Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 13, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | trilinc | |
Entity Registrant Name | TriLinc Global Impact Fund LLC | |
Entity Central Index Key | 0001550453 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Class A Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 17,985,193 | |
Class C Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,059,977 | |
Class I Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,572,202 | |
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 | 1,215,972 | |
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 ($) | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $379,083,268 and $381,133,170, respectively) | $ 368,780,825 | $ 372,977,743 |
Cash | 9,969,663 | 8,101,629 |
Interest receivable | 17,913,113 | 17,552,039 |
Due from affiliates (see Note 5) | 4,240,231 | 4,240,231 |
Other assets | 106,596 | 132,041 |
Total assets | 401,010,428 | 403,003,683 |
LIABILITIES | ||
Due to unitholders | 1,433,406 | 1,431,635 |
Management fee payable | 2,466,910 | 1,997,915 |
Incentive fee payable | 1,987,936 | 1,769,299 |
Notes payable | 32,750,000 | 32,875,000 |
Unit repurchases payable | 4,269,255 | 2,726,310 |
Accrued distribution and other fees | 1,046,000 | 1,230,000 |
Other payables | 1,400,035 | 903,165 |
Total liabilities | 45,353,542 | 42,933,324 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 355,656,886 | 360,070,359 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,211,117) | (17,211,117) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 146,418,812 | 147,658,522 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 154,599,963 | 155,806,753 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 64,589,186 | 67,756,677 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 68,253,702 | 71,492,834 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 86,003,421 | 86,418,246 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 90,811,545 | 91,205,180 |
Class W Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 197,365 | 193,711 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 208,560 | 204,847 |
Class Y Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 9,774,141 | 9,033,683 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 10,320,272 | 9,562,342 |
Class Z Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 48,673,961 | 49,009,520 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 48,673,961 | $ 49,009,520 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Investments owned, amortized cost | $ 379,083,268 | $ 381,133,170 | |
Net assets, per unit | $ 8.160 | $ 8.227 | |
Net assets, units outstanding | 43,714,252 | 43,914,946 | 44,187,642 |
Class A Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | $ 8.421 |
Net assets, units outstanding | 17,943,754 | 17,966,563 | |
Class C Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | 8.421 |
Net assets, units outstanding | 8,037,399 | 8,238,094 | |
Class W Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | 8.421 |
Net assets, units outstanding | 24,555 | 24,555 | |
Class Y Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | 8.421 |
Net assets, units outstanding | 1,197,830 | 1,165,675 | |
Class I Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | 8.421 |
Net assets, units outstanding | 10,545,677 | 10,555,022 | |
Class Z Units [Member] | |||
Net assets, per unit | $ 8.160 | $ 8.227 | $ 8.421 |
Net assets, units outstanding | 5,965,037 | 5,965,037 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INVESTMENT INCOME | ||
Interest income | $ 11,279,504 | $ 10,127,186 |
Interest from cash | 14,996 | 54,548 |
Total investment income | 11,294,500 | 10,181,734 |
EXPENSES | ||
Asset management fees | 1,959,123 | 2,009,600 |
Incentive fees | 1,458,513 | 1,403,506 |
Professional fees | 938,202 | 326,435 |
General and administrative expenses | 440,287 | 325,172 |
Interest expense | 599,949 | 448,620 |
Board of managers fees | 64,375 | 54,375 |
Total expenses | 5,460,449 | 4,567,708 |
NET INVESTMENT INCOME | 5,834,051 | 5,614,026 |
Net change in unrealized depreciation on investments | (2,147,016) | (849,503) |
Foreign exchange (loss) gain | (1,008) | 40,174 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,686,027 | $ 4,804,697 |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED | $ 0.13 | $ 0.13 |
EARNINGS PER UNIT - BASIC AND DILUTED | $ 0.08 | $ 0.11 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 44,019,402 | 42,272,734 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INCREASE FROM OPERATIONS | ||
Net investment income | $ 5,834,051 | $ 5,614,026 |
Foreign exchange (loss) gain | (1,008) | 40,174 |
Net change in unrealized depreciation on investments | (2,147,016) | (849,503) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 3,686,027 | 4,804,697 |
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (6,661,711) | (7,103,800) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Repurchase of units | (4,269,255) | (3,338,976) |
Distribution and other fees | 184,000 | 218,000 |
Offering costs | (27,765) | |
Net (decrease) increase from capital transactions | (1,437,789) | 51,389,180 |
NET INCREASE IN NET ASSETS | (4,413,473) | 49,090,077 |
Net assets at beginning of period | 360,070,359 | 321,356,737 |
Net assets at end of period | 355,656,886 | 370,446,814 |
Class A Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (2,734,103) | (3,093,859) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 1,109,964 | 1,522,387 |
Net assets at beginning of period | 147,658,522 | |
Net assets at end of period | 146,418,812 | |
Class C Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,233,177) | (1,417,523) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 592,053 | 733,939 |
Net assets at beginning of period | 67,756,677 | |
Net assets at end of period | 64,589,186 | |
Class I Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,606,583) | (1,782,002) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 675,449 | 1,845,595 |
Net assets at beginning of period | 86,418,246 | |
Net assets at end of period | 86,003,421 | |
Class W Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (3,464) | (2,369) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 211,000 | |
Net assets at beginning of period | 193,711 | |
Net assets at end of period | 197,365 | |
Class Y Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (178,846) | (186,809) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 270,000 | 225,000 |
Net assets at beginning of period | 9,033,683 | |
Net assets at end of period | 9,774,141 | |
Class Z Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (905,538) | (621,238) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | $ 50,000,000 | |
Net assets at beginning of period | 49,009,520 | |
Net assets at end of period | $ 48,673,961 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,686,027 | $ 4,804,697 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Purchase of investments | (9,275,000) | (86,782,375) |
Maturity of investments | 13,125,387 | 37,045,877 |
Payment-in-kind interest | (1,669,477) | (848,622) |
Net change in unrealized depreciation on investments | 2,147,016 | 849,503 |
Foreign exchange loss | 1,008 | (40,174) |
Accretion of discounts on investments | (131,008) | (330,109) |
Changes in assets and liabilities: | ||
Increase in interest receivable | (362,082) | (1,328,268) |
Increase in due from affiliates | 238,368 | |
Decrease in other expenses | 25,445 | 14,266 |
Increase in due to unitholders | 1,771 | 157,646 |
Increase in management and incentive fees payable | 687,632 | 343,106 |
Increase in other payable | 496,871 | 66,892 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 8,733,590 | (45,809,193) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 269,910 | 51,835,397 |
Distributions paid to unitholders | (4,284,156) | (4,401,276) |
Payments of offering costs | (27,765) | |
Repurchase of units | (2,726,310) | (2,153,077) |
Repayments of notes payable | (125,000) | (100,000) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (6,865,556) | 45,153,279 |
TOTAL INCREASE (DECREASE) IN CASH | 1,868,034 | (655,914) |
Cash at beginning of period | 8,101,629 | 9,641,457 |
Cash at end of period | 9,969,663 | 8,985,543 |
Supplemental information | ||
Cash paid for interest during the period | 512,234 | 367,868 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 2,377,555 | 2,702,524 |
Change in accrual of distribution and other fees | $ (184,000) | $ (218,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |||||||
Amortized Cost | $ 379,083,268 | $ 381,133,170 | $ 381,133,170 | ||||||||
Fair Value | 368,780,825 | 372,977,743 | 372,977,743 | ||||||||
Agricultural Products [Member] | |||||||||||
Fair Value | 12,063,103 | 12,167,401 | 12,167,401 | ||||||||
Electric Services [Member] | |||||||||||
Fair Value | 23,734,227 | 26,394,209 | 26,394,209 | ||||||||
Secondary Nonferrous Metals [Member] | |||||||||||
Fair Value | 17,824,746 | 17,632,234 | 17,632,234 | ||||||||
Personal Credit Institutions [Member] | |||||||||||
Fair Value | 5,030,631 | 5,468,186 | 5,468,186 | ||||||||
Coal and Other Minerals and Ores [Member] | |||||||||||
Fair Value | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||
Chemicals and Allied Products [Member] | |||||||||||
Fair Value | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||
Refuse Systems [Member] | |||||||||||
Fair Value | 23,239,114 | 22,447,343 | 22,447,343 | ||||||||
Logging [Member] | |||||||||||
Fair Value | 6,840,000 | 6,840,000 | 6,840,000 | ||||||||
Consumer Products [Member] | |||||||||||
Fair Value | 9,457,047 | 9,457,047 | 9,457,047 | ||||||||
Short-Term Business Credit [Member] | |||||||||||
Fair Value | 4,740,000 | 4,740,000 | 4,740,000 | ||||||||
Programming and Data Processing [Member] | |||||||||||
Fair Value | 13,116,663 | 13,903,662 | 13,903,662 | ||||||||
Boatbuilding and Repairing [Member] | |||||||||||
Fair Value | 5,492,175 | 5,428,294 | 5,428,294 | ||||||||
Hotels and Motels [Member] | |||||||||||
Fair Value | 13,458,976 | 16,459,362 | 16,459,362 | ||||||||
Telephone Communications [Member] | |||||||||||
Fair Value | 37,708,011 | 37,481,370 | 37,481,370 | ||||||||
Department Stores [Member] | |||||||||||
Fair Value | 8,379,097 | 8,262,375 | 8,262,375 | ||||||||
Petroleum and Petroleum Products [Member] | |||||||||||
Fair Value | 15,500,000 | 15,500,000 | 15,500,000 | ||||||||
Gas Transmission and Distribution [Member] | |||||||||||
Fair Value | 18,000,000 | 17,605,054 | 17,605,054 | ||||||||
Freight Transportation Arrangement [Member] | |||||||||||
Fair Value | 13,100,647 | 12,970,938 | 12,970,938 | ||||||||
Land Subdividers and Developers [Member] | |||||||||||
Fair Value | 16,256,399 | 16,083,083 | 16,083,083 | ||||||||
Motor Vehicle Parts and Accessories [Member] | |||||||||||
Fair Value | 8,275,000 | ||||||||||
Water Transportation [Member] | |||||||||||
Fair Value | 12,733,503 | 12,728,503 | 12,728,503 | ||||||||
Food Products [Member] | |||||||||||
Fair Value | 5,636,785 | 6,607,713 | 6,607,713 | ||||||||
Farm Products [Member] | |||||||||||
Fair Value | 7,495,929 | 9,285,834 | 9,285,834 | ||||||||
Soap, Detergents, and Cleaning [Member] | |||||||||||
Fair Value | 2,393,271 | 3,250,844 | 3,250,844 | ||||||||
Meat, Poultry & Fish [Member] | |||||||||||
Fair Value | 6,079,075 | 6,748,935 | 6,748,935 | ||||||||
Fats and Oils [Member] | |||||||||||
Fair Value | 3,433,159 | 3,784,354 | 3,784,354 | ||||||||
Chocolate and Cocoa Products [Member] | |||||||||||
Fair Value | 10,718,201 | 10,718,201 | 10,718,201 | ||||||||
Commercial Fishing [Member] | |||||||||||
Fair Value | 35,838 | 35,838 | 35,838 | ||||||||
Telephone and Telegraph Apparatus [Member] | |||||||||||
Fair Value | 7,000,000 | 7,000,000 | 7,000,000 | ||||||||
Groceries and Related Products [Member] | |||||||||||
Fair Value | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||
Communications Equipment [Member] | |||||||||||
Fair Value | 4,280,241 | 6,029,026 | 6,029,026 | ||||||||
Drugs, Proprietaries, and Sundries [Member] | |||||||||||
Fair Value | 803,254 | 803,254 | 803,254 | ||||||||
Metals Service Centers and Offices [Member] | |||||||||||
Fair Value | 3,623,326 | 3,737,737 | 3,737,737 | ||||||||
Financial Services [Member] | |||||||||||
Fair Value | 4,832,407 | 5,906,946 | 5,906,946 | ||||||||
Senior Secured Term Loan [Member] | |||||||||||
Amortized Cost | [1] | 86,552,941 | 88,858,707 | 88,858,707 | |||||||
Fair Value | [1] | $ 86,514,482 | $ 88,858,707 | $ 88,858,707 | |||||||
% of Net Assets | [1] | 24.30% | 24.70% | 24.70% | 24.30% | 24.70% | |||||
Senior Secured Term Loan [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||||||||
Interest | [1],[3] | 12.43% | [2] | 12.43% | [4] | ||||||
Fees | [1],[3],[5] | 0.00% | [2] | 0.00% | [4] | ||||||
Maturity | [1],[3],[6] | Dec. 15, 2020 | [2] | Dec. 15, 2020 | [4] | ||||||
Principal Amount | [1],[3] | $ 2,851,296 | [2] | $ 2,851,296 | [4] | $ 2,851,296 | [4] | ||||
Amortized Cost | [1],[3] | 2,851,296 | [2] | 2,851,296 | [4] | 2,851,296 | [4] | ||||
Fair Value | [1],[3] | $ 2,812,837 | [2] | $ 2,851,296 | [4] | $ 2,851,296 | [4] | ||||
% of Net Assets | [1],[3] | 0.80% | [2] | 0.80% | [4] | 0.80% | [4] | 0.80% | [2] | 0.80% | [4] |
Senior Secured Term Loan [Member] | Chile [Member] | Other Investments [Member] | Electric Services [Member] | LED Lighting Service Provider [Member] | |||||||||||
Interest | [1],[7] | 11.00% | 11.00% | ||||||||
Fees | [1],[5],[7] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[7] | Jun. 6, 2021 | Jun. 6, 2021 | ||||||||
Principal Amount | [1],[7] | $ 5,353,338 | $ 8,063,150 | $ 8,063,150 | |||||||
Amortized Cost | [1],[7] | 5,206,990 | 7,866,972 | 7,866,972 | |||||||
Fair Value | [1],[7] | $ 5,206,990 | $ 7,866,972 | $ 7,866,972 | |||||||
% of Net Assets | [1],[7] | 1.50% | 2.20% | 2.20% | 1.50% | 2.20% | |||||
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||||||||
Interest | [1] | 12.00% | [8] | 12.00% | [9] | ||||||
Fees | [1],[5] | 0.00% | [8] | 0.00% | [9] | ||||||
Maturity | [1],[6] | Jun. 22, 2021 | [8] | Jun. 22, 2021 | [9] | ||||||
Principal Amount | [1] | $ 10,000,000 | [8] | $ 10,000,000 | [9] | $ 10,000,000 | [9] | ||||
Amortized Cost | [1] | 10,000,000 | [8] | 10,000,000 | [9] | 10,000,000 | [9] | ||||
Fair Value | [1] | $ 10,000,000 | [8] | $ 10,000,000 | [9] | $ 10,000,000 | [9] | ||||
% of Net Assets | [1] | 2.80% | [8] | 2.80% | [9] | 2.80% | [9] | 2.80% | [8] | 2.80% | [9] |
Senior Secured Term Loan [Member] | Colombia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member] | |||||||||||
Interest | [1],[7] | 11.25% | 11.25% | ||||||||
Fees | [1],[5],[7] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[7] | Aug. 1, 2021 | Aug. 1, 2021 | ||||||||
Principal Amount | [1],[7] | $ 5,030,631 | $ 5,468,186 | $ 5,468,186 | |||||||
Amortized Cost | [1],[7] | 5,030,631 | 5,468,186 | 5,468,186 | |||||||
Fair Value | [1],[7] | $ 5,030,631 | $ 5,468,186 | $ 5,468,186 | |||||||
% of Net Assets | [1],[7] | 1.40% | 1.50% | 1.50% | 1.40% | 1.50% | |||||
Senior Secured Term Loan [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||||||||
Interest | [1],[10] | 11.50% | 11.50% | ||||||||
Fees | [1],[5],[10] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[10] | Dec. 27, 2020 | Dec. 27, 2020 | ||||||||
Principal Amount | [1],[10] | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||
Amortized Cost | [1],[10] | 15,000,000 | 15,000,000 | 15,000,000 | |||||||
Fair Value | [1],[10] | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||
% of Net Assets | [1],[10] | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | |||||
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||||||||||
Interest | [1],[11] | 12.00% | 12.00% | ||||||||
Fees | [1],[5],[11] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[11] | Mar. 31, 2021 | Mar. 31, 2020 | ||||||||
Principal Amount | [1],[11] | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||
Amortized Cost | [1],[11] | 15,000,000 | 15,000,000 | 15,000,000 | |||||||
Fair Value | [1],[11] | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||
% of Net Assets | [1],[11] | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | |||||
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||||||||
Fees | [1],[5],[12] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[12] | Jul. 27, 2021 | Jul. 27, 2021 | ||||||||
Principal Amount | [1],[12] | $ 22,158,892 | $ 21,367,121 | $ 21,367,121 | |||||||
Amortized Cost | [1],[12] | 22,158,892 | 21,367,121 | 21,367,121 | |||||||
Fair Value | [1],[12] | $ 22,158,892 | $ 21,367,121 | $ 21,367,121 | |||||||
% of Net Assets | [1],[12] | 6.20% | 5.90% | 5.90% | 6.20% | 5.90% | |||||
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | PIK [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||||||||
Interest | [1],[12] | 14.50% | 14.50% | ||||||||
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||||||||
Interest | [1] | 11.50% | [13] | 11.50% | [14] | ||||||
Fees | [1],[5] | 0.00% | [13] | 0.00% | [14] | ||||||
Maturity | [1],[6] | Feb. 10, 2021 | [13] | Feb. 10, 2021 | [14] | ||||||
Principal Amount | [1] | $ 6,840,000 | [13] | $ 6,840,000 | [14] | $ 6,840,000 | [14] | ||||
Amortized Cost | [1] | 6,840,000 | [13] | 6,840,000 | [14] | 6,840,000 | [14] | ||||
Fair Value | [1] | $ 6,840,000 | [13] | $ 6,840,000 | [14] | $ 6,840,000 | [14] | ||||
% of Net Assets | [1] | 1.90% | [13] | 1.90% | [14] | 1.90% | [14] | 1.90% | [13] | 1.90% | [14] |
Senior Secured Term Loan [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer II [Member] | |||||||||||
Interest | [1],[3] | 10.00% | [15] | 10.00% | [16] | ||||||
Fees | [1],[3],[5] | 0.00% | [15] | 0.00% | [16] | ||||||
Maturity | [1],[3],[6] | Aug. 15, 2021 | [15] | Aug. 15, 2021 | [16] | ||||||
Principal Amount | [1],[3] | $ 4,465,132 | [15] | $ 4,465,132 | [16] | $ 4,465,132 | [16] | ||||
Amortized Cost | [1],[3] | 4,465,132 | [15] | 4,465,132 | [16] | 4,465,132 | [16] | ||||
Fair Value | [1],[3] | $ 4,465,132 | [15] | $ 4,465,132 | [16] | $ 4,465,132 | [16] | ||||
% of Net Assets | [1],[3] | 1.30% | [15] | 1.20% | [16] | 1.20% | [16] | 1.30% | [15] | 1.20% | [16] |
Senior Secured Term Loan [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Principal Amount | € | € 6,200,000 | ||||||||||
Senior Secured Term Loan Participations [Member] | |||||||||||
Amortized Cost | [1] | $ 193,927,148 | $ 189,157,819 | $ 189,157,819 | |||||||
Fair Value | [1] | $ 193,927,148 | $ 189,157,819 | $ 189,157,819 | |||||||
% of Net Assets | [1] | 54.60% | 52.50% | 52.50% | 54.60% | 52.50% | |||||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | |||||||||||
Interest | [1],[7] | 13.50% | 13.50% | ||||||||
Fees | [1],[5],[7] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[7] | Nov. 24, 2022 | Nov. 24, 2022 | ||||||||
Principal Amount | [1],[7] | $ 13,116,663 | $ 13,903,662 | $ 13,903,662 | |||||||
Participation % | [1],[7],[17] | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | |||||
Amortized Cost | [1],[7] | $ 13,116,663 | $ 13,903,662 | $ 13,903,662 | |||||||
