% | 4.30% |
Motor Vehicle Parts and Accessories [Member] | ||
Investment Owned, Fair Value | $ 10,697,318 | $ 9,779,546 |
Percentage of total investments | 4.20% | 3.60% |
Personal Credit Institutions [Member] | ||
Investment Owned, Fair Value | $ 6,339,232 | $ 5,016,027 |
Percentage of total investments | 2.50% | 1.80% |
Petroleum and Petroleum Products [Member] | ||
Investment Owned, Fair Value | $ 0 | $ 3,289,660 |
Percentage of total investments | 0% | 1.20% |
Refuse Systems [Member] | ||
Investment Owned, Fair Value | $ 45,629,042 | $ 40,046,513 |
Percentage of total investments | 18% | 14.60% |
Retail Bakeries [Member] | ||
Investment Owned, Fair Value | $ 6,618,564 | $ 6,279,305 |
Percentage of total investments | 2.60% | 2.30% |
Short-Term Business Credit [Member] | ||
Investment Owned, Fair Value | $ 2,368,289 | $ 2,368,290 |
Percentage of total investments | 0.90% | 0.90% |
Soybeans [Member] | ||
Investment Owned, Fair Value | $ 5,059,286 | $ 5,239,479 |
Percentage of total investments | 2% | 1.90% |
Sugarcane and Sugar Beets [Member] | ||
Investment Owned, Fair Value | $ 653,081 | $ 339,258 |
Percentage of total investments | 0.30% | 0.10% |
Telephone and Telegraph Apparatus [Member] | ||
Investment Owned, Fair Value | $ 0 | $ 424,976 |
Percentage of total investments | 0% | 0.30% |
Telephone Communications [Member] | ||
Investment Owned, Fair Value | $ 2,925,000 | $ 13,750,000 |
Percentage of total investments | 1.20% | 5.10% |
Towing And Tugboat Service [Member] | ||
Investment Owned, Fair Value | $ 4,275,187 | $ 6,984,020 |
Percentage of total investments | 1.70% | 2.60% |
Other Industry [Member] | ||
Investment Owned, Fair Value | $ 6,099,876 | $ 6,799,417 |
Percentage of total investments | 2.30% | 2.50% |
Note 3 - Investments - Portfo_2
Note 3 - Investments - Portfolio Composition by Geographical Classification (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Owned, Fair Value | $ 252,960,425 | $ 273,616,782 | |
Percentage of total investments | 100% | 100% | |
ARGENTINA | |||
Investment Owned, Fair Value | [1] | $ 14,096,939 | $ 17,575,152 |
Percentage of total investments | [1] | 5.60% | 6.30% |
BOTSWANA | |||
Investment Owned, Fair Value | $ 2,368,289 | $ 2,368,290 | |
Percentage of total investments | 1% | 0.90% | |
BRAZIL | |||
Investment Owned, Fair Value | $ 28,683,197 | $ 26,722,134 | |
Percentage of total investments | 11.30% | 9.80% | |
CABO VERDE | |||
Investment Owned, Fair Value | $ 15,116,538 | $ 17,834,541 | |
Percentage of total investments | 6% | 6.50% | |
CAMEROON | |||
Investment Owned, Fair Value | $ 14,476,313 | $ 14,476,312 | |
Percentage of total investments | 5.70% | 5.30% | |
CHILE | |||
Investment Owned, Fair Value | $ 970,394 | $ 970,393 | |
Percentage of total investments | 0.40% | 0.40% | |
COLOMBIA | |||
Investment Owned, Fair Value | $ 4,328,157 | $ 3,219,553 | |
Percentage of total investments | 1.70% | 1.20% | |
ECUADOR | |||
Investment Owned, Fair Value | $ 7,869,659 | $ 10,051,802 | |
Percentage of total investments | 3.10% | 3.70% | |
GHANA | |||
Investment Owned, Fair Value | $ 0 | $ 3,289,660 | |
Percentage of total investments | 0% | 1.20% | |
HONG KONG | |||
Investment Owned, Fair Value | $ 15,302,209 | $ 16,083,661 | |
Percentage of total investments | 6% | 5.90% | |
INDONESIA | |||
Investment Owned, Fair Value | $ 15,000,000 | $ 15,000,000 | |
Percentage of total investments | 5.90% | 5.50% | |
JERSEY | |||
Investment Owned, Fair Value | $ 2,925,000 | $ 13,750,000 | |
Percentage of total investments | 1.20% | 5% | |
KENYA | |||
Investment Owned, Fair Value | $ 3,784,284 | $ 4,926,482 | |
Percentage of total investments | 1.50% | 1.80% | |
MALAYSIA | |||
Investment Owned, Fair Value | $ 8,233,952 | $ 11,846,182 | |
Percentage of total investments | 3.30% | 4.30% | |
MEXICO | |||
Investment Owned, Fair Value | $ 47,640,117 | $ 41,842,987 | |
Percentage of total investments | 18.80% | 15.30% | |
MOROCCO | |||
Investment Owned, Fair Value | $ 56,219 | $ 628,862 | |
Percentage of total investments | 0% | 0.20% | |
NAMIBIA | |||
Investment Owned, Fair Value | $ 10,963,151 | $ 11,754,052 | |
Percentage of total investments | 4.30% | 4.30% | |
NETHERLANDS | |||
Investment Owned, Fair Value | $ 10,697,318 | $ 9,779,546 | |
Percentage of total investments | 4.20% | 3.60% | |
NIGERIA | |||
Investment Owned, Fair Value | $ 5,539,762 | $ 8,468,603 | |
