Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 14, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 10,575,910 | |
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | ||
ASSETS | ||||
Investments, fair value, total | [1] | $ 259,372,411 | $ 261,680,707 | |
Cash | 2,115,047 | 980,741 | ||
Interest receivable | 15,645,925 | 15,894,031 | ||
Other assets | 137,701 | 201,860 | ||
Total assets | 277,271,084 | 278,757,339 | ||
LIABILITIES | ||||
Management fee payable | 1,172,622 | 1,206,930 | ||
Accrued distribution and other fees | 348,000 | 350,000 | ||
Accrued expenses | 3,651,376 | 3,650,966 | ||
Other payable | 326,457 | 694,571 | ||
Total liabilities | 5,498,455 | 5,902,467 | ||
Commitments and Contingencies (see Note 5) | ||||
NET ASSETS | 271,772,629 | [2] | 272,854,872 | |
ANALYSIS OF NET ASSETS: | ||||
Offering costs | (17,355,402) | (17,355,402) | ||
Net assets | 271,772,629 | 272,854,872 | ||
Capital Unit, Class A [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 112,322,557 | 112,737,934 | ||
Net assets | 104,250,421 | 104,665,798 | ||
Capital Unit, Class C [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 47,327,785 | 47,502,038 | ||
Net assets | 43,902,610 | 44,076,863 | ||
Capital Unit, Class I [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 64,885,368 | 65,125,371 | ||
Net assets | 60,221,331 | 60,461,334 | ||
Capital Unit, Class W [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 149,682 | 150,239 | ||
Net assets | 138,853 | 139,410 | ||
Capital Unit, Class Y [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 16,464,397 | 16,525,284 | ||
Net assets | 15,281,172 | 15,342,059 | ||
Capital Unit, Class Z [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid on units | 47,978,242 | 48,169,408 | ||
Net assets | $ 47,978,242 | $ 48,169,408 | ||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Mar. 27, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||
Investment, amortized cost | [1] | $ 321,195,666 | $ 323,444,218 | |||||
Net assets, per unit (in dollars per share) | [2],[3] | $ 5.69 | $ 5.85 | |||||
Units outstanding (in shares) | 47,777,985 | [3] | 47,777,985 | 47,791,129 | [3] | 47,639,086 | ||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | ||||||||
Net assets, per unit (in dollars per share) | $ 5.696 | $ 5.754 | $ 5.718 | |||||
Capital Unit, Class A [Member] | ||||||||
Units outstanding (in shares) | 18,303,923 | 18,303,923 | 18,303,924 | 18,233,751 | ||||
Capital Unit, Class C [Member] | ||||||||
Units outstanding (in shares) | 7,766,734 | 7,766,734 | 7,837,126 | 7,831,059 | ||||
Capital Unit, Class I [Member] | ||||||||
Units outstanding (in shares) | 10,575,907 | 10,575,907 | 10,518,658 | 10,443,595 | ||||
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 | 2,683,015 | 2,683,015 | 2,682,275 | ||||
Capital Unit, Class Z [Member] | ||||||||
Units outstanding (in shares) | 8,423,851 | 8,423,851 | 8,423,851 | 8,423,851 | ||||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]For financial statement reporting purposes under GAAP, as of March 31, 2024 and 2023, the Company recorded a liability in the amount of $348,000 and $357,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.[3]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INVESTMENT INCOME | |||
Interest income | $ 6,371,443 | $ 6,725,196 | |
Interest from cash | 1,633 | 0 | |
Total investment income | 6,373,076 | 6,725,196 | |
EXPENSES | |||
Asset management fees | 1,365,692 | 1,404,845 | |
Professional fees | 1,264,867 | 1,530,161 | |
General and administrative expenses | 521,363 | 299,325 | |
Interest expenses | 0 | 661,627 | |
Board of managers fees | 64,375 | 64,375 | |
Total expenses | 3,216,297 | 3,960,333 | |
NET INVESTMENT INCOME | 3,156,779 | 2,764,863 | |
Net change in unrealized appreciation (depreciation) on investments | (59,744) | 6,499,880 | |
Realized loss on investments | 0 | (9,072,469) | |
Foreign exchange gain | 0 | 5,644 | |
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,097,035 | $ 197,918 | |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED (in dollars per share) | [1] | $ 0.07 | $ 0.06 |
EARNINGS PER UNIT - BASIC AND DILUTED (in dollars per share) | $ 0.06 | $ 0 | |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED (in shares) | 47,777,985 | 47,702,544 | |
[1]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INCREASE FROM OPERATIONS | |||
Net investment income | $ 3,156,779 | $ 2,764,863 | |
Foreign exchange gain | 0 | 5,644 | |
Net change in unrealized appreciation (depreciation) on investments | (59,744) | 6,499,880 | |
Realized loss on investments | 0 | (9,072,469) | |
Net increase from operations | 3,097,035 | 197,918 | |
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (4,181,278) | (3,678,936) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Repurchase of units | (28,318) | ||
Distribution and other fees | 2,000 | 63,000 | |
Net increase from capital transactions | 2,000 | 1,097,887 | |
NET CHANGE IN NET ASSETS | (1,082,243) | (2,383,131) | |
Net assets at beginning of period | 272,854,872 | 281,947,405 | |
Net assets at end of period | [1] | 271,772,629 | 279,564,274 |
Capital Unit, Class A [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (1,602,618) | (1,411,658) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Repurchase of units | 0 | (11,883) | |
Capital Unit, Class A [Member] | Distribution Reinvestment Plan [Member] | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of units under distribution reinvestment plan | 0 | 491,720 | |
Capital Unit, Class C [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (678,438) | (594,630) | |
Capital Unit, Class C [Member] | Distribution Reinvestment Plan [Member] | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of units under distribution reinvestment plan | 0 | 264,036 | |
Capital Unit, Class I [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (925,834) | (811,553) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Repurchase of units | 0 | (16,435) | |
Capital Unit, Class I [Member] | Distribution Reinvestment Plan [Member] | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of units under distribution reinvestment plan | 0 | 302,386 | |
Capital Unit, Class W [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (2,144) | (1,711) | |
Capital Unit, Class Y [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (234,859) | (207,594) | |
Capital Unit, Class Y [Member] | Distribution Reinvestment Plan [Member] | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of units under distribution reinvestment plan | 0 | 5,063 | |
Capital Unit, Class Z [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | $ (737,385) | $ (651,790) | |
[1]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities | |||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,097,035 | $ 197,918 | |
ADJUSTMENTS TO RECONCILE NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
Purchase of investments | 0 | (11,624,373) | |
Proceeds from disposition and paydowns of investments | 6,868,813 | 7,611,949 | |
Payment-in-kind interest | (4,620,261) | (4,257,210) | |
Net change in unrealized (appreciation) depreciation on investments | 59,744 | (6,499,880) | |
Realized loss on investments | 0 | 9,072,469 | |
Foreign exchange gain | 0 | (5,644) | |
Amortization of debt issuance costs | 0 | 39,245 | |
Changes in assets and liabilities: | |||
(Increase) Decrease in interest receivable | 248,106 | (512,581) | |
Decrease in other assets | 64,159 | 405,381 | |
Decrease in management and incentive fees payable | (34,308) | (951,811) | |
Increase in accrued expenses | 410 | 796,839 | |
Increase in due to affiliates | 0 | 185,250 | |
Increase (Decrease) in other payables | (368,114) | 25,669 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 5,315,584 | (5,516,779) | |
Cash flows from financing activities | |||
Distributions paid to unitholders | (4,181,278) | (3,960,176) | |
Repurchase of units | 0 | (1,770,504) | |
NET CASH USED IN FINANCING ACTIVITIES | (4,181,278) | (5,730,680) | |
TOTAL INCREASE (DECREASE) IN CASH | 1,134,306 | (11,247,459) | |
Cash at beginning of period | 980,741 | 14,510,817 | $ 14,510,817 |
Cash at end of period | 2,115,047 | 3,263,358 | $ 980,741 |
Supplemental information | |||
Cash paid for interest during the period | 0 | 670,900 | |
Supplemental non-cash information | |||
Issuance of units in connection with distribution reinvestment plan | 0 | 1,063,205 | |
Change in accrual of distribution and other fees | $ (2,000) | $ (63,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Schedule of Investments [Text Block] | Consolidated Schedule of Investments As of March 31, 2024 (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 $ 600,060 100 % $ 600,060 $ 453,112 0.2 % Ecuador Grupo Surpapel Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 3,598,133 5 % 3,598,133 3,598,133 1.3 % 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 15,201,540 5.6 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.7 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 12/31/2023 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 7,032,859 2.6 % Mexico Blue Arrow Biojet Holdings, LLC (8) Refuse Systems Waste to Fuels Processor 20% PIK 0.0 % 4/30/2024 50,035,306 65 % 50,035,306 50,035,306 18.4 % Singapore Triton Metallics Pte Ltd. (5), (6) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 6.0% Cash/7.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,239 7.1 % Total Senior Secured Term Loans 131,737,050 110,650,189 40.7 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 14.97% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,788,336 1.0 % Brazil Dock Brasil Engenharia E Servicos S.A. (8) Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 14% Cash / 3% PIK 0.0 % 2/28/2025 7,721,158 42 % 7,721,158 7,721,158 2.8 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 13,514,222 88 % 13,514,222 13,201,201 4.9 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.09% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 100 % 15,063,954 4,601,330 1.7 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/21/2027 2,011,075 14 % 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 15,326,637 5.6 % Netherlands Cevher International B.V. Netherlands (8) Motor Vehicle Parts and Accessories Wheel Manufacturer 10.00% 0.0 % 2/7/2024 8,275,000 44 % 11,399,439 11,399,439 4.2 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00% 0.0 % 10/31/2026 6,791,271 100 % 6,791,271 5,656,637 2.1 % Romania Lidas SRL (9) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,767,910 100 % 7,067,517 7,067,517 2.6 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 679,055 49 % 679,055 446,565 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 9/19/2025 13,544,290 57 % 13,544,290 11,900,301 4.4 % Total Senior Secured Term Loan Participations 102,110,612 82,120,196 30.2 % 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 N/A 12,500,000 5,723,296 2.1 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 N/A 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 16,077,863 76 % 16,077,863 14,519,154 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 10/25/2023 4,424,931 59 % 4,424,931 2,774,397 1.0 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 60 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 39,453,520 27,954,458 10.2 % 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 3,240,290 1.2 % 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 0.4 % 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 % Nigeria Equity Participation in Cocoa Transaction (5), (6), (10) Other Profit sharing rights on cocoa distribution N/A 0.0 % N/A 1,797,488 N/A 1,797,488 1,797,488 0.7 % 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 44,224 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 25,623,344 14,176,234 5.3 % Convertible Notes (1) Brazil Qintess Tecnologia e Participacoes Ltda, Series A (5), (11) Computer Related Services, NEC IT Service Provider 5.35% 0.0 % 8/11/2026 348,054 2 % 562,849 562,849 0.2 % Brazil Qintess Tecnologia e Participacoes Ltda, Series B (5), (11) Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 24,204,630 23 % 21,708,291 21,884,661 8.1 % Total convertible notes 22,271,140 22,447,510 8.3 % 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 — 2,023,824 0.7 % Total Investments $ 321,195,666 $ 259,372,411 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. The participation percentages are calculated based on the global outstanding balance for the facility. In 2022, 5 Watch List investment. 6 Investment on non-accrual status. 7 The Company holds three April 8, 2074. 8 The Company is negotiating with the borrower to amend the loan term and to extend the maturity date. 9 Lidas SRL is the operating company for the investment. The participation is in a senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL. 10 Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not 11 Class A and Class B convertible notes were issued to the Company through restructuring in August 2023. Consolidated Schedule of Investments December 31, 2023 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 $ 600,060 100 % $ 600,060 $ 453,112 0.2 % Ecuador Grupo Surpapel Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 3,598,133 5 % 3,598,133 3,598,133 1.3 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% 0.0 % 6/30/2023 22,219,566 100 % 22,219,566 15,302,209 5.6 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.7 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 12/31/2023 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 7,032,859 2.6 % Mexico Blue Arrow Biojet Holdings, LLC (8) Refuse Systems Waste to Fuels Processor 20% PIK 0.0 % 4/30/2024 47,602,300 65 % 47,602,300 47,602,300 17.4 % Singapore Triton Metallics Pte Ltd. (5), (6) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 6.0% Cash/7.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,238 7.1 % Total Senior Secured Term Loans 129,304,044 108,317,851 39.7 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 14.97% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,792,341 1.0 % Brazil Dock Brasil Engenharia E Servicos S.A. (8) Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 8% Cash / 12% PIK 0.0 % 12/7/2023 8,056,522 42 % 8,056,522 8,056,522 3.0 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 15,499,826 88 % 15,499,826 15,186,805 5.6 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90% 0.0 % 12/24/2026 4,245,889 69 % 4,245,889 4,245,889 1.6 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.15% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 100 % 15,063,954 4,601,330 1.7 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/21/2027 2,011,075 14 % 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 15,326,637 5.6 % Netherlands Cevher International B.V. Netherlands (8) 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 % 10/31/2026 6,929,992 100 % 6,929,992 5,573,992 2.0 % Romania Lidas SRL (9) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,645,029 100 % 6,944,636 6,944,636 2.5 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 644,238 49 % 644,238 411,748 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 9/19/2025 13,101,741 57 % 13,101,741 11,457,753 4.2 % Total Senior Secured Term Loan Participations 107,513,822 87,306,046 32.0 % 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 N/A 12,500,000 5,723,296 2.1 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 N/A 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 76 % 16,035,023 14,476,313 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 10/25/2023 4,424,931 59 % 4,424,931 3,470,108 1.3 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 60 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 39,410,680 28,607,328 10.5 % 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 3,240,290 1.2 % 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 0.4 % 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 % Nigeria Equity Participation in Cocoa Transaction (5), (6), (10) Other Profit sharing rights on cocoa distribution N/A 0.0 % N/A 1,797,488 N/A 1,797,488 1,797,488 0.7 % Morocco Mac Z Group SARL (5), (6) Other Scrap Metal liquidation N/A 0.0 % N/A 1,433,058 N/A 1,433,058 239,370 0.1 % 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 25,623,344 14,371,380 5.4 % Convertible Notes (1) Brazil Qintess Tecnologia e Participacoes Ltda, Series A (5), (11) Computer Related Services, NEC IT Service Provider 5.35% 0.0 % 8/11/2026 343,562 2 % 558,357 558,357 0.2 % Brazil Qintess Tecnologia e Participacoes Ltda, Series B (5), (11) Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 23,530,310 23 % 21,033,971 21,210,341 7.8 % Total convertible notes 21,592,328 21,768,698 8.0 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,309,404 0.5 % Total Investments $ 323,444,218 $ 261,680,707 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. The participation percentages are calculated based on the global outstanding balance for the facility. In 2022, 5 Watch List investment. 6 Investment on non-accrual status. 7 The Company holds four July 27, 2024. 8 The Company is negotiating with the borrower to amend the loan term and to extend the maturity date. 9 Lidas SRL is the operating company for the investment. The participation is in a senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL. 10 Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not 11 Class A and Class B convertible notes were issued to the Company through restructuring in August 2023. |
