Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 27, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | trilinc | ||
Entity Registrant Name | TriLinc Global Impact Fund LLC | ||
Entity Central Index Key | 0001550453 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity File Number | 000-55432 | ||
Entity Tax Identification Number | 36-4732802 | ||
Entity Address, Address Line One | 1230 Rosecrans Avenue | ||
Entity Address, Address Line Two | Suite 605 | ||
Entity Address, City or Town | Manhattan Beach | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90266 | ||
City Area Code | 310 | ||
Local Phone Number | 997-0580 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes | ||
Class A Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 17,942,311 | ||
Class C Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,050,863 | ||
Class I Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 10,588,159 | ||
Class W Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 24,971 | ||
Class Y Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,572,418 | ||
Class Z Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,423,851 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $352,351,819 and $381,133,170, respectively) | $ 340,298,376 | $ 372,977,743 |
Cash | 22,333,304 | 8,101,629 |
Interest receivable | 16,501,872 | 17,552,039 |
Due from affiliates (see Note 5) | 4,240,231 | 4,240,231 |
Other assets | 317,000 | 132,041 |
Total assets | 383,690,783 | 403,003,683 |
LIABILITIES | ||
Due to unitholders | 1,572,295 | 1,431,635 |
Management fee payable | 1,889,835 | 1,997,915 |
Incentive fee payable | 1,481,726 | 1,769,299 |
Notes payable | 5,000,000 | 32,875,000 |
Unit repurchases payable | 2,312,031 | 2,726,310 |
Accrued distribution and other fees | 647,000 | 1,230,000 |
Other payables | 1,192,336 | 903,165 |
Total liabilities | 14,095,223 | 42,933,324 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 369,595,560 | 360,070,359 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,237,807) | (17,211,117) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 143,313,977 | 147,658,522 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 151,476,548 | 155,806,753 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 64,117,584 | 67,756,677 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 67,804,541 | 71,492,834 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 83,964,495 | 86,418,246 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 88,748,417 | 91,205,180 |
Class W Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 195,021 | 193,711 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 206,243 | 204,847 |
Class Y Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 10,413,945 | 9,033,683 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 11,007,080 | 9,562,342 |
Class Z Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 67,590,538 | 49,009,520 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 67,590,538 | $ 49,009,520 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments owned, amortized cost | $ 352,351,819 | $ 381,133,170 | |
Net assets, per unit | $ 8.024 | $ 8.227 | |
Net assets, units outstanding | 46,143,564 | 43,914,946 | 38,183,103 |
Class A Units [Member] | |||
Net assets, units outstanding | 17,861,312 | 17,966,563 | 18,240,073 |
Class C Units [Member] | |||
Net assets, units outstanding | 8,067,787 | 8,238,094 | 8,411,343 |
Class W Units [Member] | |||
Net assets, units outstanding | 24,555 | 24,555 | |
Class Y Units [Member] | |||
Net assets, units outstanding | 1,297,897 | 1,165,675 | 1,089,678 |
Class I Units [Member] | |||
Net assets, units outstanding | 10,468,162 | 10,555,022 | 10,442,009 |
Class Z Units [Member] | |||
Net assets, units outstanding | 8,423,851 | 5,965,037 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INVESTMENT INCOME | ||
Interest income | $ 43,428,233 | $ 44,940,452 |
Interest from cash | 96,897 | 166,414 |
Total investment income | 43,525,130 | 45,106,866 |
EXPENSES | ||
Asset management fees | 7,702,572 | 7,971,062 |
Incentive fees | 5,730,748 | 6,212,931 |
Professional fees | 3,609,067 | 1,876,652 |
General and administrative expenses | 1,509,686 | 1,624,974 |
Interest expense | 1,660,095 | 1,964,776 |
Board of managers fees | 257,500 | 217,500 |
Total expenses | 20,469,668 | 19,867,895 |
Expense support payment to Sponsor | 387,000 | |
Net expenses | 20,469,668 | 20,254,895 |
NET INVESTMENT INCOME | 23,055,462 | 24,851,971 |
Net change in unrealized appreciation (depreciation) on investments | (4,809,906) | (8,096,352) |
Foreign exchange loss | (1,715) | (11,907) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 18,243,841 | $ 16,743,712 |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED | $ 0.52 | $ 0.57 |
EARNINGS PER UNIT - BASIC AND DILUTED | $ 0.41 | $ 0.38 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 44,707,581 | 43,723,569 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCREASE FROM OPERATIONS | |||||
Net investment income | $ 23,055,462 | $ 24,851,971 | |||
Foreign exchange (loss) gain | $ 4,002 | $ (1,008) | $ (1,730) | (1,715) | (11,907) |
Net change in unrealized depreciation on investments | (2,559,508) | (2,147,016) | (5,296,528) | (4,809,906) | (8,096,352) |
Net increase from operations | 3,371,398 | 3,686,027 | 1,219,438 | 18,243,841 | 16,743,712 |
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (27,420,183) | (27,563,257) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Repurchase of units | (12,440,304) | (14,196,268) | |||
Distribution and other fees | 583,000 | 665,000 | |||
Offering costs | (26,690) | (54,616) | |||
Net increase from capital transactions | 18,701,543 | 49,533,167 | |||
NET INCREASE IN NET ASSETS | 9,525,201 | 38,713,622 | |||
Net assets at beginning of year | 360,070,359 | 360,070,359 | 321,356,737 | ||
Net assets at end of year | 369,595,560 | 360,070,359 | 369,595,560 | 360,070,359 | |
Class A Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (11,036,331) | (11,515,255) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 4,440,574 | 4,959,452 | |||
Net assets at beginning of year | 147,658,522 | 147,658,522 | |||
Net assets at end of year | 143,313,977 | 147,658,522 | 143,313,977 | 147,658,522 | |
Class C Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (4,906,206) | (5,261,354) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 2,333,446 | 2,587,101 | |||
Net assets at beginning of year | 67,756,677 | 67,756,677 | |||
Net assets at end of year | 64,117,584 | 67,756,677 | 64,117,584 | 67,756,677 | |
Class I Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (6,496,499) | (6,670,791) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 2,727,517 | 3,955,520 | |||
Net assets at beginning of year | 86,418,246 | 86,418,246 | |||
Net assets at end of year | 83,964,495 | 86,418,246 | 83,964,495 | 86,418,246 | |
Class W Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (14,038) | (12,955) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 211,000 | ||||
Net assets at beginning of year | 193,711 | 193,711 | |||
Net assets at end of year | 195,021 | 193,711 | 195,021 | 193,711 | |
Class Y Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (747,194) | (719,025) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 1,084,000 | 665,000 | |||
Net assets at beginning of year | 9,033,683 | 9,033,683 | |||
Net assets at end of year | 10,413,945 | 9,033,683 | 10,413,945 | 9,033,683 | |
Class Z Units [Member] | |||||
DECREASE FROM DISTRIBUTIONS | |||||
Distributions to unitholders | (4,219,915) | (3,383,877) | |||
INCREASE FROM CAPITAL TRANSACTIONS | |||||
Issuance of capital units | 20,000,000 | 50,740,978 | |||
Net assets at beginning of year | $ 49,009,520 | 49,009,520 | |||
Net assets at end of year | $ 67,590,538 | $ 49,009,520 | $ 67,590,538 | $ 49,009,520 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 18,243,841 | $ 16,743,712 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Purchase of investments | (37,793,756) | (206,981,492) |
Maturity of investments | 77,051,815 | 166,485,712 |
Payment-in-kind interest | (10,380,892) | (4,754,257) |
Net change in unrealized depreciation on investments | 4,809,906 | 8,096,352 |
Foreign exchange loss | 1,715 | 11,907 |
Accretion of discounts on investments | (1,007,706) | (554,566) |
Changes in assets and liabilities: | ||
Decrease (increase) in interest receivable | 1,048,452 | (8,353,516) |
Increase in due from affiliates | (242,917) | |
(Increase) decrease in other assets | (184,959) | 57,062 |
Increase in due to unitholders | 140,660 | 136,342 |
(Decrease) increase in management and incentive fees payable | (395,653) | 680,267 |
Increase in other payables | 289,171 | 542,423 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 51,822,594 | (28,132,971) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 21,077,891 | 53,091,399 |
Distributions paid to unitholders | (17,912,536) | (17,535,609) |
Payments of offering costs | (26,690) | (54,616) |
Repurchase of units | (12,854,584) | (13,623,031) |
Repayments of notes payable | (27,875,000) | (285,000) |
Proceeds from issuance of notes payable | 5,000,000 | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (37,590,919) | 26,593,143 |
TOTAL INCREASE (DECREASE) IN CASH | 14,231,675 | (1,539,828) |
Cash at beginning of year | 8,101,629 | 9,641,457 |
Cash at end of year | 22,333,304 | 8,101,629 |
Supplemental information | ||
Cash paid for interest during the year | 1,943,615 | 1,769,506 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 9,507,647 | 10,027,648 |
Change in accrual of distribution and other fees | $ (583,000) | $ (665,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€) | Mar. 31, 2019 | Dec. 31, 2018EUR (€) | Apr. 30, 2017USD ($) | ||||||
Amortized Cost | $ 352,351,819 | $ 381,133,170 | |||||||||
Fair Value | 340,298,376 | 372,977,743 | |||||||||
Agricultural Products [Member] | |||||||||||
Fair Value | 12,417,122 | 12,167,401 | |||||||||
Consumer Products [Member] | |||||||||||
Fair Value | 9,318,469 | 9,457,047 | |||||||||
Boatbuilding and Repairing [Member] | |||||||||||
Fair Value | 5,695,069 | 5,428,294 | |||||||||
Electric Services [Member] | |||||||||||
Fair Value | 16,383,269 | 26,394,209 | |||||||||
Personal Credit Institutions [Member] | |||||||||||
Fair Value | 3,603,592 | 5,468,186 | |||||||||
Coal and Other Minerals and Ores [Member] | |||||||||||
Fair Value | 32,348,090 | 30,000,000 | |||||||||
Chemicals and Allied Products [Member] | |||||||||||
Fair Value | 15,000,000 | 15,000,000 | |||||||||
Programming and Data Processing [Member] | |||||||||||
Fair Value | 17,740,330 | 13,903,662 | |||||||||
Refuse Systems [Member] | |||||||||||
Fair Value | 25,766,063 | 22,447,343 | |||||||||
Water Transportation [Member] | |||||||||||
Fair Value | 12,748,503 | 12,728,503 | |||||||||
Logging [Member] | |||||||||||
Fair Value | 5,612,436 | 6,840,000 | |||||||||
Hotels and Motels [Member] | |||||||||||
Fair Value | 12,846,584 | 16,459,362 | |||||||||
Meat, Poultry & Fish [Member] | |||||||||||
Fair Value | 6,240,961 | 6,748,935 | |||||||||
Short-Term Business Credit [Member] | |||||||||||
Fair Value | 4,740,000 | 4,740,000 | |||||||||
Soap, Detergents, and Cleaning [Member] | |||||||||||
Fair Value | 2,894,698 | 3,250,844 | |||||||||
Fats and Oils [Member] | |||||||||||
Fair Value | 3,398,558 | 3,784,354 | |||||||||
Farm Products [Member] | |||||||||||
Fair Value | 9,644,313 | 9,285,834 | |||||||||
Commercial Fishing [Member] | |||||||||||
Fair Value | 35,838 | 35,838 | |||||||||
Freight Transportation Arrangement [Member] | |||||||||||
Fair Value | 13,505,035 | 12,970,938 | |||||||||
Land Subdividers and Developers [Member] | |||||||||||
Fair Value | 16,781,000 | 16,083,083 | |||||||||
Telephone Communications [Member] | |||||||||||
Fair Value | 36,794,973 | 37,481,370 | |||||||||
Department Stores [Member] | |||||||||||
Fair Value | 8,638,109 | 8,262,375 | |||||||||
Food Products [Member] | |||||||||||
Fair Value | 2,724,804 | 6,607,713 | |||||||||
Petroleum and Petroleum Products [Member] | |||||||||||
Fair Value | 15,500,000 | 15,500,000 | |||||||||
Communications Equipment [Member] | |||||||||||
Fair Value | 100,000 | 6,029,026 | |||||||||
Groceries and Related Products [Member] | |||||||||||
Fair Value | 468,756 | 2,500,000 | |||||||||
Secondary Nonferrous Metals [Member] | |||||||||||
Fair Value | 17,530,616 | 17,632,234 | |||||||||
Chocolate and Cocoa Products [Member] | |||||||||||
Fair Value | 9,687,887 | 10,718,201 | |||||||||
Telephone and Telegraph Apparatus [Member] | |||||||||||
Fair Value | 8,840,048 | 7,000,000 | |||||||||
Drugs, Proprietaries, and Sundries [Member] | |||||||||||
Fair Value | 803,254 | 803,254 | |||||||||
Financial Services [Member] | |||||||||||
Fair Value | 3,758,063 | 5,906,946 | |||||||||
Gas Transmission and Distribution [Member] | |||||||||||
Fair Value | 17,605,054 | ||||||||||
Metals Service Centers and Offices [Member] | |||||||||||
Fair Value | 3,737,737 | ||||||||||
Brazil [Member] | |||||||||||
Fair Value | 26,012,563 | 22,183,252 | |||||||||
Peru [Member] | |||||||||||
Fair Value | 4,599,086 | 4,465,132 | |||||||||
Chile [Member] | |||||||||||
Fair Value | 2,652,855 | 9,136,558 | |||||||||
Colombia [Member] | |||||||||||
Fair Value | 23,479,065 | 24,434,056 | |||||||||
Hong Kong [Member] | |||||||||||
Fair Value | 51,188,138 | 37,000,000 | |||||||||
Malaysia [Member] | |||||||||||
Fair Value | 15,000,000 | 15,000,000 | |||||||||
Mexico [Member] | |||||||||||
Fair Value | 25,766,063 | 22,447,343 | |||||||||
Nigeria [Member] | |||||||||||
Fair Value | 14,262,726 | 15,782,226 | |||||||||
New Zealand [Member] | |||||||||||
Fair Value | 5,612,436 | 6,840,000 | |||||||||
Cabo Verde [Member] | |||||||||||
Fair Value | 12,846,584 | 16,459,362 | |||||||||
Argentina [Member] | |||||||||||
Fair Value | 24,198,860 | 24,841,309 | |||||||||
Botswana [Member] | |||||||||||
Fair Value | 4,740,000 | 4,740,000 | |||||||||
Zambia [Member] | |||||||||||
Fair Value | 2,894,698 | 3,250,844 | |||||||||
Ecuador [Member] | |||||||||||
Fair Value | 35,838 | 35,838 | |||||||||
Ghana [Member] | |||||||||||
Fair Value | 30,500,000 | 52,027,237 | |||||||||
Guatemala [Member] | |||||||||||
Fair Value | 10,504 | 662,525 | |||||||||
Kenya [Member] | |||||||||||
Fair Value | 13,505,035 | 12,970,938 | |||||||||
Namibia [Member] | |||||||||||
Fair Value | 16,781,000 | 16,083,083 | |||||||||
Croatia [Member] | |||||||||||
Fair Value | 8,638,109 | 8,262,375 | |||||||||
South Africa [Member] | |||||||||||
Fair Value | 790,616 | 6,719,642 | |||||||||
Jersey [Member] | |||||||||||
Fair Value | 16,919,500 | 18,515,500 | |||||||||
Mauritius [Member] | |||||||||||
Fair Value | 468,756 | 2,500,000 | |||||||||
Morocco [Member] | |||||||||||
Fair Value | 7,530,616 | 7,632,234 | |||||||||
Morocco [Member] | Scrap Metal Recycler [Member] | |||||||||||
Principal Amount | 7,349,626 | $ 9,000,000 | |||||||||
Romania [Member] | |||||||||||
Fair Value | 2,034,188 | 1,917,097 | |||||||||
Uganda [Member] | |||||||||||
Fair Value | 6,850,000 | 4,300,000 | |||||||||
Cameroon [Member] | |||||||||||
Fair Value | 9,687,887 | 10,718,201 | |||||||||
United Arab Emirates [Member] | |||||||||||
Fair Value | 803,254 | 803,254 | |||||||||
Netherlands [Member] | |||||||||||
Fair Value | 8,731,936 | 4,000,000 | |||||||||
China [Member] | |||||||||||
Fair Value | 10,000,000 | ||||||||||
Singapore [Member] | |||||||||||
Fair Value | 3,737,737 | ||||||||||
Senior Secured Term Loans [Member] | |||||||||||
Amortized Cost | [1] | 83,627,340 | 88,858,707 | ||||||||
Fair Value | [1] | $ 83,353,208 | $ 88,858,707 | ||||||||
% of Net Assets | [1] | 22.60% | 24.70% | 22.60% | 24.70% | ||||||
Senior Secured Term Loans [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member] | |||||||||||
Interest | [1] | 12.43% | [2],[3] | 12.43% | [4],[5] | 12.43% | [2],[3] | 12.43% | [4],[5] | ||
Fees | [1],[6] | 0.00% | [2],[3] | 0.00% | [4],[5] | ||||||
Maturity | [1],[7] | Dec. 15, 2020 | [2],[3] | Dec. 15, 2020 | [4],[5] | Dec. 15, 2020 | [2],[3] | Dec. 15, 2020 | [4],[5] | ||
Principal Amount | [1] | $ 2,851,296 | [2],[3] | $ 2,851,296 | [4],[5] | ||||||
Amortized Cost | [1] | 2,851,296 | [2],[3] | 2,851,296 | [4],[5] | ||||||
Fair Value | [1] | $ 2,577,164 | [2],[3] | $ 2,851,296 | [4],[5] | ||||||
% of Net Assets | [1] | 0.70% | [2],[3] | 0.80% | [4],[5] | 0.70% | [2],[3] | 0.80% | [4],[5] | ||
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer II [Member] | |||||||||||
Interest | [1] | 10.00% | [8] | 10.00% | [5],[9] | 10.00% | [8] | 10.00% | [5],[9] | ||
Fees | [1],[6] | 0.00% | [8] | 0.00% | [5],[9] | ||||||
Maturity | [1],[7] | Aug. 15, 2021 | [8] | Aug. 15, 2021 | [5],[9] | Aug. 15, 2021 | [8] | Aug. 15, 2021 | [5],[9] | ||
Principal Amount | [1] | $ 4,599,086 | [8] | $ 4,465,132 | [5],[9] | ||||||
Amortized Cost | [1] | 4,599,086 | [8] | 4,465,132 | [5],[9] | ||||||
Fair Value | [1] | $ 4,599,086 | [8] | $ 4,465,132 | [5],[9] | ||||||
% of Net Assets | [1] | 1.20% | [8] | 1.20% | [5],[9] | 1.20% | [8] | 1.20% | [5],[9] | ||
Senior Secured Term Loans [Member] | Chile [Member] | Other Investments [Member] | Electric Services [Member] | LED Lighting Service Provider [Member] | |||||||||||
Interest | [1],[10] | 11.00% | 11.00% | 11.00% | 11.00% | ||||||
Fees | [1],[6],[10] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[10] | Jun. 6, 2021 | Jun. 6, 2021 | Jun. 6, 2021 | Jun. 6, 2021 | ||||||
Principal Amount | [1],[10] | $ 1,456,161 | $ 8,063,150 | ||||||||
Amortized Cost | [1],[10] | 1,383,269 | 7,866,972 | ||||||||
Fair Value | [1],[10] | $ 1,383,269 | $ 7,866,972 | ||||||||
% of Net Assets | [1],[10] | 0.40% | 2.20% | 0.40% | 2.20% | ||||||
Senior Secured Term Loans [Member] | Colombia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member] | |||||||||||
Interest | [1],[10] | 11.25% | 11.25% | 11.25% | 11.25% | ||||||
Fees | [1],[6],[10] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[10] | Aug. 1, 2021 | Aug. 1, 2021 | Aug. 1, 2021 | Aug. 1, 2021 | ||||||
Principal Amount | [1],[10] | $ 3,603,592 | $ 5,468,186 | ||||||||
Amortized Cost | [1],[10] | 3,603,592 | 5,468,186 | ||||||||
Fair Value | [1],[10] | $ 3,603,592 | $ 5,468,186 | ||||||||
% of Net Assets | [1],[10] | 1.00% | 1.50% | 1.00% | 1.50% | ||||||
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | |||||||||||
Interest | [1],[11] | 11.50% | 11.50% | 11.50% | 11.50% | ||||||
Fees | [1],[6],[11] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[11] | Dec. 28, 2020 | Dec. 27, 2020 | Dec. 28, 2020 | Dec. 27, 2020 | ||||||
Principal Amount | [1],[11] | $ 15,891,820 | $ 15,000,000 | ||||||||
Amortized Cost | [1],[11] | 15,891,820 | 15,000,000 | ||||||||
Fair Value | [1],[11] | $ 15,891,820 | $ 15,000,000 | ||||||||
% of Net Assets | [1],[11] | 4.30% | 4.20% | 4.30% | 4.20% | ||||||
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||||||||
Interest | [1],[11] | 12.00% | 12.00% | ||||||||
Fees | [1],[6],[11] | 0.00% | |||||||||
Maturity | [1],[7],[11] | Jun. 22, 2021 | Jun. 22, 2021 | ||||||||
Principal Amount | [1],[11] | $ 10,000,000 | |||||||||
Amortized Cost | [1],[11] | 10,000,000 | |||||||||
Fair Value | [1],[11] | $ 10,000,000 | |||||||||
% of Net Assets | [1],[11] | 2.70% | 2.70% | ||||||||
Senior Secured Term Loans [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||||||||||
Interest | [1],[12] | 12.00% | 12.00% | 12.00% | 12.00% | ||||||
Fees | [1],[6],[12] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[12] | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||||||
Principal Amount | [1],[12] | $ 15,000,000 | $ 15,000,000 | ||||||||
Amortized Cost | [1],[12] | 15,000,000 | 15,000,000 | ||||||||
Fair Value | [1],[12] | $ 15,000,000 | $ 15,000,000 | ||||||||
% of Net Assets | [1],[12] | 4.10% | 4.20% | 4.10% | 4.20% | ||||||
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Wate to Fuels Processor [Member] | |||||||||||
Fees | [1],[6],[13] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[13] | Jul. 27, 2021 | Jul. 27, 2021 | Jul. 27, 2021 | Jul. 27, 2021 | ||||||
Principal Amount | [1],[13] | $ 24,685,841 | $ 21,367,121 | ||||||||
Amortized Cost | [1],[13] | 24,685,841 | 21,367,121 | ||||||||
Fair Value | [1],[13] | $ 24,685,841 | $ 21,367,121 | ||||||||
% of Net Assets | [1],[13] | 6.70% | 5.90% | 6.70% | 5.90% | ||||||
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | PIK [Member] | Wate to Fuels Processor [Member] | |||||||||||
Interest | [1],[13] | 14.50% | 14.50% | 14.50% | 14.50% | ||||||
Senior Secured Term Loans [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | |||||||||||
Interest | [1] | 11.50% | [14] | 11.50% | [15] | 11.50% | [14] | 11.50% | [15] | ||
Fees | [1],[6] | 0.00% | [14] | 0.00% | [15] | ||||||
Maturity | [1],[7] | Feb. 11, 2021 | [14] | Feb. 10, 2021 | [15] | Feb. 11, 2021 | [14] | Feb. 10, 2021 | [15] | ||
Principal Amount | [1] | $ 5,612,436 | [14] | $ 6,840,000 | [15] | ||||||
Amortized Cost | [1] | 5,612,436 | [14] | 6,840,000 | [15] | ||||||
Fair Value | [1] | $ 5,612,436 | [14] | $ 6,840,000 | [15] | ||||||
% of Net Assets | [1] | 1.50% | [14] | 1.90% | [15] | 1.50% | [14] | 1.90% | [15] | ||
Senior Secured Term Loans [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Principal Amount | € | € 6,200,000 | ||||||||||
Senior Secured Term Loans [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||||||||
Interest | [1],[16] | 12.00% | 12.00% | ||||||||
Fees | [1],[6],[16] | 0.00% | |||||||||
Maturity | [1],[7],[16] | Jun. 22, 2021 | Jun. 22, 2021 | ||||||||
Principal Amount | [1],[16] | $ 10,000,000 | |||||||||
Amortized Cost | [1],[16] | 10,000,000 | |||||||||
Fair Value | [1],[16] | $ 10,000,000 | |||||||||
% of Net Assets | [1],[16] | 2.80% | 2.80% | ||||||||
Senior Secured Term Loan Participations [Member] | |||||||||||
Amortized Cost | [1] | $ 179,588,536 | $ 189,157,819 | ||||||||
Fair Value | [1] | $ 180,500,425 | $ 189,157,819 | ||||||||
% of Net Assets | [1] | 49.00% | 52.50% | 49.00% | 52.50% | ||||||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Fees | [1],[6] | 0.00% | [17],[18] | 0.00% | [19] | ||||||
Maturity | [1],[7] | Dec. 7, 2023 | [17],[18] | Dec. 7, 2023 | [19] | Dec. 7, 2023 | [17],[18] | Dec. 7, 2023 | [19] | ||
Principal Amount | [1] | $ 5,741,741 | [17],[18] | $ 5,514,667 | [19] | ||||||
Participation % | [1],[20] | 42.00% | [17],[18] | 42.00% | [19] | 42.00% | [17],[18] | 42.00% | [19] | ||
Amortized Cost | [1] | $ 5,669,936 | [17],[18] | $ 5,428,294 | [19] | ||||||
Fair Value | [1] | $ 5,695,069 | [17],[18] | $ 5,428,294 | [19] | ||||||
% of Net Assets | [1] | 1.50% | [17],[18] | 1.50% | [19] | 1.50% | [17],[18] | 1.50% | [19] | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Cash [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Interest | [1] | 8.00% | [17],[18] | 8.00% | [19] | 8.00% | [17],[18] | 8.00% | [19] | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | PIK [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||||||||