Percentage of total investments | 2.20% | 3.10% | |
PERU | |||
Investment Owned, Fair Value | $ 3,500,201 | $ 3,502,265 | |
Percentage of total investments | 1.40% | 1.30% | |
ROMANIA | |||
Investment Owned, Fair Value | $ 6,618,564 | $ 6,279,305 | |
Percentage of total investments | 2.60% | 2.30% | |
SINGAPORE | |||
Investment Owned, Fair Value | $ 19,329,239 | $ 18,604,532 | |
Percentage of total investments | 7.60% | 6.80% | |
UNITED ARAB EMIRATES | |||
Investment Owned, Fair Value | $ 648,430 | $ 648,430 | |
Percentage of total investments | 0.30% | 0.20% | |
UGANDA | |||
Investment Owned, Fair Value | $ 12,144,203 | $ 11,325,748 | |
Percentage of total investments | 4.80% | 4.10% | |
Other Country [Member] | |||
Investment Owned, Fair Value | [2] | $ 2,668,290 | $ 2,668,290 |
Percentage of total investments | [2] | 1.10% | 1% |
[1]All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V.[2]This investment was in a credit facility originated by IIG TOF B.V., which has been placed into bankruptcy; therefore, no geographic classification is applicable. |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 11,114,481 | $ 0 | |||
Unrealized Gain (Loss) on Investments | $ 951,316 | $ (1,967,920) | 2,611,916 | (10,866,588) | |
Fair Value, Inputs, Level 3 [Member] | |||||
Unrealized Gain (Loss) on Investments | $ 6,035,577 | $ 10,866,588 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |||||
Alternative Investment, Expected Collection Period (Year) | 2 years | 2 years | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Valuation, Income Approach [Member] | Minimum [Member] | Measurement Input, Loss Severity [Member] | |||||
Alternative Investment, Measurement Input | 0.15 | 0.15 | 0.15 | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |||||
Alternative Investment, Expected Collection Period (Year) | 3 years | 3 years | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Valuation, Income Approach [Member] | Maximum [Member] | Measurement Input, Loss Severity [Member] | |||||
Alternative Investment, Measurement Input | 0.30 | 0.30 | 0.30 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Summary of Investments by Hierarchy Level (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Owned, Fair Value | $ 252,960,425 | $ 273,616,782 | |
Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | 252,960,425 | 273,616,782 | |
Senior Secured Term Loan [Member] | |||
Investment Owned, Fair Value | [1] | 107,054,141 | 105,084,728 |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | 107,054,141 | 105,084,728 | |
Senior Secured Term Loan Participations [Member] | |||
Investment Owned, Fair Value | [1] | 103,261,882 | 119,690,547 |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | 103,261,882 | 119,690,547 | |
Senior Secured Trade Finance Participations [Member] | |||
Investment Owned, Fair Value | [1] | 29,516,256 | 31,710,623 |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | 29,516,256 | 31,710,623 | |
Other Investment Companies [Member] | |||
Investment Owned, Fair Value | [1] | 11,818,742 | 15,925,381 |
Other Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Other Investment Companies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Other Investment Companies [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | 11,818,742 | 15,925,381 | |
Warrant [Member] | |||
Investment Owned, Fair Value | 1,309,404 | 1,205,503 | |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment Owned, Fair Value | 0 | 0 | |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment Owned, Fair Value | $ 1,309,404 | $ 1,205,503 | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Reconciliation of Activity of Level 3 Investments (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Fair Value | $ 273,616,782 |
Purchases | 11,624,375 |
Maturities or Prepayments | (36,687,300) |
Transfer | 0 |
Accretion of discounts | 113,885 |
Payment-in-kind interest | 12,795,247 |
Net change in unrealized appreciation (depreciation) | 2,611,916 |
Net realized gain (loss) | (11,114,481) |
Fair Value | 252,960,425 |
Senior Secured Term Loan [Member] | |
Fair Value | 105,084,728 |
Purchases | 309,362 |
Maturities or Prepayments | (5,904,056) |
Transfer | 5,000,000 |
Accretion of discounts | 0 |
Payment-in-kind interest | 6,019,022 |
Net change in unrealized appreciation (depreciation) | (3,909,241) |
Net realized gain (loss) | 454,327 |
Fair Value | 107,054,141 |