Note 1 - Organization and Opera
Note 1 - Organization and Operations of the Company | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 not March 31, 2024 April 1, 2017 March 31, 2024 March 31, 2024 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 946" 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 March 31, 2024 ● 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 March 31, 2024 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 ASC 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, 2023 n March 29, 2024. The results of operations for the three March 31, 2024 not may December 31, 2024 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. Certain prior period information has been reclassified to conform with the current period presentation. 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 have such balances 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, which the Company has determined not The Company records prepayment penalties 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 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 or liquidation 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. When deemed 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. Due to the fact that all non-Watch List investments are performing loans, 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 as 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 but considering unamortized upfront fees. 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 ("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 March 31, 2024 three March 31, 2024 2023, $4,257,210, 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 March 31, 2024 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 ASC 740, Income Taxes not As of March 31, 2024 December 31, 2020. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis. As of March 31, 2024 six may March 31, 2024 The Company is not not not not Accordingly, the Company believes that its estimated net asset value at any given time should not may March 31, 2024 8 March 31, 2024 refle y fr December 31, 2023 three March 31, 2024 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 March 31, 2024 2023 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 2021. may may Recently Issued Accounting Pronouncements In March 2020, 2020 04, 848 In December 2022, 2022 06, 848 848 December 31, 2024. not December 31, 2024, not 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 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 2023, March 31, 2024 December 31, 2023 one may In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may may may may At March 31, 2024 five March 31, 2024 March 31, 2024 |
Note 3 - Investments
Note 3 - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. As of March 31, 2024 Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 131,737,050 $ 110,650,189 42.6 % Senior secured term loan participations 102,110,612 82,120,196 31.6 % Senior secured trade finance participations 39,453,520 27,954,458 10.8 % Other investments 25,623,344 14,176,234 5.5 % Convertible notes 22,271,140 22,447,510 8.7 % Equity warrants — 2,023,824 0.8 % Total investments $ 321,195,666 259,372,411 100.0 % As of December 31, 2023 Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 129,304,044 $ 108,317,851 41.4 % Senior secured term loan participations 107,513,822 87,306,046 33.4 % Senior secured trade finance participations 39,410,680 28,607,328 10.9 % Other investments 25,623,344 14,371,380 5.5 % Convertible notes 21,592,328 21,768,698 8.3 % Equity warrants — 1,309,404 0.5 % Total investments $ 323,444,218 $ 261,680,707 100.0 % 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 As of March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Sub-advisor Value of Total Value of Total CEECAT Capital Limited & CCL Investments SARL $ 18,466,956 6.8 % $ 17,641,954 6.5 % Helios Investment Partners, LLP $ 13,201,201 4.9 % $ 15,186,805 5.6 % Origin Capital Limited $ 15,944,999 5.9 % $ 15,467,634 5.7 % Scipion Capital, Ltd. $ 17,955,920 6.6 % $ 17,917,084 6.6 % TRG Management LP $ 32,179,743 11.8 % $ 36,082,184 13.2 % 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. As such, some of the Company's trade finance investments have up to a year or more of accrued interest receivable as of March 31, 2024 not may not March 31, 2024 December 31, 2023 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 March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Industry Value of Total Value of Total Beef Cattle, Except Feedlots $ 2,955,774 1.1 % $ 2,955,774 1.1 % Boatbuilding and Repairing 7,721,158 3.0 % 8,056,522 3.1 % Chemicals and Allied Products 7,032,859 2.7 % 7,032,859 2.7 % Chocolate and Cocoa Products 29,519,154 11.4 % 29,476,313 11.3 % Coal and Other Minerals and Ores 34,530,779 13.3 % 34,631,447 13.2 % Computer Related Services, NEC 22,447,510 8.7 % 21,768,698 8.3 % Corn 12,346,866 4.8 % 11,869,501 4.5 % Corrugated and Solid Fiber Boxes 3,598,133 1.4 % 3,598,133 1.4 % Cotton Ginning 1,792,698 0.7 % 1,792,698 0.7 % Dairy Farms 4,289,181 1.7 % 4,289,181 1.6 % Drugs, Proprietaries, and Sundries 648,430 0.2 % 648,430 0.2 % Electric Services 970,393 0.4 % 970,393 0.4 % Freight Transportation Arrangement 4,601,330 1.8 % 4,601,330 1.8 % Frozen Fish and Seafood 2,774,397 1.1 % 3,470,108 1.3 % Hotels and Motels 13,201,201 5.1 % 15,186,805 5.8 % Land Subdividers and Developers 15,326,637 5.9 % 15,326,637 5.9 % Motor Vehicle Parts and Accessories 11,399,439 4.4 % 10,697,318 4.1 % Personal Credit Institutions 2,011,075 0.8 % 6,256,964 2.4 % Refuse Systems 52,059,130 20.1 % 48,911,704 18.7 % Retail Bakeries 7,067,517 2.7 % 6,944,636 2.7 % Short-Term Business Credit 2,788,336 1.1 % 2,792,341 1.1 % Soybeans 5,723,296 2.2 % 5,723,296 2.2 % Sugarcane and Sugar Beets 453,112 0.1 % 453,112 0.2 % Towing and Tugboat Service 5,656,637 2.1 % 5,573,992 2.1 % Other 8,457,369 3.2 % 8,652,515 3.2 % Total $ 259,372,411 100.0 % $ 261,680,707 100.0 % The table below shows the portfolio composition by geographic classification at fair value as of March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 14,760,949 5.6 % $ 14,760,949 5.6 % Botswana 2,788,336 1.1 % 2,792,341 1.1 % Brazil 30,621,780 11.8 % 30,278,332 11.6 % Cabo Verde 13,201,201 5.1 % 15,186,805 5.8 % Cameroon 14,519,154 5.6 % 14,476,313 5.5 % Chile 970,393 0.4 % 970,393 0.4 % Colombia — 0.0 % 4,245,889 1.6 % Ecuador 6,372,530 2.5 % 7,068,241 2.7 % Hong Kong 15,201,540 5.9 % 15,302,209 5.8 % Indonesia 15,000,000 5.8 % 15,000,000 5.7 % Kenya 4,601,330 1.8 % 4,601,330 1.8 % Malaysia 7,032,859 2.7 % 7,032,859 2.7 % Mexico 54,070,205 20.8 % 50,922,779 19.5 % Morocco 44,224 0.0 % 239,370 0.1 % Namibia 15,326,637 5.9 % 15,326,637 5.9 % Netherlands 11,399,439 4.4 % 10,697,318 4.1 % Nigeria 7,454,125 2.9 % 7,371,480 2.8 % Peru 3,375,367 1.3 % 3,375,367 1.3 % Romania 7,067,517 2.7 % 6,944,636 2.7 % Singapore 19,329,239 7.5 % 19,329,238 7.4 % United Arab Emirates 648,430 0.2 % 648,430 0.2 % Uganda 12,346,866 4.8 % 11,869,501 4.5 % N/A 3,240,290 1.2 % 3,240,290 1.2 % Total $ 259,372,411 100.0 % $ 261,680,707 100.0 % ( 1 All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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, 820" March 31, 2024 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 110,650,189 $ — $ — $ 110,650,189 Senior secured term loan participations 82,120,196 — — 82,120,196 Senior secured trade finance participations 27,954,458 — — 27,954,458 Other investments 14,176,234 — — 14,176,234 Convertible notes 22,447,510 — — 22,447,510 Equity warrants 2,023,824 — — 2,023,824 Total $ 259,372,411 $ — $ — $ 259,372,411 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 108,317,851 $ — $ — $ 108,317,851 Senior secured term loan participations 87,306,046 — — 87,306,046 Senior secured trade finance participations 28,607,328 — — 28,607,328 Other investments 14,371,380 — — 14,371,380 Convertible notes 21,768,698 — — 21,768,698 Equity warrants 1,309,404 — — 1,309,404 Total $ 261,680,707 $ — $ — $ 261,680,707 The following is a reconciliation of activity for the three March 31, 2024 3: Fair Value at December 31, 2023 Purchases Proceeds from disposition of investments Reclassifications Payment-in-kind interest Net change in unrealized appreciation (depreciation) Net realized gains (losses) Fair Value at March 31, 2024 Senior secured term loans $ 108,317,851 $ — $ — $ — $ 2,433,007 $ (100,669 ) $ — $ 110,650,189 Senior secured term loan participations 87,306,046 — (6,868,813 ) — 1,465,601 217,362 — 82,120,196 Senior secured trade finance participations 28,607,328 — — — 42,841 (695,711 ) — 27,954,458 Other investments 14,371,380 — — — — (195,146 ) — 14,176,234 Convertible notes 21,768,698 — — — 678,812 — — 22,447,510 Equity warrants 1,309,404 — — — — 714,420 — 2,023,824 Total $ 261,680,707 $ — $ (6,868,813 ) $ — $ 4,620,261 $ (59,744 ) $ — $ 259,372,411 The following is a reconciliation of activity for the year ended December 31, 2023, 3: Fair Value at December 31, 2022 Purchases Proceeds from disposition of investments Reclassifications Payment-in-kind interest Net change in Net realized gains (losses) Fair Value at December 31, 2023 Senior secured term loans $ 105,084,728 $ — $ (6,815,940 ) $ 5,000,000 $ 9,705,068 $ (5,110,334 ) $ 454,329 $ 108,317,851 Senior secured term loan participations 119,690,547 1,803,105 (25,108,771 ) (22,557,046 ) 7,412,280 11,068,644 (5,002,713 ) 87,306,046 Senior secured trade finance participations 31,710,623 9,511,909 (5,358,233 ) (6,797,488 ) — 8,285,570 (8,745,053 ) 28,607,328 Other investments 15,925,381 — (3,565,628 ) 1,797,488 — 214,139 — 14,371,380 Convertible notes — — — 22,557,046 980,158 176,370 (1,944,876 ) 21,768,698 Equity warrants 1,205,503 — — — — 103,901 — 1,309,404 Total $ 273,616,782 $ 11,315,014 $ (40,848,572 ) $ — $ 18,097,506 $ 14,738,290 $ (15,238,313 ) $ 261,680,707 The Company recorded realized losses of $0 and $15,238,313 for the Company’s investments classified as Level 3 three March 31, 2024 December 31, 2023 three March 31, 2024 December 31, 2023 3 As of March 31, 2024 3 3 March 31, 2024 Fair value Valuation technique Unobservable input Range (weighted average) (4) Senior secured trade finance participations (2) $ 23,016,847 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.66x - 1.56x, 16.75% - 17.50% (17.28%) 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) $ 110,650,189 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.12x - 1.18x, 13.25% - 20.50% (18.55%) Senior secured term loan participations (2) $ 66,793,559 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.16x - 2.83x, 12.0% - 23.50% (17.73%) Senior secured term loan participations (1) $ 15,326,637 Collateral based approach Value of collateral (collateral coverage ratio) 0.75x - 1.0x Other investments (3) $ 14,176,234 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 1.12x, 9.5% (9.5%) Convertible note (2) $ 22,447,510 Income approach (DCF) Discount rate 15.75% - 17.0% (16.97%) Equity warrants $ 2,023,824 Option Pricing Method Risk free rate, volatility, time to liquidity 4.21%, 86%, 5 years ( 1 Collateral based approach used for the following Watch List investments: Trustco, Sancor and GPI. ( 2 The Company used the income approach for the following Watch List investments: Usivale, Limas, Triton, Helios Maritime, Agilis Partners, CAGSA, Producam, Qintess and Equity Participation in Cocoa Transaction and a hybrid of the collateral based approach and the income approach for Vikudha, Ecsponent, MICD, and WinRep, 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 trade finance participations or term loans. Due to the fact that the original borrowers have been placed into bankruptcy, or the original loans were converted to other types of investments, the original investments have been reclassified as other investments. ( 4 The inputs were weighted based on the fair value of the investments included in the range. As of December 31, 2023 3 3 December 31, 2023 Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 23,669,717 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.88x, 16.75% - 17.50% (17.28%) 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) $ 108,317,851 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.12x, 13.25% - 20.50% (18.54%) Senior secured term loan participations (2) $ 71,979,409 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 0.25x, 11.0% - 23.40% (17.26%) Senior secured term loan participations (1) $ 15,326,637 Collateral based approach Value of collateral (collateral coverage ratio) 0.76x Other investments (3) $ 14,371,380 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 1.20x, 9.5% (9.5%) Convertible note (2) $ 21,768,698 Income approach (DCF) Discount rate 15.75% - 16.75% (16.72%) Equity warrants $ 1,309,404 Option Pricing Method Risk free rate, volatility, time to liquidity 3.84%, 82%, 5 years ( 1 Collateral based approach used for the following Watch List investments: Trustco, Sancor and GPI. ( 2 The Company used the income approach for the following Watch List investments: Usivale, Limas, Triton, Helios Maritime, Agilis Partners, CAGSA, Producam, Qintess and Equity Participation in Cocoa Transaction and a hybrid of the collateral based approach and the income approach for Vikudha, Ecsponent, MICD, and WinRep, 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 trade finance participations or term loans. Due to the fact that the original borrowers have been placed into bankruptcy, or the original loans were converted to other types of investments, the original investments have been reclassified as other investments. ( 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 | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Contingencies and Related Parties Disclosure [Text Block] | Note 5. Agreements Advisory Agreement The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on March 31, 2025, 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 did not three March 31, 2024 2023 fourth 2022, may December 31, 2023. 2023 not Operating Expense Responsibility Agreement On May 12, 2021, December 31, 2017, Pursuant to the Responsibility Agreement, the Sponsor would only be entitled to reimbursement of the cumulative expenses it had incurred on the Company’s behalf to the extent the Company’s investment income in any quarter surpassed certain performance thresholds set forth in the Responsibility Agreement. The Company did not As a result of the detrimental impact the COVID- 19 two fourth 2022. three December 31, 2022, fourth 2022. Transactions For the three March 31, 2024 2023 |
