Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 12, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Class A Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,034,199 | |
Class C Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,323,339 | |
Class I Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,534,669 | |
Class W Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,555 | |
Class Y Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,165,675 | |
Class Z Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,965,037 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $345,094,669 and $335,328,569, respectively) | $ 342,235,769 | $ 335,269,492 |
Cash | 44,235,800 | 9,641,457 |
Interest receivable | 14,693,706 | 9,210,430 |
Due from affiliates (see Note 5) | 4,240,231 | 3,997,314 |
Other assets | 146,306 | 189,103 |
Total assets | 405,551,812 | 358,307,796 |
LIABILITIES | ||
Due to unitholders | 1,388,840 | 1,295,293 |
Management fee payable | 1,993,801 | 1,763,018 |
Incentive fee payable | 1,539,875 | 1,323,929 |
Notes payable | 28,060,000 | 28,160,000 |
Unit repurchases payable | 3,769,763 | 2,153,077 |
Accrued distribution and other fees | 1,374,000 | 1,895,000 |
Other payables | 1,583,455 | 360,742 |
Total liabilities | 39,709,734 | 36,951,059 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 365,842,078 | 321,356,737 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,211,117) | (17,156,501) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 149,688,291 | 153,892,048 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 157,839,416 | 162,087,710 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 69,045,971 | 70,960,348 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 72,805,835 | 74,739,748 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 87,048,256 | 87,830,198 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 91,809,143 | 92,522,021 |
Class W Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 193,446 | |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 204,571 | |
Class Y Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 9,125,136 | 8,674,143 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 9,653,252 | $ 9,163,759 |
Class Z Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 50,740,978 | |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 50,740,978 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 |
Investments owned, amortized cost | $ 345,094,669 | $ 335,328,569 | ||
Net assets, per unit | $ 8.355 | $ 8.466 | ||
Net assets, units outstanding | 43,953,995 | 38,183,103 | 36,914,426 | |
Class A Units [Member] | ||||
Net assets, per unit | $ 8.355 | $ 8.529 | ||
Net assets, units outstanding | 17,991,440 | 18,240,073 | ||
Class C Units [Member] | ||||
Net assets, per unit | $ 8.355 | 8.267 | ||
Net assets, units outstanding | 8,298,898 | 8,411,343 | ||
Class W Units [Member] | ||||
Net assets, per unit | $ 8.355 | |||
Net assets, units outstanding | 24,555 | 0 | ||
Class Y Units [Member] | ||||
Net assets, per unit | $ 8.355 | |||
Net assets, units outstanding | 1,165,675 | 1,089,678 | ||
Class I Units [Member] | ||||
Net assets, per unit | $ 8.355 | $ 8.529 | ||
Net assets, units outstanding | 10,508,390 | 10,442,009 | ||
Class Z Units [Member] | ||||
Net assets, per unit | $ 8.355 | |||
Net assets, units outstanding | 5,965,037 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
INVESTMENT INCOME | ||||
Interest income | $ 11,092,764 | $ 9,659,965 | $ 33,323,808 | $ 23,039,392 |
Interest from cash | 52,940 | 82,008 | 136,106 | 331,827 |
Total investment income | 11,145,704 | 9,741,973 | 33,459,914 | 23,371,219 |
EXPENSES | ||||
Management fees | 1,986,846 | 1,658,314 | 5,988,274 | 4,721,832 |
Incentive fees | 1,480,249 | 1,447,154 | 4,583,508 | 3,276,012 |
Professional fees | 775,584 | 254,790 | 1,256,378 | 923,991 |
General and administrative expenses | 422,456 | 323,273 | 1,307,687 | 989,505 |
Interest expense | 504,954 | 215,449 | 1,439,666 | 256,540 |
Board of managers fees | 54,375 | 54,375 | 163,125 | 163,125 |
Total expenses | 5,224,464 | 3,953,355 | 14,738,638 | 10,331,005 |
Expense support payment to (from) Sponsor | (872,653) | 387,000 | (3,831,414) | |
Net expenses | 5,224,464 | 3,080,702 | 15,125,638 | 6,499,591 |
NET INVESTMENT INCOME | 5,921,240 | 6,661,271 | 18,334,276 | 16,871,628 |
Net change in unrealized appreciation (depreciation) on investments | 1,080,222 | (2,799,824) | ||
Foreign exchange loss | (650) | (10,177) | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 7,000,812 | $ 6,661,271 | $ 15,524,275 | $ 16,871,628 |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED | $ 0.13 | $ 0.18 | $ 0.42 | $ 0.49 |
EARNINGS PER UNIT - BASIC AND DILUTED | $ 0.16 | $ 0.18 | $ 0.36 | $ 0.49 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 44,195,314 | 36,665,626 | 43,613,730 | 34,744,363 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
INCREASE FROM OPERATIONS | |||
Net investment income | $ 5,921,240 | $ 18,334,276 | $ 16,871,628 |
Foreign exchange loss | (650) | (10,177) | |
Net change in unrealized depreciation on investments | 1,080,222 | (2,799,824) | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 7,000,812 | 15,524,275 | 16,871,628 |
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (20,748,232) | (18,667,034) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Repurchase of units | (11,436,486) | (6,540,566) | |
Distribution and other fees | 521,000 | (54,000) | |
Offering costs | (54,616) | (2,535,840) | |
Net increase from capital transactions | 49,709,298 | 63,109,515 | |
NET INCREASE IN NET ASSETS | 44,485,341 | 61,314,109 | |
Net assets at beginning of period | 321,356,737 | 250,755,915 | |
Net assets at end of period | 365,842,078 | 365,842,078 | 312,070,024 |
Class A Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (8,717,496) | (9,426,222) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 3,817,799 | 27,716,101 | |
Net assets at beginning of period | 153,892,048 | ||
Net assets at end of period | 149,688,291 | 149,688,291 | |
Class C Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (3,989,034) | (4,235,682) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 1,976,294 | 13,970,490 | |
Net assets at beginning of period | 70,960,348 | ||
Net assets at end of period | 69,045,971 | 69,045,971 | |
Class I Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (5,035,942) | (4,976,674) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 3,268,329 | 28,009,931 | |
Net assets at beginning of period | 87,830,198 | ||
Net assets at end of period | 87,048,256 | 87,048,256 | |
Class W Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (9,414) | (28,456) | |
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 211,000 | ||
Net assets at end of period | 193,446 | 193,446 | |
Class Y Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (538,130) | ||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 665,000 | $ 2,543,399 | |
Net assets at beginning of period | 8,674,143 | ||
Net assets at end of period | 9,125,136 | 9,125,136 | |
Class Z Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (2,458,216) | ||
INCREASE FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 50,740,978 | ||
Net assets at end of period | $ 50,740,978 | $ 50,740,978 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 15,524,275 | $ 16,871,628 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES | ||
Purchase of investments | (158,321,660) | (255,465,273) |
Maturity of investments | 152,193,402 | 148,468,117 |
Payment-in-kind interest | (3,170,529) | (667,792) |
Net change in unrealized depreciation on investments | 2,799,824 | |
Foreign exchange loss | 10,177 | |
Accretion of discounts on investments | (467,314) | (903,875) |
Increase in interest receivable | (5,493,453) | (2,763,160) |
Increase in due from affiliates | (242,917) | (887,861) |
Decrease (increase) in other expenses | 42,797 | (58,268) |
Increase in due to unitholders | 93,547 | 246,423 |
Increase in management and incentive fees payable | 446,729 | 1,066,669 |
Increase in other payable | 1,222,713 | 202,530 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 4,637,591 | (93,890,862) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 53,091,402 | 63,918,126 |
Distributions paid to unitholders | (13,160,235) | (10,345,239) |
Payments of offering costs | (54,616) | (2,604,152) |
Repurchase of units | (9,819,799) | (6,733,945) |
Repayments of notes payable | (100,000) | |
Proceeds from issuance of notes payable | 15,725,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 29,956,752 | 59,959,790 |
TOTAL INCREASE (DECREASE) IN CASH | 34,594,343 | (33,931,072) |
Cash at beginning of period | 9,641,457 | 44,790,312 |
Cash at end of period | 44,235,800 | 10,859,240 |
Supplemental information | ||
Cash paid for interest during the period | 805,201 | 57,374 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 7,587,997 | 8,321,794 |
Change in accrual of distribution and other fees | $ (521,000) | $ 54,000 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018EUR (€) | |||||
Amortized Cost | $ 345,094,669 | $ 335,328,569 | |||||
Fair Value | 342,235,769 | 335,269,492 | |||||
Programming and Data Processing [Member] | |||||||
Fair Value | 14,428,329 | 15,714,764 | |||||
Personal Credit Institutions [Member] | |||||||
Fair Value | 6,006,940 | 3,157,735 | |||||
Secondary Nonferrous Metals [Member] | |||||||
Fair Value | 17,349,626 | 17,349,626 | |||||
Agricultural Products [Member] | |||||||
Fair Value | 13,283,814 | 15,351,296 | |||||
Refuse Systems [Member] | |||||||
Fair Value | 21,683,864 | 11,315,000 | |||||
Water Transportation [Member] | |||||||
Fair Value | 12,723,503 | 13,353,503 | |||||
Coal and Other Minerals and Ores [Member] | |||||||
Fair Value | 32,087,577 | 31,254,315 | |||||
Consumer Products [Member] | |||||||
Fair Value | 10,106,407 | 10,960,000 | |||||
Hotels and Motels [Member] | |||||||
Fair Value | 16,231,223 | 15,807,931 | |||||
Logging [Member] | |||||||
Fair Value | 6,840,000 | 6,840,000 | |||||
Short-Term Business Credit [Member] | |||||||
Fair Value | 4,740,000 | 4,740,000 | |||||
Metals & Mining [Member] | |||||||
Fair Value | 2,358,887 | 4,566,481 | |||||
Chemicals and Allied Products [Member] | |||||||
Fair Value | 15,000,000 | 15,000,000 | |||||
Meat, Poultry & Fish [Member] | |||||||
Fair Value | 8,425,571 | 9,000,000 | |||||
Land Subdividers and Developers [Member] | |||||||
Fair Value | 15,911,438 | 15,411,497 | |||||
Fats and Oils [Member] | |||||||
Principal Amount | 12,000,000 | ||||||
Fair Value | 5,839,047 | 12,000,000 | |||||
Department Stores [Member] | |||||||
Fair Value | 8,193,979 | ||||||
Farm Products [Member] | |||||||
Fair Value | 16,071,075 | 7,960,987 | |||||
Commercial Fishing [Member] | |||||||
Fair Value | 119,542 | 351,559 | |||||
Electric Services [Member] | |||||||
Fair Value | 18,527,237 | 18,527,237 | |||||
Gas Transmission and Distribution [Member] | |||||||
Fair Value | 13,087,943 | ||||||
Petroleum and Petroleum Products [Member] | |||||||
Fair Value | 15,500,000 | 32,000,000 | |||||
Soap, Detergents, and Cleaning [Member] | |||||||
Fair Value | 860,222 | 1,355,600 | |||||
Telephone Communications [Member] | |||||||
Fair Value | 18,487,000 | ||||||
Food Products [Member] | |||||||
Fair Value | 6,640,009 | 1,072,944 | |||||
Freight Transportation Arrangement [Member] | |||||||
Fair Value | 12,839,688 | 12,464,320 | |||||
Chocolate and Cocoa Products [Member] | |||||||
Fair Value | 11,102,589 | ||||||
Communications Equipment [Member] | |||||||
Fair Value | 6,298,536 | ||||||
Drugs, Proprietaries, and Sundries [Member] | |||||||
Fair Value | 803,254 | 1,080,000 | |||||
Financial Services [Member] | |||||||
Fair Value | 10,688,469 | 10,000,000 | |||||
Street Construction [Member] | |||||||
Fair Value | 10,861,658 | ||||||
Bulk Fuel Stations and Terminals [Member] | |||||||
Fair Value | 16,545,994 | ||||||
Fresh or Frozen Packaged Fish [Member] | |||||||
Fair Value | 3,338,520 | ||||||
Groceries and Related Products [Member] | |||||||
Fair Value | 3,500,000 | ||||||
Telephone and Telegraph Apparatus [Member] | |||||||
Fair Value | $ 14,388,525 | ||||||
Ghana [Member] | Minimum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||
Maturity | Mar. 10, 2017 | ||||||
Ghana [Member] | Maximum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||
Maturity | Feb. 21, 2018 | ||||||
Senior Secured Term Loan [Member] | |||||||
Amortized Cost | [1] | 95,690,207 | $ 78,573,493 | ||||
Fair Value | [1] | $ 95,690,207 | $ 78,573,493 | ||||
% of Net Assets | [1] | 26.10% | 24.40% | 26.10% | |||
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. 21, 2022 | Oct. 21, 2022 | ||||
Principal Amount | [1],[2] | $ 14,428,329 | $ 15,739,999 | ||||
Participation % | [1],[2],[5] | 68.00% | 68.00% | ||||
Amortized Cost | [1],[2] | $ 14,428,329 | 15,714,764 | ||||
Fair Value | [1],[2] | $ 14,428,329 | $ 15,714,764 | ||||
% of Net Assets | [1],[2] | 3.90% | 4.90% | 3.90% | |||
Senior Secured Term Loan [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||||
Interest | [1],[6],[7] | 12.43% | |||||
Fees | [1],[3],[6],[7] | 0.00% | |||||
Maturity | [1],[4],[6],[7] | Dec. 15, 2020 | |||||
Principal Amount | [1],[6],[7] | $ 2,851,296 | |||||
Amortized Cost | [1],[6],[7] | 2,851,296 | |||||
Fair Value | [1],[6],[7] | $ 2,851,296 | |||||
% of Net Assets | [1],[6],[7] | 0.80% | 0.80% | ||||
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||||
Interest | [1],[8] | 12.00% | 12.00% | ||||
Fees | [1],[3],[8] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[8] | Jun. 22, 2021 | Jun. 22, 2021 | ||||
Principal Amount | [1],[8] | $ 10,000,000 | $ 10,000,000 | ||||
Amortized Cost | [1],[8] | 10,000,000 | 10,000,000 | ||||
Fair Value | [1],[8] | $ 10,000,000 | $ 10,000,000 | ||||
% of Net Assets | [1],[8] | 2.70% | 3.10% | 2.70% | |||
Senior Secured Term Loan [Member] | Columbia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member] | |||||||
Interest | [1],[2] | 11.25% | 11.25% | ||||
Fees | [1],[2],[3] | 0.00% | 0.00% | ||||
Maturity | [1],[2],[4] | Aug. 1, 2021 | Aug. 1, 2021 | ||||
Principal Amount | [1],[2] | $ 6,006,940 | $ 3,157,735 | ||||
Amortized Cost | [1],[2] | 6,006,940 | 3,157,735 | ||||
Fair Value | [1],[2] | $ 6,006,940 | $ 3,157,735 | ||||
% of Net Assets | [1],[2] | 1.60% | 1.00% | 1.60% | |||
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||||||
Interest | [1],[9] | 12.00% | 12.00% | ||||
Fees | [1],[3],[9] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[9] | Mar. 31, 2020 | Mar. 31, 2020 | ||||
Principal Amount | [1],[9] | $ 15,000,000 | $ 15,000,000 | ||||
Amortized Cost | [1],[9] | 15,000,000 | 15,000,000 | ||||
Fair Value | [1],[9] | $ 15,000,000 | $ 15,000,000 | ||||
% of Net Assets | [1],[9] | 4.10% | 4.70% | 4.10% | |||
Senior Secured Term Loan [Member] | Mexico [Member] | Other Investments [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||||
Interest | [1],[10] | 14.50% | |||||
Fees | [1],[3],[10] | 0.00% | |||||
Maturity | [1],[4],[10] | Jul. 27, 2021 | |||||
Principal Amount | [1],[10] | $ 11,315,000 | |||||
Amortized Cost | [1],[10] | 11,315,000 | |||||
Fair Value | [1],[10] | $ 11,315,000 | |||||
% of Net Assets | [1],[10] | 3.50% | |||||
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||||
Fees | [1],[3],[10] | 0.00% | |||||
Maturity | [1],[4],[10] | Jul. 27, 2021 | |||||
Principal Amount | [1],[10] | $ 20,603,642 | |||||
Amortized Cost | [1],[10] | 20,603,642 | |||||
Fair Value | [1],[10] | $ 20,603,642 | |||||
% of Net Assets | [1],[10] | 5.60% | 5.60% | ||||
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | PIK [Member] | Waste to Fuels Processor [Member] | |||||||
Interest | [1],[10] | 14.50% | |||||
Senior Secured Term Loan [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||||
Interest | [1],[9] | 11.50% | |||||
Fees | [1],[3],[9] | 0.00% | |||||
Maturity | [1],[4],[9] | Dec. 27, 2020 | |||||
Principal Amount | [1],[9] | $ 15,000,000 | |||||
Amortized Cost | [1],[9] | 15,000,000 | |||||
Fair Value | [1],[9] | $ 15,000,000 | |||||
% of Net Assets | [1],[9] | 4.10% | 4.10% | ||||
Senior Secured Term Loan [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Fees | [1],[3],[7],[11] | 0.00% | |||||
Maturity | [1],[4],[7],[11] | Jul. 28, 2021 | |||||
Principal Amount | [1],[7],[11] | $ 4,960,000 | |||||
Amortized Cost | [1],[7],[11] | 4,960,000 | |||||
Fair Value | [1],[7],[11] | $ 4,960,000 | |||||
% of Net Assets | [1],[7],[11] | 1.40% | 1.40% | ||||
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],[12] | 11.33% | |||||
Fees | [1],[3],[12] | 0.00% | |||||
Maturity | [1],[4],[12] | Jul. 27, 2019 | |||||
Principal Amount | [1],[12] | $ 15,000,000 | |||||
Amortized Cost | [1],[12] | 16,545,994 | |||||
Fair Value | [1],[12] | $ 16,545,994 | |||||
% of Net Assets | [1],[12] | 5.10% | |||||
Senior Secured Term Loan [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Interest | [1],[7],[11] | 12.00% | |||||
Senior Secured Term Loan [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Interest | [1],[7],[11] | 13.34% | |||||
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||||
Interest | [1],[13] | 11.50% | 11.50% | ||||
Fees | [1],[3],[13] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[13] | Feb. 10, 2021 | |||||
Principal Amount | [1],[13] | $ 6,840,000 | $ 6,840,000 | ||||
Amortized Cost | [1],[13] | 6,840,000 | 6,840,000 | ||||
Fair Value | [1],[13] | $ 6,840,000 | $ 6,840,000 | ||||
% of Net Assets | [1],[13] | 1.90% | 2.10% | 1.90% | |||
Senior Secured Term Loan [Member] | New Zealand [Member] | Minimum [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||||
Maturity | [1],[4],[13] | Feb. 10, 2021 | |||||
Senior Secured Term Loan [Member] | New Zealand [Member] | Maximum [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||||
Maturity | [1],[4],[13] | Apr. 2, 2021 | |||||
Senior Secured Term Loan [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||||
Maturity | Jul. 18, 2017 | ||||||
Senior Secured Term Loan [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | |||||||
Maturity | Dec. 11, 2016 | ||||||
Senior Secured Term Loan Participations [Member] | |||||||
Amortized Cost | [1] | $ 145,674,400 | $ 119,165,378 | ||||
Fair Value | [1] | $ 145,674,400 | $ 119,165,378 | ||||
% of Net Assets | [1] | 39.70% | 37.10% | 39.70% | |||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||||
Interest | [1],[6],[7] | 12.43% | |||||
Fees | [1],[3],[6],[7] | 0.00% | |||||
Maturity | [1],[4],[6],[7] | Dec. 15, 2020 | |||||
Principal Amount | [1],[6],[7] | $ 2,851,296 | |||||
Participation % | [1],[5],[6],[7] | 100.00% | |||||
Amortized Cost | [1],[6],[7] | $ 2,851,296 | |||||
Fair Value | [1],[6],[7] | $ 2,851,296 | |||||
% of Net Assets | [1],[6],[7] | 0.90% | |||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||||
Fees | [1],[3],[8] | 0.00% | |||||
Maturity | [1],[4],[8] | Aug. 21, 2021 | |||||
Principal Amount | [1],[8] | $ 16,231,223 | |||||
Participation % | [1],[5],[8] | 26.00% | 26.00% | ||||
Amortized Cost | [1],[8] | $ 16,231,223 | |||||
Fair Value | [1],[8] | $ 16,231,223 | |||||
% of Net Assets | [1],[8] | 4.40% | 4.40% | ||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Cash [Member] | Hospitality Service Provider [Member] | |||||||
Interest | [1],[8] | 10.00% | |||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | PIK [Member] | Hospitality Service Provider [Member] | |||||||
Interest | [1],[8] | 3.50% | |||||
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],[8] | 13.50% | |||||
Fees | [1],[3],[8] | 0.00% | |||||
Maturity | [1],[4],[8] | Aug. 21, 2021 | |||||
Principal Amount | [1],[8] | $ 15,807,931 | |||||
Participation % | [1],[5],[8] | 26.00% | |||||
Amortized Cost | [1],[8] | $ 15,807,931 | |||||
Fair Value | [1],[8] | $ 15,807,931 | |||||
% of Net Assets | [1],[8] | 4.90% | |||||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||||
Interest | [1],[14] | 12.60% | 16.54% | ||||
Fees | [1],[3],[14] | 0.80% | 0.80% | ||||
Maturity | [1],[4],[14] | Sep. 16, 2020 | Sep. 16, 2020 | ||||
Principal Amount | [1],[14] | $ 12,762,670 | $ 13,407,670 | ||||