Interest | [1] | 4.00% | [17],[18] | 4.00% | [19] | 4.00% | [17],[18] | 4.00% | [19] | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | |||||||||||
Interest | [1],[10] | 13.50% | 13.50% | ||||||||
Fees | [1],[6] | 0.00% | [17],[21] | 0.00% | [10] | ||||||
Maturity | [1],[7] | Nov. 24, 2022 | [17],[21] | Nov. 24, 2022 | [10] | Nov. 24, 2022 | [17],[21] | Nov. 24, 2022 | [10] | ||
Principal Amount | [1] | $ 17,644,892 | [17],[21] | $ 13,903,662 | [10] | ||||||
Participation % | [1],[20] | 75.00% | [17],[21] | 75.00% | [10] | 75.00% | [17],[21] | 75.00% | [10] | ||
Amortized Cost | [1] | $ 17,644,892 | [17],[21] | $ 13,903,662 | [10] | ||||||
Fair Value | [1] | $ 17,740,330 | [17],[21] | $ 13,903,662 | [10] | ||||||
% of Net Assets | [1] | 4.80% | [17],[21] | 3.90% | [10] | 4.80% | [17],[21] | 3.90% | [10] | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | Cash [Member] | IT Service Provider [Member] | |||||||||||
Interest | [1],[17],[21] | 10.00% | 10.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | PIK [Member] | IT Service Provider [Member] | |||||||||||
Interest | [1],[17],[21] | 1.50% | 1.50% | ||||||||
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],[6] | 0.00% | [17],[22] | 0.00% | [23] | ||||||
Maturity | [1],[7] | Oct. 15, 2023 | [17],[22] | Oct. 15, 2023 | [23] | Oct. 15, 2023 | [17],[22] | Oct. 15, 2023 | [23] | ||
Principal Amount | [1] | $ 19,807,750 | [17],[22] | $ 19,115,803 | [23] | ||||||
Participation % | [1],[20] | 76.00% | [17],[22] | 76.00% | [23] | 76.00% | [17],[22] | 76.00% | [23] | ||
Amortized Cost | [1] | $ 19,659,665 | [17],[22] | $ 18,965,870 | [23] | ||||||
Fair Value | [1] | $ 19,875,473 | [17],[22] | $ 18,965,870 | [23] | ||||||
% of Net Assets | [1] | 5.40% | [17],[22] | 5.30% | [23] | 5.40% | [17],[22] | 5.30% | [23] | ||
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Cash [Member] | Fiber Optics Network Provider [Member] | |||||||||||
Interest | [1] | 8.95% | [17],[22] | 8.95% | [23] | 8.95% | [17],[22] | 8.95% | [23] | ||
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | PIK [Member] | Fiber Optics Network Provider [Member] | |||||||||||
Interest | [1] | 4.00% | [17],[22] | 3.00% | [23] | 4.00% | [17],[22] | 3.00% | [23] | ||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | |||||||||||
Interest | [1],[24] | 12.94% | 12.85% | 12.94% | 12.85% | ||||||
Fees | [1],[6],[24] | 0.80% | 0.80% | ||||||||
Maturity | [1],[7],[24] | Sep. 16, 2020 | Sep. 16, 2020 | Sep. 16, 2020 | Sep. 16, 2020 | ||||||
Principal Amount | [1],[24] | $ 12,762,670 | $ 12,762,670 | ||||||||
Participation % | [1],[20],[24] | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Amortized Cost | [1],[24] | $ 12,748,503 | $ 12,728,503 | ||||||||
Fair Value | [1],[24] | $ 12,748,503 | $ 12,728,503 | ||||||||
% of Net Assets | [1],[24] | 3.40% | 3.50% | 3.40% | 3.50% | ||||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||||||||
Fees | [1],[6],[18] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[18] | Aug. 21, 2021 | Aug. 21, 2021 | Aug. 21, 2021 | Aug. 21, 2021 | ||||||
Principal Amount | [1],[18] | $ 12,846,584 | $ 16,459,362 | ||||||||
Participation % | [1],[18],[20] | 88.00% | 88.00% | 88.00% | 88.00% | ||||||
Amortized Cost | [1],[18] | $ 12,846,584 | $ 16,459,362 | ||||||||
Fair Value | [1],[18] | $ 12,846,584 | $ 16,459,362 | ||||||||
% of Net Assets | [1],[18] | 3.50% | 4.60% | 3.50% | 4.60% | ||||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Cash [Member] | Hospitality Service Provider [Member] | |||||||||||
Interest | [1],[18] | 10.00% | 10.00% | 10.00% | 10.00% | ||||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | PIK [Member] | Hospitality Service Provider [Member] | |||||||||||
Interest | [1],[18] | 4.75% | 5.50% | 4.75% | 5.50% | ||||||
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% | 11.67% | 11.67% | ||||||
Fees | [1],[6],[21] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[21] | Aug. 18, 2021 | Aug. 18, 2021 | Aug. 18, 2021 | Aug. 18, 2021 | ||||||
Principal Amount | [1],[21] | $ 4,740,000 | $ 4,740,000 | ||||||||
Participation % | [1],[20],[21] | 47.00% | 47.00% | 47.00% | 47.00% | ||||||
Amortized Cost | [1],[21] | $ 4,740,000 | $ 4,740,000 | ||||||||
Fair Value | [1],[21] | $ 4,740,000 | $ 4,740,000 | ||||||||
% of Net Assets | [1],[21] | 1.30% | 1.30% | 1.30% | 1.30% | ||||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Interest | [1],[10] | 12.23% | 11.00% | 12.23% | 11.00% | ||||||
Fees | [1],[6],[10] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[10] | Aug. 27, 2023 | Aug. 27, 2023 | ||||||||
Principal Amount | [1],[10] | $ 2,894,698 | $ 3,250,844 | ||||||||
Participation % | [1],[10],[20] | 25.00% | 74.00% | 25.00% | 74.00% | ||||||
Amortized Cost | [1],[10] | $ 2,894,698 | $ 3,250,844 | ||||||||
Fair Value | [1],[10] | $ 2,894,698 | $ 3,250,844 | ||||||||
% of Net Assets | [1],[10] | 0.80% | 0.90% | 0.80% | 0.90% | ||||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Minimum [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Maturity | [1],[7],[10] | Nov. 1, 2019 | Nov. 1, 2019 | ||||||||
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Maximum [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | |||||||||||
Maturity | [1],[7],[10] | Nov. 16, 2019 | Nov. 16, 2019 | ||||||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | |||||||||||
Interest | [1] | 12.00% | [18] | 12.00% | [19] | 12.00% | [18] | 12.00% | [19] | ||
Fees | [1],[6] | 0.00% | [18] | 0.00% | [19] | ||||||
Maturity | [1],[7] | Aug. 10, 2021 | [18] | Aug. 10, 2021 | [19] | Aug. 10, 2021 | [18] | Aug. 10, 2021 | [19] | ||
Principal Amount | [1] | $ 15,500,000 | [18] | $ 15,500,000 | [19] | ||||||
Participation % | [1],[20] | 76.00% | [18] | 76.00% | [19] | 76.00% | [18] | 76.00% | [19] | ||
Amortized Cost | [1] | $ 15,500,000 | [18] | $ 15,500,000 | [19] | ||||||
Fair Value | [1] | $ 15,500,000 | [18] | $ 15,500,000 | [19] | ||||||
% of Net Assets | [1] | 4.20% | [18] | 4.30% | [19] | 4.20% | [18] | 4.30% | [19] | ||
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],[6],[21] | 0.00% | |||||||||
Maturity | [1],[7],[21] | Jun. 13, 2021 | Jun. 13, 2021 | ||||||||
Principal Amount | [1],[21] | $ 17,605,054 | |||||||||
Participation % | [1],[20],[21] | 90.00% | 90.00% | ||||||||
Amortized Cost | [1],[21] | $ 17,605,054 | |||||||||
Fair Value | [1],[21] | $ 17,605,054 | |||||||||
% of Net Assets | [1],[21] | 4.90% | 4.90% | ||||||||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | |||||||||||
Interest | [1] | 12.46% | [25] | 12.90% | [26] | 12.46% | [25] | 12.90% | [26] | ||
Fees | [1],[6] | 0.00% | [25] | 0.00% | [26] | ||||||
Maturity | [1],[7] | Nov. 12, 2022 | [25] | Aug. 31, 2022 | [26] | Nov. 12, 2022 | [25] | Aug. 31, 2022 | [26] | ||
Principal Amount | [1] | $ 15,000,000 | [25] | $ 18,527,237 | [26] | ||||||
Participation % | [1],[20] | 49.00% | [25] | 14.00% | [26] | 49.00% | [25] | 14.00% | [26] | ||
Amortized Cost | [1] | $ 15,000,000 | [25] | $ 18,527,237 | [26] | ||||||
Fair Value | [1] | $ 15,000,000 | [25] | $ 18,527,237 | [26] | ||||||
% of Net Assets | [1] | 4.10% | [25] | 5.10% | [26] | 4.10% | [25] | 5.10% | [26] | ||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Fees | [1],[6],[18] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[18] | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | ||||||
Principal Amount | [1],[18] | $ 13,505,035 | $ 12,970,938 | ||||||||
Participation % | [1],[18],[20] | 42.00% | 46.00% | 42.00% | 46.00% | ||||||
Amortized Cost | [1],[18] | $ 13,505,035 | $ 12,970,938 | ||||||||
Fair Value | [1],[18] | $ 13,505,035 | $ 12,970,938 | ||||||||
% of Net Assets | [1],[18] | 3.70% | 3.60% | 3.70% | 3.60% | ||||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Cash [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Interest | [1],[18] | 9.88% | 9.95% | 9.88% | 9.95% | ||||||
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | PIK [Member] | Freight and Cargo Transporter [Member] | |||||||||||
Interest | [1],[18] | 4.00% | 4.00% | 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],[6] | 0.00% | [27] | 0.00% | [28] | ||||||
Maturity | [1],[7] | Aug. 15, 2021 | [27] | Aug. 15, 2021 | [28] | Aug. 15, 2021 | [27] | Aug. 15, 2021 | [28] | ||
Principal Amount | [1] | $ 16,834,571 | [27] | $ 16,168,797 | [28] | ||||||
Participation % | [1],[20] | 100.00% | [27] | 100.00% | [28] | 100.00% | [27] | 100.00% | [28] | ||
Amortized Cost | [1] | $ 16,781,000 | [27] | $ 16,083,083 | [28] | ||||||
Fair Value | [1] | $ 16,781,000 | [27] | $ 16,083,083 | [28] | ||||||
% of Net Assets | [1] | 4.50% | [27] | 4.50% | [28] | 4.50% | [27] | 4.50% | [28] | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Cash [Member] | Property Developer [Member] | |||||||||||
Interest | [1] | 8.50% | [27] | 8.50% | [28] | 8.50% | [27] | 8.50% | [28] | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | PIK [Member] | Property Developer [Member] | |||||||||||
Interest | [1] | 4.00% | [27] | 4.00% | [28] | 4.00% | [27] | 4.00% | [28] | ||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | |||||||||||
Fees | [1],[6],[29] | 0.00% | [30] | 0.00% | [31] | ||||||
Maturity | [1],[7],[29] | Jan. 23, 2021 | [30] | Jan. 23, 2021 | [31] | Jan. 23, 2021 | [30] | Jan. 23, 2021 | [31] | ||
Principal Amount | $ 8,519,535 | [1],[29],[30] | $ 8,034,348 | [1],[29],[31] | € 6,200,000 | ||||||
Participation % | [1],[20],[29] | 5.00% | [30] | 5.00% | [31] | 5.00% | [30] | 5.00% | [31] | ||
Amortized Cost | [1],[29] | $ 8,519,535 | [30] | $ 8,262,375 | [31] | ||||||
Fair Value | [1],[29] | $ 8,638,109 | [30] | $ 8,262,375 | [31] | ||||||
% of Net Assets | [1],[29] | 2.30% | [30] | 2.30% | [31] | 2.30% | [30] | 2.30% | [31] | ||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Cash [Member] | Mall Operator [Member] | |||||||||||
Interest | [1],[29] | 7.00% | [30] | 5.50% | [31] | 7.00% | [30] | 5.50% | [31] | ||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | PIK [Member] | Mall Operator [Member] | |||||||||||
Interest | [1],[29] | 6.00% | [30] | 7.50% | [31] | 6.00% | [30] | 7.50% | [31] | ||
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | |||||||||||
Interest | [1] | 12.35% | [32] | 12.35% | [31] | 12.35% | [32] | 12.35% | [31] | ||
Fees | [1],[6] | 3.00% | [32] | 3.00% | [31] | ||||||
Maturity | [1],[7] | Mar. 28, 2023 | [32] | Mar. 28, 2023 | [31] | Mar. 28, 2023 | [32] | Mar. 28, 2023 | [31] | ||
Principal Amount | [1] | $ 17,290,000 | [32] | $ 19,000,000 | [31] | ||||||
Participation % | [1],[20] | 16.00% | [32] | 16.00% | [31] | 16.00% | [32] | 16.00% | [31] | ||
Amortized Cost | [1] | $ 16,919,500 | [32] | $ 18,515,500 | [31] | ||||||
Fair Value | [1] | $ 16,919,500 | [32] | $ 18,515,500 | [31] | ||||||
% of Net Assets | [1] | 4.60% | [32] | 5.10% | [31] | 4.60% | [32] | 5.10% | [31] | ||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | Bread Manufacturer [Member] | |||||||||||
Fees | [1],[6],[30] | 2.50% | |||||||||
Maturity | [1],[7],[30] | Jul. 18, 2021 | Jul. 18, 2021 | ||||||||
Principal Amount | [1],[30] | $ 2,059,785 | |||||||||
Participation % | [1],[20],[30] | 27.00% | 27.00% | ||||||||
Amortized Cost | [1],[30] | $ 2,034,188 | |||||||||
Fair Value | [1],[30] | $ 2,034,188 | |||||||||
% of Net Assets | [1],[30] | 0.60% | 0.60% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | Cash [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[30] | 8.00% | 8.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | PIK [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[30] | 5.00% | 5.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member] | |||||||||||
Fees | [1],[6],[31] | 2.50% | |||||||||
Maturity | [1],[7],[31] | Jul. 18, 2021 | Jul. 18, 2021 | ||||||||
Principal Amount | [1],[31] | $ 1,958,861 | |||||||||
Participation % | [1],[20],[31] | 27.00% | 27.00% | ||||||||
Amortized Cost | [1],[31] | $ 1,917,097 | |||||||||
Fair Value | [1],[31] | $ 1,917,097 | |||||||||
% of Net Assets | [1],[31] | 0.50% | 0.50% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Cash [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[31] | 8.00% | 8.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | PIK [Member] | Bread Manufacturer [Member] | |||||||||||
Interest | [1],[31] | 5.00% | 5.00% | ||||||||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor C [Member] | |||||||||||
Interest | [1],[21] | 14.50% | 12.00% | 14.50% | 12.00% | ||||||
Fees | [1],[6],[21] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[21] | Apr. 30, 2024 | Dec. 31, 2020 | Apr. 30, 2024 | Dec. 31, 2020 | ||||||
Principal Amount | [1],[21] | $ 6,850,000 | $ 4,300,000 | ||||||||
Participation % | [1],[20],[21] | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Amortized Cost | [1],[21] | $ 6,850,000 | $ 4,300,000 | ||||||||
Fair Value | [1],[21] | $ 6,850,000 | $ 4,300,000 | ||||||||
% of Net Assets | [1],[21] | 1.90% | 1.20% | 1.90% | 1.20% | ||||||
Senior Secured Term Loan Participations [Member] | Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | |||||||||||
Interest | [1],[13] | 15.00% | 15.00% | ||||||||
Fees | [1],[6],[13] | 0.00% | |||||||||
Maturity | [1],[7],[13] | Aug. 20, 2021 | Aug. 20, 2021 | ||||||||
Principal Amount | [1],[13] | $ 8,275,000 | |||||||||
Participation % | [1],[13],[20] | 44.00% | 44.00% | ||||||||
Amortized Cost | [1],[13] | $ 8,275,000 | |||||||||
Fair Value | [1],[13] | $ 8,731,936 | |||||||||
% of Net Assets | [1],[13] | 2.40% | 2.40% | ||||||||
Senior Secured Trade Finance Participations [Member] | |||||||||||
Amortized Cost | [1] | $ 83,135,943 | $ 88,983,961 | ||||||||
Fair Value | [1] | $ 71,606,458 | $ 80,236,312 | ||||||||
% of Net Assets | [1] | 19.30% | 22.50% | 19.30% | 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] | 10.90% | [3],[33] | 10.90% | [5] | 10.90% | [3],[33] | 10.90% | [5] | ||
Fees | [1],[6] | 0.00% | [3],[33] | 0.00% | [5] | ||||||
Maturity | [1],[7] | Mar. 4, 2018 | [3],[33] | Mar. 4, 2018 | [5] | Mar. 4, 2018 | [3],[33] | Mar. 4, 2018 | [5] | ||
Principal Amount | [1] | $ 1,326,687 | [3],[33] | $ 1,326,687 | [5] | ||||||
Participation % | [1],[20] | 100.00% | [3],[33] | 100.00% | [5] | 100.00% | [3],[33] | 100.00% | [5] | ||
Amortized Cost | [1] | $ 1,326,687 | [3],[33] | $ 1,326,687 | [5] | ||||||
Fair Value | [1] | $ 1,269,586 | [3],[33] | $ 1,269,586 | [5] | ||||||
% of Net Assets | [1] | 0.30% | [3],[33] | 0.40% | [5] | 0.30% | [3],[33] | 0.40% | [5] | ||
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] | 11.50% | [13] | 11.50% | [34],[35] | 11.50% | [13] | 11.50% | [34],[35] | ||
Fees | [1],[6] | 0.00% | [13] | 0.00% | [34],[35] | ||||||
Maturity | [1],[7] | May 4, 2020 | [13] | Jun. 30, 2019 | [34],[35] | May 4, 2020 | [13] | Jun. 30, 2019 | [34],[35] | ||
Principal Amount | [1] | $ 16,456,270 | [13] | $ 15,000,000 | [34],[35] | ||||||
Amortized Cost | [1] | 16,456,270 | [13] | 15,000,000 | [34],[35] | ||||||
Fair Value | [1] | $ 16,456,270 | [13] | $ 15,000,000 | [34],[35] | ||||||
% of Net Assets | [1] | 4.50% | [13] | 4.20% | [34],[35] | 4.50% | [13] | 4.20% | [34],[35] | ||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Interest | [1],[13],[36] | 10.00% | 10.00% | ||||||||
Fees | [1],[6],[13],[36] | 0.00% | |||||||||
Principal Amount | [1],[13],[36] | $ 7,000,000 | |||||||||
Participation % | [1],[13],[20],[36] | 28.00% | 28.00% | ||||||||
Amortized Cost | [1],[13],[36] | $ 7,000,000 | |||||||||
Fair Value | [1],[13],[36] | $ 7,000,000 | |||||||||
% of Net Assets | [1],[13],[36] | 1.90% | 1.90% | ||||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Minimum [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||||||||
Maturity | Jan. 2, 2019 | Jan. 2, 2019 | Jan. 2, 2019 | Jan. 2, 2019 | |||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Minimum [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Maturity | Jan. 20, 2019 | [1],[7],[13],[36] | Apr. 10, 2019 | Jan. 20, 2019 | [1],[7],[13],[36] | ||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Maximum [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||||||||
Maturity | Feb. 14, 2019 | Feb. 14, 2019 | Feb. 14, 2019 | Feb. 14, 2019 | |||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Maximum [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Maturity | Feb. 1, 2019 | [1],[7],[13],[36] | May 3, 2019 | Feb. 1, 2019 | [1],[7],[13],[36] | ||||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Conplex International Ltd. [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||||||||
Interest | [1],[5] | 12.00% | 12.00% | ||||||||
Fees | [1],[5],[6] | 0.00% | |||||||||
Maturity | [1],[5],[7] | Mar. 31, 2020 | Mar. 31, 2020 | ||||||||
Principal Amount | [1],[5] | $ 9,500,000 | |||||||||
Participation % | [1],[5],[20] | 26.00% | 26.00% | ||||||||
Amortized Cost | [1],[5] | $ 9,500,000 | |||||||||
Fair Value | [1],[5] | $ 8,840,048 | |||||||||
% of Net Assets | [1],[5] | 2.40% | 2.40% | ||||||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Interest | [1],[13] | 9.00% | [37] | 16.77% | [38] | 9.00% | [37] | 16.77% | [38] | ||
Fees | [1],[6],[13] | 0.00% | [37] | 0.00% | [38] | ||||||
Maturity | [1],[7],[13],[37] | Apr. 30, 2020 | Apr. 30, 2020 | ||||||||
Principal Amount | [1],[13] | $ 675,256 | [37] | $ 448,697 | [38] | ||||||
Participation % | [1],[13],[20] | 25.00% | [37] | 34.00% | [38] | 25.00% | [37] | 34.00% | [38] | ||
Amortized Cost | [1],[13] | $ 675,256 | [37] | $ 448,697 | [38] | ||||||
Fair Value | [1],[13] | $ 675,256 | [37] | $ 448,697 | [38] | ||||||
% of Net Assets | [1],[13] | 0.20% | [37] | 0.10% | [38] | 0.20% | [37] | 0.10% | [38] | ||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | |||||||||||
Interest | [1],[13] | 9.00% | [37] | 16.77% | [39] | 9.00% | [37] | 16.77% | [39] | ||
Fees | [1],[6],[13] | 0.00% | [37] | 0.00% | [39] | ||||||
Maturity | [1],[7],[13] | Apr. 30, 2020 | [37] | Mar. 27, 2019 | [39] | Apr. 30, 2020 | [37] | Mar. 27, 2019 | [39] | ||
Principal Amount | [1],[13] | $ 838,967 | [37] | $ 1,275,451 | [39] | ||||||
Participation % | [1],[13],[20] | 14.00% | [37] | 24.00% | [39] | 14.00% | [37] | 24.00% | [39] | ||
Amortized Cost | [1],[13] | $ 838,967 | [37] | $ 1,275,451 | [39] | ||||||
Fair Value | [1],[13] | $ 838,967 | [37] | $ 1,275,451 | [39] | ||||||
% of Net Assets | [1],[13] | 0.20% | [37] | 0.40% | [39] | 0.20% | [37] | 0.40% | [39] | ||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader II [Member] | |||||||||||
Interest | [1],[13],[39] | 16.77% | 16.77% | ||||||||
Fees | [1],[6],[13],[39] | 0.00% | |||||||||
Maturity | [1],[7],[13],[39] | Mar. 27, 2019 | Mar. 27, 2019 | ||||||||
Principal Amount | [1],[13],[39] | $ 1,329,575 | |||||||||
Participation % | [1],[13],[20],[39] | 25.00% | 25.00% | ||||||||
Amortized Cost | [1],[13],[39] | $ 1,329,575 | |||||||||
Fair Value | [1],[13],[39] | $ 1,329,575 | |||||||||
% of Net Assets | [1],[13],[39] | 0.40% | 0.40% | ||||||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Minimum [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Maturity | [1],[7],[13],[38] | Dec. 27, 2018 | Dec. 27, 2018 | ||||||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Maximum [Member] | Farm Products [Member] | Cocoa Trader [Member] | |||||||||||
Maturity | [1],[7],[13],[38] | Mar. 27, 2019 | Mar. 27, 2019 | ||||||||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | |||||||||||
Interest | [1],[33] | 10.45% | [3] | 10.45% | [5] | 10.45% | [3] | 10.45% | [5] | ||
Fees | [1],[6],[33] | 0.00% | [3] | 0.00% | [5] | ||||||
Maturity | [1],[7],[33] | Jun. 30, 2018 | [3] | Jun. 30, 2018 | [5] | Jun. 30, 2018 | [3] | Jun. 30, 2018 | [5] | ||
Principal Amount | [1],[33] | $ 12,500,000 | [3] | $ 12,500,000 | [5] | ||||||
Participation % | [1],[20],[33] | 83.00% | [3] | 83.00% | [5] | 83.00% | [3] | 83.00% | [5] | ||
Amortized Cost | [1],[33] | $ 12,500,000 | [3] | $ 12,500,000 | [5] | ||||||
Fair Value | [1],[33] | $ 9,839,958 | [3] | $ 9,316,105 | [5] | ||||||
% of Net Assets | [1],[33] | 2.70% | [3] | 2.60% | [5] | 2.70% | [3] | 2.60% | [5] | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | |||||||||||
Interest | [1] | 10.67% | [3],[33] | 10.67% | [5] | 10.67% | [3],[33] | 10.67% | [5] | ||
Fees | [1],[6] | 0.00% | [3],[33] | 0.00% | [5] | ||||||
Maturity | [1],[7] | Jul. 29, 2019 | [3],[33] | Jul. 29, 2019 | [5] | Jul. 29, 2019 | [3],[33] | Jul. 29, 2019 | [5] | ||
Principal Amount | [1] | $ 6,000,000 | [3],[33] | $ 6,000,000 | [5] | ||||||
Participation % | [1],[20] | 22.00% | [3],[33] | 22.00% | [5] | 22.00% | [3],[33] | 22.00% | [5] | ||
Amortized Cost | [1] | $ 6,000,000 | [3],[33] | $ 6,000,000 | [5] | ||||||
Fair Value | [1] | $ 4,719,383 | [3],[33] | $ 4,991,915 | [5] | ||||||
% of Net Assets | [1] | 1.30% | [3],[33] | 1.40% | [5] | 1.30% | [3],[33] | 1.40% | [5] | ||
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],[33] | 11.50% | [3] | 11.50% | [5] | 11.50% | [3] | 11.50% | [5] | ||
Fees | [1],[6],[33] | 0.00% | [3] | 0.00% | [5] | ||||||
Maturity | [1],[7],[33] | Aug. 31, 2017 | [3] | Aug. 31, 2017 | [5] | Aug. 31, 2017 | [3] | Aug. 31, 2017 | [5] | ||
Principal Amount | [1],[33] | $ 9,000,000 | [3] | $ 9,000,000 | [5] | ||||||
Participation % | [1],[20],[33] | 28.00% | [3] | 28.00% | [5] | 28.00% | [3] | 28.00% | [5] | ||
Amortized Cost | [1],[33] | $ 9,000,000 | [3] | $ 9,000,000 | [5] | ||||||
Fair Value | [1],[33] | $ 6,240,961 | [3] | $ 6,748,935 | [5] | ||||||
% of Net Assets | [1],[33] | 1.70% | [3] | 1.90% | [5] | 1.70% | [3] | 1.90% | [5] | ||
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | |||||||||||
Interest | [1] | 9.00% | [3],[33] | 9.00% | [5] | 9.00% | [3],[33] | 9.00% | [5] | ||
Fees | [1],[6] | 0.00% | [3],[33] | 0.00% | [5] | ||||||
Maturity | [1],[7] | Aug. 31, 2017 | [3],[33] | Aug. 31, 2017 | [5] | Aug. 31, 2017 | [3],[33] | Aug. 31, 2017 | [5] | ||
Principal Amount | [1] | $ 6,000,000 | [3],[33] | $ 6,000,000 | [5] | ||||||
Participation % | [1],[20] | 27.00% | [3],[33] | 27.00% | [5] | 27.00% | [3],[33] | 27.00% | [5] | ||
Amortized Cost | [1] | $ 6,000,000 | [3],[33] | $ 6,000,000 | [5] | ||||||
Fair Value | [1] | $ 3,398,558 | [3],[33] | $ 3,784,354 | [5] | ||||||
% of Net Assets | [1] | 0.90% | [3],[33] | 1.10% | [5] | 0.90% | [3],[33] | 1.10% | [5] | ||
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | |||||||||||
Interest | [1],[21],[40] | 9.00% | 9.00% | 9.00% | 9.00% | ||||||
Fees | [1],[6],[21],[40] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[21],[40] | Jun. 19, 2019 | Jun. 19, 2019 | Jun. 19, 2019 | Jun. 19, 2019 | ||||||
Principal Amount | [1],[21],[40] | $ 35,838 | $ 35,838 | ||||||||
Participation % | [1],[20],[21],[40] | 3.00% | 3.00% | 3.00% | 3.00% | ||||||
Amortized Cost | [1],[21],[40] | $ 35,838 | $ 35,838 | ||||||||
Fair Value | [1],[21],[40] | $ 35,838 | $ 35,838 | ||||||||
% of Net Assets | [1],[21],[40] | 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],[33] | 12.00% | [3] | 12.00% | [5] | 12.00% | [3] | 12.00% | [5] | ||
Fees | [1],[6],[33] | 0.00% | [3] | 0.00% | [5] | ||||||
Maturity | [1],[7],[33] | Mar. 31, 2016 | [3] | Mar. 31, 2016 | [5] | Mar. 31, 2016 | [3] | Mar. 31, 2016 | [5] | ||
Principal Amount | [1],[33] | $ 881,800 | [3] | $ 881,800 | [5] | ||||||