Note 6 - Unit Capital
Note 6 - Unit Capital | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Members' Equity Notes Disclosure [Text Block] | Note 6. As of March 31, 2024 six March 31, 2024 March 31, 2024 three March 31, 2024 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 March 31, 2023 the Period the Period the Period the Period 2024 Class A units 18,303,923 — — — — 18,303,923 Class C units 7,766,734 — — — — 7,766,734 Class I units 10,575,907 — — — — 10,575,907 Class W units 24,555 — — — — 24,555 Class Y units 2,683,015 — — — — 2,683,015 Class Z units 8,423,851 — — — — 8,423,851 Total 47,777,985 — — — — 47,777,985 During the three March 31, 2024 Beginning June 11, 2014, may 12 one The unit repurchase program includes numerous restrictions, including a one may During the three March 31, 2024 not 10 December 31, 2022 March 31, 2023, April 1, 2023 March 31, 2024 As of March 31, 2023 March 31, 2023 three March 31, 2023 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 March 31, 2022 the Period 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 (32,742 ) — 7,837,126 Class I units 10,443,595 — 44,724 32,742 (2,403 ) 10,518,658 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 — 156,184 — (4,141 ) 47,791,129 During the three March 31, 2023 December 31, 2022, three March 31, 2023. not 10 December 31, 2022 March 31, 2023, April 1, 2023. April 24, 2024, 9. |
Note 7 - Distributions
Note 7 - Distributions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Distributions Disclosure [Text Block] | Note 7. The following table summarizes the distributions for the three March 31, 2024 Daily Rate Cash Distributions Total Date Paid Date Authorized Per Unit Distributions Reinvested Declared February 21, 2024 February 15, 2024 $ 0.04376771 $ 2,091,411 $ — $ 2,091,411 March 27, 2024 March 26, 2024 $ 0.04376771 2,089,867 — 2,089,867 Total for 2024 $ 4,181,278 $ — $ 4,181,278 In February 2024, February 21, 2024 none In March 2024, March 27, 2024 none September 30, 2023. no The following table summarizes the distributions for the three March 31, 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 Total for 2023 $ 2,615,731 $ 1,063,205 $ 3,678,936 |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investment Company, Financial Highlights [Text Block] | Note 8. The following is a schedule of financial highlights of the Company for the three March 31, 2024 2023 Three Months Ended March 31, March 31, 2024 2023 Per unit data (1): Net asset value at beginning of period $ 5.71 $ 5.92 Net investment income 0.07 0.06 Net change in unrealized appreciation (depreciation) on investments (0.00 ) 0.14 Realized loss on investments — (0.19 ) Foreign exchange gain — 0.00 Net increase in net assets resulting from operations 0.07 0.00 Distributions (0.09 ) (0.08 ) Net change in accrued distribution and other fees 0.00 0.00 Net decrease in net assets (0.02 ) (0.07 ) Net asset value at end of period (2) $ 5.69 $ 5.85 Total return based on net asset value (4) 1.14 % 0.07 % Net assets at end of period $ 271,772,629 $ 279,564,274 Units Outstanding at end of period 47,777,985 47,791,129 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 4.65 % 3.99 % Ratio of total expenses to average net assets 4.74 % 5.72 % 1 The per unit data was derived by using the weighted average units outstanding during the three March 31, 2024 2023 2 For financial statement reporting purposes under GAAP, as of March 31, 2024 2023 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 4 Total return does not |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9. 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 March 31, 2024 On February 16, 2024, 1, April 17, 2024, April 24, 2024 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Rule 10b5 1 During the three March 31, 2024 none 10b5 1 10b5 1 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 ASC 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, 2023 n March 29, 2024. The results of operations for the three March 31, 2024 not may December 31, 2024 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. Certain prior period information has been reclassified to conform with the current period presentation. |
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 have such balances 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, which the Company has determined not The Company records prepayment penalties 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 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 or liquidation 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. When deemed 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. Due to the fact that all non-Watch List investments are performing loans, 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 as 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 but considering unamortized upfront fees. 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 ("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 March 31, 2024 three March 31, 2024 2023, $4,257,210, |
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 March 31, 2024 |
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 ASC 740, Income Taxes not As of March 31, 2024 December 31, 2020. 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 net asset value is calculated on a quarterly basis. As of March 31, 2024 six may March 31, 2024 The Company is not not not not Accordingly, the Company believes that its estimated net asset value at any given time should not may March 31, 2024 8 March 31, 2024 refle y fr December 31, 2023 three March 31, 2024 |
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 March 31, 2024 2023 |
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 2021. may may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In March 2020, 2020 04, 848 In December 2022, 2022 06, 848 848 December 31, 2024. not December 31, 2024, not |
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 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 2023, March 31, 2024 December 31, 2023 one may In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may may may may At March 31, 2024 five March 31, 2024 March 31, 2024 |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 600,060 100 % $ 600,060 $ 453,112 0.2 % Ecuador Grupo Surpapel Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 3,598,133 5 % 3,598,133 3,598,133 1.3 % 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 15,201,540 5.6 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.7 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 12/31/2023 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 7,032,859 2.6 % Mexico Blue Arrow Biojet Holdings, LLC (8) Refuse Systems Waste to Fuels Processor 20% PIK 0.0 % 4/30/2024 50,035,306 65 % 50,035,306 50,035,306 18.4 % Singapore Triton Metallics Pte Ltd. (5), (6) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 6.0% Cash/7.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,239 7.1 % Total Senior Secured Term Loans 131,737,050 110,650,189 40.7 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 14.97% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,788,336 1.0 % Brazil Dock Brasil Engenharia E Servicos S.A. (8) Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 14% Cash / 3% PIK 0.0 % 2/28/2025 7,721,158 42 % 7,721,158 7,721,158 2.8 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 13,514,222 88 % 13,514,222 13,201,201 4.9 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.09% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 100 % 15,063,954 4,601,330 1.7 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/21/2027 2,011,075 14 % 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 15,326,637 5.6 % Netherlands Cevher International B.V. Netherlands (8) Motor Vehicle Parts and Accessories Wheel Manufacturer 10.00% 0.0 % 2/7/2024 8,275,000 44 % 11,399,439 11,399,439 4.2 % Nigeria Helios Maritime I (5) Towing and Tugboat Service Marine Logistics Provider 3.00% 0.0 % 10/31/2026 6,791,271 100 % 6,791,271 5,656,637 2.1 % Romania Lidas SRL (9) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,767,910 100 % 7,067,517 7,067,517 2.6 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 679,055 49 % 679,055 446,565 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 9/19/2025 13,544,290 57 % 13,544,290 11,900,301 4.4 % Total Senior Secured Term Loan Participations 102,110,612 82,120,196 30.2 % 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 N/A 12,500,000 5,723,296 2.1 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 N/A 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 16,077,863 76 % 16,077,863 14,519,154 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 10/25/2023 4,424,931 59 % 4,424,931 2,774,397 1.0 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 60 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 39,453,520 27,954,458 10.2 % 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 3,240,290 1.2 % 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 0.4 % 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 % Nigeria Equity Participation in Cocoa Transaction (5), (6), (10) Other Profit sharing rights on cocoa distribution N/A 0.0 % N/A 1,797,488 N/A 1,797,488 1,797,488 0.7 % 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 44,224 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 25,623,344 14,176,234 5.3 % Convertible Notes (1) Brazil Qintess Tecnologia e Participacoes Ltda, Series A (5), (11) Computer Related Services, NEC IT Service Provider 5.35% 0.0 % 8/11/2026 348,054 2 % 562,849 562,849 0.2 % Brazil Qintess Tecnologia e Participacoes Ltda, Series B (5), (11) Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 24,204,630 23 % 21,708,291 21,884,661 8.1 % Total convertible notes 22,271,140 22,447,510 8.3 % 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 — 2,023,824 0.7 % Total Investments $ 321,195,666 $ 259,372,411 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 $ 600,060 100 % $ 600,060 $ 453,112 0.2 % Ecuador Grupo Surpapel Corrugated and Solid Fiber Boxes Sustainable Packaging Manufacturer 12.88% Cash / 2.2% PIK 0.0 % 6/18/2025 3,598,133 5 % 3,598,133 3,598,133 1.3 % Hong Kong Limas Commodities House Limited (5), (6) Coal and Other Minerals and Ores Resource Trader 11.50% 0.0 % 6/30/2023 22,219,566 100 % 22,219,566 15,302,209 5.6 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 13.00% 2.0 % 3/4/2024 10,000,000 33 % 10,000,000 10,000,000 3.7 % Indonesia PT Citra Labuantirta (8) Chocolate and Cocoa Products Cocoa Processor 11.00% 2.0 % 12/31/2023 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 7,032,859 2.6 % Mexico Blue Arrow Biojet Holdings, LLC (8) Refuse Systems Waste to Fuels Processor 20% PIK 0.0 % 4/30/2024 47,602,300 65 % 47,602,300 47,602,300 17.4 % Singapore Triton Metallics Pte Ltd. (5), (6) Coal and Other Minerals and Ores Non-Ferrous Metal Trader 6.0% Cash/7.50% PIK 0.0 % 8/18/2025 21,799,281 100 % 21,799,281 19,329,238 7.1 % Total Senior Secured Term Loans 129,304,044 108,317,851 39.7 % Senior Secured Term Loan Participations (1) Botswana Ecsponent Holdings Limited (5), (6) Short-Term Business Credit SME Financier 14.97% 0.0 % 8/18/2023 5,601,000 47 % 5,601,000 2,792,341 1.0 % Brazil Dock Brasil Engenharia E Servicos S.A. (8) Boatbuilding and Repairing Ship Maintenance & Repair Service Provider 8% Cash / 12% PIK 0.0 % 12/7/2023 8,056,522 42 % 8,056,522 8,056,522 3.0 % Cabo Verde TRG Cape Verde Holdings Ltd Hotels and Motels Hospitality Service Provider 10.0% Cash/3.5% PIK 0.0 % 12/31/2024 15,499,826 88 % 15,499,826 15,186,805 5.6 % Colombia Kredit Plus S.A.S. Personal Credit Institutions Consumer Lender II 11.90% 0.0 % 12/24/2026 4,245,889 69 % 4,245,889 4,245,889 1.6 % Kenya Multiple ICD (Kenya) Limited (5), (6) Freight Transportation Arrangement Freight and Cargo Transporter 13.15% Cash / 4.00% PIK 0.0 % 3/31/2023 15,063,954 100 % 15,063,954 4,601,330 1.7 % Mexico HINV, S.A. DE C.V. Personal Credit Institutions Consumer Lender III 11.95% 0.0 % 1/21/2027 2,011,075 14 % 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 15,326,637 5.6 % Netherlands Cevher International B.V. Netherlands (8) 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 % 10/31/2026 6,929,992 100 % 6,929,992 5,573,992 2.0 % Romania Lidas SRL (9) Retail Bakeries Frozen Bakery Products Manufacturer 7.0% Cash/7.0% PIK 0.0 % 5/20/2024 6,645,029 100 % 6,944,636 6,944,636 2.5 % Uganda Agilis Partners Holding LLC (5) Corn Grain Processor G 12.80% PIK 0.0 % 7/8/2024 644,238 49 % 644,238 411,748 0.2 % Uganda Agilis Partners (5) Corn Grain Processor F 3.50% Cash/8.00% PIK 0.0 % 9/19/2025 13,101,741 57 % 13,101,741 11,457,753 4.2 % Total Senior Secured Term Loan Participations 107,513,822 87,306,046 32.0 % 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 N/A 12,500,000 5,723,296 2.1 % Argentina Sancor Cooperativas Unidas Ltda (5), (6) Dairy Farms Dairy Co-Operative 10.67% 0.0 % 7/29/2019 5,802,296 N/A 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 76 % 16,035,023 14,476,313 5.3 % Ecuador Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6) Frozen Fish and Seafood Seafood Processing Company II 11.75% 0.0 % 10/25/2023 4,424,931 59 % 4,424,931 3,470,108 1.3 % United Arab Emirates Global Pharma Intelligence Sarl (5), (6) Drugs, Proprietaries, and Sundries Pharmaceuticals Distributor 14.60% 0.0 % 6/30/2018 648,430 60 % 648,430 648,430 0.2 % Total Senior Secured Trade Finance Participations 39,410,680 28,607,328 10.5 % 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 3,240,290 1.2 % 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 0.4 % 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 % Nigeria Equity Participation in Cocoa Transaction (5), (6), (10) Other Profit sharing rights on cocoa distribution N/A 0.0 % N/A 1,797,488 N/A 1,797,488 1,797,488 0.7 % Morocco Mac Z Group SARL (5), (6) Other Scrap Metal liquidation N/A 0.0 % N/A 1,433,058 N/A 1,433,058 239,370 0.1 % 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 25,623,344 14,371,380 5.4 % Convertible Notes (1) Brazil Qintess Tecnologia e Participacoes Ltda, Series A (5), (11) Computer Related Services, NEC IT Service Provider 5.35% 0.0 % 8/11/2026 343,562 2 % 558,357 558,357 0.2 % Brazil Qintess Tecnologia e Participacoes Ltda, Series B (5), (11) Computer Related Services, NEC IT Service Provider 12.00% 0.0 % 8/11/2026 23,530,310 23 % 21,033,971 21,210,341 7.8 % Total convertible notes 21,592,328 21,768,698 8.0 % Equity Warrants Mexico Blue Arrow Biojet Holdings, LLC Refuse Systems Waste to Fuels Processor N/A N/A N/A N/A N/A — 1,309,404 0.5 % Total Investments $ 323,444,218 $ 261,680,707 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Summary Investment Holdings [Table Text Block] | Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 131,737,050 $ 110,650,189 42.6 % Senior secured term loan participations 102,110,612 82,120,196 31.6 % Senior secured trade finance participations 39,453,520 27,954,458 10.8 % Other investments 25,623,344 14,176,234 5.5 % Convertible notes 22,271,140 22,447,510 8.7 % Equity warrants — 2,023,824 0.8 % Total investments $ 321,195,666 259,372,411 100.0 % Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 129,304,044 $ 108,317,851 41.4 % Senior secured term loan participations 107,513,822 87,306,046 33.4 % Senior secured trade finance participations 39,410,680 28,607,328 10.9 % Other investments 25,623,344 14,371,380 5.5 % Convertible notes 21,592,328 21,768,698 8.3 % Equity warrants — 1,309,404 0.5 % Total investments $ 323,444,218 $ 261,680,707 100.0 % |