Participation % | [1],[5],[14] | 100.00% | 100.00% | 100.00% | |||
Amortized Cost | [1],[14] | $ 12,723,503 | $ 13,353,503 | ||||
Fair Value | [1],[14] | $ 12,723,503 | $ 13,353,503 | ||||
% of Net Assets | [1],[14] | 3.50% | 4.20% | 3.50% | |||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Fees | [1],[3],[11] | 0.00% | |||||
Maturity | [1],[4],[11] | Jul. 28, 2021 | |||||
Principal Amount | [1],[11] | $ 4,960,000 | |||||
Amortized Cost | [1],[11] | 4,960,000 | |||||
Fair Value | [1],[11] | $ 4,960,000 | |||||
% of Net Assets | [1],[11] | 1.50% | |||||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Interest | [1],[11] | 12.00% | |||||
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | |||||||
Interest | [1],[11] | 13.00% | |||||
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member] | |||||||
Interest | [1],[15] | 12.04% | 12.04% | ||||
Fees | [1],[3],[15] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[15] | Aug. 18, 2021 | Aug. 18, 2021 | ||||
Principal Amount | [1],[15] | $ 4,740,000 | $ 4,740,000 | ||||
Participation % | [1],[5],[15] | 47.00% | 100.00% | 47.00% | |||
Amortized Cost | [1],[15] | $ 4,740,000 | $ 4,740,000 | ||||
Fair Value | [1],[15] | $ 4,740,000 | $ 4,740,000 | ||||
% of Net Assets | [1],[15] | 1.30% | 1.50% | 1.30% | |||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member] | |||||||
Interest | [1],[9] | 11.00% | 11.00% | ||||
Fees | [1],[3],[9] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[9] | Jun. 8, 2020 | Jun. 8, 2020 | ||||
Principal Amount | [1],[9] | $ 2,358,887 | $ 3,332,336 | ||||
Participation % | [1],[5],[9] | 100.00% | 62.00% | 100.00% | |||
Amortized Cost | [1],[9] | $ 2,358,887 | $ 3,332,336 | ||||
Fair Value | [1],[9] | $ 2,358,887 | $ 3,332,336 | ||||
% of Net Assets | [1],[9] | 0.60% | 1.00% | 0.60% | |||
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member] | |||||||
Interest | [1],[8] | 20.00% | |||||
Fees | [1],[3],[8] | 0.00% | |||||
Maturity | [1],[4],[8] | Nov. 22, 2019 | |||||
Principal Amount | [1],[8] | $ 10,909,500 | |||||
Participation % | [1],[5],[8] | 75.00% | |||||
Amortized Cost | [1],[8] | $ 10,861,658 | |||||
Fair Value | [1],[8] | $ 10,861,658 | |||||
% of Net Assets | [1],[8] | 3.40% | |||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||
Fees | [1],[3],[16] | 0.00% | |||||
Maturity | [1],[4],[16] | Aug. 15, 2021 | |||||
Principal Amount | [1],[16] | $ 16,005,188 | |||||
Participation % | [1],[5],[16] | 100.00% | 100.00% | ||||
Amortized Cost | [1],[16] | $ 15,911,438 | |||||
Fair Value | [1],[16] | $ 15,911,438 | |||||
% of Net Assets | [1],[16] | 4.30% | 4.30% | ||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Cash [Member] | Property Developer [Member] | |||||||
Interest | [1],[16] | 8.50% | |||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | PIK [Member] | Property Developer [Member] | |||||||
Interest | [1],[16] | 4.00% | |||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||
Interest | [1],[16] | 12.50% | |||||
Fees | [1],[3],[16] | 0.00% | |||||
Maturity | [1],[4],[16] | Aug. 15, 2021 | |||||
Principal Amount | [1],[16] | $ 15,529,353 | |||||
Participation % | [1],[5],[16] | 100.00% | |||||
Amortized Cost | [1],[16] | $ 15,411,497 | |||||
Fair Value | [1],[16] | $ 15,411,497 | |||||
% of Net Assets | [1],[16] | 4.80% | |||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||
Fees | [1],[3],[9],[17] | 0.00% | |||||
Maturity | [1],[4],[9],[17] | Jan. 23, 2021 | |||||
Principal Amount | $ 7,893,393 | [1],[9],[17] | € 6,200,000 | ||||
Participation % | [1],[5],[9],[17] | 5.00% | 5.00% | ||||
Amortized Cost | [1],[9],[17] | $ 8,193,979 | |||||
Fair Value | [1],[9],[17] | $ 8,193,979 | |||||
% of Net Assets | [1],[9],[17] | 2.20% | 2.20% | ||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Cash [Member] | Mall Operator [Member] | |||||||
Interest | [1],[9],[17] | 5.50% | |||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | PIK [Member] | Mall Operator [Member] | |||||||
Interest | [1],[9],[17] | 7.50% | |||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member] | |||||||
Interest | [1] | 15.52% | |||||
Fees | [1],[3] | 0.00% | |||||
Maturity | [1],[4] | Jun. 13, 2021 | |||||
Principal Amount | [1] | $ 13,087,943 | |||||
Participation % | [1],[5] | 90.00% | 90.00% | ||||
Amortized Cost | [1] | $ 13,087,943 | |||||
Fair Value | [1] | $ 13,087,943 | |||||
% of Net Assets | [1] | 3.60% | 3.60% | ||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | |||||||
Interest | [1],[8] | 12.00% | 12.00% | ||||
Fees | [1],[3],[8] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[8] | Aug. 10, 2021 | Aug. 10, 2021 | ||||
Principal Amount | [1],[8] | $ 15,500,000 | $ 15,500,000 | ||||
Participation % | [1],[5],[8] | 76.00% | 100.00% | 76.00% | |||
Amortized Cost | [1],[8] | $ 15,500,000 | $ 15,500,000 | ||||
Fair Value | [1],[8] | $ 15,500,000 | $ 15,500,000 | ||||
% of Net Assets | [1],[8] | 4.20% | 4.80% | 4.20% | |||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||
Interest | [1] | 12.53% | [18] | 11.66% | [19] | ||
Fees | [1],[3] | 0.00% | [18] | 0.00% | [19] | ||
Maturity | [1],[4] | Aug. 31, 2021 | [18] | Aug. 31, 2021 | [19] | ||
Principal Amount | [1] | $ 18,527,237 | [18] | $ 18,527,237 | [19] | ||
Participation % | [1],[5] | 15.00% | [18] | 15.00% | [19] | 15.00% | [18] |
Amortized Cost | [1] | $ 18,527,237 | [18] | $ 18,527,237 | [19] | ||
Fair Value | [1] | $ 18,527,237 | [18] | $ 18,527,237 | [19] | ||
% of Net Assets | [1] | 5.10% | [18] | 5.80% | [19] | 5.10% | [18] |
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||
Interest | [1],[8] | 11.00% | 11.00% | ||||
Fees | [1],[3],[8] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[8] | Nov. 16, 2019 | Nov. 16, 2019 | ||||
Principal Amount | [1],[8] | $ 860,222 | $ 1,355,600 | ||||
Participation % | [1],[5],[8] | 15.00% | 15.00% | 15.00% | |||
Amortized Cost | [1],[8] | $ 860,222 | $ 1,355,600 | ||||
Fair Value | [1],[8] | $ 860,222 | $ 1,355,600 | ||||
% of Net Assets | [1],[8] | 0.20% | 0.40% | 0.20% | |||
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | |||||||
Interest | [1],[9] | 12.35% | |||||
Fees | [1],[3],[9] | 3.00% | |||||
Maturity | [1],[4],[9] | Mar. 28, 2023 | |||||
Principal Amount | [1],[9] | $ 19,000,000 | |||||
Participation % | [1],[5],[9] | 16.00% | 16.00% | ||||
Amortized Cost | [1],[9] | $ 18,487,000 | |||||
Fair Value | [1],[9] | $ 18,487,000 | |||||
% of Net Assets | [1],[9] | 5.10% | 5.10% | ||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member] | |||||||
Interest | [1] | 13.00% | |||||
Fees | [1],[3] | 2.50% | |||||
Maturity | [1],[4] | Jul. 18, 2021 | |||||
Principal Amount | [1] | $ 1,940,000 | |||||
Participation % | [1],[5] | 26.00% | 26.00% | ||||
Amortized Cost | [1] | $ 1,913,280 | |||||
Fair Value | [1] | $ 1,913,280 | |||||
% of Net Assets | [1] | 0.50% | 0.50% | ||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||||
Interest | [1],[8] | 12.82% | |||||
Fees | [1],[3],[8] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[8] | Mar. 31, 2023 | Mar. 31, 2023 | ||||
Principal Amount | [1],[8] | $ 12,839,688 | $ 12,464,320 | ||||
Participation % | [1],[5],[8] | 49.00% | 59.00% | 49.00% | |||
Amortized Cost | [1],[8] | $ 12,839,688 | $ 12,464,320 | ||||
Fair Value | [1],[8] | $ 12,839,688 | $ 12,464,320 | ||||
% of Net Assets | [1],[8] | 3.50% | 3.90% | 3.50% | |||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Cash [Member] | Freight and Cargo Transporter [Member] | |||||||
Interest | [1],[8] | 9.57% | |||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | PIK [Member] | Freight and Cargo Transporter [Member] | |||||||
Interest | [1],[8] | 4.00% | |||||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member] | |||||||
Interest | [1],[15] | 12.00% | |||||
Fees | [1],[3],[15] | 0.00% | |||||
Maturity | [1],[4],[15] | Dec. 31, 2020 | |||||
Principal Amount | [1],[15] | $ 4,300,000 | |||||
Participation % | [1],[5],[15] | 100.00% | 100.00% | ||||
Amortized Cost | [1],[15] | $ 4,300,000 | |||||
Fair Value | [1],[15] | $ 4,300,000 | |||||
% of Net Assets | [1],[15] | 1.20% | 1.20% | ||||
Senior Secured Trade Finance Participations [Member] | |||||||
Amortized Cost | [1] | $ 88,818,005 | $ 105,089,698 | ||||
Fair Value | [1] | $ 85,102,471 | $ 105,030,621 | ||||
% of Net Assets | [1] | 23.20% | 32.70% | 23.20% | |||
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],[10] | 11.50% | [20] | 9.50% | |||
Fees | [1],[3],[10] | 0.00% | [20] | 0.00% | |||
Principal Amount | [1],[10] | $ 15,000,000 | [20] | $ 15,000,000 | |||
Amortized Cost | [1],[10] | 15,000,000 | [20] | 15,000,000 | |||
Fair Value | [1],[10] | $ 15,000,000 | [20] | $ 15,000,000 | |||
% of Net Assets | [1],[10] | 4.10% | [20] | 4.70% | 4.10% | [20] | |
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||||
Fees | [1],[3],[9] | 0.00% | |||||
Principal Amount | [1],[9] | $ 11,957,864 | |||||
Participation % | [1],[5],[9] | 100.00% | |||||
Amortized Cost | [1],[9] | $ 11,957,864 | |||||
Fair Value | [1],[9] | $ 11,957,864 | |||||
% of Net Assets | [1],[9] | 3.70% | |||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||
Interest | [1],[9] | 10.00% | |||||
Fees | [1],[3],[9] | 0.00% | |||||
Maturity | [1],[4],[9] | Apr. 29, 2018 | |||||
Principal Amount | [1],[9] | $ 14,388,525 | |||||
Participation % | [1],[5],[9] | 100.00% | |||||
Amortized Cost | [1],[9] | $ 14,388,525 | |||||
Fair Value | [1],[9] | $ 14,388,525 | |||||
% of Net Assets | [1],[9] | 4.50% | |||||
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],[10] | Jan. 2, 2019 | [20] | 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] | |||||||
Interest | [1],[9] | 10.00% | |||||
Maturity | [1],[4],[9] | Nov. 16, 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],[10] | Feb. 14, 2019 | [20] | 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] | |||||||
Interest | [1],[9] | 11.50% | |||||
Maturity | [1],[4],[9] | Dec. 27, 2020 | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | |||||||
Interest | [1],[10] | 17.50% | [21] | 17.50% | |||
Fees | [1],[3],[10] | 0.00% | [21] | 0.00% | |||
Principal Amount | [1],[10] | $ 2,552,529 | [21] | $ 1,936,600 | |||
Participation % | [1],[5],[10] | 27.00% | [21] | 100.00% | 27.00% | [21] | |
Amortized Cost | [1],[10] | $ 2,552,529 | [21] | $ 1,936,600 | |||
Fair Value | [1],[10] | $ 2,552,529 | [21] | $ 1,936,600 | |||
% of Net Assets | [1],[10] | 0.70% | [21] | 0.60% | 0.70% | [21] | |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member] | |||||||
Interest | [1],[10] | 17.50% | |||||
Fees | [1],[3],[10] | 0.00% | [22] | 0.00% | |||
Maturity | [1],[4],[10] | Sep. 19, 2018 | |||||
Principal Amount | [1],[10] | $ 2,880,461 | [22] | $ 1,846,170 | |||
Participation % | [1],[5],[10] | 32.00% | [22] | 100.00% | 32.00% | [22] | |
Amortized Cost | [1],[10] | $ 2,880,461 | [22] | $ 1,846,170 | |||
Fair Value | [1],[10] | $ 2,880,461 | [22] | $ 1,846,170 | |||
% of Net Assets | [1],[10] | 0.80% | [22] | 0.60% | 0.80% | [22] | |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | |||||||
Interest | [1],[10] | 17.50% | |||||
Fees | [1],[3],[10] | 0.00% | [23] | 0.00% | |||
Maturity | [1],[4],[10] | Sep. 19, 2018 | |||||
Principal Amount | [1],[10] | $ 2,342,872 | [23] | $ 764,280 | |||
Participation % | [1],[5],[10] | 29.00% | [23] | 100.00% | 29.00% | [23] | |
Amortized Cost | [1],[10] | $ 2,342,872 | [23] | $ 764,280 | |||
Fair Value | [1],[10] | $ 2,342,872 | [23] | $ 764,280 | |||
% of Net Assets | [1],[10] | 0.60% | [23] | 0.20% | 0.60% | [23] | |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||
Interest | [1],[10] | 17.50% | |||||
Fees | [1],[3],[10] | 0.00% | [24] | 0.00% | |||
Principal Amount | [1],[10] | $ 1,786,726 | [24] | $ 1,205,450 | |||
Participation % | [1],[5],[10] | 22.00% | [24] | 100.00% | 22.00% | [24] | |
Amortized Cost | [1],[10] | $ 1,786,726 | [24] | $ 1,205,450 | |||
Fair Value | [1],[10] | $ 1,786,726 | [24] | $ 1,205,450 | |||
% of Net Assets | [1],[10] | 0.50% | [24] | 0.40% | 0.50% | [24] | |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | |||||||
Maturity | [1],[4],[10] | Sep. 19, 2018 | [21] | Sep. 7, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member] | |||||||
Maturity | [1],[4],[10],[22] | Sep. 19, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | |||||||
Interest | [1],[10],[23] | 14.50% | |||||
Maturity | [1],[4],[10],[23] | Oct. 22, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||
Interest | [1],[10],[24] | 14.50% | |||||
Maturity | [1],[4],[10] | Oct. 3, 2018 | [24] | Sep. 19, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | |||||||
Maturity | [1],[4],[10] | Oct. 20, 2018 | [21] | Sep. 29, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member] | |||||||
Interest | [1],[10],[22] | 17.50% | |||||
Maturity | [1],[4],[10],[22] | Nov. 2, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | |||||||
Interest | [1],[10],[23] | 17.50% | |||||
Maturity | [1],[4],[10],[23] | Dec. 28, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||
Interest | [1],[10],[24] | 17.50% | |||||
Maturity | [1],[4],[10] | Dec. 27, 2018 | [24] | Sep. 27, 2018 | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||||
Interest | [1],[15] | 10.45% | [7],[25] | 9.00% | [26] | ||
Fees | [1],[3],[15] | 0.00% | [7],[25] | 0.00% | [26] | ||
Maturity | [1],[4],[15] | Jun. 30, 2018 | [7],[25] | May 1, 2018 | [26] | ||
Principal Amount | [1],[15] | $ 12,500,000 | [7],[25] | $ 12,500,000 | [26] | ||
Participation % | [1],[5],[15] | 83.00% | [7],[25] | 83.00% | [26] | 83.00% | [7],[25] |
Amortized Cost | [1],[15] | $ 12,500,000 | [7],[25] | $ 12,500,000 | [26] | ||
Fair Value | [1],[15] | $ 10,432,518 | [7],[25] | $ 12,500,000 | [26] | ||
% of Net Assets | [1],[15] | 2.90% | [7],[25] | 3.90% | [26] | 2.90% | [7],[25] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Limitada [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||||
Interest | [1],[7] | 10.67% | 10.67% | ||||
Fees | [1],[3],[7] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[7] | Jul. 29, 2018 | Jul. 29, 2018 | ||||
Principal Amount | [1],[7] | $ 6,000,000 | $ 6,000,000 | ||||
Participation % | [1],[5],[7] | 17.00% | 17.00% | 17.00% | |||
Amortized Cost | [1],[7] | $ 6,000,000 | $ 6,000,000 | ||||
Fair Value | [1],[7] | $ 5,146,407 | $ 6,000,000 | ||||
% of Net Assets | [1],[7] | 1.40% | 1.90% | 1.40% | |||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member] | |||||||
Interest | [1],[7] | 11.50% | [25] | 11.50% | |||
Fees | [1],[3],[7] | 0.00% | [25] | 0.00% | |||
Maturity | [1],[4],[7] | Aug. 31, 2017 | [25] | Aug. 31, 2017 | |||
Principal Amount | [1],[7] | $ 9,000,000 | [25] | $ 9,000,000 | |||
Participation % | [1],[5],[7] | 28.00% | [25] | 32.00% | 28.00% | [25] | |
Amortized Cost | [1],[7] | $ 9,000,000 | [25] | $ 9,000,000 | |||
Fair Value | [1],[7] | $ 8,425,571 | [25] | $ 9,000,000 | |||
% of Net Assets | [1],[7] | 2.30% | [25] | 2.80% | 2.30% | [25] | |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||||
Interest | [1],[7],[9] | 9.00% | 9.00% | [27] | |||
Fees | [1],[3],[7],[9] | 0.00% | 0.00% | [27] | |||
Maturity | [1],[4],[7],[9] | Aug. 31, 2017 | Aug. 31, 2017 | [27] | |||
Principal Amount | [1],[7],[9] | $ 6,000,000 | $ 6,000,000 | [27] | |||
Participation % | [1],[5],[7],[9] | 27.00% | 100.00% | [27] | 27.00% | ||
Amortized Cost | [1],[7],[9] | $ 6,000,000 | $ 6,000,000 | [27] | |||
Fair Value | [1],[7],[9] | $ 5,839,047 | $ 6,000,000 | [27] | |||
% of Net Assets | [1],[7],[9] | 1.60% | 1.90% | [27] | 1.60% | ||
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | |||||||
Interest | [1],[7] | 10.90% | 10.90% | ||||
Fees | [1],[3],[7] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[7] | Mar. 4, 2018 | Mar. 4, 2018 | ||||
Principal Amount | [1],[7] | $ 1,326,687 | $ 1,326,687 | ||||
Participation % | [1],[5],[7] | 100.00% | 100.00% | 100.00% | |||
Amortized Cost | [1],[7] | $ 1,326,687 | $ 1,326,687 | ||||
Fair Value | [1],[7] | $ 1,326,687 | $ 1,326,687 | ||||
% of Net Assets | [1],[7] | 0.40% | 0.40% | 0.40% | |||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | |||||||
Interest | [1],[15] | 9.00% | [28] | 9.00% | |||
Fees | [1],[3],[15] | 0.00% | [28] | 0.00% | |||
Maturity | [1],[4],[15] | Jun. 19, 2019 | [28] | Aug. 18, 2018 | |||
Principal Amount | [1],[15] | $ 119,542 | [28] | $ 351,559 | |||
Participation % | [1],[5],[15] | 8.00% | [28] | 43.00% | 8.00% | [28] | |
Amortized Cost | [1],[15] | $ 119,542 | [28] | $ 351,559 | |||
Fair Value | [1],[15] | $ 119,542 | [28] | $ 351,559 | |||
% of Net Assets | [1],[15] | 0.00% | [28] | 0.10% | 0.00% | [28] | |
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member] | |||||||
Interest | [1],[15] | 9.25% | |||||
Fees | [1],[3],[15] | 0.00% | |||||
Principal Amount | [1],[15] | $ 3,338,520 | |||||
Participation % | [1],[5],[15] | 34.00% | |||||
Amortized Cost | [1],[15] | $ 3,338,520 | |||||
Fair Value | [1],[15] | $ 3,338,520 | |||||
% of Net Assets | [1],[15] | 1.00% | |||||
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],[15] | Sep. 4, 2018 | |||||
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],[15] | Oct. 22, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member] | |||||||
Interest | [1],[7],[25] | 12.00% | 12.00% | ||||
Fees | [1],[3],[7],[25] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[7],[25] | Mar. 31, 2016 | Mar. 31, 2016 | ||||
Principal Amount | [1],[7],[25] | $ 881,800 | $ 881,800 | ||||
Participation % | [1],[5],[7],[25] | 23.00% | 24.00% | 23.00% | |||
Amortized Cost | [1],[7],[25] | $ 881,800 | $ 881,800 | ||||
Fair Value | [1],[7],[25] | $ 881,800 | $ 881,800 | ||||
% of Net Assets | [1],[7],[25] | 0.20% | 0.30% | 0.20% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member] | |||||||
Interest | [1],[9] | 17.50% | |||||
Fees | [1],[3],[9] | 0.00% | |||||
Maturity | [1],[4],[9] | Sep. 28, 2017 | |||||
Principal Amount | [1],[9] | $ 1,234,145 | |||||
Participation % | [1],[5],[9] | 10.00% | |||||
Amortized Cost | [1],[9] | $ 1,234,145 | |||||
Fair Value | [1],[9] | $ 1,234,145 | |||||
% of Net Assets | [1],[9] | 0.40% | |||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||
Fees | [1],[3],[10] | 0.00% | |||||
Principal Amount | [1],[10] | $ 6,298,536 | |||||
Participation % | [1],[5],[10] | 62.00% | 62.00% | ||||
Amortized Cost | [1],[10] | $ 6,298,536 | |||||
Fair Value | [1],[10] | $ 6,298,536 | |||||
% of Net Assets | [1],[10] | 1.70% | 1.70% | ||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||||
Interest | [1],[7],[25] | 10.00% | 12.00% | ||||
Fees | [1],[3],[7],[25] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[7],[25] | May 22, 2015 | May 22, 2015 | ||||
Principal Amount | [1],[7],[25] | $ 785,806 | $ 785,806 | ||||
Participation % | [1],[5],[7],[25] | 19.00% | 12.00% | 19.00% | |||
Amortized Cost | [1],[7],[25] | $ 785,806 | $ 785,806 | ||||
Fair Value | [1],[7],[25] | $ 726,729 | $ 726,729 | ||||
% of Net Assets | [1],[7],[25] | 0.20% | 0.20% | 0.20% | |||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||
Interest | [1],[10] | 12.00% | |||||
Maturity | [1],[4],[10] | Jan. 7, 2019 | |||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||
Interest | [1],[10] | 13.00% | |||||
Maturity | [1],[4],[10] | Jan. 25, 2019 | |||||
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member] | |||||||
Interest | [1],[7],[25] | 11.00% | 11.00% | ||||
Fees | [1],[3],[7],[25] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[7],[25] | Jul. 31, 2018 | Jul. 31, 2018 | ||||
Principal Amount | [1],[7],[25] | $ 7,349,626 | $ 7,349,626 | ||||
Participation % | [1],[5],[7],[25] | 73.00% | 73.00% | 73.00% | |||
Amortized Cost | [1],[7],[25] | $ 7,349,626 | $ 7,349,626 | ||||
Fair Value | [1],[7],[25] | $ 7,349,626 | $ 7,349,626 | ||||
% of Net Assets | [1],[7],[25] | 2.00% | 2.30% | 2.00% | |||
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | |||||||
Interest | [1],[10] | 11.55% | |||||
Fees | [1],[3],[10] | 0.00% | 0.00% | ||||
Maturity | [1],[4],[10] | Nov. 21, 2018 | |||||
Principal Amount | [1],[10] | $ 2,087,577 | $ 4,296,451 | ||||
Participation % | [1],[5],[10] | 100.00% | 71.00% | 100.00% | |||
Amortized Cost | [1],[10] | $ 2,087,577 | $ 4,296,451 | ||||
