Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 10, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Class A Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,242,645 | |
Class C Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,370,085 | |
Class I Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,403,858 | |
Class W Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Class Y Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 896,608 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $312,423,713 and $203,854,890, respectively) | $ 312,364,636 | $ 203,795,813 |
Cash | 10,859,240 | 44,790,312 |
Interest receivable | 9,629,592 | 6,866,432 |
Due from affiliates (see Note 5) | 4,063,517 | 3,175,656 |
Prepaid expenses | 108,390 | 50,122 |
Total assets | 337,025,375 | 258,678,335 |
LIABILITIES | ||
Due to unitholders | 1,181,228 | 934,805 |
Management fee payable | 1,658,315 | 1,166,147 |
Incentive fee payable | 574,501 | |
Notes payable | 17,360,000 | 1,635,000 |
Unit repurchases payable | 1,964,876 | 2,158,255 |
Due to affiliates (see Note 5) | 68,312 | |
Accrued distribution and other fees | 1,961,000 | 1,907,000 |
Other payables | 255,431 | 52,901 |
Total liabilities | 24,955,351 | 7,922,420 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 312,070,024 | 250,755,915 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,079,531) | (14,543,691) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 153,867,563 | 131,351,882 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 162,281,834 | 138,912,711 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 70,346,638 | 56,156,722 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 74,193,251 | 59,498,965 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 85,480,126 | 63,247,311 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 90,161,060 | $ 66,887,930 |
Class Y Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 2,375,697 | |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 2,513,410 |
Consolidated Statements of Ass3
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Investments owned, amortized cost | $ 312,423,713 | $ 203,854,890 | ||
Net assets, per unit | $ 8.507 | $ 8.469 | ||
Net assets, units outstanding | 36,914,426 | 29,607,381 | 26,372,641 | |
Class A Units [Member] | ||||
Net assets, per unit | $ 8.507 | $ 8.529 | $ 8.527 | |
Net assets, units outstanding | 18,185,979 | 15,391,991 | ||
Class C Units [Member] | ||||
Net assets, per unit | $ 8.507 | 8.267 | 8.527 | |
Net assets, units outstanding | 8,313,782 | 6,803,985 | ||
Class Y Units [Member] | ||||
Net assets, per unit | $ 8.507 | 8.527 | ||
Net assets, units outstanding | 297,643 | 0 | ||
Class I Units [Member] | ||||
Net assets, per unit | $ 8.507 | $ 8.529 | $ 8.527 | |
Net assets, units outstanding | 10,117,022 | 7,411,405 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
INVESTMENT INCOME | ||||
Interest income | $ 9,659,965 | $ 6,356,418 | $ 23,039,392 | $ 14,322,752 |
Interest from cash | 82,008 | 58,767 | 331,827 | 215,016 |
Total investment income | 9,741,973 | 6,415,185 | 23,371,219 | 14,537,768 |
EXPENSES | ||||
Management fees | 1,658,314 | 1,122,904 | 4,721,832 | 2,913,146 |
Incentive fees | 1,447,154 | 971,204 | 3,276,012 | 2,367,279 |
Professional fees | 254,790 | 150,309 | 923,991 | 692,004 |
General and administrative expenses | 323,273 | 239,075 | 989,505 | 677,190 |
Interest expense | 215,449 | 256,540 | ||
Board of managers fees | 54,375 | 46,875 | 163,125 | 140,625 |
Total expenses | 3,953,355 | 2,530,367 | 10,331,005 | 6,790,244 |
Expense support payment from Sponsor | (872,653) | (622,347) | (3,831,414) | (3,740,015) |
Net expenses | 3,080,702 | 1,908,020 | 6,499,591 | 3,050,229 |
NET INVESTMENT INCOME | 6,661,271 | 4,507,165 | 16,871,628 | 11,487,539 |
Net change in unrealized depreciation on investments | (59,077) | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 6,661,271 | $ 4,507,165 | $ 16,871,628 | $ 11,428,462 |
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED | $ 0.18 | $ 0.20 | $ 0.49 | $ 0.56 |
EARNINGS PER UNITS - BASIC AND DILUTED | $ 0.18 | $ 0.20 | $ 0.49 | $ 0.56 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 36,665,626 | 23,074,683 | 34,744,363 | 20,576,797 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
INCREASE FROM OPERATIONS | ||
Net investment income | $ 16,871,628 | $ 11,487,539 |
Net change in unrealized depreciation on investments | (59,077) | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 16,871,628 | 11,428,462 |
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (18,667,034) | (11,412,104) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Repurchase of units | (6,540,566) | (8,204,619) |
Offering costs | (2,535,840) | (5,322,398) |
Net increase from capital transactions | 63,109,515 | 84,472,354 |
NET INCREASE IN NET ASSETS | 61,314,109 | 84,488,712 |
Net assets at beginning of period | 250,755,915 | 138,620,607 |
Net assets at end of period | 312,070,024 | 223,109,319 |
Class A Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (9,426,222) | (6,224,615) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 27,716,101 | 43,872,717 |
Net assets at beginning of period | 131,351,882 | |
Net assets at end of period | 153,867,563 | |
Class C Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (4,235,682) | (1,848,115) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 13,970,490 | 43,992,197 |
Distribution fee | (54,000) | (1,759,000) |
Net assets at beginning of period | 56,156,722 | |
Net assets at end of period | 70,346,638 | |
Class I Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (4,976,674) | (3,339,374) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 28,009,931 | $ 11,893,457 |
Net assets at beginning of period | 63,247,311 | |
Net assets at end of period | 85,480,126 | |
Class Y Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (28,456) | |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 2,543,399 | |
Net assets at end of period | $ 2,375,697 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 16,871,628 | $ 11,428,462 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES | ||
Purchase of investments | (255,465,273) | (185,153,644) |
Maturity of investments | 148,468,117 | 117,906,927 |
Payment-in-kind interest | (667,792) | |
Net change in unrealized depreciation on investments | 59,077 | |
Accretion of discounts on investments | (903,875) | (204,010) |
Increase in interest receivable | (2,763,160) | (1,493,218) |
Increase in due from affiliates | (887,861) | (851,829) |
Increase in prepaid expenses | (58,268) | (2,916) |
Increase in due to unitholders | 246,423 | 285,021 |
Increase in management and incentive fees payable | 1,066,669 | 1,335,900 |
Increase in other payable | 202,530 | 24,769 |
NET CASH USED IN OPERATING ACTIVITIES | (93,890,862) | (56,665,461) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 63,918,126 | 94,821,463 |
Distributions paid to unitholders | (10,345,239) | (6,475,196) |
Payments of offering costs | (2,604,152) | (5,690,400) |
Repurchase of units | (6,733,945) | (4,727,281) |
Proceeds from issuance of notes payable | 15,725,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 59,959,790 | 77,928,586 |
TOTAL INCREASE (DECREASE) IN CASH | (33,931,072) | 21,263,125 |
Cash at beginning of period | 44,790,312 | 33,246,769 |
Cash at end of period | 10,859,240 | 54,509,894 |
Supplemental information | ||
Cash paid during the period for interest | 57,374 | |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 8,321,794 | 4,936,908 |
Class C Units [Member] | ||
Supplemental non-cash information | ||
Change in accrual of distribution fee | $ 54,000 | $ 1,759,000 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | ||||
Amortized Cost | $ 312,423,713 | $ 203,854,890 | |||
Fair Value | 312,364,636 | 203,795,813 | |||
Programming and Data Processing [Member] | |||||
Fair Value | 14,034,469 | 10,236,013 | |||
Primary Nonferrous Metals [Member] | |||||
Fair Value | 2,372,297 | 3,000,000 | |||
Bulk Fuel Stations and Terminals [Member] | |||||
Fair Value | 16,259,084 | 15,437,474 | |||
Secondary Nonferrous Metals [Member] | |||||
Fair Value | 17,349,626 | 7,649,945 | |||
Personal Credit Institutions [Member] | |||||
Fair Value | 1,479,786 | ||||
Agricultural Products [Member] | |||||
Fair Value | 20,351,296 | 22,851,296 | |||
Water Transportation [Member] | |||||
Fair Value | 13,531,903 | 13,360,620 | |||
Telephone and Telegraph Apparatus [Member] | |||||
Fair Value | 8,322,775 | ||||
Hotels and Motels [Member] | |||||
Fair Value | 15,667,791 | 17,000,000 | |||
Consumer Products [Member] | |||||
Fair Value | 11,080,000 | 9,900,000 | |||
Rental of Railroad Cars [Member] | |||||
Fair Value | 3,513,291 | 4,411,650 | |||
Logging [Member] | |||||
Fair Value | 3,700,000 | ||||
Street Construction [Member] | |||||
Fair Value | 12,218,917 | 14,927,195 | |||
Chemicals and Allied Products [Member] | |||||
Fair Value | 15,000,000 | ||||
Metals & Mining [Member] | |||||
Fair Value | 6,566,481 | 2,234,145 | |||
Meat, Poultry & Fish [Member] | |||||
Fair Value | 9,000,000 | 9,675,717 | |||
Land Subdividers and Developers [Member] | |||||
Fair Value | 14,874,108 | ||||
Fats and Oils [Member] | |||||
Fair Value | 12,000,000 | 6,000,000 | |||
Farm Products [Member] | |||||
Fair Value | 2,780,194 | 3,142,480 | |||
Fresh or Frozen Packaged Fish [Member] | |||||
Fair Value | 2,087,005 | 5,037,134 | |||
Electric Services [Member] | |||||
Fair Value | 11,500,000 | 19,500,000 | |||
Petroleum and Petroleum Products [Member] | |||||
Fair Value | 30,500,000 | ||||
Soap, Detergents, and Cleaning [Member] | |||||
Fair Value | 1,511,446 | 2,000,000 | |||
Packaged Foods & Meats [Member] | |||||
Fair Value | 500,000 | 500,000 | |||
Food Products [Member] | |||||
Fair Value | 1,236,274 | 740,690 | |||
Groceries and Related Products [Member] | |||||
Fair Value | 1,476,825 | 11,195,862 | |||
Commercial Fishing [Member] | |||||
Fair Value | 437,814 | 1,058,273 | |||
Coal and Other Minerals and Ores [Member] | |||||
Fair Value | 30,933,254 | 6,574,351 | |||
Primary Metal Industries [Member] | |||||
Fair Value | 6,000,000 | 6,000,000 | |||
Freight Transportation Arrangement [Member] | |||||
Fair Value | 15,000,000 | ||||
Drugs, Proprietaries, and Sundries [Member] | |||||
Fair Value | 1,080,000 | ||||
Financial Services [Member] | |||||
Fair Value | $ 10,000,000 | ||||
Miscellaneous Plastics Products [Member] | |||||
Fair Value | 161,018 | ||||
Communications Equipment [Member] | |||||
Fair Value | 6,111,941 | ||||
Fertilizer & Agricultural Chemicals [Member] | |||||
Fair Value | $ 5,078,526 | ||||
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Maturity | May 15, 2017 | May 15, 2017 | |||
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||
Amortized Cost | $ 152,923 | $ 152,923 | |||
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Maturity | Oct. 27, 2016 | ||||
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Maturity | Oct. 25, 2015 | ||||
Amortized Cost | $ 4,100,000 | ||||
Morocco [Member] | Scrap Metal Recycler [Member] | |||||
Principal Amount | 7,349,626 | ||||
Senior Secured Term Loan [Member] | |||||
Amortized Cost | [1] | 62,845,636 | 28,673,487 | ||
Fair Value | [1] | $ 62,845,636 | $ 28,673,487 | ||
% of Net Assets | [1] | 20.20% | 11.40% | ||
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | |||||
Interest | [1],[2] | 13.50% | 13.50% | ||
Fees | [1],[2],[3] | 2.00% | 2.00% | ||
Maturity | [1],[2],[4] | Oct. 31, 2019 | Oct. 31, 2019 | ||
Principal Amount | [1],[2] | $ 14,066,706 | $ 10,292,686 | ||
Amortized Cost | [1],[2] | 14,034,469 | 10,236,013 | ||
Fair Value | [1],[2] | $ 14,034,469 | $ 10,236,013 | ||
% of Net Assets | [1],[2] | 4.50% | 4.00% | ||
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member] | |||||
Interest | [1],[5] | 12.00% | 12.00% | ||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||
Maturity | [1],[4],[5] | Jun. 30, 2020 | Jun. 30, 2020 | ||
Principal Amount | [1],[5] | $ 2,372,297 | $ 3,000,000 | ||
Amortized Cost | [1],[5] | 2,372,297 | 3,000,000 | ||
Fair Value | [1],[5] | $ 2,372,297 | $ 3,000,000 | ||
% of Net Assets | [1],[5] | 0.80% | 1.20% | ||
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||||
Interest | [1],[5] | 12.00% | |||
Fees | [1],[3],[5] | 0.00% | |||
Maturity | [1],[4],[5] | Jun. 30, 2020 | |||
Principal Amount | [1],[5] | $ 15,000,000 | |||
Amortized Cost | [1],[5] | 15,000,000 | |||
Fair Value | [1],[5] | $ 15,000,000 | |||
% of Net Assets | [1],[5] | 4.80% | |||
Senior Secured Term Loan [Member] | Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | |||||
Interest | [1],[7] | 11.50% | [6] | 11.50% | |
Fees | [1],[3],[7] | 0.00% | [6] | 0.00% | |
Maturity | [1],[4],[7] | Aug. 1, 2019 | [6] | Aug. 1, 2019 | |
Principal Amount | [1],[7] | $ 15,000,000 | [6] | $ 15,000,000 | |
Participation % | [1],[7],[8] | 30.00% | |||
Amortized Cost | [1],[7] | 16,259,084 | [6] | $ 15,437,474 | |
Fair Value | [1],[7] | $ 16,259,084 | [6] | $ 15,437,474 | |
% of Net Assets | [1],[7] | 5.20% | [6] | 6.20% | |
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||
Interest | [1],[5] | 12.00% | |||
Fees | [1],[3],[5] | 0.00% | |||
Maturity | [1],[4],[5] | Jun. 22, 2021 | |||
Principal Amount | [1],[5] | $ 10,000,000 | |||
Amortized Cost | [1],[5] | 10,000,000 | |||
Fair Value | [1],[5] | $ 10,000,000 | |||
% of Net Assets | [1],[5] | 3.20% | |||
Senior Secured Term Loan [Member] | Columbia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member] | |||||
Interest | [1],[2] | 11.50% | |||
Fees | [1],[2],[3] | 0.00% | |||
Maturity | [1],[2],[4] | Aug. 1, 2021 | |||
Principal Amount | [1],[2] | $ 1,479,786 | |||
Amortized Cost | [1],[2] | 1,479,786 | |||
Fair Value | [1],[2] | $ 1,479,786 | |||
% of Net Assets | [1],[2] | 0.50% | |||
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||
Interest | [1],[9] | 11.50% | |||
Fees | [1],[3],[9] | 0.00% | |||
Maturity | [1],[4],[9] | Feb. 10, 2021 | |||
Principal Amount | [1],[9] | $ 3,700,000 | |||
Amortized Cost | [1],[9] | 3,700,000 | |||
Fair Value | [1],[9] | $ 3,700,000 | |||
% of Net Assets | [1],[9] | 1.20% | |||
Senior Secured Term Loan Participations [Member] | |||||
Amortized Cost | [1] | $ 105,081,088 | $ 58,450,761 | ||
Fair Value | [1] | $ 105,081,088 | $ 58,450,761 | ||
% of Net Assets | [1] | 33.60% | 23.30% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Interest | [1],[10] | 12.43% | 12.43% | ||
Fees | [1],[3],[10] | 0.00% | 0.00% | ||
Maturity | [1],[4],[10] | Feb. 28, 2021 | Feb. 28, 2021 | ||
Principal Amount | [1],[10] | $ 2,851,296 | $ 2,851,296 | ||
Participation % | [1],[8],[10] | 100.00% | 100.00% | ||
Amortized Cost | [1],[10] | $ 2,851,296 | $ 2,851,296 | ||
Fair Value | [1],[10] | $ 2,851,296 | $ 2,851,296 | ||
% of Net Assets | [1],[10] | 0.90% | 1.10% | ||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member] | |||||
Interest | [1],[6] | 11.00% | |||
Fees | [1],[3],[6] | 0.00% | |||
Principal Amount | [1],[6] | $ 5,332,336 | |||
Participation % | [1],[6],[8] | 100.00% | |||
Amortized Cost | [1],[6] | $ 5,332,336 | |||
Fair Value | [1],[6] | $ 5,332,336 | |||
% of Net Assets | [1],[6] | 1.70% | |||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | PT Titan Mining Indonesia [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member] | |||||
Interest | [1],[5] | 18.00% | 18.00% | ||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||
Maturity | [1],[4],[5] | Nov. 22, 2019 | Nov. 22, 2019 | ||
Principal Amount | [1],[5] | $ 12,273,000 | $ 15,000,000 | ||
Participation % | [1],[5],[8] | 100.00% | 75.00% | ||
Amortized Cost | [1],[5] | $ 12,218,917 | $ 14,927,195 | ||
Fair Value | [1],[5] | $ 12,218,917 | $ 14,927,195 | ||
% of Net Assets | [1],[5] | 3.90% | 6.00% | ||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member] | |||||
Maturity | [1],[4],[6] | Mar. 5, 2018 | |||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member] | |||||
Maturity | [1],[4],[6] | Jun. 8, 2020 | |||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Fees | [1],[3] | 0.00% | [11] | 0.00% | [12] |
Maturity | [1],[4],[11] | Jul. 28, 2021 | |||
Principal Amount | [1] | $ 5,080,000 | [11] | $ 3,900,000 | [12] |
Participation % | [1],[8] | 100.00% | [11] | 100.00% | [12] |
Amortized Cost | [1] | $ 5,080,000 | [11] | $ 3,900,000 | [12] |
Fair Value | [1] | $ 5,080,000 | [11] | $ 3,900,000 | [12] |
% of Net Assets | [1] | 1.60% | [11] | 1.60% | [12] |
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Interest | [1] | 12.00% | [11] | 11.50% | [12] |
Maturity | [1],[4],[12] | Dec. 22, 2016 | |||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||