Summary Investment Holdings, Asset Management Arrangement [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Sub-advisor Value of Total Value of Total CEECAT Capital Limited & CCL Investments SARL $ 18,466,956 6.8 % $ 17,641,954 6.5 % Helios Investment Partners, LLP $ 13,201,201 4.9 % $ 15,186,805 5.6 % Origin Capital Limited $ 15,944,999 5.9 % $ 15,467,634 5.7 % Scipion Capital, Ltd. $ 17,955,920 6.6 % $ 17,917,084 6.6 % TRG Management LP $ 32,179,743 11.8 % $ 36,082,184 13.2 % |
Investment Holdings, Schedule of Investments [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Industry Value of Total Value of Total Beef Cattle, Except Feedlots $ 2,955,774 1.1 % $ 2,955,774 1.1 % Boatbuilding and Repairing 7,721,158 3.0 % 8,056,522 3.1 % Chemicals and Allied Products 7,032,859 2.7 % 7,032,859 2.7 % Chocolate and Cocoa Products 29,519,154 11.4 % 29,476,313 11.3 % Coal and Other Minerals and Ores 34,530,779 13.3 % 34,631,447 13.2 % Computer Related Services, NEC 22,447,510 8.7 % 21,768,698 8.3 % Corn 12,346,866 4.8 % 11,869,501 4.5 % Corrugated and Solid Fiber Boxes 3,598,133 1.4 % 3,598,133 1.4 % Cotton Ginning 1,792,698 0.7 % 1,792,698 0.7 % Dairy Farms 4,289,181 1.7 % 4,289,181 1.6 % Drugs, Proprietaries, and Sundries 648,430 0.2 % 648,430 0.2 % Electric Services 970,393 0.4 % 970,393 0.4 % Freight Transportation Arrangement 4,601,330 1.8 % 4,601,330 1.8 % Frozen Fish and Seafood 2,774,397 1.1 % 3,470,108 1.3 % Hotels and Motels 13,201,201 5.1 % 15,186,805 5.8 % Land Subdividers and Developers 15,326,637 5.9 % 15,326,637 5.9 % Motor Vehicle Parts and Accessories 11,399,439 4.4 % 10,697,318 4.1 % Personal Credit Institutions 2,011,075 0.8 % 6,256,964 2.4 % Refuse Systems 52,059,130 20.1 % 48,911,704 18.7 % Retail Bakeries 7,067,517 2.7 % 6,944,636 2.7 % Short-Term Business Credit 2,788,336 1.1 % 2,792,341 1.1 % Soybeans 5,723,296 2.2 % 5,723,296 2.2 % Sugarcane and Sugar Beets 453,112 0.1 % 453,112 0.2 % Towing and Tugboat Service 5,656,637 2.1 % 5,573,992 2.1 % Other 8,457,369 3.2 % 8,652,515 3.2 % Total $ 259,372,411 100.0 % $ 261,680,707 100.0 % |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 14,760,949 5.6 % $ 14,760,949 5.6 % Botswana 2,788,336 1.1 % 2,792,341 1.1 % Brazil 30,621,780 11.8 % 30,278,332 11.6 % Cabo Verde 13,201,201 5.1 % 15,186,805 5.8 % Cameroon 14,519,154 5.6 % 14,476,313 5.5 % Chile 970,393 0.4 % 970,393 0.4 % Colombia — 0.0 % 4,245,889 1.6 % Ecuador 6,372,530 2.5 % 7,068,241 2.7 % Hong Kong 15,201,540 5.9 % 15,302,209 5.8 % Indonesia 15,000,000 5.8 % 15,000,000 5.7 % Kenya 4,601,330 1.8 % 4,601,330 1.8 % Malaysia 7,032,859 2.7 % 7,032,859 2.7 % Mexico 54,070,205 20.8 % 50,922,779 19.5 % Morocco 44,224 0.0 % 239,370 0.1 % Namibia 15,326,637 5.9 % 15,326,637 5.9 % Netherlands 11,399,439 4.4 % 10,697,318 4.1 % Nigeria 7,454,125 2.9 % 7,371,480 2.8 % Peru 3,375,367 1.3 % 3,375,367 1.3 % Romania 7,067,517 2.7 % 6,944,636 2.7 % Singapore 19,329,239 7.5 % 19,329,238 7.4 % United Arab Emirates 648,430 0.2 % 648,430 0.2 % Uganda 12,346,866 4.8 % 11,869,501 4.5 % N/A 3,240,290 1.2 % 3,240,290 1.2 % Total $ 259,372,411 100.0 % $ 261,680,707 100.0 % |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 110,650,189 $ — $ — $ 110,650,189 Senior secured term loan participations 82,120,196 — — 82,120,196 Senior secured trade finance participations 27,954,458 — — 27,954,458 Other investments 14,176,234 — — 14,176,234 Convertible notes 22,447,510 — — 22,447,510 Equity warrants 2,023,824 — — 2,023,824 Total $ 259,372,411 $ — $ — $ 259,372,411 Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 108,317,851 $ — $ — $ 108,317,851 Senior secured term loan participations 87,306,046 — — 87,306,046 Senior secured trade finance participations 28,607,328 — — 28,607,328 Other investments 14,371,380 — — 14,371,380 Convertible notes 21,768,698 — — 21,768,698 Equity warrants 1,309,404 — — 1,309,404 Total $ 261,680,707 $ — $ — $ 261,680,707 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value at December 31, 2023 Purchases Proceeds from disposition of investments Reclassifications Payment-in-kind interest Net change in unrealized appreciation (depreciation) Net realized gains (losses) Fair Value at March 31, 2024 Senior secured term loans $ 108,317,851 $ — $ — $ — $ 2,433,007 $ (100,669 ) $ — $ 110,650,189 Senior secured term loan participations 87,306,046 — (6,868,813 ) — 1,465,601 217,362 — 82,120,196 Senior secured trade finance participations 28,607,328 — — — 42,841 (695,711 ) — 27,954,458 Other investments 14,371,380 — — — — (195,146 ) — 14,176,234 Convertible notes 21,768,698 — — — 678,812 — — 22,447,510 Equity warrants 1,309,404 — — — — 714,420 — 2,023,824 Total $ 261,680,707 $ — $ (6,868,813 ) $ — $ 4,620,261 $ (59,744 ) $ — $ 259,372,411 Fair Value at December 31, 2022 Purchases Proceeds from disposition of investments Reclassifications Payment-in-kind interest Net change in Net realized gains (losses) Fair Value at December 31, 2023 Senior secured term loans $ 105,084,728 $ — $ (6,815,940 ) $ 5,000,000 $ 9,705,068 $ (5,110,334 ) $ 454,329 $ 108,317,851 Senior secured term loan participations 119,690,547 1,803,105 (25,108,771 ) (22,557,046 ) 7,412,280 11,068,644 (5,002,713 ) 87,306,046 Senior secured trade finance participations 31,710,623 9,511,909 (5,358,233 ) (6,797,488 ) — 8,285,570 (8,745,053 ) 28,607,328 Other investments 15,925,381 — (3,565,628 ) 1,797,488 — 214,139 — 14,371,380 Convertible notes — — — 22,557,046 980,158 176,370 (1,944,876 ) 21,768,698 Equity warrants 1,205,503 — — — — 103,901 — 1,309,404 Total $ 273,616,782 $ 11,315,014 $ (40,848,572 ) $ — $ 18,097,506 $ 14,738,290 $ (15,238,313 ) $ 261,680,707 |
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) $ 23,016,847 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.66x - 1.56x, 16.75% - 17.50% (17.28%) 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) $ 110,650,189 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.12x - 1.18x, 13.25% - 20.50% (18.55%) Senior secured term loan participations (2) $ 66,793,559 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.16x - 2.83x, 12.0% - 23.50% (17.73%) Senior secured term loan participations (1) $ 15,326,637 Collateral based approach Value of collateral (collateral coverage ratio) 0.75x - 1.0x Other investments (3) $ 14,176,234 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 1.12x, 9.5% (9.5%) Convertible note (2) $ 22,447,510 Income approach (DCF) Discount rate 15.75% - 17.0% (16.97%) Equity warrants $ 2,023,824 Option Pricing Method Risk free rate, volatility, time to liquidity 4.21%, 86%, 5 years Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 23,669,717 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.88x, 16.75% - 17.50% (17.28%) 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) $ 108,317,851 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.12x, 13.25% - 20.50% (18.54%) Senior secured term loan participations (2) $ 71,979,409 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 0.25x, 11.0% - 23.40% (17.26%) Senior secured term loan participations (1) $ 15,326,637 Collateral based approach Value of collateral (collateral coverage ratio) 0.76x Other investments (3) $ 14,371,380 Collateral based approach, Income approach (DCF) Value of collateral (collateral coverage ratio), Discount rate 0.0x - 1.20x, 9.5% (9.5%) Convertible note (2) $ 21,768,698 Income approach (DCF) Discount rate 15.75% - 16.75% (16.72%) Equity warrants $ 1,309,404 Option Pricing Method Risk free rate, volatility, time to liquidity 3.84%, 82%, 5 years |
Note 6 - Unit Capital (Tables)
Note 6 - Unit Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Capital Units [Table Text Block] | 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 March 31, 2023 the Period the Period the Period the Period 2024 Class A units 18,303,923 — — — — 18,303,923 Class C units 7,766,734 — — — — 7,766,734 Class I units 10,575,907 — — — — 10,575,907 Class W units 24,555 — — — — 24,555 Class Y units 2,683,015 — — — — 2,683,015 Class Z units 8,423,851 — — — — 8,423,851 Total 47,777,985 — — — — 47,777,985 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 March 31, 2022 the Period 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 (32,742 ) — 7,837,126 Class I units 10,443,595 — 44,724 32,742 (2,403 ) 10,518,658 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 — 156,184 — (4,141 ) 47,791,129 |
Note 7 - Distributions (Tables)
Note 7 - Distributions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution [Table Text Block] | Daily Rate Cash Distributions Total Date Paid Date Authorized Per Unit Distributions Reinvested Declared February 21, 2024 February 15, 2024 $ 0.04376771 $ 2,091,411 $ — $ 2,091,411 March 27, 2024 March 26, 2024 $ 0.04376771 2,089,867 — 2,089,867 Total for 2024 $ 4,181,278 $ — $ 4,181,278 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 Total for 2023 $ 2,615,731 $ 1,063,205 $ 3,678,936 |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Investment Company, Financial Highlights [Table Text Block] | Three Months Ended March 31, March 31, 2024 2023 Per unit data (1): Net asset value at beginning of period $ 5.71 $ 5.92 Net investment income 0.07 0.06 Net change in unrealized appreciation (depreciation) on investments (0.00 ) 0.14 Realized loss on investments — (0.19 ) Foreign exchange gain — 0.00 Net increase in net assets resulting from operations 0.07 0.00 Distributions (0.09 ) (0.08 ) Net change in accrued distribution and other fees 0.00 0.00 Net decrease in net assets (0.02 ) (0.07 ) Net asset value at end of period (2) $ 5.69 $ 5.85 Total return based on net asset value (4) 1.14 % 0.07 % Net assets at end of period $ 271,772,629 $ 279,564,274 Units Outstanding at end of period 47,777,985 47,791,129 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 4.65 % 3.99 % Ratio of total expenses to average net assets 4.74 % 5.72 % |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Details Textual) - MEXICO - Blue Arrow Biojet Holdings, LLC [Member] - Refuse Systems [Member] - Waste to Fuels Processor [Member] | Mar. 31, 2024 $ / shares | Dec. 31, 2023 $ / shares |
Investments, Number of Equity Instruments Held | 3 | 4 |
Investment Interest Rate | 20% | 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 - Schedules of Investments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Amortized cost | [1] | $ 321,195,666 | $ 323,444,218 |
Investment Owned, Fair Value | [1] | 259,372,411 | 261,680,707 |
Sugarcane and Sugar Beets [Member] | |||
Investment Owned, Fair Value | 453,112 | 453,112 | |
Corrugated and Solid Fiber Boxes [Member] | |||
Investment Owned, Fair Value | 3,598,133 | 3,598,133 | |
Coal and Other Minerals and Ores [Member] | |||
Investment Owned, Fair Value | 34,530,779 | 34,631,447 | |
Chocolate and Cocoa Products [Member] | |||
Investment Owned, Fair Value | 29,519,154 | 29,476,313 | |
Chemicals and Allied Products [Member] | |||
Investment Owned, Fair Value | 7,032,859 | 7,032,859 | |
Refuse Systems [Member] | |||
Investment Owned, Fair Value | 52,059,130 | 48,911,704 | |
Short-Term Business Credit [Member] | |||
Investment Owned, Fair Value | 2,788,336 | 2,792,341 | |
Boatbuilding and Repairing [Member] | |||
Investment Owned, Fair Value | 7,721,158 | 8,056,522 | |
Hotels and Motels [Member] | |||
Investment Owned, Fair Value | 13,201,201 | 15,186,805 | |
Personal Credit Institutions [Member] | |||
Investment Owned, Fair Value | 2,011,075 | 6,256,964 | |
Freight Transportation Arrangement [Member] | |||
Investment Owned, Fair Value | 4,601,330 | 4,601,330 | |
Land Subdividers and Developers [Member] | |||
Investment Owned, Fair Value | 15,326,637 | 15,326,637 | |
Motor Vehicle Parts and Accessories [Member] | |||
Investment Owned, Fair Value | 11,399,439 | 10,697,318 | |
Towing And Tugboat Service [Member] | |||
Investment Owned, Fair Value | 5,656,637 | 5,573,992 | |
Retail Bakeries [Member] | |||
Investment Owned, Fair Value | 7,067,517 | 6,944,636 | |
Corn [Member] | |||
Investment Owned, Fair Value | 12,346,866 | 11,869,501 | |
Soybeans [Member] | |||
Investment Owned, Fair Value | 5,723,296 | 5,723,296 | |
Dairy Farms [Member] | |||
Investment Owned, Fair Value | 4,289,181 | 4,289,181 | |
Frozen Fish and Seafood [Member] | |||
Investment Owned, Fair Value | 2,774,397 | 3,470,108 | |
Drugs, Proprietaries, and Sundries [Member] | |||
Investment Owned, Fair Value | 648,430 | 648,430 | |
Electric Services [Member] | |||
Investment Owned, Fair Value | 970,393 | 970,393 | |
Cotton Ginning [Member] | |||
Investment Owned, Fair Value | 1,792,698 | 1,792,698 | |
Beef Cattle, Except Feedlots [Member] | |||
Investment Owned, Fair Value | 2,955,774 | 2,955,774 | |
Computer Related Services, NEC [Member] | |||
Investment Owned, Fair Value | 22,447,510 | 21,768,698 | |
BRAZIL | |||
Investment Owned, Fair Value | 30,621,780 | 30,278,332 | |
ECUADOR | |||
Investment Owned, Fair Value | 6,372,530 | 7,068,241 | |
HONG KONG | |||
Investment Owned, Fair Value | 15,201,540 | 15,302,209 | |
INDONESIA | |||
Investment Owned, Fair Value | 15,000,000 | 15,000,000 | |
MALAYSIA | |||
Investment Owned, Fair Value | 7,032,859 | 7,032,859 | |
MEXICO | |||
Investment Owned, Fair Value | $ 54,070,205 | $ 50,922,779 | |
MEXICO | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||
Investment Interest Rate | 20% | 2% | |
Interest | 20% | 2% | |
SINGAPORE | |||
Investment Owned, Fair Value | $ 19,329,239 | $ 19,329,238 | |
BOTSWANA | |||
Investment Owned, Fair Value | 2,788,336 | 2,792,341 | |
CABO VERDE | |||
Investment Owned, Fair Value | 13,201,201 | 15,186,805 | |
COLOMBIA | |||
Investment Owned, Fair Value | 0 | 4,245,889 | |
KENYA | |||
Investment Owned, Fair Value | 4,601,330 | 4,601,330 | |
NAMIBIA | |||
Investment Owned, Fair Value | 15,326,637 | 15,326,637 | |
NETHERLANDS | |||
Investment Owned, Fair Value | 11,399,439 | 10,697,318 | |
NIGERIA | |||
Investment Owned, Fair Value | 7,454,125 | 7,371,480 | |
ROMANIA | |||
Investment Owned, Fair Value | 7,067,517 | 6,944,636 | |
UGANDA | |||
Investment Owned, Fair Value | 12,346,866 | 11,869,501 | |
ARGENTINA | |||
Investment Owned, Fair Value | [2] | 14,760,949 | 14,760,949 |
CAMEROON | |||
Investment Owned, Fair Value | 14,519,154 | 14,476,313 | |
UNITED ARAB EMIRATES | |||
Investment Owned, Fair Value | 648,430 | 648,430 | |
CHILE | |||
Investment Owned, Fair Value | 970,393 | 970,393 | |
MOROCCO | |||
Investment Owned, Fair Value | 44,224 | 239,370 | |