Senior Secured Term Loan Participations [Member] | |
Fair Value | 119,690,547 |
Purchases | 1,803,103 |
Maturities or Prepayments | (21,984,217) |
Transfer | 0 |
Accretion of discounts | 113,885 |
Payment-in-kind interest | 6,776,226 |
Net change in unrealized appreciation (depreciation) | (641,323) |
Net realized gain (loss) | (2,496,339) |
Fair Value | 103,261,882 |
Senior Secured Trade Finance Participations [Member] | |
Fair Value | 31,710,623 |
Purchases | 9,511,910 |
Maturities or Prepayments | (5,233,399) |
Transfer | (5,000,000) |
Accretion of discounts | 0 |
Payment-in-kind interest | 0 |
Net change in unrealized appreciation (depreciation) | 7,599,590 |
Net realized gain (loss) | (9,072,469) |
Fair Value | 29,516,256 |
Other Investment Companies [Member] | |
Fair Value | 15,925,381 |
Purchases | 0 |
Maturities or Prepayments | (3,565,628) |
Transfer | 0 |
Accretion of discounts | 0 |
Payment-in-kind interest | 0 |
Net change in unrealized appreciation (depreciation) | (541,011) |
Net realized gain (loss) | 0 |
Fair Value | 11,818,742 |
Warrant [Member] | |
Fair Value | 1,205,503 |
Purchases | 0 |
Maturities or Prepayments | 0 |
Transfer | 0 |
Accretion of discounts | 0 |
Payment-in-kind interest | 0 |
Net change in unrealized appreciation (depreciation) | 103,901 |
Net realized gain (loss) | 0 |
Fair Value | $ 1,309,404 |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |||
Investment Owned, Fair Value | $ 252,960,425 | $ 273,616,782 | |||
Senior Secured Trade Finance Participations [Member] | |||||
Investment Owned, Fair Value | [1] | 29,516,256 | 31,710,623 | ||
Senior Secured Term Loan [Member] | |||||
Investment Owned, Fair Value | [1] | 107,054,141 | 105,084,728 | ||
Senior Secured Term Loan Participations [Member] | |||||
Investment Owned, Fair Value | [1] | 103,261,882 | 119,690,547 | ||
Other Investment Companies [Member] | |||||
Investment Owned, Fair Value | [1] | 11,818,742 | 15,925,381 | ||
Warrant [Member] | |||||
Investment Owned, Fair Value | 1,309,404 | 1,205,503 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Investment Owned, Fair Value | 252,960,425 | 273,616,782 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Investment Owned, Fair Value | 29,516,256 | 31,710,623 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 24,578,645 | [2] | $ 26,457,115 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Investment, measurement input | [4] | 0.095 | [2] | 0.105 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Investment, measurement input | [4] | 0.1725 | [2] | 0.1575 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||||
Investment, measurement input | [4] | 0.1608 | [2] | 0.15 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Collateral Coverage Ratio [Member] | |||||
Investment, measurement input | [2],[4] | 0.93 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 4,937,611 | [5] | $ 5,253,508 | [6] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Minimum [Member] | |||||
Investment, measurement input | [4] | 0.85 | [5] | 1.2 | [6] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Maximum [Member] | |||||
Investment, measurement input | [4] | 1.67 | [5] | 1.96 | [6] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | |||||
Investment Owned, Fair Value | $ 107,054,141 | $ 105,084,728 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 107,054,141 | [2] | $ 105,084,728 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Investment, measurement input | [4] | 0.1325 | [2] | 0.135 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Investment, measurement input | [4] | 0.20 | [2] | 0.20 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||||
Investment, measurement input | [4] | 0.1727 | [2] | 0.1622 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Collateral Coverage Ratio [Member] | |||||
Investment, measurement input | [4] | 0.12 | [2] | 0.58 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||||
Investment Owned, Fair Value | $ 103,261,882 | $ 119,690,547 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 92,298,731 | [2] | $ 107,936,495 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Investment, measurement input | [4] | 0.11 | [2] | 0.12 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Investment, measurement input | [4] | 0.234 | [2] | 0.2075 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||||