Interest | [1] | 13.00% | [11] | 13.50% | [12] |
Maturity | [1],[4],[12] | Jul. 5, 2017 | |||
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],[5] | 13.50% | 13.50% | ||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||
Maturity | [1],[4],[5] | Aug. 21, 2021 | Aug. 21, 2021 | ||
Principal Amount | [1],[5] | $ 15,667,791 | $ 17,000,000 | ||
Participation % | [1],[5],[8] | 100.00% | 100.00% | ||
Amortized Cost | [1],[5] | $ 15,667,791 | $ 17,000,000 | ||
Fair Value | [1],[5] | $ 15,667,791 | $ 17,000,000 | ||
% of Net Assets | [1],[5] | 5.00% | 6.80% | ||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||
Interest | [1],[13] | 16.42% | |||
Fees | [1],[3],[13] | 0.80% | |||
Maturity | [1],[4],[13] | Sep. 16, 2020 | |||
Principal Amount | [1],[13] | $ 13,591,070 | |||
Participation % | [1],[8],[13] | 100.00% | |||
Amortized Cost | [1],[13] | $ 13,531,903 | |||
Fair Value | [1],[13] | $ 13,531,903 | |||
% of Net Assets | [1],[13] | 4.30% | |||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||
Interest | [1],[13] | 15.80% | |||
Fees | [1],[3],[13] | 0.80% | |||
Maturity | [1],[4],[13] | Sep. 16, 2020 | |||
Principal Amount | [1],[13] | $ 13,434,786 | |||
Participation % | [1],[8],[13] | 100.00% | |||
Amortized Cost | [1],[13] | $ 13,360,620 | |||
Fair Value | [1],[13] | $ 13,360,620 | |||
% of Net Assets | [1],[13] | 5.30% | |||
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member] | |||||
Interest | [1],[5] | 12.00% | 12.00% | ||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||
Maturity | [1],[4],[5] | Jan. 31, 2020 | Jan. 31, 2020 | ||
Principal Amount | [1],[5] | $ 3,513,291 | $ 4,411,650 | ||
Participation % | [1],[5],[8] | 84.00% | 98.00% | ||
Amortized Cost | [1],[5] | $ 3,513,291 | $ 4,411,650 | ||
Fair Value | [1],[5] | $ 3,513,291 | $ 4,411,650 | ||
% of Net Assets | [1],[5] | 1.10% | 1.80% | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||
Interest | [1],[14] | 12.50% | |||
Fees | [1],[3],[14] | 0.00% | |||
Maturity | [1],[4],[14] | Aug. 15, 2021 | |||
Principal Amount | [1],[14] | $ 15,000,000 | |||
Participation % | [1],[8],[14] | 100.00% | |||
Amortized Cost | [1],[14] | $ 14,874,108 | |||
Fair Value | [1],[14] | $ 14,874,108 | |||
% of Net Assets | [1],[14] | 4.80% | |||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | |||||
Interest | [1],[5] | 12.00% | |||
Fees | [1],[3],[5] | 0.00% | |||
Maturity | [1],[4],[5] | Aug. 10, 2021 | |||
Principal Amount | [1],[5] | $ 15,500,000 | |||
Participation % | [1],[5],[8] | 100.00% | |||
Amortized Cost | [1],[5] | $ 15,500,000 | |||
Fair Value | [1],[5] | $ 15,500,000 | |||
% of Net Assets | [1],[5] | 5.00% | |||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||
Interest | [1],[5] | 11.00% | 11.00% | ||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||
Maturity | [1],[4],[5] | Nov. 16, 2019 | Nov. 16, 2019 | ||
Principal Amount | [1],[5] | $ 1,511,446 | $ 2,000,000 | ||
Participation % | [1],[5],[8] | 15.00% | 16.00% | ||
Amortized Cost | [1],[5] | $ 1,511,446 | $ 2,000,000 | ||
Fair Value | [1],[5] | $ 1,511,446 | $ 2,000,000 | ||
% of Net Assets | [1],[5] | 0.50% | 0.80% | ||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||
Interest | [1],[5] | 12.80% | |||
Fees | [1],[3],[5] | 0.00% | |||
Maturity | [1],[4],[5] | Mar. 31, 2023 | |||
Principal Amount | [1],[5] | $ 15,000,000 | |||
Participation % | [1],[5],[8] | 59.00% | |||
Amortized Cost | [1],[5] | $ 15,000,000 | |||
Fair Value | [1],[5] | $ 15,000,000 | |||
% of Net Assets | [1],[5] | 4.80% | |||
Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1] | $ 119,496,989 | $ 116,730,642 | ||
Fair Value | [1] | $ 119,437,912 | $ 116,671,565 | ||
% of Net Assets | [1] | 38.30% | 46.50% | ||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Interest | [1],[6] | 10.00% | |||
Fees | [1],[3],[6] | 0.00% | |||
Principal Amount | [1],[6] | $ 8,322,775 | |||
Participation % | [1],[6],[8] | 72.00% | |||
Amortized Cost | [1],[6] | $ 8,322,775 | |||
Fair Value | [1],[6] | $ 8,322,775 | |||
% of Net Assets | [1],[6] | 2.70% | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||
Interest | [1],[15] | 9.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Principal Amount | [1],[15] | $ 15,000,000 | |||
Participation % | [1],[8],[15] | 100.00% | |||
Amortized Cost | [1],[15] | $ 15,000,000 | |||
Fair Value | [1],[15] | $ 15,000,000 | |||
% of Net Assets | [1],[15] | 4.80% | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||
Interest | [1],[6] | 10.00% | |||
Fees | [1],[3],[6] | 0.00% | |||
Principal Amount | [1],[6] | $ 13,600,000 | |||
Participation % | [1],[6],[8] | 100.00% | |||
Amortized Cost | [1],[6] | $ 13,600,000 | |||
Fair Value | [1],[6] | $ 13,600,000 | |||
% of Net Assets | [1],[6] | 4.40% | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Maturity | [1],[4],[6] | Oct. 29, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||
Maturity | [1],[4],[15] | Jan. 4, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||
Maturity | [1],[4],[6] | Nov. 16, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Maturity | [1],[4],[6] | Dec. 28, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||
Maturity | [1],[4],[15] | Feb. 19, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||
Maturity | [1],[4],[6] | Dec. 6, 2017 | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Interest | [1],[6] | 17.50% | 17.50% | ||
Fees | [1],[3],[6] | 0.00% | 0.00% | ||
Maturity | [1],[4],[6] | Sep. 28, 2017 | |||
Principal Amount | [1],[6] | $ 1,234,145 | $ 2,234,145 | ||
Participation % | [1],[6],[8] | 11.00% | 22.00% | ||
Amortized Cost | [1],[6] | $ 1,234,145 | $ 2,234,145 | ||
Fair Value | [1],[6] | $ 1,234,145 | $ 2,234,145 | ||
% of Net Assets | [1],[6] | 0.40% | 0.90% | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member] | |||||
Interest | [1],[15] | 14.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | May 19, 2017 | |||
Principal Amount | [1],[15] | $ 675,717 | |||
Participation % | [1],[8],[15] | 40.00% | |||
Amortized Cost | [1],[15] | $ 675,717 | |||
Fair Value | [1],[15] | $ 675,717 | |||
% of Net Assets | [1],[15] | 0.30% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||
Interest | [1] | 12.00% | [16] | 12.00% | [17] |
Fees | [1],[3] | 0.00% | [16] | 0.00% | [17] |
Maturity | [1],[4] | May 22, 2015 | [16] | May 22, 2015 | [17] |
Principal Amount | [1] | $ 785,806 | [16] | $ 799,767 | [17] |
Participation % | [1],[8] | 13.00% | [16] | 18.00% | [17] |
Amortized Cost | [1] | $ 785,806 | [16] | $ 799,767 | [17] |
Fair Value | [1] | $ 726,729 | [16] | $ 740,690 | [17] |
% of Net Assets | [1] | 0.20% | [16] | 0.30% | [17] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Fees | [1],[3],[15] | 0.00% | |||
Principal Amount | [1],[15] | $ 6,111,941 | |||
Participation % | [1],[8],[15] | 23.00% | |||
Amortized Cost | [1],[15] | $ 6,111,941 | |||
Fair Value | [1],[15] | $ 6,111,941 | |||
% of Net Assets | [1],[15] | 2.40% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Maturity | [1],[4],[6] | Jun. 15, 2016 | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Interest | [1],[15] | 12.00% | |||
Maturity | [1],[4],[15] | May 21, 2017 | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||
Maturity | [1],[4],[6] | Aug. 15, 2016 | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||
Interest | [1],[15] | 13.00% | |||
Maturity | [1],[4],[15] | Nov. 20, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||
Interest | [1],[18] | 9.00% | [19] | 9.00% | |
Fees | [1],[3],[18] | 0.00% | [19] | 0.00% | |
Maturity | [1],[4],[18] | Dec. 31, 2017 | [19] | Jul. 16, 2017 | |
Principal Amount | [1],[18] | $ 12,500,000 | [19] | $ 10,000,000 | |
Participation % | [1],[8],[18] | 83.00% | [19] | 67.00% | |
Amortized Cost | [1],[18] | $ 12,500,000 | [19] | $ 10,000,000 | |
Fair Value | [1],[18] | $ 12,500,000 | [19] | $ 10,000,000 | |
% of Net Assets | [1],[18] | 4.00% | [19] | 4.00% | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Interest | [1],[18] | 10.67% | [20] | 10.67% | [21] |
Fees | [1],[3],[18] | 0.00% | [20] | 0.00% | [21] |
Maturity | [1],[4],[18] | Sep. 30, 2018 | [20] | Jul. 29, 2017 | [21] |
Principal Amount | [1],[18] | $ 6,000,000 | [20] | $ 6,000,000 | [21] |
Participation % | [1],[8],[18] | 17.00% | [20] | 17.00% | [21] |
Amortized Cost | [1],[18] | $ 6,000,000 | [20] | $ 6,000,000 | [21] |
Fair Value | [1],[18] | $ 6,000,000 | [20] | $ 6,000,000 | [21] |
% of Net Assets | [1],[18] | 1.90% | [20] | 2.40% | [21] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member] | |||||
Interest | [1],[6] | 11.50% | 11.50% | ||
Fees | [1],[3],[6] | 0.00% | 0.00% | ||
Maturity | [1],[4],[6] | Nov. 29, 2017 | Nov. 29, 2017 | ||
Principal Amount | [1],[6] | $ 9,000,000 | $ 9,000,000 | ||
Participation % | [1],[6],[8] | 32.00% | 32.00% | ||
Amortized Cost | [1],[6] | $ 9,000,000 | $ 9,000,000 | ||
Fair Value | [1],[6] | $ 9,000,000 | $ 9,000,000 | ||
% of Net Assets | [1],[6] | 2.90% | 3.60% | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Interest | [1],[6] | 8.75% | |||
Fees | [1],[3],[6] | 0.00% | 0.00% | ||
Principal Amount | [1],[6] | $ 12,000,000 | $ 6,000,000 | ||
Participation % | [1],[6],[8] | 100.00% | 100.00% | ||
Amortized Cost | [1],[6] | $ 12,000,000 | $ 6,000,000 | ||
Fair Value | [1],[6] | $ 12,000,000 | $ 6,000,000 | ||
% of Net Assets | [1],[6] | 3.80% | 2.40% | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Interest | [1],[6] | 8.75% | |||
Maturity | [1],[4],[6] | Aug. 31, 2017 | Oct. 15, 2016 | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||
Interest | [1],[6] | 9.00% | |||
Maturity | [1],[4],[6] | Feb. 22, 2018 | Dec. 15, 2016 | ||
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member] | |||||
Interest | [1],[6] | 12.00% | 12.00% | ||
Fees | [1],[3],[6] | 0.00% | 0.00% | ||
Maturity | [1],[4],[6] | Oct. 29, 2017 | Oct. 29, 2017 | ||
Principal Amount | [1],[6] | $ 500,000 | $ 500,000 | ||
Participation % | [1],[6],[8] | 25.00% | 26.00% | ||
Amortized Cost | [1],[6] | $ 500,000 | $ 500,000 | ||
Fair Value | [1],[6] | $ 500,000 | $ 500,000 | ||
% of Net Assets | [1],[6] | 0.20% | 0.20% | ||
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | |||||
Interest | [1],[18] | 10.90% | 10.90% | ||
Fees | [1],[3],[18] | 0.00% | 0.00% | ||
Maturity | [1],[4],[18] | Mar. 4, 2018 | Dec. 11, 2016 | ||
Principal Amount | [1],[18] | $ 1,326,687 | $ 2,234,915 | ||
Participation % | [1],[8],[18] | 100.00% | 100.00% | ||
Amortized Cost | [1],[18] | $ 1,326,687 | $ 2,234,915 | ||
Fair Value | [1],[18] | $ 1,326,687 | $ 2,234,915 | ||
% of Net Assets | [1],[18] | 0.40% | 0.90% | ||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member] | |||||
Interest | [1],[18] | 9.25% | 9.25% | ||
Fees | [1],[3],[18] | 0.00% | 0.00% | ||
Principal Amount | [1],[18] | $ 2,087,005 | $ 5,037,134 | ||
Participation % | [1],[8],[18] | 62.00% | 46.00% | ||
Amortized Cost | [1],[18] | $ 2,087,005 | $ 5,037,134 | ||
Fair Value | [1],[18] | $ 2,087,005 | $ 5,037,134 | ||
% of Net Assets | [1],[18] | 0.70% | 2.00% | ||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | |||||
Interest | [1],[18] | 9.00% | 9.00% | ||
Fees | [1],[3],[18] | 0.00% | 0.00% | ||
Maturity | [1],[4],[18] | Aug. 18, 2018 | Jun. 19, 2017 | ||
Principal Amount | [1],[18] | $ 437,814 | $ 1,058,273 | ||
Participation % | [1],[8],[18] | 100.00% | 100.00% | ||
Amortized Cost | [1],[18] | $ 437,814 | $ 1,058,273 | ||
Fair Value | [1],[18] | $ 437,814 | $ 1,058,273 | ||
% of Net Assets | [1],[18] | 0.10% | 0.40% | ||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Minimum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member] | |||||
Maturity | [1],[4],[18] | Sep. 4, 2018 | Jun. 6, 2017 | ||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Maximum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member] | |||||
Maturity | [1],[4],[18] | Oct. 22, 2018 | Jul. 24, 2017 | ||
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||
Interest | [1],[15] | 11.50% | [22] | 11.50% | |
Fees | [1],[3],[15] | 0.00% | [22] | 0.00% | |
Principal Amount | [1],[15] | $ 11,500,000 | [22] | $ 19,500,000 | |
Participation % | [1],[8],[15] | 47.00% | [22] | 49.00% | |
Amortized Cost | [1],[15] | $ 11,500,000 | [22] | $ 19,500,000 | |
Fair Value | [1],[15] | $ 11,500,000 | [22] | $ 19,500,000 | |
% of Net Assets | [1],[15] | 3.70% | [22] | 7.80% | |
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Minimum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||
Maturity | [1],[4],[15] | Feb. 21, 2018 | [22] | Mar. 10, 2017 | |
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Maximum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||
Maturity | [1],[4],[15] | Jun. 1, 2018 | [22] | Oct. 9, 2017 | |
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member] | |||||
Interest | [1],[18] | 13.00% | 13.00% | ||
Fees | [1],[3],[18] | 0.00% | 0.00% | ||
Principal Amount | [1],[18] | $ 6,000,000 | $ 6,000,000 | ||
Participation % | [1],[8],[18] | 86.00% | 86.00% | ||
Amortized Cost | [1],[18] | $ 6,000,000 | $ 6,000,000 | ||
Fair Value | [1],[18] | $ 6,000,000 | $ 6,000,000 | ||
% of Net Assets | [1],[18] | 1.90% | 2.40% | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Fees | [1],[3],[23] | 0.00% | |||
Principal Amount | [1],[23] | $ 5,078,526 | |||
Participation % | [1],[8],[23] | 24.00% | |||
Amortized Cost | [1],[23] | $ 5,078,526 | |||
Fair Value | [1],[23] | $ 5,078,526 | |||
% of Net Assets | [1],[23] | 2.00% | |||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member] | |||||
Maturity | [1],[4],[18] | Aug. 14, 2017 | Aug. 14, 2017 | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Interest | [1],[23] | 12.08% | |||
Maturity | [1],[4],[23] | Oct. 7, 2015 | |||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member] | |||||
Maturity | [1],[4],[18] | Sep. 2, 2017 | Sep. 2, 2017 | ||
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Interest | [1],[23] | 12.50% | |||
Maturity | [1],[4],[23] | May 3, 2016 | |||
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member] | |||||
Interest | [1] | 12.00% | [24] | 12.00% | [25] |
Fees | [1],[3] | 0.00% | [24] | 0.00% | [25] |
Maturity | [1],[4] | Mar. 31, 2016 | [24] | Mar. 31, 2016 | [25] |
Principal Amount | [1] | $ 907,565 | [24] | $ 907,565 | [25] |
Participation % | [1],[8] | 24.00% | [24] | 24.00% | [25] |
Amortized Cost | [1] | $ 907,565 | [24] | $ 907,565 | [25] |
Fair Value | [1] | $ 907,565 | [24] | $ 907,565 | [25] |
% of Net Assets | [1] | 0.30% | [24] | 0.40% | [25] |
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | |||||
Interest | [1],[15] | 7.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | Feb. 28, 2018 | |||
Principal Amount | [1],[15] | $ 5,000,000 | |||
Participation % | [1],[8],[15] | 12.00% | |||
Amortized Cost | [1],[15] | $ 5,000,000 | |||
Fair Value | [1],[15] | $ 5,000,000 | |||
% of Net Assets | [1],[15] | 1.60% | |||
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||
Interest | [1],[15] | 11.82% | |||
Fees | [1],[3],[15] | 0.00% | 0.00% | ||
Maturity | [1],[4],[15] | Nov. 23, 2017 | |||
Principal Amount | [1],[15] | $ 1,476,825 | $ 11,195,862 | ||
Participation % | [1],[8],[15] | 36.00% | 74.00% | ||
Amortized Cost | [1],[15] | $ 1,476,825 | $ 11,195,862 | ||
Fair Value | [1],[15] | $ 1,476,825 | $ 11,195,862 | ||
% of Net Assets | [1],[15] | 0.50% | 4.50% | ||
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Minimum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||
Interest | [1],[15] | 10.98% | |||
Maturity | [1],[4],[15] | Jul. 31, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Maximum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||
Interest | [1],[15] | 11.10% | |||
Maturity | [1],[4],[15] | Nov. 23, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member] | |||||
Interest | [1],[15] | 11.00% | 11.00% | ||
Fees | [1],[3],[15] | 0.00% | 0.00% | ||
Maturity | [1],[4],[15] | Jul. 17, 2018 | Jul. 17, 2017 | ||
Principal Amount | [1],[15] | $ 7,349,626 | $ 7,649,945 | ||
Participation % | [1],[8],[15] | 79.00% | 83.00% | ||
Amortized Cost | [1],[15] | $ 7,349,626 | $ 7,649,945 | ||
Fair Value | [1],[15] | $ 7,349,626 | $ 7,649,945 | ||
% of Net Assets | [1],[15] | 2.40% | 3.10% | ||
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% | 0.00% | ||
Principal Amount | [1],[15] | $ 2,333,254 | $ 6,574,351 | ||
Participation % | [1],[8],[15] | 56.00% | 91.00% | ||
Amortized Cost | [1],[15] | $ 2,333,254 | $ 6,574,351 | ||
Fair Value | [1],[15] | $ 2,333,254 | $ 6,574,351 | ||
% of Net Assets | [1],[15] | 0.70% | 2.60% | ||
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Machinery, Equipment, and Supplies [Member] | Machinery and Equipment Provider [Member] | |||||