PERU | |||
Investment Owned, Fair Value | 3,375,367 | 3,375,367 | |
Senior Secured Term Loan [Member] | |||
Amortized cost | [1] | 131,737,050 | 129,304,044 |
Investment Owned, Fair Value | [1] | $ 110,650,189 | $ 108,317,851 |
Percent of net assets | [1] | 40.70% | 39.70% |
Senior Secured Term Loan [Member] | BRAZIL | Usivale Industria E Commercio Ltda [Member] | Sugarcane and Sugar Beets [Member] | Sugar Producer [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Dec. 15, 2026 | Dec. 15, 2026 |
Principal amount | [1],[4],[5] | $ 600,060 | $ 600,060 |
Participation percentage | [1],[4],[5],[7] | 100% | 100% |
Amortized cost | [1],[4],[5] | $ 600,060 | $ 600,060 |
Investment Owned, Fair Value | [1],[4],[5] | $ 453,112 | $ 453,112 |
Percent of net assets | [1],[4],[5] | 0.20% | 0.20% |
Principal amount | [1],[4],[5] | $ 600,060 | $ 600,060 |
Senior Secured Term Loan [Member] | ECUADOR | Grupo Surpapel [Member] | Corrugated and Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | |||
Fees | [1],[3] | 0% | 0% |
Maturity | [1],[6] | Jun. 18, 2025 | Jun. 18, 2025 |
Principal amount | [1] | $ 3,598,133 | $ 3,598,133 |
Participation percentage | [1],[7] | 5% | 5% |
Amortized cost | [1] | $ 3,598,133 | $ 3,598,133 |
Investment Owned, Fair Value | [1] | $ 3,598,133 | $ 3,598,133 |
Percent of net assets | [1] | 1.30% | 1.30% |
Interest, cash | [1] | 12.88% | 12.88% |
Interest, PIK | [1] | 2.20% | 2.20% |
Principal amount | [1] | $ 3,598,133 | $ 3,598,133 |
Senior Secured Term Loan [Member] | HONG KONG | Limas Commodities House Limited [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jun. 30, 2023 | Jun. 30, 2023 |
Principal amount | [1] | $ 22,219,566 | $ 22,219,566 |
Participation percentage | [1],[4],[5],[7] | 100% | 100% |
Amortized cost | [1],[4],[5] | $ 22,219,566 | $ 22,219,566 |
Investment Owned, Fair Value | [1],[4],[5] | $ 15,201,540 | $ 15,302,209 |
Percent of net assets | [1],[4],[5] | 5.60% | 5.60% |
Interest, PIK | [1],[4],[5] | 11.50% | |
Investment Interest Rate | [1] | 11.50% | |
Interest | [1] | 11.50% | |
Principal amount | [1] | $ 22,219,566 | $ 22,219,566 |
Senior Secured Term Loan [Member] | INDONESIA | PT Citra Labuantirta [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member] | |||
Fees | [1],[3] | 2% | 2% |
Maturity | [1],[6] | Mar. 04, 2024 | Mar. 04, 2024 |
Principal amount | [1] | $ 10,000,000 | $ 10,000,000 |
Participation percentage | [1],[7] | 33% | 33% |
Amortized cost | [1] | $ 10,000,000 | $ 10,000,000 |
Investment Owned, Fair Value | [1] | $ 10,000,000 | $ 10,000,000 |
Percent of net assets | [1] | 3.70% | 3.70% |
Investment Interest Rate | [1] | 13% | 13% |
Interest | [1] | 13% | 13% |
Principal amount | [1] | $ 10,000,000 | $ 10,000,000 |
Senior Secured Term Loan 2 [Member] | INDONESIA | PT Citra Labuantirta [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member] | |||
Fees | [1],[3],[8] | 2% | 2% |
Maturity | [1],[6],[8] | Dec. 31, 2023 | Dec. 31, 2023 |
Principal amount | [1],[8] | $ 5,000,000 | $ 5,000,000 |
Participation percentage | [1],[7],[8] | 17% | 17% |
Amortized cost | [1],[8] | $ 5,000,000 | $ 5,000,000 |
Investment Owned, Fair Value | [1],[8] | $ 5,000,000 | $ 5,000,000 |
Percent of net assets | [1],[8] | 1.80% | 1.80% |
Investment Interest Rate | [1],[8] | 11% | 11% |
Interest | [1],[8] | 11% | 11% |
Principal amount | [1],[8] | $ 5,000,000 | $ 5,000,000 |
Senior Secured Term Loan 2 [Member] | MALAYSIA | Vikudha Malaysia Sdn Bhd [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jun. 30, 2023 | Jun. 30, 2023 |
Principal amount | [1],[4],[5] | $ 18,484,704 | $ 18,484,704 |
Participation percentage | [1],[4],[5],[7] | 67% | 67% |
Amortized cost | [1],[4],[5] | $ 18,484,704 | $ 18,484,704 |
Investment Owned, Fair Value | [1],[4],[5] | $ 7,032,859 | $ 7,032,859 |
Percent of net assets | [1],[4],[5] | 2.60% | 2.60% |
Investment Interest Rate | [1],[4],[5] | 12% | 12% |
Interest | [1],[4],[5] | 12% | 12% |
Principal amount | [1],[4],[5] | $ 18,484,704 | $ 18,484,704 |
Senior Secured Term Loan 2 [Member] | MEXICO | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||
Fees | [1],[3],[8] | 0% | 0% |
Maturity | [1],[6],[8] | Apr. 30, 2024 | Apr. 30, 2024 |
Principal amount | [1],[8] | $ 50,035,306 | $ 47,602,300 |
Participation percentage | [1],[7],[8] | 65% | 65% |
Amortized cost | [1],[8] | $ 50,035,306 | $ 47,602,300 |
Investment Owned, Fair Value | [1],[8] | $ 50,035,306 | $ 47,602,300 |
Percent of net assets | [1],[8] | 18.40% | 17.40% |
Interest, PIK | [1],[8] | 20% | 20% |
Principal amount | [1],[8] | $ 50,035,306 | $ 47,602,300 |
Senior Secured Term Loan 2 [Member] | SINGAPORE | Triton Metallics Pte. Ltd. [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Aug. 18, 2025 | Aug. 18, 2025 |
Principal amount | [1],[4],[5] | $ 21,799,281 | $ 21,799,281 |
Participation percentage | [1],[4],[5],[7] | 100% | 100% |
Amortized cost | [1],[4],[5] | $ 21,799,281 | $ 21,799,281 |
Investment Owned, Fair Value | [1],[4],[5] | $ 19,329,239 | $ 19,329,238 |
Percent of net assets | [1],[4],[5] | 7.10% | 7.10% |
Interest, cash | [1] | 6% | 6% |
Interest, PIK | [1],[4],[5] | 7.50% | 7.50% |
Principal amount | [1],[4],[5] | $ 21,799,281 | $ 21,799,281 |
Senior Secured Term Loan Participations [Member] | |||
Amortized cost | [1] | 102,110,612 | 107,513,822 |
Investment Owned, Fair Value | [1] | $ 82,120,196 | $ 87,306,046 |
Percent of net assets | [1] | 30.20% | 32% |
Senior Secured Term Loan Participations [Member] | BRAZIL | Dock Brasil Engenharia E Servicos S.A. [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||
Fees | [1],[3],[5] | 0% | 0% |
Maturity | [1],[5],[6] | Feb. 28, 2025 | Dec. 07, 2023 |
Principal amount | [1],[5] | $ 7,721,158 | $ 8,056,522 |
Participation percentage | [1],[5],[7] | 42% | 42% |
Amortized cost | [1],[5] | $ 7,721,158 | $ 8,056,522 |
Investment Owned, Fair Value | [1],[5] | $ 7,721,158 | $ 8,056,522 |
Percent of net assets | [1],[5] | 2.80% | 3% |
Interest, cash | [1] | 14% | 8% |
Interest, PIK | [1] | 3% | 12% |
Principal amount | [1],[5] | $ 7,721,158 | $ 8,056,522 |
Senior Secured Term Loan Participations [Member] | MEXICO | HINV, S.A. DE C.V. [Member] | Personal Credit Institutions [Member] | Consumer Lender III [Member] | |||
Fees | [1],[3] | 0% | 0% |
Maturity | [1],[6] | Jan. 21, 2027 | Jan. 21, 2027 |
Principal amount | [1] | $ 2,011,075 | $ 2,011,075 |
Participation percentage | [1],[7] | 14% | 14% |
Amortized cost | [1] | $ 2,011,075 | $ 2,011,075 |
Investment Owned, Fair Value | [1] | $ 2,011,075 | $ 2,011,075 |
Percent of net assets | [1] | 0.70% | 0.70% |
Investment Interest Rate | [1] | 11.95% | 11.95% |
Interest | [1] | 11.95% | 11.95% |
Principal amount | [1] | $ 2,011,075 | $ 2,011,075 |
Senior Secured Term Loan Participations [Member] | BOTSWANA | Ecsponent Holdings Limited [Member] | Short-Term Business Credit [Member] | SME Financier [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Aug. 18, 2023 | Aug. 18, 2023 |
Principal amount | [1],[4],[5] | $ 5,601,000 | $ 5,601,000 |
Participation percentage | [1],[4],[5],[7] | 47% | 47% |
Amortized cost | [1],[4],[5] | $ 5,601,000 | $ 5,601,000 |
Investment Owned, Fair Value | [1],[4],[5] | $ 2,788,336 | $ 2,792,341 |
Percent of net assets | [1],[4],[5] | 1% | 1% |
Investment Interest Rate | [1],[4],[5] | 14.97% | 14.97% |
Interest | [1],[4],[5] | 14.97% | 14.97% |
Principal amount | [1],[4],[5] | $ 5,601,000 | $ 5,601,000 |
Senior Secured Term Loan Participations [Member] | CABO VERDE | TRG Cape Verde Holdings Ltd [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||
Fees | [1],[3] | 0% | 0% |
Maturity | [1],[6] | Dec. 31, 2024 | Dec. 31, 2024 |
Principal amount | [1] | $ 13,514,222 | $ 15,499,826 |
Participation percentage | [1],[7] | 88% | 88% |
Amortized cost | [1] | $ 13,514,222 | $ 15,499,826 |
Investment Owned, Fair Value | [1] | $ 13,201,201 | $ 15,186,805 |
Percent of net assets | [1] | 4.90% | 5.60% |
Interest, cash | [1] | 10% | 10% |
Interest, PIK | [1] | 3.50% | 3.50% |
Principal amount | [1] | $ 13,514,222 | $ 15,499,826 |
Senior Secured Term Loan Participations [Member] | COLOMBIA | Kredit Plus S.A.S. [Member] | Personal Credit Institutions [Member] | Consumer Lender II [Member] | |||
Fees | [1],[3] | 0% | |
Maturity | [1],[6] | Dec. 24, 2026 | |
Principal amount | [1] | $ 4,245,889 | |
Participation percentage | [1],[7] | 69% | |
Amortized cost | [1] | $ 4,245,889 | |
Investment Owned, Fair Value | [1] | $ 4,245,889 | |
Percent of net assets | [1] | 1.60% | |
Investment Interest Rate | [1] | 11.90% | |
Interest | [1] | 11.90% | |
Principal amount | [1] | $ 4,245,889 | |
Senior Secured Term Loan Participations [Member] | KENYA | Multiple ICD (Kenya) Limited [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Mar. 31, 2023 | Mar. 31, 2023 |
Principal amount | [1],[4] | $ 15,063,954 | $ 15,063,954 |
Participation percentage | [1],[4],[5],[7] | 100% | 100% |
Amortized cost | [1],[4],[5] | $ 15,063,954 | $ 15,063,954 |
Investment Owned, Fair Value | [1],[4],[5] | $ 4,601,330 | $ 4,601,330 |
Percent of net assets | [1],[4],[5] | 1.70% | 1.70% |
Interest, cash | [1],[4],[5] | 13.09% | 13.15% |
Interest, PIK | [1],[4],[5] | 4% | 4% |
Principal amount | [1],[4] | $ 15,063,954 | $ 15,063,954 |
Senior Secured Term Loan Participations [Member] | NAMIBIA | Trustco Group Holdings Ltd [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Aug. 15, 2021 | Aug. 15, 2021 |
Principal amount | [1],[4],[5] | $ 18,717,631 | $ 18,717,631 |
Participation percentage | [1],[4],[5],[7] | 100% | 100% |
Amortized cost | [1],[4],[5] | $ 18,717,631 | $ 18,717,631 |
Investment Owned, Fair Value | [1],[4],[5] | $ 15,326,637 | $ 15,326,637 |
Percent of net assets | [1],[4],[5] | 5.60% | 5.60% |
Interest, cash | [1],[4],[5] | 8.50% | 8.50% |
Interest, PIK | [1],[4],[5] | 4% | 4% |
Principal amount | [1],[4],[5] | $ 18,717,631 | $ 18,717,631 |
Senior Secured Term Loan Participations [Member] | NETHERLANDS | Cevher International B.V. Netherlands [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member] | |||
Fees | [1],[3] | 0% | 0% |
Maturity | [1],[6] | Feb. 07, 2024 | Feb. 07, 2024 |
Principal amount | [1] | $ 8,275,000 | $ 8,275,000 |
Participation percentage | [1],[7] | 44% | 44% |
Amortized cost | [1] | $ 11,399,439 | $ 10,697,318 |
Investment Owned, Fair Value | [1] | $ 11,399,439 | $ 10,697,318 |
Percent of net assets | [1] | 4.20% | 3.90% |
Investment Interest Rate | [1] | 10% | 8% |
Interest | [1] | 10% | 8% |
Principal amount | [1] | $ 8,275,000 | $ 8,275,000 |
Senior Secured Term Loan Participations [Member] | NIGERIA | Helios Maritime I Ltd [Member] | Towing And Tugboat Service [Member] | Marine Logistics Provider [Member] | |||
Fees | [1],[3],[5] | 0% | 0% |
Maturity | [1],[5],[6] | Oct. 31, 2026 | Oct. 31, 2026 |
Principal amount | [1],[5] | $ 6,791,271 | $ 6,929,992 |
Participation percentage | [1],[5],[7] | 100% | 100% |
Amortized cost | [1],[5] | $ 6,791,271 | $ 6,929,992 |
Investment Owned, Fair Value | [1],[5] | $ 5,656,637 | $ 5,573,992 |
Percent of net assets | [1],[5] | 2.10% | 2% |
Investment Interest Rate | [1],[5] | 3% | 3% |
Interest | [1],[5] | 3% | 3% |
Principal amount | [1],[5] | $ 6,791,271 | $ 6,929,992 |
Senior Secured Term Loan Participations [Member] | ROMANIA | Lidas SRL [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member] | |||
Fees | [1],[3],[9] | 0% | 0% |
Maturity | [1],[6],[9] | May 20, 2024 | May 20, 2024 |
Principal amount | [1],[9] | $ 6,767,910 | $ 6,645,029 |
Participation percentage | [1],[7],[9] | 100% | 100% |
Amortized cost | [1],[9] | $ 7,067,517 | $ 6,944,636 |
Investment Owned, Fair Value | [1],[9] | $ 7,067,517 | $ 6,944,636 |
Percent of net assets | [1],[9] | 2.60% | 2.50% |
Interest, cash | [1],[9] | 7% | 7% |
Interest, PIK | [1],[9] | 7% | 7% |
Principal amount | [1],[9] | $ 6,767,910 | $ 6,645,029 |
Senior Secured Term Loan Participations [Member] | UGANDA | Agilis Partners Holding LLC [Member] | Corn [Member] | Grain Processor G [Member] | |||
Fees | [1],[3],[5] | 0% | 0% |
Maturity | [1],[5],[6] | Jul. 08, 2024 | Jul. 08, 2024 |
Principal amount | [1],[5] | $ 679,055 | $ 644,238 |
Participation percentage | [1],[5],[7] | 49% | 49% |
Amortized cost | [1],[5] | $ 679,055 | $ 644,238 |
Investment Owned, Fair Value | [1],[5] | $ 446,565 | $ 411,748 |
Percent of net assets | [1],[5] | 0.20% | 0.20% |
Interest, PIK | [1],[5] | 12.80% | 12.80% |
Principal amount | [1],[5] | $ 679,055 | $ 644,238 |
Senior Secured Term Loan Participations [Member] | UGANDA | Agilis Partners [Member] | Corn [Member] | Grain Processor F [Member] | |||
Fees | [1],[3],[5] | 0% | 0% |
Maturity | [1],[5],[6] | Sep. 19, 2025 | Sep. 19, 2025 |
Principal amount | [1],[5] | $ 13,544,290 | $ 13,101,741 |
Participation percentage | [1],[5],[7] | 57% | 57% |
Amortized cost | [1],[5] | $ 13,544,290 | $ 13,101,741 |
Investment Owned, Fair Value | [1],[5] | $ 11,900,301 | $ 11,457,753 |
Percent of net assets | [1],[5] | 4.40% | 4.20% |
Interest, cash | [1],[5] | 3.50% | 3.50% |
Interest, PIK | [1],[5] | 8% | 8% |
Principal amount | [1],[5] | $ 13,544,290 | $ 13,101,741 |
Senior Secured Trade Finance Participations [Member] | |||
Amortized cost | [1] | 39,453,520 | 39,410,680 |
Investment Owned, Fair Value | [1] | $ 27,954,458 | $ 28,607,328 |
Percent of net assets | [1] | 10.20% | 10.50% |
Senior Secured Trade Finance Participations [Member] | ECUADOR | Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. [Member] | Frozen Fish and Seafood [Member] | Seafood Processing Company III [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Oct. 25, 2023 | Oct. 25, 2023 |
Principal amount | [1],[4],[5] | $ 4,424,931 | $ 4,424,931 |
Participation percentage | [1],[4],[5],[7] | 59% | 59% |
Amortized cost | [1],[4],[5] | $ 4,424,931 | $ 4,424,931 |
Investment Owned, Fair Value | [1],[4],[5] | $ 2,774,397 | $ 3,470,108 |
Percent of net assets | [1],[4],[5] | 1% | 1.30% |
Investment Interest Rate | [1],[4],[5] | 11.75% | 11.75% |
Interest | [1],[4],[5] | 11.75% | 11.75% |
Principal amount | [1],[4],[5] | $ 4,424,931 | $ 4,424,931 |
Senior Secured Trade Finance Participations [Member] | ARGENTINA | Compania Argentina de Granos (CAGSA) [Member] | Soybeans [Member] | Agriculture Distributor [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jun. 30, 2018 | Jun. 30, 2018 |
Principal amount | [1],[4],[5] | $ 12,500,000 | $ 12,500,000 |
Amortized cost | [1],[4],[5] | 12,500,000 | 12,500,000 |
Investment Owned, Fair Value | [1],[4],[5] | $ 5,723,296 | $ 5,723,296 |
Percent of net assets | [1],[4],[5] | 2.10% | 2.10% |
Investment Interest Rate | [1],[4],[5] | 10.45% | 10.45% |
Interest | [1],[4],[5] | 10.45% | 10.45% |
Principal amount | [1],[4],[5] | $ 12,500,000 | $ 12,500,000 |
Senior Secured Trade Finance Participations [Member] | ARGENTINA | Sancor Cooperativas Unidas Limitada [Member] | Dairy Farms [Member] | Dairy Co-Operative [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jul. 29, 2019 | Jul. 29, 2019 |
Principal amount | [1],[4],[5] | $ 5,802,296 | $ 5,802,296 |
Amortized cost | [1],[4],[5] | 5,802,296 | 5,802,296 |
Investment Owned, Fair Value | [1],[4],[5] | $ 4,289,181 | $ 4,289,181 |
Percent of net assets | [1],[4],[5] | 1.60% | 1.60% |
Investment Interest Rate | [1],[4],[5] | 10.67% | 10.67% |
Interest | [1],[4],[5] | 10.67% | 10.67% |
Principal amount | [1],[4],[5] | $ 5,802,296 | $ 5,802,296 |
Senior Secured Trade Finance Participations [Member] | CAMEROON | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jun. 30, 2023 | Jun. 30, 2023 |
Principal amount | [1],[4],[5] | $ 16,077,863 | $ 16,035,023 |