Investment, measurement input | [4] | 0.1737 | [2] | 0.1753 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Collateral Coverage Ratio [Member] | Minimum [Member] | |||||
Investment, measurement input | [4] | 0 | [2] | 0 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Collateral Coverage Ratio [Member] | Maximum [Member] | |||||
Investment, measurement input | [4] | 0.16 | [2] | 0.17 | [3] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | [5] | $ 10,963,151 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | |||||
Investment Owned, Fair Value | [6] | $ 11,754,052 | |||
Investment, measurement input | [4] | 0.54 | [5] | 1.21 | [6] |
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | |||||
Investment Owned, Fair Value | $ 11,818,742 | $ 15,925,381 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Collateral Based Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | [7] | $ 11,818,742 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Minimum [Member] | |||||
Investment, measurement input | [4],[7] | 0.15 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Maximum [Member] | |||||
Investment, measurement input | [4],[7] | 1.19 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Valuation, Income Approach [Member] | |||||
Investment Owned, Fair Value | [7] | $ 15,925,381 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Investment, measurement input | [4],[7] | 0.4 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Investment, measurement input | [4],[7] | 2.19 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Valuation, Income Approach [Member] | Measurement Input, Value Of Collateral [Member] | |||||
Investment, measurement input | [4],[7] | 0.08 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||||
Investment Owned, Fair Value | $ 1,309,404 | $ 1,205,503 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | |||||
Investment Owned, Fair Value | $ 1,309,404 | $ 1,205,503 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Investment, measurement input | [4] | 0.046 | 0.0399 | ||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | |||||
Investment, measurement input | [4] | 0.81 | 0.74 | ||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | |||||
Investment, measurement input | [4] | 5 | 5 | ||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]The Company used the income approach for the following Watch List investments: Helios Maritime, CAGSA, Triton, Producam, Agilis Partners Holding LLC, Agilis Partners, Usivale, Limas, Qintess, Courtyard and Alfa and a hybrid of the collateral based approach and the income approach for Ecsponent, Multiple ICD, WinRep and Vikudha, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years.[3]The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years.[4]The inputs were weighted based on the fair value of the investments included in the range.[5]Collateral based approach used for the following Watch List investments: Trustco, Sancor, GPI, FRIAR, Algonodera, Mac Z, Itelecom, Receivable from IIG and TriLinc Peru S.A.C.[6]Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex.[7]These investments were originally classified as an investment in a credit facility originated by IIG TOF B.V., TriLinc Peru S.A.C., and Grupo Surpapel. |
Note 5 - Contingencies and Re_2
Note 5 - Contingencies and Related Parties (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Nov. 03, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 0 | $ 0 | $ 5,000,000 | |||
Incentive Fee Expense | 0 | $ 995,962 | 0 | $ 3,151,543 | ||
Senior Secured Term Loan [Member] | ||||||
Repurchase Agreements, Repurchase Period (Year) | 135 years | |||||
Assets Sold under Agreements to Repurchase, Interest Rate | 10% | |||||
Assets Sold under Agreements to Repurchase, Market Value | $ 4,447,351 | 0 | 0 | |||
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 5,000,000 | 0 | $ 0 | |||
Gain (Loss) on Repurchase Agreement | 0 | |||||
Interest Expense | $ 227,000 | |||||
TriLinc Advisors LLC [Member] | ||||||
Related Party Transaction, Renewal Periods (Year) | 1 year | |||||
Asset Management Fee Payable, Quarterly Percentage | 0.50% | 0.50% | ||||
Asset Management Fee Payable, Yearly Percentage | 2% | 2% | ||||
Quarterly Preferred Return Rate | 1.50% | 1.50% | ||||
Yearly Preferred Return Rate | 6% | 6% | ||||
Maximum Quarterly Percentage, Pre-Incentive Fee, Payable to Related Party | 1.875% | 1.875% | ||||
