Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 13, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | TriLinc Global Impact Fund LLC | |
Entity Central Index Key | 0001550453 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
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 Quarterly 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 | 17,953,806 | |
Class C Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,996,481 | |
Class I Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,543,017 | |
Class W Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,555 | |
Class Y Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,660,419 | |
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investments owned, at fair value (amortized cost of $353,225,888 and $352,351,819, respectively) | $ 330,593,500 | $ 340,298,376 |
Cash | 14,974,399 | 22,333,304 |
Interest receivable | 23,957,270 | 16,501,872 |
Due from affiliates (see Note 5) | 4,057,734 | 4,240,231 |
Other assets | 1,981,758 | 317,000 |
Total assets | 375,564,661 | 383,690,783 |
LIABILITIES | ||
Due to unitholders | 1,548,619 | 1,572,295 |
Management fee payable | 1,844,869 | 1,889,835 |
Incentive fee payable | 1,628,075 | 1,481,726 |
Notes payable | 5,000,000 | 5,000,000 |
Unit repurchases payable | 2,305,807 | 2,312,031 |
Accrued distribution and other fees | 489,000 | 647,000 |
Other payables | 2,247,125 | 1,192,336 |
Total liabilities | 15,063,495 | 14,095,223 |
Commitments and Contingencies (see Note 5) | ||
NET ASSETS | 360,501,166 | 369,595,560 |
ANALYSIS OF NET ASSETS: | ||
Offering costs | (17,237,807) | (17,237,807) |
Class A Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 139,144,857 | 143,313,977 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 147,260,574 | 151,476,548 |
Class C Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 61,553,564 | 64,117,584 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 65,170,955 | 67,804,541 |
Class I Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 81,605,326 | 83,964,495 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 86,366,237 | 88,748,417 |
Class W Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 189,770 | 195,021 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 200,897 | 206,243 |
Class Y Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 12,561,547 | 10,413,945 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | 13,294,208 | 11,007,080 |
Class Z Units [Member] | ||
LIABILITIES | ||
NET ASSETS | 65,446,102 | 67,590,538 |
ANALYSIS OF NET ASSETS: | ||
Net capital paid | $ 65,446,102 | $ 67,590,538 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Investments owned, amortized cost | $ 353,225,888 | $ 352,351,819 |
Net assets, per unit | $ 7.769 | $ 8.024 |
Net assets, units outstanding | 46,464,609 | 46,143,564 |
Class A Units [Member] | ||
Net assets, units outstanding | 17,909,938 | 17,861,312 |
Class C Units [Member] | ||
Net assets, units outstanding | 7,982,935 | 8,067,787 |
Class W Units [Member] | ||
Net assets, units outstanding | 24,555 | 24,555 |
Class Y Units [Member] | ||
Net assets, units outstanding | 1,616,852 | 1,297,897 |
Class I Units [Member] | ||
Net assets, units outstanding | 10,506,478 | 10,468,162 |
Class Z Units [Member] | ||
Net assets, units outstanding | 8,423,851 | 8,423,851 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INVESTMENT INCOME | ||||
Interest income | $ 10,903,460 | $ 11,062,607 | $ 20,860,302 | $ 22,342,110 |
Interest from cash | 18,722 | 22,691 | 62,379 | 37,687 |
Total investment income | 10,922,182 | 11,085,298 | 20,922,681 | 22,379,797 |
EXPENSES | ||||
Asset management fees | 1,844,871 | 1,948,848 | 3,691,427 | 3,907,970 |
Incentive fees | 1,628,075 | 1,300,594 | 2,479,186 | 2,759,107 |
Professional fees | 516,940 | 1,310,805 | 1,786,759 | 2,249,007 |