Participation % | [1],[20],[33] | 24.00% | [3] | 24.00% | [5] | 24.00% | [3] | 24.00% | [5] | ||
Amortized Cost | [1],[33] | $ 881,800 | [3] | $ 881,800 | [5] | ||||||
Fair Value | [1],[33] | $ 10,504 | [3] | $ 662,525 | [5] | ||||||
% of Net Assets | [1],[33] | 0.00% | [3] | 0.20% | [5] | 0.00% | [3] | 0.20% | [5] | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Mine Remediation Company [Member] | |||||||||||
Interest | [1],[13] | 12.00% | 12.00% | ||||||||
Fees | [1],[6],[13] | 0.00% | |||||||||
Maturity | [1],[7],[13] | Feb. 14, 2020 | Feb. 14, 2020 | ||||||||
Principal Amount | [1],[13] | $ 100,000 | |||||||||
Participation % | [1],[13],[20] | 1.00% | 1.00% | ||||||||
Amortized Cost | [1],[13] | $ 100,000 | |||||||||
Fair Value | [1],[13] | $ 100,000 | |||||||||
% of Net Assets | [1],[13] | 0.00% | 0.00% | ||||||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||||||
Fees | [1],[6],[34],[41] | 0.00% | |||||||||
Principal Amount | [1],[34],[41] | $ 6,029,026 | |||||||||
Participation % | [1],[20],[34],[41] | 60.00% | 60.00% | ||||||||
Amortized Cost | [1],[34],[41] | $ 6,029,026 | |||||||||
Fair Value | [1],[34],[41] | $ 6,029,026 | |||||||||
% of Net Assets | [1],[34],[41] | 1.70% | 1.70% | ||||||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Minimum [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||||||
Interest | [1],[34],[41] | 12.00% | 12.00% | ||||||||
Maturity | [1],[7],[34],[41] | Jan. 7, 2019 | Jan. 7, 2019 | ||||||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Maximum [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | |||||||||||
Interest | [1],[34],[41] | 13.00% | 13.00% | ||||||||
Maturity | [1],[7],[34],[41] | Feb. 14, 2019 | Feb. 14, 2019 | ||||||||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | |||||||||||
Interest | [1],[33] | 10.00% | [3] | 10.00% | [5] | 10.00% | [3] | 10.00% | [5] | ||
Fees | [1],[6],[33] | 0.00% | [3] | 0.00% | [5] | ||||||
Maturity | [1],[7],[33] | May 22, 2015 | [3] | May 22, 2015 | [5] | May 22, 2015 | [3] | May 22, 2015 | [5] | ||
Principal Amount | [1],[33] | $ 785,806 | [3] | $ 785,806 | [5] | ||||||
Participation % | [1],[20],[33] | 19.00% | [3] | 19.00% | [5] | 19.00% | [3] | 19.00% | [5] | ||
Amortized Cost | [1],[33] | $ 785,806 | [3] | $ 785,806 | [5] | ||||||
Fair Value | [1],[33] | $ 690,616 | [3] | $ 690,616 | [5] | ||||||
% of Net Assets | [1],[33] | 0.20% | [3] | 0.20% | [5] | 0.20% | [3] | 0.20% | [5] | ||
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | |||||||||||
Interest | [1],[13] | 12.20% | 12.88% | 12.20% | 12.88% | ||||||
Fees | [1],[6],[13] | 0.00% | 0.00% | ||||||||
Maturity | [1],[7],[13] | May 8, 2020 | Jul. 14, 2019 | May 8, 2020 | Jul. 14, 2019 | ||||||
Principal Amount | [1],[13] | $ 468,756 | $ 2,500,000 | ||||||||
Participation % | [1],[13],[20] | 2.00% | 14.00% | 2.00% | 14.00% | ||||||
Amortized Cost | [1],[13] | $ 468,756 | $ 2,500,000 | ||||||||
Fair Value | [1],[13] | $ 468,756 | $ 2,500,000 | ||||||||
% of Net Assets | [1],[13] | 0.10% | 0.70% | 0.10% | 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],[33] | 11.00% | [3] | 11.00% | [5] | 11.00% | [3] | 11.00% | [5] | ||
Fees | [1],[6],[33] | 0.00% | [3] | 0.00% | [5] | ||||||
Maturity | [1],[7],[33] | Jul. 31, 2018 | [3] | Jul. 31, 2018 | [5] | Jul. 31, 2018 | [3] | Jul. 31, 2018 | [5] | ||
Principal Amount | [1],[33] | $ 7,349,626 | [3] | $ 7,349,626 | [5] | ||||||
Participation % | [1],[20],[33] | 73.00% | [3] | 73.00% | [5] | 73.00% | [3] | 73.00% | [5] | ||
Amortized Cost | [1],[33] | $ 7,349,626 | [3] | $ 7,349,626 | [5] | ||||||
Fair Value | [1],[33] | $ 7,530,616 | [3] | $ 7,632,234 | [5] | ||||||
% of Net Assets | [1],[33] | 2.00% | [3] | 2.10% | [5] | 2.00% | [3] | 2.10% | [5] | ||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||||||
Interest | [1],[3] | 16.42% | 16.42% | ||||||||
Fees | [1],[6] | 0.00% | [3] | 0.00% | [39] | ||||||
Maturity | [1],[7] | Aug. 31, 2019 | [3] | Mar. 27, 2019 | [39] | Aug. 31, 2019 | [3] | Mar. 27, 2019 | [39] | ||
Principal Amount | [1] | $ 10,413,683 | [3] | $ 10,718,201 | [39] | ||||||
Participation % | [1],[20] | 72.00% | [3] | 70.00% | [39] | 72.00% | [3] | 70.00% | [39] | ||
Amortized Cost | [1] | $ 10,413,683 | [3] | $ 10,718,201 | [39] | ||||||
Fair Value | [1] | $ 9,687,887 | [3] | $ 10,718,201 | [39] | ||||||
% of Net Assets | [1] | 2.60% | [3] | 3.00% | [39] | 2.60% | [3] | 3.00% | [39] | ||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Minimum [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||||||
Interest | [1],[39] | 16.42% | 16.42% | ||||||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Maximum [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||||||||
Interest | [1],[39] | 17.50% | 17.50% | ||||||||
Maturity | Apr. 30, 2020 | Apr. 30, 2020 | |||||||||
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] | 14.60% | [3],[33] | 14.60% | [5],[21] | 14.60% | [3],[33] | 14.60% | [5],[21] | ||
Fees | [1],[6] | 0.00% | [3],[33] | 0.00% | [5],[21] | ||||||
Maturity | [1],[7] | Jun. 30, 2018 | [3],[33] | Jun. 30, 2018 | [5],[21] | Jun. 30, 2018 | [3],[33] | Jun. 30, 2018 | [5],[21] | ||
Principal Amount | [1] | $ 803,254 | [3],[33] | $ 803,254 | [5],[21] | ||||||
Participation % | [1],[20] | 60.00% | [3],[33] | 60.00% | [5],[21] | 60.00% | [3],[33] | 60.00% | [5],[21] | ||
Amortized Cost | [1] | $ 803,254 | [3],[33] | $ 803,254 | [5],[21] | ||||||
Fair Value | [1] | $ 803,254 | [3],[33] | $ 803,254 | [5],[21] | ||||||
% of Net Assets | [1] | 0.20% | [3],[33] | 0.20% | [5],[21] | 0.20% | [3],[33] | 0.20% | [5],[21] | ||
Other Investments [Member] | |||||||||||
Amortized Cost | $ 6,000,000 | ||||||||||
Fair Value | $ 3,758,063 | ||||||||||
Other Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member] | |||||||||||
Interest | [1],[3],[33],[42] | 8.75% | 8.75% | ||||||||
Fees | [1],[3],[6],[33],[42] | 0.00% | |||||||||
Principal Amount | [1],[3],[33],[42] | $ 6,000,000 | |||||||||
Amortized Cost | [1],[3],[33],[42] | 6,000,000 | |||||||||
Fair Value | [1],[3],[33],[42] | $ 3,758,063 | |||||||||
% of Net Assets | [1],[3],[33],[42] | 1.00% | 1.00% | ||||||||
Equity Warrants [Member] | |||||||||||
Fair Value | $ 1,080,222 | $ 1,080,222 | |||||||||
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Wate to Fuels Processor [Member] | |||||||||||
Fair Value | $ 1,080,222 | $ 1,080,222 | |||||||||
% of Net Assets | 0.30% | 0.30% | 0.30% | 0.30% | |||||||
Short Term Investments [Member] | |||||||||||
Amortized Cost | [1] | $ 14,132,683 | |||||||||
Fair Value | [1] | $ 13,644,683 | |||||||||
% of Net Assets | [1] | 3.70% | 3.70% | ||||||||
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member] | |||||||||||
Interest | [1],[5],[33],[43] | 8.75% | 8.75% | ||||||||
Fees | [1],[5],[6],[33],[43] | 0.00% | |||||||||
Principal Amount | [1],[5],[33],[43] | $ 6,000,000 | |||||||||
Amortized Cost | [1],[5],[33],[43] | 6,000,000 | |||||||||
Fair Value | [1],[5],[33],[43] | $ 5,512,000 | |||||||||
% of Net Assets | [1],[5],[33],[43] | 1.50% | 1.50% | ||||||||
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | |||||||||||
Interest | [1],[44] | 15.34% | 15.34% | ||||||||
Fees | [1],[6],[44] | 0.00% | |||||||||
Principal Amount | [1],[44] | $ 394,946 | |||||||||
Participation % | [1],[20],[44] | 90.00% | 90.00% | ||||||||
Amortized Cost | [1],[44] | $ 394,946 | |||||||||
Fair Value | [1],[44] | $ 394,946 | |||||||||
% of Net Assets | [1],[44] | 0.10% | 0.10% | ||||||||
Short Term Investments [Member] | Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | |||||||||||
Interest | [1],[34],[45] | 10.50% | 10.50% | ||||||||
Fees | [1],[6],[34],[45] | 0.00% | |||||||||
Maturity | [1],[7],[34],[45] | Dec. 26, 2018 | Dec. 26, 2018 | ||||||||
Principal Amount | [1],[34],[45] | $ 4,000,000 | |||||||||
Participation % | [1],[20],[34],[45] | 16.00% | 16.00% | ||||||||
Amortized Cost | [1],[34],[45] | $ 4,000,000 | |||||||||
Fair Value | [1],[34],[45] | $ 4,000,000 | |||||||||
% of Net Assets | [1],[34],[45] | 1.10% | 1.10% | ||||||||
Short Term Investments [Member] | Netherlands [Member] | Other Investments [Member] | Maximum [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | |||||||||||
Maturity | Jul. 31, 2019 | Jul. 31, 2019 | |||||||||
Short Term Investments [Member] | Singapore [Member] | Other Investments [Member] | Metals Service Centers and Offices [Member] | Steel Trader [Member] | |||||||||||
Interest | [1],[34] | 12.45% | 12.45% | ||||||||
Fees | [1],[6],[34] | 0.00% | |||||||||
Maturity | [1],[7],[34] | Jun. 30, 2019 | Jun. 30, 2019 | ||||||||
Principal Amount | [1],[34] | $ 3,737,737 | |||||||||
Participation % | [1],[20],[34] | 100.00% | 100.00% | ||||||||
Amortized Cost | [1],[34] | $ 3,737,737 | |||||||||
Fair Value | [1],[34] | $ 3,737,737 | |||||||||
% of Net Assets | [1],[34] | 1.00% | 1.00% | ||||||||
[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 was extended to 2/28/2021 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 is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information. | ||||||||||
[5] | Watch List investment. Refer to Note 3 for additional information. | ||||||||||
[6] | 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. | ||||||||||
[7] | 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. | ||||||||||
[8] | In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/21. This investment was removed from the Watch List on April 1, 2019. | ||||||||||
[9] | 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. | ||||||||||
[10] | Principal and interest paid monthly. | ||||||||||
[11] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | ||||||||||
[12] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020. | ||||||||||
[13] | Principal and interest paid at maturity. | ||||||||||
[14] | Two-thirds and one-third of the principal and accrued interest to be paid on the 30th and 42nd months after original drawdown date of 8/10/2017, respectively. Subsequent to 9/30/2019, $1.8 million was received as partial repayment. | ||||||||||
[15] | 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. | ||||||||||
[16] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||
[17] | 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. Funds were fully disbursed out of escrow during the first quarter 2019. | ||||||||||
[18] | Principal and interest paid quarterly. | ||||||||||
[19] | Principal and interest paid quarterly. | ||||||||||
[20] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | ||||||||||
[21] | Monthly interest only payment. Principal due at maturity. | ||||||||||
[22] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020. | ||||||||||
[23] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in October 2020. | ||||||||||
[24] | 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. | ||||||||||
[25] | Semi-annual interest payments. Semi-annual principal payment of $1.07 million starting January 31, 2021 with remaining balance due at maturity. | ||||||||||
[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 interest payments. Principal payments of 30% of total principal balance disbursed to be repaid on 6/30/2020 and 6/30/2021, with the remaining principal to be paid at maturity. | ||||||||||
[28] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | ||||||||||
[29] | 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. | ||||||||||
[30] | Semi-annual interest only payment. Principal due at maturity. | ||||||||||
[31] | Quarterly interest only payment. Principal due at maturity. | ||||||||||
[32] | Quarterly interest payments. Principal to start amortizing 15 months from initial utilization date (IUD) as follows: 4.5% of loan balance quarterly until IUD + 27 months, then 6.5% of loan balance quarterly until IUD + 48 months, thereafter 7.5% of loan balance quarterly until maturity. | ||||||||||
[33] | Investment on non-accrual status. | ||||||||||
[34] | Principal and interest paid at maturity. | ||||||||||
[35] | 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. | ||||||||||
[36] | During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019. | ||||||||||
[37] | The Company extended the maturity dates of these investments during the fourth quarter of 2019 to 4/30/2020. | ||||||||||
[38] | 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. | ||||||||||
[39] | During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. | ||||||||||
[40] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | ||||||||||
[41] | 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. | ||||||||||
[42] | This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”). During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information. | ||||||||||
[43] | 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 fund advised by 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. | ||||||||||
[44] | 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. | ||||||||||
[45] | $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | Jul. 31, 2019USD ($) | Apr. 01, 2019 | Oct. 31, 2017 | Mar. 31, 2019USD ($) | Sep. 30, 2018 | Dec. 31, 2019USD ($)Installment | Dec. 31, 2018USD ($)Installment | |||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | ||||||||||
Original drawdown date | Aug. 10, 2017 | |||||||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loans | ||||||||||
Principal and accrued interest partial repayment received | $ 1,800,000 | |||||||||
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loans [Member] | ||||||||||
Principal and accrued interest payment description | 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 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 Amount | [1] | $ 5,612,436 | [2] | $ 6,840,000 | [3] | |||||
Maturity | [1],[4] | Feb. 11, 2021 | [2] | Feb. 10, 2021 | [3] | |||||
Interest | [1] | 11.50% | [2] | 11.50% | [3] | |||||
Brazil [Member] | Usivale Industria E Commercio | Agricultural Products [Member] | Sugar Producer [Member] | ||||||||||
Extended maturity date | Feb. 28, 2021 | |||||||||
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | 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 | [1],[5] | $ 12,762,670 | $ 12,762,670 | |||||||
Maturity | [1],[4],[5] | Sep. 16, 2020 | Sep. 16, 2020 | |||||||
Interest | [1],[5] | 12.94% | 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 III [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Principal Amount | [1],[6] | $ 838,967 | [7] | $ 1,275,451 | [8] | |||||
Maturity | [1],[4],[6] | Apr. 30, 2020 | [7] | Mar. 27, 2019 | [8] | |||||
Interest | [1],[6] | 9.00% | [7] | 16.77% | [8] | |||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader Second | Senior Secured Trade Finance Participations [Member] | ||||||||||
Maturity | Apr. 30, 2020 | Mar. 27, 2019 | ||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Principal Amount | [1],[6] | $ 675,256 | [7] | $ 448,697 | [9] | |||||
Maturity | [1],[4],[6],[7] | Apr. 30, 2020 | ||||||||
Investment maturity | 2018-12 | |||||||||
Interest | [1],[6] | 9.00% | [7] | 16.77% | [9] | |||||
Purchase of investments | $ 147,679 | |||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||||||
Maturity | [1],[4],[6],[9] | Dec. 27, 2018 | ||||||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||||||
Maturity | [1],[4],[6],[9] | Mar. 27, 2019 | ||||||||
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Short Term Investments [Member] | ||||||||||
Principal Amount | [1],[10] | $ 394,946 | ||||||||
Interest | [1],[10] | 15.34% | ||||||||
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Three Months London Interbank Offered Rate L I B O R | Short Term Investments [Member] | ||||||||||
Interest | 13.00% | |||||||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | ||||||||||
Extended maturity date | Aug. 31, 2022 | |||||||||
Entire principal amount | $ 1,070,000 | |||||||||
Principal and interest starting date | Jan. 31, 2021 | |||||||||
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||
Principal Amount | [1] | $ 15,000,000 | [11] | $ 18,527,237 | [12] | |||||
Maturity | [1],[4] | Nov. 12, 2022 | [11] | Aug. 31, 2022 | [12] | |||||
Interest | [1] | 12.46% | [11] | 12.90% | [12] | |||||
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||||||
Percentage of quarterly principal payment | 30.00% | |||||||||
Principal payment start date | Jun. 30, 2020 | |||||||||
Principal payment end date | Jun. 30, 2021 | |||||||||
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||
Principal Amount | [1] | $ 16,834,571 | [13] | $ 16,168,797 | [14] | |||||
Maturity | [1],[4] | Aug. 15, 2021 | [13] | Aug. 15, 2021 | [14] | |||||
Namibia [Member] | Trustco Group Limited | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||||||
Entire principal amount | $ 2,143,500 | |||||||||
Principal and interest starting date | Feb. 15, 2020 | |||||||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loans [Member] | ||||||||||
Investment premium included in fair value | $ 228,027 | |||||||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||
Principal Amount | [1],[15] | $ 8,519,535 | [16] | $ 8,034,348 | [17] | |||||
Investment premium included in fair value | $ 228,027 | |||||||||
Maturity | [1],[4],[15] | Jan. 23, 2021 | [16] | Jan. 23, 2021 | [17] | |||||
China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member] | ||||||||||
Principal Amount | [1],[18] | $ 10,000,000 | ||||||||
Number of quarterly installments for repayment of principal | Installment | 4 | 4 | ||||||||
Maturity | [1],[4],[18] | Jun. 22, 2021 | ||||||||
Interest | [1],[18] | 12.00% | ||||||||
Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member] | ||||||||||
Principal Amount | [1],[19] | $ 10,000,000 | ||||||||
Maturity | [1],[4],[19] | Jun. 22, 2021 | ||||||||
Interest | [1],[19] | 12.00% | ||||||||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Term Loans [Member] | ||||||||||
Principal Amount | [1],[19] | $ 15,891,820 | $ 15,000,000 | |||||||
Number of quarterly installments for repayment of principal | Installment | 4 | 4 | ||||||||
Maturity | [1],[4],[19] | Dec. 28, 2020 | Dec. 27, 2020 | |||||||
Interest | [1],[19] | 11.50% | 11.50% | |||||||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Principal Amount | [1] | $ 16,456,270 | [6] | $ 15,000,000 | [20],[21] | |||||
Maturity | [1],[4] | May 4, 2020 | [6] | Jun. 30, 2019 | [20],[21] | |||||
Interest | [1] | 11.50% | [6] | 11.50% | [20],[21] | |||||
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 | Jan. 2, 2019 | Jan. 2, 2019 | ||||||||
Investment maturity | 2019-12 | 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. 14, 2019 | Feb. 14, 2019 | ||||||||
Investment maturity | 2020-02 | 2020-02 | ||||||||
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Principal Amount | [1],[6],[22] | $ 7,000,000 | ||||||||
Interest | [1],[6],[22] | 10.00% | ||||||||
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||||||
Maturity | Apr. 10, 2019 | Jan. 20, 2019 | [1],[4],[6],[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 | May 3, 2019 | Feb. 1, 2019 | [1],[4],[6],[22] | |||||||
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 | [1],[23],[24] | $ 35,838 | $ 35,838 | |||||||
Maturity | [1],[4],[23],[24] | Jun. 19, 2019 | Jun. 19, 2019 | |||||||
Interest | [1],[23],[24] | 9.00% | 9.00% | |||||||
Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | Senior Secured Term Loans [Member] | ||||||||||
Principal Amount | [1],[25] | $ 15,000,000 | $ 15,000,000 | |||||||
Number of quarterly installments for repayment of principal | Installment | 5 | 5 | ||||||||
Maturity | [1],[4],[25] | Mar. 31, 2021 | Mar. 31, 2020 | |||||||
Interest | [1],[25] | 12.00% | 12.00% | |||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Principal Amount | [1] | $ 10,413,683 | [26] | $ 10,718,201 | [8] | |||||
Maturity | [1],[4] | Aug. 31, 2019 | [26] | Mar. 27, 2019 | [8] | |||||
Interest | [1],[26] | 16.42% | ||||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||||||
Interest | [1],[8] | 16.42% | ||||||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||||||
Maturity | Apr. 30, 2020 | |||||||||
Interest | [1],[8] | 17.50% | ||||||||
Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||
Principal Amount | [1] | $ 17,290,000 | [27] | $ 19,000,000 | [17] | |||||
Maturity | [1],[4] | Mar. 28, 2023 | [27] | Mar. 28, 2023 | [17] | |||||
Principal amount, amortization period, from initial utilization date | 15 months | |||||||||
Quarterly amortization percentage, until IUD + 27 Months | 4.50% | |||||||||
Quarterly amortization percentage, until IUD + 48 Months | 6.50% | |||||||||
Quarterly amortization percentage, thereafter | 7.50% | |||||||||
Interest | [1] | 12.35% | [27] | 12.35% | [17] | |||||
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 | [1] | $ 19,807,750 | [28],[29] | $ 19,115,803 | [30] | |||||
Number of quarterly installments for repayment of principal | Installment | 4 | |||||||||
Maturity | [1],[4] | Oct. 15, 2023 | [28],[29] | Oct. 15, 2023 | [30] | |||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | Senior Secured Term Loan Participations [Member] | ||||||||||
Principal Amount | [1],[6] | $ 8,275,000 | ||||||||
Maturity | [1],[4],[6] | Aug. 20, 2021 | ||||||||
Interest | [1],[6] | 15.00% | ||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | Short Term Investments [Member] | ||||||||||
Principal Amount | [1],[20],[31] | $ 4,000,000 | ||||||||
Maturity | [1],[4],[20],[31] | Dec. 26, 2018 | ||||||||
Interest | [1],[20],[31] | 10.50% | ||||||||
Purchase of investments | $ 2,000,000 | $ 2,000,000 | ||||||||
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B [Member] | Short Term Investments [Member] | Maximum [Member] | ||||||||||
Maturity | Jul. 31, 2019 | |||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | ||||||||||
Extended maturity date | Jun. 30, 2019 | |||||||||
Entire principal amount | $ 1,749,000 | |||||||||
Principal Amount | [1],[20],[32] | $ 6,029,026 | ||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | ||||||||||
Maturity | [1],[4],[20],[32] | Jan. 7, 2019 | ||||||||
Interest | [1],[20],[32] | 12.00% | ||||||||
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | ||||||||||
Maturity | [1],[4],[20],[32] | Feb. 14, 2019 | ||||||||
Interest | [1],[20],[32] | 13.00% | ||||||||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||||||||
[2] | Two-thirds and one-third of the principal and accrued interest to be paid on the 30th and 42nd months after original drawdown date of 8/10/2017, respectively. Subsequent to 9/30/2019, $1.8 million was received as partial repayment. | |||||||||
[3] | 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. | |||||||||
[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] | 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. | |||||||||
[6] | Principal and interest paid at maturity. | |||||||||
[7] | The Company extended the maturity dates of these investments during the fourth quarter of 2019 to 4/30/2020. | |||||||||
[8] | During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. | |||||||||