Interest | [1],[15] | 12.00% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | Jan. 29, 2017 | |||
Principal Amount | [1],[15] | $ 11,483 | |||
Participation % | [1],[8],[15] | 1.00% | |||
Amortized Cost | [1],[15] | $ 11,483 | |||
Fair Value | [1],[15] | $ 11,483 | |||
% of Net Assets | [1],[15] | 0.00% | |||
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] | 9.50% | 9.43% | ||
Maturity | [1],[4],[15] | Dec. 31, 2017 | Feb. 25, 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] | 10.14% | 9.83% | ||
Maturity | [1],[4],[15] | May 8, 2018 | Dec. 31, 2017 | ||
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Miscellaneous Plastics Products [Member] | Plastic Products Manufacturer [Member] | |||||
Interest | [1],[15] | 11.50% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | Oct. 9, 2017 | |||
Principal Amount | [1],[15] | $ 161,018 | |||
Participation % | [1],[8],[15] | 27.00% | |||
Amortized Cost | [1],[15] | $ 161,018 | |||
Fair Value | [1],[15] | $ 161,018 | |||
% of Net Assets | [1],[15] | 0.10% | |||
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member] | |||||
Interest | [1],[18] | 9.00% | |||
Fees | [1],[3],[18] | 0.00% | |||
Principal Amount | [1],[18] | $ 509,545 | |||
Participation % | [1],[8],[18] | 100.00% | |||
Amortized Cost | [1],[18] | $ 509,545 | |||
Fair Value | [1],[18] | $ 509,545 | |||
% of Net Assets | [1],[18] | 0.20% | |||
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member] | |||||
Maturity | [1],[4],[18] | Feb. 3, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member] | |||||
Maturity | [1],[4],[18] | Jul. 26, 2018 | |||
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Other Investments [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member] | |||||
Interest | [1],[18] | 14.60% | |||
Fees | [1],[3],[18] | 0.00% | |||
Maturity | [1],[4],[18] | Jan. 30, 2018 | |||
Principal Amount | [1],[18] | $ 1,080,000 | |||
Participation % | [1],[8],[18] | 60.00% | |||
Amortized Cost | [1],[18] | $ 1,080,000 | |||
Fair Value | [1],[18] | $ 1,080,000 | |||
% of Net Assets | [1],[18] | 0.30% | |||
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member] | |||||
Interest | [1],[15] | 11.30% | |||
Fees | [1],[3],[15] | 0.00% | |||
Principal Amount | [1],[15] | $ 545,942 | |||
Participation % | [1],[8],[15] | 50.00% | |||
Amortized Cost | [1],[15] | $ 545,942 | |||
Fair Value | [1],[15] | $ 545,942 | |||
% of Net Assets | [1],[15] | 0.20% | |||
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member] | |||||
Maturity | [1],[4],[15] | Dec. 31, 2017 | |||
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member] | |||||
Maturity | [1],[4],[15] | Feb. 28, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member] | |||||
Interest | [1],[15],[26] | 11.50% | |||
Fees | [1],[3],[15],[26] | 0.00% | |||
Maturity | [1],[4],[15],[26] | Jul. 2, 2017 | |||
Principal Amount | [1],[15],[26] | $ 10,000,000 | |||
Participation % | [1],[8],[15],[26] | 25.00% | |||
Amortized Cost | [1],[15],[26] | $ 10,000,000 | |||
Fair Value | [1],[15],[26] | $ 10,000,000 | |||
% of Net Assets | [1],[15],[26] | 4.00% | |||
Short Term Notes [Member] | |||||
Amortized Cost | $ 25,000,000 | ||||
Fair Value | 25,000,000 | ||||
Short Term Notes [Member] | Investment Fund [Member] | |||||
Amortized Cost | [1] | 25,000,000 | |||
Fair Value | [1] | $ 25,000,000 | |||
Short Term Notes [Member] | United Kingdom [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | |||||
Interest | [1],[15] | 8.88% | |||
Fees | [1],[3],[15] | 0.00% | |||
Maturity | [1],[4],[15] | Jan. 31, 2018 | |||
Principal Amount | [1],[15] | $ 15,000,000 | |||
Participation % | [1],[8],[15] | 16.00% | |||
Amortized Cost | [1],[15] | $ 15,000,000 | |||
Fair Value | [1],[15] | $ 15,000,000 | |||
% of Net Assets | [1],[15] | 4.80% | |||
Short Term Notes [Member] | Cayman Islands [Member] | Other Investments [Member] | Financial Services [Member] | |||||
Interest | [1],[27] | 7.50% | |||
Fees | [1],[3],[27] | 0.00% | |||
Maturity | [1],[4],[27] | Feb. 28, 2018 | |||
Principal Amount | [1],[27] | $ 10,000,000 | |||
Amortized Cost | [1],[27] | 10,000,000 | |||
Fair Value | [1],[27] | $ 10,000,000 | |||
% of Net Assets | [1],[27] | 3.20% | |||
[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. | ||||
[5] | Principal and interest paid quarterly. | ||||
[6] | Quarterly interest only payment. Principal due at maturity. | ||||
[7] | This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly. | ||||
[8] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | ||||
[9] | One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017. | ||||
[10] | Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||
[11] | In connection with a restructure of the underlying facilities, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information. | ||||
[12] | While the original maturity date for the $750,000 warrant facility was 2/15/2015, the maturity date was extended to 12/22/2016 in connection with a restructure of the underlying facility. While the original maturity date for the $1,750,000 inventory facility was 9/30/2016, the maturity date was extended to 12/31/2020 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information. | ||||
[13] | 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. | ||||
[14] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | ||||
[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 September 30, 2017. Refer to Note 3 for additional information. | ||||
[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. 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 December 31, 2016. Refer to Note 3 for additional information. | ||||
[18] | Monthly interest only payment. Principal due at maturity. | ||||
[19] | While the original maturity date was 7/18/2017, the maturity date was extended to 12/31/2017 during August 2017 to account for the delays in shipments. | ||||
[20] | While the original maturity date was 7/29/2017, the maturity date was extended to 09/30/2018 during August 2017 to assist in facilitating a strategic sale of the borrower. | ||||
[21] | While the original maturity date was 10/27/2016, the maturity date was extended to 7/29/2017 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information. | ||||
[22] | While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. | ||||
[23] | $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information. | ||||
[24] | Refer to Note 3 for additional information. This investment was placed on non-accrual on July 1, 2017. | ||||
[25] | Refer to Note 3 for additional information. | ||||
[26] | The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia. | ||||
[27] | Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity. |
Consolidated Schedule of Inves8
Consolidated Schedule of Investments (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | ||||
Amortized Cost | $ 312,423,713 | $ 203,854,890 | |||
Senior Secured Term Loan [Member] | |||||
Amortized Cost | [1] | 62,845,636 | 28,673,487 | ||
Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1] | $ 119,496,989 | $ 116,730,642 | ||
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% | |||
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 | $ 152,923 | |||
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Maturity | [1],[3] | May 22, 2015 | [2] | May 22, 2015 | [4] |
Amortized Cost | [1] | $ 785,806 | [2] | $ 799,767 | [4] |
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member] | |||||
Extended maturity date | Jul. 28, 2021 | Dec. 31, 2020 | |||
Maturity | Sep. 30, 2016 | ||||
Amortized Cost | $ 1,750,000 | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Warrant Facility [Member] | |||||
Extended maturity date | Dec. 22, 2016 | ||||
Maturity | Feb. 15, 2015 | ||||
Amortized Cost | $ 750,000 | ||||
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | |||||
Entire principal amount | $ 18,462,024 | $ 18,462,024 | |||
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | Senior Secured Term Loan [Member] | |||||
Maturity | [1],[3],[6] | Aug. 1, 2019 | [5] | Aug. 1, 2019 | |
Amortized Cost | [1],[6] | $ 16,259,084 | [5] | $ 15,437,474 | |
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||
Extended maturity date | Feb. 28, 2021 | Feb. 28, 2021 | |||
Maturity | May 15, 2017 | May 15, 2017 | |||
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||
Entire principal amount | $ 2,143,500 | ||||
Principal and interest starting date | Feb. 15, 2020 | ||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | |||||
Maturity | [1],[3],[7] | Feb. 10, 2021 | |||
Amortized Cost | [1],[7] | $ 3,700,000 | |||
Principal and accrued interest payment description | One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017. | ||||
Original drawdown date | Aug. 10, 2017 | ||||
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||
Extended maturity date | Jul. 29, 2017 | ||||
Maturity | Oct. 27, 2016 | ||||
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Maturity | [1],[3],[8] | Sep. 30, 2018 | [9] | Jul. 29, 2017 | [10] |
Amortized Cost | [1],[8] | $ 6,000,000 | [9] | $ 6,000,000 | [10] |
Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Maturity | [1],[3],[8] | Dec. 31, 2017 | [11] | Jul. 16, 2017 | |
Amortized Cost | [1],[8] | $ 12,500,000 | [11] | $ 10,000,000 | |
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1],[12] | $ 11,500,000 | [13] | $ 19,500,000 | |
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||
Maturity | [1],[3],[12] | Feb. 21, 2018 | [13] | Mar. 10, 2017 | |
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||
Maturity | [1],[3],[12] | Jun. 1, 2018 | [13] | Oct. 9, 2017 | |
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | |||||
Maturity | Oct. 25, 2015 | ||||
Amortized Cost | $ 4,100,000 | ||||
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1],[14] | $ 5,078,526 | |||
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||
Maturity | [1],[3],[14] | Oct. 7, 2015 | |||
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||
Maturity | [1],[3],[14] | May 3, 2016 | |||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||||
[2] | 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 September 30, 2017. Refer to Note 3 for additional information. | ||||
[3] | 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. | ||||
[4] | 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 December 31, 2016. Refer to Note 3 for additional information. | ||||
[5] | Quarterly interest only payment. Principal due at maturity. | ||||
[6] | This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly. | ||||
[7] | One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017. | ||||
[8] | Monthly interest only payment. Principal due at maturity. | ||||
[9] | While the original maturity date was 7/29/2017, the maturity date was extended to 09/30/2018 during August 2017 to assist in facilitating a strategic sale of the borrower. | ||||
[10] | While the original maturity date was 10/27/2016, the maturity date was extended to 7/29/2017 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information. | ||||
[11] | While the original maturity date was 7/18/2017, the maturity date was extended to 12/31/2017 during August 2017 to account for the delays in shipments. | ||||
[12] | Principal and interest paid at maturity. | ||||
[13] | While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. | ||||
[14] | $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information. |
Organization and Operations of
Organization and Operations of the Company | 9 Months Ended |
Sep. 30, 2017 | |
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, which the Company defines as those business having less than 500 employees, 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, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet the Company’s technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. 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 Securities and Exchange Commission (“SEC”). Our business strategy is to generate competitive financial returns and positive economic, social and environmental impact by providing financing to SMEs, which we define as those business having less than 500 employees, primarily in developing economies. To a lesser extent, we may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. We generally expect that such investments will have similar investment characteristics as SMEs as defined by us. Our style of investment is referred to as impact investing, which J.P. Morgan Global Research and Rockefeller Foundation in a 2010 report called “an emerging alternative asset class” and defined as investing with the intent to create positive impact beyond financial return. We believe it is possible to generate competitive financial returns while creating positive, measurable impact. We measure the economic, social and environmental impact of our investments using industry-standard metrics, including the Impact Reporting and Investment Standards. Through our investments in SMEs, we intend to enable job creation and stimulate economic growth. 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. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP. 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 (“FASB”) 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 (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Company created TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage. • TriLinc Global Impact Fund – Asia, Ltd. • TriLinc Global Impact Fund – Latin America, Ltd. • TriLinc Global Impact Fund – Trade Finance, Ltd. • TriLinc Global Impact Fund – African Trade Finance, Ltd. • TriLinc Global Impact Fund – Africa, Ltd. • TriLinc Global Impact Fund – Latin America II, Ltd. • TriLinc Global Impact Fund – African Trade Finance II, Ltd. • TriLinc Global Impact Fund – Latin America III, Ltd. • TriLinc Global Impact Fund – Asia II, Ltd. • TriLinc Global Impact Fund – Asia III, Ltd. • TriLinc Global Impact Fund – African Trade Finance III, Ltd. • TriLinc Global Impact Fund – Cayman, Ltd. Through September 30, 2017, 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 FASB 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, 2016, which was filed with the SEC on March 31, 2017. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2017. 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. Cash Cash consists of demand deposits at a financial institution located in the U.S. 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 which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2017 and 2016 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 September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% 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 as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively, for the three and nine months ended September 30, 2017. 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 cost 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 stated 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, income approach, cost approach, or a combination of these approaches (and any others, 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) and is used less frequently due to the private nature of the Company’s investments. 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value. The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced. To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable: • Macro-economic factors that are relevant to the investment or the underlying obligor • Industry factors that are relevant to the investment or the underlying obligor • Historical and projected financial performance of the obligor based on most recent financial statements • Borrower draw requests and payment track record • Loan covenants, duration and drivers • Performance and condition of the collateral (nature, type and value) that supports the investment • Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback • For participations, the Company’s ownership percentage of the overall facility • Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized 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 and Ongoing Dealer Manager Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, , cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the distribution 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. The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000. Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. 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 September 30, 2017, 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, 2013. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I units and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C unit distribution fee and Class I unit dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus , the , 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 September 30, 2017 and 2016. 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 September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds. As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement. As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units. As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement. Operating Expense Responsibility Agreement On November 10, 2017, 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses. The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. 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 May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements. 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 September 30, 2017, all the Company’s investments 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 September 30, 2017, the Company’s investment portfolio included 43 companies and was comprised of $62,845,636 or 20.2% in senior secured term loans, $105,081,088 or 33.6% in senior secured term loan participations, $119,437,912 or 38.2% in senior secured trade finance participations, and $25,000,000 or 8.0% in short term notes. The Company’s largest loan by value was $16,259,084 or 5.2% of total investments. The Company’s 5 largest loans by value comprised 24.8% of the Company’s portfolio at September 30, 2017. Participation in loans amounted to 71.8% of the Company’s total portfolio at September 30, 2017. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of September 30, 2017, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 62,845,636 $ 62,845,636 20.2 % Senior secured term loan participations 105,081,088 105,081,088 33.6 % Senior secured trade finance participations 119,496,989 119,437,912 38.2 % Short term notes 25,000,000 25,000,000 8.0 % Total investments $ 312,423,713 $ 312,364,636 100.0 % 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 September 30, 2017. In addition, certain of the Company’s investments 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 September 30, 2017 and December 31, 2016 amounted to $2,269,845 and $1,403,416, respectively. The Company’s interest receivable balances at September 30, 2017 and December 31, 2016 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 positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrowers 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 durations 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. Short Term Investments Short term note investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. In the prior periodic reports , the Company included Short Term Investments within the Trade Finance section of the Schedule of Investments. Due to Short Term Investments’ unique characteristics, the Company has determined to present these investments separately. Prodesa As of September 30, 2017, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $3,330,000 and $1,750,000 due under a senior secured purchase order revolving credit facility. The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility. 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. A number of draws and repayments have occurred under this facility. For example, during the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000. On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility. Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized. The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021. The Company has estimated the fair value of the Prodesa loans as of September 30, 2017 at $5,080,000 based on the income valuation approach as further described in Note 4. Usivale In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), with an aggregate principal balance of $3,000,000, 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, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%. 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 was required. The Company placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing. 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 an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively. The Company recorded the $144,390 payment as interest income and started accruing interest on the unpaid principal effective November 10, 2016. As of September 30, 2017, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach). Due to the ongoing volatility, the Company continues to closely monitor sugar prices and the associated impact on Usivale. 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 total balance outstanding of $785,806 of as September 30, 2017. The Distributor’s trade finance participation 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 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made in January 2017. 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 September 30, 2017, 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 interest rate has been fixed at 10%, with quarterly payments against the facility due based upon 50% percent of the Distributor’s quarterly profits. Farm Supplies Distributor The Company had 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 net accrued interest of $550,370 as of June 30, 2017. The Company placed this participation on non-accrual status effective July 1, 2016. In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer had 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government. During the quarter ended September 30, 2017, the Company received a payment from Neria of $6,981,578, which was comprised of the entire principal balance of $5,078,526 and interest of $1,903,052. Accordingly the Company recorded additional interest income of $1,352,682 during the three months ended September 30, 2017. 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 $907,565 and accrued interest of $55,746 as of September 30, 2017. 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 should enable the Exporter to make payments to the Company. However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016, an interest payment of $90,402 in February 2017, an interest payment of $8,388 in July 2017 and an interest payment of $23,014 in October 2017. Additional interest payments are expected in mid-November and before year end, such that the Exporter will be current with all interest payments. The Company has determined that there are sufficient cash flows 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 $907,565 as of September 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017. As of December 31, 2016, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 28,673,487 $ 28,673,487 14.1 % Senior secured term loan participations 58,450,761 58,450,761 28.7 % Senior secured trade finance participations 116,730,642 116,671,565 57.2 % Total investments $ 203,854,890 $ 203,795,813 100.0 % The industry composition of the Company’s portfolio, at fair market value as of September 30, 2017 and December 31, 2016, was as follows: As of September 30, 2017 As of December 31, 2016 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 20,351,296 6.4 % $ 22,851,296 11.2 % Bulk Fuel Stations and Terminals 16,259,084 5.2 % 15,437,474 7.6 % Chemicals and Allied Products 15,000,000 4.8 % — — Coal and Other Minerals and Ores 30,933,254 9.9 % 6,574,351 3.2 % Commercial Fishing 437,814 0.1 % 1,058,273 0.5 % Communications Equipment — 0.0 % 6,111,941 3.0 % Consumer Products 11,080,000 3.5 % 9,900,000 4.9 % Drugs, Proprietaries, and Sundries 1,080,000 0.3 % — — Electric Services 11,500,000 3.7 % 19,500,000 9.6 % Farm Products 2,780,194 0.9 % 3,142,480 1.5 % Fats and Oils 12,000,000 3.8 % 6,000,000 2.9 % Fertilizer & Agricultural Chemicals — 0.0 % 5,078,526 2.5 % Financial services 10,000,000 3.2 % — — Freight Transportation Arrangement 15,000,000 4.8 % — — Fresh or Frozen Packaged Fish 2,087,005 0.7 % 5,037,134 2.5 % Food Products 1,236,274 0.4 % 740,690 0.4 % Groceries and Related Products 1,476,825 0.5 % 11,195,862 5.5 % Hotels and Motels 15,667,791 5.0 % 17,000,000 8.3 % Land Subdividers and Developers 14,874,108 4.8 % — — Logging 3,700,000 1.2 % — — Lumber and Other Construction Materials — 0.0 % 11,483 0.0 % Meat, Poultry & Fish 9,000,000 2.9 % 9,675,717 4.7 % Metals & Mining 6,566,481 2.1 % 2,234,145 1.1 % Miscellaneous Plastics Products — 0.0 % 161,018 0.1 % Packaged Foods & Meats 500,000 0.2 % 500,000 0.2 % Personal Credit Institutions 1,479,786 0.5 % — — Petroleum and Petroleum Products 30,500,000 9.8 % — — Primary Nonferrous Metals 2,372,297 0.8 % 3,000,000 1.5 % Primary Metal Industries 6,000,000 1.9 % 6,000,000 2.9 % Programming and Data Processing 14,034,469 4.5 % 10,236,013 5.0 % Rental of Railroad Cars 3,513,291 1.1 % 4,411,650 2.2 % Secondary Nonferrous Metals 17,349,626 5.6 % 7,649,945 3.8 % Soap, Detergents, and Cleaning 1,511,446 0.5 % 2,000,000 1.0 % Street Construction 12,218,917 3.9 % 14,927,195 7.3 % Telephone and Telegraph Apparatus 8,322,775 2.7 % — — Water Transportation 13,531,903 4.3 % 13,360,620 6.6 % Total $ 312,364,636 100.0 % $ 203,795,813 100.0 % The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2017 and December 31, 2016: As of September 30, 2017 As of December 31, 2016 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 39,500,000 12.7 % $ 31,000,000 15.2 % Brazil 16,885,765 5.4 % 13,087,309 6.4 % Cabo Verde 15,667,791 5.0 % 17,000,000 8.3 % Cayman Islands 10,000,000 3.2 % — — Chile 1,326,687 0.4 % 2,234,915 1.1 % China 10,000,000 3.2 % — — Columbia 1,479,786 0.5 % — — Ecuador 2,524,819 0.8 % 6,095,407 3.0 % Ghana 27,000,000 8.6 % 19,500,000 9.6 % Guatemala 907,565 0.3 % 907,565 0.4 % Hong Kong 36,922,775 11.8 % — — Indonesia 19,923,550 6.4 % 17,927,195 8.8 % Kenya 15,000,000 4.8 % 161,018 0.1 % Malaysia 15,000,000 4.8 % — — Mauritius 6,476,825 2.1 % 11,195,862 5.5 % Morocco 7,349,626 2.4 % 7,649,945 3.8 % Namibia 15,374,108 4.9 % 500,000 0.2 % New Zealand 3,700,000 1.2 % — — Nigeria 13,531,903 4.3 % 13,360,620 6.6 % Peru 21,339,084 6.8 % 19,337,474 9.5 % Singapore - — 10,000,000 4.9 % South Africa 5,474,165 1.8 % 14,174,143 7.0 % United Arab Emirates 1,080,000 0.4 % — — United Kingdom 17,333,254 5.6 % 6,585,834 3.2 % Zambia 7,511,446 2.4 % 13,078,526 6.4 % Uganda 545,942 0.2 % — — Uruguay 509,545 0.2 % — — Total $ 312,364,636 100.0 % $ 203,795,813 100.0 % |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 62,845,636 $ — $ — $ 62,845,636 Senior secured term loan participations 105,081,088 — — 105,081,088 Senior secured trade finance participations 119,437,912 — — 119,437,912 Short term notes 25,000,000 — — 25,000,000 Total $ 312,364,636 $ — $ — $ 312,364,636 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, 2016: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 28,673,487 $ — $ — $ 28,673,487 Senior secured term loan participations $ 58,450,761 58,450,761 Senior secured trade finance participations 116,671,565 — — 116,671,565 Total $ 203,795,813 $ — $ — $ 203,795,813 The following is a reconciliation of activity for the nine months ended September 30, 2017, of investments classified as Level 3: Fair Value at December 31, 2016 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Fair Value at September 30, 2017 Senior secured term loans $ 28,673,487 $ 38,132,590 $ (4,806,488 ) $ 846,047 $ — $ 62,845,636 Senior secured term loan participations 58,450,761 52,742,336 (6,837,629 ) 725,620 — 105,081,088 Senior secured trade finance participations 116,671,565 139,590,347 (136,824,000 ) — — 119,437,912 Short term notes — 25,000,000 — — — 25,000,000 Total $ 203,795,813 $ 255,465,273 $ (148,468,117 ) $ 1,571,667 $ — $ 312,364,636 There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2017 and 2016. As of September 30, 2017, 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 September 30, 2017: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 118,711,183 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 726,729 Income approach (DCF) Market yield 15.75% Senior secured term loans $ 62,845,636 Income approach (DCF) Market yield 11.50% - 13.50% (12.50%) Senior secured term loan participations $ 105,081,088 Income approach (DCF) Market yield 11.50% - 15.70% (13.99%) (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. As of December 31, 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 December 31, 2016: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 115,930,875 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 740,690 Income approach (DCF) Market Yield 15.75% Senior secured term loans $ 28,673,487 Income approach (DCF) Market Yield 11.50% - 13.50% (12.50%) Senior secured term loan participations $ 58,450,761 Income approach (DCF) Market Yield 11.50% - 15.70% (13.99%) (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. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 5. Related Parties Agreements Advisory Agreement On March 3, 2017, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement (the “Advisory Agreement”) until February 25, 2018. Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not 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 that 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 nine months ended September 30, 2017 and 2016. Transactions As discussed in Note 2, for the three months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $872,653 and $622,347, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement. For the nine months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $3,831,414 and $3,740,015, respectively, of the Company’s operating expenses, management fees and incentive fees. For the three months ended September 30, 2017 and 2016, the Advisor earned $1,658,314, and $1,122,904, respectively, in management fees and $1,447,154 and $971,204, respectively, in incentive fees. For the nine months ended September 30, 2017 and 2016, the Advisor earned $4,721,832 and $2,913,946, respectively, in management fees and $3,276,012 and $2,367,279, respectively, in incentive fees. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. As of September 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,063,517 and $3,175,656, 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 of September 30, 2017 and December 31, 2016, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $0 and $68,312, respectively, was due to the Sponsor for reimbursements of offering costs. For the three months ended September 30, 2017 and 2016, the Company paid $3,000 and $577,112, respectively, in dealer manager fees and $4,500 and $1,756,410, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the nine months ended September 30, 2017 and 2016, the Company paid $639,088 and $1,545,731, respectively, in dealer manager fees and $2,469,610 and $5,117,824, 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 Statements of Operations. |
Organization and Offering Costs
Organization and Offering Costs | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of September 30, 2017, the Sponsor has paid approximately $16,828,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $2,504,267 and $3,247,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017 and 2016, the Company paid $2,468,849 and $5,322,398, 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 September 30, 2017, the Company has reimbursed the Sponsor a total of approximately $17,079,500 of offering costs and there is no remaining balance of offering and organization costs due to the Sponsor. The Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units. As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units. As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering costs incurred relating to such private placement and $97,760 remains due and payable. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instruments [Abstract] | |