Fair Value | [1],[7] | $ 13,116,663 | $ 13,903,662 | $ 13,903,662 | |||||||
% of Net Assets | [1],[7] | 3.70% | 3.90% | 3.90% | 3.70% | 3.90% | |||||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Fees | [1],[5],[19] | 0.00% | [18] | 0.00% | |||||||
Maturity | [1],[6],[19] | Dec. 7, 2023 | [18] | Dec. 7, 2023 | |||||||
Principal Amount | [1],[19] | $ 5,569,997 | [18] | $ 5,514,667 | $ 5,514,667 | ||||||
Participation % | [1],[17],[19] | 42.00% | [18] | 42.00% | 42.00% | 42.00% | [18] | 42.00% | |||
Amortized Cost | [1],[19] | $ 5,492,175 | [18] | $ 5,428,294 | $ 5,428,294 | ||||||
Fair Value | [1],[19] | $ 5,492,175 | [18] | $ 5,428,294 | $ 5,428,294 | ||||||
% of Net Assets | [1],[19] | 1.50% | [18] | 1.50% | 1.50% | 1.50% | [18] | 1.50% | |||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Cash [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Interest | [1],[19] | 8.00% | [18] | 8.00% | |||||||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | PIK [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Interest | [1],[19] | 4.00% | [18] | 4.00% | |||||||
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | |||||||||||
Fees | [1],[5] | 0.00% | [18],[20] | 0.00% | [9] | ||||||
Maturity | [1],[6] | Oct. 15, 2023 | [18],[20] | Oct. 15, 2023 | [9] | ||||||
Principal Amount | [1] | $ 19,259,530 | [18],[20] | $ 19,115,803 | [9] | $ 19,115,803 | [9] | ||||
Participation % | [1],[17] | 76.00% | [18],[20] | 76.00% | [9] | 76.00% | [9] | 76.00% | [18],[20] | 76.00% | [9] |
Amortized Cost | [1] | $ 19,164,011 | [18],[20] | $ 18,965,870 | [9] | $ 18,965,870 | [9] | ||||
Fair Value | [1] | $ 19,164,011 | [18],[20] | $ 18,965,870 | [9] | $ 18,965,870 | [9] | ||||
% of Net Assets | [1] | 5.40% | [18],[20] | 5.30% | [9] | 5.30% | [9] | 5.40% | [18],[20] | 5.30% | [9] |
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Cash [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | |||||||||||
Interest | [1] | 8.95% | [18],[20] | 8.95% | [9] | ||||||
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | PIK [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | |||||||||||
Interest | [1] | 3.00% | [18],[20] | 3.00% | [9] | ||||||
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member] | |||||||||||
Interest | [1],[21] | 11.67% | 11.67% | ||||||||
Fees | [1],[5],[21] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[21] | Aug. 18, 2021 | Aug. 18, 2021 | ||||||||
Principal Amount | [1],[21] | $ 4,740,000 | $ 4,740,000 | $ 4,740,000 | |||||||
Participation % | [1],[17],[21] | 47.00% | 47.00% | 47.00% | 47.00% | 47.00% | |||||
Amortized Cost | [1],[21] | $ 4,740,000 | $ 4,740,000 | $ 4,740,000 | |||||||
Fair Value | [1],[21] | $ 4,740,000 | $ 4,740,000 | $ 4,740,000 | |||||||
% of Net Assets | [1],[21] | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | |||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||||||||
Fees | [1],[5],[19] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[19] | Aug. 21, 2021 | Aug. 21, 2021 | ||||||||
Principal Amount | [1],[19] | $ 13,458,976 | $ 16,459,362 | $ 16,459,362 | |||||||
Participation % | [1],[17],[19] | 88.00% | 88.00% | 88.00% | 88.00% | 88.00% | |||||
Amortized Cost | [1],[19] | $ 13,458,976 | $ 16,459,362 | $ 16,459,362 | |||||||
Fair Value | [1],[19] | $ 13,458,976 | $ 16,459,362 | $ 16,459,362 | |||||||
% of Net Assets | [1],[19] | 3.80% | 4.60% | 4.60% | 3.80% | 4.60% | |||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Cash [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||||||||
Interest | [1],[19] | 10.00% | 10.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | PIK [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||||||||
Interest | [1],[19] | 4.75% | 5.50% | ||||||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Fees | [1],[5],[23] | 0.00% | [22] | 0.00% | [24] | ||||||
Maturity | [1],[6],[23] | Jan. 23, 2021 | [22] | Jan. 23, 2021 | [24] | ||||||
Principal Amount | $ 8,178,433 | [1],[22],[23] | $ 8,034,348 | [1],[23],[24] | $ 8,034,348 | [1],[23],[24] | € 6,200,000 | ||||
Participation % | [1],[17],[23] | 5.00% | [22] | 5.00% | [24] | 5.00% | [24] | 5.00% | [22] | 5.00% | [24] |
Amortized Cost | [1],[23] | $ 8,379,097 | [22] | $ 8,262,375 | [24] | $ 8,262,375 | [24] | ||||
Fair Value | [1],[23] | $ 8,379,097 | [22] | $ 8,262,375 | [24] | $ 8,262,375 | [24] | ||||
% of Net Assets | [1],[23] | 2.40% | [22] | 2.30% | [24] | 2.30% | [24] | 2.40% | [22] | 2.30% | [24] |
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Cash [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Interest | [1],[23] | 7.00% | [22] | 5.50% | [24] | ||||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | PIK [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Interest | [1],[23] | 6.00% | [22] | 7.50% | [24] | ||||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | |||||||||||
Interest | [1],[19] | 12.00% | 12.00% | ||||||||
Fees | [1],[5],[19] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[19] | Aug. 10, 2021 | Aug. 10, 2021 | ||||||||
Principal Amount | [1],[19] | $ 15,500,000 | $ 15,500,000 | $ 15,500,000 | |||||||
Participation % | [1],[17],[19] | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | |||||
Amortized Cost | [1],[19] | $ 15,500,000 | $ 15,500,000 | $ 15,500,000 | |||||||
Fair Value | [1],[19] | $ 15,500,000 | $ 15,500,000 | $ 15,500,000 | |||||||
% of Net Assets | [1],[19] | 4.40% | 4.30% | 4.30% | 4.40% | 4.30% | |||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member] | |||||||||||
Interest | [1],[21] | 15.89% | 15.89% | ||||||||
Fees | [1],[5],[21] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[21] | Jun. 13, 2021 | Jun. 13, 2021 | ||||||||
Principal Amount | [1],[21] | $ 18,000,000 | $ 17,605,054 | $ 17,605,054 | |||||||
Participation % | [1],[17],[21] | 100.00% | 90.00% | 90.00% | 100.00% | 90.00% | |||||
Amortized Cost | [1],[21] | $ 18,000,000 | $ 17,605,054 | $ 17,605,054 | |||||||
Fair Value | [1],[21] | $ 18,000,000 | $ 17,605,054 | $ 17,605,054 | |||||||
% of Net Assets | [1],[21] | 5.10% | 4.90% | 4.90% | 5.10% | 4.90% | |||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||||||
Interest | [1] | 12.90% | [25] | 12.90% | [26] | ||||||
Fees | [1],[5] | 0.00% | [25] | 0.00% | [26] | ||||||
Maturity | [1],[6] | Aug. 31, 2022 | [25] | Aug. 31, 2022 | [26] | ||||||
Principal Amount | [1] | $ 18,527,237 | [25] | $ 18,527,237 | [26] | $ 18,527,237 | [26] | ||||
Participation % | [1],[17] | 14.00% | [25] | 14.00% | [26] | 14.00% | [26] | 14.00% | [25] | 14.00% | [26] |
Amortized Cost | [1] | $ 18,527,237 | [25] | $ 18,527,237 | [26] | $ 18,527,237 | [26] | ||||
Fair Value | [1] | $ 18,527,237 | [25] | $ 18,527,237 | [26] | $ 18,527,237 | [26] | ||||
% of Net Assets | [1] | 5.20% | [25] | 5.10% | [26] | 5.10% | [26] | 5.20% | [25] | 5.10% | [26] |
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | |||||||||||
Interest | [1],[23] | 12.35% | 12.35% | ||||||||
Fees | [1],[5],[23] | 3.00% | 3.00% | ||||||||
Maturity | [1],[6],[23] | Mar. 28, 2023 | Mar. 28, 2023 | ||||||||
Principal Amount | [1],[23] | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | |||||||
Participation % | [1],[17],[23] | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | |||||
Amortized Cost | [1],[23] | $ 18,544,000 | $ 18,515,500 | $ 18,515,500 | |||||||
Fair Value | [1],[23] | $ 18,544,000 | $ 18,515,500 | $ 18,515,500 | |||||||
% of Net Assets | [1],[23] | 5.20% | 5.10% | 5.10% | 5.20% | 5.10% | |||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Fees | [1],[5],[19] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[19] | Mar. 31, 2023 | Mar. 31, 2023 | ||||||||
Principal Amount | [1],[19] | $ 13,100,647 | $ 12,970,938 | $ 12,970,938 | |||||||
Participation % | [1],[17],[19] | 46.00% | 46.00% | 46.00% | 46.00% | 46.00% | |||||
Amortized Cost | [1],[19] | $ 13,100,647 | $ 12,970,938 | $ 12,970,938 | |||||||
Fair Value | [1],[19] | $ 13,100,647 | $ 12,970,938 | $ 12,970,938 | |||||||
% of Net Assets | [1],[19] | 3.70% | 3.60% | 3.60% | 3.70% | 3.60% | |||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Interest | [1],[19] | 9.95% | 9.95% | ||||||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | PIK [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Interest | [1],[19] | 4.00% | 4.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||||||
Fees | [1],[5],[27] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[27] | Aug. 15, 2021 | Aug. 15, 2021 | ||||||||
Principal Amount | [1],[27] | $ 16,334,078 | $ 16,168,797 | $ 16,168,797 | |||||||
Participation % | [1],[17],[27] | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Amortized Cost | [1],[27] | $ 16,256,399 | $ 16,083,083 | $ 16,083,083 | |||||||
Fair Value | [1],[27] | $ 16,256,399 | $ 16,083,083 | $ 16,083,083 | |||||||
% of Net Assets | [1],[27] | 4.60% | 4.50% | 4.50% | 4.60% | 4.50% | |||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||||||
Interest | [1],[27] | 8.50% | 8.50% | ||||||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||||||
Interest | [1],[27] | 4.00% | 4.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Netherlands [Member] | Other Investments [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member] | |||||||||||
Interest | [1],[18] | 15.00% | |||||||||
Fees | [1],[5],[18] | 0.00% | |||||||||
Maturity | [1],[6],[18] | Aug. 20, 2021 | |||||||||
Principal Amount | [1],[18] | $ 8,275,000 | |||||||||
Participation % | [1],[17],[18] | 44.00% | 44.00% | ||||||||
Amortized Cost | [1],[18] | $ 8,275,000 | |||||||||
Fair Value | [1],[18] | $ 8,275,000 | |||||||||
% of Net Assets | [1],[18] | 2.30% | 2.30% | ||||||||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||||||||
Interest | [1],[28] | 12.85% | 12.85% | ||||||||
Fees | [1],[5],[28] | 0.80% | 0.80% | ||||||||
Maturity | [1],[6],[28] | Sep. 16, 2020 | Sep. 16, 2020 | ||||||||
Principal Amount | [1],[28] | $ 12,762,670 | $ 12,762,670 | $ 12,762,670 | |||||||
Participation % | [1],[17],[28] | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Amortized Cost | [1],[28] | $ 12,733,503 | $ 12,728,503 | $ 12,728,503 | |||||||
Fair Value | [1],[28] | $ 12,733,503 | $ 12,728,503 | $ 12,728,503 | |||||||
% of Net Assets | [1],[28] | 3.60% | 3.50% | 3.50% | 3.60% | 3.50% | |||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member] | |||||||||||
Fees | [1],[5],[23] | 2.50% | 2.50% | ||||||||
Maturity | [1],[6],[23] | Jul. 18, 2021 | Jul. 18, 2021 | ||||||||
Principal Amount | [1],[23] | $ 1,983,891 | $ 1,958,861 | $ 1,958,861 | |||||||
Participation % | [1],[17],[23] | 27.00% | 27.00% | 27.00% | 27.00% | 27.00% | |||||
Amortized Cost | [1],[23] | $ 1,946,169 | $ 1,917,097 | $ 1,917,097 | |||||||
Fair Value | [1],[23] | $ 1,946,169 | $ 1,917,097 | $ 1,917,097 | |||||||
% of Net Assets | [1],[23] | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Cash [Member] | Food Products [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[23] | 8.00% | 8.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | PIK [Member] | Food Products [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[23] | 5.00% | 5.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Food Products [Member] | Grain Processor C [Member] | |||||||||||
Interest | [1],[21] | 12.00% | |||||||||
Fees | [1],[5],[21] | 0.00% | |||||||||
Maturity | [1],[6],[21] | Dec. 31, 2020 | |||||||||
Principal Amount | [1],[21] | $ 4,300,000 | $ 4,300,000 | ||||||||
Participation % | [1],[17],[21] | 100.00% | 100.00% | 100.00% | |||||||
Amortized Cost | [1],[21] | $ 4,300,000 | $ 4,300,000 | ||||||||
Fair Value | [1],[21] | $ 4,300,000 | $ 4,300,000 | ||||||||
% of Net Assets | [1],[21] | 1.20% | 1.20% | 1.20% | |||||||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor C [Member] | |||||||||||
Interest | [1],[21] | 13.50% | |||||||||
Fees | [1],[5],[21] | 0.00% | |||||||||
Maturity | [1],[6],[21] | Dec. 31, 2020 | |||||||||
Principal Amount | [1],[21] | $ 4,300,000 | |||||||||
Participation % | [1],[17],[21] | 100.00% | 100.00% | ||||||||
Amortized Cost | [1],[21] | $ 4,300,000 | |||||||||
Fair Value | [1],[21] | $ 4,300,000 | |||||||||
% of Net Assets | [1],[21] | 1.20% | 1.20% | ||||||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Interest | [1],[7] | 11.00% | 11.00% | ||||||||
Fees | [1],[5],[7] | 0.00% | 0.00% | ||||||||
Principal Amount | [1],[7] | $ 2,393,271 | $ 3,250,844 | $ 3,250,844 | |||||||
Participation % | [1],[7],[17] | 74.00% | 74.00% | 74.00% | 74.00% | 74.00% | |||||
Amortized Cost | [1],[7] | $ 2,393,271 | $ 3,250,844 | $ 3,250,844 | |||||||
Fair Value | [1],[7] | $ 2,393,271 | $ 3,250,844 | $ 3,250,844 | |||||||
% of Net Assets | [1],[7] | 0.70% | 0.90% | 0.90% | 0.70% | 0.90% | |||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Maturity | [1],[6],[7] | Nov. 1, 2019 | Nov. 1, 2019 | ||||||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Maturity | [1],[6],[7] | Nov. 16, 2019 | Nov. 16, 2019 | ||||||||
Senior Secured Trade Finance Participations [Member] | |||||||||||
Amortized Cost | [1] | $ 85,979,853 | $ 88,983,961 | $ 88,983,961 | |||||||
Fair Value | [1] | $ 75,803,240 | $ 80,236,312 | $ 80,236,312 | |||||||
% of Net Assets | [1] | 21.30% | 22.50% | 22.50% | 21.30% | 22.50% | |||||
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | |||||||||||
Interest | [1],[3] | 10.90% | 10.90% | ||||||||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6] | Mar. 4, 2018 | Mar. 4, 2018 | ||||||||
Principal Amount | [1],[3] | $ 1,326,687 | $ 1,326,687 | $ 1,326,687 | |||||||
Participation % | [1],[3],[17] | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Amortized Cost | [1],[3] | $ 1,326,687 | $ 1,326,687 | $ 1,326,687 | |||||||
Fair Value | [1],[3] | $ 1,269,586 | $ 1,269,586 | $ 1,269,586 | |||||||
% of Net Assets | [1],[3] | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||
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],[12] | 11.50% | [29] | 11.50% | [30] | ||||||
Fees | [1],[5],[12] | 0.00% | [29] | 0.00% | [30] | ||||||
Principal Amount | [1],[12] | $ 15,000,000 | [29] | $ 15,000,000 | [30] | $ 15,000,000 | [30] | ||||
Amortized Cost | [1],[12] | 15,000,000 | [29] | 15,000,000 | [30] | 15,000,000 | [30] | ||||
Fair Value | [1],[12] | $ 15,000,000 | [29] | $ 15,000,000 | [30] | $ 15,000,000 | [30] | ||||
% of Net Assets | [1],[12] | 4.20% | [29] | 4.20% | [30] | 4.20% | [30] | 4.20% | [29] | 4.20% | [30] |
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Interest | [1],[23] | 12.00% | [31] | 10.00% | [32] | ||||||
Fees | [1],[5],[23] | 0.00% | [31] | 0.00% | [32] | ||||||
Principal Amount | [1],[23] | $ 7,000,000 | [31] | $ 7,000,000 | [32] | $ 7,000,000 | [32] | ||||
Participation % | [1],[17],[23] | 28.00% | [31] | 28.00% | [32] | 28.00% | [32] | 28.00% | [31] | 28.00% | [32] |
Amortized Cost | [1],[23] | $ 7,000,000 | [31] | $ 7,000,000 | [32] | $ 7,000,000 | [32] | ||||
Fair Value | [1],[23] | $ 7,000,000 | [31] | $ 7,000,000 | [32] | $ 7,000,000 | [32] | ||||
% of Net Assets | [1],[23] | 2.00% | [31] | 1.90% | [32] | 1.90% | [32] | 2.00% | [31] | 1.90% | [32] |
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],[6],[12] | Dec. 28, 2019 | [29] | Jan. 2, 2019 | [30] | ||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Maturity | [1],[6],[23] | Apr. 10, 2019 | [31] | Jan. 20, 2019 | [32] | ||||||
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],[6],[12] | Feb. 9, 2020 | [29] | Feb. 14, 2019 | [30] | ||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Maturity | [1],[6],[23] | May 3, 2019 | [31] | Feb. 1, 2019 | [32] | ||||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Interest | [1],[12] | 16.77% | [33] | 16.77% | [34] | ||||||
Fees | [1],[5],[12] | 0.00% | [33] | 0.00% | [34] | ||||||
Maturity | Mar. 27, 2019 | ||||||||||
Principal Amount | [1],[12] | $ 122,300 | [33] | $ 448,697 | [34] | $ 448,697 | [34] | ||||
Participation % | [1],[12],[17] | 34.00% | [33] | 34.00% | [34] | 34.00% | [34] | 34.00% | [33] | 34.00% | [34] |
Amortized Cost | [1],[12] | $ 122,300 | [33] | $ 448,697 | [34] | $ 448,697 | [34] | ||||
Fair Value | [1],[12] | $ 122,300 | [33] | $ 448,697 | [34] | $ 448,697 | [34] | ||||
% of Net Assets | [1],[12] | 0.00% | [33] | 0.10% | [34] | 0.10% | [34] | 0.00% | [33] | 0.10% | [34] |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | |||||||||||
Interest | [1],[12],[33] | 16.77% | 16.77% | ||||||||
Fees | [1],[5],[12],[33] | 0.00% | 0.00% | ||||||||
Maturity | Mar. 27, 2019 | [1],[6],[12],[33] | Mar. 27, 2019 | Mar. 27, 2019 | [1],[6],[12],[33] | ||||||
Principal Amount | [1],[12],[33] | $ 755,466 | $ 1,275,451 | $ 1,275,451 | |||||||
Participation % | [1],[12],[17],[33] | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% | |||||
Amortized Cost | [1],[12],[33] | $ 755,466 | $ 1,275,451 | $ 1,275,451 | |||||||
Fair Value | [1],[12],[33] | $ 755,466 | $ 1,275,451 | $ 1,275,451 | |||||||
% of Net Assets | [1],[12],[33] | 0.20% | 0.40% | 0.40% | 0.20% | 0.40% | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member] | |||||||||||
Interest | [1],[12],[33] | 16.77% | 16.77% | ||||||||
Fees | [1],[5],[12],[33] | 0.00% | 0.00% | ||||||||
Maturity | Mar. 27, 2019 | [1],[6],[12],[33] | Mar. 27, 2019 | Mar. 27, 2019 | [1],[6],[12],[33] | ||||||
Principal Amount | [1],[12],[33] | $ 920,634 | $ 1,329,575 | $ 1,329,575 | |||||||
Participation % | [1],[12],[17],[33] | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||
Amortized Cost | [1],[12],[33] | $ 920,634 | $ 1,329,575 | $ 1,329,575 | |||||||
Fair Value | [1],[12],[33] | $ 920,634 | $ 1,329,575 | $ 1,329,575 | |||||||
% of Net Assets | [1],[12],[33] | 0.30% | 0.40% | 0.40% | 0.30% | 0.40% | |||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Maturity | [1],[6],[12] | Dec. 27, 2018 | [33] | Dec. 27, 2018 | [34] | ||||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Maturity | [1],[6],[12] | Mar. 27, 2019 | [33] | Mar. 27, 2019 | [34] | ||||||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||||||||
Interest | [1],[3],[35] | 10.45% | 10.45% | ||||||||
Fees | [1],[3],[5],[35] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[35] | Jun. 30, 2018 | Jun. 30, 2018 | ||||||||
Principal Amount | [1],[3],[35] | $ 12,500,000 | $ 12,500,000 | $ 12,500,000 | |||||||
Participation % | [1],[3],[17],[35] | 83.00% | 83.00% | 83.00% | 83.00% | 83.00% | |||||
Amortized Cost | [1],[3],[35] | $ 12,500,000 | $ 12,500,000 | $ 12,500,000 | |||||||
Fair Value | [1],[3],[35] | $ 9,250,266 | $ 9,316,105 | $ 9,316,105 | |||||||
% of Net Assets | [1],[3],[35] | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% | |||||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||||||||
Interest | [1],[3] | 10.67% | 10.67% | ||||||||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6] | Jul. 29, 2019 | Jul. 29, 2019 | ||||||||
Principal Amount | [1],[3] | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||||
Participation % | [1],[3],[17] | 22.00% | 22.00% | 22.00% | 22.00% | 22.00% | |||||
Amortized Cost | [1],[3] | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||||
Fair Value | [1],[3] | $ 4,991,915 | $ 4,991,915 | $ 4,991,915 | |||||||