Maximum Yearly Percentage, Pre-Incentive Fee, Payable to Related Party | 7.50% | 7.50% | ||||
Threshold for Increase in Pre-incentive Fee Payable | 1.875% | 1.875% | ||||
Percentage of Incentive Fees | 20% | 20% | ||||
Gain (Loss) on Investments, Total | $ 0 | 0 | $ 0 | 0 | ||
Incentive Fee Payable | 0 | 0 | 0 | 0 | ||
TriLinc Global LLC [Member] | ||||||
Asset Management Fee Expense | 1,379,874 | 1,641,882 | 4,167,875 | 4,987,817 | ||
Incentive Fee Expense | 0 | $ 995,962 | 0 | $ 3,151,543 | ||
Accounts Receivable, after Allowance for Credit Loss | 70,117 | 70,117 | 0 | |||
Accounts Payable | $ 370,739 | $ 370,739 | $ 0 |
Note 6 - Organization and Off_2
Note 6 - Organization and Offering Costs (Details Textual) - USD ($) | 9 Months Ended | 137 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Offering Costs, Partnership Interests | $ 17,355,402 | $ 17,355,402 | $ 17,355,402 | |
Noninterest Expense Offering Cost | 0 | $ 37,694 | ||
Payments of Stock Issuance Costs | 0 | 37,694 | ||
TriLinc Global LLC [Member] | ||||
Offering Costs, Partnership Interests | 17,655,000 | 17,655,000 | ||
Organization Costs Payable | 236,000 | 236,000 | ||
Noninterest Expense Offering Cost | 0 | 38,000 | ||
Payments of Stock Issuance Costs | 0 | 38,000 | ||
SC Distributors LLC [Member] | ||||
Organization Costs Incurred | $ 17,355,000 | |||
Expense Related to Distribution or Servicing and Underwriting Fees | $ 121,000 | $ 299,000 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Nov. 22, 2022 | |
Interest Expense, Debt | $ 802,723 | $ 0 | $ 2,207,040 | $ 11,169 | |
DEG Facility [Member] | |||||
Debt Instrument, Face Amount | $ 25,000,000 | ||||
Repayments of Debt | 9,000,000 | ||||
Interest Expense, Debt | 493,000 | ||||
BlueOrchard Facility [Member] | |||||
Debt Instrument, Face Amount | $ 25,000,000 | ||||
Repayments of Debt | 9,000,000 | ||||
Interest Expense, Debt | $ 458,000 |
Note 7 - Notes Payable - Notes
Note 7 - Notes Payable - Notes Payable (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Less: Unamortized debt issuance costs | $ 0 | $ (1,014,909) |
Total notes payable | 0 | 16,985,091 |
BlueOrchard Facility [Member] | Senior Notes [Member] | ||
Long-Term Debt, Gross | 0 | 9,000,000 |
DEG Facility [Member] | Senior Notes [Member] | ||
Long-Term Debt, Gross | $ 0 | $ 9,000,000 |
Note 8 - Unit Capital (Details
Note 8 - Unit Capital (Details Textual) - USD ($) | 9 Months Ended | 49 Months Ended | 78 Months Ended | ||
Jun. 11, 2014 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2017 | Sep. 30, 2023 | |
Distribution, Dealer Manager and Service Fees Payable | $ 344,000 | $ 428,000 | $ 344,000 | ||
Partners' Capital Account, Units, Sale of Units (in shares) | 41,163 | ||||
Partners' Capital Account, Sale of Units, Total | $ 361,776,000 | 515,418,000 | |||
Units Repurchase, Maximum Percentage of Outstanding Units | 5% | ||||
Units Repurchase, Minimum Period Held (Year) | 1 year | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 16,922 | 747,989 | |||
Partners Capital Account, Treasury Units, Purchases, Per Share (in dollars per share) | $ 6.84 | $ 7.03 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 115,711 | $ 5,256,564 | |||
Amount Of Repurchase Requests, Pending Units | $ 1,619,293 | ||||
Units Repurchased During Period, Number Of Units (in shares) | 249,000 | ||||
Percentage of Eligible Repurchase Requests Fulfilled on Pro Rata Basis | 6.37% | ||||
Units Not Purchased During Repurchase Program (in shares) | 3,449,000 | ||||
Percentage of Eligible Repurchase Requests Were Not Redeemed | 93.63% | ||||
Private Placement [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | 41,163 | |||
Partners' Capital Account, Sale of Units, Total | $ 295,000 | ||||
Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 156,194 | 740,785 | |||
Partners' Capital Account, Sale of Units, Total | $ 1,063,000 | $ 5,243,000 | $ 13,338,000 | 53,853,000 | |
Capital Unit Class C, Capital Unit Class I and Capital Unit Class W [Member] | |||||
Distribution, Dealer Manager and Service Fees Payable | $ 344,000 | $ 428,000 | $ 344,000 | ||
Estimated Net Assets, Value Per Unit (in dollars per share) | $ 5.652 | $ 6.899 | $ 5.652 | ||
Distribution and Dealer Manager Fee Payable, Calculated on Net Asset Value Per Unit, Discount Rate (in dollars per share) | $ 4 | $ 4 | $ 4 | ||
Capital Unit, Class C [Member] | |||||