Promissory Notes | Note 7. Notes Payable The Company notes payable consist of the following: September 30, 2017 December 31, 2016 Outstanding Balance Outstanding Balance Promissory notes $ 1,860,000 $ 1,635,000 Symbiotics facility 10,500,000 - Christian Super promissory note 5,000,000 - Total notes payable $ 17,360,000 $ 1,635,000 Promissory Notes On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates. The Notes issued on October 14, 2016 comprised the first series of the Notes. The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note. On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74%) as determined on their issuance date. The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date. In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC. The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries. Symbiotics Facility On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $39.5 million under the Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding. The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (1.30% as of September 30, 2017) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note. The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019. TGIFC’s obligations under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 (the “Equitable Mortgage”) granting the holders of the Facility Agreement a mortgage over a pro rata amount of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the Equitable Mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement. The Facility Agreement and the Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. Christian Super Promissory Note On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”). The CS Note issued on August 7, 2017 comprised the first series of the CS Notes. The CS Notes have an interest rate of 4.0% per annum plus the one year LIBOR (1.73%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty. TGIFC’s obligations under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under th For the three and nine months ended September 30, 2017, the Company recognized $215,449 and $256,540, respectively, in interest expense. The Company did not incur any interest expense during the three and nine months periods ended September 30, 2016. |
Unit Capital
Unit Capital | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of September 30, 2017, the Company has five classes of units: Class A, Class C, Class I, Class W and Class Y units, with only Class A, Class C, Class I and Class Y units outstanding. The unit classes have different upfront sales commissions and dealer manager fees and there are ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of September 30, 2017, the Company recorded a liability in the aggregate amount of $1,961,000 for the estimated future amount of Class C unit distribution fee payable and Class I unit dealer manager fee payable. The estimated liability is calculated based on a net asset value per Class C and Class I units of $9.025 with distribution and dealer manager fees of 0.8% and 0.5%, respectively, per annum applied to the net asset value, during the expected period that Class C and Class I units remain outstanding, and discounted using an annual 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. The following table is a summary of unit activity during the nine months ended September 30, 2017: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2016 the Period the Period 2017 Class A units 15,391,991 3,072,172 (278,184 ) 18,185,979 Class C units 6,803,985 1,548,378 (38,581 ) 8,313,782 Class I units 7,411,405 3,113,568 (407,951 ) 10,117,022 Class Y units - 297,643 - 297,643 Total 29,607,381 8,031,761 (724,716 ) 36,914,426 The total of 8,031,761 units issued during the nine months ended September 30, 2017 included 922,746 units issued under the DRP at a value of $8,321,794. As of September 30, 2017, no Class W units have been issued. 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 greater of the unit’s net asset value or $9.025. 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 DRP. 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 nine months ended September 30, 2017, the Company received 98 repurchase requests for a total of 724,716 units at a repurchase price of $9.025 per unit. As of September 30, 2017, 52 of these repurchase requests were pending processing and were completed by the Company between October 5 to October 11, 2017. |
Distributions
Distributions | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Distributions | Note 9. 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 nine months ended September 30, 2017: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2017 January 19, 2017 $ 0.00197808 $ 1,002,022 $ 837,472 $ 1,839,494 February 28, 2017 February 23, 2017 $ 0.00197808 944,453 782,125 1,726,578 March 31, 2017 March 3, 2017 $ 0.00197808 1,114,222 885,439 1,999,661 April 30, 2017 April 18, 2017 $ 0.00197808 1,148,147 929,660 2,077,807 May 31, 2017 May 10, 2017 $ 0.00197808 1,220,942 987,576 2,208,518 June 30, 2017 June 12, 2017 $ 0.00197808 1,194,793 960,134 2,154,927 July 31, 2017 July 11, 2017 $ 0.00197808 1,238,624 986,918 2,225,542 August 31, 2017 August 10, 2017 $ 0.00197808 1,254,262 991,320 2,245,582 September 30, 2017 September 11, 2017 $ 0.00197808 1,227,774 961,150 2,188,924 Total for 2017 $ 10,345,239 $ 8,321,794 $ 18,667,033 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2017 and 2016. Nine Months Ended September 30, September 30, 2017 2016 Per unit data (1): Net asset value at beginning of period $ 8.47 $ 8.54 Net investment income $ 0.49 $ 0.56 Net change in unrealized depreciation on investments $ - $ (0.00 ) Net increase in net assets resulting from operations $ 0.49 $ 0.56 Net change in offering costs $ 0.03 $ (0.02 ) Distributions $ (0.54 ) $ (0.56 ) Net change in accrued distribution and other fees $ 0.01 $ (0.07 ) Net decrease in net assets $ (0.02 ) $ (0.08 ) Net asset value at end of period (2) (3) $ 8.45 $ 8.46 Total return based on net asset value (4)(5) 5.74 % 6.50 % Net assets at end of period $ 312,070,024 $ 223,109,319 Units Outstanding at end of period 36,914,426 26,372,641 Ratio/Supplemental data (annualized) (5)(6): Ratio of net investment income to average net assets 7.70 % 8.51 % Ratio of net operating expenses to average net assets 2.96 % 2.27 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2017 and 2016 which were 34,744,363 and 20,576,797. 2 For financial statement reporting purposes under GAAP, as of September 30, 2017, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of September 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.507 for all units. If the Company would have used the same approach for presentation in determining the net asset value as of September 30, 2016, the net asset value per unit would have been $8.527. 3 The reduction in net asset value is due to the Sponsor absorbing less of the Company’s operating expenses. 4 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. 5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 4.43% and 4.38%, ratio of net investment income; 5.95% and 5.73%, and ratio of operating expenses to average net assets: 4.71% and 5.06%. 6 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 | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2017, except as discussed below. Distributions On October 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from October 1 through October 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units).. On November 1, 2017, $1,257,414 of these distributions were paid in cash and on October 31, 2017, $990,942 were reinvested in units for those unitholders participating in the DRP. On November 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from November 1 through November 30, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 1, 2017. Investments Subsequent to September 30, 2017 through November 10, 2017, the Company funded approximately $19.1 million in new investments and received proceeds from repayment of investments of approximately $16.2 million. Operating Expense Responsibility Agreement On November 10, 2017, 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 September 30, 2017, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2017. For additional information refer to Notes 2 and 5. Mac Z Group SARL The Company has a $9,000,000 trade finance position with Mac Z Group SARL (“Mac Z”), a scrap metal recycler in Morocco. As of September 30, 2017, the outstanding balance on this position is $7,349,626. The primary collateral securing this position is 1,970 tons of copper scrap. In late October, the designated Collateral Manager for Mac Z notified the sub-advisor of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this position. In addition to conducting its investigation, the sub-advisor has issued an Event of Default and is taking steps to enforce the Corporate Guarantee, Personal Guarantee and relevant pledges, which include two insurance policies. The sub-advisor has placed a blocking notice on all of the borrower’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Mac Z has an estimated $12 million in Zinc Ore inventory, which may serve as secondary collateral for this position. The Company is working with the sub-advisor and is investigating the issue. Based on the results of the initial investigation, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company is placing the position on non-accrual effective October 1, 2017 Second Symbiotics Facility Agreement On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer described in Note 7 above. After receiving this second tranche, TGIFS has $20.25 million total outstanding under Symbiotics facility and may request an additional $20 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding. For more information about the Symbiotics facility, please see “Note 7. Notes Payable—Symbiotics Facility.” |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 FASB 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, 2016, which was filed with the SEC on March 31, 2017. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2017. 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. |
Cash | Cash Cash consists of demand deposits at a financial institution located in the U.S. 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 which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2017 and 2016 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 September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% 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 as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively, for the three and nine months ended September 30, 2017. |
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 cost 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 stated 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, income approach, cost approach, or a combination of these approaches (and any others, 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) and is used less frequently due to the private nature of the Company’s investments. 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value. The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced. To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable: • Macro-economic factors that are relevant to the investment or the underlying obligor • Industry factors that are relevant to the investment or the underlying obligor • Historical and projected financial performance of the obligor based on most recent financial statements • Borrower draw requests and payment track record • Loan covenants, duration and drivers • Performance and condition of the collateral (nature, type and value) that supports the investment • Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback • For participations, the Company’s ownership percentage of the overall facility • Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized 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 and Ongoing Dealer Manager Fees | Distribution and Ongoing Dealer Manager Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, , cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the distribution 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. The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000. |
Income Taxes | Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. 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 September 30, 2017, 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, 2013. 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. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I units and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C unit distribution fee and Class I unit dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus , the , |
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 September 30, 2017 and 2016. |
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 September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds. As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement. As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units. As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement. |
Operating Expense Responsibility Agreement | Operating Expense Responsibility Agreement On November 10, 2017, 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses. The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. 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 May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements. |
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 September 30, 2017, all the Company’s investments 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 September 30, 2017, the Company’s investment portfolio included 43 companies and was comprised of $62,845,636 or 20.2% in senior secured term loans, $105,081,088 or 33.6% in senior secured term loan participations, $119,437,912 or 38.2% in senior secured trade finance participations, and $25,000,000 or 8.0% in short term notes. The Company’s largest loan by value was $16,259,084 or 5.2% of total investments. The Company’s 5 largest loans by value comprised 24.8% of the Company’s portfolio at September 30, 2017. Participation in loans amounted to 71.8% of the Company’s total portfolio at September 30, 2017. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of September 30, 2017, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 62,845,636 $ 62,845,636 20.2 % Senior secured term loan participations 105,081,088 105,081,088 33.6 % Senior secured trade finance participations 119,496,989 119,437,912 38.2 % Short term notes 25,000,000 25,000,000 8.0 % Total investments $ 312,423,713 $ 312,364,636 100.0 % As of December 31, 2016, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 28,673,487 $ 28,673,487 14.1 % Senior secured term loan participations 58,450,761 58,450,761 28.7 % Senior secured trade finance participations 116,730,642 116,671,565 57.2 % Total investments $ 203,854,890 $ 203,795,813 100.0 % |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value as of September 30, 2017 and December 31, 2016, was as follows: As of September 30, 2017 As of December 31, 2016 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 20,351,296 6.4 % $ 22,851,296 11.2 % Bulk Fuel Stations and Terminals 16,259,084 5.2 % 15,437,474 7.6 % Chemicals and Allied Products 15,000,000 4.8 % — — Coal and Other Minerals and Ores 30,933,254 9.9 % 6,574,351 3.2 % Commercial Fishing 437,814 0.1 % 1,058,273 0.5 % Communications Equipment — 0.0 % 6,111,941 3.0 % Consumer Products 11,080,000 3.5 % 9,900,000 4.9 % Drugs, Proprietaries, and Sundries 1,080,000 0.3 % — — Electric Services 11,500,000 3.7 % 19,500,000 9.6 % Farm Products 2,780,194 0.9 % 3,142,480 1.5 % Fats and Oils 12,000,000 3.8 % 6,000,000 2.9 % Fertilizer & Agricultural Chemicals — 0.0 % 5,078,526 2.5 % Financial services 10,000,000 3.2 % — — Freight Transportation Arrangement 15,000,000 4.8 % — — Fresh or Frozen Packaged Fish 2,087,005 0.7 % 5,037,134 2.5 % Food Products 1,236,274 0.4 % 740,690 0.4 % Groceries and Related Products 1,476,825 0.5 % 11,195,862 5.5 % Hotels and Motels 15,667,791 5.0 % 17,000,000 8.3 % Land Subdividers and Developers 14,874,108 4.8 % — — Logging 3,700,000 1.2 % — — Lumber and Other Construction Materials — 0.0 % 11,483 0.0 % Meat, Poultry & Fish 9,000,000 2.9 % 9,675,717 4.7 % Metals & Mining 6,566,481 2.1 % 2,234,145 1.1 % Miscellaneous Plastics Products — 0.0 % 161,018 0.1 % Packaged Foods & Meats 500,000 0.2 % 500,000 0.2 % Personal Credit Institutions 1,479,786 0.5 % — — Petroleum and Petroleum Products 30,500,000 9.8 % — — Primary Nonferrous Metals 2,372,297 0.8 % 3,000,000 1.5 % Primary Metal Industries 6,000,000 1.9 % 6,000,000 2.9 % Programming and Data Processing 14,034,469 4.5 % 10,236,013 5.0 % Rental of Railroad Cars 3,513,291 1.1 % 4,411,650 2.2 % Secondary Nonferrous Metals 17,349,626 5.6 % 7,649,945 3.8 % Soap, Detergents, and Cleaning 1,511,446 0.5 % 2,000,000 1.0 % Street Construction 12,218,917 3.9 % 14,927,195 7.3 % Telephone and Telegraph Apparatus 8,322,775 2.7 % — — Water Transportation 13,531,903 4.3 % 13,360,620 6.6 % Total $ 312,364,636 100.0 % $ 203,795,813 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2017 and December 31, 2016: As of September 30, 2017 As of December 