Fair Value | [1],[10] | $ 2,087,577 | $ 4,296,451 | ||||
% of Net Assets | [1],[10] | 0.60% | 1.30% | 0.60% | |||
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],[10] | 9.50% | |||||
Maturity | [1],[4],[10] | Dec. 31, 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],[10] | 10.14% | |||||
Maturity | [1],[4],[10] | May 8, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||
Fees | [1],[3],[10],[29] | 0.00% | |||||
Principal Amount | [1],[10],[29] | $ 11,102,589 | |||||
Participation % | [1],[5],[10],[29] | 100.00% | 100.00% | ||||
Amortized Cost | [1],[10],[29] | $ 11,102,589 | |||||
Fair Value | [1],[10],[29] | $ 11,102,589 | |||||
% of Net Assets | [1],[10],[29] | 3.00% | 3.00% | ||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Minimum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||
Interest | [1],[10],[29] | 16.42% | |||||
Maturity | [1],[4],[10],[29] | Oct. 13, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||
Interest | [1],[10],[29] | 17.50% | |||||
Maturity | [1],[4],[10],[29] | Dec. 31, 2018 | |||||
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Global Pharma Intelligence Sarl [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member] | |||||||
Interest | [1],[15] | 14.60% | [30] | 14.60% | |||
Fees | [1],[3],[15] | 0.00% | [30] | 0.00% | |||
Maturity | [1],[4],[15] | Jun. 30, 2018 | [30] | Jan. 30, 2018 | |||
Principal Amount | [1],[15] | $ 803,254 | [30] | $ 1,080,000 | |||
Participation % | [1],[5],[15] | 60.00% | [30] | 60.00% | 60.00% | [30] | |
Amortized Cost | [1],[15] | $ 803,254 | [30] | $ 1,080,000 | |||
Fair Value | [1],[15] | $ 803,254 | [30] | $ 1,080,000 | |||
% of Net Assets | [1],[15] | 0.20% | [30] | 0.30% | 0.20% | [30] | |
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||||
Interest | [1],[10] | 11.82% | |||||
Fees | [1],[3],[10] | 0.00% | |||||
Maturity | [1],[4],[10] | Nov. 8, 2018 | |||||
Principal Amount | [1],[10] | $ 3,500,000 | |||||
Participation % | [1],[5],[10] | 27.00% | |||||
Amortized Cost | [1],[10] | $ 3,500,000 | |||||
Fair Value | [1],[10] | $ 3,500,000 | |||||
% of Net Assets | [1],[10] | 1.10% | |||||
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member] | |||||||
Interest | [1],[15] | 9.00% | |||||
Fees | [1],[3],[15] | 0.00% | |||||
Principal Amount | [1],[15] | $ 346,215 | |||||
Participation % | [1],[5],[15] | 100.00% | |||||
Amortized Cost | [1],[15] | $ 346,215 | |||||
Fair Value | [1],[15] | $ 346,215 | |||||
% of Net Assets | [1],[15] | 0.10% | |||||
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member] | |||||||
Maturity | [1],[4],[15] | 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],[15] | Jul. 26, 2018 | |||||
Short Term Investments [Member] | |||||||
Amortized Cost | [1] | $ 14,912,057 | $ 32,500,000 | ||||
Fair Value | [1] | $ 14,688,469 | $ 32,500,000 | ||||
% of Net Assets | [1] | 4.00% | 10.10% | 4.00% | |||
Short Term Investments [Member] | IIG TOF B.V [Member] | Financial Services [Member] | Receivable from IIG [Member] | |||||||
Interest | [7],[25] | 8.75% | [1],[31] | 8.75% | [27],[32] | ||
Fees | [3],[7],[25] | 0.00% | [1],[31] | 0.00% | [27],[32] | ||
Principal Amount | [7],[25] | $ 6,000,000 | [1],[31] | $ 6,000,000 | [27],[32] | ||
Amortized Cost | [7],[25] | 6,000,000 | [1],[31] | 6,000,000 | [27],[32] | ||
Fair Value | [7],[25] | $ 5,776,412 | [1],[31] | $ 6,000,000 | [27],[32] | ||
% of Net Assets | [7],[25] | 1.60% | [1],[31] | 1.90% | [27],[32] | 1.60% | [1],[31] |
Short Term Investments [Member] | Brazil [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor [Member] | |||||||
Interest | [1],[15] | 10.50% | |||||
Fees | [1],[3],[15] | 0.00% | |||||
Maturity | [1],[4],[15] | Dec. 26, 2018 | |||||
Principal Amount | [1],[15] | $ 4,000,000 | |||||
Participation % | [1],[5],[15] | 12.00% | 12.00% | ||||
Amortized Cost | [1],[15] | $ 4,000,000 | |||||
Fair Value | [1],[15] | $ 4,000,000 | |||||
% of Net Assets | [1],[15] | 1.10% | 1.10% | ||||
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held In Escrow [Member] | |||||||
Interest | [1],[33] | 15.34% | |||||
Fees | [1],[3],[33] | 0.00% | |||||
Principal Amount | [1],[33] | $ 4,912,057 | |||||
Participation % | [1],[5],[33] | 90.00% | 90.00% | ||||
Amortized Cost | [1],[33] | $ 4,912,057 | |||||
Fair Value | [1],[33] | $ 4,912,057 | |||||
% of Net Assets | [1],[33] | 1.30% | 1.30% | ||||
Short Term Investments [Member] | United Kingdom [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member] | |||||||
Fees | [1],[3],[10] | 0.00% | |||||
Principal Amount | [1],[10] | $ 16,500,000 | |||||
Participation % | [1],[5],[10] | 16.00% | |||||
Amortized Cost | [1],[10] | $ 16,500,000 | |||||
Fair Value | [1],[10] | $ 16,500,000 | |||||
% of Net Assets | [1],[10] | 5.10% | |||||
Short Term Investments [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member] | |||||||
Interest | [1],[10] | 8.88% | |||||
Maturity | [1],[4],[10] | Jan. 31, 2018 | |||||
Short Term Investments [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member] | |||||||
Interest | [1],[10] | 9.15% | |||||
Maturity | [1],[4],[10] | Feb. 28, 2018 | |||||
Short Term Investments [Member] | Cayman Islands [Member] | Other Investments [Member] | Financial Services [Member] | Financial Services Provider [Member] | |||||||
Interest | [1],[34] | 7.50% | |||||
Fees | [1],[3],[34] | 0.00% | |||||
Maturity | [1],[4],[34] | Feb. 28, 2018 | |||||
Principal Amount | [1],[34] | $ 10,000,000 | |||||
Amortized Cost | [1],[34] | 10,000,000 | |||||
Fair Value | [1],[34] | $ 10,000,000 | |||||
% of Net Assets | [1],[34] | 3.10% | |||||
Equity Warrants [Member] | |||||||
Fair Value | $ 1,080,222 | ||||||
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||||
Fair Value | $ 1,080,222 | ||||||
% of Net Assets | 0.30% | 0.30% | |||||
[1] | Refer to Notes 2, 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] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | ||||||
[6] | Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||||
[7] | Watch List investment. Refer to Note 3 for additional information. | ||||||
[8] | Principal and interest paid quarterly. | ||||||
[9] | Quarterly interest only payment. Principal due at maturity. | ||||||
[10] | Principal and interest paid at maturity. | ||||||
[11] | In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information. | ||||||
[12] | This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly. | ||||||
[13] | 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. | ||||||
[14] | 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. | ||||||
[15] | Monthly interest only payment. Principal due at maturity. | ||||||
[16] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | ||||||
[17] | Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $300,586. | ||||||
[18] | In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance. | ||||||
[19] | 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. In October, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance. | ||||||
[20] | During the third quarter 2018, the maturity dates of these investments were extended to 1/2/2019 to 2/14/2019. | ||||||
[21] | As of the date of this report, about $2,455,000 of this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | ||||||
[22] | As of the date of this report, this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | ||||||
[23] | As of the date of this report, the portion of this investments that had a maturity date in October 2018 has been repaid in full. | ||||||
[24] | As of the date of this report, about $1,509,000 of this investment with a maturity date in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | ||||||
[25] | Investment on non-accrual status. | ||||||
[26] | While the original maturity date was 7/18/2017, the maturity date was extended to 5/01/2018 to account for the delays in shipments. | ||||||
[27] | For periods prior to the three months ended June 30, 2018, these investments were listed as one senior secured trade finance participation with a principal amount of $12,000,000. Refer to the description of these investments in Note 3 for more information. | ||||||
[28] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | ||||||
[29] | As of the date of this report, about $9,382,000 of this investment with maturity dates in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | ||||||
[30] | Reserved | ||||||
[31] | This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”). During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information. | ||||||
[32] | This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information. | ||||||
[33] | Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds held in escrow accrue interest at 13% plus three-month Libor. | ||||||
[34] | Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | ||||
Fats and Oils [Member] | ||||||
Principal Amount | $ 12,000,000 | |||||
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||||||
Extended maturity date | Dec. 15, 2020 | Dec. 15, 2020 | ||||
Maturity | May 15, 2017 | May 15, 2017 | ||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | ||||||
Extended maturity date | Aug. 31, 2021 | |||||
Accrued interest capitalized | $ 2,027,327 | |||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Minimum [Member] | ||||||
Extended maturity date | Oct. 9, 2017 | |||||
Maturity | Mar. 10, 2017 | |||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Maximum [Member] | ||||||
Extended maturity date | Jun. 1, 2018 | |||||
Maturity | Feb. 21, 2018 | |||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3] | Aug. 31, 2021 | [1] | Aug. 31, 2021 | [4] | |
Principal Amount | [2] | $ 18,527,237 | [1] | $ 18,527,237 | [4] | |
Interest | [2] | 12.53% | [1] | 11.66% | [4] | |
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Three-month Libor [Member] | Short Term Investments [Member] | ||||||
Interest | 13.00% | |||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member] | ||||||
Maturity | [2],[3],[5],[6] | Jul. 28, 2021 | ||||
Principal Amount | [2],[5],[6] | $ 4,960,000 | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member] | Minimum [Member] | ||||||
Interest | [2],[5],[6] | 12.00% | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member] | Maximum [Member] | ||||||
Interest | [2],[5],[6] | 13.34% | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3],[5] | Jul. 28, 2021 | ||||
Principal Amount | [2],[5] | $ 4,960,000 | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Minimum [Member] | ||||||
Interest | [2],[5] | 12.00% | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Maximum [Member] | ||||||
Interest | [2],[5] | 13.00% | ||||
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member] | ||||||
Extended maturity date | Jul. 28, 2021 | Jul. 28, 2021 | ||||
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 | |||||
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 | [2],[3],[7] | Jul. 27, 2019 | ||||
Principal Amount | [2],[7] | $ 15,000,000 | ||||
Interest | [2],[7] | 11.33% | ||||
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | ||||||
Deferred interest rate included in investment interest accruing | 4.68% | 4.68% | ||||
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3],[8] | Sep. 16, 2020 | Sep. 16, 2020 | |||
Principal Amount | [2],[8] | $ 12,762,670 | $ 13,407,670 | |||
Interest | [2],[8] | 12.60% | 16.54% | |||
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member] | ||||||
Variable interest rate | 10.50% | 10.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Principal Amount | [2],[10] | $ 2,552,529 | [9] | $ 1,936,600 | ||
Interest | [2],[10] | 17.50% | [9] | 17.50% | ||
Outstanding amount | $ 2,455,000 | |||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[10] | Sep. 19, 2018 | [9] | Sep. 7, 2018 | ||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[10] | Oct. 20, 2018 | [9] | Sep. 29, 2018 | ||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | ||||||
Investment maturity | 2018-10 | |||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Maturity | [2],[3],[10] | Sep. 19, 2018 | ||||
Principal Amount | [2],[10] | $ 2,342,872 | [11] | $ 764,280 | ||
Interest | [2],[10] | 17.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[10],[11] | Oct. 22, 2018 | ||||
Interest | [2],[10],[11] | 14.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[10],[11] | Dec. 28, 2018 | ||||
Interest | [2],[10],[11] | 17.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | ||||||
Outstanding amount | $ 1,509,000 | |||||
Investment maturity | 2018-10 | |||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Principal Amount | [2],[10] | $ 1,786,726 | [12] | $ 1,205,450 | ||
Interest | [2],[10] | 17.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[10] | Oct. 3, 2018 | [12] | Sep. 19, 2018 | ||
Interest | [2],[10],[12] | 14.50% | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[10] | Dec. 27, 2018 | [12] | Sep. 27, 2018 | ||
Interest | [2],[10],[12] | 17.50% | ||||
Nigeria [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Outstanding amount | $ 9,382,000 | |||||
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3],[13] | Aug. 15, 2021 | ||||
Principal Amount | [2],[13] | $ 16,005,188 | ||||
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Entire principal amount | $ 2,143,500 | $ 2,143,500 | ||||
Principal and interest starting date | Feb. 15, 2020 | Feb. 15, 2020 | ||||
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3],[13] | Aug. 15, 2021 | ||||
Principal Amount | [2],[13] | $ 15,529,353 | ||||
Interest | [2],[13] | 12.50% | ||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | ||||||
Original drawdown date | Aug. 10, 2017 | Aug. 10, 2017 | ||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | ||||||
Maturity | [2],[3],[14] | Feb. 10, 2021 | ||||
Principal and accrued interest payment description | Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information. | Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||
Principal Amount | [2],[14] | $ 6,840,000 | $ 6,840,000 | |||
Interest | [2],[14] | 11.50% | 11.50% | |||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[14] | Feb. 10, 2021 | ||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[14] | Apr. 2, 2021 | ||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member] | ||||||
Maturity | [2],[3],[15],[16] | Jan. 23, 2021 | ||||
Principal Amount | [2],[15],[16] | $ 7,893,393 | ||||
Investment premium included in fair value | $ 300,586 | |||||
Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Extended maturity date | Jun. 19, 2019 | |||||
Maturity | [2],[3],[18] | Jun. 19, 2019 | [17] | Aug. 18, 2018 | ||
Principal Amount | [2],[18] | $ 119,542 | [17] | $ 351,559 | ||
Interest | [2],[18] | 9.00% | [17] | 9.00% | ||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Principal Amount | [2],[10] | $ 15,000,000 | [19] | $ 15,000,000 | ||
Interest | [2],[10] | 11.50% | [19] | 9.50% | ||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[10] | Jan. 2, 2019 | [19] | Jan. 4, 2018 | ||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[10] | Feb. 14, 2019 | [19] | Feb. 19, 2018 | ||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | ||||||
Investment maturity | 2018-10 | |||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | ||||||
Principal Amount | [2],[10],[20] | $ 11,102,589 | ||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||
Maturity | [2],[3],[10],[20] | Oct. 13, 2018 | ||||
Interest | [2],[10],[20] | 16.42% | ||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||
Maturity | [2],[3],[10],[20] | Dec. 31, 2018 | ||||
Interest | [2],[10],[20] | 17.50% | ||||
Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | Senior Secured Term Loan [Member] | ||||||
Extended maturity date | May 1, 2018 | |||||
Maturity | Jul. 18, 2017 | |||||
Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | Senior Secured Term Loan [Member] | ||||||
Extended maturity date | Mar. 4, 2018 | |||||
Maturity | Dec. 11, 2016 | |||||
[1] | In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance. | |||||
[2] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||||
[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] | 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. In October, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance. | |||||
[5] | In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information. | |||||
[6] | Watch List investment. Refer to Note 3 for additional information. | |||||
[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] | 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. | |||||
[9] | As of the date of this report, about $2,455,000 of this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | |||||
[10] | Principal and interest paid at maturity. | |||||
[11] | As of the date of this report, the portion of this investments that had a maturity date in October 2018 has been repaid in full. | |||||
[12] | As of the date of this report, about $1,509,000 of this investment with a maturity date in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. | |||||
[13] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | |||||
[14] | 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. | |||||
[15] | Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $300,586. | |||||
[16] | Quarterly interest only payment. Principal due at maturity. | |||||
[17] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | |||||
[18] | Monthly interest only payment. Principal due at maturity. | |||||
[19] | During the third quarter 2018, the maturity dates of these investments were extended to 1/2/2019 to 2/14/2019. | |||||
[20] | As of the date of this report, about $9,382,000 of this investment with maturity dates in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018. |
Organization and Operations of
Organization and Operations of the Company | 9 Months Ended |
Sep. 30, 2018 | |