General and administrative expenses | 287,086 | 517,105 | 643,253 | 957,393 |
Interest expense | 68,536 | 608,718 | 137,073 | 1,208,666 |
Board of managers fees | 64,375 | 64,375 | 128,750 | 128,750 |
Total expenses | 4,409,883 | 5,750,445 | 8,866,448 | 11,210,893 |
NET INVESTMENT INCOME | 6,512,299 | 5,334,853 | 12,056,233 | 11,168,904 |
Net change in unrealized depreciation on investments | (1,052,185) | 243,836 | (9,730,903) | (1,903,180) |
Foreign exchange loss | 4,167 | 1,285 | 1,095 | 277 |
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 5,464,281 | $ 5,579,974 | $ 2,326,425 | $ 9,266,001 |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED | $ 0.14 | $ 0.12 | $ 0.26 | $ 0.25 |
EARNINGS PER UNIT - BASIC AND DILUTED | $ 0.12 | $ 0.13 | $ 0.05 | $ 0.21 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED | 46,545,426 | 43,821,699 | 46,463,428 | 43,920,005 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
INCREASE FROM OPERATIONS | |||
Net investment income | $ 12,056,233 | $ 11,168,904 | |
Foreign exchange (loss) gain | $ 4,167 | 1,095 | 277 |
Net change in unrealized depreciation on investments | (1,052,185) | (9,730,903) | (1,903,180) |
Net increase from operations | 2,326,425 | 9,266,001 | |
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (14,208,249) | (13,363,318) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 2,606,000 | ||
Repurchase of units | (4,624,739) | (7,687,796) | |
Distribution and other fees | 158,000 | 319,000 | |
Net increase (decrease) from capital transactions | 2,787,430 | (2,202,965) | |
NET DECREASE IN NET ASSETS | (9,094,394) | (6,300,282) | |
Net assets at beginning of period | 369,595,560 | 360,070,359 | |
Net assets at end of period | 360,501,166 | 360,501,166 | 353,770,077 |
Class A Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (5,497,042) | (5,494,697) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 2,174,806 | 2,224,545 | |
Net assets at beginning of period | 143,313,977 | ||
Net assets at end of period | 139,144,857 | 139,144,857 | |
Class C Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (2,424,382) | (2,446,249) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 1,127,988 | 1,169,524 | |
Net assets at beginning of period | 64,117,584 | ||
Net assets at end of period | 61,553,564 | 61,553,564 | |
Class I Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (3,226,518) | (3,229,189) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 1,345,375 | 1,351,762 | |
Net assets at beginning of period | 83,964,495 | ||
Net assets at end of period | 81,605,326 | 81,605,326 | |
Class W Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (6,786) | (6,963) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Net assets at beginning of period | 195,021 | ||
Net assets at end of period | 189,770 | 189,770 | |
Class Y Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (467,495) | (365,083) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Issuance of capital units | 2,606,000 | 420,000 | |
Net assets at beginning of period | 10,413,945 | ||
Net assets at end of period | 12,561,547 | 12,561,547 | |
Class Z Units [Member] | |||
DECREASE FROM DISTRIBUTIONS | |||
Distributions to unitholders | (2,586,026) | $ (1,821,137) | |
INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS | |||
Net assets at beginning of period | 67,590,538 | ||
Net assets at end of period | $ 65,446,102 | $ 65,446,102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 2,326,425 | $ 9,266,001 |
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||
Purchase of investments | (24,250,000) | (16,675,000) |
Maturity of investments | 30,132,424 | 25,780,101 |
Payment-in-kind interest | (5,852,692) | (3,902,348) |
Net change in unrealized depreciation on investments | 9,730,903 | 1,903,180 |