[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] | 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. | |||||||||
[11] | Semi-annual interest payments. Semi-annual principal payment of $1.07 million starting January 31, 2021 with remaining balance due at maturity. | |||||||||
[12] | 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. | |||||||||
[13] | Quarterly interest payments. Principal payments of 30% of total principal balance disbursed to be repaid on 6/30/2020 and 6/30/2021, with the remaining principal to be paid at maturity. | |||||||||
[14] | Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020. | |||||||||
[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] | Semi-annual interest only payment. Principal due at maturity. | |||||||||
[17] | Quarterly interest only payment. Principal due at maturity. | |||||||||
[18] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | |||||||||
[19] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | |||||||||
[20] | Principal and interest paid at maturity. | |||||||||
[21] | 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. | |||||||||
[22] | During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019. | |||||||||
[23] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | |||||||||
[24] | Monthly interest only payment. Principal due at maturity. | |||||||||
[25] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020. | |||||||||
[26] | Watch List investment. Refer to Note 3 for additional information. | |||||||||
[27] | Quarterly interest payments. Principal to start amortizing 15 months from initial utilization date (IUD) as follows: 4.5% of loan balance quarterly until IUD + 27 months, then 6.5% of loan balance quarterly until IUD + 48 months, thereafter 7.5% of loan balance quarterly until maturity. | |||||||||
[28] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020. | |||||||||
[29] | 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. Funds were fully disbursed out of escrow during the first quarter 2019. | |||||||||
[30] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in October 2020. | |||||||||
[31] | $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. | |||||||||
[32] | 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. |
Organization and Operations of
Organization and Operations of the Company | 12 Months Ended |
Dec. 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 business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, 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 SEC. TriLinc Global, LLC (the “Sponsor”) is the sponsor of the Company and employs staff who operate both the Advisor and the Company. Until July 2019, the Sponsor owned 85% of the units of the Advisor and Strategic Capital Advisory Services, LLC (“SCAS”) owned 15% of the Advisor. SCAS was 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 July 2019, the Sponsor acquired SCAS’ 15% ownership interest in the Advisor. As a result, the Sponsor now owns 100% of the Advisor and SCAS is no longer considered to be an affiliate of the Company. 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 December 31, 2019, the Company raised an additional $88,408,000 pursuant to a private placement and $28,297,000 pursuant to the DRP for the gross proceeds of $478,481,000 as of December 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 (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 December 31, 2019, the Company has made, through its subsidiaries, loans in several countries located in Europe, South America, Asia and Africa. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies . The 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 and reclassifications 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 United States of America. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as interest 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. Interest Valuation of Investments The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement guidance 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. In addition, the Company engaged an 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 material investments on the Watch List. 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. The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any 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 or net recovery 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 • Applicable global interest rates • Impact of investments placed on non-accrual status 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 years ended December 31, 2019 and 2018, the Company earned and capitalized PIK interest of $10,380,892 and $4,754,257, respectively. Distribution and Ongoing Dealer Manager Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. 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 December 31, 2019 and 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $616,000 and $1,172,000, respectively, the unpaid dealer manager fees for Class I units amounted to $29,000 and $55,000, respectively, and the unpaid dealer manager and service fees for Class W units amounted to $2,000 and $3,000, respectively. 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 Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of December 31, 2019 and 2018, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2016. 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 December 31, 2019, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units and Class Z units. All units participate in the Company’s income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of December 31, 2019 and 2018, under GAAP, the Company recorded a liability in the aggregate amount of $647,000 and $1,230,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value per unit under GAAP and therefore, 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 fees that may become payable after such date. As a result, as of December 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 $8.024, Net Income per Unit Basic net income per unit is computed by dividing net income by the weighted average number of members’ units outstanding during the period. Diluted net income per unit is computed by dividing net income 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 December 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. Operating Expense Responsibility Agreement On March 26, 2018, the Advisor and the Sponsor entered into the 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 had 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 Fund’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 Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our 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, we 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 our behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. Recently Issued Accounting Pronouncements 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. In October 2019, the FASB extended the effective date for smaller reporting companies to fiscal years beginning after December 15, 2022. 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. 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 believes that the adoption of ASU 2018-13 will not have a material impact on its consolidated financial statements . Concentrations and Risks 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 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 was the sub-advisor with respect to seven of the thirteen 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 was 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. The majority of the Company’s investments are in the form of participation interests, in financing facilities originated by one of the Company’s sub-advisors. Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate. The Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may expose us to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral. To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase. At December 31, 2019, the Company’s largest loan by value was $24,685,841 or 7.3% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $96,002,144, representing 28.2% of total investments. Participation in loans amounted to 74.1% of the Company’s total portfolio at December 31, 2019. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of December 31, 2019, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 83,627,340 $ 83,353,208 24.5 % Senior secured term loan participations 179,588,536 180,500,425 53.1 % Senior secured trade finance participations 83,135,943 71,606,458 21.0 % Other investments 6,000,000 3,758,063 1.1 % Equity warrants - 1,080,222 0.3 % Total investments $ 352,351,819 $ 340,298,376 100.0 % 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 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 investments have up to a year or more of accrued interest receivable as of December 31, 2019. In addition, certain of the Company’s investment in term loans accrue deferred interest, which is not payable until the maturity of the loans. Deferred interest included in the interest receivable balance as of December 31, 2019 and 2018 amounted to $2,796,466 and $2,413,894, respectively. The Company’s interest receivable balances at December 31, 2019 and 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. In terms of underwriting, particular consideration is given to the following: • nature of the goods or transaction being financed, • the terms associated with the sale and repayment of the goods, • the execution risk associated with producing, storing and shipment of the goods, • the financial and performance profile of both the borrower and end buyer(s), • the underlying advance rate and subsequent 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 on borrowers, 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 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. The Company places an investment on the Watch List when it believes the investment has material performance weakness driven by company-specific and macro events that may affect the timing of future cash flows. 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 and potential or ongoing litigation). As of December 31, 2019 and 2018, respectively, the Company had 13 and 12 Watch List investments. The Company’s investment in Kinder Investment Ltd. was removed from the Watch List as of April 1, 2019. In the third and fourth quarters of 2019, respectively, the Company’s investment in Producam SA and Conplex International Ltd. were added to the Watch List. 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 was the sub-advisor with respect to seven of the twelve investments that the Company has deemed Watch List investments. The Company is aware that IIG has substantially wound down its business. Further, the Company has learned that IIG Trade Opportunities Fund N.V. (“IIG TOF N.V.”), a fund that was advised by IIG from whom the Company purchased certain participations as described below, has been placed into bankruptcy proceedings in Curacao involuntarily by certain of its equity investors. In addition, on December 11, 2019, a subsidiary of the Company, filed an application in Amsterdam District Court to declare IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of IIG TOF N.V that also was advised by IIG and from whom the Company purchased certain participations as described below, bankrupt. On January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator. 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 was 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. The Company has not received any material updated information from IIG concerning the investments for which IIG was the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information. Accordingly, the summaries of the investments for which IIG was the sub-advisor may not be up-to-date or complete. The Company has updated the summaries to the best of its knowledge and has requested updated and accurate reporting with respect to each investment from IIG, but IIG has not provided the information to the Company. Please see Note 5 – Contingences for a description of an arbitration proceeding the Company has filed against IIG. IIG was the sub-advisor for the following Watch List Investments as of December 31, 2019: Portfolio Company Principal balance Fair value Accrued interest Valuation technique Procesos Fabriles S.A. $ 881,800 $ 10,504 $ — Collateral based approach Algodonera Avellaneda S.A. 6,000,000 3,398,558 778,500 Income approach IIG TOF B.V. receivable 6,000,000 3,758,063 572,000 Income approach Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay . 9,000,000 6,240,961 264,500 Income approach Compania Argentina de Granos S.A. 12,500,000 9,839,958 — Income approach Sancor Cooperativas Unidas Ltda 6,000,000 4,719,383 442,805 Hybrid income/collateral based approach Functional Products Trading S.A. 1,326,687 1,269,586 220,882 Income approach Total $ 41,708,487 $ 29,237,013 $ 2,278,687 Procesos Fabriles S.A . In October 2015, the Company purchased a Participation in a trade finance facility originated by 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 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 is near the final stages of being restructured to a Participation in a term loan. The Company is currently in discussions with IIG regarding a potential assignment of the Company’s portion of the underlying trade finance facility. As of the date of this filing, completion of restructuring is unlikely, and, as such, the Company has valued this investment utilizing the collateral based approach, in accordance with its valuation policy. The fair value reflects a significant discount based upon the Company’s belief that liquidation of collateral will ultimately be required, complicated by the bankruptcy proceedings and the Company’s ongoing legal dispute with IIG. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for each of the years ended December 31, 2019 and 2018 amounted to $110,420. 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 IIG TOF N.V that was 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. 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. 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 included 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 (defined below) and FRIAR (defined below)). The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also included a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG 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. The Company has been informed by IIG’s legal counsel that the commercial court proceedings have been terminated due to the parties having reached a settlement. The Company has also been told by IIG’s legal counsel that the settlement proceeds have been placed in an escrow account, however, the Company has not received a copy of the settlement agreement, does not know the amount received in the settlement, and does not know when or if it will receive any of the settlement proceeds. Accordingly, the Company does not know with certainty any amount that it may receive from the settlement. As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above. Given that a settlement has been reached, as described above, the Company has applied a discount to the fair value to account for the inherent uncertainty regarding the amounts that may be recoverable by the Company from the settlement. Taking the factors described above into consideration, the Company believes, that as of December 31, 2019, the most appropriate valuation method is the income approach. 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 year ended December 31, 2019 amounted to $547,500. 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 Commercial S.A. (“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 three interest payments 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 Annual Report on Form 10-K. 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 and taking the factors described above into consideration, the Company believes, that as of December 31, 2019, the most appropriate valuation method is the income approach. Although a senior executive at IIG 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 above, 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, which risk is enhanced by the fact that IIG has substantially wound down its business, as well as the uncertainty of the ultimate resolution of the Company’s legal dispute with IIG. 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 $532,292 and $268,333 for the years ended December 31, 2019 and 2018, respectively. 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. 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 were 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 disputed 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. Starting with the quarter ended June 30, 2018, the Company believed that the most appropriate valuation method was a combination of the collateral based approach and the income approach. The Company continued 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 because the parties have reached a settlement as described above. Taking the factors described above into consideration, the Company believes, that as of December 31, 2019, the most appropriate valuation method is a hybrid of the income approach and the 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, a settlement has been reached among the parties as described above; therefore, the Company has applied a discount to the fair value to account for the inherent uncertainty regarding the amount that may be recoverable by the Company from the settlement. The Company determined that the most appropriate method to calculate the fair value of this investment as of December 31, 2019 is the income approach. 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 each of the years ended December 31, 2019 and 2018 amounted to $1,049,375. 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. 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 would 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. As noted above, IIG has substantially wound down its business, which could put the finalization of a settlement at risk, if the settlement has not already been finalized. As of the date of this report, the Company does not know if the preliminary settlement has been finalized and details of the terms of the preliminary settlement were not available. 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 decided that starting with the quarter ended June 30, 2018, the collateral based approach was 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 further modified the valuation approach for this investment to the income approach. The Company has estimated the fair value of the principal amount of this investment as of December 31, 2019 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring (including the risk that the restructuring may not be completed, given that IIG has substantially wound down its business) and the ultimate resolution of the Company’s ongoing legal dispute with IIG. 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 $1,324,392 and $667,639 for the years ended December 31, 2019 and 2018, respectively. 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. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option. Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this report, the Company believes, based on reports in the media, that Sancor will be sold. In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors but the Company has not received any payment since that announcement. Due to the uncertainty associated with the timing and final terms of a full asset sale, which is further made uncertain due to IIG having substantially wound down its business, the Company believes the most appropriate valuation method continues to be a hybrid of the income approach and the collateral based approach as of December 31, 2019, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale and the uncertainty regarding the ultimate resolution of the Company’s ongoing legal dispute with IIG. The Company placed Sancor on non-accrual status effective October 1, 2019 and interest not recorded relative to the original ter |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 as of December 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 83,353,208 $ — $ — $ 83,353,208 Senior secured term loan participations 180,500,425 — — 180,500,425 Senior secured trade finance participations 71,606,458 — — 71,606,458 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,080,222 — — 1,080,222 Total $ 340,298,376 $ — $ — $ 340,298,376 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 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 year ended December 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 December 31, 2019 Senior secured term loans $ 88,858,707 $ — $ (10,101,419 ) $ 4,870,051 $ (274,131 ) $ — $ 83,353,208 Senior secured term loan participations 189,157,819 33,725,000 (47,837,782 ) 5,060,442 — 394,946 180,500,425 Senior secured trade finance participations 80,236,312 3,068,756 (10,374,878 ) 1,458,105 (2,781,837 ) — 71,606,458 Short term and other investments 13,644,683 1,000,000 (8,737,736 ) — (1,753,938 ) (394,946 ) 3,758,063 Equity warrants 1,080,222 — — — — — 1,080,222 Total $ 372,977,743 $ 37,793,756 $ (77,051,815 ) $ 11,388,598 $ (4,809,906 ) $ - $ 340,298,376 The following is a reconciliation of activity for the year ended December 31, 2018 of investments classified as Level 3: Fair Value at December 31, 2017 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Transfers Fair Value at December 31, 2018 Senior secured term loans $ 78,573,493 $ 28,088,396 $ (19,173,514 ) $ 2,773,800 $ — $ (1,403,468 ) $ 88,858,707 Senior secured term loan participations 119,165,378 59,776,828 (17,827,932 ) 2,535,023 — 25,508,522 $ 189,157,819 Senior secured trade finance participations 105,030,621 93,378,531 (102,984,266 ) — (8,688,574 ) (6,500,000 ) $ 80,236,312 Short term investments 32,500,000 25,737,737 (26,500,000 ) — (488,000 ) (17,605,054 ) $ 13,644,683 — — — — 1,080,222 — $ 1,080,222 Total $ 335,269,492 $ 206,981,492 $ (166,485,712 ) $ 5,308,823 $ (8,096,352 ) $ — $ 372,977,743 There were no realized gains or losses for any of our investments classified as Level 3 during the years ended December 31, 2019 and 2018. As of December 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 December 31, 2019: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 70,792,700 Income approach (DCF) Market yield 9.0% - 16.8% (12.7%) Senior secured trade finance participations (1) $ 813,758 Collateral based approach Value of collateral (collateral coverage) 1.0x - 1.1x Senior secured term loans $ 83,353,208 Income approach (DCF) Market yield 10.0% - 14.5% (12.4%) Senior secured term loan participations $ 180,500,425 Income approach (DCF) Market yield 11.0% - 15.9% (13.0%) Other investments (3) $ 3,758,063 Hybrid income/collateral based approach Market yield / value of collateral 8.75% Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A The significant unobservable inputs used in the fair value measurement of the Company’s debt investments are primarily market yields. Significant increases in market yields would result in significantly lower fair value measurements. (1) Collateral based approach used for the following watch list investments: Profasa and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for Algodonera, FRIAR, CAGSA, and Functional and a hybrid of the collateral based approach and the income approach for Sancor and Mac Z, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” (3) Receivable from IIG TOF B.V. using additional discount rate of 20% 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%) Other 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 for the following 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, using additional unobservable inputs including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. (3) Receivable from IIG TOF B.V. The significant unobservable inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements. For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3. |