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 businesses 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, 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 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. 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”). 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 $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 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 $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to September 30, 2018, the Company raised an additional $67,321,000 pursuant to a private placement and $16,350,000 pursuant to the DRP for the gross proceeds of $445,447,000 as of September 30, 2018. Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (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 – Europe, Ltd. • TriLinc Global Impact Fund – Cayman, Ltd. Through September 30, 2018, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, and Europe. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, which was filed with the SEC on April 2, 2018. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2018. 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. 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, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the six companies on non-accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively for the three and nine months ended September 30, 2018. 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 income, 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 a collateral approach, which uses 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 a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform 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. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and 4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and 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 Cash Flow or “DCF”) 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. For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach). The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model. When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery. We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. • Macro-economic factors that are relevant to the investment or the underlying borrower • Industry factors that are relevant to the investment or the underlying borrower • Historical and projected financial performance of the borrower based on most recent financial statements • Borrower draw requests and payment track record • Loan covenants, duration and drivers • Performance and condition of the collateral (nature, type and value) that supports the investment • Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback • For participations, the Company’s ownership percentage of the overall facility • Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized With respect to warrants and other equity investments, as well as certain fixed income investments, 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, option pricing models 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. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively. The Company earned and capitalized PIK interest of $667,792 for the three and nine months ended September 30, 2017. Distribution and Ongoing Dealer Manager and Services Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,309,000, the unpaid dealer manager fees for Class I units amounted to $61,000 and the unpaid dealer manager and service fees for Class W units amounted to $4,000. 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, 2018, 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, 2014. 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, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. 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 SEC guidance, effective June 30, 2016, the Company records liabilities for (i) ongoing fees that the Company 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, 2018, under GAAP, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value under GAAP and , 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, 2018 and 2017. Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering 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, 2018 and December 31, 2017. 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 were equal 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, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements. As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. As of September 30, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder. Operating Expense Responsibility Agreement On March 26, 2018, 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 December 31, 2017. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf 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”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, Classification Correction During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017. This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows: ANALYSIS OF NET ASSETS: As previously reported Corrected Change Net capital paid in on Class A units $ 166,754,603 $ 162,087,710 $ (4,666,893 ) Net capital paid in on Class C units 76,275,220 74,739,748 (1,535,472 ) Net capital paid in on Class I units 92,778,756 92,522,021 (256,735 ) Net capital paid in on Class Y units 2,704,659 9,163,759 6,459,100 Offering costs (17,156,501 ) (17,156,501 ) - NET ASSETS $ 321,356,737 $ 321,356,737 $ - Net assets, Class A $ 158,558,939 $ 153,892,048 $ (4,666,891 ) Net assets, Class C 72,495,821 70,960,348 (1,535,473 ) Net assets, Class I 88,086,934 87,830,198 (256,736 ) Net assets, Class Y 2,215,043 8,674,143 6,459,100 NET ASSETS $ 321,356,737 $ 321,356,737 $ - Out-of-Period Adjustments As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of September 30, 2018. 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 Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. 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 adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities 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. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018. Risk Factors The Company has a 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, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could re |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of September 30, 2018, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 95,690,207 $ 95,690,207 28.0 % Senior secured term loan participations 145,674,400 145,674,400 42.5 % Senior secured trade finance participations 88,818,005 85,102,471 24.9 % Short term investments 14,912,057 14,688,469 4.3 % Equity warrants - 1,080,222 0.3 % Total investments $ 345,094,669 $ 342,235,769 100.0 % 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 originated by one of the Company’s sub-advisors. 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 limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor 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 a year of accrued interest receivable as of September 30, 2018. 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, 2018 and December 31, 2017 amounted to $2,220,965 and $1,960,157, respectively. The Company’s interest receivable balances at September 30, 2018 and December 31, 2017 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 Participations in trade finance positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represents advances to borrowers based on proven orders from buyers. Receivable/inventory financing represents advances on borrowers’ eligible receivable and inventory balances. For trade finance, the structure and terms of the facility underlying the Company’s Participations vary according to the nature of the transaction being financed. The structure can take the form of a revolver with multiple draw requests and maturity of 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. With respect to 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 Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction, • collateral and financial controls (collection accounts and inventory possession), • third 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 from the respective sub-advisor that a borrower or counterparty to a financing facility underlying one of the Company’s Participations 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 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 periodic reports prior to September 30, 2017 , the Company included short term investments within the Trade Finance section of the Schedule of Investments. Due to the unique characteristics of the short term investments, the Company has determined to present these investments separately. Warrants Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow the Company to buy shares of the portfolio company at a given price, which the Company will exercise at its discretion during the life of the portfolio company. The Company’s goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. Typically, these warrants and equity interests are illiquid. In addition, the Company expects that any warrants or other return enhancements received when the Company makes or invests in loans may require several years to appreciate in value and may not appreciate at all. Watch List Investments The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral, (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower). Corporacion Prodesa S.R.L. As of September 30, 2018, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, is comprised of two senior secured term loans with an aggregate balance of $3,210,000, and a senior secured trade finance revolving credit facility for $1,750,000. The total accrued interest balance as of September 30, 2018 amounts to $674,320, including $466,103 of deferred interest payable at maturity. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa. Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021. The Company has estimated the fair value of the principal amount of the Prodesa loans as of September 30, 2018 at $4,960,000 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity. Usivale As of September 30, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $285,502. As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations. Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled. During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices. Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. The Company and Usivale have agreed to an extension of the 2017 principal payment (spread evenly across the final three years of the loan, such that remaining principal payments are comprised of approximately 20% / 20% / 60% amortization, respectively, over the next 3 years). The extension was agreed to in exchange for a flat 0.5% extension fee on the outstanding balance and an increase in pledged contracts. The 2017 annual interest payment has been received in full and the 2018 annual interest payment is due in the fourth quarter of 2018. As of September 30, 2018, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices. As of September 30, 2018, accrued interest amounted to $285,502. Applewood Trading 199 Pty, Ltd . In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), Procesos Fabriles S.A . In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”), with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of September 30, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date. As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations. The Company’s existing Participation in this trade finance facility is near the final stages of being restructured to a Participation in a term loan with Profasa as the borrower and the following terms: 3 year senior secured term loan, secured by share pledge, 12% deferred interest compounded quarterly and payable at maturity, and monthly principal amortization based upon available cash flows. Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $881,800 as of September 30, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $27,832 and $82,588, respectively. Mac Z Group SARL Between July 2016 and April 2017, the Company purchased 9 Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), as the borrower In addition to conducting its investigation, Scipion issued an event of default and is taking steps to enforce the corporate guarantee, personal guarantee and relevant pledges made for the benefit of Scipion with respect to the facility, which include two insurance policies. Scipion has placed a blocking notice on all of Mac Z’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week of April 2018. Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss. Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $206,606 and $613,081, respectively The Company believes, that as of September 30, 2018, the most appropriate valuation method is the collateral based approach and of the principal amount Algodonera Avellaneda S.A. In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower. The Company reported that the outstanding principal balance on its Participation was $12,000,000. During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG. In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”). However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively. Vicentin is not the borrower, but rather agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility. See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility. As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000. The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of September 30, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $502,500. In June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG. The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals. The court of appeals will decide on the commercial court’s rejection of the suspension and whether to affirm or reverse the commercial court’s final ruling in favor of IIG. The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)). The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement. As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above. Given the new information learned by the Company about this investment as well as investments described under the captions, “—IIG B.V. Receivable” and “— Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay” “ — Algodonera Avellaneda S.A.”, “—IIG B.V. Receivable”, and “— Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay” As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,839,047 as of September 30, 2018. IIG Trade Opportunities Fund B.V. In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000. Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is a Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest. Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility. In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “ — Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility. As of the date of this filing, IIG has informed the Company that although it has reviewed its books and records, it cannot locate all of the original documents requested by the Company. In connection with its review of this investment and in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the second quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment. As a result, IIG offered to refund the Company’s investment amount, including all accrued interest. IIG has not yet repaid the Company for this Participation as of the date of this Quarterly Report on Form 10-Q. As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V. Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect. Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full. The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,776,412 as of September 30, 2018. The Company has placed this receivable on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $134,167 for the three and nine months ended September 30, 2018. Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that September 30, 2018 The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie (see above). As described above, the Company also learned on July 31, 2018 that IIG and Algodonera are in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement. Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR. In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG is disputing the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG. FRIAR’s appeal of the commercial court’s rejection of the suspension will be determined by the court of appeals. As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of the December 31, 2017 year-end financial statements the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s continued reliance on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above. As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach. Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of September 30, 2018 is to take the average of the value resulting from the Company’s analysis and the midpoint of the independent valuation firm’s estimate of the range of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $8,425,571 as of September 30, 2018 The Company placed the Participation on non-accrual status effective January 1, 2018 . Compania Argentina de Granos Between October 2016 and February 2017, the Company purchased two Participations IIG has stated that it has been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG has informed the Company that IIG is a member of the creditors committee, which will determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations as well as the financial impact of a potential restructuring, the Company has decided that starti |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 95,690,207 $ — $ — $ 95,690,207 Senior secured term loan participations 145,674,400 — — 145,674,400 Senior secured trade finance participations 85,102,471 — — 85,102,471 Short term investments 14,688,469 — — 14,688,469 Equity warrants 1,080,222 — — 1,080,222 Total $ 342,235,769 $ — $ — $ 342,235,769 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, 2017: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 78,573,493 $ — $ — $ 78,573,493 Senior secured term loan participations 119,165,378 119,165,378 Senior secured trade finance participations 105,030,621 — — 105,030,621 Short term investments 32,500,000 32,500,000 Total $ 335,269,492 $ — $ — $ 335,269,492 The following is a reconciliation of activity for the nine months ended September 30, 2018, of investments classified as Level 3: Fair Value at December 31, 2017 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized (depreciation) / Foreign exchange gain Transfers Fair Value at September 30, 2018 Senior secured term loans $ 78,573,493 $ 20,240,532 $ (19,446,431 ) $ 2,011,317 $ — $ 14,311,296 $ 95,690,207 Senior secured term loan participations 119,165,378 32,629,176 (13,023,327 ) 1,626,526 5,276,647 145,674,400 Senior secured trade finance participations 105,030,621 83,451,952 (93,223,644 ) — (3,656,458 ) (6,500,000 ) 85,102,471 Short term investments 32,500,000 22,000,000 (26,500,000 ) — (223,588 ) (13,087,943 ) 14,688,469 Equity warrants — — — — 1,080,222 — 1,080,222 Total $ 335,269,492 $ 158,321,660 $ (152,193,402 ) $ 3,637,843 $ (2,799,824 ) $ - $ 342,235,769 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, 2018 and 2017. As of September 30, 2018, 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, 2018: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1)(3) $ 61,370,666 Income approach (DCF) Market yield 9.0% - 17.5% (10.6%) Senior secured trade finance participations (2) $ 23,731,805 Collateral based approach Value of collateral N/A Senior secured term loans $ 95,690,207 Income approach (DCF) Market yield 11.3% - 14.5% (12.5%) Senior secured term loan participations $ 145,674,400 Income approach (DCF) Market yield 11.0% - 20.0% (13.5%) Short term investments $ 5,776,412 Income approach (DCF) Market yield 8.75% Short term investments $ 8,912,057 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Income approach (DCF) Market yield N/A (1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. (2) Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (3) The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” As of December 31, 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 December 31, 2017: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 90,030,621 Income approach (DCF) Market yield 9.0% - 17.5% (10.6%) Senior secured trade finance participations (2) $ 15,000,000 Collateral based approach Value of collateral N/A Senior secured term loans $ 78,573,493 Income approach (DCF) Market yield 11.3% - 14.5% (12.5%) Senior secured term loan participations $ 119,165,378 Income approach (DCF) Market yield 11.0% - 20.0% (13.5%) Short term investments $ 6,000,000 Collateral based approach Value of collateral N/A Short term investments $ 26,500,000 Cost Approach Recent transactions N/A (1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. (2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information. 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 additional information concerning 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, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 5. Related Parties Agreements Advisory Agreement On February 14, 2018, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement (the “Advisory Agreement”) until February 25, 2019. 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, 2018 and 2017. Transactions As discussed in Note 2, for the three months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $872,653, 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, 2018 and 2017, the Sponsor assumed responsibility for $0 and $3,831,414, respectively, of the Company’s operating expenses, management fees and incentive fees. For the three months ended September 30, 2018 and 2017, the Advisor earned $1,986,846, and $1,658,314, respectively, in management fees and $1,480,249 and $1,447,154, respectively, in incentive fees. For the nine months ended September 30, 2018 and 2017, the Advisor earned $5,988,274 and $4,721,832, respectively, in management fees and $4,583,508 and $3,276,012, respectively, in incentive fees. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. Such expenses, in an aggregate amount 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. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018 and no expenses have been recorded for the three months ended September 30, 2018. The Company met the Reimbursement Hurdle for the second quarter of 2018 and has recorded expenses of $387,000 for the nine months ended September 30, 2018. The $387,000 due to the Sponsor as of September 30, 2018 is included in Other payables. As of September 30, 2018 and December 31, 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, were due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business. For the three months ended September 30, 2018 and 2017, the Company paid $0 and $3,000, respectively, in dealer manager fees and $0 and $5,500, respectively, in selling commissions to the Company’s dealer manager for the Company’s offerings, SC Distributors, LLC. For the nine months ended September 30, 2018 and 2017, the Company paid $6,252 and $639,088, respectively, in dealer manager fees and $19,270 and $2,469,610, respectively, in selling commissions to SC Distributors, LLC. These fees and commissions were paid in connection with the sale 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, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of September 30, 2018, the Sponsor has paid approximately $17,412,000 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 $72,000 and $2,458,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018 and 2017, the Company paid $54,616 and $2,468,849, 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. From the commencement of the Company’s operations through September 30, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering and organization costs and there is a remaining balance of approximately $436,100 of offering costs that have not yet been reimbursed to the Sponsor. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Notes Payable | Note 7. Notes Payable The Company notes payable consist of the following: September 30, 2018 December 31, 2017 Outstanding Balance Outstanding Balance Promissory notes $ 310,000 $ 410,000 Symbiotics facility 22,750,000 22,750,000 Christian Super promissory note 5,000,000 5,000,000 Total notes payable $ 28,060,000 $ 28,160,000 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 are 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 1.86 shares out of a total of 27.11 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 Notes 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 Notes. The Notes and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants. 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. On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $12.25 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $17.5 million under the second 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 (2.34% as of September 30, 2018) 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 obligation 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 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 27.11 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. As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants. 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 Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) 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 obligation under the CS Note 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 Note a mortgage over 5 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under th For the three months ended September 30, 2018 and 2017, the Company recognized $504,954 and $215,449, respectively, in interest expense. For the nine months ended September 30, 2018 and 2017, the Company recognized $1,439,666 and $256,540, respectively, in interest expense. Due to the variable rate structure of these borrowings, the carrying basis of these debt obligations is considered to approximate their fair value. 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 2018 $ 310,000 2019 - 2020 22,750,000 2021 5,000,000 Thereafter - $ 28,060,000 |
Unit Capital
Unit Capital | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of September 30, 2018, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different 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, 2018, the Company recorded a liability in the aggregate amount of $1,374,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability is calculated based on a net asset value per Class C, Class I and Class W units of $8.421 with a distribution fee of 0.8% for Class C units, an ongoing dealer manager fee of 0.5% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W 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, 2018: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2017 the Period the Period 2018 Class A units 18,240,073 444,946 (693,579 ) 17,991,440 Class C units 8,411,343 230,344 (342,789 ) 8,298,898 Class I units 10,442,009 381,728 (315,347 ) 10,508,390 Class W units - 24,555 - 24,555 Class Y units 1,089,678 78,365 (2,368 ) 1,165,675 Class Z units - 5,965,037 - 5,965,037 Total 38,183,103 7,124,975 (1,354,083 ) 43,953,995 The total of 7,124,975 units issued during the nine months ended September 30, 2018 included 884,619 units issued under the DRP at a value of $7,587,997. 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 most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. 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, 2018, the Company received 255 repurchase requests for a total of 1,354,083 units at a repurchase price per unit of $8.507 for the first quarter of 2018 and $8.421 for the second and third quarters of 2018. As of September 30, 2018, 84 of these repurchase requests were pending processing and were completed by the Company in November 2018. |
Distributions
Distributions | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Distributions | Note 9. Distributions Since 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, 2018: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2018 January 16, 2018 $ 0.00197808 $ 1,352,250 $ 988,859 $ 2,341,109 February 28, 2018 February 14, 2018 $ 0.00197808 1,543,566 895,266 2,438,832 March 31, 2018 March 25, 2018 $ 0.00168675 1,505,460 818,399 2,323,859 April 30, 2018 April 10, 2018 $ 0.00168675 1,433,471 800,072 2,233,543 May 31, 2018 May 8, 2018 $ 0.00168675 1,489,550 827,922 2,317,472 June 30, 2018 June 12, 2018 $ 0.00168675 1,442,025 805,860 2,247,885 July 31, 2018 July 10, 2018 $ 0.00168675 1,476,111 826,006 2,302,117 August 31, 2018 August 8, 2018 $ 0.00168675 1,482,246 825,588 2,307,834 September 30, 2018 September 11, 2018 $ 0.00168675 1,435,556 800,025 2,235,581 Total for 2018 $ 13,160,235 $ 7,587,997 $ 20,748,232 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017: Nine months ended September 30, September 30, 2018 2017 Per unit data (1): Net asset value at beginning of period $ 8.42 $ 8.47 Net investment income $ 0.42 $ 0.49 Net change in unrealized depreciation on investments $ (0.06 ) $ - Net increase in net assets resulting from operations $ 0.36 $ 0.49 Distributions $ (0.48 ) $ (0.54 ) Net change in accrued distribution and other fees $ 0.02 $ 0.04 Net decrease in net assets $ (0.10 ) $ (0.02 ) Net asset value at end of period (2) $ 8.31 $ 8.45 Total return based on net asset value (3) 4.22 % 5.74 % Net assets at end of period $ 365,842,078 $ 312,070,024 Units Outstanding at end of period 43,953,995 36,914,426 Ratio/Supplemental data (annualized) (3)(4): Ratio of net investment income to average net assets 6.88 % 7.70 % Ratio of net operating expenses to average net assets 5.68 % 2.96 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2018 and 2017 which were 43,613,730 and 34,744,363, respectively. 2 For financial statement reporting purposes under GAAP, as of September 30, 2018, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows; total return: 4.23% and 4.43%, ratio of net investment income; 7.03% and 5.95%, and ratio of operating expenses to average net assets: 5.54% and 4.71%. 4 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018, except as discussed below. Distributions On October 18, 2018, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2018. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units , the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units). On November 1, 2018, $1,424,542 of these distributions were paid in cash and on October 31, 2018, $820,705 were reinvested in units for those unitholders participating in the DRP. With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from November 1 through November 30, 2018. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the 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 4, 2018. Investments Subsequent to September 30, 2018 through November 12, 2018, the Company funded approximately $28.3 million in new investments and received proceeds from repayment of investments of approximately $1.9 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, which was filed with the SEC on April 2, 2018. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2018. 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. |
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, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the six companies on non-accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively for the three and nine months ended September 30, 2018. |
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 income, 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 a collateral approach, which uses 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 a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform 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. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and 4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and 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 Cash Flow or “DCF”) 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. For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach). The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model. When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery. We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. • Macro-economic factors that are relevant to the investment or the underlying borrower • Industry factors that are relevant to the investment or the underlying borrower • Historical and projected financial performance of the borrower based on most recent financial statements • Borrower draw requests and payment track record • Loan covenants, duration and drivers • Performance and condition of the collateral (nature, type and value) that supports the investment • Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback • For participations, the Company’s ownership percentage of the overall facility • Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized With respect to warrants and other equity investments, as well as certain fixed income investments, 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, option pricing models 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. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively. The Company earned and capitalized PIK interest of $667,792 for the three and nine months ended September 30, 2017. |
Distribution and Ongoing Dealer Manager and Services Fees | Distribution and Ongoing Dealer Manager and Services Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,309,000, the unpaid dealer manager fees for Class I units amounted to $61,000 and the unpaid dealer manager and service fees for Class W units amounted to $4,000. |
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, 2018, 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, 2014. 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, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. 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 SEC guidance, effective June 30, 2016, the Company records liabilities for (i) ongoing fees that the Company 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, 2018, under GAAP, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value under GAAP and , |
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, 2018 and 2017. |
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 incurred in connection with the Offering 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, 2018 and December 31, 2017. 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 were equal 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, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements. As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. As of September 30, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder. |
Operating Expense Responsibility Agreement | Operating Expense Responsibility Agreement On March 26, 2018, 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 December 31, 2017. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf 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”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, |
Classification Correction | Classification Correction During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017. This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows: ANALYSIS OF NET ASSETS: As previously reported Corrected Change Net capital paid in on Class A units $ 166,754,603 $ 162,087,710 $ (4,666,893 ) Net capital paid in on Class C units 76,275,220 74,739,748 (1,535,472 ) Net capital paid in on Class I units 92,778,756 92,522,021 (256,735 ) Net capital paid in on Class Y units 2,704,659 9,163,759 6,459,100 Offering costs (17,156,501 ) (17,156,501 ) - NET ASSETS $ 321,356,737 $ 321,356,737 $ - Net assets, Class A $ 158,558,939 $ 153,892,048 $ (4,666,891 ) Net assets, Class C 72,495,821 70,960,348 (1,535,473 ) Net assets, Class I 88,086,934 87,830,198 (256,736 ) Net assets, Class Y 2,215,043 8,674,143 6,459,100 NET ASSETS $ 321,356,737 $ 321,356,737 $ - |
Out of Period Adjustments | Out-of-Period Adjustments As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of September 30, 2018. |
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 Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. 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 adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities 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. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018. |
Risk Factors | Risk Factors The Company has a 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, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected. 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 relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments. The Company’s investments consist of loans, loan participations and trade finance participations that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may 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, 2018, all but one of 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, 2018, the Company’s investment portfolio included 44 companies and was comprised of $95,690,207 or 28.0% in senior secured term loans, $145,674,400 or 42.5% in senior secured term loan participations, $85,102,471 or 24.9% in senior secured trade finance participations, and $14,688,469 or 4.3% in short term investments. The Company’s largest loan by value was $20,603,642 or 6.0% of total investments. The Company’s 5 largest loans by value comprised 26.2% of the Company’s portfolio at September 30, 2018. Participation in loans amounted to 67.4% of the Company’s total portfolio at September 30, 2018. As of September 30, 2018, $246,648,714 or 72.1% of the Company’s investments had a maturity date of more than 12 months. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities | The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows: ANALYSIS OF NET ASSETS: As previously reported Corrected Change Net capital paid in on Class A units $ 166,754,603 $ 162,087,710 $ (4,666,893 ) Net capital paid in on Class C units 76,275,220 74,739,748 (1,535,472 ) Net capital paid in on Class I units 92,778,756 92,522,021 (256,735 ) Net capital paid in on Class Y units 2,704,659 9,163,759 6,459,100 Offering costs (17,156,501 ) (17,156,501 ) - NET ASSETS $ 321,356,737 $ 321,356,737 $ - Net assets, Class A $ 158,558,939 $ 153,892,048 $ (4,666,891 ) Net assets, Class C 72,495,821 70,960,348 (1,535,473 ) Net assets, Class I 88,086,934 87,830,198 (256,736 ) Net assets, Class Y 2,215,043 8,674,143 6,459,100 NET ASSETS $ 321,356,737 $ 321,356,737 $ - |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of September 30, 2018, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 95,690,207 $ 95,690,207 28.0 % Senior secured term loan participations 145,674,400 145,674,400 42.5 % Senior secured trade finance participations 88,818,005 85,102,471 24.9 % Short term investments 14,912,057 14,688,469 4.3 % Equity warrants - 1,080,222 0.3 % Total investments $ 345,094,669 $ 342,235,769 100.0 % As of December 31, 2017, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 78,573,493 $ 78,573,493 23.4 % Senior secured term loan participations 119,165,378 119,165,378 35.6 % Senior secured trade finance participations 105,089,698 105,030,621 31.3 % Short term investments 32,500,000 32,500,000 9.7 % Total investments $ 335,328,569 $ 335,269,492 100.0 % |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value as of September 30, 2018 and December 31, 2017, was as follows: As of September 30, 2018 As of December 31, 2017 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 13,283,814 3.9 % $ 15,351,296 4.6 % Bulk Fuel Stations and Terminals — 0.0 % 16,545,994 4.9 % Chemicals and Allied Products 15,000,000 4.4 % 15,000,000 4.5 % Chocolate and Cocoa Products 11,102,589 3.2 % — — Coal and Other Minerals and Ores 32,087,577 9.4 % 31,254,315 9.4 % Commercial Fishing 119,542 0.0 % 351,559 0.1 % Communications Equipment 6,298,536 1.8 % — — Consumer Products 10,106,407 3.0 % 10,960,000 3 % Department Stores 8,193,979 2.4 % — — Drugs, Proprietaries, and Sundries 803,254 0.2 % 1,080,000 0.30 % Electric Services 18,527,237 5.4 % 18,527,237 5.5 % Farm Products 16,071,075 4.7 % 7,960,987 2.4 % Fats and Oils 5,839,047 1.7 % 12,000,000 3.6 % Financial services 10,688,469 3.1 % 10,000,000 3.0 % Freight Transportation Arrangement 12,839,688 3.8 % 12,464,320 3.7 % Fresh or Frozen Packaged Fish — 0.0 % 3,338,520 1.0 % Food Products 6,640,009 1.9 % 1,072,944 0.3 % Gas Transmission and Distribution 13,087,943 3.8 % — — Groceries and Related Products — 0.0 % 3,500,000 1.0 % Hotels and Motels 16,231,223 4.7 % 15,807,931 4.7 % Land Subdividers and Developers 15,911,438 4.6 % 15,411,497 4.6 % Logging 6,840,000 2.0 % 6,840,000 2.0 % Meat, Poultry & Fish 8,425,571 2.5 % 9,000,000 2.7 % Metals & Mining 2,358,887 0.7 % 4,566,481 1.4 % Personal Credit Institutions 6,006,940 1.8 % 3,157,735 0.9 % Petroleum and Petroleum Products 15,500,000 4.5 % 32,000,000 9.5 % Programming and Data Processing 14,428,329 4.2 % 15,714,764 4.7 % Refuse Systems 21,683,864 6.3 % 11,315,000 3.4 % Secondary Nonferrous Metals 17,349,626 5.1 % 17,349,626 5.2 % Short-Term Business Credit 4,740,000 1.4 % 4,740,000 1.4 % Soap, Detergents, and Cleaning 860,222 0.3 % 1,355,600 0.4 % Street Construction — 0.0 % 10,861,658 3.2 % Telephone and Telegraph Apparatus — 0.0 % 14,388,525 4.3 % Telephone Communications 18,487,000 5.4 % — — Water Transportation 12,723,503 3.7 % 13,353,503 4.0 % Total $ 342,235,769 100.0 % $ 335,269,492 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2018 and December 31, 2017: As of September 30, 2018 As of December 31, 2017 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 29,843,543 8.7 % $ 39,500,000 11.8 % Botswana 4,740,000 1.4 % 4,740,000 1.4 % Brazil 21,279,625 6.2 % 18,566,060 5.5 % Cabo Verde 16,231,223 4.7 % 15,807,931 4.7 % Cameroon 11,102,589 3.2 % — — Cayman Islands — 0.0 % 10,000,000 3.0 % Chile 1,326,687 0.4 % 1,326,687 0.4 % China 10,000,000 2.9 % 10,000,000 3.0 % Colombia 6,006,940 1.8 % 3,157,735 0.9 % Croatia 8,193,979 2.4 % — — Ecuador 119,542 0.0 % 3,690,079 1.1 % Ghana 52,027,237 15.2 % 34,027,237 10.1 % Guatemala 881,800 0.3 % 881,800 0.3 % Hong Kong 30,000,000 8.8 % 41,346,389 12.3 % Indonesia 2,358,887 0.7 % 14,193,994 4.2 % Jersey 18,487,000 5.4 % — — Kenya 12,839,688 3.8 % 12,464,320 3.7 % Malaysia 15,000,000 4.4 % 15,000,000 4.5 % Mauritius — — 3,500,000 1.0 % Mexico 21,683,864 6.3 % 11,315,000 3.4 % Morocco 7,349,626 2.2 % 7,349,626 2.2 % Namibia 15,911,438 4.7 % 15,411,497 4.6 % New Zealand 6,840,000 2.0 % 6,840,000 2.0 % Nigeria 22,286,091 6.5 % 19,106,003 5.7 % Peru 4,960,000 1.5 % 21,505,994 6.4 % Romania 1,913,280 0.6 % — — South Africa 7,025,265 2.1 % 1,960,874 0.6 % United Arab Emirates 803,254 0.2 % 1,080,000 0.3 % United Kingdom 2,087,577 0.6 % 20,796,451 6.2 % Zambia 860,222 0.3 % 1,355,600 0.4 % Uganda 4,300,000 1.3 % — — Uruguay - 0.0 % 346,215 0.1 % N/A 5,776,412 1.7 % — 0.0 % Total $ 342,235,769 100.0 % $ 335,269,492 100.0 % (1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 95,690,207 $ — $ — $ 95,690,207 Senior secured term loan participations 145,674,400 — — 145,674,400 Senior secured trade finance participations 85,102,471 — — 85,102,471 Short term investments 14,688,469 — — 14,688,469 Equity warrants 1,080,222 — — 1,080,222 Total $ 342,235,769 $ — $ — $ 342,235,769 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, 2017: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 78,573,493 $ — $ — $ 78,573,493 Senior secured term loan participations 119,165,378 119,165,378 Senior secured trade finance participations 105,030,621 — — 105,030,621 Short term investments 32,500,000 32,500,000 Total $ 335,269,492 $ — $ — $ 335,269,492 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the nine months ended September 30, 2018, of investments classified as Level 3: Fair Value at December 31, 2017 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized (depreciation) / Foreign exchange gain Transfers Fair Value at September 30, 2018 Senior secured term loans $ 78,573,493 $ 20,240,532 $ (19,446,431 ) $ 2,011,317 $ — $ 14,311,296 $ 95,690,207 Senior secured term loan participations 119,165,378 32,629,176 (13,023,327 ) 1,626,526 5,276,647 145,674,400 Senior secured trade finance participations 105,030,621 83,451,952 (93,223,644 ) — (3,656,458 ) (6,500,000 ) 85,102,471 Short term investments 32,500,000 22,000,000 (26,500,000 ) — (223,588 ) (13,087,943 ) 14,688,469 Equity warrants — — — — 1,080,222 — 1,080,222 Total $ 335,269,492 $ 158,321,660 $ (152,193,402 ) $ 3,637,843 $ (2,799,824 ) $ - $ 342,235,769 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of September 30, 2018, 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, 2018: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1)(3) $ 61,370,666 Income approach (DCF) Market yield 9.0% - 17.5% (10.6%) Senior secured trade finance participations (2) $ 23,731,805 Collateral based approach Value of collateral N/A Senior secured term loans $ 95,690,207 Income approach (DCF) Market yield 11.3% - 14.5% (12.5%) Senior secured term loan participations $ 145,674,400 Income approach (DCF) Market yield 11.0% - 20.0% (13.5%) Short term investments $ 5,776,412 Income approach (DCF) Market yield 8.75% Short term investments $ 8,912,057 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Income approach (DCF) Market yield N/A (1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. (2) Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (3) The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” As of December 31, 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 December 31, 2017: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (1) $ 90,030,621 Income approach (DCF) Market yield 9.0% - 17.5% (10.6%) Senior secured trade finance participations (2) $ 15,000,000 Collateral based approach Value of collateral N/A Senior secured term loans $ 78,573,493 Income approach (DCF) Market yield 11.3% - 14.5% (12.5%) Senior secured term loan participations $ 119,165,378 Income approach (DCF) Market yield 11.0% - 20.0% (13.5%) Short term investments $ 6,000,000 Collateral based approach Value of collateral N/A Short term investments $ 26,500,000 Cost Approach Recent transactions N/A (1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. (2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information. |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company notes payable consist of the following: September 30, 2018 December 31, 2017 Outstanding Balance Outstanding Balance Promissory notes $ 310,000 $ 410,000 Symbiotics facility 22,750,000 22,750,000 Christian Super promissory note 5,000,000 5,000,000 Total notes payable $ 28,060,000 $ 28,160,000 |
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 2018 $ 310,000 2019 - 2020 22,750,000 2021 5,000,000 Thereafter - $ 28,060,000 |
Unit Capital (Tables)
Unit Capital (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2017 the Period the Period 2018 Class A units 18,240,073 444,946 (693,579 ) 17,991,440 Class C units 8,411,343 230,344 (342,789 ) 8,298,898 Class I units 10,442,009 381,728 (315,347 ) 10,508,390 Class W units - 24,555 - 24,555 Class Y units 1,089,678 78,365 (2,368 ) 1,165,675 Class Z units - 5,965,037 - 5,965,037 Total 38,183,103 7,124,975 (1,354,083 ) 43,953,995 |
Distributions (Tables)
Distributions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Summary of Distributions Paid | Since 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, 2018: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2018 January 16, 2018 $ 0.00197808 $ 1,352,250 $ 988,859 $ 2,341,109 February 28, 2018 February 14, 2018 $ 0.00197808 1,543,566 895,266 2,438,832 March 31, 2018 March 25, 2018 $ 0.00168675 1,505,460 818,399 2,323,859 April 30, 2018 April 10, 2018 $ 0.00168675 1,433,471 800,072 2,233,543 May 31, 2018 May 8, 2018 $ 0.00168675 1,489,550 827,922 2,317,472 June 30, 2018 June 12, 2018 $ 0.00168675 1,442,025 805,860 2,247,885 July 31, 2018 July 10, 2018 $ 0.00168675 1,476,111 826,006 2,302,117 August 31, 2018 August 8, 2018 $ 0.00168675 1,482,246 825,588 2,307,834 September 30, 2018 September 11, 2018 $ 0.00168675 1,435,556 800,025 2,235,581 Total for 2018 $ 13,160,235 $ 7,587,997 $ 20,748,232 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2018 and 2017: Nine months ended September 30, September 30, 2018 2017 Per unit data (1): Net asset value at beginning of period $ 8.42 $ 8.47 Net investment income $ 0.42 $ 0.49 Net change in unrealized depreciation on investments $ (0.06 ) $ - Net increase in net assets resulting from operations $ 0.36 $ 0.49 Distributions $ (0.48 ) $ (0.54 ) Net change in accrued distribution and other fees $ 0.02 $ 0.04 Net decrease in net assets $ (0.10 ) $ (0.02 ) Net asset value at end of period (2) $ 8.31 $ 8.45 Total return based on net asset value (3) 4.22 % 5.74 % Net assets at end of period $ 365,842,078 $ 312,070,024 Units Outstanding at end of period 43,953,995 36,914,426 Ratio/Supplemental data (annualized) (3)(4): Ratio of net investment income to average net assets 6.88 % 7.70 % Ratio of net operating expenses to average net assets 5.68 % 2.96 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2018 and 2017 which were 43,613,730 and 34,744,363, respectively. 2 For financial statement reporting purposes under GAAP, as of September 30, 2018, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows; total return: 4.23% and 4.43%, ratio of net investment income; 7.03% and 5.95%, and ratio of operating expenses to average net assets: 5.54% and 4.71%. 4 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o_2
Organization and Operations of the Company - Additional Information (Detail) | Jun. 11, 2013USD ($)shares | Feb. 25, 2013USD ($) | May 31, 2012USD ($)shares | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($)Employeeshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Employee |
Organization And Nature Of Operations [Line Items] | |||||||
Shares purchased under equity transaction | shares | 7,124,975 | ||||||
Offering period, description | The primary offering terminated on March 31, 2017. | ||||||
Additional gross proceeds | $ 445,447,000 | ||||||
Class A Units [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Aggregate gross proceeds on units purchased | $ 3,817,799 | $ 27,716,101 | |||||
Shares purchased under equity transaction | shares | 444,946 | ||||||
Offering [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Aggregate gross proceeds on units purchased | $ 1,500,000,000 | ||||||
Private Placement [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Additional gross proceeds | $ 67,321,000 | ||||||
Distribution Reinvestment Plan [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Shares purchased under equity transaction | shares | 884,619 | ||||||
Aggregate gross proceeds on units purchased | $ 7,587,997 | ||||||
Additional gross proceeds | $ 16,350,000 | ||||||
Termination of Primary Offering [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Aggregate gross proceeds on units purchased | $ 361,776,000 | ||||||
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Aggregate gross proceeds on units purchased | $ 13,338,000 | ||||||
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 | 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 Polici_4
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 68 Months Ended | ||||||
Sep. 30, 2018USD ($)Company$ / shares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)CompanyLoans$ / shares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Company$ / shares | Dec. 31, 2017USD ($)Company$ / shares | Jun. 30, 2018USD ($) | Jan. 01, 2018USD ($) | Mar. 31, 2017$ / shares | ||
Significant Accounting Policies [Line Items] | ||||||||||
Due date for unpaid principal and interest | 90 days | |||||||||
Fair Value | $ 342,235,769 | $ 342,235,769 | $ 335,269,492 | $ 335,269,492 | ||||||
Percentage of investment in loans | 100.00% | 100.00% | ||||||||
Number of companies on non-accrual status | Company | 6 | 6 | 3 | 3 | ||||||
Number of companies on non-accrual status in unrecorded interest income | Company | 6 | 6 | ||||||||
Unrecorded investment interest income | $ 11,092,764 | $ 9,659,965 | $ 33,323,808 | $ 23,039,392 | ||||||
Minimum investment maturity period | 12 months | |||||||||
Paid-in-kind interest | 1,306,165 | 667,792 | $ 3,170,529 | 667,792 | ||||||
Percentage of total selling compensation equaling of gross proceeds from offering | 10.00% | |||||||||
Dealer manager fee payable period, maximum | 5 years | |||||||||
Service fee payable period, maximum | 6 years | |||||||||
Tax liability for uncertain tax provision | $ 0 | $ 0 | ||||||||
Interest and penalties related to unrecognized tax benefits | $ 0 | |||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | $ 8.466 | $ 8.466 | ||||||
Investment, unrealized depreciation | $ 3,000,000 | |||||||||
Organization and offering expenses | 4.70% | |||||||||
Amount paid to the sponsor due to reimbursement hurdle | $ (872,653) | $ 387,000 | $ (3,831,414) | |||||||
Number of companies included in investment portfolio | Company | 44 | 44 | ||||||||
Largest Loan by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 20,603,642 | $ 20,603,642 | ||||||||
Number of investment loans | Loans | 5 | |||||||||
Investment Concentration [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | 246,648,714 | $ 246,648,714 | ||||||||
Minimum investment maturity period | 12 months | |||||||||
Percentage of Investment | 72.10% | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 67.40% | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 6.00% | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 26.20% | |||||||||
ASU 2014-09 [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Cumulative adjustment to net assts | $ 0 | |||||||||
Valuation of Investments [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Prior period adjustments | $ 871,000 | |||||||||
Net Change In Unrealized Depreciation On Investments [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Prior period adjustments | 871,000 | |||||||||
Net Increase In Net Assets [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Prior period adjustments | $ (871,000) | |||||||||
Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Organization and offering reimbursement limit | 15.00% | |||||||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Expenses paid by the sponsor on behalf of company | $ 12,420,600 | $ 12,420,600 | ||||||||
Expenses accrued by the sponsor on behalf of company | 4,240,200 | 4,240,200 | ||||||||
Remaining excess amount payment percentage | 50.00% | |||||||||
Amount paid to the sponsor due to reimbursement hurdle | 0 | $ 387,000 | ||||||||
Remaining aggregate balance due to affiliate | 16,266,800 | 16,266,800 | 16,660,800 | 16,660,800 | ||||||
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 | $ 523,500 | 523,500 | ||||||||
Reimbursement of organization and offering costs incurred by Sponsor | $ 86,784 | |||||||||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Intercompany agreement description | Organization and offering costs incurred in connection with the Offering 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 | 2,014 | |||||||||
Class C Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Distribution fee per annum percentage of estimated value per share | 0.80% | 0.80% | ||||||||
Distribution fee payable | $ 1,309,000 | $ 1,309,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | $ 8.267 | |||||||
Blended net asset value per unit | $ / shares | 8.467 | |||||||||
Class I Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Unpaid dealer manager fee | $ 61,000 | $ 61,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | 8.529 | |||||||
Decrease in net asset value per unit | $ / shares | $ 0.174 | $ 0.174 | ||||||||
Class W Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Unpaid dealer manager and service fees | $ 4,000 | $ 4,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | ||||||||
Class C Units, Class I Units and Class W Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Distribution, dealer manager and service fees payable | $ 1,374,000 | $ 1,374,000 | ||||||||
Class A Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | $ 8.529 | |||||||
Decrease in net asset value per unit | $ / shares | 0.174 | 0.174 | ||||||||
Class Y Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | 8.355 | 8.355 | ||||||||
Class Z Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | $ 8.355 | $ 8.355 | ||||||||
Non-Accrual Status [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 33,592,656 | $ 33,592,656 | $ 8,958,155 | 8,958,155 | ||||||
Percentage of investment in loans | 9.80% | 2.70% | ||||||||
Unrecorded investment interest income | 1,002,067 | $ 2,052,814 | ||||||||
Senior Secured Term Loans [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | [1] | 95,690,207 | $ 95,690,207 | $ 78,573,493 | 78,573,493 | |||||
Percentage of investment in loans | 28.00% | 23.40% | ||||||||
Senior Secured Term Loan Participations [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | [1] | 145,674,400 | $ 145,674,400 | $ 119,165,378 | 119,165,378 | |||||
Percentage of investment in loans | 42.50% | 35.60% | ||||||||
Senior Secured Trade Finance Participations [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | [1] | 85,102,471 | $ 85,102,471 | $ 105,030,621 | $ 105,030,621 | |||||
Percentage of investment in loans | 24.90% | 31.30% | ||||||||
Short Term Note [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 14,688,469 | $ 14,688,469 | ||||||||
Percentage of investment in loans | 4.30% | |||||||||
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 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
ANALYSIS OF NET ASSETS: | ||||
Offering costs | $ (17,211,117) | $ (17,156,501) | ||
NET ASSETS | 365,842,078 | 321,356,737 | $ 312,070,024 | $ 250,755,915 |
As Previously Reported [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Offering costs | (17,156,501) | |||
NET ASSETS | 321,356,737 | |||
Class A Units [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 157,839,416 | 162,087,710 | ||
NET ASSETS | 149,688,291 | 153,892,048 | ||
Class A Units [Member] | As Previously Reported [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 166,754,603 | |||
NET ASSETS | 158,558,939 | |||
Class A Units [Member] | Change [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | (4,666,893) | |||
NET ASSETS | (4,666,891) | |||
Class C Units [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 72,805,835 | 74,739,748 | ||
NET ASSETS | 69,045,971 | 70,960,348 | ||
Class C Units [Member] | As Previously Reported [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 76,275,220 | |||
NET ASSETS | 72,495,821 | |||
Class C Units [Member] | Change [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | (1,535,472) | |||
NET ASSETS | (1,535,473) | |||
Class I Units [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 91,809,143 | 92,522,021 | ||
NET ASSETS | 87,048,256 | 87,830,198 | ||
Class I Units [Member] | As Previously Reported [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 92,778,756 | |||
NET ASSETS | 88,086,934 | |||
Class I Units [Member] | Change [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | (256,735) | |||
NET ASSETS | (256,736) | |||
Class Y Units [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 9,653,252 | 9,163,759 | ||
NET ASSETS | $ 9,125,136 | 8,674,143 | ||
Class Y Units [Member] | As Previously Reported [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 2,704,659 | |||
NET ASSETS | 2,215,043 | |||
Class Y Units [Member] | Change [Member] | ||||
ANALYSIS OF NET ASSETS: | ||||
Net capital paid | 6,459,100 | |||
NET ASSETS | $ 6,459,100 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 345,094,669 | $ 335,328,569 | |
Fair Value | $ 342,235,769 | $ 335,269,492 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Senior Secured Term Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 95,690,207 | $ 78,573,493 |
Fair Value | [1] | $ 95,690,207 | $ 78,573,493 |
Percentage of Total Investments | 28.00% | 23.40% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 145,674,400 | $ 119,165,378 |
Fair Value | [1] | $ 145,674,400 | $ 119,165,378 |
Percentage of Total Investments | 42.50% | 35.60% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 88,818,005 | $ 105,089,698 |
Fair Value | [1] | $ 85,102,471 | $ 105,030,621 |
Percentage of Total Investments | 24.90% | 31.30% | |
Short Term Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 14,912,057 | $ 32,500,000 |
Fair Value | [1] | $ 14,688,469 | $ 32,500,000 |
Percentage of Total Investments | 4.30% | 9.70% | |
Equity Warrants [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,080,222 | ||
Percentage of Total Investments | 0.30% | ||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Additional Inform
Investments - Additional Information (Detail) | Apr. 07, 2018USD ($) | Jan. 31, 2017 | Mar. 31, 2018USD ($)Land | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($)t | Mar. 31, 2017USD ($)InterestPayment | Feb. 28, 2017USD ($) | Oct. 31, 2016USD ($) | Sep. 30, 2018USD ($)Contract | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Contractt | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||||||||||||||||||
Accrued deferred interest | $ 2,220,965 | $ 2,220,965 | $ 1,960,157 | |||||||||||||||
Accrued interest receivable, description | As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of September 30, 2018. | |||||||||||||||||
Short term investments maturity period | less than one year | |||||||||||||||||
Net accrued interest | 14,693,706 | $ 14,693,706 | 9,210,430 | |||||||||||||||
Fair Value | 342,235,769 | 342,235,769 | $ 335,269,492 | |||||||||||||||
Interest paid | 805,201 | $ 57,374 | ||||||||||||||||
Participation purchases | $ 158,321,660 | 255,465,273 | ||||||||||||||||
Percentage of investment in loans | 100.00% | 100.00% | ||||||||||||||||
Unrecorded investment interest income | 11,092,764 | $ 9,659,965 | $ 33,323,808 | $ 23,039,392 | ||||||||||||||
Morocco [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 7,349,626 | $ 7,349,626 | $ 7,349,626 | |||||||||||||||