Foreign exchange loss | (1,095) | (277) |
Accretion of discounts on investments | (55,758) | (407,752) |
Changes in assets and liabilities: | ||
Increase in interest receivable | (7,454,303) | (2,725,041) |
(Increase) decrease in other assets | (1,482,261) | 14,711 |
Increase in due to unitholders | (23,676) | (49,416) |
Increase (decrease) in management and incentive fees payable | 101,383 | (517,773) |
Increase in other payables | 1,054,789 | 662,871 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,226,139 | 13,349,257 |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 2,607,535 | 415,086 |
Distributions paid to unitholders | (9,561,615) | (8,612,574) |
Repurchase of units | (4,630,964) | (7,016,133) |
Repayments of notes payable | (125,000) | |
NET CASH USED IN FINANCING ACTIVITIES | (11,585,044) | (15,338,621) |
TOTAL DECREASE IN CASH | (7,358,905) | (1,989,364) |
Cash at beginning of period | 22,333,304 | 8,101,629 |
Cash at end of period | 14,974,399 | 6,112,265 |
Supplemental information | ||
Cash paid for interest during the period | 69,290 | 1,100,154 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 4,646,634 | 4,750,744 |
Change in accrual of distribution and other fees | $ (158,000) | $ (319,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | ||||
Amortized Cost | $ 353,225,888 | $ 352,351,819 | ||||
Fair Value | 330,593,500 | 340,298,376 | ||||
Agricultural Products [Member] | ||||||
Fair Value | 12,256,800 | 12,417,122 | ||||
Electric Services [Member] | ||||||
Fair Value | 1,408,638 | 16,383,269 | ||||
Personal Credit Institutions [Member] | ||||||
Fair Value | 2,975,691 | 3,603,592 | ||||
Corrugated And Solid Fiber Boxes [Member] | ||||||
Fair Value | 13,351,735 | |||||
Secondary Nonferrous Metals [Member] | ||||||
Fair Value | 17,530,616 | 17,530,616 | ||||
Coal and Other Minerals and Ores [Member] | ||||||
Fair Value | 31,959,683 | 32,348,090 | ||||
Chemicals and Allied Products [Member] | ||||||
Fair Value | 15,000,000 | 15,000,000 | ||||
Refuse Systems [Member] | ||||||
Fair Value | 27,738,539 | 25,766,063 | ||||
Logging [Member] | ||||||
Fair Value | 5,797,622 | 5,612,436 | ||||
Consumer Products [Member] | ||||||
Fair Value | 9,318,469 | 9,318,469 | ||||
Short-Term Business Credit [Member] | ||||||
Fair Value | 4,740,000 | 4,740,000 | ||||
Programming and Data Processing [Member] | ||||||
Fair Value | 17,967,951 | 17,740,330 | ||||
Boatbuilding and Repairing [Member] | ||||||
Fair Value | 5,848,683 | 5,695,069 | ||||
Hotels and Motels [Member] | ||||||
Fair Value | 11,359,874 | 12,846,584 | ||||
Telephone Communications [Member] | ||||||
Fair Value | 35,747,233 | 36,794,973 | ||||
Department Stores [Member] | ||||||
Fair Value | 8,786,977 | 8,638,109 | ||||
Petroleum and Petroleum Products [Member] | ||||||
Fair Value | 14,592,683 | 15,500,000 | ||||
Freight Transportation Arrangement [Member] | ||||||
Fair Value | 13,779,518 | 13,505,035 | ||||
Land Subdividers and Developers [Member] | ||||||
Fair Value | 14,873,425 | 16,781,000 | ||||
Motor Vehicle Parts and Accessories [Member] | ||||||
Fair Value | 8,974,373 | 8,731,936 | ||||
Water Transportation [Member] | ||||||
Fair Value | 10,515,860 | 12,748,503 | ||||
Food Products [Member] | ||||||
Fair Value | 2,242,237 | 2,724,804 | ||||
Farm Products [Member] | ||||||
Fair Value | 9,667,785 | 9,644,313 | ||||
Soap, Detergents, and Cleaning [Member] | ||||||
Fair Value | 2,620,083 | 2,894,698 | ||||
Meat, Poultry & Fish [Member] | ||||||
Fair Value | 6,361,679 | 6,240,961 | ||||
Fats and Oils [Member] | ||||||
Fair Value | 3,398,558 | 3,398,558 | ||||
Chocolate and Cocoa Products [Member] | ||||||
Fair Value | 9,192,637 | 9,687,887 | ||||
Commercial Fishing [Member] | ||||||
Fair Value | 35,838 | 35,838 | ||||