Contingencies and Related Parti
Contingencies and Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Contingencies And Related Parties [Abstract] | |
Contingencies and Related Parties | Note 5. Contingencies and Litigation On April 18, 2019, the Company, through its wholly-owned subsidiary, commenced an arbitration proceeding against IIG and IIG TOF B.V., asserting claims for breach of contract, breach of fiduciary duty, conversion and unjust enrichment. These claims were related to IIG’s failure to repay the Company for certain Participations. There can be no assurance as to when or if the Company will obtain a judgment in its arbitration against IIG and IIG TOF B.V. Agreements Advisory Agreement The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 25, 2021. 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, asset management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk. If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee which is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income. An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the years ended December 31, 2019 and 2018. Transactions For the years ended December 31, 2019 and 2018, the Advisor earned $7,702,572 and $7,971,062, respectively, in asset management fees and $5,730,748 and $6,212,931, respectively, in incentive fees. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, 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. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. The Company did not meet the Reimbursement Hurdle for any of the quarters during 2019 and the quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which have not been reimbursed to the Sponsor nor recorded by the Company. In accordance with ASC 450, Contingencies, As of December 31, 2019 and 2018, due from affiliates on the Consolidated Statement of Assets and Liabilities consisted of $4,240,231 due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business. For the year ended December 31, 2019 , . |
Organization and Offering Costs
Organization and Offering Costs | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of December 31, 2019, the Sponsor has paid approximately $17,522,000 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. Such amounts include approximately $66,300 and $115,600, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2019 and 2018. During the years ended December 31, 2019 and 2018, the Company paid $26,690 and $54,616, 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 December 31, 2018, the Company has reimbursed the Sponsor a total of $17,237,807 of offering costs and organization costs and there is a remaining balance of approximately $520,600 of offering costs that have not been reimbursed to the Sponsor as of December 31, 2019. |
Promissory Notes
Promissory Notes | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instruments [Abstract] | |
Promissory Notes | Note 7. Promissory Notes The Company notes payable consist of the following: December 31, 2019 December 31, 2018 Outstanding Balance Outstanding Balance Promissory notes $ — $ 125,000 Symbiotics facility — 22,750,000 Christian Super promissory note 5,000,000 10,000,000 Total notes payable $ 5,000,000 $ 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 an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates. The Notes issued on October 14, 2016 comprised the first series of the Notes. The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time of 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 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% at the time of issuance) as determined on their issuance date. The Company raised a total of $1.86 million in the offering of the Notes, all of which were repaid as of the first quarter of 2019. In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC. The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. The mortgage was released in connection with the repayment of the Notes. 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 had an interest rate of 4.65% per annum plus the three month LIBOR (2.44% as of December 31, 2018) and was payable quarterly in arrears within 15 days after the end of each calendar quarter. The entire principal balance under the Facility Agreement (and any unpaid interest) was due in one balloon payment on July 7, 2020 (the “Maturity Date”). TGIFC’s obligation under the Facility Agreement was 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. On July 15, 2019, the Company repaid the entire principal balance of $22,750,000 that was due under the Facility Agreement. 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 had an interest rate of 4.0% per annum plus one-year LIBOR (2.82% as of December 31, 2018) and was payable quarterly in arrears within 15 days after the end of each calendar quarter. The entire principal balance under the CS Note (and any unpaid interest) was 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 could be prepaid prior to the maturity date without premium or penalty. In September 2019, the Company repaid the entire principal amount of $5 million that was due under the CS Note. 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 (2.00% as of December 31, 2019) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the 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 Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. For the years ended December 31, 2019 and 2018, the Company recognized $1,660,095 and $1,964,776, 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 2020 $ — 2021 5,000,000 Thereafter - $ 5,000,000 |
Unit Capital
Unit Capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of December 31, 2019, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y units 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 December 31, 2019 and 2018, the Company had recorded a liability in the aggregate amount of $647,000 and $1,230,000, respectively, for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of December 31, 2019 is calculated based on a net asset value per Class C, Class I and Class W units of $8.105, which was the net asset value at September 30, 2019, 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 transactions with respect to the Company’s units during the year ended December 31, 2019: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During December 31, 2018 the Period the Period 2019 Class A units 17,966,563 542,410 (647,661 ) 17,861,312 Class C units 8,238,094 276,162 (446,469 ) 8,067,787 Class I units 10,555,022 342,055 (428,915 ) 10,468,162 Class W units 24,555 - - 24,555 Class Y units 1,165,675 132,222 - 1,297,897 Class Z units 5,965,037 2,458,814 - 8,423,851 Total 43,914,946 3,751,663 (1,523,045 ) 46,143,564 The total of 3,751,663 units issued during the year ended December 31, 2019 included 1,161,349 units issued under the DRP at a value of $9,507,647. Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Repurchases for the first, second, third and fourth quarters of 2019 were repurchased at a price equal to $8.227, $8.160, $8.134 and $8.105, respectively per unit, which was the net asset value per unit of each class as of December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively, and the most recently disclosed net asset value per unit at the time of repurchase in each respective quarter. 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. For the year ended December 31, 2019, the Company had received and processed 412 repurchase requests. The Company repurchased a total of 1,523,045 units for a total of $12,440,304. For the year ended December 31, 2018, the Company had received and processed 331 repurchase requests. The Company repurchased a total of 1,684,339 units for a total of $14,196,264. The following table is a summary of the units issued during the year ended December 31, 2018: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During December 31, 2017 the Period the Period 2018 Class A units 18,240,073 581,230 (854,740 ) 17,966,563 Class C units 8,411,343 303,258 (476,507 ) 8,238,094 Class I units 10,442,009 463,737 (350,724 ) 10,555,022 Class W units - 24,555 - 24,555 Class Y units 1,089,678 78,365 (2,368 ) 1,165,675 Class Z units - 5,965,037 - 5,965,037 Total 38,183,103 7,416,182 (1,684,339 ) 43,914,946 |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Distributions | Note 9. Distributions Since July 2013, the Company has paid monthly distributions for all classes of units. For the years ended December 31, 2019 and 2018, the distributions were calculated based on unitholders of record for each day in an amount equal to the rate shown in the table below, less ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units. . The following table summarizes the distributions paid for the years ended December 31, 2019 and 2018. Daily Rate Cash Distributions Total Month 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 April 30, 2019 March 29, 2019 $ 0.00168675 1,434,307 770,273 2,204,580 May 31, 2019 May 8, 2019 $ 0.00168675 1,469,421 813,801 2,283,222 June 30, 2019 June 13, 2019 $ 0.00168675 1,424,690 789,115 2,213,805 July 31, 2019 July 9, 2019 $ 0.00168675 1,470,079 805,084 2,275,163 August 31, 2019 August 9, 2019 $ 0.00168675 1,508,463 809,090 2,317,553 September 30, 2019 September 10, 2019 $ 0.00168675 1,551,709 777,018 2,328,727 October 31, 2019 October 9, 2019 $ 0.00168675 1,600,317 798,818 2,399,135 November 30, 2019 November 8, 2019 $ 0.00168675 1,554,457 771,600 2,326,057 December 31, 2019 December 6, 2019 $ 0.00168675 1,614,937 795,293 2,410,230 Total for 2019 $ 17,912,536 $ 9,507,647 $ 27,420,183 January 31, 2018 January 16, 2018 $ 0.00197808 $ 1,352,380 $ 988,859 $ 2,341,239 February 28, 2018 February 14, 2018 $ 0.00197808 1,544,374 895,266 2,439,640 March 31, 2018 March 25, 2018 $ 0.00168675 1,504,523 818,399 2,322,922 April 30, 2018 April 10, 2018 $ 0.00168675 1,433,555 800,072 2,233,627 May 31, 2018 May 8, 2018 $ 0.00168675 1,489,550 827,922 2,317,472 June 30, 2018 June 12, 2018 $ 0.00168675 1,441,941 805,860 2,247,801 July 31, 2018 July 10, 2018 $ 0.00168675 1,476,115 826,006 2,302,121 August 31, 2018 August 8, 2018 $ 0.00168675 1,482,246 825,588 2,307,834 September 30, 2018 September 11, 2018 $ 0.00168675 1,435,550 800,025 2,235,575 October 31, 2018 October 18, 2018 $ 0.00168675 1,471,122 820,705 2,291,827 November 30, 2018 November 9, 2018 $ 0.00168675 1,426,113 796,317 2,222,430 December 31, 2018 December 11, 2018 $ 0.00168675 1,478,140 822,629 2,300,769 Total for 2018 $ 17,535,609 $ 10,027,648 $ 27,563,257 |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights of the Company for the years ended December 31, 2019 and 2018. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes. Twelve months ended December 31, December 31, 2019 2018 Per unit data (1): Net asset value at beginning of period $ 8.20 $ 8.42 Net investment income $ 0.52 $ 0.57 Net change in unrealized depreciation on investments $ (0.11 ) $ (0.19 ) Net increase in net assets resulting from operations $ 0.41 $ 0.38 Distributions $ (0.61 ) $ (0.63 ) Net change in accrued distribution and other fees $ 0.02 $ 0.03 Net decrease in net assets $ (0.19 ) $ (0.22 ) Net asset value at end of period (2) $ 8.01 $ 8.20 Total return based on net asset value (3) 4.98 % 4.55 % Net assets at end of period $ 369,595,560 $ 360,070,359 Units Outstanding at end of period 46,143,564 43,914,946 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.32 % 7.01 % Ratio of net operating expenses to average net assets 5.61 % 5.71 % 1 The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2019 and 2018, which were 44,707,581 and 43,723,569, respectively. 2 For financial statement reporting purposes under GAAP, as of December 31, 2019 and 2018, the Company recorded a liability in the amount of $647,000 and $1,230,000 , 3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the year ended December 31, 2018, prior to the effect of the Responsibility Agreement were as follows: total return: 4.66%, ratio of net investment income: 7.12%, and ratio of net expenses to average net assets: 5.60%. |
Selected Quarterly Data
Selected Quarterly Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | Note 11. Selected Quarterly Data (Unaudited) 2019 Q4 Q3 Q2 Q1 Total investment income $ 10,440,924 $ 10,704,408 $ 11,085,298 $ 11,294,500 Net investment income $ 5,926,904 $ 5,959,654 $ 5,334,853 $ 5,834,051 Net change in unrealized appreciation (depreciation) on investments $ (2,559,508 ) $ (347,218 ) $ 243,836 $ (2,147,016 ) Foreign exchange gain (loss) $ 4,002 $ (5,994 ) $ 1,285 $ (1,008 ) Net increase in net assets resulting from operations $ 3,371,398 $ 5,606,442 $ 5,579,974 $ 3,686,027 Basic and diluted earnings per unit $ 0.07 $ 0.13 $ 0.12 $ 0.13 Net asset value per unit as of the end of the quarter $ 8.01 $ 8.09 $ 8.11 $ 8.14 2018 Q4 Q3 Q2 Q1 Total investment income $ 11,646,953 $ 11,145,704 $ 12,132,475 $ 10,181,734 Net investment income $ 6,517,696 $ 5,921,240 $ 6,799,009 $ 5,614,026 Net change in unrealized appreciation (depreciation) on investments $ (5,296,528 ) $ 1,080,222 $ (3,030,543 ) $ (849,503 ) Foreign exchange gain (loss) $ (1,730 ) $ (650 ) $ (49,701 ) $ 40,174 Net increase in net assets resulting from operations $ 1,219,438 $ 7,000,812 $ 3,718,765 $ 4,804,697 Basic and diluted earnings per unit $ 0.03 $ 0.16 $ 0.08 $ 0.11 Net asset value per unit as of the end of the quarter $ 8.20 $ 8.36 $ 8.35 $ 8.42 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 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 January 1 through March 31, 2020. 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 January and February totaled $1,569,654 and $1,475,238, respectively. With respect to unitholders participating in the Distribution Reinvestment Plan, $793,883 and $742,759 of the distributions for January and February, respectively, were reinvested in units. The March 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 April 1, 2020 or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. Investments Subsequent to December 31, 2019 through March 27, 2020, the Company funded approximately $21.00 million in new loans and received proceeds from repayment of loans of approximately $27.7 million. Agreements On February 20, 2020, the Company’s board of managers determined to extend the Advisory Agreement until February 25, 2021. New Net Asset Value Per Unit On March 26, 2020, the Company’s board of managers determined a new estimated net asset value per unit as of December 31, 2019 of each of the Class A, Class C, Class I, Class W, Class Y and Class Z units of $8.024. See Note 2 for additional information. Coronavirus Outbreak Subsequent to December 31, 2019, there was a global outbreak of COVID-19 (more commonly referred to as the Coronavirus), which continues to adversely impact many industries and businesses directly or indirectly. Adverse impacts include disrupted global travel and supply chains, which adversely impact global commercial activity. Many businesses across the globe, first in Asia, then in Europe, and now in the United States, have seen a downturn in production and productivity due to the suspension of business and temporary closure of offices and factories in an attempt to curb the spread of the Coronavirus. Any of these adverse developments could have a material adverse effect on our business, financial condition and results of operations. In addition, the extent of the impact of COVID-19 on the Company borrowers’ business, financial condition and results of operations may result in their inability to make required payments in the near term which could impact the fair value of the Company’s investments. The Company is managing the situation through active engagement with its borrowers and is analyzing the potential effects COVID-19 may have on the portfolio or any potential capital deployments. Additionally, our Advisor has implemented its business continuity plan and additional procedures designed to protect against the introduction of the coronavirus to the workforce, including permitting and encouraging employees to work remotely, temporarily ceasing travel and significantly enhanced office sterilization procedures to minimize the probability of contagion. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies . The 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 and reclassifications 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 United States of America. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. |
Revenue Recognition | Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as interest 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. Interest |
Valuation of Investments | Valuation of Investments The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement guidance 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. In addition, the Company engaged an 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 material investments on the Watch List. 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. The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith; 3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any 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 or net recovery 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 • Applicable global interest rates • Impact of investments placed on non-accrual status 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 years ended December 31, 2019 and 2018, the Company earned and capitalized PIK interest of $10,380,892 and $4,754,257, respectively. |
Distribution and Ongoing Dealer Manager Fees | Distribution and Ongoing Dealer Manager Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. 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 December 31, 2019 and 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $616,000 and $1,172,000, respectively, the unpaid dealer manager fees for Class I units amounted to $29,000 and $55,000, respectively, and the unpaid dealer manager and service fees for Class W units amounted to $2,000 and $3,000, respectively. |
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 Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of December 31, 2019 and 2018, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2016. 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 December 31, 2019, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units and Class Z units. All units participate in the Company’s income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of December 31, 2019 and 2018, under GAAP, the Company recorded a liability in the aggregate amount of $647,000 and $1,230,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value per unit under GAAP and therefore, 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 fees that may become payable after such date. As a result, as of December 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 $8.024, |
Net Income per Unit | Net Income per Unit Basic net income per unit is computed by dividing net income by the weighted average number of members’ units outstanding during the period. Diluted net income per unit is computed by dividing net income 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 December 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. |
Operating Expense Responsibility Agreement | Operating Expense Responsibility Agreement On March 26, 2018, the Advisor and the Sponsor entered into the 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 had 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 Fund’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 Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our 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, we 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 our behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 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. In October 2019, the FASB extended the effective date for smaller reporting companies to fiscal years beginning after December 15, 2022. 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. 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 believes that the adoption of ASU 2018-13 will not have a material impact on its consolidated financial statements . |
Concentrations and Risks | Concentrations and Risks 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 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 was the sub-advisor with respect to seven of the thirteen 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 was 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. The majority of the Company’s investments are in the form of participation interests, in financing facilities originated by one of the Company’s sub-advisors. Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate. The Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may expose us to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral. To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase. At December 31, 2019, the Company’s largest loan by value was $24,685,841 or 7.3% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $96,002,144, representing 28.2% of total investments. Participation in loans amounted to 74.1% of the Company’s total portfolio at December 31, 2019. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of December 31, 2019, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 83,627,340 $ 83,353,208 24.5 % Senior secured term loan participations 179,588,536 180,500,425 53.1 % Senior secured trade finance participations 83,135,943 71,606,458 21.0 % Other investments 6,000,000 3,758,063 1.1 % Equity warrants - 1,080,222 0.3 % Total investments $ 352,351,819 $ 340,298,376 100.0 % 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 % |