31, 2016 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 39,500,000 12.7 % $ 31,000,000 15.2 % Brazil 16,885,765 5.4 % 13,087,309 6.4 % Cabo Verde 15,667,791 5.0 % 17,000,000 8.3 % Cayman Islands 10,000,000 3.2 % — — Chile 1,326,687 0.4 % 2,234,915 1.1 % China 10,000,000 3.2 % — — Columbia 1,479,786 0.5 % — — Ecuador 2,524,819 0.8 % 6,095,407 3.0 % Ghana 27,000,000 8.6 % 19,500,000 9.6 % Guatemala 907,565 0.3 % 907,565 0.4 % Hong Kong 36,922,775 11.8 % — — Indonesia 19,923,550 6.4 % 17,927,195 8.8 % Kenya 15,000,000 4.8 % 161,018 0.1 % Malaysia 15,000,000 4.8 % — — Mauritius 6,476,825 2.1 % 11,195,862 5.5 % Morocco 7,349,626 2.4 % 7,649,945 3.8 % Namibia 15,374,108 4.9 % 500,000 0.2 % New Zealand 3,700,000 1.2 % — — Nigeria 13,531,903 4.3 % 13,360,620 6.6 % Peru 21,339,084 6.8 % 19,337,474 9.5 % Singapore - — 10,000,000 4.9 % South Africa 5,474,165 1.8 % 14,174,143 7.0 % United Arab Emirates 1,080,000 0.4 % — — United Kingdom 17,333,254 5.6 % 6,585,834 3.2 % Zambia 7,511,446 2.4 % 13,078,526 6.4 % Uganda 545,942 0.2 % — — Uruguay 509,545 0.2 % — — Total $ 312,364,636 100.0 % $ 203,795,813 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 62,845,636 $ — $ — $ 62,845,636 Senior secured term loan participations 105,081,088 — — 105,081,088 Senior secured trade finance participations 119,437,912 — — 119,437,912 Short term notes 25,000,000 — — 25,000,000 Total $ 312,364,636 $ — $ — $ 312,364,636 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, 2016: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 28,673,487 $ — $ — $ 28,673,487 Senior secured term loan participations $ 58,450,761 58,450,761 Senior secured trade finance participations 116,671,565 — — 116,671,565 Total $ 203,795,813 $ — $ — $ 203,795,813 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the nine months ended September 30, 2017, of investments classified as Level 3: Fair Value at December 31, 2016 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Fair Value at September 30, 2017 Senior secured term loans $ 28,673,487 $ 38,132,590 $ (4,806,488 ) $ 846,047 $ — $ 62,845,636 Senior secured term loan participations 58,450,761 52,742,336 (6,837,629 ) 725,620 — 105,081,088 Senior secured trade finance participations 116,671,565 139,590,347 (136,824,000 ) — — 119,437,912 Short term notes — 25,000,000 — — — 25,000,000 Total $ 203,795,813 $ 255,465,273 $ (148,468,117 ) $ 1,571,667 $ — $ 312,364,636 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of September 30, 2017, 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 September 30, 2017: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 118,711,183 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 726,729 Income approach (DCF) Market yield 15.75% Senior secured term loans $ 62,845,636 Income approach (DCF) Market yield 11.50% - 13.50% (12.50%) Senior secured term loan participations $ 105,081,088 Income approach (DCF) Market yield 11.50% - 15.70% (13.99%) (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. As of December 31, 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 December 31, 2016: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 115,930,875 Cost Approach Recent transactions N/A Senior secured trade finance participations (2) $ 740,690 Income approach (DCF) Market Yield 15.75% Senior secured term loans $ 28,673,487 Income approach (DCF) Market Yield 11.50% - 13.50% (12.50%) Senior secured term loan participations $ 58,450,761 Income approach (DCF) Market Yield 11.50% - 15.70% (13.99%) (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. |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company notes payable consist of the following: September 30, 2017 December 31, 2016 Outstanding Balance Outstanding Balance Promissory notes $ 1,860,000 $ 1,635,000 Symbiotics facility 10,500,000 - Christian Super promissory note 5,000,000 - Total notes payable $ 17,360,000 $ 1,635,000 |
Summary of Principal Payments Due on Borrowings | The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal payments 2017 $ 1,635,000 2018 225,000 2019 - 2020 10,500,000 2021 5,000,000 $ 17,360,000 |
Unit Capital (Tables)
Unit Capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of unit activity during the nine months ended September 30, 2017: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2016 the Period the Period 2017 Class A units 15,391,991 3,072,172 (278,184 ) 18,185,979 Class C units 6,803,985 1,548,378 (38,581 ) 8,313,782 Class I units 7,411,405 3,113,568 (407,951 ) 10,117,022 Class Y units - 297,643 - 297,643 Total 29,607,381 8,031,761 (724,716 ) 36,914,426 |
Distributions (Tables)
Distributions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 nine months ended September 30, 2017: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2017 January 19, 2017 $ 0.00197808 $ 1,002,022 $ 837,472 $ 1,839,494 February 28, 2017 February 23, 2017 $ 0.00197808 944,453 782,125 1,726,578 March 31, 2017 March 3, 2017 $ 0.00197808 1,114,222 885,439 1,999,661 April 30, 2017 April 18, 2017 $ 0.00197808 1,148,147 929,660 2,077,807 May 31, 2017 May 10, 2017 $ 0.00197808 1,220,942 987,576 2,208,518 June 30, 2017 June 12, 2017 $ 0.00197808 1,194,793 960,134 2,154,927 July 31, 2017 July 11, 2017 $ 0.00197808 1,238,624 986,918 2,225,542 August 31, 2017 August 10, 2017 $ 0.00197808 1,254,262 991,320 2,245,582 September 30, 2017 September 11, 2017 $ 0.00197808 1,227,774 961,150 2,188,924 Total for 2017 $ 10,345,239 $ 8,321,794 $ 18,667,033 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2017 and 2016. Nine Months Ended September 30, September 30, 2017 2016 Per unit data (1): Net asset value at beginning of period $ 8.47 $ 8.54 Net investment income $ 0.49 $ 0.56 Net change in unrealized depreciation on investments $ - $ (0.00 ) Net increase in net assets resulting from operations $ 0.49 $ 0.56 Net change in offering costs $ 0.03 $ (0.02 ) Distributions $ (0.54 ) $ (0.56 ) Net change in accrued distribution and other fees $ 0.01 $ (0.07 ) Net decrease in net assets $ (0.02 ) $ (0.08 ) Net asset value at end of period (2) (3) $ 8.45 $ 8.46 Total return based on net asset value (4)(5) 5.74 % 6.50 % Net assets at end of period $ 312,070,024 $ 223,109,319 Units Outstanding at end of period 36,914,426 26,372,641 Ratio/Supplemental data (annualized) (5)(6): Ratio of net investment income to average net assets 7.70 % 8.51 % Ratio of net operating expenses to average net assets 2.96 % 2.27 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2017 and 2016 which were 34,744,363 and 20,576,797. 2 For financial statement reporting purposes under GAAP, as of September 30, 2017, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of September 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.507 for all units. If the Company would have used the same approach for presentation in determining the net asset value as of September 30, 2016, the net asset value per unit would have been $8.527. 3 The reduction in net asset value is due to the Sponsor absorbing less of the Company’s operating expenses. 4 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 $51,034, respectively or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations. 5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 4.43% and 4.38%, ratio of net investment income; 5.95% and 5.73%, and ratio of operating expenses to average net assets: 4.71% and 5.06%. 6 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o27
Organization and Operations of the Company - Additional Information (Detail) | Jun. 11, 2013USD ($)shares | Feb. 25, 2013USD ($) | May 31, 2012USD ($)shares | Mar. 31, 2017USD ($) | Sep. 30, 2017USD ($)Employeeshares | Sep. 30, 2016USD ($) |
Organization And Nature Of Operations [Line Items] | ||||||
Shares purchased under equity transaction | shares | 8,031,761 | |||||
Offering period, description | The primary offering terminated on March 31, 2017. | |||||
Class A Units [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Aggregate gross proceeds on units purchased | $ 27,716,101 | $ 43,872,717 | ||||
Shares purchased under equity transaction | shares | 3,072,172 | |||||
Offering [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Aggregate gross proceeds on units purchased | $ 1,500,000,000 | |||||
Distribution Reinvestment Plan [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Shares purchased under equity transaction | shares | 922,746 | |||||
Aggregate gross proceeds on units purchased | $ 8,321,794 | |||||
Termination of Primary Offering [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Aggregate gross proceeds on units purchased | $ 361,700,000 | |||||
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Aggregate gross proceeds on units purchased | $ 13,337,000 | |||||
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 | shares | 22,161 | |||||
TriLinc Global, LLC [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Formation date of limited liability company | Apr. 30, 2012 | |||||
Primary offering termination date | Mar. 31, 2017 | |||||
TriLinc Global, LLC [Member] | Class A Units [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Shares purchased under equity transaction | shares | 321,330 | |||||
Aggregate gross proceeds on units purchased | $ 2,900,000 | |||||
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Percentage of ownership | 85.00% | |||||
TriLinc Global, LLC [Member] | Maximum [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Number of employees for investments in SMEs | Employee | 500 | |||||
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Minimum offering requirement | $ 2,000,000 | |||||
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member] | ||||||
Organization And Nature Of Operations [Line Items] | ||||||
Percentage of ownership | 15.00% |
Significant Accounting Polici28
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 65 Months Ended | ||||
Sep. 30, 2017USD ($)Company$ / shares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2017USD ($)CompanyLoans$ / shares | Sep. 30, 2016USD ($)$ / shares | Dec. 31, 2016USD ($)Company$ / shares | Sep. 30, 2017USD ($)Company$ / shares | Mar. 31, 2017$ / shares | ||
Significant Accounting Policies [Line Items] | ||||||||
Prepaid insurance amortization period | 1 year | |||||||
Due date for unpaid principal and interest | 90 days | |||||||
Fair Value | $ 312,364,636 | $ 312,364,636 | $ 203,795,813 | $ 312,364,636 | ||||
Percentage of investment in loans | 100.00% | 100.00% | ||||||
Number of companies on non-accrual status | Company | 2 | 2 | 2 | 2 | ||||
Number of companies on non-accrual status in unrecorded interest income | Company | 2 | 2 | 2 | |||||
Unrecorded investment interest income | $ 9,659,965 | $ 6,356,418 | $ 23,039,392 | $ 14,322,752 | ||||
Minimum investment maturity period | 12 months | |||||||
Tax liability for uncertain tax provision | 0 | $ 0 | $ 0 | |||||
Interest and penalties related to unrecognized tax benefits | 0 | |||||||
Distribution and dealer manager fee payable | $ 1,961,000 | $ 1,961,000 | $ 1,907,000 | $ 1,961,000 | ||||
Net assets value per unit | $ / shares | $ 8.507 | $ 8.507 | $ 8.469 | $ 8.507 | ||||
Organization and offering expenses | 4.70% | |||||||
Number of companies included in investment portfolio | Company | 43 | 43 | 43 | |||||
Largest Loan by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 16,259,084 | $ 16,259,084 | $ 16,259,084 | |||||
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 | 71.80% | |||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of Investment | 5.20% | |||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of Investment | 24.80% | |||||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Expenses paid by the sponsor on behalf of company | 12,347,400 | |||||||
Expenses accrued by the sponsor on behalf of company | 4,313,400 | $ 4,313,400 | 4,313,400 | |||||
TriLinc Global, LLC [Member] | Private Placement [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Organization and offering costs incurred by the Sponsor on behalf of the company | $ 115,730 | 115,730 | $ 115,730 | |||||
Reimbursement of organization and offering costs incurred by Sponsor | $ 17,972 | |||||||
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 | 2,013 | |||||||
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% | |||||
Distribution fee payable | $ 1,939,000 | $ 1,939,000 | $ 1,939,000 | |||||
Net assets value per unit | $ / shares | $ 8.507 | $ 8.527 | $ 8.507 | $ 8.527 | $ 8.507 | $ 8.267 | ||
Blended net asset value per unit | $ / shares | 8.467 | |||||||
Class I Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unpaid dealer manager fee | $ 22,000 | $ 22,000 | $ 22,000 | |||||
Net assets value per unit | $ / shares | $ 8.507 | 8.527 | $ 8.507 | 8.527 | $ 8.507 | 8.529 | ||
Decrease in net asset value per unit | $ / shares | $ 0.022 | $ 0.022 | $ 0.022 | |||||
Class C Units and Class I Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Distribution and dealer manager fee payable | $ 1,961,000 | $ 1,961,000 | $ 1,961,000 | |||||
Class A Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net assets value per unit | $ / shares | $ 8.507 | 8.527 | $ 8.507 | 8.527 | $ 8.507 | $ 8.529 | ||
Decrease in net asset value per unit | $ / shares | 0.022 | 0.022 | 0.022 | |||||
Class Y Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net assets value per unit | $ / shares | $ 8.507 | $ 8.527 | $ 8.507 | $ 8.527 | $ 8.507 | |||
Maximum [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Organization and offering reimbursement limit | 15.00% | |||||||
Maximum [Member] | Class C Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of cap on underwriting compensation | 10.00% | 10.00% | 10.00% | |||||
Non-Accrual Status [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 1,634,294 | $ 1,634,294 | $ 5,819,216 | $ 1,634,294 | ||||
Percentage of investment in loans | 0.50% | 2.90% | ||||||
Unrecorded investment interest income | 62,975 | $ 132,257 | ||||||
Senior Secured Term Loans [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | [1] | 62,845,636 | $ 62,845,636 | $ 28,673,487 | 62,845,636 | |||
Percentage of investment in loans | 20.20% | 14.10% | ||||||
Senior Secured Term Loan Participations [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | [1] | 105,081,088 | $ 105,081,088 | $ 58,450,761 | 105,081,088 | |||
Percentage of investment in loans | 33.60% | 28.70% | ||||||
Senior Secured Trade Finance Participations [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | [1] | 119,437,912 | $ 119,437,912 | $ 116,671,565 | 119,437,912 | |||
Percentage of investment in loans | 38.20% | 57.20% | ||||||
Short Term Notes [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||||
Percentage of investment in loans | 8.00% | |||||||
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 ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 312,423,713 | $ 203,854,890 | |
Fair Value | $ 312,364,636 | $ 203,795,813 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Senior Secured Term Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 62,845,636 | $ 28,673,487 |
Fair Value | [1] | $ 62,845,636 | $ 28,673,487 |
Percentage of Total Investments | 20.20% | 14.10% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 105,081,088 | $ 58,450,761 |
Fair Value | [1] | $ 105,081,088 | $ 58,450,761 |
Percentage of Total Investments | 33.60% | 28.70% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 119,496,989 | $ 116,730,642 |
Fair Value | [1] | $ 119,437,912 | $ 116,671,565 |
Percentage of Total Investments | 38.20% | 57.20% | |
Short Term Notes [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 25,000,000 | ||
Fair Value | $ 25,000,000 | ||
Percentage of Total Investments | 8.00% | ||
[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) - USD ($) | Jan. 31, 2017 | Nov. 10, 2016 | Jan. 19, 2016 | Aug. 27, 2015 | Oct. 31, 2017 | Jul. 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2017 | Jul. 01, 2016 | May 31, 2015 | |
Schedule of Investments [Line Items] | |||||||||||||||||
Accrued deferred interest | $ 2,269,845 | $ 2,269,845 | $ 1,403,416 | ||||||||||||||
Short term investments maturity period | less than one year | ||||||||||||||||
Funded to senior secured credit purchase | $ 255,465,273 | $ 185,153,644 | |||||||||||||||
Fair Value | 312,364,636 | 312,364,636 | 203,795,813 | ||||||||||||||
Interest income | 9,659,965 | $ 6,356,418 | 23,039,392 | 14,322,752 | |||||||||||||
Net accrued interest | 9,629,592 | 9,629,592 | 6,866,432 | ||||||||||||||
Interest income reversed that had been previously accrued | 2,763,160 | 1,493,218 | |||||||||||||||