Distribution Fee, Per Annum, Percentage of Estimated Value Per Share | 0.80% | 0.80% | 0.80% | ||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 12,781 | 139,335 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 87,393 | $ 978,235 | |||
Capital Unit, Class C [Member] | Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 38,809 | ||||
Partners' Capital Account, Sale of Units, Total | $ 263,353 | $ 1,145,785 | |||
Capital Unit, Class I [Member] | |||||
Dealer Manager Fee, Percentage | 0.50% | 0.50% | 0.50% | ||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 2,403 | 292,249 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 16,435 | $ 2,051,816 | |||
Capital Unit, Class I [Member] | Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 44,734 | ||||
Partners' Capital Account, Sale of Units, Total | $ 302,396 | $ 1,623,873 | |||
Capital Unit, Class W [Member] | |||||
Dealer and Service Fees, Percentage | 0.75% | 0.75% | 0.75% | ||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 0 | 0 | |||
Capital Unit, Class W [Member] | Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | ||||
Capital Unit, Class A [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 1,738 | 272,050 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 11,883 | $ 1,914,861 | |||
Capital Unit, Class A [Member] | Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 71,911 | ||||
Partners' Capital Account, Sale of Units, Total | $ 491,720 | $ 2,450,501 | |||
Capital Unit, Class Y [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 41,163 | ||||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 0 | 44,355 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 0 | $ 311,652 | |||
Capital Unit, Class Y [Member] | Private Placement [Member] | |||||
Partners' Capital Account, Sale of Units, Total | 294,813 | ||||
Capital Unit, Class Y [Member] | Distribution Reinvestment Plan [Member] | |||||
Partners' Capital Account, Units, Sale of Units (in shares) | 740 | ||||
Partners' Capital Account, Sale of Units, Total | $ 5,063 | $ 23,024 |
Note 8 - Unit Capital - Summary
Note 8 - Unit Capital - Summary of Unit Activity (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Units outstanding (in shares) | 47,639,086 | 47,619,327 |
Units issued (in shares) | 41,163 | |
Units exchanged (in shares) | 0 | 0 |
Units purchased (in shares) | (16,922) | (747,989) |
Units Outstanding at end of period (in shares) | 47,778,358 | 47,653,286 |
Units exchanged (in shares) | 0 | 0 |
Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 156,194 | 740,785 |
Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 740,785 | |
Capital Unit, Class A [Member] | ||
Units outstanding (in shares) | 18,233,751 | 18,128,699 |
Units issued (in shares) | 0 | |
Units exchanged (in shares) | 0 | 0 |
Units purchased (in shares) | (1,738) | (272,050) |
Units Outstanding at end of period (in shares) | 18,303,924 | 18,202,815 |
Units exchanged (in shares) | 0 | 0 |
Capital Unit, Class A [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 71,911 | |
Capital Unit, Class A [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 346,166 | |
Capital Unit, Class C [Member] | ||
Units outstanding (in shares) | 7,831,059 | 7,827,952 |
Units issued (in shares) | 0 | |
Units exchanged (in shares) | (90,353) | (21,991) |
Units purchased (in shares) | (12,781) | (139,335) |
Units Outstanding at end of period (in shares) | 7,766,734 | 7,850,611 |
Units exchanged (in shares) | 90,353 | 21,991 |
Capital Unit, Class C [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 38,809 | |
Capital Unit, Class C [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 183,985 | |
Capital Unit, Class I [Member] | ||
Units outstanding (in shares) | 10,443,595 | 10,517,764 |
Units issued (in shares) | 0 | |
Units exchanged (in shares) | 90,353 | 21,991 |
Units purchased (in shares) | (2,403) | (292,249) |
Units Outstanding at end of period (in shares) | 10,576,279 | 10,454,978 |
Units exchanged (in shares) | (90,353) | (21,991) |
Capital Unit, Class I [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 44,734 | |
Capital Unit, Class I [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 207,472 | |
Capital Unit, Class W [Member] | ||
Units outstanding (in shares) | 24,555 | 24,555 |
Units issued (in shares) | 0 | |
Units exchanged (in shares) | 0 | 0 |
Units purchased (in shares) | 0 | 0 |
Units Outstanding at end of period (in shares) | 24,555 | 24,555 |