Telephone and Telegraph Apparatus [Member] | ||||||
Fair Value | 7,686,402 | 8,840,048 | ||||
Groceries and Related Products [Member] | ||||||
Fair Value | 457,418 | 468,756 | ||||
Drugs, Proprietaries, and Sundries [Member] | ||||||
Fair Value | 648,430 | 803,254 | ||||
Financial Services [Member] | ||||||
Fair Value | 3,758,063 | 3,758,063 | ||||
Communications Equipment [Member] | ||||||
Fair Value | 100,000 | |||||
Brazil [Member] | ||||||
Fair Value | 26,393,798 | 26,012,563 | ||||
Chile [Member] | ||||||
Fair Value | 2,678,224 | 2,652,855 | ||||
Colombia [Member] | ||||||
Fair Value | 23,456,424 | 23,479,065 | ||||
Ecuador [Member] | ||||||
Fair Value | 13,387,573 | 35,838 | ||||
Hong Kong [Member] | ||||||
Fair Value | 49,646,085 | 51,188,138 | ||||
Malaysia [Member] | ||||||
Fair Value | 15,000,000 | 15,000,000 | ||||
Mexico [Member] | ||||||
Fair Value | 27,738,539 | 25,766,063 | ||||
New Zealand [Member] | ||||||
Fair Value | 5,797,622 | 5,612,436 | ||||
Peru [Member] | ||||||
Fair Value | 4,599,086 | 4,599,086 | ||||
Botswana [Member] | ||||||
Fair Value | 4,740,000 | 4,740,000 | ||||
Cabo Verde [Member] | ||||||
Fair Value | 11,359,874 | 12,846,584 | ||||
Croatia [Member] | ||||||
Fair Value | 8,786,977 | 8,638,109 | ||||
Ghana [Member] | ||||||
Fair Value | 14,592,683 | 30,500,000 | ||||
Jersey [Member] | ||||||
Fair Value | 15,266,500 | 16,919,500 | ||||
Kenya [Member] | ||||||
Fair Value | 13,779,518 | 13,505,035 | ||||
Namibia [Member] | ||||||
Fair Value | 14,873,425 | 16,781,000 | ||||
Netherlands [Member] | ||||||
Fair Value | 8,974,373 | 8,731,936 | ||||
Nigeria [Member] | ||||||
Fair Value | 12,030,084 | 14,262,726 | ||||
Romania [Member] | ||||||
Fair Value | 1,744,775 | 2,034,188 | ||||
Uganda [Member] | ||||||
Fair Value | 6,873,472 | 6,850,000 | ||||
Zambia [Member] | ||||||
Fair Value | 2,620,083 | 2,894,698 | ||||
Argentina [Member] | ||||||
Fair Value | 24,159,256 | 24,198,860 | ||||
Cameroon [Member] | ||||||
Fair Value | 9,192,637 | 9,687,887 | ||||
Guatemala [Member] | ||||||
Fair Value | 10,504 | 10,504 | ||||
Mauritius [Member] | ||||||
Fair Value | 457,418 | 468,756 | ||||
Morocco [Member] | ||||||
Fair Value | 7,530,616 | 7,530,616 | ||||
Morocco [Member] | Scrap Metal Recycler [Member] | ||||||
Principal Amount | 7,349,626 | |||||
South Africa [Member] | ||||||
Fair Value | 497,462 | 790,616 | ||||
United Arab Emirates [Member] | ||||||
Fair Value | 648,430 | 803,254 | ||||
Senior Secured Term Loans [Member] | ||||||
Amortized Cost | 99,689,547 | [1] | 83,627,340 | [1] | ||
Fair Value | $ 99,415,415 | [1] | $ 83,353,208 | [1] | ||
% of Net Assets | 27.70% | [1] | 22.60% | [1] | 22.60% | [1] |
Senior Secured Term Loans [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member] | ||||||
Interest | 12.43% | [1],[2],[3] | 12.43% | [1],[3],[4] | 12.43% | [1],[3],[4] |
Fees | 0.00% | [1],[2],[3],[5] | 0.00% | [1],[3],[4],[5] | ||
Maturity | Dec. 15, 2020 | [1],[2],[3],[6] | Dec. 15, 2020 | [1],[3],[4],[6] | Dec. 15, 2020 | [1],[3],[4],[6] |
Principal Amount | $ 2,851,296 | [1],[2],[3] | $ 2,851,296 | [1],[3],[4] | ||
Amortized Cost | 2,851,296 | [1],[2],[3] | 2,851,296 | [1],[3],[4] | ||
Fair Value | $ 2,577,164 | [1],[2],[3] | $ 2,577,164 | [1],[3],[4] | ||
% of Net Assets | 0.70% | [1],[2],[3] | 0.70% | [1],[3],[4] | 0.70% | [1],[3],[4] |
Senior Secured Term Loans [Member] | Chile [Member] | Other Investments [Member] | Electric Services [Member] | LED Lighting Service Provider [Member] | ||||||
Interest | 11.00% | [1],[3],[7] | 11.00% | [1],[7] | 11.00% | [1],[7] |
Fees | 0.00% | [1],[3],[5],[7] | 0.00% | [1],[5],[7] | ||
Maturity | Jun. 6, 2021 | [1],[3],[6],[7] | Jun. 6, 2021 | [1],[6],[7] | Jun. 6, 2021 | [1],[6],[7] |
Principal Amount | $ 1,456,162 | [1],[3],[7] | $ 1,456,161 | [1],[7] | ||