Schedule of Watch List Investments | IIG was the sub-advisor for the following Watch List Investments as of December 31, 2019: Portfolio Company Principal balance Fair value Accrued interest Valuation technique Procesos Fabriles S.A. $ 881,800 $ 10,504 $ — Collateral based approach Algodonera Avellaneda S.A. 6,000,000 3,398,558 778,500 Income approach IIG TOF B.V. receivable 6,000,000 3,758,063 572,000 Income approach Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay . 9,000,000 6,240,961 264,500 Income approach Compania Argentina de Granos S.A. 12,500,000 9,839,958 — Income approach Sancor Cooperativas Unidas Ltda 6,000,000 4,719,383 442,805 Hybrid income/collateral based approach Functional Products Trading S.A. 1,326,687 1,269,586 220,882 Income approach Total $ 41,708,487 $ 29,237,013 $ 2,278,687 |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair market value was as follows: As of December 31, 2019 As of December 31, 2018 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 12,417,122 3.6 % $ 12,167,401 3.3 % Boatbuilding and Repairing 5,695,069 1.7 % 5,428,294 1.5 % Chemicals and Allied Products 15,000,000 4.4 % 15,000,000 4.0 % Chocolate and Cocoa Products 9,687,887 2.8 % 10,718,201 2.9 % Coal and Other Minerals and Ores 32,348,090 9.5 % 30,000,000 8.0 % Commercial Fishing 35,838 0.0 % 35,838 0.0 % Communications Equipment 100,000 — 6,029,026 1.6 % Consumer Products 9,318,469 2.7 % 9,457,047 2.5 % Department Stores 8,638,109 2.5 % 8,262,375 2.2 % Drugs, Proprietaries, and Sundries 803,254 0.2 % 803,254 0.2 % Electric Services 16,383,269 4.8 % 26,394,209 7.1 % Farm Products 9,644,313 2.8 % 9,285,834 2.5 % Fats and Oils 3,398,558 1.0 % 3,784,354 1.0 % Financial services 3,758,063 1.1 % 5,906,946 1.6 % Freight Transportation Arrangement 13,505,035 4.0 % 12,970,938 3.5 % Food Products 2,724,804 0.8 % 6,607,713 1.8 % Gas Transmission and Distribution — 0.0 % 17,605,054 4.7 % Groceries and Related Products 468,756 0.1 % 2,500,000 0.7 % Hotels and Motels 12,846,584 3.8 % 16,459,362 4.4 % Land Subdividers and Developers 16,781,000 4.9 % 16,083,083 4.3 % Logging 5,612,436 1.6 % 6,840,000 1.8 % Meat, Poultry & Fish 6,240,961 1.8 % 6,748,935 1.8 % Metals Service Centers and Offices — — 3,737,737 1.0 % Motor Vehicle Parts and Accessories 8,731,936 2.6 % — — Personal Credit Institutions 3,603,592 1.1 % 5,468,186 1.5 % Petroleum and Petroleum Products 15,500,000 4.6 % 15,500,000 4.2 % Programming and Data Processing 17,740,330 5.2 % 13,903,662 3.7 % Refuse Systems 25,766,063 7.6 % 22,447,343 6.0 % Secondary Nonferrous Metals 17,530,616 5.2 % 17,632,234 4.7 % Short-Term Business Credit 4,740,000 1.4 % 4,740,000 1.3 % Soap, Detergents, and Cleaning 2,894,698 0.9 % 3,250,844 0.9 % Telephone and Telegraph Apparatus 8,840,048 2.6 % 7,000,000 1.9 % Telephone Communications 36,794,973 10.8 % 37,481,370 10.0 % Water Transportation 12,748,503 3.7 % 12,728,503 3.4 % Total $ 340,298,376 100.0 % $ 372,977,743 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification: As of December 31, 2019 As of December 31, 2018 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 24,198,860 7.1 % $ 24,841,309 6.7 % Botswana 4,740,000 1.4 % 4,740,000 1.3 % Brazil 26,012,563 7.6 % 22,183,252 5.9 % Cabo Verde 12,846,584 3.8 % 16,459,362 4.4 % Cameroon 9,687,887 2.9 % 10,718,201 2.9 % Chile 2,652,855 0.8 % 9,136,558 2.4 % China - — 10,000,000 2.7 % Colombia 23,479,065 6.9 % 24,434,056 6.6 % Croatia 8,638,109 2.5 % 8,262,375 2.2 % Ecuador 35,838 0.0 % 35,838 0.0 % Ghana 30,500,000 9.0 % 52,027,237 13.9 % Guatemala 10,504 0.0 % 662,525 0.2 % Hong Kong 51,188,138 15.0 % 37,000,000 9.9 % Jersey 16,919,500 5.0 % 18,515,500 5.0 % Kenya 13,505,035 4.0 % 12,970,938 3.5 % Malaysia 15,000,000 4.4 % 15,000,000 4.0 % Mauritius 468,756 0.1 % 2,500,000 0.7 % Mexico 25,766,063 7.6 % 22,447,343 6.0 % Morocco 7,530,616 2.2 % 7,632,234 2.0 % Namibia 16,781,000 4.9 % 16,083,083 4.3 % Netherlands 8,731,936 2.6 % 4,000,000 1.1 % New Zealand 5,612,436 1.7 % 6,840,000 1.8 % Nigeria 14,262,726 4.2 % 15,782,226 4.2 % Peru 4,599,086 1.4 % 4,465,132 1.2 % Romania 2,034,188 0.6 % 1,917,097 0.5 % Singapore — — 3,737,737 1.0 % South Africa 790,616 0.2 % 6,719,642 1.8 % United Arab Emirates 803,254 0.2 % 803,254 0.2 % Uganda 6,850,000 2.0 % 4,300,000 1.2 % Zambia 2,894,698 0.9 % 3,250,844 0.9 % N/A 3,758,063 1.1 % 5,512,000 1.5 % Total $ 340,298,376 100.0 % $ 372,977,743 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 as of December 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 83,353,208 $ — $ — $ 83,353,208 Senior secured term loan participations 180,500,425 — — 180,500,425 Senior secured trade finance participations 71,606,458 — — 71,606,458 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,080,222 — — 1,080,222 Total $ 340,298,376 $ — $ — $ 340,298,376 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2018: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 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 year ended December 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 December 31, 2019 Senior secured term loans $ 88,858,707 $ — $ (10,101,419 ) $ 4,870,051 $ (274,131 ) $ — $ 83,353,208 Senior secured term loan participations 189,157,819 33,725,000 (47,837,782 ) 5,060,442 — 394,946 180,500,425 Senior secured trade finance participations 80,236,312 3,068,756 (10,374,878 ) 1,458,105 (2,781,837 ) — 71,606,458 Short term and other investments 13,644,683 1,000,000 (8,737,736 ) — (1,753,938 ) (394,946 ) 3,758,063 Equity warrants 1,080,222 — — — — — 1,080,222 Total $ 372,977,743 $ 37,793,756 $ (77,051,815 ) $ 11,388,598 $ (4,809,906 ) $ - $ 340,298,376 The following is a reconciliation of activity for the year ended December 31, 2018 of investments classified as Level 3: Fair Value at December 31, 2017 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Transfers Fair Value at December 31, 2018 Senior secured term loans $ 78,573,493 $ 28,088,396 $ (19,173,514 ) $ 2,773,800 $ — $ (1,403,468 ) $ 88,858,707 Senior secured term loan participations 119,165,378 59,776,828 (17,827,932 ) 2,535,023 — 25,508,522 $ 189,157,819 Senior secured trade finance participations 105,030,621 93,378,531 (102,984,266 ) — (8,688,574 ) (6,500,000 ) $ 80,236,312 Short term investments 32,500,000 25,737,737 (26,500,000 ) — (488,000 ) (17,605,054 ) $ 13,644,683 — — — — 1,080,222 — $ 1,080,222 Total $ 335,269,492 $ 206,981,492 $ (166,485,712 ) $ 5,308,823 $ (8,096,352 ) $ — $ 372,977,743 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of December 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 December 31, 2019: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 70,792,700 Income approach (DCF) Market yield 9.0% - 16.8% (12.7%) Senior secured trade finance participations (1) $ 813,758 Collateral based approach Value of collateral (collateral coverage) 1.0x - 1.1x Senior secured term loans $ 83,353,208 Income approach (DCF) Market yield 10.0% - 14.5% (12.4%) Senior secured term loan participations $ 180,500,425 Income approach (DCF) Market yield 11.0% - 15.9% (13.0%) Other investments (3) $ 3,758,063 Hybrid income/collateral based approach Market yield / value of collateral 8.75% Equity warrants $ 1,080,222 Option Pricing Method Estimated company value N/A (1) Collateral based approach used for the following watch list investments: Profasa and GPI. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for Algodonera, FRIAR, CAGSA, and Functional and a hybrid of the collateral based approach and the income approach for Sancor and Mac Z, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” (3) Receivable from IIG TOF B.V. using additional discount rate of 20% 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%) Other 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 for the following 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, using additional unobservable inputs including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. (3) Receivable from IIG TOF B.V. |
Promissory Notes (Tables)
Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company notes payable consist of the following: December 31, 2019 December 31, 2018 Outstanding Balance Outstanding Balance Promissory notes $ — $ 125,000 Symbiotics facility — 22,750,000 Christian Super promissory note 5,000,000 10,000,000 Total notes payable $ 5,000,000 $ 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 2020 $ — 2021 5,000,000 Thereafter - $ 5,000,000 |
Unit Capital (Tables)
Unit Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2019: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During December 31, 2018 the Period the Period 2019 Class A units 17,966,563 542,410 (647,661 ) 17,861,312 Class C units 8,238,094 276,162 (446,469 ) 8,067,787 Class I units 10,555,022 342,055 (428,915 ) 10,468,162 Class W units 24,555 - - 24,555 Class Y units 1,165,675 132,222 - 1,297,897 Class Z units 5,965,037 2,458,814 - 8,423,851 Total 43,914,946 3,751,663 (1,523,045 ) 46,143,564 The following table is a summary of the units issued during the year ended December 31, 2018: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During December 31, 2017 the Period the Period 2018 Class A units 18,240,073 581,230 (854,740 ) 17,966,563 Class C units 8,411,343 303,258 (476,507 ) 8,238,094 Class I units 10,442,009 463,737 (350,724 ) 10,555,022 Class W units - 24,555 - 24,555 Class Y units 1,089,678 78,365 (2,368 ) 1,165,675 Class Z units - 5,965,037 - 5,965,037 Total 38,183,103 7,416,182 (1,684,339 ) 43,914,946 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Distributions Paid | The following table summarizes the distributions paid for the years ended December 31, 2019 and 2018. Daily Rate Cash Distributions Total Month 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 April 30, 2019 March 29, 2019 $ 0.00168675 1,434,307 770,273 2,204,580 May 31, 2019 May 8, 2019 $ 0.00168675 1,469,421 813,801 2,283,222 June 30, 2019 June 13, 2019 $ 0.00168675 1,424,690 789,115 2,213,805 July 31, 2019 July 9, 2019 $ 0.00168675 1,470,079 805,084 2,275,163 August 31, 2019 August 9, 2019 $ 0.00168675 1,508,463 809,090 2,317,553 September 30, 2019 September 10, 2019 $ 0.00168675 1,551,709 777,018 2,328,727 October 31, 2019 October 9, 2019 $ 0.00168675 1,600,317 798,818 2,399,135 November 30, 2019 November 8, 2019 $ 0.00168675 1,554,457 771,600 2,326,057 December 31, 2019 December 6, 2019 $ 0.00168675 1,614,937 795,293 2,410,230 Total for 2019 $ 17,912,536 $ 9,507,647 $ 27,420,183 January 31, 2018 January 16, 2018 $ 0.00197808 $ 1,352,380 $ 988,859 $ 2,341,239 February 28, 2018 February 14, 2018 $ 0.00197808 1,544,374 895,266 2,439,640 March 31, 2018 March 25, 2018 $ 0.00168675 1,504,523 818,399 2,322,922 April 30, 2018 April 10, 2018 $ 0.00168675 1,433,555 800,072 2,233,627 May 31, 2018 May 8, 2018 $ 0.00168675 1,489,550 827,922 2,317,472 June 30, 2018 June 12, 2018 $ 0.00168675 1,441,941 805,860 2,247,801 July 31, 2018 July 10, 2018 $ 0.00168675 1,476,115 826,006 2,302,121 August 31, 2018 August 8, 2018 $ 0.00168675 1,482,246 825,588 2,307,834 September 30, 2018 September 11, 2018 $ 0.00168675 1,435,550 800,025 2,235,575 October 31, 2018 October 18, 2018 $ 0.00168675 1,471,122 820,705 2,291,827 November 30, 2018 November 9, 2018 $ 0.00168675 1,426,113 796,317 2,222,430 December 31, 2018 December 11, 2018 $ 0.00168675 1,478,140 822,629 2,300,769 Total for 2018 $ 17,535,609 $ 10,027,648 $ 27,563,257 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the years ended December 31, 2019 and 2018. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes. Twelve months ended December 31, December 31, 2019 2018 Per unit data (1): Net asset value at beginning of period $ 8.20 $ 8.42 Net investment income $ 0.52 $ 0.57 Net change in unrealized depreciation on investments $ (0.11 ) $ (0.19 ) Net increase in net assets resulting from operations $ 0.41 $ 0.38 Distributions $ (0.61 ) $ (0.63 ) Net change in accrued distribution and other fees $ 0.02 $ 0.03 Net decrease in net assets $ (0.19 ) $ (0.22 ) Net asset value at end of period (2) $ 8.01 $ 8.20 Total return based on net asset value (3) 4.98 % 4.55 % Net assets at end of period $ 369,595,560 $ 360,070,359 Units Outstanding at end of period 46,143,564 43,914,946 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.32 % 7.01 % Ratio of net operating expenses to average net assets 5.61 % 5.71 % 1 The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2019 and 2018, which were 44,707,581 and 43,723,569, respectively. 2 For financial statement reporting purposes under GAAP, as of December 31, 2019 and 2018, the Company recorded a liability in the amount of $647,000 and $1,230,000 , 3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the year ended December 31, 2018, prior to the effect of the Responsibility Agreement were as follows: total return: 4.66%, ratio of net investment income: 7.12%, and ratio of net expenses to average net assets: 5.60%. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Data | 2019 Q4 Q3 Q2 Q1 Total investment income $ 10,440,924 $ 10,704,408 $ 11,085,298 $ 11,294,500 Net investment income $ 5,926,904 $ 5,959,654 $ 5,334,853 $ 5,834,051 Net change in unrealized appreciation (depreciation) on investments $ (2,559,508 ) $ (347,218 ) $ 243,836 $ (2,147,016 ) Foreign exchange gain (loss) $ 4,002 $ (5,994 ) $ 1,285 $ (1,008 ) Net increase in net assets resulting from operations $ 3,371,398 $ 5,606,442 $ 5,579,974 $ 3,686,027 Basic and diluted earnings per unit $ 0.07 $ 0.13 $ 0.12 $ 0.13 Net asset value per unit as of the end of the quarter $ 8.01 $ 8.09 $ 8.11 $ 8.14 2018 Q4 Q3 Q2 Q1 Total investment income $ 11,646,953 $ 11,145,704 $ 12,132,475 $ 10,181,734 Net investment income $ 6,517,696 $ 5,921,240 $ 6,799,009 $ 5,614,026 Net change in unrealized appreciation (depreciation) on investments $ (5,296,528 ) $ 1,080,222 $ (3,030,543 ) $ (849,503 ) Foreign exchange gain (loss) $ (1,730 ) $ (650 ) $ (49,701 ) $ 40,174 Net increase in net assets resulting from operations $ 1,219,438 $ 7,000,812 $ 3,718,765 $ 4,804,697 Basic and diluted earnings per unit $ 0.03 $ 0.16 $ 0.08 $ 0.11 Net asset value per unit as of the end of the quarter $ 8.20 $ 8.36 $ 8.35 $ 8.42 |
Organization and Operations o_2
Organization and Operations of the Company - Additional Information (Detail) | Jun. 11, 2013USD ($)shares | Feb. 25, 2013USD ($) | Jul. 31, 2019 | Mar. 31, 2017USD ($) | May 31, 2012USD ($)shares | Dec. 31, 2019USD ($)Employeeshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2019USD ($)Employee |
Organization And Nature Of Operations [Line Items] | ||||||||
Shares purchased under equity transaction | shares | 3,751,663 | 7,416,182 | ||||||
Offering period, description | The primary offering terminated on March 31, 2017. | |||||||
Additional gross proceeds | $ 478,481,000 | |||||||
Class A Units [Member] | ||||||||
Organization And Nature Of Operations [Line Items] | ||||||||
Aggregate gross proceeds on units purchased | $ 4,440,574 | $ 4,959,452 | ||||||
Shares purchased under equity transaction | shares | 542,410 | 581,230 | ||||||
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 | $ 88,408,000 | |||||||
Distribution Reinvestment Plan [Member] | ||||||||
Organization And Nature Of Operations [Line Items] | ||||||||
Shares purchased under equity transaction | shares | 1,161,349 | |||||||
Aggregate gross proceeds on units purchased | $ 9,507,647 | |||||||
Additional gross proceeds | $ 28,297,000 | |||||||
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 | 100.00% | 85.00% | ||||||
Percentage of ownership interests acquired | 15.00% | |||||||
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) | 12 Months Ended | 68 Months Ended | ||||||||
Dec. 31, 2019USD ($)CompanyInvestmentLoans$ / shares | Dec. 31, 2018USD ($)CompanyInvestment$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | |
Significant Accounting Policies [Line Items] | ||||||||||
Due date for unpaid principal and interest | 90 days | |||||||||
Fair Value | $ 340,298,376 | $ 372,977,743 | ||||||||
Percentage of investment in loans | 100.00% | 100.00% | ||||||||
Number of companies on non-accrual status | Company | 10 | 6 | ||||||||
Minimum investment maturity period | 12 months | |||||||||
Paid-in-kind interest | $ 10,380,892 | $ 4,754,257 | ||||||||
Percentage of total selling compensation equaling of gross proceeds from offering | 10.00% | |||||||||
Dealer manager fee payable period, maximum | 5 years | |||||||||
Service fee payable period, maximum | 6 years | |||||||||
Tax liability for uncertain tax provision | $ 0 | 0 | ||||||||
Interest and penalties related to unrecognized tax benefits | $ 0 | $ 0 | ||||||||
Net asset value per unit | $ / shares | $ 8.01 | $ 8.20 | $ 8.42 | $ 8.42 | $ 8.09 | $ 8.11 | $ 8.14 | $ 8.36 | $ 8.35 | $ 8.42 |
Investment, unrealized depreciation | $ 4,800,000 | |||||||||
Organization and offering expenses | 4.70% | |||||||||
Number of watch list investments | Investment | 13 | 12 | ||||||||
Largest Loan by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 24,685,841 | |||||||||
Number of investment loans | Loans | 5 | |||||||||
Investment Concentration [Member] | Five Largest Loans by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 96,002,144 | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 74.10% | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 7.30% | |||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Percentage of Investment | 28.20% | |||||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 29,237,013 | |||||||||
Number of watch list investments | Investment | 7 | |||||||||
Misapplication of investments | $ 6,000,000 | $ 6,000,000 | ||||||||
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% | |||||||||
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 | $ 596,000 | |||||||||
Reimbursement of organization and offering costs incurred by Sponsor | $ 87,159 | |||||||||
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 | 2016 | |||||||||
Class C Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Distribution fee per annum percentage of estimated value per share | 0.80% | |||||||||
Distribution fee payable | $ 616,000 | $ 1,172,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.024 | $ 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | $ 0.203 | |||||||||
Class I Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Unpaid dealer manager fee | $ 29,000 | $ 55,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.024 | $ 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | $ 0.203 | |||||||||
Class W Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Unpaid dealer manager and service fees | $ 2,000 | $ 3,000 | ||||||||
Net assets value per unit | $ / shares | $ 8.024 | $ 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | $ 0.203 | |||||||||
Class C Units, Class I Units and Class W Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Distribution, dealer manager and service fees payable | $ 647,000 | $ 1,230,000 | ||||||||
Class A Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | $ 8.024 | $ 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | 0.203 | |||||||||
Class Y Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | 8.024 | 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | 0.203 | |||||||||
Class Z Units [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net assets value per unit | $ / shares | $ 8.024 | 8.227 | ||||||||
Decrease in net asset value per unit | $ / shares | $ 0.203 | |||||||||
Non-Accrual Status [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Fair Value | $ 38,261,499 | $ 30,562,415 | ||||||||
Percentage of investment in loans | 11.20% | 8.20% | ||||||||
Unrecorded investment interest income | $ 4,791,000 | $ 3,055,000 | ||||||||
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% |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 352,351,819 | $ 381,133,170 | |
Fair Value | $ 340,298,376 | $ 372,977,743 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Senior Secured Term Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 83,627,340 | $ 88,858,707 |
Fair Value | [1] | $ 83,353,208 | $ 88,858,707 |
Percentage of Total Investments | 24.50% | 23.80% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 179,588,536 | $ 189,157,819 |
Fair Value | [1] | $ 180,500,425 | $ 189,157,819 |
Percentage of Total Investments | 53.10% | 50.70% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 83,135,943 | $ 88,983,961 |
Fair Value | [1] | $ 71,606,458 | $ 80,236,312 |
Percentage of Total Investments | 21.00% | 21.50% | |
Other Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 6,000,000 | ||
Fair Value | $ 3,758,063 | ||
Percentage of Total Investments | 1.10% | ||
Equity Warrants [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,080,222 | $ 1,080,222 | |
Percentage of Total Investments | 0.30% | 0.30% | |
Short Term Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 14,132,683 | |
Fair Value | [1] | $ 13,644,683 | |
Percentage of Total Investments | 3.70% | ||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Additional Inform
Investments - Additional Information (Detail) | Apr. 07, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($)T | Mar. 31, 2017USD ($)InterestPayment | Feb. 28, 2017USD ($) | Oct. 31, 2016USD ($) | Dec. 31, 2019USD ($)InvestmentContractLandT | Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($) | May 30, 2019USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||||||||||||||
Accrued deferred interest | $ 2,796,466 | $ 2,413,894 | ||||||||||||
Accrued interest receivable, description | As such, some of the Company’s investments have up to a year or more of accrued interest receivable as of December 31, 2019. | |||||||||||||
Short term investments maturity period | less than one year | |||||||||||||
Number of watch list investments | Investment | 13 | 12 | ||||||||||||
Interest on loans amount | $ 43,428,233 | $ 44,940,452 | ||||||||||||
Net accrued interest | 16,501,872 | 17,552,039 | ||||||||||||
Fair Value | 340,298,376 | 372,977,743 | ||||||||||||
Interest paid | 1,943,615 | 1,769,506 | ||||||||||||
Usivale Industria E Commercio Ltda [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | 2,577,164 | |||||||||||||
Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | 4,791,000 | 3,055,000 | ||||||||||||
Fair Value | 38,261,499 | 30,562,415 | ||||||||||||
Senior Secured Term Loan Participations [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | [1] | 180,500,425 | 189,157,819 | |||||||||||
Senior Secured Term Loan Participations [Member] | Usivale Industria E Commercio Ltda [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Senior secured term loans | 2,851,296 | |||||||||||||
Net accrued interest | 376,075 | |||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||
Number of interest payments received | InterestPayment | 3 | |||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | 532,292 | 268,333 | ||||||||||||
Global Pharma Intelligence Sarl [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 134,215 | |||||||||||||