% of Net Assets | [1],[3] | 1.40% | 1.40% | 1.40% | 1.40% | 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],[3],[35] | 11.50% | 11.50% | ||||||||
Fees | [1],[3],[5],[35] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[35] | Aug. 31, 2017 | Aug. 31, 2017 | ||||||||
Principal Amount | [1],[3],[35] | $ 9,000,000 | $ 9,000,000 | $ 9,000,000 | |||||||
Participation % | [1],[3],[17],[35] | 28.00% | 28.00% | 28.00% | 28.00% | 28.00% | |||||
Amortized Cost | [1],[3],[35] | $ 9,000,000 | $ 9,000,000 | $ 9,000,000 | |||||||
Fair Value | [1],[3],[35] | $ 6,079,075 | $ 6,748,935 | $ 6,748,935 | |||||||
% of Net Assets | [1],[3],[35] | 1.70% | 1.90% | 1.90% | 1.70% | 1.90% | |||||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||||||||
Interest | [1],[3] | 9.00% | 9.00% | ||||||||
Fees | [1],[3],[5] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6] | Aug. 31, 2017 | Aug. 31, 2017 | ||||||||
Principal Amount | [1],[3] | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||||
Participation % | [1],[3],[17] | 27.00% | 27.00% | 27.00% | 27.00% | 27.00% | |||||
Amortized Cost | [1],[3] | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||||
Fair Value | [1],[3] | $ 3,433,159 | $ 3,784,354 | $ 3,784,354 | |||||||
% of Net Assets | [1],[3] | 1.00% | 1.10% | 1.10% | 1.00% | 1.10% | |||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||||||
Fees | [1],[5],[33] | 0.00% | 0.00% | ||||||||
Maturity | Mar. 27, 2019 | [1],[6],[33] | Mar. 27, 2019 | Mar. 27, 2019 | [1],[6],[33] | ||||||
Principal Amount | [1],[33] | $ 10,718,201 | $ 10,718,201 | $ 10,718,201 | |||||||
Participation % | [1],[17],[33] | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | |||||
Amortized Cost | [1],[33] | $ 10,718,201 | $ 10,718,201 | $ 10,718,201 | |||||||
Fair Value | [1],[33] | $ 10,718,201 | $ 10,718,201 | $ 10,718,201 | |||||||
% of Net Assets | [1],[33] | 3.00% | 3.00% | 3.00% | 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],[33] | 16.42% | 16.42% | ||||||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||||||
Interest | [1],[33] | 17.50% | 17.50% | ||||||||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | |||||||||||
Interest | [1],[21],[36] | 9.00% | 9.00% | ||||||||
Fees | [1],[5],[21],[36] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[21],[36] | Jun. 19, 2019 | Jun. 19, 2019 | ||||||||
Principal Amount | [1],[21],[36] | $ 35,838 | $ 35,838 | $ 35,838 | |||||||
Participation % | [1],[17],[21],[36] | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||
Amortized Cost | [1],[21],[36] | $ 35,838 | $ 35,838 | $ 35,838 | |||||||
Fair Value | [1],[21],[36] | $ 35,838 | $ 35,838 | $ 35,838 | |||||||
% of Net Assets | [1],[21],[36] | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member] | |||||||||||
Interest | [1],[3],[35] | 12.00% | 12.00% | ||||||||
Fees | [1],[3],[5],[35] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[35] | Mar. 31, 2016 | Mar. 31, 2016 | ||||||||
Principal Amount | [1],[3],[35] | $ 881,800 | $ 881,800 | $ 881,800 | |||||||
Participation % | [1],[3],[17],[35] | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% | |||||
Amortized Cost | [1],[3],[35] | $ 881,800 | $ 881,800 | $ 881,800 | |||||||
Fair Value | [1],[3],[35] | $ 127,943 | $ 662,525 | $ 662,525 | |||||||
% of Net Assets | [1],[3],[35] | 0.00% | 0.20% | 0.20% | 0.00% | 0.20% | |||||
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||||||||
Interest | [1],[12] | 12.88% | 12.88% | ||||||||
Fees | [1],[5],[12] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[12] | Jul. 14, 2019 | Jul. 14, 2019 | ||||||||
Principal Amount | [1],[12] | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||||
Participation % | [1],[12],[17] | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | |||||
Amortized Cost | [1],[12] | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||||
Fair Value | [1],[12] | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||||
% of Net Assets | [1],[12] | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | |||||
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member] | |||||||||||
Interest | [1],[3],[35] | 11.00% | 11.00% | ||||||||
Fees | [1],[3],[5],[35] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[35] | Jul. 31, 2018 | Jul. 31, 2018 | ||||||||
Principal Amount | [1],[3],[35] | $ 7,349,626 | $ 7,349,626 | $ 7,349,626 | |||||||
Participation % | [1],[3],[17],[35] | 73.00% | 73.00% | 73.00% | 73.00% | 73.00% | |||||
Amortized Cost | [1],[3],[35] | $ 7,349,626 | $ 7,349,626 | $ 7,349,626 | |||||||
Fair Value | [1],[3],[35] | $ 7,824,746 | $ 7,632,234 | $ 7,632,234 | |||||||
% of Net Assets | [1],[3],[35] | 2.20% | 2.10% | 2.10% | 2.20% | 2.10% | |||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||||||
Fees | [1],[5],[12] | 0.00% | [37] | 0.00% | [38] | ||||||
Principal Amount | [1],[12] | $ 4,280,241 | [37] | $ 6,029,026 | [38] | $ 6,029,026 | [38] | ||||
Participation % | [1],[12],[17] | 41.00% | [37] | 60.00% | [38] | 60.00% | [38] | 41.00% | [37] | 60.00% | [38] |
Amortized Cost | [1],[12] | $ 4,280,241 | [37] | $ 6,029,026 | [38] | $ 6,029,026 | [38] | ||||
Fair Value | [1],[12] | $ 4,280,241 | [37] | $ 6,029,026 | [38] | $ 6,029,026 | [38] | ||||
% of Net Assets | [1],[12] | 1.20% | [37] | 1.70% | [38] | 1.70% | [38] | 1.20% | [37] | 1.70% | [38] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||||||||
Interest | [1],[3],[35] | 10.00% | 10.00% | ||||||||
Fees | [1],[3],[5],[35] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[35] | May 22, 2015 | May 22, 2015 | ||||||||
Principal Amount | [1],[3],[35] | $ 785,806 | $ 785,806 | $ 785,806 | |||||||
Participation % | [1],[3],[17],[35] | 19.00% | 19.00% | 19.00% | 19.00% | 19.00% | |||||
Amortized Cost | [1],[3],[35] | $ 785,806 | $ 785,806 | $ 785,806 | |||||||
Fair Value | [1],[3],[35] | $ 690,616 | $ 690,616 | $ 690,616 | |||||||
% of Net Assets | [1],[3],[35] | 0.20% | 0.20% | 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],[12] | 12.00% | [37] | 12.00% | [38] | ||||||
Maturity | [1],[6],[12] | Jan. 7, 2019 | [37] | Jan. 7, 2019 | [38] | ||||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||||||
Interest | [1],[12] | 13.00% | [37] | 13.00% | [38] | ||||||
Maturity | [1],[6],[12] | Feb. 14, 2019 | [37] | Feb. 14, 2019 | [38] | ||||||
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],[3],[21] | 14.60% | 14.60% | ||||||||
Fees | [1],[3],[5],[21] | 0.00% | 0.00% | ||||||||
Maturity | [1],[3],[6],[21] | Jun. 30, 2018 | Jun. 30, 2018 | ||||||||
Principal Amount | [1],[3],[21] | $ 803,254 | $ 803,254 | $ 803,254 | |||||||
Participation % | [1],[3],[17],[21] | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | |||||
Amortized Cost | [1],[3],[21] | $ 803,254 | $ 803,254 | $ 803,254 | |||||||
Fair Value | [1],[3],[21] | $ 803,254 | $ 803,254 | $ 803,254 | |||||||
% of Net Assets | [1],[3],[21] | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | |||||
Short Term Investments [Member] | |||||||||||
Amortized Cost | [1] | $ 12,623,326 | $ 14,132,683 | $ 14,132,683 | |||||||
Fair Value | [1] | $ 11,455,733 | $ 13,644,683 | $ 13,644,683 | |||||||
% of Net Assets | [1] | 3.20% | 3.70% | 3.70% | 3.20% | 3.70% | |||||
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member] | |||||||||||
Interest | [1],[3],[35],[39] | 8.75% | |||||||||
Fees | [1],[3],[5],[35],[39] | 0.00% | |||||||||
Principal Amount | [1],[3],[35],[39] | $ 6,000,000 | |||||||||
Amortized Cost | [1],[3],[35],[39] | 6,000,000 | |||||||||
Fair Value | [1],[3],[35],[39] | $ 4,832,407 | |||||||||
% of Net Assets | [1],[3],[35],[39] | 1.40% | 1.40% | ||||||||
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member] | |||||||||||
Interest | [1],[3],[35],[39] | 8.75% | |||||||||
Fees | [1],[3],[5],[35],[39] | 0.00% | |||||||||
Principal Amount | [1],[3],[35],[39] | $ 6,000,000 | $ 6,000,000 | ||||||||
Amortized Cost | [1],[3],[35],[39] | 6,000,000 | 6,000,000 | ||||||||
Fair Value | [1],[3],[35],[39] | $ 5,512,000 | $ 5,512,000 | ||||||||
% of Net Assets | [1],[3],[35],[39] | 1.50% | 1.50% | 1.50% | |||||||
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | |||||||||||
Interest | [1],[40] | 15.34% | |||||||||
Fees | [1],[5],[40] | 0.00% | |||||||||
Principal Amount | [1],[40] | $ 394,946 | $ 394,946 | ||||||||
Participation % | [1],[17],[40] | 90.00% | 90.00% | 90.00% | |||||||
Amortized Cost | [1],[40] | $ 394,946 | $ 394,946 | ||||||||
Fair Value | [1],[40] | $ 394,946 | $ 394,946 | ||||||||
% of Net Assets | [1],[40] | 0.10% | 0.10% | 0.10% | |||||||
Short Term Investments [Member] | Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | |||||||||||
Interest | [1],[12] | 10.50% | [41] | 10.50% | [42] | ||||||
Fees | [1],[5],[12] | 0.00% | [41] | 0.00% | [42] | ||||||
Maturity | Apr. 12, 2019 | Dec. 26, 2018 | [1],[6],[12],[42] | ||||||||
Principal Amount | [1],[12] | $ 3,000,000 | [41] | $ 4,000,000 | [42] | $ 4,000,000 | [42] | ||||
Participation % | [1],[12],[17] | 16.00% | [41] | 16.00% | [42] | 16.00% | [42] | 16.00% | [41] | 16.00% | [42] |
Amortized Cost | [1],[12] | $ 3,000,000 | [41] | $ 4,000,000 | [42] | $ 4,000,000 | [42] | ||||
Fair Value | [1],[12] | $ 3,000,000 | [41] | $ 4,000,000 | [42] | $ 4,000,000 | [42] | ||||
% of Net Assets | [1],[12] | 0.80% | [41] | 1.10% | [42] | 1.10% | [42] | 0.80% | [41] | 1.10% | [42] |
Short Term Investments [Member] | Netherlands [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | |||||||||||
Maturity | [1],[6],[12],[41] | Apr. 12, 2019 | |||||||||
Short Term Investments [Member] | Netherlands [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | |||||||||||
Maturity | Jul. 31, 2019 | [1],[6],[12],[41] | Jul. 31, 2019 | ||||||||
Short Term Investments [Member] | Singapore [Member] | Other Investments [Member] | Metals Service Centers and Offices [Member] | Steel Trader [Member] | |||||||||||
Interest | [1],[12] | 12.45% | 12.45% | ||||||||
Fees | [1],[5],[12] | 0.00% | 0.00% | ||||||||
Maturity | [1],[6],[12] | Jun. 30, 2019 | Jun. 30, 2019 | ||||||||
Principal Amount | [1],[12] | $ 3,623,326 | $ 3,737,737 | $ 3,737,737 | |||||||
Participation % | [1],[12],[17] | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Amortized Cost | [1],[12] | $ 3,623,326 | $ 3,737,737 | $ 3,737,737 | |||||||
Fair Value | [1],[12] | $ 3,623,326 | $ 3,737,737 | $ 3,737,737 | |||||||
% of Net Assets | [1],[12] | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||
Equity Warrants [Member] | |||||||||||
Fair Value | $ 1,080,222 | $ 1,080,222 | $ 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 | $ 1,080,222 | $ 1,080,222 | ||||||||
% of Net Assets | 0.30% | 0.30% | 0.30% | 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 annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||||||||
[3] | Watch List investment. Refer to Note 3 for additional information. | ||||||||||
[4] | Principal and interest paid annually. , the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||||||||
[5] | 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. | ||||||||||
[6] | Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. | ||||||||||
[7] | Principal and interest paid monthly. | ||||||||||
[8] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||
[9] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||
[10] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | ||||||||||
[11] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2019. | ||||||||||
[12] | Principal and interest paid at maturity. | ||||||||||
[13] | One third of the principal and accrued interest to be paid on the 24th, 30th, and 42nd months after original drawdown date of 8/10/2017. | ||||||||||
[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] | In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/2021. Please refer to Note 3 for additional information. | ||||||||||
[16] | In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/21. Please refer to Note 3 for additional information. | ||||||||||
[17] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | ||||||||||
[18] | Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower. | ||||||||||
[19] | Principal and interest paid quarterly. | ||||||||||
[20] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installment starting in October 2020. | ||||||||||
[21] | Monthly interest only payment. Principal due at maturity. | ||||||||||
[22] | 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. | ||||||||||
[23] | Quarterly interest only payment. Principal due at maturity. | ||||||||||
[24] | 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 $228,027. | ||||||||||
[25] | In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2022. | ||||||||||
[26] | In October 2017, this investment was refinanced from a trade finance to a term loan and the maturity dates were extended to 08/31/2022. | ||||||||||
[27] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | ||||||||||
[28] | 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. | ||||||||||
[29] | The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to 12/28/2019 to 2/9/2020. | ||||||||||
[30] | The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to December 2019 to February 2020. | ||||||||||
[31] | During the second quarter 2019, the maturity dates of these investments were extended to 6/29/2019 and 7/7/2019. | ||||||||||
[32] | During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019. | ||||||||||
[33] | During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. | ||||||||||
[34] | During the first quarter 2019, a portion of this investment in the amount of $147,679 that had a maturity date in December 2018 was repaid in full. | ||||||||||
[35] | Investment on non-accrual status. | ||||||||||
[36] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | ||||||||||
[37] | Partial payment of principal in the amount of approximately $2,898,000 was received during the second quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019. | ||||||||||
[38] | Partial payment of principal in the amount of approximately $1,749,000 was received during the first quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019. | ||||||||||
[39] | 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 participations to short term investments. Please see Note 3 for additional information. | ||||||||||
[40] | Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor. Funds were fully disbursed out of escrow during the first quarter 2019. | ||||||||||
[41] | On May 1, 2019, a portion of this investment in the amount of $1,000,000 with an original maturity date of 4/12/2019 was extended to a new maturity date of 6/11/2019. | ||||||||||
[42] | $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | Jul. 31, 2019USD ($) | May 01, 2019USD ($) | Apr. 01, 2019 | Oct. 31, 2017 | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)Installment | Dec. 31, 2018USD ($) | Sep. 30, 2018 | Dec. 31, 2018USD ($)Installment | Mar. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | ||||
Purchase of investments | $ 9,275,000 | ||||||||||||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||||||||||
Extended maturity date | Aug. 31, 2022 | ||||||||||||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||
Principal Amount | [2] | $ 18,527,237 | [1] | $ 18,527,237 | [3] | $ 18,527,237 | [3] | ||||||||
Maturity | [2],[4] | Aug. 31, 2022 | [1] | Aug. 31, 2022 | [3] | ||||||||||
Interest | [2] | 12.90% | [1] | 12.90% | [3] | ||||||||||
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Short Term Investments [Member] | |||||||||||||||
Principal Amount | [2],[5] | 394,946 | $ 394,946 | ||||||||||||
Interest | [2],[5] | 15.34% | |||||||||||||
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Three-month Libor [Member] | Short Term Investments [Member] | |||||||||||||||
Interest | 13.00% | ||||||||||||||
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer | Inventory Facility [Member] | |||||||||||||||
Extended maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||||||||||||
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] | |||||||||||||||
Principal Amount | [2],[6] | $ 12,762,670 | 12,762,670 | $ 12,762,670 | |||||||||||
Maturity | [2],[4],[6] | Sep. 16, 2020 | Sep. 16, 2020 | ||||||||||||
Interest | [2],[6] | 12.85% | 12.85% | ||||||||||||
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 Trader [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Principal Amount | [2],[8] | $ 122,300 | [7] | $ 448,697 | [9] | $ 448,697 | [9] | ||||||||
Maturity | Mar. 27, 2019 | ||||||||||||||
Purchase of investments | $ 147,679 | ||||||||||||||
Interest | [2],[8] | 16.77% | [7] | 16.77% | [9] | ||||||||||
Investment maturity | 2018-12 | ||||||||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||||||||||||
Maturity | [2],[4],[8] | Dec. 27, 2018 | [7] | Dec. 27, 2018 | [9] | ||||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||||||||||||
Maturity | [2],[4],[8] | Mar. 27, 2019 | [7] | Mar. 27, 2019 | [9] | ||||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Principal Amount | [2],[7],[8] | $ 755,466 | $ 1,275,451 | $ 1,275,451 | |||||||||||
Maturity | Mar. 27, 2019 | [2],[4],[7],[8] | Mar. 27, 2019 | Mar. 27, 2019 | [2],[4],[7],[8] | ||||||||||
Interest | [2],[7],[8] | 16.77% | 16.77% | ||||||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Principal Amount | [2],[7],[8] | $ 920,634 | $ 1,329,575 | $ 1,329,575 | |||||||||||
Maturity | Mar. 27, 2019 | [2],[4],[7],[8] | Mar. 27, 2019 | Mar. 27, 2019 | [2],[4],[7],[8] | ||||||||||
Interest | [2],[7],[8] | 16.77% | 16.77% | ||||||||||||
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||||||||||||
Entire principal amount | $ 2,143,500 | ||||||||||||||
Principal and interest starting date | Feb. 15, 2020 | ||||||||||||||
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||
Principal Amount | [2],[10] | $ 16,334,078 | $ 16,168,797 | $ 16,168,797 | |||||||||||
Maturity | [2],[4],[10] | Aug. 15, 2021 | Aug. 15, 2021 | ||||||||||||
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 | ||||||||||||||
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] | |||||||||||||||
Principal and accrued interest payment description | Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information. | Principal and interest paid annually. , the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information. | |||||||||||||
Principal Amount | [2] | $ 6,840,000 | [11] | 6,840,000 | [12] | $ 6,840,000 | [12] | ||||||||
Maturity | [2],[4] | Feb. 10, 2021 | [11] | Feb. 10, 2021 | [12] | ||||||||||
Interest | [2] | 11.50% | [11] | 11.50% | [12] | ||||||||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan [Member] | |||||||||||||||
Principal Amount | € | € 6,200,000 | ||||||||||||||
Investment premium included in fair value | 228,027 | $ 228,027 | |||||||||||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||
Principal Amount | $ 8,178,433 | [2],[13],[14] | 8,034,348 | [2],[14],[15] | $ 8,034,348 | [2],[14],[15] | € 6,200,000 | ||||||||
Investment premium included in fair value | $ 300,586 | ||||||||||||||
Maturity | [2],[4],[14] | Jan. 23, 2021 | [13] | Jan. 23, 2021 | [15] | ||||||||||
Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Extended maturity date | Jun. 19, 2019 | ||||||||||||||
Principal Amount | [2],[16],[17] | $ 35,838 | 35,838 | $ 35,838 | |||||||||||
Maturity | [2],[4],[16],[17] | Jun. 19, 2019 | Jun. 19, 2019 | ||||||||||||
Interest | [2],[16],[17] | 9.00% | 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],[8] | $ 15,000,000 | [18] | 15,000,000 | [19] | $ 15,000,000 | [19] | ||||||||
Interest | [2],[8] | 11.50% | [18] | 11.50% | [19] | ||||||||||
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 | Dec. 28, 2019 | [2],[4],[8],[18] | Jan. 2, 2019 | Jan. 2, 2019 | [2],[4],[8],[19] | ||||||||||
Investment maturity | 2019-12 | ||||||||||||||
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 | Feb. 9, 2020 | [2],[4],[8],[18] | Feb. 14, 2019 | Feb. 14, 2019 | [2],[4],[8],[19] | ||||||||||
Investment maturity | 2020-02 | ||||||||||||||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Term Loan [Member] | |||||||||||||||
Principal Amount | [2],[20] | $ 15,000,000 | 15,000,000 | $ 15,000,000 | |||||||||||
Number of quarterly installments for repayment of principal | Installment | 4 | 4 | |||||||||||||
Maturity | [2],[4],[20] | Dec. 27, 2020 | Dec. 27, 2020 | ||||||||||||
Interest | [2],[20] | 11.50% | 11.50% | ||||||||||||
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Principal Amount | [2],[14] | $ 7,000,000 | [21] | 7,000,000 | [22] | $ 7,000,000 | [22] | ||||||||
Interest | [2],[14] | 12.00% | [21] | 10.00% | [22] | ||||||||||
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||||||||||||
Maturity | Jun. 29, 2019 | Apr. 10, 2019 | [2],[4],[14],[21] | Jan. 20, 2019 | [2],[4],[14],[22] | ||||||||||
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||||||||||||
Maturity | Jul. 7, 2019 | May 3, 2019 | [2],[4],[14],[21] | Feb. 1, 2019 | [2],[4],[14],[22] | ||||||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Principal Amount | [2],[7] | $ 10,718,201 | $ 10,718,201 | $ 10,718,201 | |||||||||||
Maturity | Mar. 27, 2019 | [2],[4],[7] | Mar. 27, 2019 | Mar. 27, 2019 | [2],[4],[7] | ||||||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||||||||||||
Interest | [2],[7] | 16.42% | 16.42% | ||||||||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||||||||||||
Interest | [2],[7] | 17.50% | 17.50% | ||||||||||||
China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loan [Member] | |||||||||||||||
Principal Amount | [2] | $ 10,000,000 | [23] | $ 10,000,000 | [24] | $ 10,000,000 | [24] | ||||||||
Number of quarterly installments for repayment of principal | Installment | 4 | 4 | |||||||||||||
Maturity | [2],[4] | Jun. 22, 2021 | [23] | Jun. 22, 2021 | [24] | ||||||||||
Interest | [2] | 12.00% | [23] | 12.00% | [24] | ||||||||||
Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | Senior Secured Term Loan [Member] | |||||||||||||||
Principal Amount | [2],[25] | $ 15,000,000 | 15,000,000 | $ 15,000,000 | |||||||||||
Number of quarterly installments for repayment of principal | Installment | 5 | 5 | |||||||||||||
Maturity | [2],[4],[25] | Mar. 31, 2021 | Mar. 31, 2020 | ||||||||||||
Interest | [2],[25] | 12.00% | 12.00% | ||||||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | |||||||||||||||
Principal Amount | [2],[8] | $ 3,000,000 | [26] | 4,000,000 | [27] | $ 4,000,000 | [27] | ||||||||
Maturity | Apr. 12, 2019 | Dec. 26, 2018 | [2],[4],[8],[27] | ||||||||||||
Purchase of investments | $ 2,000,000 | ||||||||||||||
Interest | [2],[8] | 10.50% | [26] | 10.50% | [27] | ||||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Scenario Forecast [Member] | |||||||||||||||
Purchase of investments | $ 2,000,000 | ||||||||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Subsequent Event [Member] | |||||||||||||||
Extended maturity date | Jun. 11, 2019 | ||||||||||||||
Purchase of investments | $ 1,000,000 | ||||||||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Minimum [Member] | |||||||||||||||
Maturity | [2],[4],[8],[26] | Apr. 12, 2019 | |||||||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Maximum [Member] | |||||||||||||||
Maturity | Jul. 31, 2019 | [2],[4],[8],[26] | Jul. 31, 2019 | ||||||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||||||
Entire principal amount | $ 1,749,000 | ||||||||||||||
Principal Amount | [2],[8] | $ 4,280,241 | [28] | 6,029,026 | [29] | $ 6,029,026 | [29] | ||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Scenario Forecast [Member] | |||||||||||||||
Entire principal amount | $ 2,898,000 | ||||||||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Subsequent Event [Member] | |||||||||||||||
Extended maturity date | Jun. 30, 2019 | ||||||||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | |||||||||||||||
Maturity | [2],[4],[8] | Jan. 7, 2019 | [28] | Jan. 7, 2019 | [29] | ||||||||||
Interest | [2],[8] | 12.00% | [28] | 12.00% | [29] | ||||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||||||||||||
Maturity | [2],[4],[8] | Feb. 14, 2019 | [28] | Feb. 14, 2019 | [29] | ||||||||||
Interest | [2],[8] | 13.00% | [28] | 13.00% | [29] | ||||||||||
Brazil [Member] | Usivale Industria E Commercio | Agricultural Products [Member] | Sugar Producer [Member] | |||||||||||||||
Extended maturity date | Feb. 28, 2021 | ||||||||||||||
Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||||||
Principal Amount | [2] | $ 19,259,530 | [30],[31] | $ 19,115,803 | [24] | $ 19,115,803 | [24] | ||||||||
Number of quarterly installments for repayment of principal | Installment | 4 | ||||||||||||||
Maturity | [2],[4] | Oct. 15, 2023 | [30],[31] | Oct. 15, 2023 | [24] | ||||||||||
[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 8/31/2022. | ||||||||||||||
[2] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||||||||||||||
[3] | In October 2017, this investment was refinanced from a trade finance to a term loan and the maturity dates were extended to 08/31/2022. | ||||||||||||||
[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] | Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor. Funds were fully disbursed out of escrow during the first quarter 2019. | ||||||||||||||
[6] | 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. | ||||||||||||||
[7] | During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. | ||||||||||||||
[8] | Principal and interest paid at maturity. | ||||||||||||||
[9] | During the first quarter 2019, a portion of this investment in the amount of $147,679 that had a maturity date in December 2018 was repaid in full. | ||||||||||||||
[10] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | ||||||||||||||
[11] | One third of the principal and accrued interest to be paid on the 24th, 30th, and 42nd months after original drawdown date of 8/10/2017. | ||||||||||||||
[12] | 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. | ||||||||||||||
[13] | 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. | ||||||||||||||
[14] | Quarterly interest only payment. Principal due at maturity. | ||||||||||||||
[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 $228,027. | ||||||||||||||
[16] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | ||||||||||||||
[17] | Monthly interest only payment. Principal due at maturity. | ||||||||||||||
[18] | The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to 12/28/2019 to 2/9/2020. | ||||||||||||||
[19] | The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to December 2019 to February 2020. | ||||||||||||||
[20] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | ||||||||||||||
[21] | During the second quarter 2019, the maturity dates of these investments were extended to 6/29/2019 and 7/7/2019. | ||||||||||||||
[22] | During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019. | ||||||||||||||
[23] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||||||
[24] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||||||
[25] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2019. | ||||||||||||||
[26] | On May 1, 2019, a portion of this investment in the amount of $1,000,000 with an original maturity date of 4/12/2019 was extended to a new maturity date of 6/11/2019. | ||||||||||||||
[27] | $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019. | ||||||||||||||
[28] | Partial payment of principal in the amount of approximately $2,898,000 was received during the second quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019. | ||||||||||||||
[29] | Partial payment of principal in the amount of approximately $1,749,000 was received during the first quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019. | ||||||||||||||
[30] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installment starting in October 2020. | ||||||||||||||
[31] | Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower. |
Organization and Operations of
Organization and Operations of the Company | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, the Company raised an additional $67,591,000 pursuant to a private placement and $21,168,000 pursuant to the DRP for total gross proceeds of $450,535,000 as of March 31, 2019. 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 March 31, 2019, 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 | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018, which was filed with the SEC on March 29, 2019. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2019. 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. 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 March 31, 2019, seven portfolio companies were on non-accrual status with an aggregate fair value of $33,796,968 or 9.2% of the fair value of the Company’s total investments. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,115,283 and $522,471, respectively for the three months ended March 31, 2019 and 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, collateral based 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. 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, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery. The Company 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering any 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 months ended March 31, 2019 and 2018, the Company earned and capitalized PIK interest of $1,669,477 and $848,622, respectively. 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 March 31, 2019, the estimated unpaid distribution fees for Class C units amounted to $995,000, the unpaid dealer manager fees for Class I units amounted to $48,000 and the unpaid dealer manager and service fees for Class W units amounted to $3,000. 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 March 31, 2019, 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 ended December 31, 2015. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis. As of March 31, 2019, 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 of the fees that the Company may pay to the dealer manager in future periods. As of March 31, 2019, under GAAP, the Company has recorded a liability in the amount of $1,046,000 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 its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP. The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of March 31, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.160. This net asset value per unit reflects a decrease of $0.067 per unit from the net asset value per unit of $8.227 as of December 31, 2018 and a decreased of $0.261 per unit from the net asset value per unit of $8.421 as of March 31, 2018. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $8.1 million and $2.1 million in unrealized depreciation on its investments during the year ended December 31, 2018 and the quarter ended March 31, 2019, respectively. 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 March 31, 2019 and 2018. 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. 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 March 31, 2019, the Sponsor has incurred approximately $579,800 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. As of March 31, 2019, 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. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company 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 asset 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 asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, 2019 and 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarters ended March 31, 2019 and 2018. As of March 31, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, 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 one of the Company’s sub-advisors, 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 during August 2018 and determined that the adjustments for the prior periods were not material. The Company elected to record these prior period adjustments in the quarter ended June 30, 2018. The effect of these adjustments was to overstate the net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $553,000 on the Consolidated Statement of Operations as of March 31, 2018. Recently Issued Accounting Pronouncements 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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material. 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. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements. Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one 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 investment |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of March 31, 2019, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 86,552,941 $ 86,514,482 23.5 % Senior secured term loan participations 193,927,148 193,927,148 52.6 % Senior secured trade finance participations 85,979,853 75,803,240 20.5 % Short term investments 12,623,326 11,455,733 3.1 % Equity warrants - 1,080,222 0.3 % Total investments $ 379,083,268 $ 368,780,825 100.0 % As of December 31, 2018, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 88,858,707 $ 88,858,707 23.8 % Senior secured term loan participations 189,157,819 189,157,819 50.7 % Senior secured trade finance participations 88,983,961 80,236,312 21.5 % Short term investments 14,132,683 13,644,683 3.7 % Equity warrants - 1,080,222 0.3 % Total investments $ 381,133,170 $ 372,977,743 100.0 % 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 March 31, 2019. 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 March 31, 2019 and December 31, 2018 amounted to $2,478,197 and $2,413,894, respectively. The Company’s interest receivable balances at March 31, 2019 and December 31, 2018 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. Warrants Certain investments, including loans and participations, may carry equity warrants, which allow the Company to buy shares of the portfolio company at a given price, which the Company may 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. However, these warrants and equity interests are generally illiquid and it may be difficult for the Company to dispose of them. 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). As of March 31, 2019 and December 31, 2018, the Company had 12 Watch List investments. Investments through The International Investment Group L.L.C. (“IIG”) as the Sub-Advisor The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor. IIG is the sub-advisor with respect to seven of the twelve investments that the Company has deemed Watch List investments. The Company has learned that IIG is in the process of winding down its business. The Company determined not to engage in any new business with IIG due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG. Please see Note 11 – Subsequent Events for a description of an arbitration proceeding the Company has filed against IIG. Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of the board of managers, engaged a third-party, independent valuation firm, or the “independent valuation firm”. The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of certain material investments described below. Specifically, for the quarter ended March 31, 2019, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities Fund Procesos Fabriles S.A . In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund N.V. (“IIG TOF N.V.”), a fund advised by the Company’s sub-advisor, 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 March 31, 2019. 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. Based on information provided by IIG in 2018, the Company’s existing Participation in this trade finance facility was near the final stages of being restructured to a Participation in a term loan. Given that IIG is winding down its business and the Company’s ongoing legal dispute with IIG, it is uncertain when or if this restructuring will happen. As of the date of this filing, completion of restructuring remains uncertain, and, as such, the Company has valued this investment utilizing a hybrid of the income approach and the collateral based approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $127,943 as of March 31, 2019 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. This value reflects a significant adjustment for the uncertainty related to the completion of the restructuring and the Company’s ongoing legal dispute with IIG. The Company placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for both the three months ended March 31, 2019 and 2018 amounted to $27,227. 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 IIG had informed the Company that Vicentin had agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide information concerning the Company’s Participation in the Algodonera trade finance facility. See below under “—IIG Trade Opportunities Fund B.V. Receivable” for 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 March 31, 2019, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that 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 appealed to the court of appeals. In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court. 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. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 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 had already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above. 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 had previously 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, as well as the Company’s ongoing legal dispute with IIG. Taking all of the factors described above into consideration, the Company believes, that as of March 31, 2019, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,433,159. The Company has placed this investment on non-accrual status effective January 1, 2019 and interest not recorded relative to the original terms of this participation for the three months ended March 31, 2019 amounted to $135,000. 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 an 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. During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company. In connection with its review of this investment during the third 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 received a written agreement from IIG to this effect. As noted in Note 11- Subsequent Events, the Company has filed an arbitration proceeding against IIG asserting multiple claims, including claims related to IIG’s failure to repay the Company for this participation. 