Percentage of investment in loans | 2.20% | 2.20% | ||||||||||||||||
Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | [1] | 29,843,543 | $ 29,843,543 | $ 39,500,000 | ||||||||||||||
Percentage of investment in loans | [1] | 8.70% | 11.80% | |||||||||||||||
Chile [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 1,326,687 | $ 1,326,687 | $ 1,326,687 | |||||||||||||||
Percentage of investment in loans | 0.40% | 0.40% | ||||||||||||||||
Scrap Metal Recycler [Member] | Morocco [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 0 | $ 0 | ||||||||||||||||
Fair Value | 7,349,626 | 7,349,626 | ||||||||||||||||
Trade financing participation, principal balance | 7,349,626 | 7,349,626 | ||||||||||||||||
Interest on loans amount | 206,606 | 613,081 | ||||||||||||||||
Entire principal amount | $ 9,000,000 | |||||||||||||||||
Interest paid | $ 330,000 | |||||||||||||||||
Periodic payment | $ 292,000 | |||||||||||||||||
Number of unencumbered parcels of land | Land | 2 | |||||||||||||||||
Estimated land value | 5,900,000 | $ 5,900,000 | ||||||||||||||||
Scrap Metal Recycler [Member] | Morocco [Member] | Copper [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Quantity of primary collateral securing participation, scrap | t | 1,970 | |||||||||||||||||
Shortage of scrap inventory quantity | t | 1,820 | |||||||||||||||||
Scrap collateral value | $ 13,300,000 | |||||||||||||||||
Vicentin - Nacadie S.A [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Trade financing participation, principal balance | 12,000,000 | $ 12,000,000 | ||||||||||||||||
Algodonera Avellaneda S.A [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 502,500 | 502,500 | ||||||||||||||||
Fair Value | 5,839,047 | 5,839,047 | ||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | $ 6,000,000 | ||||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||||||
Payment of guarantee percentage | 100.00% | |||||||||||||||||
Litigation amount, plus interest payable | 22,400,000 | $ 22,400,000 | ||||||||||||||||
Percentage of investment in loans | 5.30% | |||||||||||||||||
Nacadie Commercial S.A. [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | 6,000,000 | ||||||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 5,776,412 | 5,776,412 | ||||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||||||
Number of interest payments received | InterestPayment | 1 | |||||||||||||||||
Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 264,500 | 264,500 | ||||||||||||||||
Fair Value | 8,425,571 | 8,425,571 | ||||||||||||||||
Trade financing participation, principal balance | 9,000,000 | 9,000,000 | ||||||||||||||||
Interest on loans amount | 264,500 | 784,875 | ||||||||||||||||
Compania Argentina de Granos [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | $ 131,942 | |||||||||||||||||
Fair Value | $ 10,432,518 | $ 10,432,518 | ||||||||||||||||
Trade financing participation, principal balance | $ 12,500,000 | |||||||||||||||||
Participation purchases | $ 2,500,000 | $ 10,000,000 | ||||||||||||||||
Number of export contract | Contract | 2 | 2 | ||||||||||||||||
Sancor Cooperativas Unidas Limitada [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Extended maturity date | Jul. 29, 2018 | |||||||||||||||||
Fair Value | $ 5,146,407 | $ 5,146,407 | ||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | 6,000,000 | ||||||||||||||||
Functional Products Trading S.A [Member] | Chile [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 111,220 | $ 111,220 | ||||||||||||||||
Extended maturity date | Mar. 4, 2018 | |||||||||||||||||
Fair Value | 1,326,688 | $ 1,326,688 | ||||||||||||||||
Trade financing participation, principal balance | 1,326,688 | $ 1,326,688 | ||||||||||||||||
Maturity | Dec. 11, 2016 | |||||||||||||||||
Sales declining percentage | 57.00% | |||||||||||||||||
Proceeds from Interest | $ 10,000 | $ 25,000 | ||||||||||||||||
Global Pharma Intelligence Sarl [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 15,311 | $ 15,311 | ||||||||||||||||
Fair Value | 803,254 | 803,254 | ||||||||||||||||
Trade financing participation, principal balance | 803,254 | 803,254 | ||||||||||||||||
Cape Nut [Member] | Barak | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 726,729 | 726,729 | ||||||||||||||||
Trade financing participation, principal balance | $ 1,250,000 | |||||||||||||||||
Trade financing participation, total balance outstanding | 785,806 | 785,806 | ||||||||||||||||
Interest on loans amount | $ 35,143 | $ 104,283 | ||||||||||||||||
Cape Nut [Member] | Barak | Extended Maturity [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Ownership percentage held in distributor | 50.00% | 50.00% | ||||||||||||||||
Procesos Fabriles S.A. [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | $ 881,800 | $ 881,800 | ||||||||||||||||
Trade financing participation, principal balance | 881,800 | 881,800 | ||||||||||||||||
Interest on loans amount | 27,832 | $ 82,588 | ||||||||||||||||
Maturity term | 3 years | |||||||||||||||||
Deferred interest rate | 12.00% | |||||||||||||||||
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Extended maturity date | Jul. 28, 2021 | |||||||||||||||||
Senior Secured Term Loan Participations [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | [2] | 145,674,400 | $ 145,674,400 | $ 119,165,378 | ||||||||||||||
Percentage of investment in loans | 42.50% | 35.60% | ||||||||||||||||
Non-Accrual Status [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 33,592,656 | $ 33,592,656 | $ 8,958,155 | |||||||||||||||
Percentage of investment in loans | 9.80% | 2.70% | ||||||||||||||||
Unrecorded investment interest income | 1,002,067 | $ 2,052,814 | ||||||||||||||||
Non-Accrual Status [Member] | IIG Trade Opportunities Fund B.V. Receivable [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Unrecorded investment interest income | 134,167 | 134,167 | ||||||||||||||||
Non-Accrual Status [Member] | Compania Argentina de Granos [Member] | Argentina [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Unrecorded investment interest income | 333,819 | 333,819 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Fair Value | 4,960,000 | 4,960,000 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Trade Finance Revolving Credit Facility [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Credit facility, maximum borrowing capacity | 1,750,000 | 1,750,000 | ||||||||||||||||
Net accrued interest | 674,320 | 674,320 | ||||||||||||||||
Deferred interest payable | 466,103 | 466,103 | ||||||||||||||||
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Senior secured term loans | 3,210,000 | 3,210,000 | ||||||||||||||||
Usivale Industria E Commercio, Ltda [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Net accrued interest | 285,502 | 285,502 | ||||||||||||||||
Fair Value | 2,851,296 | 2,851,296 | ||||||||||||||||
Trade financing participation, principal balance | 2,851,296 | $ 2,851,296 | ||||||||||||||||
Percentage of amortization in remaining principal payments year one | 20.00% | |||||||||||||||||
Percentage of amortization in remaining principal payments year two | 20.00% | |||||||||||||||||
Percentage of amortization in remaining principal payments year three | 60.00% | |||||||||||||||||
Percentage of extension fee on outstanding balance | 0.50% | |||||||||||||||||
Usivale Industria E Commercio, Ltda [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Senior secured term loans | 2,851,296 | $ 2,851,296 | ||||||||||||||||
Net accrued interest | $ 285,502 | $ 285,502 | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Accrued interest receivable period | 1 year | |||||||||||||||||
Trade finance transactions period | 180 days | |||||||||||||||||
Maximum [Member] | Scrap Metal Recycler [Member] | Morocco [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Loss contingency | $ 40,000,000 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||
Trade finance transactions period | 60 days | |||||||||||||||||
[1] | All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information. | |||||||||||||||||
[2] | Refer to Notes 2, 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, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 342,235,769 | $ 335,269,492 |
Percentage of Total Investments | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,283,814 | $ 15,351,296 |
Percentage of Total Investments | 3.90% | 4.60% |
Bulk Fuel Stations and Terminals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,545,994 | |
Percentage of Total Investments | 0.00% | 4.90% |
Chemicals and Allied Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.40% | 4.50% |
Chocolate and Cocoa Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,102,589 | |
Percentage of Total Investments | 3.20% | |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 32,087,577 | $ 31,254,315 |
Percentage of Total Investments | 9.40% | 9.40% |
Commercial Fishing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 119,542 | $ 351,559 |
Percentage of Total Investments | 0.00% | 0.10% |
Communications Equipment [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,298,536 | |
Percentage of Total Investments | 1.80% | |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,106,407 | $ 10,960,000 |
Percentage of Total Investments | 3.00% | 3.00% |
Department Stores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,193,979 | |
Percentage of Total Investments | 2.40% | |
Drugs, Proprietaries, and Sundries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 803,254 | $ 1,080,000 |
Percentage of Total Investments | 0.20% | 0.30% |
Electric Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 18,527,237 | $ 18,527,237 |
Percentage of Total Investments | 5.40% | 5.50% |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,071,075 | $ 7,960,987 |
Percentage of Total Investments | 4.70% | 2.40% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,839,047 | $ 12,000,000 |
Percentage of Total Investments | 1.70% | 3.60% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,688,469 | $ 10,000,000 |
Percentage of Total Investments | 3.10% | 3.00% |
Freight Transportation Arrangement [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,839,688 | $ 12,464,320 |
Percentage of Total Investments | 3.80% | 3.70% |
Fresh or Frozen Packaged Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,338,520 | |
Percentage of Total Investments | 0.00% | 1.00% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,640,009 | $ 1,072,944 |
Percentage of Total Investments | 1.90% | 0.30% |
Groceries and Related Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,500,000 | |
Percentage of Total Investments | 0.00% | 1.00% |
Gas Transmission and Distribution [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,087,943 | |
Percentage of Total Investments | 3.80% | |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,231,223 | $ 15,807,931 |
Percentage of Total Investments | 4.70% | 4.70% |
Land Subdividers and Developers [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,911,438 | $ 15,411,497 |
Percentage of Total Investments | 4.60% | 4.60% |
Logging [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,840,000 | $ 6,840,000 |
Percentage of Total Investments | 2.00% | 2.00% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,425,571 | $ 9,000,000 |
Percentage of Total Investments | 2.50% | 2.70% |
Metals & Mining [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,358,887 | $ 4,566,481 |
Percentage of Total Investments | 0.70% | 1.40% |
Personal Credit Institutions [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,006,940 | $ 3,157,735 |
Percentage of Total Investments | 1.80% | 0.90% |
Petroleum and Petroleum Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,500,000 | $ 32,000,000 |
Percentage of Total Investments | 4.50% | 9.50% |
Programming and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,428,329 | $ 15,714,764 |
Percentage of Total Investments | 4.20% | 4.70% |
Refuse Systems [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 21,683,864 | $ 11,315,000 |
Percentage of Total Investments | 6.30% | 3.40% |
Secondary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,349,626 | $ 17,349,626 |
Percentage of Total Investments | 5.10% | 5.20% |
Short-Term Business Credit [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.40% | 1.40% |
Soap, Detergents, and Cleaning [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 860,222 | $ 1,355,600 |
Percentage of Total Investments | 0.30% | 0.40% |
Street Construction [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,861,658 | |
Percentage of Total Investments | 0.00% | 3.20% |
Telephone and Telegraph Apparatus [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,388,525 | |
Percentage of Total Investments | 0.00% | 4.30% |
Telephone Communications [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 18,487,000 | |
Percentage of Total Investments | 5.40% | |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,723,503 | $ 13,353,503 |
Percentage of Total Investments | 3.70% | 4.00% |
Investments - Schedule of Inv_2
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Schedule of Investments [Line Items] | |||
Fair Value | $ 342,235,769 | $ 335,269,492 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Argentina [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 29,843,543 | $ 39,500,000 |
Percentage of Total Investments | [1] | 8.70% | 11.80% |
Botswana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,740,000 | $ 4,740,000 | |
Percentage of Total Investments | 1.40% | 1.40% | |
Brazil [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 21,279,625 | $ 18,566,060 | |
Percentage of Total Investments | 6.20% | 5.50% | |
Cabo Verde [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,231,223 | $ 15,807,931 | |
Percentage of Total Investments | 4.70% | 4.70% | |
Cameroon [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,102,589 | ||
Percentage of Total Investments | 3.20% | ||
Cayman Islands [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 10,000,000 | ||
Percentage of Total Investments | 0.00% | 3.00% | |
Chile [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,326,687 | $ 1,326,687 | |
Percentage of Total Investments | 0.40% | 0.40% | |
China [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 10,000,000 | $ 10,000,000 | |
Percentage of Total Investments | 2.90% | 3.00% | |
Columbia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,006,940 | $ 3,157,735 | |
Percentage of Total Investments | 1.80% | 0.90% | |
Croatia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 8,193,979 | ||
Percentage of Total Investments | 2.40% | ||
Ecuador [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 119,542 | $ 3,690,079 | |
Percentage of Total Investments | 0.00% | 1.10% | |
Ghana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 52,027,237 | $ 34,027,237 | |
Percentage of Total Investments | 15.20% | 10.10% | |
Guatemala [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 881,800 | $ 881,800 | |
Percentage of Total Investments | 0.30% | 0.30% | |
Hong Kong [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 30,000,000 | $ 41,346,389 | |
Percentage of Total Investments | 8.80% | 12.30% | |
Indonesia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,358,887 | $ 14,193,994 | |
Percentage of Total Investments | 0.70% | 4.20% | |
Jersey [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 18,487,000 | ||
Percentage of Total Investments | 5.40% | ||
Kenya [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 12,839,688 | $ 12,464,320 | |
Percentage of Total Investments | 3.80% | 3.70% | |
Malaysia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 15,000,000 | $ 15,000,000 | |
Percentage of Total Investments | 4.40% | 4.50% | |
Mauritius [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,500,000 | ||
Percentage of Total Investments | 1.00% | ||
Mexico [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 21,683,864 | $ 11,315,000 | |
Percentage of Total Investments | 6.30% | 3.40% | |
Morocco [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 7,349,626 | $ 7,349,626 | |
Percentage of Total Investments | 2.20% | 2.20% | |
Namibia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 15,911,438 | $ 15,411,497 | |
Percentage of Total Investments | 4.70% | 4.60% | |
New Zealand [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,840,000 | $ 6,840,000 | |
Percentage of Total Investments | 2.00% | 2.00% | |
Nigeria [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 22,286,091 | $ 19,106,003 | |
Percentage of Total Investments | 6.50% | 5.70% | |
Peru [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,960,000 | $ 21,505,994 | |
Percentage of Total Investments | 1.50% | 6.40% | |
South Africa [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 7,025,265 | $ 1,960,874 | |
Percentage of Total Investments | 2.10% | 0.60% | |
United Arab Emirates [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 803,254 | $ 1,080,000 | |
Percentage of Total Investments | 0.20% | 0.30% | |
United Kingdom [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,087,577 | $ 20,796,451 | |
Percentage of Total Investments | 0.60% | 6.20% | |
Zambia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 860,222 | $ 1,355,600 | |
Percentage of Total Investments | 0.30% | 0.40% | |
Romania [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,913,280 | ||
Percentage of Total Investments | 0.60% | ||
Uganda [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,300,000 | ||
Percentage of Total Investments | 1.30% | ||
Uruguay [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 346,215 | ||
Percentage of Total Investments | 0.00% | 0.10% | |
Other [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 5,776,412 | ||
Percentage of Total Investments | 1.70% | 0.00% | |
[1] | All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 342,235,769 | $ 335,269,492 | |
Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 95,690,207 | 78,573,493 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 145,674,400 | 119,165,378 |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 85,102,471 | 105,030,621 |
Short Term Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 14,688,469 | 32,500,000 |
Equity Warrants [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 1,080,222 | ||
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 342,235,769 | 335,269,492 | |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 95,690,207 | 78,573,493 | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 145,674,400 | 119,165,378 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 85,102,471 | 105,030,621 | |
Level 3 [Member] | Short Term Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 14,688,469 | $ 32,500,000 | |
Level 3 [Member] | Equity Warrants [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 1,080,222 | ||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | $ 335,269,492 |
Purchases of investments | 158,321,660 |
Maturities or Prepayments of investments | (152,193,402) |
Accretion of discounts / Payment-in-kind interest | 3,637,843 |
Net change in unrealized (depreciation)/Foreign exchange gain on investments | (2,799,824) |
Investment owned at Fair value, ending balance | 342,235,769 |
Senior Secured Term Loans [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | 78,573,493 |
Purchases of investments | 20,240,532 |
Maturities or Prepayments of investments | (19,446,431) |
Accretion of discounts / Payment-in-kind interest | 2,011,317 |
Transfers of investments | 14,311,296 |
Investment owned at Fair value, ending balance | 95,690,207 |
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 | 119,165,378 |
Purchases of investments | 32,629,176 |
Maturities or Prepayments of investments | (13,023,327) |
Accretion of discounts / Payment-in-kind interest | 1,626,526 |
Transfers of investments | 5,276,647 |
Investment owned at Fair value, ending balance | 145,674,400 |
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 | 105,030,621 |
Purchases of investments | 83,451,952 |
Maturities or Prepayments of investments | (93,223,644) |
Net change in unrealized (depreciation)/Foreign exchange gain on investments | (3,656,458) |
Transfers of investments | (6,500,000) |
Investment owned at Fair value, ending balance | 85,102,471 |
Short Term Investments [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Investment owned at fair value, beginning balance | 32,500,000 |
Purchases of investments | 22,000,000 |
Maturities or Prepayments of investments | (26,500,000) |
Net change in unrealized (depreciation)/Foreign exchange gain on investments | (223,588) |
Transfers of investments | (13,087,943) |
Investment owned at Fair value, ending balance | 14,688,469 |
Equity Warrants [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Net change in unrealized (depreciation)/Foreign exchange gain on investments | 1,080,222 |
Investment owned at Fair value, ending balance | $ 1,080,222 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||||
Realized gains or losses on investments | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 342,235,769 | $ 335,269,492 | |||
Senior Secured Trade Finance Participations [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | [1] | 85,102,471 | 105,030,621 | ||
Senior Secured Term Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | [1] | 95,690,207 | 78,573,493 | ||
Senior Secured Term Loan Participations [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | [1] | 145,674,400 | 119,165,378 | ||
Short Term Investments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | [1] | 14,688,469 | 32,500,000 | ||
Equity Warrants [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | 1,080,222 | ||||
Level 3 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | 342,235,769 | 335,269,492 | |||
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 | 85,102,471 | 105,030,621 | |||
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 | $ 61,370,666 | [2],[3] | $ 90,030,621 | [4] | |
Unobservable input | Market yield | [2],[3] | Market yield | [4] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 9 | [2],[3] | 9 | [4] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 17.5 | [2],[3] | 17.5 | [4] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 10.6 | [2],[3] | 10.6 | [4] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 23,731,805 | [5] | $ 15,000,000 | [6] | |
Unobservable input | Value of collateral | [5] | Value of collateral | [6] | |
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 | $ 95,690,207 | $ 78,573,493 | |||
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 | $ 95,690,207 | $ 78,573,493 | |||
Unobservable input | Market yield | Market yield | |||
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 11.3 | 11.3 | |||
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 14.5 | 14.5 | |||
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 12.5 | 12.5 | |||
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 | $ 145,674,400 | $ 119,165,378 | |||
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 | $ 145,674,400 | $ 119,165,378 | |||
Unobservable input | Market yield | Market yield | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 11 | 11 | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 20 | 20 | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 13.5 | 13.5 | |||
Level 3 [Member] | Short Term Investments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 14,688,469 | $ 32,500,000 | |||
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 5,776,412 | ||||
Unobservable input | Market yield | ||||
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 8.75 | ||||
Level 3 [Member] | Short Term Investments [Member] | Collateral Based Approach [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 6,000,000 | ||||
Unobservable input | Value of collateral | ||||
Level 3 [Member] | Short Term Investments [Member] | Cost Approach [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 8,912,057 | $ 26,500,000 | |||
Unobservable input | Recent transactions | Recent transactions | |||
Level 3 [Member] | Equity Warrants [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 1,080,222 | ||||
Level 3 [Member] | Equity Warrants [Member] | Income Approach (DCF) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 1,080,222 | ||||
Unobservable input | Market yield | ||||
[1] | Refer to Notes 2, 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, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. | ||||
[3] | The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” for further information. | ||||
[4] | Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions. | ||||
[5] | Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. | ||||
[6] | Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information. |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | Feb. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||||
Accrued incentive fee on capital gains | $ 1,539,875 | $ 1,539,875 | $ 1,323,929 | $ 1,323,929 | |||
Advisor earned management fees | 1,986,846 | $ 1,658,314 | 5,988,274 | $ 4,721,832 | |||
Advisor earned incentive fees | 1,480,249 | 1,447,154 | 4,583,508 | 3,276,012 | |||
Amount paid to the sponsor due to reimbursement hurdle | (872,653) | 387,000 | (3,831,414) | ||||
Due from affiliates | 4,240,231 | $ 4,240,231 | 3,997,314 | 3,997,314 | |||
TriLinc Advisors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Advisory agreement, extended maturity date | Feb. 25, 2019 | ||||||
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 | |||
Advisor earned management fees | 1,986,846 | 1,658,314 | 5,988,274 | 4,721,832 | |||
Advisor earned incentive fees | 1,480,249 | 1,447,154 | 4,583,508 | 3,276,012 | |||
TriLinc Global, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due from affiliates | 4,240,231 | 4,240,231 | 3,997,314 | 3,997,314 | |||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional operating expenses paid by Sponsor on behalf of company | 0 | 872,653 | 0 | 3,831,414 | |||
Expenses paid by the sponsor on behalf of company | 12,420,600 | 12,420,600 | |||||
Expenses accrued by the sponsor on behalf of company | 4,240,200 | 4,240,200 | |||||
Due to affiliates | 16,266,800 | 16,266,800 | $ 16,660,800 | $ 16,660,800 | |||
Amount paid to the sponsor due to reimbursement hurdle | 0 | 387,000 | |||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | Other Payables [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to affiliates | 387,000 | 387,000 | |||||
SC Distributors, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Dealer manager fees paid | 0 | 3,000 | 6,252 | 639,088 | |||
Selling commissions paid | $ 0 | $ 5,500 | $ 19,270 | $ 2,469,610 |
Organization and Offering Cos_2
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 9 Months Ended | 77 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,211,117 | $ 17,211,117 | $ 17,156,501 | |
Reimbursement of offering costs incurred by Sponsor | 54,616 | $ 2,535,840 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 54,616 | 2,604,152 | ||
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 17,412,000 | 17,412,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 72,000 | 2,458,000 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 54,616 | $ 2,468,849 | ||
Reimbursement of organization costs incurred by Sponsor | 17,211,117 | |||
Remaining balance of offering and organization costs due to the Sponsor | $ 436,100 | $ 436,100 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 28,060,000 | $ 28,160,000 |
Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 310,000 | 410,000 |
Christian Super [Member] | Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 5,000,000 | 5,000,000 |
Facility Agreement [Member] | Symbiotics Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 22,750,000 | $ 22,750,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | Nov. 02, 2017 | Aug. 07, 2017 | Jul. 03, 2017 | Oct. 14, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Feb. 17, 2017 |
Debt Instrument [Line Items] | |||||||||||
Proceeds from offering of notes | $ 15,725,000 | ||||||||||
Outstanding Balance, notes payable | $ 28,060,000 | $ 28,060,000 | $ 28,160,000 | ||||||||
Repayments of notes payable | $ 100,000 | ||||||||||
Debt instrument, frequency of periodic payment | quarterly in arrears within 15 days after the end of each calendar quarter | ||||||||||
Interest expense recognized | 504,954 | $ 215,449 | $ 1,439,666 | 256,540 | |||||||
Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding Balance, notes payable | 22,750,000 | 22,750,000 | 22,750,000 | ||||||||
Senior Secured Promissory Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding Balance, notes payable | 310,000 | 310,000 | 410,000 | ||||||||
Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding Balance, notes payable | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||
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 (2.34% as of September 30, 2018) 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 | ||||||||||
Transferred shares, description | TGIFC’s obligation 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 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries | ||||||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 20.25 | ||||||||||
Shares available for mortgage | 27.11 | ||||||||||
Maturity date | Jul. 7, 2020 | ||||||||||
Percentage of prepayment premium | 1.00% | ||||||||||
Prepayment date | Jul. 3, 2019 | ||||||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, additional borrowings | $ 12,250,000 | ||||||||||
Additional borrowing facility requirement | $ 17,500,000 | ||||||||||
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 | 2.34% | 2.34% | |||||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of notes | $ 1,635,000 | $ 225,000 | |||||||||
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 are 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 | ||||||||||
Proceeds from offering of notes | $ 1,860,000 | ||||||||||
Outstanding Balance, notes payable | $ 310,000 | $ 310,000 | |||||||||
Repayments of notes payable | $ 1,550,000 | ||||||||||
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 | ||||||||||
Transferred shares, description | 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 1.86 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries. | ||||||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 1.86 | ||||||||||
Shares available for mortgage | 27.11 | ||||||||||
Interest expense recognized | $ 504,954 | $ 215,449 | $ 1,439,666 | $ 256,540 | |||||||
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 Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) 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 obligation under the CS Note 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 Note a mortgage over 5 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries. | ||||||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 5 | ||||||||||
Shares available for mortgage | 27.11 | ||||||||||
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 | 1.59% | 1.74% | |||||||||
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 | 2.82% |
Notes Payable - Summary of Prin
Notes Payable - Summary of Principal Payments Due on Borrowings (Detail) | Sep. 30, 2018USD ($) |
Debt Instruments [Abstract] | |
Principal payments, 2018 | $ 310,000 |
Principal payments, 2020 | 22,750,000 |
Principal payments, 2021 | 5,000,000 |
Principal payments, total | $ 28,060,000 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | Jun. 11, 2014 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Capital Unit [Line Items] | ||||
Units Issued During the Period | 7,124,975 | |||
Held Units For Minimum year | 1 year | |||
Repurchase of Aggregate units | 1,354,083 | |||
Repurchase Price Per unit | $ 8.421 | $ 8.421 | $ 8.507 | |
Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit Repurchase Price Description | price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. | |||
Maximum [Member] | ||||
Capital Unit [Line Items] | ||||
Percentage of Total | 5.00% | |||
Distribution Reinvestment Plan [Member] | ||||
Capital Unit [Line Items] | ||||
Units Issued During the Period | 884,619 | |||
Units Issued During the Period, value | $ 7,587,997 | |||
Class C Units [Member] | ||||
Capital Unit [Line Items] | ||||
Distribution, dealer manager and service fee payable | $ 1,374,000 | |||
Estimated net assets value per unit | $ 8.421 | |||
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 | 230,344 | |||
Class C Units [Member] | Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit redeemed per share | $ 8.421 | 8.421 | 8.507 | |
Class I Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 8.421 | |||
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 | 381,728 | |||
Class I Units [Member] | Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit redeemed per share | $ 8.421 | 8.421 | 8.507 | |
Class W Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 8.421 | |||
Distribution and dealer manager fee payable, discount rate | 4.00% | |||
Percentage of distribution and dealer manager fee per annum | 0.75% | |||
Units Issued During the Period | 24,555 | |||
Class A Units [Member] | ||||
Capital Unit [Line Items] | ||||
Units Issued During the Period | 444,946 | |||
Class A Units [Member] | Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit redeemed per share | $ 8.421 | 8.421 | 8.507 | |
Class Y Units [Member] | ||||
Capital Unit [Line Items] | ||||
Units Issued During the Period | 78,365 | |||
Class Y Units [Member] | Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit redeemed per share | $ 8.421 | $ 8.421 | $ 8.507 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) | 9 Months Ended |
Sep. 30, 2018shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 38,183,103 |
Units Issued During the Period | 7,124,975 |
Units Repurchased During the Period | (1,354,083) |
Units Outstanding, Ending Balance | 43,953,995 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 18,240,073 |
Units Issued During the Period | 444,946 |
Units Repurchased During the Period | (693,579) |
Units Outstanding, Ending Balance | 17,991,440 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 8,411,343 |
Units Issued During the Period | 230,344 |
Units Repurchased During the Period | (342,789) |
Units Outstanding, Ending Balance | 8,298,898 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 10,442,009 |
Units Issued During the Period | 381,728 |
Units Repurchased During the Period | (315,347) |
Units Outstanding, Ending Balance | 10,508,390 |
Class W Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 0 |
Units Issued During the Period | 24,555 |
Units Outstanding, Ending Balance | 24,555 |
Class Y Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 1,089,678 |
Units Issued During the Period | 78,365 |
Units Repurchased During the Period | (2,368) |
Units Outstanding, Ending Balance | 1,165,675 |
Class Z Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 0 |
Units Issued During the Period | 5,965,037 |
Units Outstanding, Ending Balance | 5,965,037 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 13,160,235 | $ 10,345,239 |
Distributions Reinvested | 7,587,997 | |
Total Declared | $ 20,748,232 | |
January 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 16, 2018 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,352,250 | |
Distributions Reinvested | 988,859 | |
Total Declared | $ 2,341,109 | |
February 28, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 14, 2018 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,543,566 | |
Distributions Reinvested | 895,266 | |
Total Declared | $ 2,438,832 | |
March 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 25, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,505,460 | |
Distributions Reinvested | 818,399 | |
Total Declared | $ 2,323,859 | |
April 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Apr. 10, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,433,471 | |
Distributions Reinvested | 800,072 | |
Total Declared | $ 2,233,543 | |
May 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 8, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,489,550 | |
Distributions Reinvested | 827,922 | |
Total Declared | $ 2,317,472 | |
June 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 12, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,442,025 | |
Distributions Reinvested | 805,860 | |
Total Declared | $ 2,247,885 | |
July 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jul. 10, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,476,111 | |
Distributions Reinvested | 826,006 | |
Total Declared | $ 2,302,117 | |
August 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Aug. 8, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,482,246 | |
Distributions Reinvested | 825,588 | |
Total Declared | $ 2,307,834 | |
September 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Sep. 11, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,435,556 | |
Distributions Reinvested | 800,025 | |
Total Declared | $ 2,235,581 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||||||
Net asset value at beginning of period | $ 8.42 | $ 8.47 | ||||
Net investment income | $ 0.13 | $ 0.18 | 0.42 | 0.49 | ||
Net change in unrealized depreciation on investments | (0.06) | |||||
Net increase in net assets resulting from operations | 0.36 | 0.49 | ||||
Distributions | (0.48) | (0.54) | ||||
Net change in accrued distribution and other fees | 0.02 | 0.04 | ||||
Net decrease in net assets | (0.10) | (0.02) | ||||
Net asset value at end of period | $ 8.31 | $ 8.45 | $ 8.31 | $ 8.45 | ||
Total return based on net asset value | 4.22% | 5.74% | ||||
Net assets at end of period | $ 365,842,078 | $ 312,070,024 | $ 365,842,078 | $ 312,070,024 | $ 321,356,737 | $ 250,755,915 |
Units Outstanding at end of period | 43,953,995 | 36,914,426 | 43,953,995 | 36,914,426 | 38,183,103 | |
Ratio/Supplemental data (annualized): | ||||||
Ratio of net investment income to average net assets | 6.88% | 7.70% | ||||
Ratio of net operating expenses to average net assets | 5.68% | 2.96% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Financial Highlights [Line Items] | ||||
Weighted average units outstanding | 44,195,314 | 36,665,626 | 43,613,730 | 34,744,363 |
Total return based on net asset value | 4.22% | 5.74% | ||
Ratio of net investment income to average net assets | 6.88% | 7.70% | ||
Ratio of net operating expenses to average net assets | 5.68% | 2.96% | ||
Class C, Class I and Class W Units [Member] | ||||
Schedule Of Financial Highlights [Line Items] | ||||
Distribution, dealer manager and services fees payable | $ 1,374,000 | $ 1,374,000 | ||
Responsibility Agreement [Member] | ||||
Schedule Of Financial Highlights [Line Items] | ||||
Total return based on net asset value | 4.23% | 4.43% | ||
Ratio of net investment income to average net assets | 7.03% | 5.95% | ||
Ratio of net operating expenses to average net assets | 5.54% | 4.71% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Nov. 01, 2018 | Oct. 18, 2018 | Nov. 30, 2018 | Nov. 12, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 31, 2018 |
Subsequent Event [Line Items] | |||||||
Cash paid for distributions | $ 13,160,235 | $ 10,345,239 | |||||
Scenario Forecast [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend distribution period start date | Nov. 1, 2018 | ||||||
Dividend distribution period end date | Nov. 30, 2018 | ||||||
Dividends declared per unit | $ 0.00168675 | ||||||
Date of distributions in cash or reinvestment in units | Dec. 4, 2018 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends distribution declared date | Oct. 18, 2018 | ||||||
Dividend distribution period start date | Oct. 1, 2018 | ||||||
Dividend distribution period end date | Oct. 31, 2018 | ||||||
Dividends declared per unit | $ 0.00168675 | ||||||
Cash paid for distributions | $ 1,424,542 | ||||||
Reinvestment under distribution reinvestment plan | $ 820,705 | ||||||
Funded new investments | $ 28,300,000 | ||||||
Proceeds from repayment of investments | $ 1,900,000 |