Units exchanged (in shares) | 0 | 0 |
Capital Unit, Class W [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 0 | |
Capital Unit, Class W [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 0 | |
Capital Unit, Class Y [Member] | ||
Units outstanding (in shares) | 2,682,275 | 2,696,506 |
Units issued (in shares) | 41,163 | |
Units exchanged (in shares) | 0 | 0 |
Units purchased (in shares) | 0 | (44,355) |
Units Outstanding at end of period (in shares) | 2,683,015 | 2,696,476 |
Units exchanged (in shares) | 0 | 0 |
Capital Unit, Class Y [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 740 | |
Capital Unit, Class Y [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 3,162 | |
Capital Unit, Class Z [Member] | ||
Units outstanding (in shares) | 8,423,851 | 8,423,851 |
Units issued (in shares) | 0 | |
Units exchanged (in shares) | 0 | 0 |
Units purchased (in shares) | 0 | 0 |
Units Outstanding at end of period (in shares) | 8,423,851 | 8,423,851 |
Units exchanged (in shares) | 0 | 0 |
Capital Unit, Class Z [Member] | Distribution Reinvestment Plan [Member] | ||
Units issued (in shares) | 0 | |
Capital Unit, Class Z [Member] | Dividend Reinvestment Plan [Member] | ||
Units issued (in shares) | 0 |
Note 9 - Distributions (Details
Note 9 - Distributions (Details Textual) - $ / shares | 1 Months Ended | 9 Months Ended | ||||||
Nov. 11, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | ||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | $ 0.00131143 | $ 0.00135186 | ||||||
Annualized Rate of Net Assets Value | 7% | 7% | ||||||
Net Asset Value Per Share (in dollars per share) | [1],[2] | $ 5.75 | $ 6.82 | |||||
April 30, 2023 [Member] | ||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | $ 0.00115953 | 0.00115953 | ||||||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | ||||||||
Net Asset Value Per Share (in dollars per share) | $ 5.754 | $ 5.927 | $ 6.838 | $ 7.049 | ||||
[1]For financial statement reporting purposes under GAAP, as of September 30, 2023 and 2022, the Company recorded a liability in the amount of $334$344,000 and $428,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the NAV used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of NAV determination is consistent with the industry standard and is more appropriate since the Company intends for the NAV to reflect the estimated value on the date that the Company determines its NAV.[2]The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2023 and 2022, which were 47,753,569 and 47,721,878, respectively. |
Note 9 - Distributions - Summar
Note 9 - Distributions - Summary of Distributions Paid (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Nov. 11, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Daily rate per unit (in dollars per share) | $ 0.00131143 | $ 0.00135186 | |||
Cash distributions | $ 6,204,440 | $ 12,488,127 | |||
Distributions reinvested | 1,063,205 | 5,243,500 | |||
Total declared | $ 7,267,645 | $ 17,731,627 | |||
January 31, 2023 [Member] | |||||
Date declared | Nov. 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00131143 | ||||
Cash distributions | $ 1,374,744 | ||||
Distributions reinvested | 558,839 | ||||
Total declared | $ 1,933,583 | ||||
January 31, 2022 [Member] | |||||
Date declared | Nov. 12, 2021 | ||||
Daily rate per unit (in dollars per share) | $ 0.0013906 | ||||
Cash distributions | $ 1,431,971 | ||||
Distributions reinvested | 616,109 | ||||
Total declared | $ 2,048,080 | ||||
February 28, 2023 [Member] | |||||
Date declared | Nov. 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00131143 | ||||
Cash distributions | $ 1,240,987 | ||||
Distributions reinvested | 504,366 | ||||
Total declared | $ 1,745,353 | ||||
February 28, 2022 [Member] | |||||
Date declared | Nov. 12, 2021 | ||||
Daily rate per unit (in dollars per share) | $ 0.0013906 | ||||
Cash distributions | $ 1,298,531 | ||||
Distributions reinvested | 554,580 | ||||
Total declared | $ 1,853,111 | ||||
March 31, 2023 [Member] | |||||
Date declared | Nov. 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00131143 | ||||
Cash distributions | $ 1,928,567 | ||||
Distributions reinvested | 0 | ||||
Total declared | $ 1,928,567 | ||||
March 31, 2022 [Member] | |||||
Date declared | Feb. 17, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.0013906 | ||||
Cash distributions | $ 1,442,429 | ||||
Distributions reinvested | 612,752 | ||||