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 and the uncertainty of the ultimate resolution of the Company’s legal dispute with IIG. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $4,832,407 as of March 31, 2019. The Company has placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $131,250 for the three months March 31, 2019. 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 produces, processes and exports beef, as the borrower. As of March 31, 2019, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. At that time, IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. In August 2018, the Company confirmed that FRIAR continues to operate and is a going concern. As noted above, 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. Also as described above, the Company 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. In April 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court. 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 December 31, 2017, 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 communications with the Company in 2018 that it was continuing to rely 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 expressed to the Company in the third quarter of 2018 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 as well as the Company’s ongoing legal dispute with IIG. The Company determined that the most appropriate method to calculate the fair value of this investment as of March 31, 2019 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,079,075 as of March 31, 2019. The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for both the three months ended March 31, 2019 and 2018 amounted to $258,750. Compania Argentina de Granos Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942, and the interest was subsequently paid. IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and had sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG previously 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. In February 2019, CAGSA disclosed that it had reached a preliminary settlement with its creditors. Details of the terms were not available as of the date of this report. 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 starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method. With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of March 31, 2019, the Company has further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $326,563 for the three months ended March 31, 2019. The Company has estimated the fair value of the principal amount of this investment to be $9,250,266 as of March 31, 2019 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring and the ultimate resolution of the Company’s ongoing legal dispute with IIG. Sancor Cooperativas Unidas Limitada In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower. As of March 31, 2019, the outstanding principal balance on this Participation was $6,000,000. Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 86,514,482 $ — $ — $ 86,514,482 Senior secured term loan participations 193,927,148 — — 193,927,148 Senior secured trade finance participations 75,803,240 — — 75,803,240 Short term investments 11,455,733 — — 11,455,733 Equity warrants 1,080,222 — — 1,080,222 Total $ 368,780,825 $ — $ — $ 368,780,825 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, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 88,858,707 $ — $ — $ 88,858,707 Senior secured term loan participations 189,157,819 189,157,819 Senior secured trade finance participations 80,236,312 — — 80,236,312 Short term investments 13,644,683 13,644,683 Equity warrants 1,080,222 1,080,222 Total $ 372,977,743 $ — $ — $ 372,977,743 The following is a reconciliation of activity for the three months ended March 31, 2019, of investments classified as Level 3: Fair Value at December 31, 2018 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Transfers Fair Value at March 31, 2019 Senior secured term loans $ 88,858,707 $ — $ (3,147,368 ) $ 841,601 $ (38,458 ) $ — $ 86,514,482 Senior secured term loan participations 189,157,819 8,275,000 (4,859,501 ) 958,884 — 394,946 193,927,148 Senior secured trade finance participations 80,236,312 - (3,004,108 ) — (1,428,964 ) — 75,803,240 Short term investments 13,644,683 1,000,000 (2,114,410 ) — (679,594 ) (394,946 ) 11,455,733 Equity warrants 1,080,222 — — — — — 1,080,222 Total $ 372,977,743 $ 9,275,000 $ (13,125,387 ) $ 1,800,485 $ (2,147,016 ) $ - $ 368,780,825 There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three months ended March 31, 2019 and 2018. As of March 31, 2019, 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 March 31, 2019: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 62,183,325 Income approach (DCF) Market yield 9.0% - 17.5% (11.4%) Senior secured trade finance participations (1) $ 13,619,915 Collateral based approach Value of collateral N/A Senior secured term loans $ 86,514,482 Income approach (DCF) Market yield 10.0% - 14.5% (12.3%) Senior secured term loan participations $ 193,927,148 Income approach (DCF) Market yield 11.0% - 15.9% (13.2%) Short term investments (3) $ 4,832,407 Income approach (DCF) Market yield 8.75% Short term investments $ 6,623,326 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A (1) Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” (3) Receivable from IIG TOF B.V. As of December 31, 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 December 31, 2018: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 66,808,909 Income approach (DCF) Market yield 9.0% - 17.5% (11.4%) Senior secured trade finance participations (1) $ 13,427,403 Collateral based approach Value of collateral N/A Senior secured term loans $ 88,858,707 Income approach (DCF) Market yield 10.0% - 14.5% (12.3%) Senior secured term loan participations $ 189,157,819 Income approach (DCF) Market yield 11.0% - 15.9% (13.2%) Short term investments (3) $ 5,512,000 Income approach (DCF) Market yield 8.75% Short term investments $ 8,132,683 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A (1) Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. (3) Receivable from IIG TOF B.V. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 5. Related Parties Agreements Advisory Agreement The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 14, 2020. 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 months ended March 31, 2019 and 2018. Transactions For the three months ended March 31, 2019 and 2018, the Advisor earned $1,959,123, and $2,009,600, respectively, in asset management fees and $1,458,513 and $1,403,506, respectively, in incentive fees. From 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, asset management fees and incentive fees on behalf of the Company and will pay the Company an additional $4,240,200 of expenses, which have been paid by the Company 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 quarters ended March 31, 2019 and 2018 and no expenses have been recorded for the three months ended March 31, 2019 and 2018. As of March 31, 2019 and December 31, 2018, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231, was 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 March 31, 2019 and 2018, the Company paid $0 and $6,252, respectively, in dealer manager fees and $0 and $19,270, respectively, in selling commissions to the Company’s dealer manager for the Company’s offerings, 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 | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of March 31, 2019, the Sponsor has paid approximately $17,480,000 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 $12,000 and $41,000 of offering costs, which were incurred by the Sponsor during the three months ended March 31, 2019 and 2018, respectively. During the three months ended March 31, 2019 and 2018, the Company paid $0 and $27,765, 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 March 31, 2019, 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 $505,000 of offering costs that have not yet been reimbursed to the Sponsor as of March 31, 2019. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instruments [Abstract] | |
Notes Payable | Note 7. Notes Payable The Company notes payable consist of the following: March 31, 2019 December 31, 2018 Outstanding Balance Outstanding Balance Promissory notes $ - $ 125,000 Symbiotics facility 22,750,000 22,750,000 Christian Super promissory note 10,000,000 10,000,000 Total notes payable $ 32,750,000 $ 32,875,000 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 a private offering. The Notes issued on October 14, 2016 comprised the first series of the Notes. The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time issuance) and were payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate was 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. 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 were 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 32.11 of the issued and outstanding shares of the Subsidiaries. Symbiotics Facility On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer. 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 (2.79% as of March 31, 2019) and interest is 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 32.11 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 March 31, 2019, the Company was 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 interest is 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. On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes (“Series 2 Note”) to Christian Super pursuant to the CS Notes private offering. The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of March 31, 2019) and interest is 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 Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 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 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. For the three months ended March 31, 2019 and 2018, the Company recognized $599,949 and $448,620, 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 2019 $ - 2020 22,750,000 2021 10,000,000 Thereafter - $ 32,750,000 |
Unit Capital
Unit Capital | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of March 31, 2019, the Company had 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 March 31, 2019, the Company recorded a liability in the aggregate amount of $1,046,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of March 31, 2019 is calculated based on a net asset value per Class C, Class I and Class W units of $8.227 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 three months ended March 31, 2019: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During March 31, 2018 the Period the Period 2019 Class A units 17,966,563 133,563 (156,372 ) 17,943,754 Class C units 8,238,094 71,242 (271,937 ) 8,037,399 Class I units 10,555,022 81,278 (90,623 ) 10,545,677 Class W units 24,555 - - 24,555 Class Y units 1,165,675 32,155 - 1,197,830 Class Z units 5,965,037 - - 5,965,037 Total 43,914,946 318,238 (518,932 ) 43,714,252 The total of 318,238 units issued during the three months ended March 31, 2019 included 286,095 units issued under the DRP at a value of $2,377,555. 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 repurchase. Repurchases for the first quarter of 2019 have been made at a price equal to $8.227 for Class A units, Class C units, and Class I units, which was the net asset value per unit of each class as of December 31, 2018, the most recently disclosed net asset value at the time of repurchase. 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 three months ended March 31, 2019, the Company received 80 repurchase requests for a total of 518,932 units at a repurchase price per unit of $8.227 As of March 31, 2019, these repurchase requests were pending processing and were completed by the Company in April 2019. |
Distributions
Distributions | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2019 January 15, 2019 $ 0.00168675 $ 1,470,733 $ 817,483 $ 2,288,216 February 28, 2019 February 14, 2019 $ 0.00168675 1,334,317 739,318 2,073,635 March 31, 2019 March 15, 2019 $ 0.00168675 1,479,106 820,754 2,299,860 Total for 2019 $ 4,284,156 $ 2,377,555 $ 6,661,711 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights of the Company for the three months ended March 31, 2019 and 2018: Three months ended March 31, March 31, 2019 2018 Per unit data (1): Net asset value at beginning of period $ 8.20 $ 8.42 Net investment income $ 0.13 $ 0.13 Net change in unrealized depreciation on investments $ (0.05 ) $ (0.02 ) Net increase in net assets resulting from operations $ 0.08 $ 0.11 Distributions $ (0.15 ) $ (0.17 ) Net change in accrued distribution and other fees $ 0.01 $ 0.01 Net decrease in net assets $ (0.05 ) $ (0.04 ) Net asset value at end of period (2) $ 8.14 $ 8.38 Total return based on net asset value 1.03 % 1.35 % Net assets at end of period $ 355,656,886 $ 370,446,814 Units Outstanding at end of period 43,714,252 44,187,642 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.61 % 5.63 % Ratio of net operating expenses to average net assets 6.19 % 5.36 % 1 The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2019 and 2018 which were 44,019,402 and 42,272,734, respectively. 2 For financial statement reporting purposes under GAAP, as of March 31, 2019 and 2018, the Company recorded a liability in the amount of $1,046,000 and $1,677,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 The 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019, except as discussed below. Distributions With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from April 1 through April 30, 2019. 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). The cash distributions for April totaled $1,392,078. With respect to unitholders participating in the Distribution Reinvestment Plan, $770,273 of the distributions for April were reinvested in units. The May 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 on or about June 1, 2019 or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. Investments Subsequent to March 31, 2019 through May 10, 2019, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $9.9 million. Litigation On April 18, 2019, TriLinc Global Impact Fund – Trade Finance, Ltd. (“TriLinc”), a subsidiary of the Company, filed a motion to intervene in a proceeding of Girobank, N.V. and Girobank International, N.V. (collectively, “Girobank”) against IIG, IIG Capital, LLC (“IIG Capital”) and IIG Trade Opportunities Fund, N.V. (“TOF,” and, collectively with IIG and IIG Capital, the “IIG Parties”). TriLinc filed the motion to intervene in the Girobank proceeding so that it could oppose Girobank’s petition for an order of attachment that Girobank obtained from the New York Supreme Court, New York County on April 11, 2019. This order temporarily attached approximately $93 million in assets held by the IIG Parties in aid of an arbitration that Girobank commenced against the IIG Parties in 2018. TriLinc’s motion to intervene was denied following a hearing on April 24, 2019. The court set a hearing on Girobank’s petition for an order of attachment during the pendency of the arbitration for May 2, 2019. At the hearing on May 2, 2019, the New York Supreme Court, New York County issued an order of attachment to Girobank upon the stipulation and consent of all parties to the proceeding. The order of attachment provides that it does not apply to funds in which the IIG Parties have no beneficial interest such as funds in collection or escrow, accounts received in a custodial capacity on behalf of IIG Global Trade Finance Fund, IIG Structure Trade Finance Fund, and TriLinc. TriLinc had filed the motion to intervene in conjunction with an arbitration proceeding it commenced against IIG and IIG TOF B.V., a subsidiary of TOF, on that same day, asserting claims for breach of contract, breach of fiduciary duty, conversion and unjust enrichment. There can be no assurance as to when or if TriLinc will obtain a judgment in its arbitration against IIG and IIG TOF B.V. The Company previously entered into a sub-advisory agreement with IIG through TriLinc. Between 2014 and 2017, at the recommendation of IIG, the Company invested approximately $44 million in participation interests in trade finance facilities originated by TOF and IIG TOF B.V. for eight Latin American companies (the “IIG Investments”). TOF is advised by IIG. As disclosed in this Quarterly Report, the Company has placed seven of the IIG Investments on its “Watch List” because the Company determined that there were significant changes in the credit and collection risk of the investments. As disclosed elsewhere in this Quarterly Report, the Company also determined not to engage in any new business with IIG due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018, which was filed with the SEC on March 29, 2019. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2019. 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. 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 March 31, 2019, seven portfolio companies were on non-accrual status with an aggregate fair value of $33,796,968 or 9.2% of the fair value of the Company’s total investments. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,115,283 and $522,471, respectively for the three months ended March 31, 2019 and 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, collateral based 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. 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, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery. The Company 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering any 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 months ended March 31, 2019 and 2018, the Company earned and capitalized PIK interest of $1,669,477 and $848,622, respectively. |
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 March 31, 2019, the estimated unpaid distribution fees for Class C units amounted to $995,000, the unpaid dealer manager fees for Class I units amounted to $48,000 and the unpaid dealer manager and service fees for Class W units amounted to $3,000. |
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 March 31, 2019, 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 ended December 31, 2015. 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 March 31, 2019, 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 of the fees that the Company may pay to the dealer manager in future periods. As of March 31, 2019, under GAAP, the Company has recorded a liability in the amount of $1,046,000 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 its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP. The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of March 31, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.160. This net asset value per unit reflects a decrease of $0.067 per unit from the net asset value per unit of $8.227 as of December 31, 2018 and a decreased of $0.261 per unit from the net asset value per unit of $8.421 as of March 31, 2018. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $8.1 million and $2.1 million in unrealized depreciation on its investments during the year ended December 31, 2018 and the quarter ended March 31, 2019, respectively. |