Participation percentage | [1],[4],[5],[7] | 76% | 76% |
Amortized cost | [1],[4],[5] | $ 16,077,863 | $ 16,035,023 |
Investment Owned, Fair Value | [1],[4],[5] | $ 14,519,154 | $ 14,476,313 |
Percent of net assets | [1],[4],[5] | 5.30% | 5.30% |
Interest, PIK | [1],[4],[5] | 9.50% | 9.50% |
Investment Interest Rate | [1],[4],[5] | 6% | 6% |
Interest | [1],[4],[5] | 6% | 6% |
Principal amount | [1],[4],[5] | $ 16,077,863 | $ 16,035,023 |
Senior Secured Trade Finance Participations [Member] | UNITED ARAB EMIRATES | Global Pharma Intelligence Sarl [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Maturity | [1],[4],[5],[6] | Jun. 30, 2018 | Jun. 30, 2018 |
Principal amount | [1],[4],[5] | $ 648,430 | $ 648,430 |
Participation percentage | [1],[4],[5],[7] | 60% | 60% |
Amortized cost | [1],[4],[5] | $ 648,430 | $ 648,430 |
Investment Owned, Fair Value | [1],[4],[5] | $ 648,430 | $ 648,430 |
Percent of net assets | [1],[4],[5] | 0.20% | 0.20% |
Investment Interest Rate | [1],[4],[5] | 14.60% | 14.60% |
Interest | [1],[4],[5] | 14.60% | 14.60% |
Principal amount | [1],[4],[5] | $ 648,430 | $ 648,430 |
Other Investment Companies [Member] | |||
Amortized cost | [1] | 25,623,344 | 25,623,344 |
Investment Owned, Fair Value | [1] | $ 14,176,234 | $ 14,371,380 |
Percent of net assets | [1] | 5.30% | 5.40% |
Other Investment Companies [Member] | Receivable from IIG TOF B.V. [Member] | Claim in Bankruptcy [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Principal amount | [1],[4],[5] | $ 6,000,000 | $ 6,000,000 |
Amortized cost | [1],[4],[5] | 6,000,000 | 6,000,000 |
Investment Owned, Fair Value | [1],[4],[5] | $ 3,240,290 | $ 3,240,290 |
Percent of net assets | [1],[4],[5] | 1.20% | 1.20% |
Principal amount | [1],[4],[5] | $ 6,000,000 | $ 6,000,000 |
Other Investment Companies [Member] | NIGERIA | Equity Participation in Cocoa Transaction [Member] | Cocoa Processor [Member] | |||
Fees | [1],[3],[4],[5],[10] | 0% | 0% |
Principal amount | [1],[4],[5],[10] | $ 1,797,488 | $ 1,797,488 |
Amortized cost | [1],[4],[5],[10] | 1,797,488 | 1,797,488 |
Investment Owned, Fair Value | [1],[4],[5],[10] | $ 1,797,488 | $ 1,797,488 |
Percent of net assets | [1],[4],[5],[10] | 0.70% | 0.70% |
Principal amount | [1],[4],[5],[10] | $ 1,797,488 | $ 1,797,488 |
Other Investment Companies [Member] | ARGENTINA | Algodonera Avellaneda S.A. [Member] | Cotton Ginning [Member] | Claim in Bankruptcy [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Principal amount | [1],[4],[5] | $ 4,935,048 | $ 4,935,048 |
Amortized cost | [1],[4],[5] | 4,935,048 | 4,935,048 |
Investment Owned, Fair Value | [1],[4],[5] | $ 1,792,698 | $ 1,792,698 |
Percent of net assets | [1],[4],[5] | 0.70% | 0.70% |
Principal amount | [1],[4],[5] | $ 4,935,048 | $ 4,935,048 |
Other Investment Companies [Member] | ARGENTINA | Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (FRIAR) [Member] | Beef Cattle, Except Feedlots [Member] | Claim in Bankruptcy [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Principal amount | [1],[4],[5] | $ 6,499,323 | $ 6,499,323 |
Amortized cost | [1],[4],[5] | 6,499,323 | 6,499,323 |
Investment Owned, Fair Value | [1] | $ 2,955,774 | $ 2,955,774 |
Percent of net assets | [1],[4],[5] | 1.10% | 1.10% |
Principal amount | [1],[4],[5] | $ 6,499,323 | $ 6,499,323 |
Other Investment Companies [Member] | CHILE | Itelecom Holding Chile SPA [Member] | Electric Services [Member] | Claim in Bankruptcy [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Principal amount | [1],[4],[5] | $ 1,456,162 | $ 1,456,162 |
Amortized cost | [1],[4],[5] | 1,456,162 | 1,456,162 |
Investment Owned, Fair Value | [1],[4],[5] | $ 970,393 | $ 970,393 |
Percent of net assets | [1],[4],[5] | 0.40% | 0.40% |
Principal amount | [1],[4],[5] | $ 1,456,162 | $ 1,456,162 |
Other Investment Companies [Member] | MOROCCO | Mac Z Group SARL [Member] | Scrap Metal Liquidation [Member] | |||
Fees | [1],[3],[4],[5] | 0% | 0% |
Principal amount | [1],[4],[5] | $ 1,433,058 | $ 1,433,058 |
Amortized cost | [1],[4],[5] | 1,433,058 | 1,433,058 |
Investment Owned, Fair Value | [1],[4],[5] | $ 44,224 | $ 239,370 |
Percent of net assets | [1],[4],[5] | 0% | 0.10% |
Principal amount | [1],[4],[5] | $ 1,433,058 | $ 1,433,058 |
Other Investment Companies [Member] | PERU | TriLinc Peru S.A.C. [Member] | Real Estate Property [Member] | |||
Fees | [1],[3],[5] | 0% | 0% |
Principal amount | [1],[5] | $ 3,502,265 | $ 3,502,265 |
Amortized cost | [1],[5] | 3,502,265 | 3,502,265 |
Investment Owned, Fair Value | [1],[5] | $ 3,375,367 | $ 3,375,367 |
Percent of net assets | [1],[5] | 1.20% | 1.20% |
Principal amount | [1],[5] | $ 3,502,265 | $ 3,502,265 |
Convertible Debt, Series A [Member] | BRAZIL | Qintess Tecnologia e Participacoes Ltda [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member] | |||
Fees | [1],[3],[5],[11] | 0% | 0% |
Maturity | [1],[5],[6],[11] | Aug. 11, 2026 | Aug. 11, 2026 |
Principal amount | [1],[5],[11] | $ 348,054 | $ 343,562 |
Participation percentage | [1],[5],[7],[11] | 2% | 2% |
Amortized cost | [1],[5],[11] | $ 562,849 | $ 558,357 |
Investment Owned, Fair Value | [1],[5],[11] | $ 562,849 | $ 558,357 |
Percent of net assets | [1],[5],[11] | 0.20% | 0.20% |
Investment Interest Rate | [1],[5],[11] | 5.35% | 5.35% |
Interest | [1],[5],[11] | 5.35% | 5.35% |
Principal amount | [1],[5],[11] | $ 348,054 | $ 343,562 |
Convertible Debt, Series B [Member] | BRAZIL | Qintess Tecnologia e Participacoes Ltda [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member] | |||
Fees | [1],[3],[5],[11] | 0% | 0% |
Maturity | [1],[5],[6],[11] | Aug. 11, 2026 | Aug. 11, 2026 |
Principal amount | [5],[11] | $ 24,204,630 | $ 23,530,310 |
Participation percentage | [1],[5],[7],[11] | 2,300% | 2,300% |
Amortized cost | [1],[5],[11] | $ 21,708,291 | $ 21,033,971 |
Investment Owned, Fair Value | [1],[5],[11] | $ 21,884,661 | $ 21,210,341 |
Percent of net assets | [1],[5],[11] | 8.10% | 7.80% |
Investment Interest Rate | [1],[5],[11] | 12% | 12% |
Interest | [1],[5],[11] | 12% | 12% |
Principal amount | [5],[11] | $ 24,204,630 | $ 23,530,310 |
Convertible Debt [Member] | |||
Amortized cost | 22,271,140 | 21,592,328 | |
Investment Owned, Fair Value | $ 22,447,510 | $ 21,768,698 | |
Percent of net assets | [1] | 8.30% | 8% |
Warrant [Member] | |||
Amortized cost | $ 0 | $ 0 | |
Investment Owned, Fair Value | 2,023,824 | 1,309,404 | |
Warrant [Member] | MEXICO | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||
Investment Owned, Fair Value | [1],[12] | $ 2,023,824 | $ 1,309,404 |
Percent of net assets | [1],[12] | 0.70% | 0.50% |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V.[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.[6]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.[7]Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.[8]The Company is negotiating with the borrower to amend the loan term and to extend the maturity date[9]Lidas SRL is the operating company for the investment. The participation is in senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL.[10]Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not able to meet scheduled debt repayments and the Company entered into a settlement agreement for the outstanding amount and termination of the transaction with the borrowers. The borrowers' inventory serves as collateral, which the Company plans to trade through a local agent.[11]Class A and Class B of convertible notes were issued to the Company through restructuring in August 2023.[12]The Company holds three equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 20.0% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on April 8, 2074. |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations of the Company (Details Textual) | 1 Months Ended | 3 Months Ended | 49 Months Ended | 84 Months Ended | |||
Jun. 11, 2013 USD ($) shares | May 31, 2012 USD ($) shares | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2017 USD ($) | Mar. 31, 2024 USD ($) | Feb. 25, 2013 USD ($) | |
Limited Liability Company or Limited Partnership, Business, Formation Date | Apr. 30, 2012 | ||||||
Impact Investments in SMEs, Maximum Number of Employees | 500 | ||||||
Partners' Capital Account, Sale of Units | $ 361,776,000 | $ 515,089,000 | |||||
Distribution Reinvestment Plan [Member] | |||||||
Partners' Capital Account, Sale of Units | $ 13,338,000 | 53,561,000 | |||||
IPO [Member] | |||||||
Equity Offering, Maximum Units Amount | $ 1,500,000,000 | ||||||
Equity Offering, Minimum Unit Requirement | $ 2,000,000 | ||||||
Private Placement [Member] | |||||||
Partners' Capital Account, Sale of Units | $ 0 | $ 99,753,000 | |||||
Capital Unit, Class A [Member] | Distribution Reinvestment Plan [Member] | |||||||
Partners' Capital Account, Public Sale of Units | $ 0 | $ 491,720 | |||||
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) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Mar. 27, 2024 $ / shares | ||
Interest Income, Operating, Paid in Kind | $ 4,620,261 | $ 4,257,210 | |||
Liability for Uncertainty in Income Taxes, Current | $ 0 | ||||
Open Tax Year | 2020 2021 2022 2023 2024 | ||||
Distribution, Dealer Manager and Service Fees Payable | $ 348,000 | $ 357,000 | |||
Net Asset Value Per Share (in dollars per share) | $ / shares | [1],[2] | $ 5.69 | $ 5.85 | ||
Investment Company, Net Asset Value Per Share, Period Increase (Decrease) (in dollars per share) | $ / shares | [2] | $ (0.02) | $ (0.07) | ||
Unrealized Gain (Loss) on Investments | $ (59,744) | $ 6,499,880 | |||
Realized Investment Gains (Losses) | $ 0 | $ (9,072,469) | |||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | shares | 0 | 0 | |||
Number of Watch List Investments | 23 | ||||
Investment Owned, Fair Value | [3] | $ 259,372,411 | $ 261,680,707 | ||
Investment Concentration [Member] | |||||
Investment Owned, Fair Value | $ 50,035,306 | ||||
Investment Concentration [Member] | Investment Portfolio [Member] | |||||
Number of Investment Loans | 5 | ||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | |||||
Concentration Risk, Percentage | 19.30% | ||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | |||||
Concentration Risk, Percentage | 47% | ||||
Investment Concentration [Member] | Investment Portfolio [Member] | Participation in Loans [Member] | |||||
Concentration Risk, Percentage | 42.40% | ||||
International Investment Group LLC [Member] | Sub Advisory Agreement [Member] | |||||
Number of Watch List Investments | 5 | ||||
Non Existence Loan Participation Amount | $ 6,000,000 | ||||
TriLinc Global LLC [Member] | |||||
Reimbursable Offering Costs, Maximum Percentage of Gross Offering Proceeds | 15% | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Unrealized Gain (Loss) on Investments | $ (59,744) | 6,091,000 | |||
Realized Investment Gains (Losses) | 0 | (15,238,313) | |||
Investment Owned, Fair Value | $ 259,372,411 | $ 261,680,707 | |||
Approximate [Member] | |||||
Net Asset Value Per Share (in dollars per share) | $ / shares | $ 5.69 | ||||
Capital Unit, Class C [Member] | |||||
Distribution Fee, Per Annum, Percentage of Estimated Value Per Share | 0.80% | 0.80% | |||
Selling Compensation, Percentage of Gross Proceeds From Offering | 10% | ||||
Distribution Fee Payable | $ 333,000 | ||||
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 | ||||
Capital Unit, Class W [Member] | |||||
Dealer Manager and Service Fees Payable | 1,000 | ||||
Capital Unit Class C, Capital Unit Class I and Capital Unit Class W [Member] | |||||
Distribution, Dealer Manager and Service Fees Payable | $ 348,000 | $ 357,000 | |||
Class A, Class C, Class I, Class W, Class Y and Class Z Units [Member] | |||||
Net Asset Value Per Share (in dollars per share) | $ / shares | $ 5.696 | $ 5.718 | $ 5.754 | ||
Investment Company, Net Asset Value Per Share, Period Increase (Decrease) (in dollars per share) | $ / shares | 0.02 | ||||
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) | $ / shares | $ 5.7 | $ 5.72 | |||
Each Subsidiary [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100% | ||||
[1]For financial statement reporting purposes under GAAP, as of March 31, 2024 and 2023, the Company recorded a liability in the amount of $348,000 and $357,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.[2]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively.[3]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Trade Finance Transactions, Maturity Period (Year) | 1 year |
Minimum [Member] | |
Trade Finance Transactions, Period (Day) | 60 days |
Maximum [Member] | |
Trade Finance Transactions, Period (Day) | 180 days |
Note 3 - Investments - Summary
Note 3 - Investments - Summary of Investments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investment, amortized cost | [1] | $ 321,195,666 | $ 323,444,218 |
Investment Owned, Fair Value | [1] | $ 259,372,411 | $ 261,680,707 |
Percentage of total investments | 100% | 100% | |
Senior Secured Term Loan [Member] | |||
Investment, amortized cost | [1] | $ 131,737,050 | $ 129,304,044 |
Investment Owned, Fair Value | [1] | $ 110,650,189 | $ 108,317,851 |
Percentage of total investments | 42.60% | 41.40% | |
Senior Secured Term Loan Participations [Member] | |||
Investment, amortized cost | [1] | $ 102,110,612 | $ 107,513,822 |
Investment Owned, Fair Value | [1] | $ 82,120,196 | $ 87,306,046 |
Percentage of total investments | 31.60% | 33.40% | |
Senior Secured Trade Finance Participations [Member] | |||
Investment, amortized cost | [1] | $ 39,453,520 | $ 39,410,680 |
Investment Owned, Fair Value | [1] | $ 27,954,458 | $ 28,607,328 |
Percentage of total investments | 10.80% | 10.90% | |
Other Investment Companies [Member] | |||
Investment, amortized cost | [1] | $ 25,623,344 | $ 25,623,344 |
Investment Owned, Fair Value | [1] | $ 14,176,234 | $ 14,371,380 |
Percentage of total investments | 5.50% | 5.50% | |
Convertible Debt [Member] | |||
Investment, amortized cost | $ 22,271,140 | $ 21,592,328 | |
Investment Owned, Fair Value | $ 22,447,510 | $ 21,768,698 | |
Percentage of total investments | 8.70% | 8.30% | |
Warrant [Member] | |||
Investment, amortized cost | $ 0 | $ 0 | |
Investment Owned, Fair Value | $ 2,023,824 | $ 1,309,404 | |
Percentage of total investments | 0.80% | 0.50% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Note 3 - Investments - Particip
Note 3 - Investments - Participation Interests Through Sub-advisors (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investments, fair value, total | [1] | $ 259,372,411 | $ 261,680,707 |
Asset Management Arrangement, Sub-advisor [Member] | CEECAT Capital Limited & CCL Investments SARL [Member] | |||
Percent of net assets | 6.80% | 6.50% | |
Asset Management Arrangement, Sub-advisor [Member] | Helios Investment Partners, LLP [Member] | |||
Percent of net assets | 4.90% | 5.60% | |
Asset Management Arrangement, Sub-advisor [Member] | Origin Capital Limited [Member] | |||
Percent of net assets | 5.90% | 5.70% | |
Asset Management Arrangement, Sub-advisor [Member] | Scipion Capital, Ltd [Member] | |||
Percent of net assets | 6.60% | 6.60% | |
Asset Management Arrangement, Sub-advisor [Member] | TRG Management LP [Member] | |||
Percent of net assets | 11.80% | 13.20% | |
Participation in Loans [Member] | Asset Management Arrangement, Sub-advisor [Member] | CEECAT Capital Limited & CCL Investments SARL [Member] | |||
Investments, fair value, total | $ 18,466,956 | $ 17,641,954 | |
Participation in Loans [Member] | Asset Management Arrangement, Sub-advisor [Member] | Helios Investment Partners, LLP [Member] | |||