Fair Value | 803,254 | |||||||||||||
Trade financing participation, principal balance | 803,254 | |||||||||||||
Global Pharma Intelligence Sarl [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | 29,970 | |||||||||||||
Producam SA [Member] | AMC Trade Finance Limited [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 2,403,043 | |||||||||||||
Fair Value | 9,687,887 | |||||||||||||
Trade financing participation, principal balance | 10,413,683 | $ 15,986,369 | ||||||||||||
Conplex International Ltd. [Member] | TransAsia Private Capital Ltd [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 482,667 | |||||||||||||
Fair Value | 8,840,048 | |||||||||||||
Trade financing participation, principal balance | 9,500,000 | $ 9,500,000 | ||||||||||||
Argentina [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | 24,198,860 | 24,841,309 | ||||||||||||
Argentina [Member] | Algodonera Avellaneda S.A [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||
Payment of guarantee percentage | 100.00% | |||||||||||||
Litigation amount, plus interest payable | $ 22,400,000 | |||||||||||||
Argentina [Member] | Algodonera Avellaneda S.A [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | 547,500 | |||||||||||||
Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Interest on loans amount | $ 1,049,375 | 1,049,375 | ||||||||||||
Argentina [Member] | Compania Argentina de Granos [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Participation purchases | $ 2,500,000 | $ 10,000,000 | ||||||||||||
Number of export contract | Contract | 2 | |||||||||||||
Argentina [Member] | Compania Argentina de Granos [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | $ 1,324,392 | 667,639 | ||||||||||||
Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Extended maturity date | Jul. 29, 2019 | |||||||||||||
Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | $ 163,607 | |||||||||||||
Chile [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | $ 2,652,855 | 9,136,558 | ||||||||||||
Chile [Member] | Functional Products Trading S.A [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Extended maturity date | Mar. 4, 2018 | |||||||||||||
Maturity | Dec. 11, 2016 | |||||||||||||
Sales declining percentage | 57.00% | |||||||||||||
Chile [Member] | Functional Products Trading S.A [Member] | Non-Accrual Status [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Unrecorded investment interest income | $ 73,911 | |||||||||||||
Morocco [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | 7,530,616 | 7,632,234 | ||||||||||||
Morocco [Member] | Scrap Metal Recycler [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Interest on loans amount | 819,687 | 819,687 | ||||||||||||
Net accrued interest | 0 | |||||||||||||
Trade financing participation, principal balance | $ 7,349,626 | $ 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 | |||||||||||||
Morocco [Member] | Scrap Metal Recycler [Member] | Income Approach [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Fair Value | $ 7,530,616 | |||||||||||||
Morocco [Member] | Scrap Metal Recycler [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 | |||||||||||||
Procesos Fabriles S.A. [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Interest on loans amount | $ 110,420 | 110,420 | ||||||||||||
Cape Nut [Member] | Barak | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Interest on loans amount | 139,426 | $ 139,426 | ||||||||||||
Fair Value | 690,616 | |||||||||||||
Trade financing participation, principal balance | $ 785,806 | $ 1,250,000 | ||||||||||||
Cape Nut [Member] | Barak | Extended Maturity [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Ownership percentage held in distributor | 50.00% | |||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Number of watch list investments | Investment | 7 | |||||||||||||
Misapplication of investments | $ 6,000,000 | $ 6,000,000 | ||||||||||||
Net accrued interest | 2,278,687 | |||||||||||||
Fair Value | 29,237,013 | |||||||||||||
Trade financing participation, principal balance | 41,708,487 | |||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | Algodonera Avellaneda S.A [Member] | Income Approach [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 778,500 | |||||||||||||
Fair Value | 3,398,558 | |||||||||||||
Trade financing participation, principal balance | 6,000,000 | |||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Income Approach [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 264,500 | |||||||||||||
Fair Value | 6,240,961 | |||||||||||||
Trade financing participation, principal balance | 9,000,000 | |||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | Functional Products Trading S.A [Member] | Income Approach [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Net accrued interest | 220,882 | |||||||||||||
Fair Value | 1,269,586 | |||||||||||||
Trade financing participation, principal balance | $ 1,326,687 | |||||||||||||
Maximum [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Accrued interest receivable period | 1 year | |||||||||||||
Trade finance transactions period | 180 days | |||||||||||||
Maximum [Member] | Morocco [Member] | Scrap Metal Recycler [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. |
Investments - Schedule of Watch
Investments - Schedule of Watch List Investments (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Fair Value | $ 340,298,376 | $ 372,977,743 |
Interest receivable | 16,501,872 | $ 17,552,039 |
Sub-advisory Agreement [Member] | IIG [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 41,708,487 | |
Fair Value | 29,237,013 | |
Interest receivable | 2,278,687 | |
Sub-advisory Agreement [Member] | IIG [Member] | Procesos Fabriles S.A. [Member] | Collateral Based Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 881,800 | |
Fair Value | 10,504 | |
Sub-advisory Agreement [Member] | IIG [Member] | Algodonera Avellaneda S.A [Member] | Income Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 6,000,000 | |
Fair Value | 3,398,558 | |
Interest receivable | 778,500 | |
Sub-advisory Agreement [Member] | IIG [Member] | IIG TOF B.V. [Member] | Income Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 6,000,000 | |
Fair Value | 3,758,063 | |
Interest receivable | 572,000 | |
Sub-advisory Agreement [Member] | IIG [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Income Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 9,000,000 | |
Fair Value | 6,240,961 | |
Interest receivable | 264,500 | |
Sub-advisory Agreement [Member] | IIG [Member] | Compania Argentina de Granos S.A. [Member] | Income Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 12,500,000 | |
Fair Value | 9,839,958 | |
Sub-advisory Agreement [Member] | IIG [Member] | Sancor Cooperativas Unidas Ltda [Member] | Hybrid Income and Collateral Based Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 6,000,000 | |
Fair Value | 4,719,383 | |
Interest receivable | 442,805 | |
Sub-advisory Agreement [Member] | IIG [Member] | Functional Products Trading S.A [Member] | Income Approach [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 1,326,687 | |
Fair Value | 1,269,586 | |
Interest receivable | $ 220,882 |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 340,298,376 | $ 372,977,743 |
Percentage of Total Investments | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,417,122 | $ 12,167,401 |
Percentage of Total Investments | 3.60% | 3.30% |
Boatbuilding and Repairing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,695,069 | $ 5,428,294 |
Percentage of Total Investments | 1.70% | 1.50% |
Chemicals and Allied Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.40% | 4.00% |
Chocolate and Cocoa Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,687,887 | $ 10,718,201 |
Percentage of Total Investments | 2.80% | 2.90% |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 32,348,090 | $ 30,000,000 |
Percentage of Total Investments | 9.50% | 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 | $ 100,000 | $ 6,029,026 |
Percentage of Total Investments | 1.60% | |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,318,469 | $ 9,457,047 |
Percentage of Total Investments | 2.70% | 2.50% |
Department Stores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,638,109 | $ 8,262,375 |
Percentage of Total Investments | 2.50% | 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 | $ 16,383,269 | $ 26,394,209 |
Percentage of Total Investments | 4.80% | 7.10% |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,644,313 | $ 9,285,834 |
Percentage of Total Investments | 2.80% | 2.50% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,398,558 | $ 3,784,354 |
Percentage of Total Investments | 1.00% | 1.00% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,758,063 | $ 5,906,946 |
Percentage of Total Investments | 1.10% | 1.60% |
Freight Transportation Arrangement [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,505,035 | $ 12,970,938 |
Percentage of Total Investments | 4.00% | 3.50% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,724,804 | $ 6,607,713 |
Percentage of Total Investments | 0.80% | 1.80% |
Gas Transmission and Distribution [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,605,054 | |
Percentage of Total Investments | 0.00% | 4.70% |
Groceries and Related Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 468,756 | $ 2,500,000 |
Percentage of Total Investments | 0.10% | 0.70% |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,846,584 | $ 16,459,362 |
Percentage of Total Investments | 3.80% | 4.40% |
Land Subdividers and Developers [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,781,000 | $ 16,083,083 |
Percentage of Total Investments | 4.90% | 4.30% |
Logging [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,612,436 | $ 6,840,000 |
Percentage of Total Investments | 1.60% | 1.80% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,240,961 | $ 6,748,935 |
Percentage of Total Investments | 1.80% | 1.80% |
Metals Service Centers and Offices [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,737,737 | |
Percentage of Total Investments | 1.00% | |
Personal Credit Institutions [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,603,592 | $ 5,468,186 |
Percentage of Total Investments | 1.10% | 1.50% |
Motor Vehicle Parts and Accessories [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,731,936 | |
Percentage of Total Investments | 2.60% | |
Petroleum and Petroleum Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,500,000 | $ 15,500,000 |
Percentage of Total Investments | 4.60% | 4.20% |
Programming and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,740,330 | $ 13,903,662 |
Percentage of Total Investments | 5.20% | 3.70% |
Refuse Systems [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 25,766,063 | $ 22,447,343 |
Percentage of Total Investments | 7.60% | 6.00% |
Secondary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,530,616 | $ 17,632,234 |
Percentage of Total Investments | 5.20% | 4.70% |
Short-Term Business Credit [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.40% | 1.30% |
Soap, Detergents, and Cleaning [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,894,698 | $ 3,250,844 |
Percentage of Total Investments | 0.90% | 0.90% |
Telephone and Telegraph Apparatus [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,840,048 | $ 7,000,000 |
Percentage of Total Investments | 2.60% | 1.90% |
Telephone Communications [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 36,794,973 | $ 37,481,370 |
Percentage of Total Investments | 10.80% | 10.00% |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,748,503 | $ 12,728,503 |
Percentage of Total Investments | 3.70% | 3.40% |
Investments - Schedule of Inv_2
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 340,298,376 | $ 372,977,743 |
Percentage of Total Investments | 100.00% | 100.00% |
Argentina [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 24,198,860 | $ 24,841,309 |
Percentage of Total Investments | 7.10% | 6.70% |
Botswana [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.40% | 1.30% |
Brazil [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 26,012,563 | $ 22,183,252 |
Percentage of Total Investments | 7.60% | 5.90% |
Cabo Verde [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,846,584 | $ 16,459,362 |
Percentage of Total Investments | 3.80% | 4.40% |
Cameroon [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,687,887 | $ 10,718,201 |
Percentage of Total Investments | 2.90% | 2.90% |
Chile [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,652,855 | $ 9,136,558 |
Percentage of Total Investments | 0.80% | 2.40% |
China [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,000,000 | |
Percentage of Total Investments | 2.70% | |
Colombia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 23,479,065 | $ 24,434,056 |
Percentage of Total Investments | 6.90% | 6.60% |
Croatia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,638,109 | $ 8,262,375 |
Percentage of Total Investments | 2.50% | 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 | $ 30,500,000 | $ 52,027,237 |
Percentage of Total Investments | 9.00% | 13.90% |
Guatemala [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,504 | $ 662,525 |
Percentage of Total Investments | 0.00% | 0.20% |
Hong Kong [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 51,188,138 | $ 37,000,000 |
Percentage of Total Investments | 15.00% | 9.90% |
Jersey [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,919,500 | $ 18,515,500 |
Percentage of Total Investments | 5.00% | 5.00% |
Kenya [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,505,035 | $ 12,970,938 |
Percentage of Total Investments | 4.00% | 3.50% |
Malaysia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.40% | 4.00% |
Mauritius [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 468,756 | $ 2,500,000 |
Percentage of Total Investments | 0.10% | 0.70% |
Mexico [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 25,766,063 | $ 22,447,343 |
Percentage of Total Investments | 7.60% | 6.00% |
Morocco [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,530,616 | $ 7,632,234 |
Percentage of Total Investments | 2.20% | 2.00% |
Namibia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,781,000 | $ 16,083,083 |
Percentage of Total Investments | 4.90% | 4.30% |
Netherlands [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,731,936 | $ 4,000,000 |
Percentage of Total Investments | 2.60% | 1.10% |
New Zealand [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,612,436 | $ 6,840,000 |
Percentage of Total Investments | 1.70% | 1.80% |
Nigeria [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,262,726 | $ 15,782,226 |
Percentage of Total Investments | 4.20% | 4.20% |
Peru [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,599,086 | $ 4,465,132 |
Percentage of Total Investments | 1.40% | 1.20% |
Romania [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,034,188 | $ 1,917,097 |
Percentage of Total Investments | 0.60% | 0.50% |
Singapore [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,737,737 | |
Percentage of Total Investments | 1.00% | |
South Africa [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 790,616 | $ 6,719,642 |
Percentage of Total Investments | 0.20% | 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% |
Uganda [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,850,000 | $ 4,300,000 |
Percentage of Total Investments | 2.00% | 1.20% |
Zambia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,894,698 | $ 3,250,844 |
Percentage of Total Investments | 0.90% | 0.90% |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,758,063 | $ 5,512,000 |
Percentage of Total Investments | 1.10% | 1.50% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | $ 340,298,376 | $ 372,977,743 | |||
Senior Secured Term Loans [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | [1] | 83,353,208 | 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] | 180,500,425 | 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] | 71,606,458 | 80,236,312 | ||
Other Investments [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | 3,758,063 | ||||
Equity Warrants [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | 1,080,222 | 1,080,222 | |||
Short Term Investments [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | [1] | 13,644,683 | |||
Level 3 [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | 340,298,376 | 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 | 83,353,208 | 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 | 180,500,425 | 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 | 71,606,458 | 80,236,312 | |||
Level 3 [Member] | Other Investments [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | 3,758,063 | [2] | 5,512,000 | [3] | |
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 | |||
Level 3 [Member] | Short Term Investments [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, fair value | $ 13,644,683 | ||||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||||
[2] | Receivable from IIG TOF B.V. using additional discount rate of 20% | ||||
[3] | Receivable from IIG TOF B.V. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | $ (2,559,508) | $ (347,218) | $ 243,836 | $ (2,147,016) | $ (5,296,528) | $ 1,080,222 | $ (3,030,543) | $ (849,503) | $ (4,809,906) | $ (8,096,352) |
Level 3 [Member] | ||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Investment owned at fair value, beginning balance | 372,977,743 | 335,269,492 | 372,977,743 | 335,269,492 | ||||||
Purchases of investments | 37,793,756 | 206,981,492 | ||||||||
Maturities or Prepayments of investments | (77,051,815) | (166,485,712) | ||||||||
Accretion of discounts / Payment-in-kind interest | 11,388,598 | 5,308,823 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (4,809,906) | (8,096,352) | ||||||||
Investment owned at Fair value, ending balance | 340,298,376 | 372,977,743 | 340,298,376 | 372,977,743 | ||||||
Level 3 [Member] | 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 | 78,573,493 | 88,858,707 | 78,573,493 | ||||||
Purchases of investments | 28,088,396 | |||||||||
Maturities or Prepayments of investments | (10,101,419) | (19,173,514) | ||||||||
Accretion of discounts / Payment-in-kind interest | 4,870,051 | 2,773,800 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (274,131) | |||||||||
Transfers of investments | (1,403,468) | |||||||||
Investment owned at Fair value, ending balance | 83,353,208 | 88,858,707 | 83,353,208 | 88,858,707 | ||||||
Level 3 [Member] | 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 | 119,165,378 | 189,157,819 | 119,165,378 | ||||||
Purchases of investments | 33,725,000 | 59,776,828 | ||||||||
Maturities or Prepayments of investments | (47,837,782) | (17,827,932) | ||||||||
Accretion of discounts / Payment-in-kind interest | 5,060,442 | 2,535,023 | ||||||||
Transfers of investments | 394,946 | 25,508,522 | ||||||||
Investment owned at Fair value, ending balance | 180,500,425 | 189,157,819 | 180,500,425 | 189,157,819 | ||||||
Level 3 [Member] | 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 | 105,030,621 | 80,236,312 | 105,030,621 | ||||||
Purchases of investments | 3,068,756 | 93,378,531 | ||||||||
Maturities or Prepayments of investments | (10,374,878) | (102,984,266) | ||||||||
Accretion of discounts / Payment-in-kind interest | 1,458,105 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,781,837) | (8,688,574) | ||||||||
Transfers of investments | (6,500,000) | |||||||||
Investment owned at Fair value, ending balance | 71,606,458 | 80,236,312 | 71,606,458 | 80,236,312 | ||||||
Level 3 [Member] | Short Term and Other Investments [Member] | ||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Investment owned at fair value, beginning balance | 13,644,683 | 13,644,683 | ||||||||
Purchases of investments | 1,000,000 | |||||||||
Maturities or Prepayments of investments | (8,737,736) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (1,753,938) | |||||||||
Transfers of investments | (394,946) | |||||||||
Investment owned at Fair value, ending balance | 3,758,063 | 13,644,683 | 3,758,063 | 13,644,683 | ||||||
Level 3 [Member] | 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 | 1,080,222 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,080,222 | |||||||||
Investment owned at Fair value, ending balance | $ 1,080,222 | 1,080,222 | 1,080,222 | 1,080,222 | ||||||
Level 3 [Member] | 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 | $ 32,500,000 | $ 13,644,683 | 32,500,000 | ||||||
Purchases of investments | 25,737,737 | |||||||||
Maturities or Prepayments of investments | (26,500,000) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (488,000) | |||||||||
Transfers of investments | (17,605,054) | |||||||||
Investment owned at Fair value, ending balance | $ 13,644,683 | $ 13,644,683 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 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) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 340,298,376 | $ 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] | 71,606,458 | 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] | 83,353,208 | 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] | 180,500,425 | 189,157,819 | ||
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 | |||
Other Investments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | 3,758,063 | ||||
Level 3 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 340,298,376 | 372,977,743 | |||
Valuation technique | us-gaap:IncomeApproachValuationTechniqueMember | ||||
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 | $ 71,606,458 | 80,236,312 | |||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 70,792,700 | [2] | $ 66,808,909 | [3] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Minimum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.090 | [2] | 0.090 | [3] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Maximum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.168 | [2] | 0.175 | [3] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Weighted Average [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.127 | [2] | 0.114 | [3] | |
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 | $ 813,758 | [4] | $ 13,427,403 | [5] | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Minimum [Member] | Value of collateral [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | [4] | 1 | |||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Maximum [Member] | Value of collateral [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | [4] | 1.1 | |||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Weighted Average [Member] | Value of collateral [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | [5] | 0.1575 | |||
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 | $ 83,353,208 | $ 88,858,707 | |||
Valuation technique | us-gaap:IncomeApproachValuationTechniqueMember | ||||