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 March 31, 2019 and 2018. |
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. 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 March 31, 2019, the Sponsor has incurred approximately $579,800 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. As of March 31, 2019, 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. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company 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 asset 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 asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, 2019 and 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarters ended March 31, 2019 and 2018. As of March 31, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, |
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 one of the Company’s sub-advisors, 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 during August 2018 and determined that the adjustments for the prior periods were not material. The Company elected to record these prior period adjustments in the quarter ended June 30, 2018. The effect of these adjustments was to overstate the net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $553,000 on the Consolidated Statement of Operations as of March 31, 2018. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material. 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. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements. |
Risk Factors | Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one 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. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to seven of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment. As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders. 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 March 31, 2019, all but one of the Company’s investments were 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 March 31, 2019, the Company’s investment portfolio included 48 companies and was comprised of $86,514,482 or 23.5% in senior secured term loans, $193,927,148 or 52.6% in senior secured term loan participations, $75,803,240 or 20.5% in senior secured trade finance participations, and $11,455,733 or 3.1% in short term investments. The Company’s largest loan by value was $22,158,892 or 6.0% of total investments. The Company’s 5 largest loans by value comprised 26.1% of the Company’s portfolio at March 31, 2019. Participation in loans amounted to 73.1% of the Company’s total portfolio at March 31, 2019. As of March 31, 2019, approximately $263,739,000 or 71.5% of the Company’s investments had a maturity date of more than 12 months. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of March 31, 2019, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 86,552,941 $ 86,514,482 23.5 % Senior secured term loan participations 193,927,148 193,927,148 52.6 % Senior secured trade finance participations 85,979,853 75,803,240 20.5 % Short term investments 12,623,326 11,455,733 3.1 % Equity warrants - 1,080,222 0.3 % Total investments $ 379,083,268 $ 368,780,825 100.0 % As of December 31, 2018, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 88,858,707 $ 88,858,707 23.8 % Senior secured term loan participations 189,157,819 189,157,819 50.7 % Senior secured trade finance participations 88,983,961 80,236,312 21.5 % Short term investments 14,132,683 13,644,683 3.7 % Equity warrants - 1,080,222 0.3 % Total investments $ 381,133,170 $ 372,977,743 100.0 % |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value as of March 31, 2019 and December 31, 2018, was as follows: As of March 31, 2019 As of December 31, 2018 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 12,063,103 3.3 % $ 12,167,401 3.3 % Boatbuilding and Repairing 5,492,175 1.5 % 5,428,294 1.5 % Chemicals and Allied Products 15,000,000 4.1 % 15,000,000 4.0 % Chocolate and Cocoa Products 10,718,201 2.9 % 10,718,201 2.9 % Coal and Other Minerals and Ores 30,000,000 8.1 % 30,000,000 8.0 % Commercial Fishing 35,838 0.0 % 35,838 0.0 % Communications Equipment 4,280,241 1.2 % 6,029,026 1.6 % Consumer Products 9,457,047 2.6 % 9,457,047 2.5 % Department Stores 8,379,097 2.3 % 8,262,375 2.2 % Drugs, Proprietaries, and Sundries 803,254 0.2 % 803,254 0.2 % Electric Services 23,734,227 6.4 % 26,394,209 7.1 % Farm Products 7,495,929 2.0 % 9,285,834 2.5 % Fats and Oils 3,433,159 0.9 % 3,784,354 1.0 % Financial services 4,832,407 1.3 % 5,906,946 1.6 % Freight Transportation Arrangement 13,100,647 3.6 % 12,970,938 3.5 % Food Products 5,636,785 1.5 % 6,607,713 1.8 % Gas Transmission and Distribution 18,000,000 4.9 % 17,605,054 4.7 % Groceries and Related Products 2,500,000 0.7 % 2,500,000 0.7 % Hotels and Motels 13,458,976 3.6 % 16,459,362 4.4 % Land Subdividers and Developers 16,256,399 4.4 % 16,083,083 4.3 % Logging 6,840,000 1.9 % 6,840,000 1.8 % Meat, Poultry & Fish 6,079,075 1.6 % 6,748,935 1.8 % Metals Service Centers and Offices 3,623,326 1.0 % 3,737,737 1.0 % Motor Vehicle Parts and Accessories 8,275,000 2.2 % — — Personal Credit Institutions 5,030,631 1.4 % 5,468,186 1.5 % Petroleum and Petroleum Products 15,500,000 4.2 % 15,500,000 4.2 % Programming and Data Processing 13,116,663 3.6 % 13,903,662 3.7 % Refuse Systems 23,239,114 6.3 % 22,447,343 6.0 % Secondary Nonferrous Metals 17,824,746 4.8 % 17,632,234 4.7 % Short-Term Business Credit 4,740,000 1.3 % 4,740,000 1.3 % Soap, Detergents, and Cleaning 2,393,271 0.6 % 3,250,844 0.9 % Telephone and Telegraph Apparatus 7,000,000 1.9 % 7,000,000 1.9 % Telephone Communications 37,708,011 10.2 % 37,481,370 10.0 % Water Transportation 12,733,503 3.5 % 12,728,503 3.4 % Total $ 368,780,825 100.0 % $ 372,977,743 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of March 31, 2019 and December 31, 2018: As of March 31, 2019 As of December 31, 2018 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 23,754,415 6.4 % $ 24,841,309 6.7 % Botswana 4,740,000 1.3 % 4,740,000 1.3 % Brazil 21,421,675 5.8 % 22,183,252 5.9 % Cabo Verde 13,458,976 3.7 % 16,459,362 4.4 % Cameroon 10,718,201 2.9 % 10,718,201 2.9 % Chile 6,476,576 1.8 % 9,136,558 2.4 % China 10,000,000 2.7 % 10,000,000 2.7 % Colombia 24,194,642 6.6 % 24,434,056 6.6 % Croatia 8,379,097 2.3 % 8,262,375 2.2 % Ecuador 35,838 0.0 % 35,838 0.0 % Ghana 52,027,237 14.1 % 52,027,237 13.9 % Guatemala 127,943 0.0 % 662,525 0.2 % Hong Kong 37,000,000 10.0 % 37,000,000 9.9 % Jersey 18,544,000 5.0 % 18,515,500 5.0 % Kenya 13,100,647 3.6 % 12,970,938 3.5 % Malaysia 15,000,000 4.1 % 15,000,000 4.0 % Mauritius 2,500,000 0 2,500,000 0.7 % Mexico 23,239,114 6.3 % 22,447,343 6.0 % Morocco 7,824,746 2.1 % 7,632,234 2.0 % Namibia 16,256,399 4.4 % 16,083,083 4.3 % Netherlands 11,275,000 3.1 % 4,000,000 1.1 % New Zealand 6,840,000 1.9 % 6,840,000 1.8 % Nigeria 14,531,903 3.9 % 15,782,226 4.2 % Peru 4,465,132 1.2 % 4,465,132 1.2 % Romania 1,946,169 0.5 % 1,917,097 0.5 % Singapore 3,623,326 1.0 % 3,737,737 1.0 % South Africa 4,970,857 1.4 % 6,719,642 1.8 % United Arab Emirates 803,254 0.2 % 803,254 0.2 % Uganda 4,300,000 1.2 % 4,300,000 1.2 % Zambia 2,393,271 0.7 % 3,250,844 0.9 % N/A 4,832,407 1.3 % 5,512,000 1.5 % Total $ 368,780,825 100.0 % $ 372,977,743 100.0 % (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) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 86,514,482 $ — $ — $ 86,514,482 Senior secured term loan participations 193,927,148 — — 193,927,148 Senior secured trade finance participations 75,803,240 — — 75,803,240 Short term investments 11,455,733 — — 11,455,733 Equity warrants 1,080,222 — — 1,080,222 Total $ 368,780,825 $ — $ — $ 368,780,825 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, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 88,858,707 $ — $ — $ 88,858,707 Senior secured term loan participations 189,157,819 189,157,819 Senior secured trade finance participations 80,236,312 — — 80,236,312 Short term investments 13,644,683 13,644,683 Equity warrants 1,080,222 1,080,222 Total $ 372,977,743 $ — $ — $ 372,977,743 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the three months ended March 31, 2019, of investments classified as Level 3: Fair Value at December 31, 2018 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Transfers Fair Value at March 31, 2019 Senior secured term loans $ 88,858,707 $ — $ (3,147,368 ) $ 841,601 $ (38,458 ) $ — $ 86,514,482 Senior secured term loan participations 189,157,819 8,275,000 (4,859,501 ) 958,884 — 394,946 193,927,148 Senior secured trade finance participations 80,236,312 - (3,004,108 ) — (1,428,964 ) — 75,803,240 Short term investments 13,644,683 1,000,000 (2,114,410 ) — (679,594 ) (394,946 ) 11,455,733 Equity warrants 1,080,222 — — — — — 1,080,222 Total $ 372,977,743 $ 9,275,000 $ (13,125,387 ) $ 1,800,485 $ (2,147,016 ) $ - $ 368,780,825 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of March 31, 2019, 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 March 31, 2019: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 62,183,325 Income approach (DCF) Market yield 9.0% - 17.5% (11.4%) Senior secured trade finance participations (1) $ 13,619,915 Collateral based approach Value of collateral N/A Senior secured term loans $ 86,514,482 Income approach (DCF) Market yield 10.0% - 14.5% (12.3%) Senior secured term loan participations $ 193,927,148 Income approach (DCF) Market yield 11.0% - 15.9% (13.2%) Short term investments (3) $ 4,832,407 Income approach (DCF) Market yield 8.75% Short term investments $ 6,623,326 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A (1) Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” (3) Receivable from IIG TOF B.V. As of December 31, 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 December 31, 2018: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 66,808,909 Income approach (DCF) Market yield 9.0% - 17.5% (11.4%) Senior secured trade finance participations (1) $ 13,427,403 Collateral based approach Value of collateral N/A Senior secured term loans $ 88,858,707 Income approach (DCF) Market yield 10.0% - 14.5% (12.3%) Senior secured term loan participations $ 189,157,819 Income approach (DCF) Market yield 11.0% - 15.9% (13.2%) Short term investments (3) $ 5,512,000 Income approach (DCF) Market yield 8.75% Short term investments $ 8,132,683 Cost Approach Recent transactions N/A Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A (1) Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. (3) Receivable from IIG TOF B.V. |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company notes payable consist of the following: March 31, 2019 December 31, 2018 Outstanding Balance Outstanding Balance Promissory notes $ - $ 125,000 Symbiotics facility 22,750,000 22,750,000 Christian Super promissory note 10,000,000 10,000,000 Total notes payable $ 32,750,000 $ 32,875,000 |
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 2019 $ - 2020 22,750,000 2021 10,000,000 Thereafter - $ 32,750,000 |
Unit Capital (Tables)
Unit Capital (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of unit activity during the three months ended March 31, 2019: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During March 31, 2018 the Period the Period 2019 Class A units 17,966,563 133,563 (156,372 ) 17,943,754 Class C units 8,238,094 71,242 (271,937 ) 8,037,399 Class I units 10,555,022 81,278 (90,623 ) 10,545,677 Class W units 24,555 - - 24,555 Class Y units 1,165,675 32,155 - 1,197,830 Class Z units 5,965,037 - - 5,965,037 Total 43,914,946 318,238 (518,932 ) 43,714,252 |
Distributions (Tables)
Distributions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019: Daily Rate Cash Distributions Total Months ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2019 January 15, 2019 $ 0.00168675 $ 1,470,733 $ 817,483 $ 2,288,216 February 28, 2019 February 14, 2019 $ 0.00168675 1,334,317 739,318 2,073,635 March 31, 2019 March 15, 2019 $ 0.00168675 1,479,106 820,754 2,299,860 Total for 2019 $ 4,284,156 $ 2,377,555 $ 6,661,711 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the three months ended March 31, 2019 and 2018: Three months ended March 31, March 31, 2019 2018 Per unit data (1): Net asset value at beginning of period $ 8.20 $ 8.42 Net investment income $ 0.13 $ 0.13 Net change in unrealized depreciation on investments $ (0.05 ) $ (0.02 ) Net increase in net assets resulting from operations $ 0.08 $ 0.11 Distributions $ (0.15 ) $ (0.17 ) Net change in accrued distribution and other fees $ 0.01 $ 0.01 Net decrease in net assets $ (0.05 ) $ (0.04 ) Net asset value at end of period (2) $ 8.14 $ 8.38 Total return based on net asset value 1.03 % 1.35 % Net assets at end of period $ 355,656,886 $ 370,446,814 Units Outstanding at end of period 43,714,252 44,187,642 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.61 % 5.63 % Ratio of net operating expenses to average net assets 6.19 % 5.36 % 1 The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2019 and 2018 which were 44,019,402 and 42,272,734, respectively. 2 For financial statement reporting purposes under GAAP, as of March 31, 2019 and 2018, the Company recorded a liability in the amount of $1,046,000 and $1,677,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o_2
Organization and Operations of the Company - Additional Information (Detail) | Jun. 11, 2013USD ($)shares | Feb. 25, 2013USD ($) | Mar. 31, 2017USD ($) | May 31, 2012USD ($)shares | Mar. 31, 2019USD ($)Employeeshares | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($)Employee |
Organization And Nature Of Operations [Line Items] | |||||||
Shares purchased under equity transaction | shares | 318,238 | ||||||
Offering period, description | The primary offering terminated on March 31, 2017. | ||||||
Additional gross proceeds | $ 450,535,000 | ||||||
Class A Units [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Aggregate gross proceeds on units purchased | $ 1,109,964 | $ 1,522,387 | |||||
Shares purchased under equity transaction | shares | 133,563 | ||||||
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 | $ 67,591,000 | ||||||
Distribution Reinvestment Plan [Member] | |||||||
Organization And Nature Of Operations [Line Items] | |||||||
Shares purchased under equity transaction | shares | 286,095 | ||||||
Aggregate gross proceeds on units purchased | $ 2,377,555 | ||||||
Additional gross proceeds | $ 21,168,000 | ||||||
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_3
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 68 Months Ended | ||||
Mar. 31, 2019USD ($)CompanyInvestmentLoans$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2018USD ($)CompanyInvestment$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) | ||
Significant Accounting Policies [Line Items] | |||||||
Due date for unpaid principal and interest | 90 days | ||||||
Fair Value | $ 368,780,825 | $ 372,977,743 | |||||
Percentage of investment in loans | 100.00% | 100.00% | |||||
Number of companies on non-accrual status | Company | 7 | 6 | |||||
Unrecorded investment interest income | $ 11,279,504 | $ 10,127,186 | |||||
Minimum investment maturity period | 12 months | ||||||
Paid-in-kind interest | $ 1,669,477 | 848,622 | |||||
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 | ||||||
Interest and penalties related to unrecognized tax benefits | $ 0 | ||||||
Net assets value per unit | $ / shares | $ 8.160 | $ 8.227 | |||||
Investment, unrealized depreciation | $ 2,100,000 | $ 8,100,000 | |||||
Organization and offering expenses | 4.70% | ||||||
Amount paid to the sponsor due to reimbursement hurdle | $ 0 | 0 | |||||
Number of watch list investments | Investment | 12 | 12 | |||||
Number of companies included in investment portfolio | Company | 48 | ||||||
Largest Loan by Value [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | $ 22,158,892 | ||||||
Number of investment loans | Loans | 5 | ||||||
Investment Concentration [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | $ 263,739,000 | ||||||
Minimum investment maturity period | 12 months | ||||||
Percentage of Investment | 71.50% | ||||||
Investment Concentration [Member] | Investment Portfolio [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of Investment | 73.10% | ||||||
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 | 26.10% | ||||||
IIG [Member] | Sub-advisory Agreement [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of watch list investments | Investment | 7 | 7 | |||||
Misapplication of investments | $ 6,000,000 | ||||||
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 | 553,000 | ||||||
Net Increase In Net Assets [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Prior period adjustments | $ (553,000) | ||||||
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 | |||||
Related party transaction reimbursement amounts paid | 4,240,200 | 4,240,200 | |||||
Remaining excess amount payment percentage | 50.00% | ||||||
Amount paid to the sponsor due to reimbursement hurdle | $ 0 | $ 0 | |||||
Remaining aggregate balance due to affiliate | 16,273,800 | $ 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 | 579,800 | ||||||
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 | 2015 | ||||||
Class C Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Distribution fee per annum percentage of estimated value per share | 0.80% | ||||||
Distribution fee payable | $ 995,000 | ||||||
Net assets value per unit | $ / shares | $ 8.160 | $ 8.421 | $ 8.227 | ||||
Decrease in net asset value per unit | $ / shares | 0.261 | 0.067 | |||||
Class I Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Unpaid dealer manager fee | $ 48,000 | ||||||
Net assets value per unit | $ / shares | $ 8.160 | 8.421 | 8.227 | ||||
Decrease in net asset value per unit | $ / shares | 0.261 | 0.067 | |||||
Class W Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Unpaid dealer manager and service fees | $ 3,000 | ||||||
Net assets value per unit | $ / shares | $ 8.160 | 8.421 | 8.227 | ||||
Decrease in net asset value per unit | $ / shares | 0.261 | 0.067 | |||||
Class C Units, Class I Units and Class W Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Distribution, dealer manager and service fees payable | $ 1,046,000 | ||||||
Class A Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net assets value per unit | $ / shares | $ 8.160 | 8.421 | 8.227 | ||||
Decrease in net asset value per unit | $ / shares | 0.261 | 0.067 | |||||
Class Y Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net assets value per unit | $ / shares | 8.160 | 8.421 | 8.227 | ||||