Maturity of investments | 148,468,117 | $ 117,906,927 | |||||||||||||||
Fruit & Nut Distributor [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | 1,250,000 | 1,250,000 | |||||||||||||||
Fair Value | $ 726,729 | $ 726,729 | |||||||||||||||
Annual interest rate charged | 10.00% | 10.00% | |||||||||||||||
Trade financing participation, total balance outstanding | $ 785,806 | $ 785,806 | |||||||||||||||
Interest on loans amount | $ 34,800 | $ 69,300 | |||||||||||||||
Fruit & Nut Distributor [Member] | Extended Maturity [Member] | Sub-advisor [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Ownership percentage held in distributor | 50.00% | 50.00% | |||||||||||||||
Farm Supplies Distributor [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | $ 5,078,526 | ||||||||||||||||
Proceeds from principal | $ 5,078,526 | ||||||||||||||||
Proceeds from Interest | 1,903,052 | ||||||||||||||||
Interest income | 1,352,682 | ||||||||||||||||
Net accrued interest | $ 550,370 | ||||||||||||||||
Interest income reversed that had been previously accrued | 550,370 | ||||||||||||||||
Waiting period available to insurer for initial review and acceptance of claim | 180 days | ||||||||||||||||
Maturity of investments | 6,981,578 | ||||||||||||||||
Sesame Seed Exporter [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | 907,565 | $ 907,565 | |||||||||||||||
Fair Value | 907,565 | 907,565 | |||||||||||||||
Proceeds from principal | $ 92,435 | ||||||||||||||||
Proceeds from Interest | $ 8,388 | $ 90,402 | |||||||||||||||
Net accrued interest | 55,746 | 55,746 | |||||||||||||||
Sesame Seed Exporter [Member] | Subsequent Event [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Proceeds from Interest | $ 23,014 | ||||||||||||||||
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | $ 2,000,000 | ||||||||||||||||
Extended principal amount | $ 3,540,000 | ||||||||||||||||
Interest | 12.00% | ||||||||||||||||
Maturity | Jul. 15, 2016 | ||||||||||||||||
Extended maturity date | Jul. 28, 2021 | ||||||||||||||||
Inventory Facility [Member] | Corporacion Prodesa S.R.L. [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | $ 750,000 | ||||||||||||||||
Maturity | Feb. 15, 2015 | ||||||||||||||||
Extended maturity date | Jul. 28, 2021 | ||||||||||||||||
Purchase Order Facility [Member] | Corporacion Prodesa S.R.L. [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | $ 1,750,000 | ||||||||||||||||
Maturity | Dec. 31, 2020 | ||||||||||||||||
Extended maturity date | Jul. 28, 2021 | ||||||||||||||||
Senior Secured Term Loan Participations [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | [1] | 105,081,088 | 105,081,088 | 58,450,761 | |||||||||||||
Corporacion Prodesa S.R.L. [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Fair Value | 5,080,000 | 5,080,000 | |||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Senior secured term loan | 3,330,000 | 3,330,000 | |||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Credit facility, maximum borrowing capacity | 1,750,000 | 1,750,000 | |||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | Forbearance Agreement [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Funded to senior secured credit purchase | $ 1,750,000 | ||||||||||||||||
Usivale Industria E Commercio [Member] | |||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||
Trade financing participation, principal balance | 2,851,296 | 2,851,296 | |||||||||||||||
Fair Value | $ 2,851,296 | $ 2,851,296 | |||||||||||||||
Aggregate principal amount | $ 3,000,000 | ||||||||||||||||
Annual interest rate charged | 17.43% | 12.43% | 17.43% | 12.43% | 12.43% | ||||||||||||
Standstill Period | 180 days | ||||||||||||||||
Creditors review period | 30 days | ||||||||||||||||
Proceeds from principal | $ 316,777 | ||||||||||||||||
Proceeds from Interest | 144,390 | ||||||||||||||||
Interest income | $ 144,390 | ||||||||||||||||
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 ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 312,364,636 | $ 203,795,813 |
Percentage of Total Investments | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 20,351,296 | $ 22,851,296 |
Percentage of Total Investments | 6.40% | 11.20% |
Bulk Fuel Stations and Terminals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,259,084 | $ 15,437,474 |
Percentage of Total Investments | 5.20% | 7.60% |
Chemicals and Allied Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | |
Percentage of Total Investments | 4.80% | |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 30,933,254 | $ 6,574,351 |
Percentage of Total Investments | 9.90% | 3.20% |
Commercial Fishing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 437,814 | $ 1,058,273 |
Percentage of Total Investments | 0.10% | 0.50% |
Communications Equipment [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,111,941 | |
Percentage of Total Investments | 0.00% | 3.00% |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,080,000 | $ 9,900,000 |
Percentage of Total Investments | 3.50% | 4.90% |
Drugs, Proprietaries, and Sundries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,080,000 | |
Percentage of Total Investments | 0.30% | |
Electric Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,500,000 | $ 19,500,000 |
Percentage of Total Investments | 3.70% | 9.60% |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,780,194 | $ 3,142,480 |
Percentage of Total Investments | 0.90% | 1.50% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,000,000 | $ 6,000,000 |
Percentage of Total Investments | 3.80% | 2.90% |
Fertilizer & Agricultural Chemicals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,078,526 | |
Percentage of Total Investments | 0.00% | 2.50% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total Investments | 3.20% | |
Freight Transportation Arrangement [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | |
Percentage of Total Investments | 4.80% | |
Fresh or Frozen Packaged Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,087,005 | $ 5,037,134 |
Percentage of Total Investments | 0.70% | 2.50% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,236,274 | $ 740,690 |
Percentage of Total Investments | 0.40% | 0.40% |
Groceries and Related Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,476,825 | $ 11,195,862 |
Percentage of Total Investments | 0.50% | 5.50% |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,667,791 | $ 17,000,000 |
Percentage of Total Investments | 5.00% | 8.30% |
Land Subdividers and Developers [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,874,108 | |
Percentage of Total Investments | 4.80% | |
Logging [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,700,000 | |
Percentage of Total Investments | 1.20% | |
Lumber and Other Construction Materials [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,483 | |
Percentage of Total Investments | 0.00% | 0.00% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,000,000 | $ 9,675,717 |
Percentage of Total Investments | 2.90% | 4.70% |
Metals & Mining [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,566,481 | $ 2,234,145 |
Percentage of Total Investments | 2.10% | 1.10% |
Miscellaneous Plastics Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 161,018 | |
Percentage of Total Investments | 0.00% | 0.10% |
Packaged Foods & Meats [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 500,000 | $ 500,000 |
Percentage of Total Investments | 0.20% | 0.20% |
Personal Credit Institutions [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,479,786 | |
Percentage of Total Investments | 0.50% | |
Petroleum and Petroleum Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 30,500,000 | |
Percentage of Total Investments | 9.80% | |
Primary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,372,297 | $ 3,000,000 |
Percentage of Total Investments | 0.80% | 1.50% |
Primary Metal Industries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,000,000 | $ 6,000,000 |
Percentage of Total Investments | 1.90% | 2.90% |
Programming and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,034,469 | $ 10,236,013 |
Percentage of Total Investments | 4.50% | 5.00% |
Rental of Railroad Cars [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,513,291 | $ 4,411,650 |
Percentage of Total Investments | 1.10% | 2.20% |
Secondary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,349,626 | $ 7,649,945 |
Percentage of Total Investments | 5.60% | 3.80% |
Soap, Detergents, and Cleaning [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,511,446 | $ 2,000,000 |
Percentage of Total Investments | 0.50% | 1.00% |
Street Construction [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,218,917 | $ 14,927,195 |
Percentage of Total Investments | 3.90% | 7.30% |
Telephone and Telegraph Apparatus [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,322,775 | |
Percentage of Total Investments | 2.70% | |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,531,903 | $ 13,360,620 |
Percentage of Total Investments | 4.30% | 6.60% |
Investments - Schedule of Inv32
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 312,364,636 | $ 203,795,813 |
Percentage of Total Investments | 100.00% | 100.00% |
Argentina [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 39,500,000 | $ 31,000,000 |
Percentage of Total Investments | 12.70% | 15.20% |
Brazil [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,885,765 | $ 13,087,309 |
Percentage of Total Investments | 5.40% | 6.40% |
Cabo Verde [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,667,791 | $ 17,000,000 |
Percentage of Total Investments | 5.00% | 8.30% |
Cayman Islands [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total Investments | 3.20% | |
Chile [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,326,687 | $ 2,234,915 |
Percentage of Total Investments | 0.40% | 1.10% |
China [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total Investments | 3.20% | |
Columbia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,479,786 | |
Percentage of Total Investments | 0.50% | |
Ecuador [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,524,819 | $ 6,095,407 |
Percentage of Total Investments | 0.80% | 3.00% |
Ghana [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 27,000,000 | $ 19,500,000 |
Percentage of Total Investments | 8.60% | 9.60% |
Guatemala [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 907,565 | $ 907,565 |
Percentage of Total Investments | 0.30% | 0.40% |
Hong Kong [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 36,922,775 | |
Percentage of Total Investments | 11.80% | |
Indonesia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 19,923,550 | $ 17,927,195 |
Percentage of Total Investments | 6.40% | 8.80% |
Kenya [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 161,018 |
Percentage of Total Investments | 4.80% | 0.10% |
Malaysia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | |
Percentage of Total Investments | 4.80% | |
Mauritius [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,476,825 | $ 11,195,862 |
Percentage of Total Investments | 2.10% | 5.50% |
Morocco [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,349,626 | $ 7,649,945 |
Percentage of Total Investments | 2.40% | 3.80% |
Namibia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,374,108 | $ 500,000 |
Percentage of Total Investments | 4.90% | 0.20% |
New Zealand [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,700,000 | |
Percentage of Total Investments | 1.20% | |
Nigeria [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,531,903 | $ 13,360,620 |
Percentage of Total Investments | 4.30% | 6.60% |
Peru [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 21,339,084 | $ 19,337,474 |
Percentage of Total Investments | 6.80% | 9.50% |
Singapore [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total Investments | 4.90% | |
South Africa [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,474,165 | $ 14,174,143 |
Percentage of Total Investments | 1.80% | 7.00% |
United Arab Emirates [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,080,000 | |
Percentage of Total Investments | 0.40% | |
United Kingdom [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,333,254 | $ 6,585,834 |
Percentage of Total Investments | 5.60% | 3.20% |
Zambia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,511,446 | $ 13,078,526 |
Percentage of Total Investments | 2.40% | 6.40% |
Uganda [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 545,942 | |
Percentage of Total Investments | 0.20% | |
Uruguay [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 509,545 | |
Percentage of Total Investments | 0.20% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 312,364,636 | $ 203,795,813 | |
Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 62,845,636 | 28,673,487 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 105,081,088 | 58,450,761 |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 119,437,912 | 116,671,565 |
Short Term Notes [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 25,000,000 | ||
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 312,364,636 | 203,795,813 | |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 62,845,636 | 28,673,487 | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 105,081,088 | 58,450,761 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 119,437,912 | $ 116,671,565 | |
Level 3 [Member] | Short Term Notes [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 25,000,000 | ||
[1] | Refer to Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Fair Value Measurements - Sum34
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | $ 203,795,813 | |
Purchases of investments | 255,465,273 | |
Maturities or Prepayments of investments | (148,468,117) | |
Accretion of discounts / Payment-in-kind interest | 1,571,667 | |
Net change in unrealized appreciation (depreciation) on investments | $ (59,077) | |
Investment owned at Fair value, ending balance | 312,364,636 | |
Senior Secured Term Loans [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | 28,673,487 | |
Purchases of investments | 38,132,590 | |
Maturities or Prepayments of investments | (4,806,488) | |
Accretion of discounts / Payment-in-kind interest | 846,047 | |
Investment owned at Fair value, ending balance | 62,845,636 | |
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 | 58,450,761 | |
Purchases of investments | 52,742,336 | |
Maturities or Prepayments of investments | (6,837,629) | |
Accretion of discounts / Payment-in-kind interest | 725,620 | |
Investment owned at Fair value, ending balance | 105,081,088 | |
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 | 116,671,565 | |
Purchases of investments | 139,590,347 | |
Maturities or Prepayments of investments | (136,824,000) | |
Investment owned at Fair value, ending balance | 119,437,912 | |
Short Term Notes [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Purchases of investments | 25,000,000 | |
Investment owned at Fair value, ending balance | $ 25,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | ||||
Realized gains or losses on investments | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Sum36
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 312,364,636 | $ 203,795,813 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 119,437,912 | 116,671,565 |
Senior Secured Term Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 62,845,636 | 28,673,487 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 105,081,088 | 58,450,761 |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 312,364,636 | 203,795,813 | |
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 | 119,437,912 | 116,671,565 | |
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] | $ 118,711,183 | $ 115,930,875 |
Unobservable input | [2] | Recent transactions | 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 | [3] | $ 726,729 | $ 740,690 |
Unobservable input | [3] | Market yield | Market Yield |
Range (weighted average) | [3] | 15.75% | 15.75% |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 62,845,636 | $ 28,673,487 | |
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 62,845,636 | $ 28,673,487 | |
Unobservable input | Market yield | Market Yield | |
Range (weighted average) | 12.50% | 12.50% | |
Level 3 [Member] | Senior Secured Term Loans [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) | 11.50% | 11.50% | |
Level 3 [Member] | Senior Secured Term Loans [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) | 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 | $ 105,081,088 | $ 58,450,761 | |
