Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | trilinc |
Entity Registrant Name | TriLinc Global Impact Fund LLC |
Entity Central Index Key | 1,550,453 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $68,604,367 and $53,447,442, respectively) | $ 68,604,367 | $ 53,447,442 |
Cash | 13,109,572 | 7,875,917 |
Interest receivable | 2,137,938 | 764,313 |
Due from affiliates (see Note 5) | 1,367,745 | 791,088 |
Prepaid expenses | 38,210 | 50,387 |
Total assets | 85,257,832 | 62,929,147 |
LIABILITIES | ||
Due to unitholders | 365,774 | 293,860 |
Management fee payable | 424,128 | 313,490 |
Due to affiliates (see Note 6) | 50,810 | 29,489 |
Other payables | 3,822 | 2,316 |
Total liabilities | 844,534 | 639,155 |
NET ASSETS | 84,413,298 | 62,289,992 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (4,696,946) | (3,438,722) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 40,260,847 | 25,976,875 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 42,501,083 | 27,410,929 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 5,708,186 | 3,586,052 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 6,025,798 | 3,784,020 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 38,444,265 | 32,727,065 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 40,583,363 | $ 34,533,765 |
Consolidated Statements of Ass3
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investments owned, amortized cost | $ 68,604,367 | $ 53,447,442 |
Net assets, per unit | $ 8.549 | $ 8.553 |
Net assets, units outstanding | 9,873,704.499 | 7,282,960.063 |
Class A Units [Member] | ||
Net assets, per unit | $ 8.549 | $ 8.553 |
Net assets, units outstanding | 4,709,254.575 | 3,037,222.074 |
Class C Units [Member] | ||
Net assets, per unit | $ 8.549 | $ 8.553 |
Net assets, units outstanding | 667,678.452 | 419,281.982 |
Class I Units [Member] | ||
Net assets, per unit | $ 8.549 | $ 8.553 |
Net assets, units outstanding | 4,496,771.472 | 3,826,456.007 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INVESTMENT INCOME | ||||
Interest income | $ 2,138,151 | $ 656,910 | $ 3,907,017 | $ 946,684 |
Interest from cash | 11,506 | 651 | 29,122 | 651 |
Total investment income | 2,149,657 | 657,561 | 3,936,139 | 947,335 |
EXPENSES | ||||
Management fees | 424,187 | 149,467 | 785,935 | 258,546 |
Incentive fees | 327,310 | 99,663 | 604,490 | 157,618 |
Professional fees | 192,093 | 193,372 | 482,081 | 500,286 |
General and administrative expenses | 150,307 | 216,588 | 294,364 | 354,286 |
Board of managers fees | 46,875 | 46,875 | 93,750 | 119,000 |
Total expenses | 1,140,772 | 705,965 | 2,260,620 | 1,389,736 |
Expense support payment from Sponsor | (627,668) | (546,718) | (1,346,933) | (1,230,489) |
Net expenses | 513,104 | 159,247 | 913,687 | 159,247 |
NET INVESTMENT INCOME | 1,636,553 | 498,314 | 3,022,452 | 788,088 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 1,636,553 | $ 498,314 | $ 3,022,452 | $ 788,088 |
NET INCOME PER UNITS - BASIC AND DILUTED | $ 0.18 | $ 0.17 | $ 0.357 | $ 0.316 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 9,110,507.766 | 2,906,193.746 | 8,461,155.603 | 2,493,438.210 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
INCREASE FROM OPERATIONS | ||
Net investment income | $ 3,022,452 | $ 788,088 |
Net increase from operations | 3,022,452 | 788,088 |
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (3,021,654) | (819,777) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 22,122,508 | 16,410,293 |
Contributions from Sponsor | 31,750 | |
Repurchase of units | (21,425) | |
Offering costs | (1,258,224) | (913,107) |
NET INCREASE IN NET ASSETS | 22,123,306 | 16,378,604 |
Net assets at beginning of period | 62,289,992 | 13,365,263 |
Net assets at end of period | 84,413,298 | 29,743,867 |
Class A Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,346,477) | (269,458) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 15,090,127 | 9,194,335 |
Net assets at beginning of period | 25,976,875 | |
Net assets at end of period | 40,260,847 | |
Class C Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (193,362) | (28,208) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 2,263,093 | 1,319,449 |
Net assets at beginning of period | 3,586,052 | |
Net assets at end of period | 5,708,186 | |
Class I Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,481,815) | (522,111) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 6,048,937 | $ 6,777,866 |
Net assets at beginning of period | 32,727,065 | |
Net assets at end of period | $ 38,444,265 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,022,452 | $ 788,088 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES | ||
Purchase of investments | (58,509,596) | (17,465,336) |
Maturity of investments | 43,352,671 | 6,121,226 |
Accretion of discounts on investments | (102,387) | |
Increase in interest receivable | (1,373,625) | (124,969) |
Increase in due from affiliates | (576,657) | (754,569) |
Decrease in prepaid expenses | 12,177 | 46,440 |
Increase in due to unitholders | 71,914 | 63,474 |
Increase in management fee payable | 110,638 | 149,467 |
Increase (decrease) in other payable | 1,506 | (149) |
NET CASH USED IN OPERATING ACTIVITIES | (13,888,520) | (11,278,715) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 22,404,774 | 17,068,565 |
Distributions paid to unitholders | (2,024,271) | (596,692) |
Payments of offering costs | (1,236,903) | (929,018) |
Repurchase of units | (21,425) | |
Capital contribution from our Sponsor | 51,034 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,122,175 | 15,593,889 |
TOTAL INCREASE IN CASH | 5,233,655 | 4,315,174 |
Cash at beginning of period | 7,875,917 | 6,666,659 |
Cash at end of period | 13,109,572 | 10,981,833 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | $ 997,383 | 223,085 |
Capital contribution from our Sponsor | $ 31,750 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | |||
Amortized Cost | $ 68,604,367 | $ 53,447,442 | ||
Fair Value | 68,604,367 | 53,447,442 | ||
Agricultural Products [Member] | ||||
Fair Value | 20,000,000 | 9,000,000 | ||
Consumer Products [Member] | ||||
Fair Value | 8,750,000 | 8,250,000 | ||
Meat, Poultry & Fish [Member] | ||||
Fair Value | 7,911,909 | 7,000,000 | ||
Fats and Oils [Member] | ||||
Fair Value | 3,100,000 | |||
Construction Materials [Member] | ||||
Fair Value | 5,324,774 | 5,474,066 | ||
Packaged Foods & Meats [Member] | ||||
Fair Value | 2,000,000 | 2,000,000 | ||
Fertilizer & Agricultural Chemicals [Member] | ||||
Fair Value | 10,756,612 | 13,532,489 | ||
Food Products [Member] | ||||
Fair Value | 1,796,587 | 2,250,000 | ||
Household Products [Member] | ||||
Fair Value | 1,375,422 | 1,400,000 | ||
Textiles, Apparel & Luxury Goods [Member] | ||||
Fair Value | 1,270,779 | 2,040,887 | ||
Metals & Mining [Member] | ||||
Fair Value | 2,418,284 | 2,500,000 | ||
Cash Grains [Member] | ||||
Fair Value | 3,900,000 | |||
Senior Secured Term Loan Participations [Member] | ||||
Amortized Cost | [1] | 5,750,000 | 5,750,000 | |
Fair Value | [1] | $ 5,750,000 | $ 5,750,000 | |
% of Net Assets | [1] | 6.80% | 9.20% | |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||||
Interest | [1] | 17.43% | [2] | 12.43% |
Fees | [1],[3] | 0.00% | [2] | 0.00% |
Principal Amount | [1] | $ 3,000,000 | [2] | $ 3,000,000 |
Current Commitment | [1],[4] | 3,000,000 | [2] | 3,000,000 |
Amortized Cost | [1] | 3,000,000 | [2] | 3,000,000 |
Fair Value | [1] | $ 3,000,000 | [2] | $ 3,000,000 |
% of Net Assets | [1] | 3.60% | [2] | 4.80% |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Minimum [Member] | Other Investments [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||||
Maturity | [1],[5] | Dec. 15, 2016 | [2] | Dec. 15, 2016 |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Maximum [Member] | Other Investments [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||||
Maturity | [1],[5] | May 15, 2017 | [2] | May 15, 2017 |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | ||||
Fees | [1],[3],[6] | 0.00% | 0.00% | |
Principal Amount | [1],[6] | $ 2,750,000 | $ 2,750,000 | |
Current Commitment | [1],[4],[6] | 2,750,000 | 2,750,000 | |
Amortized Cost | [1],[6] | 2,750,000 | 2,750,000 | |
Fair Value | [1],[6] | $ 2,750,000 | $ 2,750,000 | |
% of Net Assets | [1],[6] | 3.30% | 4.40% | |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | ||||
Interest | [1],[6] | 15.50% | 15.50% | |
Maturity | [1],[5],[6] | Dec. 22, 2016 | Dec. 22, 2016 | |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | ||||
Interest | [1],[6] | 15.60% | 15.60% | |
Maturity | [1],[5],[6] | Jun. 15, 2017 | Jun. 15, 2017 | |
Senior Secured Trade Finance Participations [Member] | ||||
Amortized Cost | [1] | $ 62,854,367 | $ 47,697,442 | |
Fair Value | [1] | $ 62,854,367 | $ 47,697,442 | |
% of Net Assets | [1] | 74.50% | 76.50% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Soybean Distributor [Member] | ||||
Interest | [1] | 8.89% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Feb. 3, 2016 | ||
Principal Amount | [1] | $ 3,100,000 | ||
Current Commitment | [1],[4] | 3,100,000 | ||
Amortized Cost | [1] | 3,100,000 | ||
Fair Value | [1] | $ 3,100,000 | ||
% of Net Assets | [1] | 3.70% | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | ||||
Interest | [1] | 9.00% | 9.00% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Jul. 28, 2015 | ||
Principal Amount | [1] | $ 7,000,000 | $ 6,000,000 | |
Current Commitment | [1],[4] | 7,000,000 | 6,000,000 | |
Amortized Cost | [1] | 7,000,000 | 6,000,000 | |
Fair Value | [1] | $ 7,000,000 | $ 6,000,000 | |
% of Net Assets | [1] | 8.30% | 9.60% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Coop Unidas Ltd [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | ||||
Interest | [1] | 10.33% | ||
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Feb. 25, 2015 | ||
Principal Amount | [1] | $ 6,000,000 | $ 5,500,000 | |
Current Commitment | [1],[4] | 6,000,000 | 5,500,000 | |
Amortized Cost | [1] | 6,000,000 | 5,500,000 | |
Fair Value | [1] | $ 6,000,000 | $ 5,500,000 | |
% of Net Assets | [1] | 7.10% | 8.80% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimenticias S.A [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member] | ||||
Interest | [1] | 11.98% | 11.98% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Dec. 15, 2015 | Jun. 25, 2015 | |
Principal Amount | [1] | $ 6,000,000 | $ 6,000,000 | |
Current Commitment | [1],[4] | 7,000,000 | 6,000,000 | |
Amortized Cost | [1] | 6,000,000 | 6,000,000 | |
Fair Value | [1] | $ 6,000,000 | $ 6,000,000 | |
% of Net Assets | [1] | 7.10% | 9.60% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | ||||
Maturity | [1],[5] | Jul. 28, 2015 | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Sancor Coop Unidas Ltd [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | ||||
Interest | [1] | 10.33% | ||
Maturity | [1],[5] | Nov. 3, 2015 | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | ||||
Maturity | [1],[5] | Dec. 15, 2015 | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Sancor Coop Unidas Ltd [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | ||||
Interest | [1] | 10.90% | ||
Maturity | [1],[5] | Feb. 25, 2016 | ||
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Seruji Limited | Construction Materials [Member] | Cement Distributor [Member] | ||||
Interest | [1] | 14.75% | 14.75% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Sep. 30, 2015 | Mar. 17, 2015 | |
Principal Amount | [1] | $ 5,000,000 | $ 5,000,000 | |
Current Commitment | [1],[4] | 7,000,000 | 5,000,000 | |
Amortized Cost | [1] | 5,000,000 | 5,000,000 | |
Fair Value | [1] | $ 5,000,000 | $ 5,000,000 | |
% of Net Assets | [1] | 5.90% | 8.00% | |
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member] | ||||
Interest | [1] | 12.00% | 12.50% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | May 14, 2015 | Feb. 13, 2015 | |
Principal Amount | [1] | $ 2,000,000 | $ 2,000,000 | |
Current Commitment | [1],[4] | 2,000,000 | 2,000,000 | |
Amortized Cost | [1] | 2,000,000 | 2,000,000 | |
Fair Value | [1] | $ 2,000,000 | $ 2,000,000 | |
% of Net Assets | [1] | 2.40% | 3.20% | |
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Export Trading Group Pte Ltd [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | ||||
Interest | [1],[7] | 11.50% | ||
Fees | [1],[3],[7] | 0.00% | ||
Maturity | [1],[5],[7] | Aug. 22, 2015 | ||
Principal Amount | [1],[7] | $ 10,000,000 | ||
Current Commitment | [1],[4],[7] | 10,000,000 | ||
Amortized Cost | [1],[7] | 10,000,000 | ||
Fair Value | [1],[7] | $ 10,000,000 | ||
% of Net Assets | [1],[7] | 11.80% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member] | ||||
Interest | [1] | 14.50% | 12.50% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Feb. 28, 2015 | ||
Principal Amount | [1] | $ 1,911,909 | $ 1,000,000 | |
Current Commitment | [1],[4] | 2,800,000 | 1,000,000 | |
Amortized Cost | [1] | 1,911,909 | 1,000,000 | |
Fair Value | [1] | $ 1,911,909 | $ 1,000,000 | |
% of Net Assets | [1] | 2.30% | 1.60% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member] | ||||
Interest | [1] | 12.75% | 12.75% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Principal Amount | [1] | $ 324,774 | $ 474,066 | |
Current Commitment | [1],[4] | 750,000 | 474,066 | |
Amortized Cost | [1] | 324,774 | 474,066 | |
Fair Value | [1] | $ 324,774 | $ 474,066 | |
% of Net Assets | [1] | 0.40% | 0.80% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Agricultural Chemicals Producer [Member] | ||||
Interest | [1] | 13.00% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Mar. 12, 2015 | ||
Principal Amount | [1] | $ 1,387,320 | ||
Current Commitment | [1],[4] | 10,000,000 | ||
Amortized Cost | [1] | 1,387,320 | ||
Fair Value | [1] | $ 1,387,320 | ||
% of Net Assets | [1] | 1.60% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Chemicals [Member] | ||||
Interest | [1] | 13.00% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Jan. 15, 2015 | ||
Principal Amount | [1] | $ 1,000,000 | ||
Current Commitment | [1],[4] | 1,000,000 | ||
Amortized Cost | [1] | 1,000,000 | ||
Fair Value | [1] | $ 1,000,000 | ||
% of Net Assets | [1] | 1.60% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Scenario One [Member] | Farm Supplies Importer [Member] | ||||
Interest | [1] | 13.00% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Jun. 22, 2015 | ||
Principal Amount | [1] | $ 369,292 | ||
Current Commitment | [1],[4] | 2,000,000 | ||
Amortized Cost | [1] | 369,292 | ||
Fair Value | [1] | $ 369,292 | ||
% of Net Assets | [1] | 0.40% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Scenario Two [Member] | Farm Supplies Wholesaler [Member] | ||||
Interest | [1] | 12.50% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Jul. 19, 2015 | ||
Principal Amount | [1] | $ 1,000,000 | ||
Current Commitment | [1],[4] | 1,000,000 | ||
Amortized Cost | [1] | 1,000,000 | ||
Fair Value | [1] | $ 1,000,000 | ||
% of Net Assets | [1] | 1.20% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Scenario One [Member] | Rice & Bean Importer [Member] | ||||
Interest | [1] | 12.50% | 12.50% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Jun. 27, 2015 | Apr. 28, 2015 | |
Principal Amount | [1] | $ 1,000,000 | $ 1,000,000 | |
Current Commitment | [1],[4] | 1,000,000 | 1,000,000 | |
Amortized Cost | [1] | 1,000,000 | 1,000,000 | |
Fair Value | [1] | $ 1,000,000 | $ 1,000,000 | |
% of Net Assets | [1] | 1.20% | 1.60% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Scenario Two [Member] | Fruit & Nut Distributor [Member] | ||||
Interest | [1] | 17.50% | 17.50% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | May 22, 2015 | Jan. 20, 2015 | |
Principal Amount | [1] | $ 796,587 | $ 1,250,000 | |
Current Commitment | [1],[4] | 1,250,000 | 1,250,000 | |
Amortized Cost | [1] | 796,587 | 1,250,000 | |
Fair Value | [1] | $ 796,587 | $ 1,250,000 | |
% of Net Assets | [1] | 0.90% | 2.00% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Household Products [Member] | Candle Distributor [Member] | ||||
Fees | [1],[3] | 0.00% | 0.00% | |
Principal Amount | [1] | $ 1,375,422 | $ 1,400,000 | |
Current Commitment | [1],[4] | 1,400,000 | 1,400,000 | |
Amortized Cost | [1] | 1,375,422 | 1,400,000 | |
Fair Value | [1] | $ 1,375,422 | $ 1,400,000 | |
% of Net Assets | [1] | 1.60% | 2.20% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member] | ||||
Interest | [1] | 15.00% | 15.00% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Principal Amount | [1] | $ 1,270,779 | $ 2,040,887 | |
Current Commitment | [1],[4] | 2,500,000 | 2,040,887 | |
Amortized Cost | [1] | 1,270,779 | 2,040,887 | |
Fair Value | [1] | $ 1,270,779 | $ 2,040,887 | |
% of Net Assets | [1] | 1.50% | 3.30% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation [Member] | ||||
Interest | [1] | 17.50% | 17.50% | |
Fees | [1],[3] | 0.00% | 0.00% | |
Maturity | [1],[5] | Oct. 1, 2015 | ||
Principal Amount | [1] | $ 2,418,284 | $ 2,500,000 | |
Current Commitment | [1],[4] | 3,250,000 | 2,500,000 | |
Amortized Cost | [1] | 2,418,284 | 2,500,000 | |
Fair Value | [1] | $ 2,418,284 | $ 2,500,000 | |
% of Net Assets | [1] | 2.90% | 4.00% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Profert Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Agricultural Chemicals Producer [Member] | ||||
Interest | [1] | 13.00% | ||
Fees | [1],[3] | 0.00% | ||
Principal Amount | [1] | $ 8,202,091 | ||
Current Commitment | [1],[4] | 8,202,091 | ||
Amortized Cost | [1] | 8,202,091 | ||
Fair Value | [1] | $ 8,202,091 | ||
% of Net Assets | [1] | 13.20% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member] | ||||
Maturity | [1],[5] | Dec. 22, 2015 | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member] | ||||
Maturity | [1],[5] | May 29, 2015 | Feb. 5, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Household Products [Member] | Candle Distributor [Member] | ||||
Interest | [1] | 12.75% | 12.75% | |
Maturity | [1],[5] | May 26, 2015 | Feb. 25, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member] | ||||
Maturity | [1],[5] | Jun. 18, 2015 | Feb. 4, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation [Member] | ||||
Maturity | [1],[5] | Sep. 20, 2015 | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Profert Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Agricultural Chemicals Producer [Member] | ||||
Maturity | [1],[5] | Feb. 10, 2015 | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member] | ||||
Maturity | [1],[5] | Jan. 28, 2016 | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member] | ||||
Maturity | [1],[5] | Jul. 1, 2015 | Apr. 9, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Household Products [Member] | Candle Distributor [Member] | ||||
Interest | [1] | 13.00% | 13.00% | |
Maturity | [1],[5] | Jun. 1, 2015 | Mar. 3, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member] | ||||
Maturity | [1],[5] | Sep. 10, 2015 | Mar. 12, 2015 | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation [Member] | ||||
Maturity | [1],[5] | Feb. 2, 2016 | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Profert Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Agricultural Chemicals Producer [Member] | ||||
Maturity | [1],[5] | Mar. 12, 2015 | ||
Senior Secured Trade Finance Participations [Member] | Tanzania [Member] | Kapunga Rice Project Ltd. [member] | Cash Grains [Member] | Rice Producer [Member] | ||||
Interest | [1] | 11.50% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Mar. 8, 2015 | ||
Principal Amount | [1] | $ 3,900,000 | ||
Current Commitment | [1],[4] | 3,900,000 | ||
Amortized Cost | [1] | 3,900,000 | ||
Fair Value | [1] | $ 3,900,000 | ||
% of Net Assets | [1] | 4.60% | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Neria Investments Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | ||||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Oct. 25, 2015 | ||
Principal Amount | [1] | $ 8,000,000 | ||
Current Commitment | [1],[4] | 15,000,000 | ||
Amortized Cost | [1] | 8,000,000 | ||
Fair Value | [1] | $ 8,000,000 | ||
% of Net Assets | [1] | 9.50% | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Neria Investments Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Farms Supplies [Member] | ||||
Interest | [1] | 12.50% | ||
Fees | [1],[3] | 0.00% | ||
Maturity | [1],[5] | Mar. 1, 2015 | ||
Principal Amount | [1] | $ 3,000,000 | ||
Current Commitment | [1],[4] | 4,330,398 | ||
Amortized Cost | [1] | 4,330,398 | ||
Fair Value | [1] | $ 4,330,398 | ||
% of Net Assets | [1] | 7.00% | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Neria Investments Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | ||||
Interest | [1] | 12.08% | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Neria Investments Ltd [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | ||||
Interest | [1] | 12.50% | ||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||
[2] | Interest accruing includes 5.0% of penalty interest due to the borrower missing two interest payments. See Note 3. | |||
[3] | Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. | |||
[4] | Loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower. | |||
[5] | 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. | |||
[6] | Interest accruing includes 2.5% of deferred interest due at maturity. | |||
[7] | The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia. |
Consolidated Schedule of Inves8
Consolidated Schedule of Investments (Parenthetical) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Corporacion Prodesa S.R.L. [Member] | ||
Deferred interest rate included in investment interest accruing | 2.50% | 2.50% |
Brazil [Member] | Other Investments [Member] | Agricultural Products [Member] | ||
Penalty interest accruing | 5.00% |
Organization and Operations of
Organization and Operations of the Company | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization and Operations of the Company | Note 1. Organization and Operations of the Company TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered in the State of California. To assist the Advisor in managing the Company and its subsidiaries, the Advisor may provide services via TriLinc Advisors International, Ltd., a Cayman Islands exempted company that is wholly owned by the Advisor. TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies. In May 2012, the Advisor purchased 22,160.665 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,329.639 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries, all of which are Cayman Islands exempted companies. As of June 30, 2015, the Company’s subsidiaries are as follows: · 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. Through June 30, 2015, the Company has made, through its subsidiaries, loans in several countries located in South America, Asia and Africa. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars, which is the functional and reporting currency of the Company and all its subsidiaries. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 27, 2015. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2015. 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. Certain prior year amounts have been reclassified to conform to the current year presentation. Cash Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. Prepaid expenses Prepaid expenses represent prepaid insurance paid by the Company during 2014. Prepaid insurance is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expenses for the three and six months ended June 30, 2015 and 2014 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. 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 to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. Valuation of Investments The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: · Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable. · Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. The inputs used in the determination of fair value may require significant judgment or estimation. Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below: 1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor; 2. For all investments with a maturity of greater than 12 months, the Company has engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; 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 input of the Advisor, Duff & Phelps and the audit committee. The board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment. Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments. Fixed income investments are typically valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors. The Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Payment-in-Kind Interest The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. Income Taxes The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. Therefore, no provision for federal or state income taxes has been included in these financial statements. The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of June 30, 2015, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2012. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding. Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2015 and 2014. Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of June 30, 2015 and December 31, 2014. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on February 25, 2016. Through June 30, 2015, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. The Company may reimburse the dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), the Company would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds due to a portion of the offering proceeds coming from the sale of Class C and Class I units, the Company may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that the Company will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Operating Expense Responsibility Agreement On August 7, 2015, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2015. Since the inception of the Company through June 30, 2015, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $3,794,000 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $1,665,300 of expenses, which have been accrued by the Sponsor as of June 30, 2015. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s Net Asset Value per unit to fall below the prior quarter’s Net Asset Value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2015. In accordance with ASC 450, Contingencies, Recently Issued Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that the Company has not adopted. In June 2013, the FASB issued ASU 2013-08, Financial Services— Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Risk Factors The Company has limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers and is dependent on the Sponsor for financial support. The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company’s investments consist of loans, loan participations and trade finance that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. At June 30, 2015, the Company’s investment portfolio included 21 companies and was comprised of $5,750,000 or 8.4% in senior secured term loan participations, and $62,854,367 or 91.6% in senior secured trade finance participations. The Company’s largest loan by value was $10,000,000 or 14.6% of total investments. The Company’s 5 largest loans by value comprised 53.9% of the Company’s portfolio at June 30, 2015. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2015. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of June 30, 2015, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan participations $ 5,750,000 $ 5,750,000 8.4 % Senior secured trade finance participations 62,854,367 62,854,367 91.6 % Total $ 68,604,367 $ 68,604,367 100.0 % During 2014, the Company restructured two loans with one of its borrowers, Corporacion Prodesa S.R.L. (“Prodesa”). The Company’s investment in Prodesa is comprised of two senior secured term loan participations with an aggregate balance of $2,750,000 as of June 30, 2015. Prodesa did not timely make the payments that were due in March and April 2015 under the two loans due to economic difficulties. The Company is working with Prodesa to remedy the default and bring the loans to a current status. On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated. Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March to July 2015. The unpaid interest will be included as part of the longer term plan. Prodesa recently underwent a change in ownership. Through the month of July 2015, the new owner has injected over $830,000 in Prodesa for working capital purposes and Prodesa has made all interest payments required under the Forbearance Agreement. In May 2015, one of the Company’s borrowers, Usivale Industria y Commercio (“Usivale”), notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958. Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year. In accordance with the terms of loan, the Company has increased the annual interest rate charged Usivale from 12.43% to 17.43%. Usivale has committed to repay to the Company all past due interest by December 2015. As of December 31, 2014, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan participations $ 5,750,000 $ 5,750,000 10.8 % Senior secured trade finance participations 47,697,442 47,697,442 89.2 % Total investments $ 53,447,442 $ 53,447,442 100.0 % The industry composition of the Company’s portfolio, at fair market value as of June 30, 2015 and December 31, 2014, was as follows: As of June 30, 2015 As of December 31, 2014 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 20,000,000 29.1 % $ 9,000,000 16.8 % Cash Grains 3,900,000 5.7 % — — Construction Materials 5,324,774 7.8 % 5,474,066 10.2 % Fats and Oils 3,100,000 4.5 % — — Fertilizer & Agricultural Chemicals 10,756,612 15.7 % 13,532,489 25.5 % Food Products 1,796,587 2.6 % 2,250,000 4.2 % Household Products 1,375,422 2.0 % 1,400,000 2.6 % Meat, Poultry & Fish 7,911,909 11.5 % 7,000,000 13.1 % Metals & Mining 2,418,284 3.5 % 2,500,000 4.7 % Packaged Foods & Meats 2,000,000 2.9 % 2,000,000 3.7 % Consumer Products 8,750,000 12.8 % 8,250,000 15.4 % Textiles, Apparel & Luxury Goods 1,270,779 1.9 % 2,040,887 3.8 % Total $ 68,604,367 100.0 % $ 53,447,442 100.0 % The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2015 and December 31, 2014: As of June 30, 2015 As of December 31, 2014 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 22,100,000 32.1 % $ 17,500,000 32.7 % Brazil 3,000,000 4.4 % 3,000,000 5.6 % Kenya 5,000,000 7.3 % 5,000,000 9.4 % Namibia 2,000,000 2.9 % 2,000,000 3.7 % Peru 2,750,000 4.0 % 2,750,000 5.1 % Singapore 10,000,000 14.6 % — — South Africa 11,854,367 17.3 % 18,867,044 35.4 % Tanzania 3,900,000 5.7 % — — Zambia 8,000,000 11.7 % 4,330,398 8.1 % Total $ 68,604,367 100.0 % $ 53,447,442 100.0 % |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2015: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 5,750,000 $ — $ — $ 5,750,000 Senior secured trade finance participations 62,854,367 — — 62,854,367 Total $ 68,604,367 $ — $ — $ 68,604,367 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2014: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 5,750,000 $ — $ — $ 5,750,000 Secured mezzanine term loan 47,697,442 — — 47,697,442 Total $ 53,447,442 $ — $ — $ 53,447,442 The following is a reconciliation of activity for the three months ended June 30, 2015, of investments classified as Level 3: Fair Value at December 31, 2014 Purchases Maturities or Prepayments Fair Value at June 30, 2015 Senior secured term loan participations $ 5,750,000 — — $ 5,750,000 Senior secured trade finance participations 47,697,442 58,509,596 (43,352,671 ) 62,854,367 Total $ 53,447,442 $ 58,509,596 $ (43,352,671 ) $ 68,604,367 There were no realized and unrealized gains or losses for any of the Company’s investments classified as Level 3 during the three months ended June 30, 2015 and 2014. As of June 30, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2015: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 62,854,367 Income approach Market yield 9.00% – 19.50% (12.52%) Senior secured term loan participations $ 3,000,000 Income approach Market yield 12.43% Senior secured term loan participations $ 2,750,000 Collateral based approach Value of collateral N/A The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements. As of December 31, 2014, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2014: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 47,697,442 Income approach Market yield 9.00% – 17.50% (12.66%) Senior secured term loan participations $ 3,000,000 Income approach Market yield 12.43% Senior secured term loan participations $ 2,750,000 Collateral based approach Value of collateral N/A The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements. As of June 30, 2015 and December 31, 2014, with respect to the restructured loans to Prodesa, the Company has chosen to determine their estimated fair value based on a collateral valuation approach. The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because of delays in obtaining audited financial statements. In contrast, the Company has recently conducted onsite interviews to corroborate the collateral and as such, continue to believe in the reliability of the collateral and its associated estimated value. Once the Company receives audited financial statements, the Company may once again return to an income approach to estimate the fair value of the loans to Prodesa. For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 5. Related Parties Agreements Advisory Agreement On March 24, 2015, the Company renewed the Amended and Restated Advisory Agreement with the Advisor for an additional one-year term. Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Amended and Restated Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk. If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee which is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income. An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and six months ended June 30, 2015 and 2014. Transactions As discussed in Note 2, for the three months ended June 30, 2015 and 2014, the Sponsor assumed responsibility for $627,668 and $546,718, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement. For the six months ended June 30, 2015 and 2014, the Sponsor assumed responsibility for $1,346,933 and $1,230,489 respectively of the Company’s operating expenses, management fees and incentive fees. For three months ended June 30, 2015 and 2014, the Advisor earned $424,187 and $149,467, respectively, in management fees and $327,310 and $99,663, respectively, in incentive fees. For the six months ended June 30, 2015 and 2014, the Advisor earned $785,935 and $258,546, respectively, in management fees and $604,490 and $157,618, respectively, in incentive fees. Since the inception of the Company through June 30, 2015, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $3,794,000 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $1,665,300 of expenses, which have been accrued by the Sponsor as of June 30, 2015. Such expenses, in the aggregate of $5,459,300 since the Company’s inception, will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit, as further described in Note 2. As of June 30, 2015 and December 31, 2014, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $1,367,745 and $791,088, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business. For the three months ended June 30, 2015 and 2014, the Company paid $250,664 and $152,635, respectively, in dealer manager fees and $755,454 and $472,986, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the six months ended June 30, 2015 and 2014, the Company paid $437,838 and $240,104, respectively, in dealer manager fees and $1,324,500 and $791,940, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations. On March 31, 2014, the Sponsor made a capital contribution to the Company in the amount of $31,750 to cover the amount of distributions paid by the Company that were in excess of net investment income. |
Organization and Offering Costs
Organization and Offering Costs | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of June 30, 2015, the Sponsor has paid approximately $7,944,000 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $1,132,000 and $782,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2015 and 2014, respectively. During the six months ended June 30, 2015 and 2014, the Company paid $1,258,224 and $913,107, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units. Since the Company started operations to June 30, 2015, the Company has reimbursed the Sponsor a total of approximately $4,696,900 of offering costs and there is a remaining balance of approximately $3,483,100 of offering and organization costs to be reimbursed to the Sponsor. |
Unit Capital
Unit Capital | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Unit Capital | Note 7. Unit Capital The Company has three classes of units: Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding and therefore have the same net asset value per unit. The following table is a summary of the units issued during the three months ended June 30, 2015: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2014 the Period the Period 2015 Class A units 3,037,222.074 1,672,032.501 — 4,709,254.575 Class C units 419,281.982 250,770.404 (2,373.934 ) 667,678.452 Class I units 3,826,456.007 670,315.465 — 4,496,771.472 Total 7,282,960.063 2,593,118.370 (2,373.934 ) 9,873,704.499 Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the then current offering price less the sales fees associated with that class of units. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s distribution reinvestment plan. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units. During the six months ended June 30, 2015, the Company processed one repurchase request for 2,373.934 Class C units at a repurchase price of $9.025 per unit. In addition, as of June 30, 2015, there were three repurchase requests for a total of 10,533 units that were pending. The repurchase requests were processed by the Company on July 8, 2015 at a price of $9.025 per unit. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Distributions | Note 8. Distributions Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2015: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2015 January 28, 2014 $ 0.00197808 $ 312,366 $ 142,891 $ 455,257 February 28, 2015 February 24, 2014 $ 0.00197808 291,738 138,924 430,662 March 31, 2015 March 25, 2014 $ 0.00197808 340,746 159,495 500,241 April 30, 2015 April 21, 2014 $ 0.00197808 342,816 169,835 512,651 May 31, 2015 May 25, 2014 $ 0.00197808 367,424 189,037 556,461 June 30, 2015 June 25, 2014 $ 0.00197808 369,181 197,201 566,382 Total for the six months ended June 30, 2015 $ 2,024,271 $ 997,383 $ 3,021,654 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Financial Highlights | Note 9. Financial Highlights The following is a schedule of financial highlights of the Company for the six months ended June 30, 2015 and 2014. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes. Six months ended June 30, June 30, 2015 2014 Per unit data (1): Net proceeds before offering costs (2) $ 9.025 $ 9.025 Offering costs (0.476 ) (0.466 ) Net Proceeds after offering costs 8.549 8.559 Net investment income/(loss) 0.357 0.316 Distributions (0.357 ) (0.329 ) Capital contribution — 0.013 Net increase/(decrease) in net assets — — Net asset value at end of period 8.549 8.559 Total return based on net asset value (3)(4) 4.18 % 3.84 % Net assets at end of period $ 84,413,298 $ 29,743,867 Units Outstanding at end of period 9,873,704.499 3,475,116.678 Ratio/Supplemental data (annualized) (4)(5): Ratio of net investment income/(loss) to average net assets 8.36 % 7.34 % Ratio of net operating expenses to average net assets 2.53 % 1.48 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2015 and 2014 which were 8,461,155 and 2,493,438. 2 Represents net asset value at the beginning of the period. 3 Net asset value would have been lower if the Sponsor had not made capital contributions as of March 31, 2014 and December 31, 2013 of $31,750 and $51,034, respectively or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations. 4 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2015 and 2014, prior to the effect of the Responsibility Agreement were as follows; total return: 2.32% and (1.92%), ratio of net investment income/(loss); 4.64% and (4.12%), and ratio of operating expenses to average net assets: 6.25% and 11.46%. 5 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2015, except as discussed below. Distributions On July 21, 2015, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2015. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 3, 2015, $403,067 of these distributions were paid in cash and on July 31, 2015, $226,381 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. Status of the Offering Subsequent to June 30, 2015 through August 7, 2015, the Company sold approximately 986,500 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $9,614,000 in gross proceeds. Unit Offering Price Pursuant to the net asset value determination by the Company’s board of managers, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. The Company’s net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $31,750 and $51,034 in the quarters ended March 31, 2014 and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations. Investments Subsequent to June 30, 2015 through August 7, 2015, the Company funded approximately $6.1 million in new trade finance participations and received proceeds from repayment of trade finance participation of approximately $5.8 million. On July 23, 2015, the Company funded $12.6 million as part of a new $16.05 million senior secured five-year term loan commitment to secure the purchase of deep-water tugboat vessel that will be utilized by a locally-owned Nigerian marine logistics provider (the “Vessel Operator”). The $12.6 million draw will accrue interest at a variable rate of one month Libor +10.5% (payable monthly) plus 5.13% in deferred fixed interest (accrued monthly but payable at maturity). The $12.6 million draw is interest only for the first six months, after which it will start to amortize monthly on a straight line basis. The loan has an expected maturity date of 60 months following the utilization date, which is currently scheduled for August 31, 2015. In connection with the transaction, it is anticipated that the Vessel Operator will issue warrants, which under certain circumstances may allow the Company, through its Sub-Advisor, to purchase equity of the Vessel Operator at a discounted rate. In accordance with the terms of the loan agreement, the Company anticipates funding additional draws in the third quarter of 2016 and 2018. Agreements On August 7, 2015, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through June 30, 2015, including management and incentive fees earned by the Advisor during the quarter ended June 30, 2015. For additional information refer to Notes 2 and 5. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars, which is the functional and reporting currency of the Company and all its subsidiaries. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 27, 2015. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2015. 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. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash | Cash Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. |
Prepaid Expenses | Prepaid expenses Prepaid expenses represent prepaid insurance paid by the Company during 2014. Prepaid insurance is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expenses for the three and six months ended June 30, 2015 and 2014 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. |
Revenue Recognition | Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. 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 to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. |
Valuation of Investments | Valuation of Investments The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: · Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable. · Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. The inputs used in the determination of fair value may require significant judgment or estimation. Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below: 1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor; 2. For all investments with a maturity of greater than 12 months, the Company has engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; 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 input of the Advisor, Duff & Phelps and the audit committee. The board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment. Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments. Fixed income investments are typically valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors. The Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. |
Payment-in-Kind Interest | Payment-in-Kind Interest The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. |
Income Taxes | Income Taxes The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. Therefore, no provision for federal or state income taxes has been included in these financial statements. The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of June 30, 2015, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2012. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2015 and 2014. |
Organization and Offering Costs | Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of June 30, 2015 and December 31, 2014. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on February 25, 2016. Through June 30, 2015, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. The Company may reimburse the dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), the Company would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds due to a portion of the offering proceeds coming from the sale of Class C and Class I units, the Company may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that the Company will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). |
Operating Expense Responsibility Agreement | Operating Expense Responsibility Agreement On August 7, 2015, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2015. Since the inception of the Company through June 30, 2015, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $3,794,000 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $1,665,300 of expenses, which have been accrued by the Sponsor as of June 30, 2015. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s Net Asset Value per unit to fall below the prior quarter’s Net Asset Value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2015. In accordance with ASC 450, Contingencies, |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that the Company has not adopted. In June 2013, the FASB issued ASU 2013-08, Financial Services— Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition |
Risk Factors | Risk Factors The Company has limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers and is dependent on the Sponsor for financial support. The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company’s investments consist of loans, loan participations and trade finance that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. At June 30, 2015, the Company’s investment portfolio included 21 companies and was comprised of $5,750,000 or 8.4% in senior secured term loan participations, and $62,854,367 or 91.6% in senior secured trade finance participations. The Company’s largest loan by value was $10,000,000 or 14.6% of total investments. The Company’s 5 largest loans by value comprised 53.9% of the Company’s portfolio at June 30, 2015. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2015. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of June 30, 2015, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan participations $ 5,750,000 $ 5,750,000 8.4 % Senior secured trade finance participations 62,854,367 62,854,367 91.6 % Total $ 68,604,367 $ 68,604,367 100.0 % As of December 31, 2014, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan participations $ 5,750,000 $ 5,750,000 10.8 % Senior secured trade finance participations 47,697,442 47,697,442 89.2 % Total investments $ 53,447,442 $ 53,447,442 100.0 % |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value as of June 30, 2015 and December 31, 2014, was as follows: As of June 30, 2015 As of December 31, 2014 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 20,000,000 29.1 % $ 9,000,000 16.8 % Cash Grains 3,900,000 5.7 % — — Construction Materials 5,324,774 7.8 % 5,474,066 10.2 % Fats and Oils 3,100,000 4.5 % — — Fertilizer & Agricultural Chemicals 10,756,612 15.7 % 13,532,489 25.5 % Food Products 1,796,587 2.6 % 2,250,000 4.2 % Household Products 1,375,422 2.0 % 1,400,000 2.6 % Meat, Poultry & Fish 7,911,909 11.5 % 7,000,000 13.1 % Metals & Mining 2,418,284 3.5 % 2,500,000 4.7 % Packaged Foods & Meats 2,000,000 2.9 % 2,000,000 3.7 % Consumer Products 8,750,000 12.8 % 8,250,000 15.4 % Textiles, Apparel & Luxury Goods 1,270,779 1.9 % 2,040,887 3.8 % Total $ 68,604,367 100.0 % $ 53,447,442 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2015 and December 31, 2014: As of June 30, 2015 As of December 31, 2014 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 22,100,000 32.1 % $ 17,500,000 32.7 % Brazil 3,000,000 4.4 % 3,000,000 5.6 % Kenya 5,000,000 7.3 % 5,000,000 9.4 % Namibia 2,000,000 2.9 % 2,000,000 3.7 % Peru 2,750,000 4.0 % 2,750,000 5.1 % Singapore 10,000,000 14.6 % — — South Africa 11,854,367 17.3 % 18,867,044 35.4 % Tanzania 3,900,000 5.7 % — — Zambia 8,000,000 11.7 % 4,330,398 8.1 % Total $ 68,604,367 100.0 % $ 53,447,442 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of Investments by Fair Value Hierarchy Levels | The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2015: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 5,750,000 $ — $ — $ 5,750,000 Senior secured trade finance participations 62,854,367 — — 62,854,367 Total $ 68,604,367 $ — $ — $ 68,604,367 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2014: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 5,750,000 $ — $ — $ 5,750,000 Secured mezzanine term loan 47,697,442 — — 47,697,442 Total $ 53,447,442 $ — $ — $ 53,447,442 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the three months ended June 30, 2015, of investments classified as Level 3: Fair Value at December 31, 2014 Purchases Maturities or Prepayments Fair Value at June 30, 2015 Senior secured term loan participations $ 5,750,000 — — $ 5,750,000 Senior secured trade finance participations 47,697,442 58,509,596 (43,352,671 ) 62,854,367 Total $ 53,447,442 $ 58,509,596 $ (43,352,671 ) $ 68,604,367 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of June 30, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2015: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 62,854,367 Income approach Market yield 9.00% – 19.50% (12.52%) Senior secured term loan participations $ 3,000,000 Income approach Market yield 12.43% Senior secured term loan participations $ 2,750,000 Collateral based approach Value of collateral N/A As of December 31, 2014, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2014: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 47,697,442 Income approach Market yield 9.00% – 17.50% (12.66%) Senior secured term loan participations $ 3,000,000 Income approach Market yield 12.43% Senior secured term loan participations $ 2,750,000 Collateral based approach Value of collateral N/A |
Unit Capital (Tables)
Unit Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of the units issued during the three months ended June 30, 2015: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2014 the Period the Period 2015 Class A units 3,037,222.074 1,672,032.501 — 4,709,254.575 Class C units 419,281.982 250,770.404 (2,373.934 ) 667,678.452 Class I units 3,826,456.007 670,315.465 — 4,496,771.472 Total 7,282,960.063 2,593,118.370 (2,373.934 ) 9,873,704.499 |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary Of Distributions Paid | Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2015: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2015 January 28, 2014 $ 0.00197808 $ 312,366 $ 142,891 $ 455,257 February 28, 2015 February 24, 2014 $ 0.00197808 291,738 138,924 430,662 March 31, 2015 March 25, 2014 $ 0.00197808 340,746 159,495 500,241 April 30, 2015 April 21, 2014 $ 0.00197808 342,816 169,835 512,651 May 31, 2015 May 25, 2014 $ 0.00197808 367,424 189,037 556,461 June 30, 2015 June 25, 2014 $ 0.00197808 369,181 197,201 566,382 Total for the six months ended June 30, 2015 $ 2,024,271 $ 997,383 $ 3,021,654 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the six months ended June 30, 2015 and 2014. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes. Six months ended June 30, June 30, 2015 2014 Per unit data (1): Net proceeds before offering costs (2) $ 9.025 $ 9.025 Offering costs (0.476 ) (0.466 ) Net Proceeds after offering costs 8.549 8.559 Net investment income/(loss) 0.357 0.316 Distributions (0.357 ) (0.329 ) Capital contribution — 0.013 Net increase/(decrease) in net assets — — Net asset value at end of period 8.549 8.559 Total return based on net asset value (3)(4) 4.18 % 3.84 % Net assets at end of period $ 84,413,298 $ 29,743,867 Units Outstanding at end of period 9,873,704.499 3,475,116.678 Ratio/Supplemental data (annualized) (4)(5): Ratio of net investment income/(loss) to average net assets 8.36 % 7.34 % Ratio of net operating expenses to average net assets 2.53 % 1.48 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2015 and 2014 which were 8,461,155 and 2,493,438. 2 Represents net asset value at the beginning of the period. 3 Net asset value would have been lower if the Sponsor had not made capital contributions as of March 31, 2014 and December 31, 2013 of $31,750 and $51,034, respectively or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations. 4 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2015 and 2014, prior to the effect of the Responsibility Agreement were as follows; total return: 2.32% and (1.92%), ratio of net investment income/(loss); 4.64% and (4.12%), and ratio of operating expenses to average net assets: 6.25% and 11.46%. 5 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o25
Organization and Operations of the Company - Additional Information (Detail) - USD ($) | Jun. 11, 2013 | Feb. 25, 2013 | May. 31, 2012 | Jun. 30, 2015 | Jun. 30, 2014 |
Organization And Nature Of Operations [Line Items] | |||||
Aggregate gross proceeds on units purchased | $ 22,122,508 | $ 16,410,293 | |||
Shares purchased under equity transaction | 2,593,118.370 | ||||
Offering period, description | In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. | ||||
Offering [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Aggregate gross proceeds on units purchased | $ 1,500,000,000 | ||||
Class A Units [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Aggregate gross proceeds on units purchased | $ 15,090,127 | $ 9,194,335 | |||
Shares purchased under equity transaction | 1,672,032.501 | ||||
TriLinc Advisors, LLC [Member] | Class A Units [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Aggregate gross proceeds on units purchased | $ 200,000 | ||||
Shares purchased under equity transaction | 22,160.665 | ||||
TriLinc Global, LLC [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Formation date of limited liability company | Apr. 30, 2012 | ||||
TriLinc Global, LLC [Member] | Class A Units [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Shares purchased under equity transaction | 321,329.639 | ||||
Aggregate gross proceeds on units purchased | $ 2,900,000 | ||||
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Minimum offering requirement | $ 2,000,000 | ||||
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Percentage of ownership | 85.00% | ||||
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Percentage of ownership | 15.00% |
Significant Accounting Polici26
Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2015USD ($)Company | Jun. 30, 2015USD ($)CompanyLoans | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Due date for unpaid principal and interest | 90 days | |||
Minimum investment maturity period | 12 months | |||
Tax liability for uncertain tax provision | $ 0 | $ 0 | ||
Interest and penalties related to unrecognized tax benefits | $ 0 | |||
Number of companies included in investment portfolio | Company | 21 | 21 | ||
Fair Value | $ 68,604,367 | $ 68,604,367 | $ 53,447,442 | |
Senior Secured Term Loan Participations [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair Value | [1] | 5,750,000 | 5,750,000 | 5,750,000 |
Senior Secured Trade Finance Participations [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair Value | [1] | 62,854,367 | 62,854,367 | $ 47,697,442 |
Largest Loan by Value [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair Value | $ 10,000,000 | $ 10,000,000 | ||
Five Largest Loans by Value [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of investment loans | Loans | 5 | |||
Investment Concentration [Member] | Investment Portfolio [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Investment | 100.00% | |||
Investment Concentration [Member] | Investment Portfolio [Member] | Senior Secured Term Loan Participations [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Investment | 8.40% | |||
Investment Concentration [Member] | Investment Portfolio [Member] | Senior Secured Trade Finance Participations [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Investment | 91.60% | |||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Investment | 14.60% | |||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Investment | 53.90% | |||
Class A Units [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of selling commission and dealer manager fee of gross offering proceeds | 9.75% | |||
Percentage of reimburse to dealer manager | 0.25% | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Organization and offering reimbursement limit | 15.00% | |||
Maximum anticipated organization and offering expenses | 5.00% | 1.25% | ||
Percentage of underwriting compensation | 10.00% | |||