Decrease in net asset value per unit | $ / shares | 0.261 | 0.067 | |||||
Class Z Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net assets value per unit | $ / shares | $ 8.160 | 8.421 | 8.227 | ||||
Decrease in net asset value per unit | $ / shares | $ 0.261 | $ 0.067 | |||||
Non-Accrual Status [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | $ 33,796,968 | $ 30,562,415 | |||||
Percentage of investment in loans | 9.20% | 8.20% | |||||
Unrecorded investment interest income | $ 1,115,283 | $ 522,471 | |||||
Senior Secured Term Loans [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | [1] | $ 86,514,482 | $ 88,858,707 | ||||
Percentage of investment in loans | 23.50% | 23.80% | |||||
Senior Secured Term Loan Participations [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | [1] | $ 193,927,148 | $ 189,157,819 | ||||
Percentage of investment in loans | 52.60% | 50.70% | |||||
Senior Secured Trade Finance Participations [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | [1] | $ 75,803,240 | $ 80,236,312 | ||||
Percentage of investment in loans | 20.50% | 21.50% | |||||
Short Term Note [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fair Value | $ 11,455,733 | ||||||
Percentage of investment in loans | 3.10% | ||||||
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. |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 379,083,268 | $ 381,133,170 | |
Fair Value | $ 368,780,825 | $ 372,977,743 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Senior Secured Term Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 86,552,941 | $ 88,858,707 |
Fair Value | [1] | $ 86,514,482 | $ 88,858,707 |
Percentage of Total Investments | 23.50% | 23.80% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 193,927,148 | $ 189,157,819 |
Fair Value | [1] | $ 193,927,148 | $ 189,157,819 |
Percentage of Total Investments | 52.60% | 50.70% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 85,979,853 | $ 88,983,961 |
Fair Value | [1] | $ 75,803,240 | $ 80,236,312 |
Percentage of Total Investments | 20.50% | 21.50% | |
Short Term Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 12,623,326 | $ 14,132,683 |
Fair Value | [1] | $ 11,455,733 | $ 13,644,683 |
Percentage of Total Investments | 3.10% | 3.70% | |
Equity Warrants [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,080,222 | $ 1,080,222 | |
Percentage of Total Investments | 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. |
Investments - Additional Inform
Investments - Additional Information (Detail) | Jan. 31, 2017 | Dec. 31, 2018USD ($)Investment | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($)Land | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($)t | Mar. 31, 2017USD ($)InterestPayment | Feb. 28, 2017USD ($) | Oct. 31, 2016USD ($) | Mar. 31, 2019USD ($)InvestmentContractt | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Jan. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||||||||||||||||
Accrued deferred interest | $ 2,413,894 | $ 2,478,197 | ||||||||||||||
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 March 31, 2019. | |||||||||||||||
Short term investments maturity period | less than one year | |||||||||||||||
Number of watch list investments | Investment | 12 | 12 | ||||||||||||||
Fair Value | $ 372,977,743 | $ 368,780,825 | ||||||||||||||
Participation purchases | 9,275,000 | $ 86,782,375 | ||||||||||||||
Net accrued interest | 17,552,039 | 17,913,113 | ||||||||||||||
Unrecorded investment interest income | 11,279,504 | 10,127,186 | ||||||||||||||
Interest paid | 512,234 | 367,868 | ||||||||||||||
Term Loan Facility | Corporacion Prodesa S.R.L. [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Extended maturity date | Jul. 28, 2021 | |||||||||||||||
Kinder Investments, Ltd. [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | 4,465,132 | |||||||||||||||
Kinder Investments, Ltd. [Member] | Promissory Note [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 4,465,132 | |||||||||||||||
Net accrued interest | 616,951 | |||||||||||||||
Deferred interest payable | 506,852 | |||||||||||||||
Kinder Investments, Ltd. [Member] | Term Loan Facility | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Amount of principal balance exchanged for assigned loans | 500,000 | |||||||||||||||
Usivale Industria E Commercio Ltda [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | 2,812,837 | |||||||||||||||
Non-Accrual Status [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | 30,562,415 | 33,796,968 | ||||||||||||||
Unrecorded investment interest income | 1,115,283 | 522,471 | ||||||||||||||
Senior Secured Term Loan Participations [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | [1] | 189,157,819 | 193,927,148 | |||||||||||||
Senior Secured Term Loan Participations [Member] | Usivale Industria E Commercio Ltda [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Net accrued interest | 105,447 | |||||||||||||||
Senior secured term loans | 2,851,296 | |||||||||||||||
Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | [2] | 24,841,309 | 23,754,415 | |||||||||||||
Chile [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | 9,136,558 | 6,476,576 | ||||||||||||||
Morocco [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | $ 7,632,234 | 7,824,746 | ||||||||||||||
Procesos Fabriles S.A. [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 881,800 | |||||||||||||||
Fair Value | 127,943 | |||||||||||||||
Interest on loans amount | 27,227 | 27,227 | ||||||||||||||
Applewood Trading 199 Pty, Ltd [Member] | Barak | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 1,250,000 | |||||||||||||||
Fair Value | 690,616 | |||||||||||||||
Interest on loans amount | 34,379 | 34,379 | ||||||||||||||
Trade financing participation, total balance outstanding | $ 785,806 | |||||||||||||||
Applewood Trading 199 Pty, Ltd [Member] | Barak | Extended Maturity [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Ownership percentage held in distributor | 50.00% | |||||||||||||||
Vicentin - Nacadie S.A [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 12,000,000 | |||||||||||||||
Algodonera Avellaneda S.A [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | |||||||||||||||
Fair Value | 3,433,159 | |||||||||||||||
Participation purchases | 6,000,000 | |||||||||||||||
Net accrued interest | $ 778,500 | |||||||||||||||
Payment of guarantee percentage | 100.00% | |||||||||||||||
Litigation amount, plus interest payable | $ 22,400,000 | |||||||||||||||
Algodonera Avellaneda S.A [Member] | Argentina [Member] | Non-Accrual Status [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Unrecorded investment interest income | 135,000 | |||||||||||||||
Nacadie Commercial S.A. [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | |||||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Fair Value | 4,832,407 | |||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||||
Number of interest payments received | InterestPayment | 1 | |||||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | Non-Accrual Status [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Unrecorded investment interest income | 131,250 | |||||||||||||||
Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 9,000,000 | |||||||||||||||
Fair Value | 6,079,075 | |||||||||||||||
Interest on loans amount | 258,750 | 258,750 | ||||||||||||||
Net accrued interest | 264,500 | |||||||||||||||
Compania Argentina de Granos [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 12,500,000 | |||||||||||||||
Fair Value | $ 9,250,266 | |||||||||||||||
Participation purchases | $ 2,500,000 | $ 10,000,000 | ||||||||||||||
Net accrued interest | $ 131,942 | |||||||||||||||
Number of export contract | Contract | 2 | |||||||||||||||
Compania Argentina de Granos [Member] | Argentina [Member] | Non-Accrual Status [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Unrecorded investment interest income | $ 326,563 | |||||||||||||||
Sancor Cooperativas Unidas Ltda [Member] | Argentina [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | 6,000,000 | |||||||||||||||
Fair Value | $ 4,991,915 | |||||||||||||||
Extended maturity date | Jul. 29, 2019 | |||||||||||||||
Functional Products Trading S.A [Member] | Chile [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 1,326,687 | |||||||||||||||
Fair Value | 1,269,586 | |||||||||||||||
Net accrued interest | $ 184,328 | |||||||||||||||
Extended maturity date | Mar. 4, 2018 | |||||||||||||||
Maturity | Dec. 11, 2016 | |||||||||||||||
Sales declining percentage | 57.00% | |||||||||||||||
Proceeds from Interest | $ 10,000 | $ 25,000 | ||||||||||||||
Scrap Metal Recycler [Member] | Morocco [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 7,349,626 | |||||||||||||||
Fair Value | 7,824,746 | |||||||||||||||
Interest on loans amount | 202,115 | $ 202,115 | ||||||||||||||
Net accrued interest | 0 | |||||||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Global Pharma Intelligence Sarl [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Trade financing participation, principal balance | $ 803,254 | |||||||||||||||
Fair Value | 803,254 | |||||||||||||||
Net accrued interest | $ 74,600 | |||||||||||||||
Investment Concentration [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Percentage of Investment | 71.50% | |||||||||||||||
Fair Value | $ 263,739,000 | |||||||||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Percentage of Investment | 73.10% | |||||||||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Six Watch List Investments [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Percentage of Investment | 8.10% | |||||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Number of watch list investments | Investment | 7 | 7 | ||||||||||||||
Misapplication of investments | $ 6,000,000 | |||||||||||||||
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] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||||||||||||||
[2] | All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information. |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 368,780,825 | $ 372,977,743 |
Percentage of Total Investments | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,063,103 | $ 12,167,401 |
Percentage of Total Investments | 3.30% | 3.30% |
Boatbuilding and Repairing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,492,175 | $ 5,428,294 |
Percentage of Total Investments | 1.50% | 1.50% |
Chemicals and Allied Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.10% | 4.00% |
Chocolate and Cocoa Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,718,201 | $ 10,718,201 |
Percentage of Total Investments | 2.90% | 2.90% |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 30,000,000 | $ 30,000,000 |
Percentage of Total Investments | 8.10% | 8.00% |
Commercial Fishing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 35,838 | $ 35,838 |
Percentage of Total Investments | 0.00% | 0.00% |
Communications Equipment [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,280,241 | $ 6,029,026 |
Percentage of Total Investments | 1.20% | 1.60% |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,457,047 | $ 9,457,047 |
Percentage of Total Investments | 2.60% | 2.50% |
Department Stores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,379,097 | $ 8,262,375 |
Percentage of Total Investments | 2.30% | 2.20% |
Drugs, Proprietaries, and Sundries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 803,254 | $ 803,254 |
Percentage of Total Investments | 0.20% | 0.20% |
Electric Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 23,734,227 | $ 26,394,209 |
Percentage of Total Investments | 6.40% | 7.10% |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,495,929 | $ 9,285,834 |
Percentage of Total Investments | 2.00% | 2.50% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,433,159 | $ 3,784,354 |
Percentage of Total Investments | 0.90% | 1.00% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,832,407 | $ 5,906,946 |
Percentage of Total Investments | 1.30% | 1.60% |
Freight Transportation Arrangement [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,100,647 | $ 12,970,938 |
Percentage of Total Investments | 3.60% | 3.50% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,636,785 | $ 6,607,713 |
Percentage of Total Investments | 1.50% | 1.80% |
Groceries and Related Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,500,000 | $ 2,500,000 |
Percentage of Total Investments | 0.70% | 0.70% |
Gas Transmission and Distribution [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 18,000,000 | $ 17,605,054 |
Percentage of Total Investments | 4.90% | 4.70% |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,458,976 | $ 16,459,362 |
Percentage of Total Investments | 3.60% | 4.40% |
Land Subdividers and Developers [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,256,399 | $ 16,083,083 |
Percentage of Total Investments | 4.40% | 4.30% |
Logging [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,840,000 | $ 6,840,000 |
Percentage of Total Investments | 1.90% | 1.80% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,079,075 | $ 6,748,935 |
Percentage of Total Investments | 1.60% | 1.80% |
Metals Service Centers and Offices [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,623,326 | $ 3,737,737 |
Percentage of Total Investments | 1.00% | 1.00% |
Motor Vehicle Parts and Accessories [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,275,000 | |
Percentage of Total Investments | 2.20% | |
Personal Credit Institutions [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,030,631 | $ 5,468,186 |
Percentage of Total Investments | 1.40% | 1.50% |
Petroleum and Petroleum Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,500,000 | $ 15,500,000 |
Percentage of Total Investments | 4.20% | 4.20% |
Programming and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,116,663 | $ 13,903,662 |
Percentage of Total Investments | 3.60% | 3.70% |
Refuse Systems [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 23,239,114 | $ 22,447,343 |
Percentage of Total Investments | 6.30% | 6.00% |
Secondary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,824,746 | $ 17,632,234 |
Percentage of Total Investments | 4.80% | 4.70% |
Short-Term Business Credit [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.30% | 1.30% |
Soap, Detergents, and Cleaning [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,393,271 | $ 3,250,844 |
Percentage of Total Investments | 0.60% | 0.90% |
Telephone and Telegraph Apparatus [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,000,000 | $ 7,000,000 |
Percentage of Total Investments | 1.90% | 1.90% |
Telephone Communications [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 37,708,011 | $ 37,481,370 |
Percentage of Total Investments | 10.20% | 10.00% |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,733,503 | $ 12,728,503 |
Percentage of Total Investments | 3.50% | 3.40% |
Investments - Schedule of Inv_2
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Investments [Line Items] | |||
Fair Value | $ 368,780,825 | $ 372,977,743 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Argentina [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 23,754,415 | $ 24,841,309 |
Percentage of Total Investments | [1] | 6.40% | 6.70% |
Botswana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,740,000 | $ 4,740,000 | |
Percentage of Total Investments | 1.30% | 1.30% | |
Brazil [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 21,421,675 | $ 22,183,252 | |
Percentage of Total Investments | 5.80% | 5.90% | |
Cabo Verde [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,458,976 | $ 16,459,362 | |
Percentage of Total Investments | 3.70% | 4.40% | |
Cameroon [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 10,718,201 | $ 10,718,201 | |
Percentage of Total Investments | 2.90% | 2.90% | |
Chile [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,476,576 | $ 9,136,558 | |
Percentage of Total Investments | 1.80% | 2.40% | |
China [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 10,000,000 | $ 10,000,000 | |
Percentage of Total Investments | 2.70% | 2.70% | |
Colombia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 24,194,642 | $ 24,434,056 | |
Percentage of Total Investments | 6.60% | 6.60% | |
Croatia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 8,379,097 | $ 8,262,375 | |
Percentage of Total Investments | 2.30% | 2.20% | |
Ecuador [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 35,838 | $ 35,838 | |
Percentage of Total Investments | 0.00% | 0.00% | |
Ghana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 52,027,237 | $ 52,027,237 | |
Percentage of Total Investments | 14.10% | 13.90% | |
Guatemala [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 127,943 | $ 662,525 | |
Percentage of Total Investments | 0.00% | 0.20% | |
Hong Kong [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 37,000,000 | $ 37,000,000 | |
Percentage of Total Investments | 10.00% | 9.90% | |
Jersey [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 18,544,000 | $ 18,515,500 | |
Percentage of Total Investments | 5.00% | 5.00% | |
Kenya [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,100,647 | $ 12,970,938 | |
Percentage of Total Investments | 3.60% | 3.50% | |
Malaysia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 15,000,000 | $ 15,000,000 | |
Percentage of Total Investments | 4.10% | 4.00% | |
Mauritius [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,500,000 | $ 2,500,000 | |
Percentage of Total Investments | 0.00% | 0.70% | |
Mexico [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 23,239,114 | $ 22,447,343 | |
Percentage of Total Investments | 6.30% | 6.00% | |
Morocco [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 7,824,746 | $ 7,632,234 | |
Percentage of Total Investments | 2.10% | 2.00% | |
Namibia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,256,399 | $ 16,083,083 | |
Percentage of Total Investments | 4.40% | 4.30% | |
New Zealand [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,840,000 | $ 6,840,000 | |
Percentage of Total Investments | 1.90% | 1.80% | |
Nigeria [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 14,531,903 | $ 15,782,226 | |
Percentage of Total Investments | 3.90% | 4.20% | |
Peru [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,465,132 | $ 4,465,132 | |
Percentage of Total Investments | 1.20% | 1.20% | |
Netherlands [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,275,000 | $ 4,000,000 | |
Percentage of Total Investments | 3.10% | 1.10% | |
South Africa [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,970,857 | $ 6,719,642 | |
Percentage of Total Investments | 1.40% | 1.80% | |
United Arab Emirates [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 803,254 | $ 803,254 | |
Percentage of Total Investments | 0.20% | 0.20% | |
Zambia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,393,271 | $ 3,250,844 | |
Percentage of Total Investments | 0.70% | 0.90% | |
Romania [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,946,169 | $ 1,917,097 | |