Investments, fair value, total | 13,201,201 | 15,186,805 | |
Participation in Loans [Member] | Asset Management Arrangement, Sub-advisor [Member] | Origin Capital Limited [Member] | |||
Investments, fair value, total | 15,944,999 | 15,467,634 | |
Participation in Loans [Member] | Asset Management Arrangement, Sub-advisor [Member] | Scipion Capital, Ltd [Member] | |||
Investments, fair value, total | 17,955,920 | 17,917,084 | |
Participation in Loans [Member] | Asset Management Arrangement, Sub-advisor [Member] | TRG Management LP [Member] | |||
Investments, fair value, total | $ 32,179,743 | $ 36,082,184 | |
[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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investment Owned, Fair Value | [1] | $ 259,372,411 | $ 261,680,707 |
Percentage of total investments | 100% | 100% | |
Beef Cattle, Except Feedlots [Member] | |||
Investment Owned, Fair Value | $ 2,955,774 | $ 2,955,774 | |
Percentage of total investments | 1.10% | 1.10% | |
Boatbuilding and Repairing [Member] | |||
Investment Owned, Fair Value | $ 7,721,158 | $ 8,056,522 | |
Percentage of total investments | 3% | 3.10% | |
Chemicals and Allied Products [Member] | |||
Investment Owned, Fair Value | $ 7,032,859 | $ 7,032,859 | |
Percentage of total investments | 2.70% | 2.70% | |
Chocolate and Cocoa Products [Member] | |||
Investment Owned, Fair Value | $ 29,519,154 | $ 29,476,313 | |
Percentage of total investments | 11.40% | 11.30% | |
Coal and Other Minerals and Ores [Member] | |||
Investment Owned, Fair Value | $ 34,530,779 | $ 34,631,447 | |
Percentage of total investments | 13.30% | 13.20% | |
Computer Related Services, NEC [Member] | |||
Investment Owned, Fair Value | $ 22,447,510 | $ 21,768,698 | |
Percentage of total investments | 8.70% | 8.30% | |
Corn [Member] | |||
Investment Owned, Fair Value | $ 12,346,866 | $ 11,869,501 | |
Percentage of total investments | 4.80% | 4.50% | |
Corrugated and Solid Fiber Boxes [Member] | |||
Investment Owned, Fair Value | $ 3,598,133 | $ 3,598,133 | |
Percentage of total investments | 1.40% | 1.40% | |
Cotton Ginning [Member] | |||
Investment Owned, Fair Value | $ 1,792,698 | $ 1,792,698 | |
Percentage of total investments | 0.70% | 0.70% | |
Dairy Farms [Member] | |||
Investment Owned, Fair Value | $ 4,289,181 | $ 4,289,181 | |
Percentage of total investments | 1.70% | 1.60% | |
Drugs, Proprietaries, and Sundries [Member] | |||
Investment Owned, Fair Value | $ 648,430 | $ 648,430 | |
Percentage of total investments | 0.20% | 0.20% | |
Electric Services [Member] | |||
Investment Owned, Fair Value | $ 970,393 | $ 970,393 | |
Percentage of total investments | 0.40% | 0.40% | |
Freight Transportation Arrangement [Member] | |||
Investment Owned, Fair Value | $ 4,601,330 | $ 4,601,330 | |
Percentage of total investments | 1.80% | 1.80% | |
Frozen Fish and Seafood [Member] | |||
Investment Owned, Fair Value | $ 2,774,397 | $ 3,470,108 | |
Percentage of total investments | 1.10% | 1.30% | |
Hotels and Motels [Member] | |||
Investment Owned, Fair Value | $ 13,201,201 | $ 15,186,805 | |
Percentage of total investments | 5.10% | 5.80% | |
Land Subdividers and Developers [Member] | |||
Investment Owned, Fair Value | $ 15,326,637 | $ 15,326,637 | |
Percentage of total investments | 5.90% | 5.90% | |
Motor Vehicle Parts and Accessories [Member] | |||
Investment Owned, Fair Value | $ 11,399,439 | $ 10,697,318 | |
Percentage of total investments | 4.40% | 4.10% | |
Personal Credit Institutions [Member] | |||
Investment Owned, Fair Value | $ 2,011,075 | $ 6,256,964 | |
Percentage of total investments | 0.80% | 2.40% | |
Refuse Systems [Member] | |||
Investment Owned, Fair Value | $ 52,059,130 | $ 48,911,704 | |
Percentage of total investments | 20.10% | 18.70% | |
Retail Bakeries [Member] | |||
Investment Owned, Fair Value | $ 7,067,517 | $ 6,944,636 | |
Percentage of total investments | 2.70% | 2.70% | |
Short-Term Business Credit [Member] | |||
Investment Owned, Fair Value | $ 2,788,336 | $ 2,792,341 | |
Percentage of total investments | 1.10% | 1.10% | |
Soybeans [Member] | |||
Investment Owned, Fair Value | $ 5,723,296 | $ 5,723,296 | |
Percentage of total investments | 2.20% | 2.20% | |
Sugarcane and Sugar Beets [Member] | |||
Investment Owned, Fair Value | $ 453,112 | $ 453,112 | |
Percentage of total investments | 0.10% | 0.20% | |
Towing And Tugboat Service [Member] | |||
Investment Owned, Fair Value | $ 5,656,637 | $ 5,573,992 | |
Percentage of total investments | 2.10% | 2.10% | |
Other Industry [Member] | |||
Investment Owned, Fair Value | $ 8,457,369 | $ 8,652,515 | |
Percentage of total investments | 3.20% | 3.20% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Note 3 - Investments - Portfo_2
Note 3 - Investments - Portfolio Composition by Geographical Classification (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investment Owned, Fair Value | [1] | $ 259,372,411 | $ 261,680,707 |
Percentage of total investments | 100% | 100% | |
ARGENTINA | |||
Investment Owned, Fair Value | [2] | $ 14,760,949 | $ 14,760,949 |
Percentage of total investments | [2] | 5.60% | 5.60% |
BOTSWANA | |||
Investment Owned, Fair Value | $ 2,788,336 | $ 2,792,341 | |
Percentage of total investments | 1.10% | 1.10% | |
BRAZIL | |||
Investment Owned, Fair Value | $ 30,621,780 | $ 30,278,332 | |
Percentage of total investments | 11.80% | 11.60% | |
CABO VERDE | |||
Investment Owned, Fair Value | $ 13,201,201 | $ 15,186,805 | |
Percentage of total investments | 5.10% | 5.80% | |
CAMEROON | |||
Investment Owned, Fair Value | $ 14,519,154 | $ 14,476,313 | |
Percentage of total investments | 5.60% | 5.50% | |
CHILE | |||
Investment Owned, Fair Value | $ 970,393 | $ 970,393 | |
Percentage of total investments | 0.40% | 0.40% | |
COLOMBIA | |||
Investment Owned, Fair Value | $ 0 | $ 4,245,889 | |
Percentage of total investments | 0% | 1.60% | |
ECUADOR | |||
Investment Owned, Fair Value | $ 6,372,530 | $ 7,068,241 | |
Percentage of total investments | 2.50% | 2.70% | |
HONG KONG | |||
Investment Owned, Fair Value | $ 15,201,540 | $ 15,302,209 | |
Percentage of total investments | 5.90% | 5.80% | |
INDONESIA | |||
Investment Owned, Fair Value | $ 15,000,000 | $ 15,000,000 | |
Percentage of total investments | 5.80% | 5.70% | |
KENYA | |||
Investment Owned, Fair Value | $ 4,601,330 | $ 4,601,330 | |
Percentage of total investments | 1.80% | 1.80% | |
MALAYSIA | |||
Investment Owned, Fair Value | $ 7,032,859 | $ 7,032,859 | |
Percentage of total investments | 2.70% | 2.70% | |
MEXICO | |||
Investment Owned, Fair Value | $ 54,070,205 | $ 50,922,779 | |
Percentage of total investments | 20.80% | 19.50% | |
MOROCCO | |||
Investment Owned, Fair Value | $ 44,224 | $ 239,370 | |
Percentage of total investments | 0% | 0.10% | |
NAMIBIA | |||
Investment Owned, Fair Value | $ 15,326,637 | $ 15,326,637 | |
Percentage of total investments | 5.90% | 5.90% | |
NETHERLANDS | |||
Investment Owned, Fair Value | $ 11,399,439 | $ 10,697,318 | |
Percentage of total investments | 4.40% | 4.10% | |
NIGERIA | |||
Investment Owned, Fair Value | $ 7,454,125 | $ 7,371,480 | |
Percentage of total investments | 2.90% | 2.80% | |
PERU | |||
Investment Owned, Fair Value | $ 3,375,367 | $ 3,375,367 | |
Percentage of total investments | 1.30% | 1.30% | |
ROMANIA | |||
Investment Owned, Fair Value | $ 7,067,517 | $ 6,944,636 | |
Percentage of total investments | 2.70% | 2.70% | |
SINGAPORE | |||
Investment Owned, Fair Value | $ 19,329,239 | $ 19,329,238 | |
Percentage of total investments | 7.50% | 7.40% | |
UNITED ARAB EMIRATES | |||
Investment Owned, Fair Value | $ 648,430 | $ 648,430 | |
Percentage of total investments | 0.20% | 0.20% | |
UGANDA | |||
Investment Owned, Fair Value | $ 12,346,866 | $ 11,869,501 | |
Percentage of total investments | 4.80% | 4.50% | |
Other Country [Member] | |||
Investment Owned, Fair Value | $ 3,240,290 | $ 3,240,290 | |
Percentage of total investments | 1.20% | 1.20% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Realized Investment Gains (Losses) | $ 0 | $ (9,072,469) | |
Unrealized Gain (Loss) on Investments | (59,744) | $ 6,499,880 | |
Fair Value, Inputs, Level 3 [Member] | |||
Realized Investment Gains (Losses) | 0 | $ (15,238,313) | |
Unrealized Gain (Loss) on Investments | $ (59,744) | $ 6,091,000 | |
Fair Value, Inputs, Level 3 [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |||
Alternative Investment, Expected Collection Period (Year) | 2 years | 2 years | |
Fair Value, Inputs, Level 3 [Member] | Valuation, Income Approach [Member] | Minimum [Member] | Measurement Input, Loss Severity [Member] | |||
Alternative Investment, Measurement Input | 0.15 | 0.15 | |
Fair Value, Inputs, Level 3 [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |||
Alternative Investment, Expected Collection Period (Year) | 3 years | 3 years | |
Fair Value, Inputs, Level 3 [Member] | Valuation, Income Approach [Member] | Maximum [Member] | Measurement Input, Loss Severity [Member] | |||
Alternative Investment, Measurement Input | 0.30 | 0.30 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Summary of Investments by Hierarchy Level (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investments, fair value, total | [1] | $ 259,372,411 | $ 261,680,707 |
Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 259,372,411 | 261,680,707 | |
Senior Secured Term Loan [Member] | |||
Investments, fair value, total | [1] | 110,650,189 | 108,317,851 |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 110,650,189 | 108,317,851 | |
Senior Secured Term Loan Participations [Member] | |||
Investments, fair value, total | [1] | 82,120,196 | 87,306,046 |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Term Loan Participations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 82,120,196 | 87,306,046 | |
Senior Secured Trade Finance Participations [Member] | |||
Investments, fair value, total | [1] | 27,954,458 | 28,607,328 |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Senior Secured Trade Finance Participations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 27,954,458 | 28,607,328 | |
Other Investment Companies [Member] | |||
Investments, fair value, total | [1] | 14,176,234 | 14,371,380 |
Other Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Other Investment Companies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Other Investment Companies [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 14,176,234 | 14,371,380 | |
Convertible Debt [Member] | |||
Investments, fair value, total | 22,447,510 | 21,768,698 | |
Convertible Debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | 22,447,510 | 21,768,698 | |
Warrant [Member] | |||
Investments, fair value, total | 2,023,824 | 1,309,404 | |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, fair value, total | 0 | 0 | |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, fair value, total | $ 2,023,824 | $ 1,309,404 | |
[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) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, balance | $ 261,680,707 | $ 273,616,782 |
Purchases | 0 | 11,315,014 |
Maturities or Prepayments | (6,868,813) | (40,848,572) |
Reclassifications | 0 | 0 |
Payment-in-kind interest | 4,620,261 | |
Net change in unrealized appreciation (depreciation) | (59,744) | 14,738,290 |
Net realized gain (loss) | 0 | (15,238,313) |
Fair Value, balance | 259,372,411 | 261,680,707 |
Accretion of discounts/ Payment-in-kind interest | 18,097,506 | |
Senior Secured Term Loan [Member] | ||
Fair Value, balance | 108,317,851 | 105,084,728 |
Purchases | 0 | 0 |
Maturities or Prepayments | 0 | (6,815,940) |
Reclassifications | 0 | 5,000,000 |
Payment-in-kind interest | 2,433,007 | |
Net change in unrealized appreciation (depreciation) | (100,669) | (5,110,334) |
Net realized gain (loss) | 0 | 454,329 |
Fair Value, balance | 110,650,189 | 108,317,851 |
Accretion of discounts/ Payment-in-kind interest | 9,705,068 | |
Senior Secured Term Loan Participations [Member] | ||
Fair Value, balance | 87,306,046 | 119,690,547 |
Purchases | 0 | 1,803,105 |
Maturities or Prepayments | (6,868,813) | (25,108,771) |
Reclassifications | 0 | (22,557,046) |
Payment-in-kind interest | 1,465,601 | |
Net change in unrealized appreciation (depreciation) | 217,362 | 11,068,644 |
Net realized gain (loss) | 0 | (5,002,713) |
Fair Value, balance | 82,120,196 | 87,306,046 |
Accretion of discounts/ Payment-in-kind interest | 7,412,280 | |
Senior Secured Trade Finance Participations [Member] | ||
Fair Value, balance | 28,607,328 | 31,710,623 |
Purchases | 0 | 9,511,909 |
Maturities or Prepayments | 0 | (5,358,233) |
Reclassifications | 0 | (6,797,488) |
Payment-in-kind interest | 42,841 | |
Net change in unrealized appreciation (depreciation) | (695,711) | 8,285,570 |
Net realized gain (loss) | 0 | (8,745,053) |
Fair Value, balance | 27,954,458 | 28,607,328 |
Accretion of discounts/ Payment-in-kind interest | 0 | |
Other Investment Companies [Member] | ||
Fair Value, balance | 14,371,380 | 15,925,381 |
Purchases | 0 | 0 |
Maturities or Prepayments | 0 | (3,565,628) |
Reclassifications | 0 | 1,797,488 |
Payment-in-kind interest | 0 | |
Net change in unrealized appreciation (depreciation) | (195,146) | 214,139 |
Net realized gain (loss) | 0 | 0 |
Fair Value, balance | 14,176,234 | 14,371,380 |
Accretion of discounts/ Payment-in-kind interest | 0 | |
Convertible Debt [Member] | ||
Fair Value, balance | 21,768,698 | 0 |
Purchases | 0 | 0 |
Maturities or Prepayments | 0 | 0 |
Reclassifications | 0 | 22,557,046 |
Payment-in-kind interest | 678,812 | |
Net change in unrealized appreciation (depreciation) | 0 | 176,370 |
Net realized gain (loss) | 0 | (1,944,876) |
Fair Value, balance | 22,447,510 | 21,768,698 |
Accretion of discounts/ Payment-in-kind interest | 980,158 | |
Warrant [Member] | ||
Fair Value, balance | 1,309,404 | 1,205,503 |
Purchases | 0 | 0 |
Maturities or Prepayments | 0 | 0 |
Reclassifications | 0 | 0 |
Payment-in-kind interest | 0 | |
Net change in unrealized appreciation (depreciation) | 714,420 | 103,901 |
Net realized gain (loss) | 0 | 0 |
Fair Value, balance | $ 2,023,824 | 1,309,404 |
Accretion of discounts/ Payment-in-kind interest | $ 0 |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) | Mar. 31, 2024 USD ($) yr | Dec. 31, 2023 USD ($) yr | |||
Investment Owned, Fair Value | [1] | $ 259,372,411 | $ 261,680,707 | ||
Senior Secured Term Loan [Member] | |||||
Investment Owned, Fair Value | [1] | 110,650,189 | 108,317,851 | ||
Other Investment Companies [Member] | |||||
Investment Owned, Fair Value | [1] | 14,176,234 | 14,371,380 | ||
Senior Secured Trade Finance Participations [Member] | |||||
Investment Owned, Fair Value | [1] | 27,954,458 | 28,607,328 | ||
Senior Secured Term Loan Participations [Member] | |||||
Investment Owned, Fair Value | [1] | 82,120,196 | 87,306,046 | ||
Convertible Debt [Member] | |||||
Investment Owned, Fair Value | 22,447,510 | 21,768,698 | |||
Warrant [Member] | |||||
Investment Owned, Fair Value | 2,023,824 | 1,309,404 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Investment Owned, Fair Value | 259,372,411 | 261,680,707 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | |||||
Investment Owned, Fair Value | 110,650,189 | 108,317,851 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 110,650,189 | [2] | $ 108,317,851 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Minimum [Member] | |||||
Investment, measurement input | [2],[4] | 0.12 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Maximum [Member] | |||||