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 | $ 105,081,088 | $ 58,450,761 | |
Unobservable input | Market yield | Market Yield | |
Range (weighted average) | 13.99% | 13.99% | |
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) | 11.50% | 11.50% | |
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) | 15.70% | 15.70% | |
[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. |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | Mar. 03, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||||||
Accrued incentive fee on capital gains | $ 574,501 | $ 574,501 | $ 574,501 | ||||
Advisor earned management fees | 1,658,314 | $ 1,122,904 | 4,721,832 | $ 2,913,146 | |||
Advisor earned incentive fees | 1,447,154 | 971,204 | 3,276,012 | 2,367,279 | |||
Due to affiliates | $ 68,312 | ||||||
Due from affiliates | 4,063,517 | $ 4,063,517 | 4,063,517 | 3,175,656 | |||
TriLinc Advisors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Advisory agreement, extended maturity date | Feb. 25, 2018 | ||||||
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 Advisory Agreement between the Company and the Advisor. | ||||||
Asset management fee payable quarterly, percentage | 0.50% | ||||||
Asset management fee payable annually, percentage | 2.00% | ||||||
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. | ||||||
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 income | 20.00% | ||||||
Percentage of incentive fee on capital gains | 20.00% | ||||||
Investment fee on capital gain percentage | The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. | ||||||
Capital gains | 0 | 0 | $ 0 | 0 | |||
Accrued incentive fee on capital gains | 0 | 0 | 0 | 0 | 0 | ||
Advisor earned management fees | 1,658,314 | 1,122,904 | 4,721,832 | 2,913,946 | |||
Advisor earned incentive fees | 1,447,154 | 971,204 | 3,276,012 | 2,367,279 | |||
TriLinc Global, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to affiliates | 0 | 0 | 0 | 68,312 | |||
Due from affiliates | 4,063,517 | 4,063,517 | 4,063,517 | $ 3,175,656 | |||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 872,653 | 622,347 | 3,831,414 | 3,740,015 | |||
Expenses paid by the sponsor on behalf of company | 12,347,400 | ||||||
Expenses accrued by the sponsor on behalf of company | 4,313,400 | 4,313,400 | 4,313,400 | ||||
Due to affiliates | 16,660,800 | 16,660,800 | $ 16,660,800 | ||||
SC Distributors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Dealer manager fees paid | 3,000 | 577,112 | 639,088 | 1,545,731 | |||
Selling commissions paid | $ 4,500 | $ 1,756,410 | $ 2,469,610 | $ 5,117,824 |
Organization and Offering Cos38
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 9 Months Ended | 65 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,079,531 | $ 17,079,531 | $ 14,543,691 | |
Reimbursement of offering costs incurred by Sponsor | 2,535,840 | $ 5,322,398 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 2,604,152 | 5,690,400 | ||
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 16,828,000 | 16,828,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 2,504,267 | 3,247,000 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 2,468,849 | $ 5,322,398 | ||
Reimbursement of organization costs incurred by Sponsor | 17,079,500 | |||
Remaining balance of offering and organization costs due to the Sponsor | 0 | 0 | ||
TriLinc Global, LLC [Member] | Private Placement [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Remaining balance of offering and organization costs due to the Sponsor | 97,760 | 97,760 | ||
Organization and offering costs incurred by the Sponsor on behalf of the company | 115,730 | $ 115,730 | ||
Reimbursement of organization and offering costs incurred by Sponsor | $ 17,972 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 17,360,000 | $ 1,635,000 |
Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 1,860,000 | $ 1,635,000 |
Christian Super [Member] | Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 5,000,000 | |
Facility Agreement [Member] | Symbiotics Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 10,500,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | Aug. 07, 2017 | Jul. 03, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Feb. 17, 2017 | Oct. 14, 2016 |
Debt Instrument [Line Items] | ||||||||
Debt instrument, frequency of periodic payment | quarterly in arrears within 15 days after the end of each calendar quarter. | |||||||
Interest expense recognized | $ 215,449 | $ 256,540 | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of notes | $ 10,500,000 | |||||||
Notes issuance, interest rate terms | The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (1.30% as of September 30, 2017) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note. | |||||||
Notes issuance, payment terms | The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019. | |||||||
Additional borrowing facility requirement | $ 39,500,000 | |||||||
Maturity date | Jul. 7, 2020 | |||||||
Percentage of prepayment premium | 1.00% | |||||||
Prepayment date | Jul. 3, 2019 | |||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Three Month LIBOR [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate charged | 4.65% | |||||||
Description of variable interest rate | three month | |||||||
Variable interest rate | 1.30% | 1.30% | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of notes | $ 225,000 | $ 1,635,000 | ||||||
Target issuance of notes aggregate amount | $ 100,000,000 | |||||||
Notes issuance, interest rate terms | The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note | |||||||
Notes issuance, payment terms | The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date | |||||||
Interest expense recognized | $ 215,449 | $ 0 | $ 256,540 | $ 0 | ||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of notes | $ 5,000,000 | |||||||
Target issuance of notes aggregate amount | $ 25,000,000 | |||||||
Notes issuance, interest rate terms | The CS Notes have an interest rate of 4.0% per annum plus the one year LIBOR (1.73%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note | |||||||
Notes issuance, payment terms | The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty. | |||||||
Transferred shares, description | TGIFC’s obligations under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. | |||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 5 | |||||||
Shares available for mortgage | 17.36 | |||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate charged | 3.00% | 3.00% | ||||||
Description of variable interest rate | one year London Interbank Offered Rate (“LIBOR”) | |||||||
Variable interest rate | 1.74% | 1.59% | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate charged | 4.00% | |||||||
Description of variable interest rate | one year LIBOR | |||||||
Variable interest rate | 1.73% |
Notes Payable - Summary of Prin
Notes Payable - Summary of Principal Payments Due on Borrowings (Detail) | Sep. 30, 2017USD ($) |
Debt Instruments [Abstract] | |
Principal payments, 2017 | $ 1,635,000 |
Principal payments, 2018 | 225,000 |
Principal payments, 2020 | 10,500,000 |
Principal payments, 2021 | 5,000,000 |
Principal payments, total | $ 17,360,000 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | Jun. 11, 2014 | Sep. 30, 2017 |
Capital Unit [Line Items] | ||
Units Issued During the Period | 8,031,761 | |
Held Units For Minimum year | 1 year | |
Unit Repurchase Price Description | price equal to the greater of the unit’s net asset value or $9.025. | |
Repurchase Price Per unit | $ 9.025 | $ 9.025 |
Repurchase of Aggregate units | 724,716 | |
Maximum [Member] | ||
Capital Unit [Line Items] | ||
Percentage of Total | 5.00% | |
Distribution Reinvestment Plan [Member] | ||
Capital Unit [Line Items] | ||
Units Issued During the Period | 922,746 | |
Units Issued During the Period, value | $ 8,321,794 | |
Class W Units [Member] | ||
Capital Unit [Line Items] | ||
Units Issued During the Period | 0 | |
Class C Units [Member] | ||
Capital Unit [Line Items] | ||
Distribution and dealer manager fee payable | $ 1,961,000 | |
Estimated net assets value per unit | $ 9.025 | |
Distribution and dealer manager fee payable, discount rate | 4.00% | |
Percentage of distribution and dealer manager fee per annum | 0.80% | |
Units Issued During the Period | 1,548,378 | |
Class I Units [Member] | ||
Capital Unit [Line Items] | ||
Distribution and dealer manager fee payable | $ 1,961,000 | |
Estimated net assets value per unit | $ 9.025 | |
Distribution and dealer manager fee payable, discount rate | 4.00% | |
Percentage of distribution and dealer manager fee per annum | 0.50% | |
Units Issued During the Period | 3,113,568 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) | 9 Months Ended |
Sep. 30, 2017shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 29,607,381 |
Units Issued During the Period | 8,031,761 |
Units Repurchased During the Period | (724,716) |
Units Outstanding, Ending Balance | 36,914,426 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 15,391,991 |
Units Issued During the Period | 3,072,172 |
Units Repurchased During the Period | (278,184) |
Units Outstanding, Ending Balance | 18,185,979 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 6,803,985 |
Units Issued During the Period | 1,548,378 |
Units Repurchased During the Period | (38,581) |
Units Outstanding, Ending Balance | 8,313,782 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 7,411,405 |
Units Issued During the Period | 3,113,568 |
Units Repurchased During the Period | (407,951) |
Units Outstanding, Ending Balance | 10,117,022 |
Class Y Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 0 |
Units Issued During the Period | 297,643 |
Units Outstanding, Ending Balance | 297,643 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 10,345,239 | $ 6,475,196 |
Distributions Reinvested | 8,321,794 | |
Total Declared | $ 18,667,033 | |
January 31, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 19, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,002,022 | |
Distributions Reinvested | 837,472 | |
Total Declared | $ 1,839,494 | |
February 28, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 23, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 944,453 | |
Distributions Reinvested | 782,125 | |
Total Declared | $ 1,726,578 | |
March 31, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 3, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,114,222 | |
Distributions Reinvested | 885,439 | |
Total Declared | $ 1,999,661 | |
April 30, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Apr. 18, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,148,147 | |
Distributions Reinvested | 929,660 | |
Total Declared | $ 2,077,807 | |
May 31, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 10, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,220,942 | |
Distributions Reinvested | 987,576 | |
Total Declared | $ 2,208,518 | |
June 30, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 12, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,194,793 | |
Distributions Reinvested | 960,134 | |
Total Declared | $ 2,154,927 | |
July 31, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jul. 11, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,238,624 | |
Distributions Reinvested | 986,918 | |
Total Declared | $ 2,225,542 | |
August 31, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Aug. 10, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,254,262 | |
Distributions Reinvested | 991,320 | |
Total Declared | $ 2,245,582 | |
September 30, 2017 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Sep. 11, 2017 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,227,774 | |
Distributions Reinvested | 961,150 | |
Total Declared | $ 2,188,924 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||||
Net asset value at beginning of period | $ 8.47 | $ 8.54 | ||||
Net investment income | $ 0.18 | $ 0.20 | 0.49 | 0.56 | ||
Net change in unrealized depreciation on investments | 0 | |||||
Net increase in net assets resulting from operations | 0.49 | 0.56 | ||||
Net change in offering costs | 0.03 | (0.02) | ||||
Distributions | (0.54) | (0.56) | ||||
Net change in accrued distribution and other fees | 0.01 | (0.07) | ||||
Net decrease in net assets | (0.02) | (0.08) | ||||
Net asset value at end of period | $ 8.45 | $ 8.46 | $ 8.45 | $ 8.46 | ||
Total return based on net asset value | 5.74% | 6.50% | ||||
Net assets at end of period | $ 312,070,024 | $ 223,109,319 | $ 312,070,024 | $ 223,109,319 | $ 250,755,915 | $ 138,620,607 |
Units Outstanding at end of period | 36,914,426 | 26,372,641 | 36,914,426 | 26,372,641 | 29,607,381 | |
Ratio/Supplemental data (annualized): | ||||||
Ratio of net investment income to average net assets | 7.70% | 8.51% | ||||
Ratio of net operating expenses to average net assets | 2.96% | 2.27% |
Financial Highlights - Schedu46
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2013 | Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Financial Highlights [Line Items] | ||||||||
Weighted average units outstanding | 36,665,626 | 23,074,683 | 34,744,363 | 20,576,797 | ||||
Net assets value per unit | $ 8.507 | $ 8.507 | $ 8.469 | |||||
Contributions from Sponsor | $ 31,750 | $ 51,034 | ||||||
Total return based on net asset value | 5.74% | 6.50% | ||||||
Ratio of net investment income to average net assets | 7.70% | 8.51% | ||||||
Ratio of net operating expenses to average net assets | 2.96% | 2.27% | ||||||
Class C and Class I Units [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Distribution and dealer manager fees payable | $ 1,961,000 | $ 1,961,000 | ||||||
Class A Units [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Net assets value per unit | $ 8.507 | $ 8.527 | $ 8.507 | $ 8.527 | $ 8.529 | |||
Class C Units [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Net assets value per unit | 8.507 | 8.527 | 8.507 | 8.527 | 8.267 | |||
Class I Units [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Net assets value per unit | 8.507 | 8.527 | 8.507 | 8.527 | $ 8.529 | |||
Class Y Units [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Net assets value per unit | $ 8.507 | $ 8.527 | $ 8.507 | $ 8.527 | ||||
Responsibility Agreement [Member] | ||||||||
Schedule Of Financial Highlights [Line Items] | ||||||||
Total return based on net asset value | 4.43% | 4.38% | ||||||
Ratio of net investment income to average net assets | 5.95% | 5.73% | ||||||
Ratio of net operating expenses to average net assets | 4.71% | 5.06% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Nov. 10, 2017USD ($)$ / shares | Nov. 02, 2017USD ($) | Nov. 01, 2017USD ($) | Oct. 10, 2017$ / shares | Nov. 10, 2017USD ($) | Oct. 31, 2017USD ($)t | Sep. 30, 2017USD ($)t | Sep. 30, 2016USD ($) |
Subsequent Event [Line Items] | ||||||||
Cash paid for distributions | $ 10,345,239 | $ 6,475,196 | ||||||
Mac Z Group SARL [Member] | Morocco [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Entire principal amount | 9,000,000 | |||||||
Principal Amount | $ 7,349,626 | |||||||
Mac Z Group SARL [Member] | Copper [Member] | Morocco [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Quantity of primary collateral securing position, scrap | t | 1,970 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends distribution declared date | Nov. 10, 2017 | Oct. 10, 2017 | ||||||
Dividend distribution period start date | Nov. 1, 2017 | Oct. 1, 2017 | ||||||
Dividend distribution period end date | Nov. 30, 2017 | Oct. 31, 2017 | ||||||
Dividends declared per unit | $ / shares | $ 0.00197808 | $ 0.00197808 | ||||||
Cash paid for distributions | $ 1,257,414 | |||||||
Reinvestment under distribution reinvestment plan | $ 990,942 | |||||||
Date of distributions in cash or reinvestment in units | Dec. 1, 2017 | |||||||
Funded new investments | $ 19,100,000 | $ 19,100,000 | ||||||
Proceeds from repayment of investments | $ 16,200,000 | |||||||
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | Facility Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, additional borrowings | $ 9,750,000 | |||||||
Debt instrument, total outstanding amount | 20,250,000 | |||||||
Additional borrowing facility requirement | $ 20,000,000 | |||||||
Subsequent Event [Member] | Mac Z Group SARL [Member] | Copper [Member] | Morocco [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Shortage of scrap inventory quantity | t | 1,820 | |||||||
Scrap collateral value | $ 13,300,000 | |||||||
Subsequent Event [Member] | Mac Z Group SARL [Member] | Zinc Ore Inventory [Member] | Morocco [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Scrap collateral value | $ 12,000,000 |