Level 3 [Member] | Senior Secured Term Loans [Member] | Minimum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.100 | 0.100 | |||
Level 3 [Member] | Senior Secured Term Loans [Member] | Maximum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.145 | 0.145 | |||
Level 3 [Member] | Senior Secured Term Loans [Member] | Weighted Average [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.124 | 0.123 | |||
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 | $ 180,500,425 | $ 189,157,819 | |||
Valuation technique | us-gaap:IncomeApproachValuationTechniqueMember | us-gaap:IncomeApproachValuationTechniqueMember | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Minimum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.110 | 0.110 | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Maximum [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.159 | 0.159 | |||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Weighted Average [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.130 | 0.132 | |||
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 | |||
Valuation technique | us-gaap:ValuationTechniqueOptionPricingModelMember | us-gaap:ValuationTechniqueOptionPricingModelMember | |||
Level 3 [Member] | Other Investments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 3,758,063 | [6] | $ 5,512,000 | [7] | |
Valuation technique | trilinc:HybridIncomeAndCollateralBasedApproachMember | us-gaap:IncomeApproachValuationTechniqueMember | |||
Level 3 [Member] | Other Investments [Member] | Weighted Average [Member] | Market yield [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Range (weighted average) | 0.0875 | [6] | 0.0875 | [7] | |
Level 3 [Member] | Short Term and Other Investments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Fair Value | $ 8,132,683 | ||||
Valuation technique | us-gaap:CostApproachValuationTechniqueMember | ||||
[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 the income approach for Algodonera, FRIAR, CAGSA, and Functional and a hybrid of the collateral based approach and the income approach for Sancor and Mac Z, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information. | ||||
[3] | The Company used a combination of the collateral based approach and the income approach, using additional unobservable inputs including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information. | ||||
[4] | Collateral based approach used for the following watch list investments: Profasa and GPI. See Note 3 “Watch List Investments” for further information. | ||||
[5] | Collateral based approach for the following investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information. | ||||
[6] | Receivable from IIG TOF B.V. using additional discount rate of 20% | ||||
[7] | Receivable from IIG TOF B.V. |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail) - Level 3 [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Valuation technique | us-gaap:IncomeApproachValuationTechniqueMember | |
Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Valuation technique | trilinc:HybridIncomeAndCollateralBasedApproachMember | |
Other Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Valuation technique | trilinc:HybridIncomeAndCollateralBasedApproachMember | us-gaap:IncomeApproachValuationTechniqueMember |
Other Investments [Member] | Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Additional unobservable inputs | 0.20 | |
Minimum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected collection period | 2 years | |
Minimum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Recovery Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Additional unobservable inputs | 0.15 | |
Maximum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected collection period | 3 years | |
Maximum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach [Member] | Recovery Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Additional unobservable inputs | 0.30 |
Contingencies and Related Par_2
Contingencies and Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | 68 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | |
Contingencies And Related Parties [Line Items] | ||||
Accrued incentive fee on capital gains | $ 1,481,726 | $ 1,769,299 | ||
Advisor earned incentive fees | 5,730,748 | 6,212,931 | ||
Amount paid to the sponsor due to reimbursement hurdle | 387,000 | |||
Due from affiliates | $ 4,240,231 | 4,240,231 | ||
TriLinc Advisors, LLC [Member] | ||||
Contingencies And Related Parties [Line Items] | ||||
Advisory agreement, maturity date | Feb. 25, 2021 | |||
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 | 7,702,572 | 7,971,062 | ||
Advisor earned incentive fees | 5,730,748 | 6,212,931 | ||
TriLinc Global, LLC [Member] | ||||
Contingencies And Related Parties [Line Items] | ||||
Due from affiliates | 4,240,231 | 4,240,231 | ||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | ||||
Contingencies And Related Parties [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 | |
SC Distributors, LLC [Member] | ||||
Contingencies And Related Parties [Line Items] | ||||
Dealer manager fees paid | 0 | 6,252 | ||
Selling commission paid | 0 | 19,270 | ||
Distributions, dealer manager and services fees paid | $ 517,794 | $ 582,045 |
Organization and Offering Cos_2
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 12 Months Ended | 80 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | |
Organization And Offering Costs [Line Items] | |||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,237,807 | $ 17,211,117 | $ 17,211,117 |
Reimbursement of offering costs incurred by Sponsor | 26,690 | 54,616 | |
Payment for reimbursement of offering costs incurred by Sponsor | 26,690 | 54,616 | |
TriLinc Global, LLC [Member] | |||
Organization And Offering Costs [Line Items] | |||
Offering costs paid by the Sponsor on behalf of the Company | 17,522,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 66,300 | 115,600 | |
Payment for reimbursement of offering costs incurred by Sponsor | 26,690 | $ 54,616 | |
Reimbursement of organization costs incurred by Sponsor | $ 17,237,807 | ||
Remaining balance of offering and organization costs due to the Sponsor | $ 520,600 |
Promissory Notes - Summary of N
Promissory Notes - Summary of Notes Payable (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 5,000,000 | $ 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 | $ 5,000,000 | 10,000,000 |
Facility Agreement [Member] | Symbiotics Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 22,750,000 |
Promissory Notes - Additional I
Promissory Notes - Additional Information (Detail) - USD ($) | Jul. 15, 2019 | Nov. 02, 2017 | Aug. 07, 2017 | Jul. 03, 2017 | Oct. 14, 2016 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 18, 2018 | Feb. 17, 2017 |
Debt Instrument [Line Items] | |||||||||||
Proceeds from offering of notes | $ 5,000,000 | ||||||||||
Debt instrument, frequency of periodic payment | quarterly in arrears within 15 days after the end of each calendar quarter. | ||||||||||
Repayments of debt principal balance | $ 27,875,000 | 285,000 | |||||||||
Interest expense recognized | $ 1,660,095 | $ 1,964,776 | |||||||||
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 had an interest rate of 4.65% per annum plus the three month LIBOR (2.44% as of December 31, 2018) and was payable quarterly in arrears within 15 days after the end of each calendar quarter. | ||||||||||
Transferred shares, description | TGIFC’s obligation under the Facility Agreement was 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) was due in one balloon payment on July 7, 2020 (the “Maturity Date”). | ||||||||||
Maturity date | Jul. 7, 2020 | ||||||||||
Repayments of debt principal balance | $ 22,750,000 | ||||||||||
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 | 2.44% | ||||||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of notes | $ 1,635,000 | $ 225,000 | |||||||||
Target issuance of notes aggregate amount | $ 100,000,000 | ||||||||||
Notes issuance, interest rate terms | The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time of 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 of the Note | ||||||||||
Proceeds from offering of notes | $ 1,860,000 | ||||||||||
Transferred shares, description | TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 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 Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS 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 | ||||||||||
Target issuance of notes aggregate amount | $ 25,000,000 | ||||||||||
Notes issuance, interest rate terms | The CS Note had an interest rate of 4.0% per annum plus one-year LIBOR (2.82% as of December 31, 2018) and was payable quarterly in arrears within 15 days after the end of each calendar quarter. | ||||||||||
Notes issuance, payment terms | The entire principal balance under the CS Note (and any unpaid interest) was 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 could be prepaid prior to the maturity date without premium or penalty. | ||||||||||
Repayments of debt principal balance | $ 5,000,000 | ||||||||||
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 (2.00% as of December 31, 2019) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. | ||||||||||
Notes issuance, payment terms | The entire principal balance under the 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 | 2.00% |
Promissory Notes - Summary of P
Promissory Notes - Summary of Principal Payments Due on Borrowings (Detail) | Dec. 31, 2019USD ($) |
Debt Instruments [Abstract] | |
Principal payments, 2021 | $ 5,000,000 |
Principal payments, total | $ 5,000,000 |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | Jun. 11, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Capital Unit [Line Items] | |||||||||
Units Issued During the Period | 3,751,663 | 7,416,182 | |||||||
Held Units For Minimum year | 1 year | ||||||||
Repurchase of aggregate units | 1,523,045 | 1,684,339 | |||||||
Repurchase of unit total value | $ 12,440,304 | $ 14,196,264 | |||||||
Further Amended Unit Repurchase Program [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Unit repurchase price description | price equal to $8.421 per unit, which was the net asset value per unit of each class as of March 31, 2018. Redemptions for the fourth quarter of 2018 were redeemed at a price equal to $8.355 per unit, which was the net asset value per unit of each class as of September 30, 2018. | ||||||||
Repurchase price per unit | $ 8.105 | $ 8.134 | $ 8.160 | $ 8.227 | |||||
Redeemed price per unit | $ 8.355 | $ 8.421 | $ 8.421 | $ 8.507 | |||||
Maximum [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Percentage of Total | 5.00% | ||||||||
Distribution Reinvestment Plan [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Units Issued During the Period | 1,161,349 | ||||||||
Units Issued During the Period, value | $ 9,507,647 | ||||||||
Class C Units [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution, dealer manager and service fee payable | $ 647,000 | $ 1,230,000 | |||||||
Estimated net assets value per unit | $ 8.105 | ||||||||
Percentage of distribution and dealer manager fee per annum | 0.80% | ||||||||
Distribution and dealer manager fee payable, discount rate | 4.00% | ||||||||
Units Issued During the Period | 276,162 | 303,258 | |||||||
Class I Units [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Estimated net assets value per unit | $ 8.105 | ||||||||
Percentage of distribution and dealer manager fee per annum | 0.50% | ||||||||
Distribution and dealer manager fee payable, discount rate | 4.00% | ||||||||
Units Issued During the Period | 342,055 | 463,737 | |||||||
Class W Units [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Estimated net assets value per unit | $ 8.105 | ||||||||
Percentage of distribution and dealer manager fee per annum | 0.75% | ||||||||
Distribution and dealer manager fee payable, discount rate | 4.00% | ||||||||
Units Issued During the Period | 24,555 |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 43,914,946 | 38,183,103 |
Units Issued During the Period | 3,751,663 | 7,416,182 |
Units Repurchased During the Period | (1,523,045) | (1,684,339) |
Units Outstanding, Ending Balance | 46,143,564 | 43,914,946 |
Class A Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 17,966,563 | 18,240,073 |
Units Issued During the Period | 542,410 | 581,230 |
Units Repurchased During the Period | (647,661) | (854,740) |
Units Outstanding, Ending Balance | 17,861,312 | 17,966,563 |
Class C Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 8,238,094 | 8,411,343 |
Units Issued During the Period | 276,162 | 303,258 |
Units Repurchased During the Period | (446,469) | (476,507) |
Units Outstanding, Ending Balance | 8,067,787 | 8,238,094 |
Class I Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 10,555,022 | 10,442,009 |
Units Issued During the Period | 342,055 | 463,737 |
Units Repurchased During the Period | (428,915) | (350,724) |
Units Outstanding, Ending Balance | 10,468,162 | 10,555,022 |
Class W Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 24,555 | |
Units Issued During the Period | 24,555 | |
Units Outstanding, Ending Balance | 24,555 | 24,555 |
Class Y Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 1,165,675 | 1,089,678 |
Units Issued During the Period | 132,222 | 78,365 |
Units Repurchased During the Period | (2,368) | |
Units Outstanding, Ending Balance | 1,297,897 | 1,165,675 |
Class Z Units [Member] | ||
Capital Unit [Line Items] | ||
Units Outstanding, Beginning Balance | 5,965,037 | |
Units Issued During the Period | 2,458,814 | 5,965,037 |
Units Outstanding, Ending Balance | 8,423,851 | 5,965,037 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 17,912,536 | $ 17,535,609 |
Distributions Reinvested | 9,507,647 | 10,027,648 |
Total Declared | $ 27,420,183 | $ 27,563,257 |
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 | |
April 30, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 29, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,434,307 | |
Distributions Reinvested | 770,273 | |
Total Declared | $ 2,204,580 | |
May 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 8, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,469,421 | |
Distributions Reinvested | 813,801 | |
Total Declared | $ 2,283,222 | |
June 30, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 13, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,424,690 | |
Distributions Reinvested | 789,115 | |
Total Declared | $ 2,213,805 | |
July 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jul. 9, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,470,079 | |
Distributions Reinvested | 805,084 | |
Total Declared | $ 2,275,163 | |
August 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Aug. 9, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,508,463 | |
Distributions Reinvested | 809,090 | |
Total Declared | $ 2,317,553 | |
September 30, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Sep. 10, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,551,709 | |
Distributions Reinvested | 777,018 | |
Total Declared | $ 2,328,727 | |
October 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Oct. 9, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,600,317 | |
Distributions Reinvested | 798,818 | |
Total Declared | $ 2,399,135 | |
November 30, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Nov. 8, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,554,457 | |
Distributions Reinvested | 771,600 | |
Total Declared | $ 2,326,057 | |
December 31, 2019 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Dec. 6, 2019 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,614,937 | |
Distributions Reinvested | 795,293 | |
Total Declared | $ 2,410,230 | |
January 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 16, 2018 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,352,380 | |
Distributions Reinvested | 988,859 | |
Total Declared | $ 2,341,239 | |
February 28, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 14, 2018 | |
Daily Rate Per Unit | $ 0.00197808 | |
Cash Distributions | $ 1,544,374 | |
Distributions Reinvested | 895,266 | |
Total Declared | $ 2,439,640 | |
March 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Mar. 25, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,504,523 | |
Distributions Reinvested | 818,399 | |
Total Declared | $ 2,322,922 | |
April 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Apr. 10, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,433,555 | |
Distributions Reinvested | 800,072 | |
Total Declared | $ 2,233,627 | |
May 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 8, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,489,550 | |
Distributions Reinvested | 827,922 | |
Total Declared | $ 2,317,472 | |
June 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jun. 12, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,441,941 | |
Distributions Reinvested | 805,860 | |
Total Declared | $ 2,247,801 | |
July 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jul. 10, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,476,115 | |
Distributions Reinvested | 826,006 | |
Total Declared | $ 2,302,121 | |
August 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Aug. 8, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,482,246 | |
Distributions Reinvested | 825,588 | |
Total Declared | $ 2,307,834 | |
September 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Sep. 11, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,435,550 | |
Distributions Reinvested | 800,025 | |
Total Declared | $ 2,235,575 | |
October 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Oct. 18, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,471,122 | |
Distributions Reinvested | 820,705 | |
Total Declared | $ 2,291,827 | |
November 30, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Nov. 9, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,426,113 | |
Distributions Reinvested | 796,317 | |
Total Declared | $ 2,222,430 | |
December 31, 2018 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Dec. 11, 2018 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,478,140 | |
Distributions Reinvested | 822,629 | |
Total Declared | $ 2,300,769 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Net asset value at beginning of period | $ 8.20 | $ 8.42 | |
Net investment income | 0.52 | 0.57 | |
Net change in unrealized depreciation on investments | (0.11) | (0.19) | |
Net increase in net assets resulting from operations | 0.41 | 0.38 | |
Distributions | (0.61) | (0.63) | |
Net change in accrued distribution and other fees | 0.02 | 0.03 | |
Net decrease in net assets | (0.19) | (0.22) | |
Net asset value at end of period | $ 8.01 | $ 8.20 | |
Total return based on net asset value | 4.98% | 4.55% | |
Net assets at end of period | $ 369,595,560 | $ 360,070,359 | $ 321,356,737 |
Units Outstanding at end of period | 46,143,564 | 43,914,946 | 38,183,103 |
Ratio/Supplemental data (annualized): | |||
Ratio of net investment income to average net assets | 6.32% | 7.01% | |
Ratio of net operating expenses to average net assets | 5.61% | 5.71% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Financial Highlights [Line Items] | ||
Weighted average units outstanding | 44,707,581 | 43,723,569 |
Total return based on net asset value | 4.98% | 4.55% |
Ratio of net investment income to average net assets | 6.32% | 7.01% |
Ratio of net operating expenses to average net assets | 5.61% | 5.71% |
Responsibility Agreement [Member] | ||
Schedule Of Financial Highlights [Line Items] | ||
Total return based on net asset value | 4.66% | |
Ratio of net investment income to average net assets | 7.12% | |
Ratio of net operating expenses to average net assets | 5.60% | |
Class C and Class I Units [Member] | ||
Schedule Of Financial Highlights [Line Items] | ||
Distribution and dealer manager fees payable | $ 647,000 | $ 1,230,000 |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) - Summary of Selected Quarterly Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total investment income | $ 10,440,924 | $ 10,704,408 | $ 11,085,298 | $ 11,294,500 | $ 11,646,953 | $ 11,145,704 | $ 12,132,475 | $ 10,181,734 | $ 43,525,130 | $ 45,106,866 | |
Net investment income | 5,926,904 | 5,959,654 | 5,334,853 | 5,834,051 | 6,517,696 | 5,921,240 | 6,799,009 | 5,614,026 | 23,055,462 | 24,851,971 | |
Net change in unrealized appreciation (depreciation) on investments | (2,559,508) | (347,218) | 243,836 | (2,147,016) | (5,296,528) | 1,080,222 | (3,030,543) | (849,503) | (4,809,906) | (8,096,352) | |
Foreign exchange (loss) gain | 4,002 | (5,994) | 1,285 | (1,008) | (1,730) | (650) | (49,701) | 40,174 | (1,715) | (11,907) | |
Net increase in net assets resulting from operations | $ 3,371,398 | $ 5,606,442 | $ 5,579,974 | $ 3,686,027 | $ 1,219,438 | $ 7,000,812 | $ 3,718,765 | $ 4,804,697 | $ 18,243,841 | $ 16,743,712 | |
Basic and diluted earnings per unit | $ 0.07 | $ 0.13 | $ 0.12 | $ 0.13 | $ 0.03 | $ 0.16 | $ 0.08 | $ 0.11 | $ 0.41 | $ 0.38 | |
Net asset value per unit as of the end of the quarter | $ 8.01 | $ 8.09 | $ 8.11 | $ 8.14 | $ 8.20 | $ 8.36 | $ 8.35 | $ 8.42 | $ 8.01 | $ 8.20 | $ 8.42 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 20, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Mar. 27, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 26, 2020 |
Subsequent Event [Line Items] | ||||||||
Cash paid for distributions | $ 17,912,536 | $ 17,535,609 | ||||||
Net assets, per unit | $ 8.024 | $ 8.227 | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash paid for distributions | $ 1,475,238 | $ 1,569,654 | ||||||
Reinvestment under distribution reinvestment plan | $ 742,759 | $ 793,883 | ||||||
Funded new loans | $ 21,000,000 | |||||||
Proceeds from repayment of loans | $ 27,700,000 | |||||||
Subsequent Event [Member] | Class A Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | $ 8.024 | |||||||
Subsequent Event [Member] | Class C Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | 8.024 | |||||||
Subsequent Event [Member] | Class I Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | 8.024 | |||||||
Subsequent Event [Member] | Class W Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | 8.024 | |||||||
Subsequent Event [Member] | Class Y Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | 8.024 | |||||||
Subsequent Event [Member] | Class Z Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net assets, per unit | $ 8.024 | |||||||
Subsequent Event [Member] | TriLinc Advisors, LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Advisory agreement, extended maturity date | Feb. 25, 2021 | |||||||
Scenario Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend distribution period start date | Jan. 1, 2020 | |||||||
Dividend distribution period end date | Mar. 31, 2020 | |||||||
Dividends declared per unit | $ 0.00168675 | |||||||
Date of distributions in cash or reinvestment in units | Apr. 1, 2020 |