Investment, measurement input | 0.0118 | ||||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | |||||
Investment, measurement input | 0.66 | 0.12 | |||
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] | 0.1325 | [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] | 0.205 | [2] | 0.205 | [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] | 0.1855 | [2] | 0.1854 | [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] | 0.095 | [2] | 0.095 | [3] |
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | |||||
Investment Owned, Fair Value | $ 14,176,234 | $ 14,371,380 | |||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Collateral Based Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | [5] | $ 14,176,234 | $ 14,371,380 | ||
Fair Value, Inputs, Level 3 [Member] | Other Investment Companies [Member] | Collateral Based Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | |||||
Investment, measurement input | 0.0156 | 0.095 | |||
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],[5] | 0 | 0 | ||
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],[5] | 0.0112 | 0.012 | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Investment Owned, Fair Value | $ 27,954,458 | $ 28,607,328 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 23,016,847 | [2] | $ 23,669,717 | [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] | 0.1675 | [2] | 0.1675 | [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] | 0.175 | [2] | 0.175 | [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] | 0.1728 | [2] | 0.1728 | [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 | [3],[4] | 1.67 | |||
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 | [6] | $ 4,937,611 | [7] | |
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 | [6] | 0.88 | [7] |
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 | [6] | 0.85 | [7] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||||
Investment Owned, Fair Value | $ 82,120,196 | $ 87,306,046 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 66,793,559 | [2] | $ 71,979,409 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Minimum [Member] | |||||
Investment, measurement input | [2],[4] | 0.16 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Measurement Input, Value Of Collateral [Member] | Maximum [Member] | |||||
Investment, measurement input | [4],[6] | 2.83 | |||
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] | 0.12 | [2] | 0.11 | [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] | 0.235 | [2] | 0.234 | [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] | 0.1773 | [2] | 0.1726 | [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] | 0.75 | [6] | 0 | [7] |
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] | 1 | [6] | 0.25 | [7] |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach Valuation Technique [Member] | |||||
Investment Owned, Fair Value | $ 15,326,637 | [6] | $ 15,326,637 | [7] | |
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, measurement input | [4],[7] | 0.76 | |||
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | |||||
Investment Owned, Fair Value | $ 22,447,510 | $ 21,768,698 | |||
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | Collateral Based and Income Approach Valuation Technique [Member] | |||||
Investment, measurement input | 0.1697 | 0.1672 | |||
Investment Owned, Fair Value | $ 22,447,510 | [2] | $ 21,768,698 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Minimum [Member] | |||||
Investment, measurement input | 0.1575 | 0.1575 | |||
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | Collateral Based and Income Approach Valuation Technique [Member] | Maximum [Member] | |||||
Investment, measurement input | 0.17 | 0.1675 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||||
Investment Owned, Fair Value | $ 2,023,824 | $ 1,309,404 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | |||||
Investment Owned, Fair Value | $ 2,023,824 | $ 1,309,404 | |||
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] | 0.0421 | 0.0384 | ||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | |||||
Investment, measurement input | [4] | 0.86 | 0.82 | ||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | |||||
Investment, measurement input | yr | [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: Usivale, Limas, Triton, Helios Maritime, Agilis Partners, CAGSA, Producam, Qintess and Equity Participation in Cocoa Transaction and a hybrid of the collateral based approach and the income approach for Vikudha, Ecsponent, MICD, and WinRep, 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: Usivale, Limas, Triton, Helios Maritime, Agilis Partners, CAGSA, Producam, Qintess and Equity Participation in Cocoa Transaction and a hybrid of the collateral based approach and the income approach for Vikudha, Ecsponent, MICD, and WinRep, 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]These investments were originally classified as trade finance participations or term loans. Due to the fact that the original borrowers have been placed into bankruptcy, or the original loans were converted to other types of investments, the original investments have been reclassified as other investments.[6]Collateral based approach used for the following Watch List investments: Trustco, Sancor, and GPI.[7]Collateral based approach used for the following Watch List investments: Trustco, Sancor and GPI. |
Note 5 - Contingencies and Re_2
Note 5 - Contingencies and Related Parties (Details Textual) - USD ($) | 3 Months Ended | 68 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | |
General and Administrative Expense | $ 521,363 | $ 299,325 | ||
TriLinc Advisors LLC [Member] | ||||
Related Party Transaction, Renewal Periods (Year) | 1 year | |||
Asset Management Fee Payable, Quarterly Percentage | 0.50% | |||
Asset Management Fee Payable, Yearly Percentage | 2% | |||
Quarterly Preferred Return Rate | 1.50% | |||
Yearly Preferred Return Rate | 6% | |||
Maximum Quarterly Percentage, Pre-Incentive Fee, Payable to Related Party | 1.875% | |||
Maximum Yearly Percentage, Pre-Incentive Fee, Payable to Related Party | 7.50% | |||
Threshold for Increase in Pre-incentive Fee Payable | 1.875% | |||
Percentage of Incentive Fees | 20% | |||
Incentive Fee Payable | $ 0 | 0 | ||
TriLinc Advisors LLC [Member] | Responsibility Agreement [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 10,100,000 | $ 12,421,000 | ||
Nontrade Receivables | 4,200,000 | |||
General and Administrative Expense | 4,200,000 | |||
TriLinc Advisors LLC [Member] | Responsibility Agreement [Member] | Waived Reimbursement [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 10,100,000 | |||
TriLinc Global LLC [Member] | ||||
Asset Management Fee Expense | 1,365,692 | 1,404,845 | ||
Incentive Fee Expense | $ 0 | $ 0 |
Note 6 - Unit Capital (Details
Note 6 - Unit Capital (Details Textual) - USD ($) | 3 Months Ended | 49 Months Ended | 84 Months Ended | ||
Jun. 11, 2014 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2017 | Mar. 31, 2024 | |
Distribution, Dealer Manager and Service Fees Payable | $ 348,000 | $ 357,000 | $ 348,000 | ||
Partners' Capital Account, Sale of Units | $ 361,776,000 | 515,089,000 | |||
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) | 0 | 4,141 | |||
Partners Capital Account, Treasury Units, Purchases, Per Share (in dollars per share) | $ 6.84 | ||||
Partners' Capital Account, Treasury Units, Purchased | $ 28,318 | ||||
Private Placement [Member] | |||||
Partners' Capital Account, Sale of Units | $ 0 | 99,753,000 | |||
Dividend Reinvestment Plan [Member] | |||||
Partners' Capital Account, Sale of Units | 0 | ||||
Capital Unit Class C, Capital Unit Class I and Capital Unit Class W [Member] | |||||
Distribution, Dealer Manager and Service Fees Payable | $ 348,000 | $ 357,000 | $ 348,000 | ||
Estimated Net Assets, Value Per Unit (in dollars per share) | $ 5.718 | $ 5.817 | $ 5.718 | ||
Distribution and Dealer Manager Fee Payable, Calculated on Net Asset Value Per Unit, Discount Rate | 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, Treasury Units Purchased (in shares) | 0 | 0 | |||
Capital Unit, Class I [Member] | |||||
Dealer Manager Fee, Percentage | 0.50% | 0.50% | 0.50% | ||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 0 | 2,403 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 0 | $ 16,435 | |||
Capital Unit, Class W [Member] | |||||
Dealer and Service Fees, Percentage | 0.75% | 0.75% | 0.75% | ||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 0 | 0 |
Note 6 - Unit Capital - Summary
Note 6 - Unit Capital - Summary of Unit Activity (Details) - shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Units outstanding (in shares) | 47,777,985 | 47,639,086 | |
Units exchanged (in shares) | 0 | 0 | |
Units purchased (in shares) | 0 | (4,141) | |
Units Outstanding at end of period (in shares) | [1] | 47,777,985 | 47,791,129 |
Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 156,184 | |
Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class A [Member] | |||
Units outstanding (in shares) | 18,303,923 | 18,233,751 | |
Units exchanged (in shares) | 0 | 0 | |
Units purchased (in shares) | 0 | (1,738) | |
Units Outstanding at end of period (in shares) | 18,303,923 | 18,303,924 | |
Capital Unit, Class A [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 71,911 | |
Capital Unit, Class A [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class C [Member] | |||
Units outstanding (in shares) | 7,766,734 | 7,831,059 | |
Units exchanged (in shares) | 0 | (32,742) | |
Units purchased (in shares) | 0 | 0 | |
Units Outstanding at end of period (in shares) | 7,766,734 | 7,837,126 | |
Capital Unit, Class C [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 38,809 | |
Capital Unit, Class C [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class I [Member] | |||
Units outstanding (in shares) | 10,575,907 | 10,443,595 | |
Units exchanged (in shares) | 0 | 32,742 | |
Units purchased (in shares) | 0 | (2,403) | |
Units Outstanding at end of period (in shares) | 10,575,907 | 10,518,658 | |
Capital Unit, Class I [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 44,724 | |
Capital Unit, Class I [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class W [Member] | |||
Units outstanding (in shares) | 24,555 | 24,555 | |
Units exchanged (in shares) | 0 | 0 | |
Units purchased (in shares) | 0 | 0 | |
Units Outstanding at end of period (in shares) | 24,555 | 24,555 | |
Capital Unit, Class W [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class W [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class Y [Member] | |||
Units outstanding (in shares) | 2,683,015 | 2,682,275 | |
Units exchanged (in shares) | 0 | 0 | |
Units purchased (in shares) | 0 | 0 | |
Units Outstanding at end of period (in shares) | 2,683,015 | 2,683,015 | |
Capital Unit, Class Y [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 740 | |
Capital Unit, Class Y [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class Z [Member] | |||
Units outstanding (in shares) | 8,423,851 | 8,423,851 | |
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 | |
Capital Unit, Class Z [Member] | Dividend Reinvestment Plan [Member] | |||
Units issued (in shares) | 0 | 0 | |
Capital Unit, Class Z [Member] | Private Placement [Member] | |||
Units issued (in shares) | 0 | 0 | |
[1]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Note 7 - Distributions (Details
Note 7 - Distributions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 27, 2024 | Feb. 21, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||
Annualized Rate of Net Assets Value | 3% | |||||
Net Asset Value Per Share (in dollars per share) | [1],[2] | $ 5.69 | $ 5.85 | |||
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 | 5.696 | $ 5.718 | |||
February 21, 2024 [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | 0.04376771 | |||||
February 21, 2024 [Member] | Dividend Reinvestment Plan [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | $ 0.04376771 | |||||
Retained Earnings, Unappropriated | $ 0 | |||||
March 27, 2024 [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | $ 0.04376771 | |||||
March 27, 2024 [Member] | Dividend Reinvestment Plan [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in dollars per share) | $ 0.04376771 | |||||
Retained Earnings, Unappropriated | $ 0 | |||||
[1]For financial statement reporting purposes under GAAP, as of March 31, 2024 and 2023, the Company recorded a liability in the amount of $348,000 and $357,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.[2]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively. |
Note 7 - Distributions - Summar
Note 7 - Distributions - Summary of Distributions Paid (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash distributions | $ 4,181,278 | $ 2,615,731 |
Distributions reinvested | 0 | 1,063,205 |
Total declared | $ 4,181,278 | $ 3,678,936 |
February 21, 2024 [Member] | ||
Date declared | Feb. 15, 2024 | |
Daily rate per unit (in dollars per share) | $ 0.04376771 | |
Cash distributions | $ 2,091,411 | |
Distributions reinvested | 0 | |
Total declared | $ 2,091,411 | |
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 | |
March 27, 2024 [Member] | ||
Date declared | Mar. 26, 2024 | |
Daily rate per unit (in dollars per share) | $ 0.04376771 | |
Cash distributions | $ 2,089,867 | |
Distributions reinvested | 0 | |
Total declared | $ 2,089,867 | |
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 |
Note 8 - Financial Highlights_2
Note 8 - Financial Highlights (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Units Outstanding (in shares) | 47,777,985 | 47,720,544 |
Distribution, Dealer Manager and Service Fees Payable | $ 348,000 | $ 357,000 |
Note 8 - Financial Highlights -
Note 8 - Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Net asset value at beginning of period (in dollars per share) | [1] | $ 5.71 | $ 5.92 | |
Net investment income (in dollars per share) | [1] | 0.07 | 0.06 | |
Net change in unrealized appreciation (depreciation) on investments (in dollars per share) | [1] | 0 | 0.14 | |
Realized loss on investments (in dollars per share) | [1] | 0 | (0.19) | |
Foreign exchange gain (in dollars per share) | [1] | 0 | 0 | |
Net increase in net assets resulting from operations (in dollars per share) | [1] | 0.07 | 0 | |
Distributions (in dollars per share) | [1] | (0.09) | (0.08) | |
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] | (0.02) | (0.07) | |
Net asset value at end of period (2) (in dollars per share) | [1],[2] | $ 5.69 | $ 5.85 | |
Total return based on net asset value (4) | [1],[3] | 1.14% | 0.07% | |
Net assets at end of period | [1] | $ 271,772,629 | $ 279,564,274 | |
Units Outstanding at end of period (in shares) | [1] | 47,777,985 | 47,791,129 | |
Ratio/Supplemental data (annualized) (3): | ||||
Ratio of net investment income to average net assets | [4] | 4.65% | [1] | 3.99% |
Ratio of total expenses to average net assets | [4] | 4.74% | [1] | 5.72% |
[1]The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2024 and 2023, which were 47,777,985 and 47,720,544, respectively.[2]For financial statement reporting purposes under GAAP, as of March 31, 2024 and 2023, the Company recorded a liability in the amount of $348,000 and $357,000, 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 net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.[3]Total return does not assume the reinvestment of distributions paid.[4]The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |