Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
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, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $162,309,992 and $101,346,528, respectively) | $ 161,932,491 | $ 101,028,104 |
Cash | 26,323,028 | 33,246,769 |
Interest receivable | 5,206,993 | 3,580,530 |
Due from affiliates (see Note 5) | 2,731,776 | 1,874,932 |
Prepaid expenses | 38,609 | 53,181 |
Total assets | 196,232,897 | 139,783,516 |
LIABILITIES | ||
Due to unitholders | 710,279 | 548,700 |
Management fee payable | 973,915 | 135,863 |
Unit repurchases payable | 115,650 | |
Due to affiliates (see Note 5) | 602,303 | 472,057 |
Distribution fee payable | 1,331,000 | |
Other payables | 21,602 | 6,289 |
Total liabilities | 3,754,749 | 1,162,909 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 192,478,148 | 138,620,607 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (11,203,416) | (7,822,366) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 103,000,346 | 82,944,542 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 108,954,429 | 87,625,105 |
Class C Units [Member] | ||
LIABILITIES | ||
Distribution fee payable | 1,331,000 | |
NET ASSETS | 35,188,742 | 9,171,672 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 37,299,818 | 9,689,230 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 54,289,060 | 46,504,393 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 57,427,317 | $ 49,128,638 |
Consolidated Statements of Ass3
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Investments owned, amortized cost | $ 162,309,992 | $ 101,346,528 | |
Net assets, per unit | $ 8.473 | $ 8.543 | |
Net assets, units outstanding | 22,716,074 | 16,226,368 | 9,873,705 |
Class A Units [Member] | |||
Net assets, per unit | $ 8.53 | ||
Net assets, units outstanding | 12,072,513 | 9,709,153 | |
Class C Units [Member] | |||
Net assets, per unit | $ 8.22 | ||
Net assets, units outstanding | 4,280,423 | 1,073,599 | |
Class I Units [Member] | |||
Net assets, per unit | $ 8.53 | ||
Net assets, units outstanding | 6,363,138 | 5,443,616 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INVESTMENT INCOME | ||||
Interest income | $ 4,716,749 | $ 2,138,151 | $ 7,966,334 | $ 3,907,017 |
Interest from cash | 63,980 | 11,506 | 156,249 | 29,122 |
Total investment income | 4,780,729 | 2,149,657 | 8,122,583 | 3,936,139 |
EXPENSES | ||||
Management fees | 973,916 | 424,187 | 1,790,242 | 785,935 |
Incentive fees | 745,727 | 327,310 | 1,396,075 | 604,490 |
Professional fees | 252,664 | 192,093 | 541,695 | 482,081 |
General and administrative expenses | 236,239 | 150,307 | 438,115 | 294,364 |
Board of managers fees | 46,875 | 46,875 | 93,750 | 93,750 |
Total expenses | 2,255,421 | 1,140,772 | 4,259,877 | 2,260,620 |
Expense support payment from Sponsor | (1,203,324) | (627,668) | (3,117,668) | (1,346,933) |
Net expenses | 1,052,097 | 513,104 | 1,142,209 | 913,687 |
NET INVESTMENT INCOME | 3,728,632 | 1,636,553 | 6,980,374 | 3,022,452 |
Net change in unrealized depreciation on investments | (59,077) | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,728,632 | $ 1,636,553 | $ 6,921,297 | $ 3,022,452 |
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED | $ 0.18 | $ 0.18 | $ 0.361 | $ 0.357 |
EARNINGS PER UNITS - BASIC AND DILUTED | $ 0.18 | $ 0.18 | $ 0.36 | $ 0.36 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 20,811,419 | 9,110,508 | 19,314,130 | 8,461,156 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
INCREASE FROM OPERATIONS | ||||||
Net investment income | $ 3,728,632 | $ 1,636,553 | $ 6,980,374 | $ 3,022,452 | ||
Net change in unrealized depreciation on investments | (59,077) | |||||
Net increase from operations | 3,728,632 | 1,636,553 | 6,921,297 | 3,022,452 | ||
DECREASE FROM DISTRIBUTIONS | ||||||
Distributions to unitholders | (6,913,460) | (3,021,654) | ||||
INCREASE FROM CAPITAL TRANSACTIONS | ||||||
Issuance of capital units | 53,849,704 | 22,122,508 | ||||
Repurchase of units | (4,727,281) | (21,425) | ||||
Offering costs | (3,381,050) | (1,258,224) | ||||
NET INCREASE IN NET ASSETS | 53,857,541 | 22,123,306 | ||||
NET ASSETS | 192,478,148 | $ 84,413,298 | 192,478,148 | 84,413,298 | $ 138,620,607 | $ 62,289,992 |
Class A Units [Member] | ||||||
DECREASE FROM DISTRIBUTIONS | ||||||
Distributions to unitholders | (3,910,642) | (1,346,477) | ||||
INCREASE FROM CAPITAL TRANSACTIONS | ||||||
Issuance of capital units | 26,055,990 | 15,090,127 | ||||
NET ASSETS | 103,000,346 | 103,000,346 | 82,944,542 | |||
Class C Units [Member] | ||||||
DECREASE FROM DISTRIBUTIONS | ||||||
Distributions to unitholders | (883,308) | (193,362) | ||||
INCREASE FROM CAPITAL TRANSACTIONS | ||||||
Issuance of capital units | 28,942,746 | 2,263,093 | ||||
Distribution fee | (1,331,000) | |||||
NET ASSETS | 35,188,742 | 35,188,742 | 9,171,672 | |||
Class I Units [Member] | ||||||
DECREASE FROM DISTRIBUTIONS | ||||||
Distributions to unitholders | (2,119,510) | (1,481,815) | ||||
INCREASE FROM CAPITAL TRANSACTIONS | ||||||
Issuance of capital units | 8,290,299 | $ 6,048,937 | ||||
NET ASSETS | $ 54,289,060 | $ 54,289,060 | $ 46,504,393 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 6,921,297 | $ 3,022,452 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES | ||
Purchase of investments | (117,467,057) | (58,509,596) |
Maturity of investments | 56,522,061 | 43,352,671 |
Net change in unrealized depreciation on investments | 59,077 | |
Accretion of discounts on investments | (18,468) | |
Increase in interest receivable | (1,626,463) | (1,373,625) |
Increase in due from affiliates | (856,844) | (576,657) |
Decrease in prepaid expenses | 14,572 | 12,177 |
Increase in due to unitholders | 161,579 | 71,914 |
Increase in management fee payable | 838,052 | 110,638 |
Increase in other payable | 15,313 | 1,506 |
NET CASH USED IN OPERATING ACTIVITIES | (55,436,881) | (13,888,520) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 60,335,497 | 22,404,774 |
Distributions paid to unitholders | (3,959,922) | (2,024,271) |
Payments of offering costs | (3,250,804) | (1,236,903) |
Repurchase of units | (4,611,631) | (21,425) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 48,513,140 | 19,122,175 |
TOTAL (DECREASE) INCREASE IN CASH | (6,923,741) | 5,233,655 |
Cash at beginning of period | 33,246,769 | 7,875,917 |
Cash at end of period | 26,323,028 | 13,109,572 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 2,953,538 | $ 997,383 |
Accrual of distribution fee | 1,331,000 | |
Class C Units [Member] | ||
Supplemental non-cash information | ||
Accrual of distribution fee | $ 1,331,000 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | ||||
Amortized Cost | $ 162,309,992 | $ 101,346,528 | |||
Fair Value | 161,932,491 | 101,028,104 | |||
Programing and Data Processing [Member] | |||||
Fair Value | 6,470,380 | 5,474,534 | |||
Primary Nonferrous Metals [Member] | |||||
Fair Value | 3,000,000 | ||||
Agricultural Products [Member] | |||||
Fair Value | 32,681,576 | 27,452,576 | |||
Water Transportation [Member] | |||||
Fair Value | 12,635,132 | 12,862,666 | |||
Hotels and Motels [Member] | |||||
Fair Value | 17,000,000 | ||||
Consumer Products [Member] | |||||
Fair Value | 9,250,000 | 8,940,000 | |||
Rental of Railroad Cars [Member] | |||||
Fair Value | 4,570,621 | ||||
Meat, Poultry & Fish [Member] | |||||
Fair Value | 8,649,871 | 11,524,816 | |||
Fats and Oils [Member] | |||||
Fair Value | 6,000,000 | 3,100,000 | |||
Farm Products [Member] | |||||
Fair Value | 3,356,322 | 2,900,000 | |||
Commercial Fishing [Member] | |||||
Fair Value | 611,529 | 1,756,243 | |||
Electric Services [Member] | |||||
Fair Value | 11,500,000 | ||||
Lumber and Other Construction Materials [Member] | |||||
Fair Value | 4,284,308 | ||||
Fresh or Frozen Packaged Fish [Member] | |||||
Fair Value | 3,000,000 | ||||
Packaged Foods & Meats [Member] | |||||
Fair Value | 750,000 | 1,000,000 | |||
Communications Equipment [Member] | |||||
Fair Value | 4,994,532 | 5,918,086 | |||
Food Products [Member] | |||||
Fair Value | 746,266 | 667,838 | |||
Metals & Mining [Member] | |||||
Fair Value | 2,500,000 | 2,500,000 | |||
Coal and Other Minerals and Ores [Member] | |||||
Fair Value | 3,853,428 | ||||
Fertilizer & Agricultural Chemicals [Member] | |||||
Fair Value | 5,078,526 | 5,750,000 | |||
Primary Metal Industries [Member] | |||||
Fair Value | 6,000,000 | 6,000,000 | |||
Financial Services [Member] | |||||
Fair Value | 15,000,000 | ||||
Cash Grains [Member] | |||||
Fair Value | 4,275,182 | ||||
Textiles, Apparel & Luxury Goods [Member] | |||||
Fair Value | 724,219 | ||||
Construction Materials [Member] | |||||
Fair Value | 181,943 | ||||
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||
Amortized Cost | $ 152,923 | ||||
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Maturity | Oct. 25, 2015 | ||||
Amortized Cost | $ 4,100,000 | ||||
Senior Secured Term Loan [Member] | |||||
Amortized Cost | [1] | 9,470,380 | 5,474,534 | ||
Fair Value | [1] | $ 9,470,380 | $ 5,474,534 | ||
% of Net Assets | [1] | 4.90% | 3.90% | ||
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programing and Data Processing [Member] | IT Service Provider [Member] | |||||
Interest | [1] | 13.50% | [2] | 13.50% | |
Fees | [1],[3] | 2.00% | [2] | 0.00% | |
Maturity | [1] | Oct. 31, 2019 | [2],[4] | Oct. 31, 2019 | [5] |
Principal Amount | [1] | $ 6,546,287 | [2] | $ 5,474,534 | |
Current Commitment | [1],[6] | 14,000,000 | |||
Amortized Cost | [1] | 6,470,380 | [2] | 5,474,534 | |
Fair Value | [1] | $ 6,470,380 | [2] | $ 5,474,534 | |
% of Net Assets | [1] | 3.30% | [2] | 3.90% | |
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member] | |||||
Interest | [1],[7] | 12.00% | |||
Fees | [1],[3],[7] | 0.00% | |||
Maturity | [1],[4],[7] | Jun. 30, 2020 | |||
Principal Amount | [1],[7] | $ 3,000,000 | |||
Amortized Cost | [1],[7] | 3,000,000 | |||
Fair Value | [1],[7] | $ 3,000,000 | |||
% of Net Assets | [1],[7] | 1.60% | |||
Senior Secured Term Loan Participations [Member] | |||||
Amortized Cost | [1] | $ 40,455,753 | $ 18,802,666 | ||
Fair Value | [1] | $ 40,137,329 | $ 18,484,242 | ||
% of Net Assets | [1] | 20.90% | 13.30% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Interest | [1] | 12.43% | [8] | 17.43% | [9] |
Fees | [1],[3] | 0.00% | [8] | 0.00% | [9] |
Principal Amount | [1] | $ 3,000,000 | [8] | $ 3,000,000 | [9] |
Current Commitment | [1],[6],[9] | 3,000,000 | |||
Participation Percentage | [1],[8],[10] | 100.00% | |||
Amortized Cost | [1] | $ 3,000,000 | [8] | 3,000,000 | [9] |
Fair Value | [1] | $ 2,681,576 | [8] | $ 2,681,576 | [9] |
% of Net Assets | [1] | 1.40% | [8] | 1.90% | [9] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Minimum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Maturity | [1] | Dec. 15, 2016 | [4],[8] | Dec. 15, 2016 | [5],[9] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Maximum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Maturity | [1] | May 15, 2017 | [4],[8] | May 15, 2017 | [5],[9] |
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||
Interest | [1] | 15.64% | [11] | 15.42% | [12] |
Fees | [1],[3] | 0.80% | [11] | 0.80% | [12] |
Maturity | [1] | Sep. 16, 2020 | [4],[11] | Sep. 16, 2020 | [5],[12] |
Principal Amount | [1] | $ 12,719,299 | [11] | $ 12,956,833 | [12] |
Current Commitment | [1],[6],[12] | 16,050,000 | |||
Participation Percentage | [1],[10],[11] | 100.00% | |||
Amortized Cost | [1] | $ 12,635,132 | [11] | 12,862,666 | [12] |
Fair Value | [1] | $ 12,635,132 | [11] | $ 12,862,666 | [12] |
% of Net Assets | [1] | 6.60% | [11] | 9.30% | [12] |
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Limited [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||
Interest | [1],[7] | 13.50% | |||
Fees | [1],[3],[7] | 0.00% | |||
Maturity | [1],[4],[7] | Aug. 21, 2021 | |||
Principal Amount | [1],[7] | $ 17,000,000 | |||
Participation Percentage | [1],[7],[10] | 100.00% | |||
Amortized Cost | [1],[7] | $ 17,000,000 | |||
Fair Value | [1],[7] | $ 17,000,000 | |||
% of Net Assets | [1],[7] | 8.80% | |||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Interest | [1],[13] | 10.44% | |||
Fees | [1],[3] | 0.00% | [13] | 0.00% | [14] |
Principal Amount | [1] | $ 3,250,000 | [13] | $ 2,940,000 | [14] |
Current Commitment | [1],[6],[14] | 3,250,000 | |||
Participation Percentage | [1],[10],[13] | 100.00% | |||
Amortized Cost | [1] | $ 3,250,000 | [13] | 2,940,000 | [14] |
Fair Value | [1] | $ 3,250,000 | [13] | $ 2,940,000 | [14] |
% of Net Assets | [1] | 1.70% | [13] | 2.10% | [14] |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Interest | [1],[14] | 15.50% | |||
Maturity | [1] | Dec. 22, 2016 | [4],[13] | Dec. 22, 2016 | [5],[14] |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Interest | [1],[14] | 15.60% | |||
Maturity | [1] | Jun. 15, 2017 | [4],[13] | Jun. 15, 2017 | [5],[14] |
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member] | |||||
Interest | [1],[7] | 12.00% | |||
Fees | [1],[3],[7] | 0.00% | |||
Maturity | [1],[4],[7] | Jan. 31, 2020 | |||
Principal Amount | [1],[7] | $ 4,570,621 | |||
Participation Percentage | [1],[7],[10] | 98.00% | |||
Amortized Cost | [1],[7] | $ 4,570,621 | |||
Fair Value | [1],[7] | $ 4,570,621 | |||
% of Net Assets | [1],[7] | 2.40% | |||
Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1] | $ 92,383,859 | $ 77,069,328 | ||
Fair Value | [1] | $ 92,324,782 | $ 77,069,328 | ||
% of Net Assets | [1] | 48.00% | 55.60% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Supplies Distributor [Member] | |||||
Interest | [1] | 10.38% | |||
Fees | [1],[3] | 0.00% | |||
Maturity | [1],[5] | Jan. 14, 2016 | |||
Principal Amount | [1] | $ 5,071,000 | |||
Current Commitment | [1],[6] | 10,000,000 | |||
Amortized Cost | [1] | 5,071,000 | |||
Fair Value | [1] | $ 5,071,000 | |||
% of Net Assets | [1] | 3.70% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member] | |||||
Interest | [1] | 14.50% | [15] | 14.50% | |
Fees | [1],[3] | 0.00% | [15] | 0.00% | |
Maturity | [1],[4],[15] | May 19, 2017 | |||
Principal Amount | [1] | $ 1,149,871 | [15] | $ 2,524,816 | |
Current Commitment | [1],[6] | 4,300,000 | |||
Participation Percentage | [1],[10],[15] | 37.00% | |||
Amortized Cost | [1] | $ 1,149,871 | [15] | 2,524,816 | |
Fair Value | [1] | $ 1,149,871 | [15] | $ 2,524,816 | |
% of Net Assets | [1] | 0.60% | [15] | 1.80% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Interest | [1] | 13.00% | [15] | 13.00% | |
Fees | [1],[3] | 0.00% | [15] | 0.00% | |
Principal Amount | [1] | $ 4,994,532 | [15] | $ 5,918,086 | |
Current Commitment | [1],[6] | 11,000,000 | |||
Participation Percentage | [1],[10],[15] | 44.00% | |||
Amortized Cost | [1] | $ 4,994,532 | [15] | 5,918,086 | |
Fair Value | [1] | $ 4,994,532 | [15] | $ 5,918,086 | |
% of Net Assets | [1] | 2.60% | [15] | 4.30% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||
Interest | [1] | 17.50% | [16] | 17.50% | [17] |
Fees | [1],[3] | 0.00% | [16] | 0.00% | [17] |
Maturity | [1] | May 22, 2015 | [4],[16] | May 22, 2015 | [5],[17] |
Principal Amount | [1] | $ 805,343 | [16] | $ 667,838 | [17] |
Current Commitment | [1],[6],[17] | 1,250,000 | |||
Participation Percentage | [1],[10],[16] | 20.00% | |||
Amortized Cost | [1] | $ 805,343 | [16] | 667,838 | [17] |
Fair Value | [1] | $ 746,266 | [16] | $ 667,838 | [17] |
% of Net Assets | [1] | 0.40% | [16] | 0.50% | [17] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Interest | [1] | 17.50% | [18] | 17.50% | |
Fees | [1],[3] | 0.00% | [18] | 0.00% | |
Principal Amount | [1] | $ 2,500,000 | [18] | $ 2,500,000 | |
Current Commitment | [1],[6] | 2,500,000 | |||
Participation Percentage | [1],[10],[18] | 26.00% | |||
Amortized Cost | [1] | $ 2,500,000 | [18] | 2,500,000 | |
Fair Value | [1] | $ 2,500,000 | [18] | $ 2,500,000 | |
% of Net Assets | [1] | 1.30% | [18] | 1.80% | |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member] | |||||
Interest | [1] | 12.50% | |||
Fees | [1],[3] | 0.00% | |||
Principal Amount | [1] | $ 1,250,000 | |||
Current Commitment | [1],[6] | 1,500,000 | |||
Amortized Cost | [1] | 1,250,000 | |||
Fair Value | [1] | $ 1,250,000 | |||
% of Net Assets | [1] | 0.90% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member] | |||||
Interest | [1] | 15.00% | |||
Fees | [1],[3] | 0.00% | |||
Principal Amount | [1] | $ 724,219 | |||
Current Commitment | [1],[6] | 2,500,000 | |||
Amortized Cost | [1] | 724,219 | |||
Fair Value | [1] | $ 724,219 | |||
% of Net Assets | [1] | 0.50% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member] | |||||
Interest | [1] | 12.75% | |||
Fees | [1],[3] | 0.00% | |||
Maturity | [1],[5] | Jul. 1, 2015 | |||
Principal Amount | [1] | $ 181,943 | |||
Current Commitment | [1],[6] | 750,000 | |||
Amortized Cost | [1] | 181,943 | |||
Fair Value | [1] | $ 181,943 | |||
% of Net Assets | [1] | 0.10% | |||
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] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Maturity | [1] | Jul. 27, 2016 | [4],[15] | Jan. 29, 2016 | [5] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Maturity | [1] | Jun. 15, 2016 | [4],[18] | Jun. 15, 2016 | [5] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member] | |||||
Maturity | [1],[5] | Oct. 17, 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] | Jan. 13, 2016 | |||
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. 31, 2016 | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Maturity | [1] | May 21, 2017 | [4],[15] | Apr. 15, 2016 | [5] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Maturity | [1] | Aug. 15, 2016 | [4],[18] | Aug. 15, 2016 | [5] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member] | |||||
Maturity | [1],[5] | Dec. 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] | Feb. 11, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Interest | [1] | 10.67% | [19] | 10.90% | |
Fees | [1],[3] | 0.00% | [19] | 0.00% | |
Maturity | [1],[4],[19] | Jul. 29, 2016 | |||
Principal Amount | [1] | $ 6,000,000 | [19] | $ 6,000,000 | |
Current Commitment | [1],[6] | 6,000,000 | |||
Participation Percentage | [1],[10],[19] | 16.00% | |||
Amortized Cost | [1] | $ 6,000,000 | [19] | 6,000,000 | |
Fair Value | [1] | $ 6,000,000 | [19] | $ 6,000,000 | |
% of Net Assets | [1] | 3.10% | [19] | 4.30% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member] | |||||
Interest | [1],[18] | 11.98% | |||
Fees | [1],[3],[18] | 0.00% | |||
Maturity | [1],[4],[18] | Jun. 30, 2017 | |||
Principal Amount | [1],[18] | $ 7,500,000 | |||
Participation Percentage | [1],[10],[18] | 28.00% | |||
Amortized Cost | [1],[18] | $ 7,500,000 | |||
Fair Value | [1],[18] | $ 7,500,000 | |||
% of Net Assets | [1],[18] | 3.90% | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Interest | [1] | 8.75% | [18] | 8.89% | |
Fees | [1],[3] | 0.00% | [18] | 0.00% | |
Maturity | [1],[5] | Feb. 3, 2016 | |||
Principal Amount | [1] | $ 6,000,000 | [18] | $ 3,100,000 | |
Current Commitment | [1],[6] | 3,100,000 | |||
Participation Percentage | [1],[10],[18] | 100.00% | |||
Amortized Cost | [1] | $ 6,000,000 | [18] | 3,100,000 | |
Fair Value | [1] | $ 6,000,000 | [18] | $ 3,100,000 | |
% of Net Assets | [1] | 3.10% | [18] | 2.20% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||
Interest | [1] | 9.00% | [19] | 9.00% | |
Fees | [1],[3] | 0.00% | [19] | 0.00% | |
Principal Amount | [1] | $ 15,000,000 | [19] | $ 9,700,000 | |
Current Commitment | [1],[6] | 13,000,000 | |||
Participation Percentage | [1],[10],[19] | 55.00% | |||
Amortized Cost | [1] | $ 15,000,000 | [19] | 9,700,000 | |
Fair Value | [1] | $ 15,000,000 | [19] | $ 9,700,000 | |
% of Net Assets | [1] | 7.80% | [19] | 7.00% | |
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% | |||
Fees | [1],[3] | 0.00% | |||
Maturity | [1],[5] | Apr. 30, 2016 | |||
Principal Amount | [1] | $ 9,000,000 | |||
Current Commitment | [1],[6] | 9,000,000 | |||
Amortized Cost | [1] | 9,000,000 | |||
Fair Value | [1] | $ 9,000,000 | |||
% of Net Assets | [1] | 6.50% | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Maturity | [1],[5] | Feb. 25, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Maturity | [1],[4],[18] | Oct. 15, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||
Maturity | [1] | Sep. 3, 2016 | [4],[19] | Dec. 15, 2015 | [5] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Maturity | [1],[5] | Mar. 31, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Maturity | [1],[4],[18] | Dec. 15, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||
Maturity | [1] | Sep. 30, 2016 | [4],[19] | Sep. 23, 2016 | [5] |
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | |||||
Interest | [1] | 10.90% | [19] | 11.50% | |
Fees | [1],[3] | 0.00% | [19] | 0.00% | |
Maturity | [1] | Dec. 11, 2016 | [4],[19] | Dec. 11, 2016 | [5] |
Principal Amount | [1] | $ 2,356,322 | [19] | $ 1,900,000 | |
Current Commitment | [1],[6] | 2,000,000 | |||
Participation Percentage | [1],[10],[19] | 100.00% | |||
Amortized Cost | [1] | $ 2,356,322 | [19] | 1,900,000 | |
Fair Value | [1] | $ 2,356,322 | [19] | $ 1,900,000 | |
% of Net Assets | [1] | 1.20% | [19] | 1.40% | |
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | |||||
Interest | [1] | 9.00% | [19] | 9.00% | |
Fees | [1],[3] | 0.00% | [19] | 0.00% | |
Maturity | [1] | Jun. 19, 2016 | [4],[19] | Jun. 19, 2016 | [5] |
Principal Amount | [1] | $ 611,529 | [19] | $ 1,756,243 | |
Current Commitment | [1],[6] | 2,000,000 | |||
Participation Percentage | [1],[10],[19] | 93.00% | |||
Amortized Cost | [1] | $ 611,529 | [19] | 1,756,243 | |
Fair Value | [1] | $ 611,529 | [19] | $ 1,756,243 | |
% of Net Assets | [1] | 0.30% | [19] | 1.30% | |
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member] | |||||
Interest | [1],[19] | 9.25% | |||
Fees | [1],[3],[19] | 0.00% | |||
Maturity | [1],[4],[19] | Jun. 6, 2017 | |||
Principal Amount | [1],[19] | $ 3,000,000 | |||
Participation Percentage | [1],[10],[19] | 39.00% | |||
Amortized Cost | [1],[19] | $ 3,000,000 | |||
Fair Value | [1],[19] | $ 3,000,000 | |||
% of Net Assets | [1],[19] | 1.60% | |||
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd [Member] | Electric Services [Member] | Power Producer [Member] | |||||
Interest | [1],[15] | 11.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | Mar. 10, 2017 | |||
Principal Amount | [1],[15] | $ 11,500,000 | |||
Participation Percentage | [1],[10],[15] | 52.00% | |||
Amortized Cost | [1],[15] | $ 11,500,000 | |||
Fair Value | [1],[15] | $ 11,500,000 | |||
% of Net Assets | [1],[15] | 6.00% | |||
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member] | |||||
Interest | [1] | 12.00% | [20] | 12.00% | |
Fees | [1],[3] | 0.00% | [20] | 0.00% | |
Maturity | [1] | Mar. 31, 2016 | [4],[20] | Mar. 31, 2016 | [5] |
Principal Amount | [1] | $ 1,000,000 | [20] | $ 1,000,000 | |
Current Commitment | [1],[6] | 2,000,000 | |||
Participation Percentage | [1],[10],[20] | 25.00% | |||
Amortized Cost | [1] | $ 1,000,000 | [20] | 1,000,000 | |
Fair Value | [1] | $ 1,000,000 | [20] | $ 1,000,000 | |
% of Net Assets | [1] | 0.50% | [20] | 0.70% | |
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member] | |||||
Interest | [1],[15] | 8.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Principal Amount | [1],[15] | $ 4,284,308 | |||
Participation Percentage | [1],[10],[15] | 58.00% | |||
Amortized Cost | [1],[15] | $ 4,284,308 | |||
Fair Value | [1],[15] | $ 4,284,308 | |||
% of Net Assets | [1],[15] | 2.20% | |||
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Minimum [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member] | |||||
Maturity | [1],[4],[15] | Jan. 10, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Maximum [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member] | |||||
Maturity | [1],[4],[15] | Mar. 31, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member] | |||||
Interest | [1] | 12.00% | [18] | 12.00% | |
Fees | [1],[3] | 0.00% | [18] | 0.00% | |
Maturity | [1] | Jun. 22, 2017 | [4],[18] | Mar. 3, 2016 | [5] |
Principal Amount | [1] | $ 750,000 | [18] | $ 1,000,000 | |
Current Commitment | [1],[6] | 2,000,000 | |||
Participation Percentage | [1],[10],[18] | 37.00% | |||
Amortized Cost | [1] | $ 750,000 | [18] | 1,000,000 | |
Fair Value | [1] | $ 750,000 | [18] | $ 1,000,000 | |
% of Net Assets | [1] | 0.40% | [18] | 0.70% | |
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Export Trading Group Pte Ltd [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | |||||
Interest | [1],[21] | 11.50% | [15] | 11.50% | |
Fees | [1],[3],[21] | 0.00% | [15] | 0.00% | |
Maturity | [1],[21] | Jul. 1, 2016 | [4],[15] | Feb. 7, 2016 | [5] |
Principal Amount | [1],[21] | $ 10,000,000 | [15] | $ 10,000,000 | |
Current Commitment | [1],[6],[21] | 10,000,000 | |||
Participation Percentage | [1],[10],[15],[21] | 16.00% | |||
Amortized Cost | [1],[21] | $ 10,000,000 | [15] | 10,000,000 | |
Fair Value | [1],[21] | $ 10,000,000 | [15] | $ 10,000,000 | |
% of Net Assets | [1],[21] | 5.20% | [15] | 7.20% | |
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | |||||
Fees | [1],[3],[15] | 0.00% | |||
Principal Amount | [1],[15] | $ 3,853,428 | |||
Participation Percentage | [1],[10],[15] | 49.00% | |||
Amortized Cost | [1],[15] | $ 3,853,428 | |||
Fair Value | [1],[15] | $ 3,853,428 | |||
% of Net Assets | [1],[15] | 2.00% | |||
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | |||||
Interest | [1],[15] | 9.43% | |||
Maturity | [1],[4],[15] | Jan. 5, 2017 | |||
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | |||||
Interest | [1],[15] | 9.52% | |||
Maturity | [1],[4],[15] | Mar. 31, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Fees | [1],[3] | 0.00% | [22] | 0.00% | |
Maturity | [1],[5] | Oct. 25, 2015 | |||
Principal Amount | [1] | $ 5,078,526 | [22] | $ 4,500,000 | |
Current Commitment | [1],[6] | 10,000,000 | |||
Participation Percentage | [1],[10],[22] | 25.00% | |||
Amortized Cost | [1] | $ 5,078,526 | [22] | 4,500,000 | |
Fair Value | [1] | $ 5,078,526 | [22] | $ 4,500,000 | |
% of Net Assets | [1] | 2.60% | [22] | 3.20% | |
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member] | |||||
Interest | [1] | 13.00% | [19] | 13.00% | |
Fees | [1],[3] | 0.00% | [19] | 0.00% | |
Maturity | [1] | Aug. 13, 2016 | [4],[19] | Feb. 14, 2016 | [5] |
Principal Amount | [1] | $ 6,000,000 | [19] | $ 6,000,000 | |
Current Commitment | [1],[6] | 6,000,000 | |||
Participation Percentage | [1],[10],[19] | 86.00% | |||
Amortized Cost | [1] | $ 6,000,000 | [19] | 6,000,000 | |
Fair Value | [1] | $ 6,000,000 | [19] | $ 6,000,000 | |
% of Net Assets | [1] | 3.10% | [19] | 4.30% | |
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Interest | [1] | 12.08% | [22] | 12.08% | |
Maturity | [1],[4],[22] | Oct. 25, 2015 | |||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Interest | [1] | 12.50% | [22] | 12.50% | |
Maturity | [1],[4],[22] | May 3, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Importer [Member] | |||||
Interest | [1] | 11.33% | |||
Fees | [1],[3] | 0.00% | |||
Maturity | [1],[5] | Feb. 18, 2016 | |||
Principal Amount | [1] | $ 375,182 | |||
Current Commitment | [1],[6] | 1,000,000 | |||
Amortized Cost | [1] | 375,182 | |||
Fair Value | [1] | $ 375,182 | |||
% of Net Assets | [1] | 0.30% | |||
Senior Secured Trade Finance Participations [Member] | Tanzania [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Producer [Member] | |||||
Interest | [1] | 11.50% | |||
Fees | [1],[3] | 0.00% | |||
Maturity | [1],[5] | Oct. 26, 2015 | |||
Principal Amount | [1] | $ 3,900,000 | |||
Current Commitment | [1],[6] | 3,900,000 | |||
Amortized Cost | [1] | 3,900,000 | |||
Fair Value | [1] | $ 3,900,000 | |||
% of Net Assets | [1] | 2.80% | |||
Short Term Note and Bridge Loan [Member] | |||||
Amortized Cost | [1] | $ 20,000,000 | |||
Fair Value | [1] | $ 20,000,000 | |||
% of Net Assets | [1] | 10.40% | |||
Short Term Note and Bridge Loan [Member] | Singapore [Member] | Export Trading Group Pte Ltd [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | |||||
Interest | [1],[15],[23] | 12.00% | |||
Fees | [1],[3],[15],[23] | 0.80% | |||
Maturity | [1],[4],[15],[23] | Jun. 20, 2016 | |||
Principal Amount | [1],[15],[23] | $ 5,000,000 | |||
Participation Percentage | [1],[10],[15],[23] | 8.00% | |||
Amortized Cost | [1],[15],[23] | $ 5,000,000 | |||
Fair Value | [1],[15],[23] | $ 5,000,000 | |||
% of Net Assets | [1],[15],[23] | 2.60% | |||
Short Term Note and Bridge Loan [Member] | Mauritius [Member] | Barak Fund Management Ltd [Member] | Financial Services [Member] | Investment Manager [Member] | |||||
Interest | [1],[15],[24] | 12.00% | |||
Fees | [1],[3],[15],[24] | 0.80% | |||
Maturity | [1],[4],[15],[24] | Jun. 20, 2016 | |||
Principal Amount | [1],[15],[24] | $ 15,000,000 | |||
Amortized Cost | [1],[15],[24] | 15,000,000 | |||
Fair Value | [1],[15],[24] | $ 15,000,000 | |||
% of Net Assets | [1],[15],[24] | 7.80% | |||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||||
[2] | Principal and interest paid monthly. | ||||
[3] | Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions. | ||||
[4] | 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. The Company typically does not consider trade finance investments to be past due until they are over 90 days past the maturity date. | ||||
[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] | Loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower. | ||||
[7] | Principal and interest paid quarterly. | ||||
[8] | This investment was on non-accrual status as of June 30, 2016. See Note 3. | ||||
[9] | Interest includes 5.0% of penalty interest due to the borrower missing eight interest payments. This investment was on non-accrual status as of December 31, 2015. See Note 3. | ||||
[10] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | ||||
[11] | Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid monthly, and also includes 4.68% of deferred interest due at maturity. Monthly principal payments starting in May 2016 | ||||
[12] | Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity. | ||||
[13] | Interest accruing includes 2.5% of deferred interest due at maturity. See discussion about Prodesa in Note 3. | ||||
[14] | Interest accruing includes 2.5% of deferred interest due at maturity | ||||
[15] | Principal and interest paid at maturity. | ||||
[16] | The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest which was capitalized as of March 31, 2016. This investment was on non-accrual status as of June 30, 2016. See Note 3. | ||||
[17] | The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties but has made some partial payments of principal. | ||||
[18] | Quarterly interest only payment. Principal due at maturity. | ||||
[19] | Monthly interest only payment. Principal due at maturity. | ||||
[20] | See Note 3. | ||||
[21] | The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia. | ||||
[22] | $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer, is responsible for the repayment of this trade finance transaction. The Company has access to insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. See Note 3. | ||||
[23] | Senior secured bridge loan secured by shares in the borrower. The Company has agreed to extend the maturity date of this loan to mid-August 2016 in exchange for an additional 2% monthly fee. Both principal and interest are due at maturity. | ||||
[24] | Barak Fund Management Ltd. (“Barak”) is a sub-advisor to the Company. This unsecured short term note was provided to Barak to support a strategic temporary investment and has been extended, in exchange for an additional 2% monthly fee, until mid-August 2016. Principal and accrued interest are due at maturity. |
Consolidated Schedule of Inves8
Consolidated Schedule of Investments (Parenthetical) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)Payment | |
Amortized Cost | $ 162,309,992 | $ 101,346,528 |
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | ||
Deferred interest rate included in investment interest accruing | 2.50% | 2.50% |
Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | ||
Deferred interest rate included in investment interest accruing | 4.68% | 4.68% |
Principal payment date | 2016-05 | |
Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One Month Libor [Member] | ||
Variable interest rate | 10.50% | 10.50% |
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | ||
Amortized Cost | $ 152,923 | |
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | ||
Amortized Cost | $ 4,100,000 | |
Maturity | Oct. 25, 2015 | |
Mauritius [Member] | Unsecured Short Term Note [Member] | Barak Fund Management Ltd [Member] | Financial Services [Member] | Investment Manager [Member] | ||
Maturity | Aug. 15, 2016 | |
Percentage of additional monthly fee | 2.00% | |
Singapore [Member] | Senior Secured Bridge Loan [Member] | Export Trading Group Pte Ltd [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | ||
Maturity | Aug. 15, 2016 | |
Percentage of additional monthly fee | 2.00% | |
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||
Penalty interest accruing | 5.00% | |
Number of missing interest payments | Payment | 8 |
Organization and Operations of
Organization and Operations of the Company | 6 Months Ended |
Jun. 30, 2016 | |
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 with the SEC. 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 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1.5 billion 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 321,330 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. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to further extend its current offering to December 31, 2016. Our board has the right to further extend or terminate the Offering at any time. 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, 2016, 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. · TriLinc Global Impact Fund – African Trade Finance II, Ltd. · TriLinc Global Impact Fund – Latin America III, Ltd. · TriLinc Global Impact Fund – Asia II, Ltd. Through June 30, 2016, the Company has made, through its subsidiaries, loans in several countries located in South America, Asia Africa, and Europe. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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 Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies . 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, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2016. 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 2015. 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, 2016 and 2015 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 generally 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. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan, 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. At June 30, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $3,427,842 or 2.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status amounted to approximately $161,700 and $304,400, respectively, for the three and six months ended June 30, 2016. 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. Certain investments may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. 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. Distribution Fee and Out-of-Period Adjustment The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due. In prior periods, the Company has been recording the fees as a periodic charge to equity as they are incurred. Starting in the three months period ended June 30, 2016, the Company has determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At June 30, 2016, the estimated unpaid distribution fee amounts to $1,331,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial. 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, 2016, 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, 2016 and 2015. 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, 2016 and December 31, 2015. 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 December 31, 2016. Through June 30, 2016, 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 11, 2016, 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, 2016. Since the inception of the Company through June 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $7,697,700 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,916,500 of expenses, which have been accrued by the Sponsor as of June 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does 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. While the Company has raised over $200 million of gross proceeds in the primary offering as of June 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ended June 30, 2016 because any reimbursement would have caused the Company’s net assets value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2016. 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. In addition, as of June 30, 2016, all the Company’s investment are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar. At June 30, 2016, the Company’s investment portfolio included 27 companies and was comprised of $9,470,380 or 5.8% in a senior secured term loan, $40,137,329 or 24.8% in senior secured term loan participations, $92,324,782 or 57.0% in senior secured trade finance participations, and $20,000,000 or 12.4% in a short term note and a bridge loan. The Company’s largest loan by value was $17,000,000 or 10.5% of total investments. The Company’s 5 largest loans by value comprised 44.0% of the Company’s portfolio at June 30, 2016. Participation in loans amounted to 81.8% of the Company’s total portfolio at June 30, 2016. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of June 30, 2016, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan $ 9,470,380 $ 9,470,380 5.8 % Senior secured term loan participations 40,455,753 40,137,329 24.8 % Senior secured trade finance participations 92,383,859 92,324,782 57.0 % Short term note and bridge loan 20,000,000 20,000,000 12.4 % Total investments $ 162,309,992 $ 161,932,491 100.0 % Participations The majority of the Company’s investments are in the form of Participation Interests (“Participations”). Participations are interests, which may be divided or undivided, in financing facilities. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility. The Company’s rights under Participations include, without limitations, all corresponding rights in payments, collaterals, guaranties, and any other security interests obtained in the underlying financing facilities. Interest Receivable Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity. As such, some of the Company’s trade finance investments have up to 300 days of accrued interest receivable as of June 30, 2016. In addition, certain of the Company’s investment in term loans accrue deferred interest which is not payable until the maturity of the loans. Accrued deferred interest included in the interest receivable balance as of June 30, 2016 and December 31, 2015 amounted to $735,324 and $393,430, respectively. The Company’s interest receivable balances at June 30, 2016 and December 31, 2015 are recorded at the amounts that the Company expects to collect. Trade Finance Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s trade finance position typically fall into two broad categories: Pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrower based on proven orders from buyers. For trade finance, the structure and terms vary according to the nature of the transaction being financed. The structure can take the form of a revolver (up to one year) with draw requests with maturity up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter duration of 60 – 180 days. In terms of underwriting, particular consideration is given to the following: · nature of the goods or transaction being financed, · the terms associated with the sale and repayment of the goods, · the execution risk associated with producing, storing and shipment of the goods, · the financial and performance profile of both the borrower and end buyer(s), · the underlying advance rate and subsequent LTV associated with lending against the goods that serve to secure the facility or transaction, · collateral and financial controls (collection accounts and inventory possession), · third party inspections and insurance, and · the region, country or jurisdiction in which the financing is being completed. Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables. In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product. Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower. On occasion, the Company may receive notice that a borrower or counterparty intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower. Prodesa During 2014, the Company restructured two loans with one of its borrowers, Corporacion Prodesa S.R.L. (“Prodesa”). As of June 30, 2016, the Company’s investment in Prodesa is comprised of two senior secured term loan participations with an aggregate balance of $2,350,000 and a $950,000 senior secured purchase order revolving credit facility with a balance of $900,000. 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 has been 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 2015 to December 2015. The unpaid interest will be included as part of the longer term plan. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. Now that Prodesa has exited the bankruptcy process, Prodesa can once again make interest payments. During July and August 2016, the Company has received $121,894 in interest payments from Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $499,400 as of June 30, 2016, on the Prodesa loans. In addition, the Company is currently working on amending the term loans, and expects that Prodesa will start making regular principal payments starting in August 2016. The Company has estimated the fair value of the Prodesa loans as of June 30, 2016 at $3,250,000 based on the income valuation approach as further described in Note 4. During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa. The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the six months ended June 30, 2016, the Company funded four additional draws under the purchase order facility for an aggregate of $900,000. On November 23, 2015, Prodesa was placed into bankruptcy by the Peruvian bankruptcy authority. At the end of August 2015, a supplier of Prodesa had filed an unpaid payable claim for just over $141,000 with the authority. While Prodesa’s management responded to the filing with a proposal to pay the claim off in full by December 2015, Prodesa’s counsel did not follow the necessary filing protocol. Unknown to management, this failure triggered Prodesa being placed into bankruptcy. Prodesa’s counsel has since been replaced. During the filing, the Company and all key creditors and vendors continued to support Prodesa as usual and the initial $141,000 claim has been settled in full. Prodesa exited the bankruptcy process on April 22, 2016 and made a principal payment to the Company of $400,000 on April 29, 2016. Usivale In May 2015, one of the Company’s borrowers, Usivale Industria E 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 the loans, with an aggregate principal balance of $3,000,000 as of June 30, 2016, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%. However, as of June 30, 2016, the Company has placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing which is described further below. Interest not recorded relative to the original terms of the Usivale loans amounted to approximately $132,200 and $264,400, respectively for the three and six months ended June 30, 2016. The Company has estimated the fair value of the Usivale loans as of June 30, 2016 at $2,681,576, based on a discounted cash flow analysis (income approach), which is unchanged from the estimated fair value as of March 31, 2016 and December 31, 2015. On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil. The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan is required. On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and a restructure plan was submitted and approved. Under the restructure plan, which is in the process of being ratified by the court, interest on the principal will start accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale will start making periodic principal payments in the fourth quarter of 2016. Since August of 2015, the price of sugar has significantly improved and as a result, Usivale’s cash flows should permit it to meet its payment requirements under the restructure. Fruit and Nut Distributor The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a principal balance outstanding of $805,343 of as June 30, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 27, 2015. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of March June 30, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016. The Company had expected to restructure the loan as follows: Principal balance of $820,761, which includes capitalized accrued interest through January 31, 2016 amounting to $152,923; annual interest rate of 12% starting May 1, 2016; and repayment terms of five years. Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $29,500 and $40,000, respectively, for the three and six months ended June 30, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $761,684 as of March 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the three months ended March 31, 2016 . Although the Distributor was acquired in June 2016, the restructure of the loan has not been finalized. However, as of June 30, 2016, the Company still expects to restructure the loan as described above. In addition, the Distributor made payments to the Company totaling $15,418 during the three months ended June 30, 2016. Accordingly, in addition to decreasing the principal outstanding by this amount, the Company also decreased the estimated fair value by $15,418 to $746,266 as of June 30, 2016. Farm Supplies Distributor The company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and accrued interest of $1,100,739 as of June 30, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016. The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables. The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit. The Company has determined that there is sufficient collateral, including an insurance policy should Neria not pay, to cover the entire balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of June 30, 2016. Sesame Seed Exporter The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $1,000,000 and accrued interest of $50,333 as of June 30, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation. However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company. In addition, the Exporter made an interest payment of $9,667 during July 2016. The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $1,000,000 as of June 30, 2016. As of December 31, 2015, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan $ 5,474,534 $ 5,474,534 5.4 % Senior secured term loan participations 18,802,666 18,484,242 18.3 % Senior secured trade finance participations 77,069,328 77,069,328 76.3 % Total investments $ 101,346,528 $ 101,028,104 100.0 % The industry composition of the Company’s portfolio, at fair market value as of June 30, 2016 and December 31, 2015, was as follows: As of June 30, 2016 As of December 31, 2015 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 32,681,576 20.1 % $ 27,452,576 27.2 % Cash Grains — — 4,275,182 4.2 % Coal and Other Minerals and Ores 3,853,428 2.4 % — — Commercial Fishing 611,529 0.4 % 1,756,243 1.7 % Communications Equipment 4,994,532 3.1 % 5,918,086 5.9 % Construction Materials — — 181,943 0.2 % Consumer Products 9,250,000 5.7 % 8,940,000 8.8 % Electric Services 11,500,000 7.1 % — — Farm Products 3,356,322 2.1 % 2,900,000 2.9 % Fats and Oils 6,000,000 3.7 % 3,100,000 3.1 % Financial Services 15,000,000 9.3 % — — Fertilizer & Agricultural Chemicals 5,078,526 3.1 % 5,750,000 5.7 % Fresh or Frozen Packaged Fish 3,000,000 1.9 % — — Food Products 746,266 0.5 % 667,838 0.7 % Hotels and Motels 17,000,000 10.5 % — — Lumber and Other Construction Materials 4,284,308 2.6 % — — Meat, Poultry & Fish 8,649,871 5.3 % 11,524,816 11.4 % Metals & Mining 2,500,000 1.5 % 2,500,000 2.5 % Packaged Foods & Meats 750,000 0.5 % 1,000,000 1.0 % Primary Nonferrous Metals 3,000,000 1.9 % — — Primary Metal Industries 6,000,000 3.7 % 6,000,000 5.9 % Programing and Data Processing 6,470,380 4.0 % 5,474,534 5.4 % Rental of Railroad Cars 4,570,621 2.8 % — — Textiles, Apparel & Luxury Goods — — 724,219 0.7 % Water Transportation 12,635,132 7.8 % 12,862,666 12.7 % Total $ 161,932,491 100.0 % $ 101,028,104 100.0 % The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2016 and December 31, 2015: As of June 30, 2016 As of December 31, 2015 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 34,500,000 21.2 % $ 27,800,000 27.5 % Brazil 9,151,957 5.7 % 8,156,110 8.1 % Cabo Verde 17,000,000 10.5 % — — Chile 2,356,322 1.5 % 1,900,000 1.9 % Ecuador 3,611,529 2.2 % 1,756,243 1.7 % Ghana 11,500,000 7.1 % — — Guatemala 1,000,000 0.6 % 1,000,000 1.0 % Indonesia 3,000,000 1.9 % — — Italy 4,284,308 2.6 % — — Kenya — — 375,182 0.4 % Mauritius 15,000,000 9.3 % — — Namibia 750,000 0.5 % 1,000,000 1.0 % Nigeria 12,635,132 7.8 % 12,862,666 12.7 % Peru 3,250,000 2.0 % 2,940,000 2.9 % Singapore 15,000,000 9.3 % 10,000,000 9.9 % South Africa 13,961,289 8.6 % 18,837,902 18.6 % Tanzania — — 3,900,000 3.9 % United Kingdom 3,853,428 2.4 % — — Zambia 11,078,526 6.8 % 10,500,000 10.4 % Total $ 161,932,491 100.0 % $ 101,028,104 100.0 % |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 9,470,380 $ — $ — $ 9,470,380 Senior secured term loan participations 40,137,329 — — 40,137,329 Senior secured trade finance participations 92,324,782 — — 92,324,782 Short term note and bridge loan 20,000,000 20,000,000 Total $ 161,932,491 $ — $ — $ 161,932,491 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 5,474,534 $ — $ — $ 5,474,534 Senior secured term loan participations $ 18,484,242 18,484,242 Senior secured trade finance participations 77,069,328 — — 77,069,328 Total $ 101,028,104 $ — $ — $ 101,028,104 The following is a reconciliation of activity for the six months ended June 30, 2016, of investments classified as Level 3: Fair Value at December 31, 2015 Purchases Maturities or Prepayments Amortization Net change in unrealized appreciation (depreciation) Fair Value at June 30, 2016 Senior secured term loan $ 5,474,534 $ 4,415,624 $ (428,246 ) $ 8,468 $ — $ 9,470,380 Senior secured term loan participations 18,484,242 22,470,619 (827,532 ) 10,000 — 40,137,329 Senior secured trade finance participations 77,069,328 70,580,814 (55,266,283 ) — (59,077 ) 92,324,782 Short term note and bridge loan — 20,000,000 — — — 20,000,000 Total $ 101,028,104 $ 117,467,057 $ (56,522,061 ) $ 18,468 $ (59,077 ) $ 161,932,491 There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and six months ended June 30, 2016 and 2015. As of June 30, 2016, 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, 2016: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 91,578,516 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 746,266 Income approach (DCF) Market yield 15.75% Senior secured term loan $ 9,470,380 Income approach (DCF) Market yield 13.50% Senior secured term loan participations (3) $ 40,137,329 Income approach (DCF) Market yield 15.83% - 17.43% (15.85%) Short term note and bridge loan (4) $ 20,000,000 N/A N/A N/A (1) Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate. (2) Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above. (3) As of June 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had 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 the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. The Company has recently conducted several onsite visits and interviews to corroborate the collateral and as such, continues to believe in the reliability of the collateral and its associated estimated value. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3). (4) These temporary investments have maturities of less than 60 days and are carried at cost. As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 77,069,328 Income approach Market yield 8.89% – 17.50% (12.04%) Senior secured term loan $ 5,474,534 Income approach Market yield 13.50% Senior secured term loan participations $ 15,544,242 Income approach Market yield 15.83% - 17.43%(16.13%) Senior secured term loan participations $ 2,940,000 Collateral based approach Value of collateral N/A The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements. For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 5. Related Parties Agreements Advisory Agreement On February 19, 2016, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement, (the “Advisory Agreement”) effective March 24, 2016, 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, 2016 and 2015. Transactions As discussed in Note 2, for the three months ended June 30, 2016 and 2015, the Sponsor assumed responsibility for $1,203,324 and $627,668, 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, 2016 and 2015, the Sponsor assumed responsibility for $3,117,668 and $1,346,933 of the Company’s operating expenses, management fees and incentive fees. For the three months ended June 30, 2016 and 2015, the Advisor earned $973,916 and $424,187, respectively, in management fees and $745,727 and $327,310, respectively, in incentive fees. For the six months ended June 30, 2016 and 2015, the Advisor earned $1,790,242 and $785,935, respectively, in management fees and $1,396,075 and $604,490, respectively, in incentive fees. Since the inception of the Company through June 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $7,697,700 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,916,500 of expenses, which have been accrued by the Sponsor as of June 30, 2016. Such expenses, in the aggregate of $10,614,200 since the Company’s inception, may be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million in the primary offering and such reimbursement does 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, 2016 and December 31, 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $2,731,776 and $1,874,932, 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. As June 30, 2016 and December 31, 2015, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $602,303 and $472,057, respectively, was due to the Sponsor for reimbursements of offering costs. For the three months ended June 30, 2016 and 2015, the Company paid $490,920 and $250,664, respectively, in dealer manager fees and $1,728,026 and $755,454, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the six months ended June 30, 2016 and 2015, the Company paid $968,619 and $437,838, respectively, in dealer manager fees and $3,361,414 and $1,324,500, 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. |
Organization and Offering Costs
Organization and Offering Costs | 6 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of June 30, 2016, the Sponsor has paid approximately $11,709,000 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 $1,942,000 and $1,132,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2016 and 2015, respectively. During the six months ended June 30, 2016 and 2015, the Company paid $3,381,050 and $1,258,224, 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, 2016, the Company has reimbursed the Sponsor a total of approximately $11,203,400 of offering costs and there is a remaining balance of approximately $741,000 of offering and organization costs to be reimbursed to the Sponsor. |
Unit Capital
Unit Capital | 6 Months Ended |
Jun. 30, 2016 | |
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. As of June 30, 2016, the Company recorded a liability in the amount of $1,331,000 for the estimated future amount of Class C distribution fee payable. The estimated liability is calculated based on a net asset value per unit of $9.025 using a discount rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. As of June 30, 2016 the Class A and I units have a net asset value per unit of $8.53 and the Class C units have a net asset value per unit of $8.22. The following table is a summary unit activity during the six months ended June 30, 2016: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2015 the Period the Period 2016 Class A units 9,709,153 2,887,158 (523,798 ) 12,072,513 Class C units 1,073,599 3,206,824 — 4,280,423 Class I units 5,443,616 919,522 — 6,363,138 Total 16,226,368 7,013,504 (523,798 ) 22,716,074 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, 2016, the Company processed 14 repurchase requests for a total of 523,798 units at a repurchase price of $9.025 per unit. As of June 30, 2016, 8 of the repurchase requests for a total of 12,814 units or $115,650 were pending. These repurchase requests were completed by the Company on July 8, 2016. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2016 January 19, 2016 $ 0.00197268 $ 590,074 $ 421,766 $ 1,011,840 February 29, 2016 February 19, 2016 $ 0.00197268 592,036 427,352 1,019,388 March 31, 2016 March 28, 2016 $ 0.00197268 675,639 482,207 1,157,846 April 30, 2016 April 19, 2016 $ 0.00197268 654,356 506,242 1,160,598 May 31, 2016 May 6, 2016 $ 0.00197268 715,936 554,319 1,270,255 June 30, 2016 June 21, 2016 $ 0.00197268 731,881 561,652 1,293,533 Total for 2016 $ 3,959,922 $ 2,953,538 $ 6,913,460 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015. 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, 2016 2015 Per unit data (1): Net proceeds before offering costs (2) $ 9.025 $ 9.025 Offering costs (0.493 ) (0.476 ) Net Proceeds after offering costs 8.532 8.549 Net investment income 0.361 0.357 Net change in unrealized depreciation on investments (0.003 ) — Distributions (0.358 ) (0.357 ) Net change in distribution fee payable (0.059 ) — Net increase/(decrease) in net assets (0.059 ) — Net asset value at end of period 8.473 8.549 Total return based on net asset value (3)(4) 4.19 % 4.18 % Net assets at end of period $ 192,478,148 $ 84,413,298 Units Outstanding at end of period 22,716,074 9,873,705 Ratio/Supplemental data (annualized) (4)(5): Ratio of net investment income to average net assets 8.40 % 8.36 % Ratio of net operating expenses to average net assets 1.39 % 2.53 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2016 and 2015 which were 19,314,130 and 8,461,156. 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, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows; total return: 2.31% and 2.32%, ratio of net investment income/(loss); 4.60% and 4.64%, and ratio of operating expenses to average net assets: 5.16% and 6.25%. 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, 2016 | |
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, 2016, except as discussed below. Distributions On July 19, 2016, 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, 2016. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee with respect to Class C units). On August 1, 2016, $775,535 of these distributions were paid in cash and on July 31, 2016, $630,142 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan. Status of the Offering Subsequent to June 30, 2016 through August 10, 2016, the Company sold approximately 2,033,300 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $19,313,000 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, 2016 through August 10, 2016, the Company funded approximately $43.0 million in new investments and received proceeds from repayment of investments of approximately $17.4 million. Agreements On August 11, 2016, 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, 2016, including management and incentive fees earned by the Advisor during the quarter ended June 30, 2016. For additional information refer to Notes 2 and 5. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies . 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, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2016. 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 2015. 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, 2016 and 2015 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 generally 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. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan, 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. At June 30, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $3,427,842 or 2.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status amounted to approximately $161,700 and $304,400, respectively, for the three and six months ended June 30, 2016. |
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. Certain investments may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. 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. |
Distribution Fee and Out-of-Period Adjustment | Distribution Fee and Out-of-Period Adjustment The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due. In prior periods, the Company has been recording the fees as a periodic charge to equity as they are incurred. Starting in the three months period ended June 30, 2016, the Company has determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At June 30, 2016, the estimated unpaid distribution fee amounts to $1,331,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial. |
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, 2016, 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, 2016 and 2015. |
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, 2016 and December 31, 2015. 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 December 31, 2016. Through June 30, 2016, 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 11, 2016, 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, 2016. Since the inception of the Company through June 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $7,697,700 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,916,500 of expenses, which have been accrued by the Sponsor as of June 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does 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. While the Company has raised over $200 million of gross proceeds in the primary offering as of June 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ended June 30, 2016 because any reimbursement would have caused the Company’s net assets value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2016. 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. In addition, as of June 30, 2016, all the Company’s investment are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar. At June 30, 2016, the Company’s investment portfolio included 27 companies and was comprised of $9,470,380 or 5.8% in a senior secured term loan, $40,137,329 or 24.8% in senior secured term loan participations, $92,324,782 or 57.0% in senior secured trade finance participations, and $20,000,000 or 12.4% in a short term note and a bridge loan. The Company’s largest loan by value was $17,000,000 or 10.5% of total investments. The Company’s 5 largest loans by value comprised 44.0% of the Company’s portfolio at June 30, 2016. Participation in loans amounted to 81.8% of the Company’s total portfolio at June 30, 2016. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of June 30, 2016, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan $ 9,470,380 $ 9,470,380 5.8 % Senior secured term loan participations 40,455,753 40,137,329 24.8 % Senior secured trade finance participations 92,383,859 92,324,782 57.0 % Short term note and bridge loan 20,000,000 20,000,000 12.4 % Total investments $ 162,309,992 $ 161,932,491 100.0 % As of December 31, 2015, the Company’s investments consisted of the following: Amortized Fair Percentage Cost Value of Total Senior secured term loan $ 5,474,534 $ 5,474,534 5.4 % Senior secured term loan participations 18,802,666 18,484,242 18.3 % Senior secured trade finance participations 77,069,328 77,069,328 76.3 % Total investments $ 101,346,528 $ 101,028,104 100.0 % |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value as of June 30, 2016 and December 31, 2015, was as follows: As of June 30, 2016 As of December 31, 2015 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 32,681,576 20.1 % $ 27,452,576 27.2 % Cash Grains — — 4,275,182 4.2 % Coal and Other Minerals and Ores 3,853,428 2.4 % — — Commercial Fishing 611,529 0.4 % 1,756,243 1.7 % Communications Equipment 4,994,532 3.1 % 5,918,086 5.9 % Construction Materials — — 181,943 0.2 % Consumer Products 9,250,000 5.7 % 8,940,000 8.8 % Electric Services 11,500,000 7.1 % — — Farm Products 3,356,322 2.1 % 2,900,000 2.9 % Fats and Oils 6,000,000 3.7 % 3,100,000 3.1 % Financial Services 15,000,000 9.3 % — — Fertilizer & Agricultural Chemicals 5,078,526 3.1 % 5,750,000 5.7 % Fresh or Frozen Packaged Fish 3,000,000 1.9 % — — Food Products 746,266 0.5 % 667,838 0.7 % Hotels and Motels 17,000,000 10.5 % — — Lumber and Other Construction Materials 4,284,308 2.6 % — — Meat, Poultry & Fish 8,649,871 5.3 % 11,524,816 11.4 % Metals & Mining 2,500,000 1.5 % 2,500,000 2.5 % Packaged Foods & Meats 750,000 0.5 % 1,000,000 1.0 % Primary Nonferrous Metals 3,000,000 1.9 % — — Primary Metal Industries 6,000,000 3.7 % 6,000,000 5.9 % Programing and Data Processing 6,470,380 4.0 % 5,474,534 5.4 % Rental of Railroad Cars 4,570,621 2.8 % — — Textiles, Apparel & Luxury Goods — — 724,219 0.7 % Water Transportation 12,635,132 7.8 % 12,862,666 12.7 % Total $ 161,932,491 100.0 % $ 101,028,104 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2016 and December 31, 2015: As of June 30, 2016 As of December 31, 2015 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 34,500,000 21.2 % $ 27,800,000 27.5 % Brazil 9,151,957 5.7 % 8,156,110 8.1 % Cabo Verde 17,000,000 10.5 % — — Chile 2,356,322 1.5 % 1,900,000 1.9 % Ecuador 3,611,529 2.2 % 1,756,243 1.7 % Ghana 11,500,000 7.1 % — — Guatemala 1,000,000 0.6 % 1,000,000 1.0 % Indonesia 3,000,000 1.9 % — — Italy 4,284,308 2.6 % — — Kenya — — 375,182 0.4 % Mauritius 15,000,000 9.3 % — — Namibia 750,000 0.5 % 1,000,000 1.0 % Nigeria 12,635,132 7.8 % 12,862,666 12.7 % Peru 3,250,000 2.0 % 2,940,000 2.9 % Singapore 15,000,000 9.3 % 10,000,000 9.9 % South Africa 13,961,289 8.6 % 18,837,902 18.6 % Tanzania — — 3,900,000 3.9 % United Kingdom 3,853,428 2.4 % — — Zambia 11,078,526 6.8 % 10,500,000 10.4 % Total $ 161,932,491 100.0 % $ 101,028,104 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 9,470,380 $ — $ — $ 9,470,380 Senior secured term loan participations 40,137,329 — — 40,137,329 Senior secured trade finance participations 92,324,782 — — 92,324,782 Short term note and bridge loan 20,000,000 20,000,000 Total $ 161,932,491 $ — $ — $ 161,932,491 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 5,474,534 $ — $ — $ 5,474,534 Senior secured term loan participations $ 18,484,242 18,484,242 Senior secured trade finance participations 77,069,328 — — 77,069,328 Total $ 101,028,104 $ — $ — $ 101,028,104 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the six months ended June 30, 2016, of investments classified as Level 3: Fair Value at December 31, 2015 Purchases Maturities or Prepayments Amortization Net change in unrealized appreciation (depreciation) Fair Value at June 30, 2016 Senior secured term loan $ 5,474,534 $ 4,415,624 $ (428,246 ) $ 8,468 $ — $ 9,470,380 Senior secured term loan participations 18,484,242 22,470,619 (827,532 ) 10,000 — 40,137,329 Senior secured trade finance participations 77,069,328 70,580,814 (55,266,283 ) — (59,077 ) 92,324,782 Short term note and bridge loan — 20,000,000 — — — 20,000,000 Total $ 101,028,104 $ 117,467,057 $ (56,522,061 ) $ 18,468 $ (59,077 ) $ 161,932,491 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of June 30, 2016, 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, 2016: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 91,578,516 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 746,266 Income approach (DCF) Market yield 15.75% Senior secured term loan $ 9,470,380 Income approach (DCF) Market yield 13.50% Senior secured term loan participations (3) $ 40,137,329 Income approach (DCF) Market yield 15.83% - 17.43% (15.85%) Short term note and bridge loan (4) $ 20,000,000 N/A N/A N/A (1) Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate. (2) Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above. (3) As of June 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had 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 the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. The Company has recently conducted several onsite visits and interviews to corroborate the collateral and as such, continues to believe in the reliability of the collateral and its associated estimated value. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3). (4) These temporary investments have maturities of less than 60 days and are carried at cost. As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations $ 77,069,328 Income approach Market yield 8.89% – 17.50% (12.04%) Senior secured term loan $ 5,474,534 Income approach Market yield 13.50% Senior secured term loan participations $ 15,544,242 Income approach Market yield 15.83% - 17.43%(16.13%) Senior secured term loan participations $ 2,940,000 Collateral based approach Value of collateral N/A |
Unit Capital (Tables)
Unit Capital (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary unit activity during the six months ended June 30, 2016: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2015 the Period the Period 2016 Class A units 9,709,153 2,887,158 (523,798 ) 12,072,513 Class C units 1,073,599 3,206,824 — 4,280,423 Class I units 5,443,616 919,522 — 6,363,138 Total 16,226,368 7,013,504 (523,798 ) 22,716,074 |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2016 January 19, 2016 $ 0.00197268 $ 590,074 $ 421,766 $ 1,011,840 February 29, 2016 February 19, 2016 $ 0.00197268 592,036 427,352 1,019,388 March 31, 2016 March 28, 2016 $ 0.00197268 675,639 482,207 1,157,846 April 30, 2016 April 19, 2016 $ 0.00197268 654,356 506,242 1,160,598 May 31, 2016 May 6, 2016 $ 0.00197268 715,936 554,319 1,270,255 June 30, 2016 June 21, 2016 $ 0.00197268 731,881 561,652 1,293,533 Total for 2016 $ 3,959,922 $ 2,953,538 $ 6,913,460 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the six months ended June 30, 2016 and 2015. 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, 2016 2015 Per unit data (1): Net proceeds before offering costs (2) $ 9.025 $ 9.025 Offering costs (0.493 ) (0.476 ) Net Proceeds after offering costs 8.532 8.549 Net investment income 0.361 0.357 Net change in unrealized depreciation on investments (0.003 ) — Distributions (0.358 ) (0.357 ) Net change in distribution fee payable (0.059 ) — Net increase/(decrease) in net assets (0.059 ) — Net asset value at end of period 8.473 8.549 Total return based on net asset value (3)(4) 4.19 % 4.18 % Net assets at end of period $ 192,478,148 $ 84,413,298 Units Outstanding at end of period 22,716,074 9,873,705 Ratio/Supplemental data (annualized) (4)(5): Ratio of net investment income to average net assets 8.40 % 8.36 % Ratio of net operating expenses to average net assets 1.39 % 2.53 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2016 and 2015 which were 19,314,130 and 8,461,156. 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 $51,034, respectively or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations. 4 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows; total return: 2.31% and 2.32%, ratio of net investment income/(loss); 4.60% and 4.64%, and ratio of operating expenses to average net assets: 5.16% and 6.25%. 5 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o25
Organization and Operations of the Company - Additional Information (Detail) - USD ($) | Jun. 11, 2013 | Feb. 25, 2013 | May 31, 2012 | Jun. 30, 2016 | Jun. 30, 2015 |
Organization And Nature Of Operations [Line Items] | |||||
Aggregate gross proceeds on units purchased | $ 53,849,704 | $ 22,122,508 | |||
Shares purchased under equity transaction | 7,013,504 | ||||
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. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to further extend its current offering to December 31, 2016. Our board has the right to further extend or terminate the Offering at any time. | ||||
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 | $ 26,055,990 | $ 15,090,127 | |||
Shares purchased under equity transaction | 2,887,158 | ||||
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 | 22,161 | ||||
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 | 321,330 | ||||
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, 2016USD ($)Company | Jun. 30, 2016USD ($)Company | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)CompanyLoans | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($)Company | Mar. 31, 2016USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||
Due date for unpaid principal and interest | 90 days | ||||||||
Fair Value | $ 161,932,491 | $ 161,932,491 | $ 161,932,491 | $ 101,028,104 | $ 161,932,491 | ||||
Percentage of investment in loans | 100.00% | 100.00% | |||||||
Number of companies on non-accrual status | Company | 2 | 2 | 2 | 2 | |||||
Unrecorded investment interest income | $ 4,716,749 | $ 2,138,151 | $ 7,966,334 | $ 3,907,017 | |||||
Minimum investment maturity period | 12 months | ||||||||
Distribution fee payable | $ 1,331,000 | 1,331,000 | $ 1,331,000 | $ 1,331,000 | |||||
Tax liability for uncertain tax provision | $ 0 | $ 0 | 0 | $ 0 | |||||
Interest and penalties related to unrecognized tax benefits | $ 0 | ||||||||
Offering termination date | Dec. 31, 2016 | ||||||||
Number of companies included in investment portfolio | Company | 27 | 27 | 27 | 27 | |||||
Largest Loan by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | |||||
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 | 81.80% | ||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 10.50% | ||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 44.00% | ||||||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Expenses paid by the sponsor on behalf of company | 7,697,700 | ||||||||
Expenses accrued by the sponsor on behalf of company | 2,916,500 | 2,916,500 | $ 2,916,500 | 2,916,500 | |||||
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor | $ 200,000,000 | $ 200,000,000 | $ 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. | ||||||||
Earliest tax year [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Open tax year | 2,012 | ||||||||
Class C Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Distribution fee per annum percentage of estimated value per share | 0.80% | 0.80% | 0.80% | 0.80% | |||||
Distribution fee payable | $ 1,331,000 | $ 1,331,000 | $ 1,331,000 | $ 1,331,000 | |||||
Class C Units [Member] | Restatement Adjustment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Distribution fee payable | $ 366,000 | $ 812,000 | |||||||
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] | |||||||||
Maximum anticipated organization and offering expenses | 5.00% | 1.25% | |||||||
Organization and offering reimbursement limit | 15.00% | ||||||||
Percentage of underwriting compensation | 10.00% | ||||||||
Maximum [Member] | TriLinc Global, LLC [Member] | Organization And Offering Costs [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. | ||||||||
Maximum [Member] | Class C Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of cap on underwriting compensation | 10.00% | 10.00% | 10.00% | 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% | ||||||||
Non-Accrual Status [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | $ 3,427,842 | $ 3,427,842 | $ 3,427,842 | $ 3,427,842 | |||||
Percentage of investment in loans | 2.10% | ||||||||
Unrecorded investment interest income | 161,700 | $ 304,400 | |||||||
Senior Secured Term Loan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | [1] | 9,470,380 | 9,470,380 | $ 9,470,380 | $ 5,474,534 | 9,470,380 | |||
Percentage of investment in loans | 5.80% | 5.40% | |||||||
Senior Secured Term Loan [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 5.80% | ||||||||
Senior Secured Term Loan Participations [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | [1] | 40,137,329 | 40,137,329 | $ 40,137,329 | $ 18,484,242 | 40,137,329 | |||
Percentage of investment in loans | 24.80% | 18.30% | |||||||
Senior Secured Term Loan Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 24.80% | ||||||||
Senior Secured Trade Finance Participations [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | [1] | 92,324,782 | 92,324,782 | $ 92,324,782 | $ 77,069,328 | 92,324,782 | |||
Percentage of investment in loans | 57.00% | 76.30% | |||||||
Senior Secured Trade Finance Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 57.00% | ||||||||
Short Term Note and Bridge Loan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | [1] | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||
Percentage of investment in loans | 12.40% | ||||||||
Short Term Note and Bridge Loan [Member] | Investment Concentration [Member] | Investment Portfolio [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 12.40% | ||||||||
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, 2016 | Dec. 31, 2015 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 162,309,992 | $ 101,346,528 | |
Fair Value | $ 161,932,491 | $ 101,028,104 | |
Percentage of Total | 100.00% | 100.00% | |
Senior Secured Term Loan [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 9,470,380 | $ 5,474,534 |
Fair Value | [1] | $ 9,470,380 | $ 5,474,534 |
Percentage of Total | 5.80% | 5.40% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 40,455,753 | $ 18,802,666 |
Fair Value | [1] | $ 40,137,329 | $ 18,484,242 |
Percentage of Total | 24.80% | 18.30% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 92,383,859 | $ 77,069,328 |
Fair Value | [1] | $ 92,324,782 | $ 77,069,328 |
Percentage of Total | 57.00% | 76.30% | |
Short Term Note and Bridge Loan [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 20,000,000 | |
Fair Value | [1] | $ 20,000,000 | |
Percentage of Total | 12.40% | ||
[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) | Jan. 31, 2016USD ($) | Nov. 20, 2015USD ($) | Nov. 06, 2015USD ($) | Oct. 05, 2015USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)SecurityLoan | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jul. 01, 2016 | Apr. 30, 2016USD ($) | Apr. 29, 2016USD ($) | |
Schedule of Investments [Line Items] | |||||||||||||||||
Accrued deferred interest | $ 735,324 | $ 735,324 | $ 393,430 | ||||||||||||||
Fair Value | 161,932,491 | 161,932,491 | 101,028,104 | ||||||||||||||
Funded to senior secured credit purchase | 117,467,057 | $ 58,509,596 | |||||||||||||||
Proceed from repayment of senior secured credit | 56,522,061 | $ 43,352,671 | |||||||||||||||
Net change in unrealized depreciation on investments | (59,077) | ||||||||||||||||
Accrued interest | 5,206,993 | 5,206,993 | 3,580,530 | ||||||||||||||
Fruit & Nut Distributor [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | $ 746,266 | $ 761,684 | $ 746,266 | ||||||||||||||
Annual interest rate charged | 12.00% | 12.00% | |||||||||||||||
Interest on loans amount | $ 29,500 | $ 40,000 | |||||||||||||||
Trade financing participation, principal balance | 805,343 | $ 805,343 | |||||||||||||||
Capitalized accrued interest | $ 152,923 | ||||||||||||||||
Repayment terms | 5 years | ||||||||||||||||
Net change in unrealized depreciation on investments | $ (59,077) | ||||||||||||||||
Debt instrument, periodic principal payment | 15,418 | ||||||||||||||||
Decrease in fair value | 15,418 | $ 15,418 | |||||||||||||||
Farm Supplies Distributor [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | 5,078,526 | 5,078,526 | |||||||||||||||
Trade financing participation, principal balance | 5,078,526 | 5,078,526 | |||||||||||||||
Accrued interest | 1,100,739 | 1,100,739 | |||||||||||||||
Sesame Seed Exporter [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | 1,000,000 | 1,000,000 | |||||||||||||||
Trade financing participation, principal balance | 1,000,000 | 1,000,000 | |||||||||||||||
Accrued interest | 50,333 | 50,333 | |||||||||||||||
Subsequent Event [Member] | Sesame Seed Exporter [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Proceeds from Interest | $ 9,667 | ||||||||||||||||
Senior Secured Term Loan Participations [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | [1] | 40,137,329 | 40,137,329 | $ 18,484,242 | |||||||||||||
Corporacion Prodesa S.R.L. [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Accrued deferred interest | 499,400 | $ 499,400 | |||||||||||||||
Number of loans | SecurityLoan | 2 | ||||||||||||||||
Fair Value | 3,250,000 | $ 3,250,000 | |||||||||||||||
Filled on un payable claim | $ 141,000 | ||||||||||||||||
Amount of claims settled | $ 141,000 | ||||||||||||||||
Amount of principal payment | $ 400,000 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Proceeds from Interest | $ 121,894 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Subsequent Event [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Proceeds from Interest | $ 121,894 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Senior secured term loan | 2,350,000 | 2,350,000 | |||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Credit facility, maximum borrowing capacity | 950,000 | 950,000 | |||||||||||||||
Credit facility, balance | 900,000 | 900,000 | |||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Percentage of partial interest payments | 50.00% | ||||||||||||||||
Investment amount since change in ownership | $ 830,000 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Funded to senior secured credit purchase | $ 190,000 | $ 400,000 | $ 900,000 | ||||||||||||||
Proceed from repayment of senior secured credit | $ 400,000 | ||||||||||||||||
Number of additional draws funded under purchase order facility | SecurityLoan | 4 | ||||||||||||||||
Usivale Industria E Commercio [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | 2,681,576 | $ 2,681,576 | |||||||||||||||
Aggregate principal amount | $ 3,000,000 | $ 3,000,000 | |||||||||||||||
Annual interest rate charged | 17.43% | 17.43% | 12.43% | ||||||||||||||
Interest on loans amount | $ 132,200 | $ 264,400 | |||||||||||||||
Standstill Period | 180 days | ||||||||||||||||
Creditors review period | 30 days | ||||||||||||||||
Usivale Industria E Commercio [Member] | Subsequent Event [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Annual interest rate charged | 12.43% | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Accrued interest receivable period | 300 days | ||||||||||||||||
Trade finance transactions period | 180 days | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade finance transactions period | 60 days | ||||||||||||||||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 161,932,491 | $ 101,028,104 |
Percentage of Total | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 32,681,576 | $ 27,452,576 |
Percentage of Total | 20.10% | 27.20% |
Cash Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,275,182 | |
Percentage of Total | 4.20% | |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,853,428 | |
Percentage of Total | 2.40% | |
Commercial Fishing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 611,529 | $ 1,756,243 |
Percentage of Total | 0.40% | 1.70% |
Communications Equipment [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,994,532 | $ 5,918,086 |
Percentage of Total | 3.10% | 5.90% |
Construction Materials [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 181,943 | |
Percentage of Total | 0.20% | |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,250,000 | $ 8,940,000 |
Percentage of Total | 5.70% | 8.80% |
Electric Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,500,000 | |
Percentage of Total | 7.10% | |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,356,322 | $ 2,900,000 |
Percentage of Total | 2.10% | 2.90% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,000,000 | $ 3,100,000 |
Percentage of Total | 3.70% | 3.10% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | |
Percentage of Total | 9.30% | |
Fertilizer & Agricultural Chemicals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,078,526 | $ 5,750,000 |
Percentage of Total | 3.10% | 5.70% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 746,266 | $ 667,838 |
Percentage of Total | 0.50% | 0.70% |
Fresh or Frozen Packaged Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,000,000 | |
Percentage of Total | 1.90% | |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,649,871 | $ 11,524,816 |
Percentage of Total | 5.30% | 11.40% |
Metals & Mining [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,500,000 | $ 2,500,000 |
Percentage of Total | 1.50% | 2.50% |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,000,000 | |
Percentage of Total | 10.50% | |
Packaged Foods & Meats [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 750,000 | $ 1,000,000 |
Percentage of Total | 0.50% | 1.00% |
Lumber and Other Construction Materials [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,284,308 | |
Percentage of Total | 2.60% | |
Primary Metal Industries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,000,000 | $ 6,000,000 |
Percentage of Total | 3.70% | 5.90% |
Programing and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,470,380 | $ 5,474,534 |
Percentage of Total | 4.00% | 5.40% |
Textiles, Apparel & Luxury Goods [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 724,219 | |
Percentage of Total | 0.70% | |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,635,132 | $ 12,862,666 |
Percentage of Total | 7.80% | 12.70% |
Primary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,000,000 | |
Percentage of Total | 1.90% | |
Rental of Railroad Cars [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,570,621 | |
Percentage of Total | 2.80% |
Investments - Schedule of Inv30
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 161,932,491 | $ 101,028,104 |
Percentage of Total | 100.00% | 100.00% |
Argentina [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 34,500,000 | $ 27,800,000 |
Percentage of Total | 21.20% | 27.50% |
Brazil [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,151,957 | $ 8,156,110 |
Percentage of Total | 5.70% | 8.10% |
Cabo Verde [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,000,000 | |
Percentage of Total | 10.50% | |
Chile [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,356,322 | $ 1,900,000 |
Percentage of Total | 1.50% | 1.90% |
Ecuador [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,611,529 | $ 1,756,243 |
Percentage of Total | 2.20% | 1.70% |
Ghana [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,500,000 | |
Percentage of Total | 7.10% | |
Guatemala [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,000,000 | $ 1,000,000 |
Percentage of Total | 0.60% | 1.00% |
Kenya [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 375,182 | |
Percentage of Total | 0.40% | |
Indonesia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,000,000 | |
Percentage of Total | 1.90% | |
Mauritius [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | |
Percentage of Total | 9.30% | |
Italy [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,284,308 | |
Percentage of Total | 2.60% | |
Namibia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 750,000 | $ 1,000,000 |
Percentage of Total | 0.50% | 1.00% |
Nigeria [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,635,132 | $ 12,862,666 |
Percentage of Total | 7.80% | 12.70% |
Peru [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,250,000 | $ 2,940,000 |
Percentage of Total | 2.00% | 2.90% |
Singapore [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 10,000,000 |
Percentage of Total | 9.30% | 9.90% |
South Africa [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,961,289 | $ 18,837,902 |
Percentage of Total | 8.60% | 18.60% |
Tanzania [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,900,000 | |
Percentage of Total | 3.90% | |
Zambia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,078,526 | $ 10,500,000 |
Percentage of Total | 6.80% | 10.40% |
United Kingdom [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,853,428 | |
Percentage of Total | 2.40% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 161,932,491 | $ 101,028,104 | |
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 161,932,491 | 101,028,104 | |
Senior Secured Term Loan [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 9,470,380 | 5,474,534 |
Senior Secured Term Loan [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 9,470,380 | 5,474,534 | |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 40,137,329 | 18,484,242 |
Senior Secured Term Loan Participations [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 40,137,329 | 18,484,242 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 92,324,782 | 77,069,328 |
Senior Secured Trade Finance Participations [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 92,324,782 | $ 77,069,328 | |
Short Term Note and Bridge Loan [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 20,000,000 | |
Short Term Note and Bridge Loan [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [2] | $ 20,000,000 | |
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||
[2] | These temporary investments have maturities of less than 60 days and are carried at cost. |
Fair Value Measurements - Sum32
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | $ 101,028,104 |
Purchases of investments | 117,467,057 |
Maturities or payments of investments | (56,522,061) |
Amortization of investments | 18,468 |
Net change in unrealized appreciation (depreciation) of investment | (59,077) |
Investment owned at Fair value, ending balance | 161,932,491 |
Senior Secured Term Loan [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | 5,474,534 |
Purchases of investments | 4,415,624 |
Maturities or payments of investments | (428,246) |
Amortization of investments | 8,468 |
Investment owned at Fair value, ending balance | 9,470,380 |
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 | 18,484,242 |
Purchases of investments | 22,470,619 |
Maturities or payments of investments | (827,532) |
Amortization of investments | 10,000 |
Investment owned at Fair value, ending balance | 40,137,329 |
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 | 77,069,328 |
Purchases of investments | 70,580,814 |
Maturities or payments of investments | (55,266,283) |
Net change in unrealized appreciation (depreciation) of investment | (59,077) |
Investment owned at Fair value, ending balance | 92,324,782 |
Short Term Note and Bridge Loan [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Purchases of investments | 20,000,000 |
Investment owned at Fair value, ending balance | $ 20,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | ||||
Realized gains or losses on investments | $ 0 | $ 0 | $ 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, 2016 | Dec. 31, 2015 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 161,932,491 | $ 101,028,104 | ||
Senior Secured Trade Finance Participations [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [1] | 92,324,782 | 77,069,328 | |
Senior Secured Term Loan [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [1] | 9,470,380 | 5,474,534 | |
Senior Secured Term Loan Participations [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [1] | 40,137,329 | 18,484,242 | |
Short Term Note and Bridge Loan [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [1] | 20,000,000 | ||
Level 3 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | 161,932,491 | 101,028,104 | ||
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 | 92,324,782 | 77,069,328 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Cost Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 91,578,516 | ||
Unobservable input | [2] | Recent transactions | ||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 746,266 | [3] | $ 77,069,328 | |
Unobservable input | [3] | Market yield | ||
Range (weighted average) | 12.04% | |||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | 15.75% | [3] | 8.89% | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | 17.50% | |||
Level 3 [Member] | Senior Secured Term Loan [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 9,470,380 | $ 5,474,534 | ||
Level 3 [Member] | Senior Secured Term Loan [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 9,470,380 | $ 5,474,534 | ||
Unobservable input | Market yield | |||
Level 3 [Member] | Senior Secured Term Loan [Member] | Income Approach (DCF) [Member] | Minimum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | 13.50% | 13.50% | ||
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 | $ 40,137,329 | $ 18,484,242 | ||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 40,137,329 | [4] | $ 15,544,242 | |
Unobservable input | [4] | Market yield | ||
Range (weighted average) | 15.85% | [4] | 16.13% | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | 15.83% | [4] | 15.83% | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | 17.43% | [4] | 17.43% | |
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 | $ 2,940,000 | |||
Level 3 [Member] | Short Term Note and Bridge Loan [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [5] | $ 20,000,000 | ||
Unobservable input | [5] | N/A | ||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||
[2] | Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate. | |||
[3] | Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above. | |||
[4] | As of June 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had 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 the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. The Company has recently conducted several onsite visits and interviews to corroborate the collateral and as such, continues to believe in the reliability of the collateral and its associated estimated value. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3). | |||
[5] | These temporary investments have maturities of less than 60 days and are carried at cost. |
Fair Value Measurements - Sum35
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Maximum [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Temporary investments maturity period | 60 days |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | Feb. 19, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||||||
Advisor earned management fees | $ 973,916 | $ 424,187 | $ 1,790,242 | $ 785,935 | |||
Advisor earned incentive fees | 745,727 | 327,310 | 1,396,075 | 604,490 | |||
Due to affiliates | 602,303 | 602,303 | $ 602,303 | $ 472,057 | |||
Due from affiliates | 2,731,776 | $ 2,731,776 | 2,731,776 | 1,874,932 | |||
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% | ||||||
Asset management fee payable quarterly, percentage | 0.50% | ||||||
Asset management fee payable annually, percentage | 2.00% | ||||||
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% | ||||||
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 | 0 | ||
Advisor earned management fees | 973,916 | 424,187 | 1,790,242 | 785,935 | |||
Advisor earned incentive fees | 745,727 | 327,310 | 1,396,075 | 604,490 | |||
TriLinc Global, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to affiliates | 602,303 | 602,303 | 602,303 | 472,057 | |||
Due from affiliates | 2,731,776 | 2,731,776 | 2,731,776 | $ 1,874,932 | |||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 1,203,324 | 627,668 | 3,117,668 | 1,346,933 | |||
Expenses paid by the sponsor on behalf of company | 7,697,700 | ||||||
Expenses accrued by the sponsor on behalf of company | 2,916,500 | 2,916,500 | 2,916,500 | ||||
Due to affiliates | 10,614,200 | 10,614,200 | 10,614,200 | ||||
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor | 200,000,000 | 200,000,000 | $ 200,000,000 | ||||
SC Distributors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payable of dealer manager fees | 490,920 | 250,664 | 968,619 | 437,838 | |||
Payable of selling commissions | $ 1,728,026 | $ 755,454 | $ 3,361,414 | $ 1,324,500 |
Organization and Offering Cos37
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 6 Months Ended | 50 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 11,203,416 | $ 11,203,416 | $ 7,822,366 | |
Reimbursement of offering costs incurred by Sponsor | 3,381,050 | $ 1,258,224 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 3,250,804 | 1,236,903 | ||
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 11,709,000 | 11,709,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 1,942,000 | 1,132,000 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 3,381,050 | $ 1,258,224 | ||
Reimbursement of organization costs incurred by Sponsor | 11,203,400 | |||
Remaining balance of offering and organization costs to be reimbursed to the Sponsor | $ 741,000 | $ 741,000 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | Jun. 11, 2014 | Jun. 30, 2016 | Dec. 31, 2015 |
Capital Unit [Line Items] | |||
Distribution fee payable | $ 1,331,000 | ||
Net assets value per unit | $ 8.473 | $ 8.543 | |
Estimated net assets value per unit | $ 9.025 | ||
Distribution fee payable, discount rate | 4.00% | ||
Percentage of Total | 5.00% | ||
Held Units For Minimum year | 1 year | ||
Class C Units [Member] | |||
Capital Unit [Line Items] | |||
Distribution fee payable | $ 1,331,000 | ||
Net assets value per unit | $ 8.22 | ||
Class A Units [Member] | |||
Capital Unit [Line Items] | |||
Net assets value per unit | 8.53 | ||
Class I Units [Member] | |||
Capital Unit [Line Items] | |||
Net assets value per unit | $ 8.53 | ||
Fourteen Repurchase Requests Unit | |||
Capital Unit [Line Items] | |||
Repurchase of Aggregate units | 523,798 | ||
Repurchase Price Per unit | $ 9.025 | ||
Eight Repurchase Requests Unit | |||
Capital Unit [Line Items] | |||
Repurchase of Aggregate units | 12,814 | ||
Units repurchased during period value | $ 115,650 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) | 6 Months Ended |
Jun. 30, 2016shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 16,226,368 |
Units Issued During the Period | 7,013,504 |
Units Repurchased During the Period | (523,798) |
Units Outstanding, Ending Balance | 22,716,074 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 9,709,153 |
Units Issued During the Period | 2,887,158 |
Units Repurchased During the Period | (523,798) |
Units Outstanding, Ending Balance | 12,072,513 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 1,073,599 |
Units Issued During the Period | 3,206,824 |
Units Outstanding, Ending Balance | 4,280,423 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 5,443,616 |
Units Issued During the Period | 919,522 |
Units Outstanding, Ending Balance | 6,363,138 |
Distributions - Summary Of Dist
Distributions - Summary Of Distributions Paid (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 3,959,922 | $ 2,024,271 |
Distributions Reinvested | 2,953,538 | |
Total Declared | $ 6,913,460 | |
January 31, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 19, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 590,074 | |
Distributions Reinvested | 421,766 | |
Total Declared | $ 1,011,840 | |
February 29, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 19, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 592,036 | |
Distributions Reinvested | 427,352 | |
Total Declared | $ 1,019,388 | |
March 31, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 28, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 675,639 | |
Distributions Reinvested | 482,207 | |
Total Declared | $ 1,157,846 | |
April 30, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Apr. 19, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 654,356 | |
Distributions Reinvested | 506,242 | |
Total Declared | $ 1,160,598 | |
May 31, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 6, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 715,936 | |
Distributions Reinvested | 554,319 | |
Total Declared | $ 1,270,255 | |
June 30, 2016 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 21, 2016 | |
Daily Rate Per Unit | $ 0.00197268 | |
Cash Distributions | $ 731,881 | |
Distributions Reinvested | 561,652 | |
Total Declared | $ 1,293,533 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||||||
Net proceeds before offering costs | $ 9.025 | $ 9.025 | ||||
Offering costs | (0.493) | (0.476) | ||||
Net Proceeds after offering costs | 8.532 | 8.549 | ||||
Net investment income | $ 0.18 | $ 0.18 | 0.361 | 0.357 | ||
Net change in unrealized depreciation on investments | (0.003) | |||||
Distributions | (0.358) | (0.357) | ||||
Net change in distribution fee payable | (0.059) | |||||
Net increase/(decrease) in net assets | (0.059) | |||||
Net asset value at end of period | $ 8.473 | $ 8.549 | $ 8.473 | $ 8.549 | ||
Total return based on net asset value | 4.19% | 4.18% | ||||
Net assets at end of period | $ 192,478,148 | $ 84,413,298 | $ 192,478,148 | $ 84,413,298 | $ 138,620,607 | $ 62,289,992 |
Units Outstanding at end of period | 22,716,074 | 9,873,705 | 22,716,074 | 9,873,705 | 16,226,368 | |
Ratio/Supplemental data (annualized): | ||||||
Ratio of net investment income to average net assets | 8.40% | 8.36% | ||||
Ratio of net operating expenses to average net assets | 1.39% | 2.53% |
Financial Highlights - Schedu42
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2013 | |
Schedule Of Financial Highlights [Line Items] | |||||||
Weighted average units outstanding | 20,811,419 | 9,110,508 | 19,314,130 | 8,461,156 | |||
Contributions from Sponsor | $ 31,750 | $ 51,034 | $ 51,034 | ||||
Total return based on net asset value | 4.19% | 4.18% | |||||
Ratio of net investment income/(loss) to average net assets | 8.40% | 8.36% | |||||
Ratio of net operating expenses to average net assets | 1.39% | 2.53% | |||||
Responsibility Agreement [Member] | |||||||
Schedule Of Financial Highlights [Line Items] | |||||||
Total return based on net asset value | 2.31% | 2.32% | |||||
Ratio of net investment income/(loss) to average net assets | 4.60% | 4.64% | |||||
Ratio of net operating expenses to average net assets | 5.16% | 6.25% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Aug. 01, 2016 | Jul. 19, 2016 | Aug. 10, 2016 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2013 | Jul. 31, 2016 |
Subsequent Event [Line Items] | |||||||||
Cash paid for distributions | $ 3,959,922 | $ 2,024,271 | |||||||
Units Issued During the Period | 7,013,504 | ||||||||
Gross proceeds from issuance of units | $ 60,335,497 | $ 22,404,774 | |||||||
Contribution from Sponsor | $ 31,750 | $ 51,034 | $ 51,034 | ||||||
Class A Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 2,887,158 | ||||||||
Offering price per unit | $ 10 | ||||||||
Class C Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 3,206,824 | ||||||||
Offering price per unit | $ 9.576 | ||||||||
Class I Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Units Issued During the Period | 919,522 | ||||||||
Offering price per unit | $ 9.186 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends distribution declared date | Jul. 19, 2016 | ||||||||
Dividends declared per unit | $ 0.00197268 | ||||||||
Cash paid for distributions | $ 775,535 | ||||||||
Reinvestment under distribution reinvestment plan | $ 630,142 | ||||||||
Units Issued During the Period | 2,033,300 | ||||||||
Gross proceeds from issuance of units | $ 19,313,000 | ||||||||
Funded new investments | 43,000,000 | ||||||||
Proceeds from repayment of investments | $ 17,400,000 | ||||||||
Subsequent Event [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend distribution period | Jul. 1, 2016 | ||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend distribution period | Jul. 31, 2016 |