Percentage of Total Investments | 0.50% | 0.50% | |
Singapore [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,623,326 | $ 3,737,737 | |
Percentage of Total Investments | 1.00% | 1.00% | |
Uganda [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,300,000 | $ 4,300,000 | |
Percentage of Total Investments | 1.20% | 1.20% | |
Other [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,832,407 | $ 5,512,000 | |
Percentage of Total Investments | 1.30% | 1.50% | |
[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 ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 368,780,825 | $ 372,977,743 | |
Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 86,514,482 | 88,858,707 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 193,927,148 | 189,157,819 |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 75,803,240 | 80,236,312 |
Short Term Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 11,455,733 | 13,644,683 |
Equity Warrants [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 1,080,222 | 1,080,222 | |
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 368,780,825 | 372,977,743 | |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 86,514,482 | 88,858,707 | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 193,927,148 | 189,157,819 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 75,803,240 | 80,236,312 | |
Level 3 [Member] | Short Term Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 11,455,733 | 13,644,683 | |
Level 3 [Member] | Equity Warrants [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 1,080,222 | $ 1,080,222 | |
[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) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | $ 372,977,743 | |
Purchases of investments | 9,275,000 | |
Maturities or Prepayments of investments | (13,125,387) | |
Accretion of discounts / Payment-in-kind interest | 1,800,485 | |
Net change in unrealized appreciation (depreciation) on investments | (2,147,016) | $ (849,503) |
Investment owned at Fair value, ending balance | 368,780,825 | |
Senior Secured Term Loans [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | 88,858,707 | |
Maturities or Prepayments of investments | (3,147,368) | |
Accretion of discounts / Payment-in-kind interest | 841,601 | |
Net change in unrealized appreciation (depreciation) on investments | (38,458) | |
Investment owned at Fair value, ending balance | 86,514,482 | |
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 | 189,157,819 | |
Purchases of investments | 8,275,000 | |
Maturities or Prepayments of investments | (4,859,501) | |
Accretion of discounts / Payment-in-kind interest | 958,884 | |
Transfers of investments | 394,946 | |
Investment owned at Fair value, ending balance | 193,927,148 | |
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 | 80,236,312 | |
Maturities or Prepayments of investments | (3,004,108) | |
Net change in unrealized appreciation (depreciation) on investments | (1,428,964) | |
Investment owned at Fair value, ending balance | 75,803,240 | |
Short Term Investments [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | 13,644,683 | |
Purchases of investments | 1,000,000 | |
Maturities or Prepayments of investments | (2,114,410) | |
Net change in unrealized appreciation (depreciation) on investments | (679,594) | |
Transfers of investments | (394,946) | |
Investment owned at Fair value, ending balance | 11,455,733 | |
Equity Warrants [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | 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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Realized gains or losses on investments | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 368,780,825 | $ 372,977,743 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 75,803,240 | 80,236,312 |
Senior Secured Term Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 86,514,482 | 88,858,707 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 193,927,148 | 189,157,819 |
Short Term Investments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 11,455,733 | 13,644,683 |
Equity Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 1,080,222 | 1,080,222 | |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 368,780,825 | 372,977,743 | |
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 | 75,803,240 | 80,236,312 | |
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 | [2] | $ 62,183,325 | $ 66,808,909 |
Unobservable input | [2] | Market yield | Market yield |
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) | [2] | 9 | 9 |
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) | [2] | 17.5 | 17.5 |
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) | [2] | 11.4 | 11.4 |
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 | [3] | $ 13,619,915 | $ 13,427,403 |
Unobservable input | [3] | Value of collateral | Value of collateral |
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 | $ 86,514,482 | $ 88,858,707 | |
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 | $ 86,514,482 | $ 88,858,707 | |
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) | 10 | 10 | |
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) | 12.3 | 12.3 | |
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 | $ 193,927,148 | $ 189,157,819 | |
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 | $ 193,927,148 | $ 189,157,819 | |
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) | 15.9 | 15.9 | |
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) | 13.2 | 13.2 | |
Level 3 [Member] | Short Term Investments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 11,455,733 | $ 13,644,683 | |
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 | [4] | $ 4,832,407 | $ 5,512,000 |
Unobservable input | [4] | Market yield | 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) | [4] | 8.75 | 8.75 |
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 | $ 6,623,326 | $ 8,132,683 | |
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 | $ 1,080,222 | |
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 1,080,222 | $ 1,080,222 | |
Unobservable input | Estimated company value | Estimated company value | |
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||
[2] | The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. | ||
[3] | Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. | ||
[4] | Receivable from IIG TOF B.V. |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 68 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Accrued incentive fee on capital gains | $ 1,987,936 | $ 1,769,299 | |||
Advisor earned asset management fees | 1,959,123 | $ 2,009,600 | |||
Advisor earned incentive fees | 1,458,513 | 1,403,506 | |||
Amount paid to the sponsor due to reimbursement hurdle | 0 | 0 | |||
Due from affiliates | $ 4,240,231 | 4,240,231 | |||
TriLinc Advisors, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advisory agreement, maturity date | Feb. 14, 2020 | ||||
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 | |||
Accrued incentive fee on capital gains | 0 | 0 | |||
Advisor earned asset management fees | 1,959,123 | 2,009,600 | |||
Advisor earned incentive fees | 1,458,513 | 1,403,506 | |||
TriLinc Global, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from affiliates | 4,240,231 | $ 4,240,231 | |||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Expenses paid by the sponsor on behalf of company | $ 12,420,600 | $ 12,420,600 | |||
Reimbursement expenses paid by company | 4,240,200 | 4,240,200 | |||
Due to affiliates | 16,273,800 | $ 16,660,800 | $ 16,660,800 | ||
Amount paid to the sponsor due to reimbursement hurdle | 0 | 0 | |||
SC Distributors, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Dealer manager fees paid | 0 | 6,252 | |||
Selling commissions paid | $ 0 | $ 19,270 |
Organization and Offering Cos_2
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | 83 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,211,117 | $ 17,211,117 | $ 17,211,117 | |
Reimbursement of offering costs incurred by Sponsor | $ 27,765 | |||
Payment for reimbursement of offering costs incurred by Sponsor | 27,765 | |||
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 17,480,000 | 17,480,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 12,000 | 41,000 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 0 | $ 27,765 | ||
Reimbursement of organization costs incurred by Sponsor | 17,211,117 | |||
Remaining balance of offering and organization costs due to the Sponsor | $ 505,000 | $ 505,000 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 32,750,000 | $ 32,875,000 |
Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 125,000 | |
Christian Super [Member] | Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | 10,000,000 | 10,000,000 |
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 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 17, 2017 |
Debt Instrument [Line Items] | |||||||
Debt instrument, frequency of periodic payment | quarterly in arrears within 15 days after the end of each calendar quarter. | ||||||
Interest expense recognized | $ 599,949 | $ 448,620 | |||||
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 (2.79% as of March 31, 2019) and interest is 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. | ||||||
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 32.11 of the issued and outstanding shares of the Subsidiaries | ||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 20.25 | ||||||
Shares available for mortgage | 32.11 | ||||||
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 | ||||||
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 | 2.79% | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of notes | $ 1,635,000 | $ 225,000 | |||||
Notes issuance, interest rate terms | The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time issuance) and were payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate was 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 | ||||||
Transferred shares, description | TGIFC’s obligations under the Notes were 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 32.11 of the issued and outstanding shares of the Subsidiaries. | ||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 1.86 | ||||||
Shares available for mortgage | 32.11 | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. | ||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 10 | ||||||
Shares available for mortgage | 32.11 | ||||||
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] | Series 1 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of notes | $ 5,000,000 | ||||||
Notes issuance, interest rate terms | The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) and interest is 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. | ||||||
Target issuance of notes aggregate amount | $ 25,000,000 | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 1 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% | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of notes | $ 5,000,000 | ||||||
Notes issuance, interest rate terms | The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of March 31, 2019) and interest is 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 Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 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 | ||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 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 | 3.50% | ||||||
Description of variable interest rate | one-year LIBOR | ||||||
Variable interest rate | 3.05% |
Notes Payable - Summary of Prin
Notes Payable - Summary of Principal Payments Due on Borrowings (Detail) | Mar. 31, 2019USD ($) |
Debt Instruments [Abstract] | |
Principal payments, 2020 | $ 22,750,000 |
Principal payments, 2021 | 10,000,000 |
Principal payments, total | $ 32,750,000 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | Jun. 11, 2014 | Mar. 31, 2019 |
Capital Unit [Line Items] | ||
Units Issued During the Period | 318,238 | |
Held Units For Minimum year | 1 year | |
Repurchase price per unit | $ 8.227 | |
Repurchase of aggregate units | 518,932 | |
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 repurchase. Repurchases for the first quarter of 2019 have been made at a price equal to $8.227 for Class A units, Class C units, and Class I units, which was the net asset value per unit of each class as of December 31, 2018, the most recently disclosed net asset value at the time of repurchase. | |
Maximum [Member] | ||
Capital Unit [Line Items] | ||
Percentage of Total | 5.00% | |
Distribution Reinvestment Plan [Member] | ||
Capital Unit [Line Items] | ||
Units Issued During the Period | 286,095 | |
Units Issued During the Period, value | $ 2,377,555 | |
Class C Units [Member] | ||
Capital Unit [Line Items] | ||
Distribution, dealer manager and service fee payable | $ 1,046,000 | |
Estimated net assets value per unit | $ 8.227 | |
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 | 71,242 | |
Class C Units [Member] | Further Amended Unit Repurchase Program [Member] | ||
Capital Unit [Line Items] | ||
Repurchase price per unit | $ 8.227 | |
Class I Units [Member] | ||
Capital Unit [Line Items] | ||
Estimated net assets value per unit | $ 8.227 | |
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 | 81,278 | |
Class I Units [Member] | Further Amended Unit Repurchase Program [Member] | ||
Capital Unit [Line Items] | ||
Repurchase price per unit | $ 8.227 | |
Class W Units [Member] | ||
Capital Unit [Line Items] | ||
Estimated net assets value per unit | $ 8.227 | |
Distribution and dealer manager fee payable, discount rate | 4.00% | |
Percentage of distribution and dealer manager fee per annum | 0.75% | |
Class A Units [Member] | ||
Capital Unit [Line Items] | ||
Units Issued During the Period | 133,563 | |
Class A Units [Member] | Further Amended Unit Repurchase Program [Member] | ||
Capital Unit [Line Items] | ||
Repurchase price per unit | $ 8.227 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) | 3 Months Ended |
Mar. 31, 2019shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 43,914,946 |
Units Issued During the Period | 318,238 |
Units Repurchased During the Period | (518,932) |
Units Outstanding, Ending Balance | 43,714,252 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 17,966,563 |
Units Issued During the Period | 133,563 |
Units Repurchased During the Period | (156,372) |
Units Outstanding, Ending Balance | 17,943,754 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 8,238,094 |
Units Issued During the Period | 71,242 |
Units Repurchased During the Period | (271,937) |
Units Outstanding, Ending Balance | 8,037,399 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 10,555,022 |
Units Issued During the Period | 81,278 |
Units Repurchased During the Period | (90,623) |
Units Outstanding, Ending Balance | 10,545,677 |
Class W Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 24,555 |
Units Outstanding, Ending Balance | 24,555 |
Class Y Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 1,165,675 |
Units Issued During the Period | 32,155 |
Units Outstanding, Ending Balance | 1,197,830 |
Class Z Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 5,965,037 |
Units Outstanding, Ending Balance | 5,965,037 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 4,284,156 | $ 4,401,276 |
Distributions Reinvested | 2,377,555 | |
Total Declared | $ 6,661,711 | |
January 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 15, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,470,733 | |
Distributions Reinvested | 817,483 | |
Total Declared | $ 2,288,216 | |
February 28, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 14, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,334,317 | |
Distributions Reinvested | 739,318 | |
Total Declared | $ 2,073,635 | |
March 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 15, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,479,106 | |
Distributions Reinvested | 820,754 | |
Total Declared | $ 2,299,860 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||||
Net asset value at beginning of period | $ 8.20 | $ 8.42 | ||
Net investment income | 0.13 | 0.13 | ||
Net change in unrealized depreciation on investments | (0.05) | (0.02) | ||
Net increase in net assets resulting from operations | 0.08 | 0.11 | ||
Distributions | (0.15) | (0.17) | ||
Net change in accrued distribution and other fees | 0.01 | 0.01 | ||
Net decrease in net assets | (0.05) | (0.04) | ||
Net asset value at end of period | $ 8.14 | $ 8.38 | ||
Total return based on net asset value | 1.03% | 1.35% | ||
Net assets at end of period | $ 355,656,886 | $ 370,446,814 | $ 360,070,359 | $ 321,356,737 |
Units Outstanding at end of period | 43,714,252 | 44,187,642 | 43,914,946 | |
Ratio/Supplemental data (annualized): | ||||
Ratio of net investment income to average net assets | 6.61% | 5.63% | ||
Ratio of net operating expenses to average net assets | 6.19% | 5.36% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule Of Financial Highlights [Line Items] | ||
Weighted average units outstanding | 44,019,402 | 42,272,734 |
Class C, Class I and Class W Units [Member] | ||
Schedule Of Financial Highlights [Line Items] | ||
Distribution and dealer manager fees payable | $ 1,046,000 | $ 1,677,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
May 31, 2019$ / shares | May 10, 2019USD ($) | Apr. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)Investment | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 18, 2019USD ($) | Dec. 31, 2018Investment | |
Subsequent Event [Line Items] | ||||||||
Cash paid for distributions | $ 4,284,156 | $ 4,401,276 | ||||||
Purchase of investments | 9,275,000 | 86,782,375 | ||||||
Proceeds from repayment of investments | $ 13,125,387 | $ 37,045,877 | ||||||
Number of watch list investments | Investment | 12 | 12 | ||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of watch list investments | Investment | 7 | 7 | ||||||
Misapplication of investments | $ 6,000,000 | |||||||
Scenario Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends declared per unit | $ / shares | $ 0.00168675 | |||||||
Date of distributions in cash or reinvestment in units | Jun. 1, 2019 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend distribution period start date | Apr. 1, 2019 | |||||||
Dividend distribution period end date | Apr. 30, 2019 | |||||||
Dividends declared per unit | $ / shares | $ 0.00168675 | |||||||
Cash paid for distributions | $ 1,392,078 | |||||||
Reinvestment under distribution reinvestment plan | $ 770,273 | |||||||
Purchase of investments | $ 0 | |||||||
Proceeds from repayment of investments | $ 9,900,000 | |||||||
Subsequent Event [Member] | IIG [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Assets held by the IIG Parties in aid of an arbitration plaintiff and defendant | $ 93,000,000 | |||||||
Subsequent Event [Member] | IIG [Member] | Sub-advisory Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Invested in participation interests in trade finance facilities | $ 44,000,000 |