Maximum [Member] | Capital Units Class C or Class I [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of selling commission and dealer manager fee of gross offering proceeds | 9.75% | |||
Minimum [Member] | Capital Units Class C or Class I [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of reimburse to dealer manager | 0.25% | |||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor | $ 200,000,000 | $ 200,000,000 | ||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intercompany agreement description | Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. | |||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intercompany agreement description | If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised. | |||
TriLinc Global, LLC [Member] | Operating Expense [Member] | Responsibility Agreement [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Additional operating expenses paid by Sponsor on behalf of company | $ 3,794,000 | |||
TriLinc Global, LLC [Member] | Other Expense [Member] | Responsibility Agreement [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Additional operating expenses paid by Sponsor on behalf of company | $ 1,665,300 | |||
Earliest tax year [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Open tax year | 2,012 | |||
TGIF-A [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of each subsidiary ownership | 100.00% | |||
TGIF-TF [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of each subsidiary ownership | 100.00% | |||
TAI [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of each subsidiary ownership | 100.00% | |||
TGIF-LA [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of each subsidiary ownership | 100.00% | |||
TGIF-ATF [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of each subsidiary ownership | 100.00% | |||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 68,604,367 | $ 53,447,442 | |
Fair Value | $ 68,604,367 | $ 53,447,442 | |
Percentage of Total | 100.00% | 100.00% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 5,750,000 | $ 5,750,000 |
Fair Value | [1] | $ 5,750,000 | $ 5,750,000 |
Percentage of Total | 8.40% | 10.80% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 62,854,367 | $ 47,697,442 |
Fair Value | [1] | $ 62,854,367 | $ 47,697,442 |
Percentage of Total | 91.60% | 89.20% | |
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Additional Inform
Investments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($)SecurityLoan | Dec. 31, 2014 | |
Corporacion Prodesa S.R.L. [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of loans | SecurityLoan | 2 | |||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Senior secured term loan | $ 2,750,000 | $ 2,750,000 | ||
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | Subsequent Event [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment amount since change in ownership | $ 830,000 | |||
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | Senior Secured Term Loan Participations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of partial interest payments | 50.00% | |||
Usivale Industria y Commercio [Member] | ||||
Schedule of Investments [Line Items] | ||||
Annual interest rate charged | 12.43% | 12.43% | 17.43% |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 68,604,367 | $ 53,447,442 |
Percentage of Total | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 20,000,000 | $ 9,000,000 |
Percentage of Total | 29.10% | 16.80% |
Cash Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,900,000 | |
Percentage of Total | 5.70% | |
Construction Materials [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,324,774 | $ 5,474,066 |
Percentage of Total | 7.80% | 10.20% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,100,000 | |
Percentage of Total | 4.50% | |
Fertilizer & Agricultural Chemicals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,756,612 | $ 13,532,489 |
Percentage of Total | 15.70% | 25.50% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,796,587 | $ 2,250,000 |
Percentage of Total | 2.60% | 4.20% |
Household Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,375,422 | $ 1,400,000 |
Percentage of Total | 2.00% | 2.60% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,911,909 | $ 7,000,000 |
Percentage of Total | 11.50% | 13.10% |
Metals & Mining [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,418,284 | $ 2,500,000 |
Percentage of Total | 3.50% | 4.70% |
Packaged Foods & Meats [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,000,000 | $ 2,000,000 |
Percentage of Total | 2.90% | 3.70% |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,750,000 | $ 8,250,000 |
Percentage of Total | 12.80% | 15.40% |
Textiles, Apparel & Luxury Goods [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,270,779 | $ 2,040,887 |
Percentage of Total | 1.90% | 3.80% |
Investments - Schedule of Inv30
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 68,604,367 | $ 53,447,442 |
Percentage of Total | 100.00% | 100.00% |
Argentina [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 22,100,000 | $ 17,500,000 |
Percentage of Total | 32.10% | 32.70% |
Brazil [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,000,000 | $ 3,000,000 |
Percentage of Total | 4.40% | 5.60% |
Kenya [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,000,000 | $ 5,000,000 |
Percentage of Total | 7.30% | 9.40% |
Namibia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,000,000 | $ 2,000,000 |
Percentage of Total | 2.90% | 3.70% |
Peru [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,750,000 | $ 2,750,000 |
Percentage of Total | 4.00% | 5.10% |
Singapore [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total | 14.60% | |
South Africa [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,854,367 | $ 18,867,044 |
Percentage of Total | 17.30% | 35.40% |
Tanzania [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,900,000 | |
Percentage of Total | 5.70% | |
Zambia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,000,000 | $ 4,330,398 |
Percentage of Total | 11.70% | 8.10% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 68,604,367 | $ 53,447,442 | |
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 68,604,367 | 53,447,442 | |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 5,750,000 | 5,750,000 |
Senior Secured Term Loan Participations [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 5,750,000 | 5,750,000 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 62,854,367 | 47,697,442 |
Senior Secured Trade Finance Participations [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 62,854,367 | ||
Secured Mezzanine Term Loan [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 47,697,442 | ||
Secured Mezzanine Term Loan [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 47,697,442 | ||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Fair Value Measurements - Sum32
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | $ 53,447,442 |
Purchases of investments | 58,509,596 |
Maturities or payments of investments | (43,352,671) |
Investment owned at Fair value, ending balance | 68,604,367 |
Senior Secured Term Loan Participations [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | 5,750,000 |
Investment owned at Fair value, ending balance | 5,750,000 |
Senior Secured Trade Finance Participations [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | 47,697,442 |
Purchases of investments | 58,509,596 |
Maturities or payments of investments | (43,352,671) |
Investment owned at Fair value, ending balance | $ 62,854,367 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Realized and unrealized gains or losses on investments | $ 0 | $ 0 |
Fair Value Measurements - Sum34
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 68,604,367 | $ 53,447,442 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 62,854,367 | 47,697,442 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 5,750,000 | 5,750,000 |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 68,604,367 | 53,447,442 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 62,854,367 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 62,854,367 | $ 47,697,442 | |
Unobservable input | Market yield | ||
Range (weighted average) | 12.52% | 12.66% | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | 9.00% | 9.00% | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | 19.50% | 17.50% | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 5,750,000 | $ 5,750,000 | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 3,000,000 | $ 3,000,000 | |
Unobservable input | Market yield | ||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach [Member] | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | 12.43% | 12.43% | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 2,750,000 | $ 2,750,000 | |
Unobservable input | Value of collateral | ||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | Mar. 24, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||||||
Advisor earned management fees | $ 424,187 | $ 149,467 | $ 785,935 | $ 258,546 | |||
Advisor earned incentive fees | 327,310 | 99,663 | 604,490 | 157,618 | |||
Operating expenses payable by Sponsor on behalf of Company | 50,810 | 50,810 | $ 29,489 | ||||
Due from affiliates | 1,367,745 | $ 1,367,745 | 791,088 | ||||
TriLinc Advisors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Renewal of advisory agreement term | 1 year | ||||||
Management fee description | Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Amended and Restated Advisory Agreement between the Company and the Advisor. | ||||||
Incentive fee description | The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. | ||||||