Total declared | $ 2,055,181 | ||||
April 30, 2023 [Member] | |||||
Date declared | Aug. 21, 2023 | ||||
Daily rate per unit (in dollars per share) | $ 0.00115953 | $ 0.00115953 | |||
Cash distributions | $ 1,660,142 | ||||
Distributions reinvested | 0 | ||||
Total declared | $ 1,660,142 | ||||
April 30, 2022 [Member] | |||||
Date declared | Mar. 29, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00136605 | ||||
Cash distributions | $ 1,380,602 | ||||
Distributions reinvested | 566,059 | ||||
Total declared | $ 1,946,661 | ||||
May 31, 2022 [Member] | |||||
Date declared | Mar. 29, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00136605 | ||||
Cash distributions | $ 1,419,163 | ||||
Distributions reinvested | 595,824 | ||||
Total declared | $ 2,014,987 | ||||
June 30, 2022 [Member] | |||||
Date declared | May 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00135186 | ||||
Cash distributions | $ 1,364,770 | ||||
Distributions reinvested | 569,848 | ||||
Total declared | $ 1,934,618 | ||||
July 31, 2022 [Member] | |||||
Date declared | May 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00135186 | ||||
Cash distributions | $ 1,404,321 | ||||
Distributions reinvested | 586,611 | ||||
Total declared | $ 1,990,932 | ||||
August 31, 2022 [Member] | |||||
Date declared | May 11, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00135186 | ||||
Cash distributions | $ 1,407,220 | ||||
Distributions reinvested | 587,655 | ||||
Total declared | $ 1,994,875 | ||||
September 30, 2022 [Member] | |||||
Date declared | Aug. 12, 2022 | ||||
Daily rate per unit (in dollars per share) | $ 0.00135186 | ||||
Cash distributions | $ 1,339,120 | ||||
Distributions reinvested | 554,062 | ||||
Total declared | $ 1,893,182 |
Note 10 - Financial Highlight_2
Note 10 - Financial Highlights (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted Average Units Outstanding (in shares) | 47,753,569 | 47,721,878 |
Distribution, Dealer Manager and Service Fees Payable | $ 344,000 | $ 428,000 |
Note 10 - Financial Highlight_3
Note 10 - Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Net asset value at beginning of period (in dollars per share) | [1] | $ 5.92 | $ 7.1 | ||||
Net investment income (in dollars per share) | $ 0.04 | $ 0.1 | 0.16 | [1] | 0.32 | [1] | |
Net change in unrealized appreciation (depreciation) on investments (in dollars per share) | [1] | 0.06 | (0.23) | ||||
Net realized loss on investments (in dollars per share) | [1] | (0.23) | 0 | ||||
Foreign exchange gain (in dollars per share) | [1] | 0 | 0 | ||||
Net increase in net assets resulting from operations (in dollars per share) | [1] | (0.01) | 0.09 | ||||
Distributions (in dollars per share) | [1] | (0.16) | (0.37) | ||||
Net change in accrued distribution and other fees (in dollars per share) | [1] | 0 | 0 | ||||
Net decrease in net assets (in dollars per share) | [1] | (0.17) | (0.28) | ||||
Net asset value at end of period (2) (in dollars per share) | [1],[2] | $ 5.75 | $ 6.82 | $ 5.75 | $ 6.82 | ||
Total return based on net asset value (3) | [1],[3] | (0.22%) | 1.23% | ||||
Net assets at end of period | $ 274,595,111 | $ 325,432,459 | $ 274,595,111 | $ 325,432,459 | |||
Units Outstanding at end of period (in shares) | 47,778,358 | 47,653,286 | 47,778,358 | 47,653,286 | |||
Ratio/Supplemental data (annualized) (3): | |||||||
Ratio of net investment income to average net assets | [3] | 3.55% | 6.06% | ||||
Ratio of total expenses to average net assets | [3] | 5.74% | 4.67% | ||||
[1]The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2023 and 2022, which were 47,753,569 and 47,721,878, respectively.[2]For financial statement reporting purposes under GAAP, as of September 30, 2023 and 2022, the Company recorded a liability in the amount of $334$344,000 and $428,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the NAV used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of NAV determination is consistent with the industry standard and is more appropriate since the Company intends for the NAV to reflect the estimated value on the date that the Company determines its NAV.[3]The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | 9 Months Ended | ||
Oct. 23, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 7,549,558 | $ 12,581,710 | |
Subsequent Event [Member] | May 31, 2023 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 1,650,860 |