Percentage of incentive fee on income | 20.00% | ||||||
Percentage of incentive fee on capital gains | 20.00% | ||||||
Investment fee on capital gain percentage | The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. | ||||||
Capital gains | 0 | 0 | $ 0 | 0 | |||
Accrued incentive fee on capital gains | 0 | 0 | 0 | 0 | |||
Advisor earned management fees | 424,187 | 149,467 | 785,935 | 258,546 | |||
Advisor earned incentive fees | 327,310 | 99,663 | $ 604,490 | 157,618 | |||
TriLinc Advisors, LLC [Member] | Management Fee [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Asset management fee payable quarterly, percentage | 0.50% | ||||||
Asset management fee payable annually, percentage | 2.00% | ||||||
TriLinc Advisors, LLC [Member] | Incentive Fee [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage | 1.50% | ||||||
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage | 6.00% | ||||||
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage | 1.875% | ||||||
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage | 7.50% | ||||||
TriLinc Global, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due from affiliates | 1,367,745 | $ 1,367,745 | $ 791,088 | ||||
Contribution from Sponsor | $ 31,750 | ||||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 627,668 | 546,718 | 1,346,933 | 1,230,489 | |||
Operating expenses payable by Sponsor on behalf of Company | 5,459,300 | 5,459,300 | |||||
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor | 200,000,000 | 200,000,000 | |||||
TriLinc Global, LLC [Member] | Operating Expense [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 3,794,000 | ||||||
TriLinc Global, LLC [Member] | Other Expense [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 1,665,300 | ||||||
SC Distributors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payable of dealer manager fees | 250,664 | 152,635 | 437,838 | 240,104 | |||
Payable of selling commissions | $ 755,454 | $ 472,986 | $ 1,324,500 | $ 791,940 |
Organization and Offering Cos36
Organization and Offering Costs - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 4,696,946 | $ 4,696,946 | $ 3,438,722 | |
Reimbursement of offering costs incurred by Sponsor | 1,258,224 | $ 913,107 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 1,236,903 | 929,018 | ||
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 7,944,000 | 7,944,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 1,132,000 | 782,000 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 1,258,224 | $ 913,107 | ||
Reimbursement of organization costs incurred by Sponsor | 4,696,900 | |||
Remaining balance of offering and organization costs to be reimbursed to the Sponsor | $ 3,483,100 | $ 3,483,100 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) - shares | 6 Months Ended |
Jun. 30, 2015 | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 7,282,960.063 |
Units Issued During the Period | 2,593,118.370 |
Units Repurchased During the Period | (2,373.934) |
Units Outstanding, Ending Balance | 9,873,704.499 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 3,037,222.074 |
Units Issued During the Period | 1,672,032.501 |
Units Outstanding, Ending Balance | 4,709,254.575 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 419,281.982 |
Units Issued During the Period | 250,770.404 |
Units Repurchased During the Period | (2,373.934) |
Units Outstanding, Ending Balance | 667,678.452 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 3,826,456.007 |
Units Issued During the Period | 670,315.465 |
Units Outstanding, Ending Balance | 4,496,771.472 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) | Jun. 11, 2014 | Jul. 08, 2015$ / shares | Jun. 30, 2015Repurchase$ / sharesshares |
Capital Unit [Line Items] | |||
Percentage of Total | 5.00% | ||
Held Units For Minimum year | 1 year | ||
Repurchase of Aggregate units | shares | 10,533 | ||
Number of Repurchase Requests | Repurchase | 3 | ||
Subsequent Event [Member] | |||
Capital Unit [Line Items] | |||
Repurchase Price Per unit | $ 9.025 | ||
Class C Units [Member] | |||
Capital Unit [Line Items] | |||
Repurchase of Aggregate units | shares | 2,373.934 | ||
Repurchase Price Per unit | $ 9.025 |
Distributions - Summary Of Dist
Distributions - Summary Of Distributions Paid (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 2,024,271 | $ 596,692 |
Distributions Reinvested | 997,383 | |
Total Declared | $ 3,021,654 | |
January 31, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 28, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 312,366 | |
Distributions Reinvested | 142,891 | |
Total Declared | $ 455,257 | |
February 28, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 24, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 291,738 | |
Distributions Reinvested | 138,924 | |
Total Declared | $ 430,662 | |
March 31, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 25, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 340,746 | |
Distributions Reinvested | 159,495 | |
Total Declared | $ 500,241 | |
April 30, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Apr. 21, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 342,816 | |
Distributions Reinvested | 169,835 | |
Total Declared | $ 512,651 | |
May 31, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 25, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 367,424 | |
Distributions Reinvested | 189,037 | |
Total Declared | $ 556,461 | |
June 30, 2015 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 25, 2014 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 369,181 | |
Distributions Reinvested | 197,201 | |
Total Declared | $ 566,382 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Equity [Abstract] | |||||
Net proceeds before offering costs | $ 9.025 | $ 9.025 | |||
Offering costs | (0.476) | (0.466) | |||
Net Proceeds after offering costs | 8.549 | 8.559 | |||
Net investment income/(loss) | $ 0.18 | $ 0.17 | 0.357 | 0.316 | |
Distributions | (0.357) | (0.329) | |||
Capital contribution | 0.013 | ||||
Net asset value at end of period | $ 8.549 | $ 8.559 | $ 8.549 | $ 8.559 | |
Total return based on net asset value | 4.18% | 3.84% | |||
Net assets at end of period | $ 84,413,298 | $ 29,743,867 | $ 84,413,298 | $ 29,743,867 | |
Units Outstanding at end of period | 9,873,704.499 | 3,475,116.678 | 9,873,704.499 | 3,475,116.678 | 7,282,960.063 |
Ratio/Supplemental data (annualized): | |||||
Ratio of net investment income/(loss) to average net assets | 8.36% | 7.34% | |||
Ratio of net operating expenses to average net assets | 2.53% | 1.48% |
Financial Highlights - Schedu41
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule Of Financial Highlights [Line Items] | ||||||
Weighted average units outstanding | 9,110,507.766 | 2,906,193.746 | 8,461,155.603 | 2,493,438.210 | ||
Contributions from Sponsor | $ 31,750 | $ 31,750 | $ 51,034 | |||
Total return to average net assets | 4.18% | 3.84% | ||||
Ratio of net investment income/(loss) to average net assets | 8.36% | 7.34% | ||||
Ratio of operating expenses to average net assets | 2.53% | 1.48% | ||||
Responsibility Agreement [Member] | ||||||
Schedule Of Financial Highlights [Line Items] | ||||||
Total return to average net assets | 2.32% | 1.92% | ||||
Ratio of net investment income/(loss) to average net assets | 4.64% | 4.12% | ||||
Ratio of operating expenses to average net assets | 6.25% | 11.46% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Aug. 03, 2015 | Jul. 23, 2015 | Jul. 21, 2015 | Aug. 07, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2015 |
Subsequent Event [Line Items] | |||||||||
Cash paid for distributions | $ 2,024,271 | $ 596,692 | |||||||
Units Issued During the Period | 2,593,118.370 | ||||||||
Gross proceeds from issuance of units | $ 22,404,774 | 17,068,565 | |||||||
Contribution from Sponsor | $ 31,750 | $ 51,034 | $ 51,034 | ||||||
Term loan period | 5 years | ||||||||
Description interest rate | The $12.6 million draw will accrue interest at a variable rate of one month Libor +10.5% (payable monthly) plus 5.13% in deferred fixed interest (accrued monthly but payable at maturity). The $12.6 million draw is interest only for the first six months, after which it will start to amortize monthly on a straight line basis | ||||||||
Class A Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 1,672,032.501 | ||||||||
Offering price per unit | $ 10 | ||||||||
Class C Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 250,770.404 | ||||||||
Offering price per unit | $ 9.576 | ||||||||
Class I Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 670,315.465 | ||||||||
Offering price per unit | $ 9.186 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends distribution declared date | Jul. 21, 2015 | ||||||||
Dividends declared per unit | $ 0.00197808 | ||||||||
Cash paid for distributions | $ 403,067 | ||||||||
Reinvestment under distribution reinvestment plan | $ 226,381 | ||||||||
Units Issued During the Period | 986,500 | ||||||||
Gross proceeds from issuance of units | $ 9,614,000 | ||||||||
Funded new loans | 6,100,000 | ||||||||
Proceeds from repayment of loans | $ 5,800,000 | ||||||||
Deferred fixed interest rate | 5.13% | ||||||||
Subsequent Event [Member] | One Month Libor [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Variable interest rate | 10.50% | ||||||||
Subsequent Event [Member] | Senior Secured Term Loan [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Funded new loans | $ 12,600,000 | ||||||||
Senior secured term loan value | $ 16,050,000 | ||||||||
Minimum [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend distribution period | Jul. 1, 2015 | ||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend distribution period | Jul. 31, 2015 |