Amortized Cost | 1,408,638 | [1],[3],[7] | 1,383,269 | [1],[7] | ||
Fair Value | $ 1,408,638 | [1],[3],[7] | $ 1,383,269 | [1],[7] | ||
% of Net Assets | 0.40% | [1],[3],[7] | 0.40% | [1],[7] | 0.40% | [1],[7] |
Senior Secured Term Loans [Member] | Colombia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member] | ||||||
Interest | 11.25% | [1],[7] | 11.25% | [1],[7] | 11.25% | [1],[7] |
Fees | 0.00% | [1],[5],[7] | 0.00% | [1],[5],[7] | ||
Maturity | Aug. 1, 2021 | [1],[6],[7] | Aug. 1, 2021 | [1],[6],[7] | Aug. 1, 2021 | [1],[6],[7] |
Principal Amount | $ 2,975,691 | [1],[7] | $ 3,603,592 | [1],[7] | ||
Amortized Cost | 2,975,691 | [1],[7] | 3,603,592 | [1],[7] | ||
Fair Value | $ 2,975,691 | [1],[7] | $ 3,603,592 | [1],[7] | ||
% of Net Assets | 0.80% | [1],[7] | 1.00% | [1],[7] | 1.00% | [1],[7] |
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | ||||||
Fees | 0.00% | [1],[5] | ||||
Maturity | Jun. 18, 2025 | [1],[6] | ||||
Principal Amount | $ 13,351,735 | [1] | ||||
Amortized Cost | 13,351,735 | [1] | ||||
Fair Value | $ 13,351,735 | [1] | ||||
% of Net Assets | 3.70% | [1] | ||||
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Cash [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | ||||||
Interest | 9.16% | [1] | ||||
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | PIK [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | ||||||
Interest | 2.20% | [1] | ||||
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | ||||||
Interest | 12.00% | [1],[8] | 12.00% | [1],[8] | 12.00% | [1],[8] |
Fees | 0.00% | [1],[5],[8] | 0.00% | [1],[5],[8] | ||
Maturity | Jun. 22, 2021 | [1],[6],[8] | Jun. 22, 2021 | [1],[6],[8] | Jun. 22, 2021 | [1],[6],[8] |
Principal Amount | $ 10,000,000 | [1],[8] | $ 10,000,000 | [1],[8] | ||
Amortized Cost | 10,000,000 | [1],[8] | 10,000,000 | [1],[8] | ||
Fair Value | $ 10,000,000 | [1],[8] | $ 10,000,000 | [1],[8] | ||
% of Net Assets | 2.80% | [1],[8] | 2.70% | [1],[8] | 2.70% | [1],[8] |
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | ||||||
Interest | 11.50% | [1],[9] | 11.50% | [1],[9] | 11.50% | [1],[9] |
Fees | 0.00% | [1],[5],[9] | 0.00% | [1],[5],[9] | ||
Maturity | Dec. 31, 2020 | [1],[6],[9] | Dec. 28, 2020 | [1],[6],[9] | Dec. 28, 2020 | [1],[6],[9] |
Principal Amount | $ 17,166,559 | [1],[9] | $ 15,891,820 | [1],[9] | ||
Amortized Cost | 17,166,559 | [1],[9] | 15,891,820 | [1],[9] | ||
Fair Value | $ 17,166,559 | [1],[9] | $ 15,891,820 | [1],[9] | ||
% of Net Assets | 4.80% | [1],[9] | 4.30% | [1],[9] | 4.30% | [1],[9] |
Senior Secured Term Loans [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | ||||||
Interest | 12.00% | [1],[10] | 12.00% | [1],[11] | 12.00% | [1],[11] |
Fees | 0.00% | [1],[5],[10] | 0.00% | [1],[5],[11] | ||
Maturity | Mar. 31, 2021 | [1],[6],[10] | Mar. 31, 2021 | [1],[6],[11] | Mar. 31, 2021 | [1],[6],[11] |
Principal Amount | $ 15,000,000 | [1],[10] | $ 15,000,000 | [1],[11] | ||
Amortized Cost | 15,000,000 | [1],[10] | 15,000,000 | [1],[11] | ||
Fair Value | $ 15,000,000 | [1],[10] | $ 15,000,000 | [1],[11] | ||
% of Net Assets | 4.20% | [1],[10] | 4.10% | [1],[11] | 4.10% | [1],[11] |
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | ||||||
Fees | 0.00% | [1],[5],[12] | 0.00% | [1],[5],[13] | ||
Maturity | Jul. 27, 2021 | [1],[6],[12] | Jul. 27, 2021 | [1],[6],[13] | Jul. 27, 2021 | [1],[6],[13] |
Principal Amount | $ 26,538,921 | [1],[12] | $ 24,685,841 | [1],[13] | ||
Amortized Cost | 26,538,921 | [1],[12] | 24,685,841 | [1],[13] | ||
Fair Value | $ 26,538,921 | [1],[12] | $ 24,685,841 | [1],[13] | ||
% of Net Assets | 7.40% | [1],[12] | 6.70% | [1],[13] | 6.70% | [1],[13] |
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | PIK [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | ||||||
Interest | 14.50% | [1],[12] | 14.50% | [1],[13] | 14.50% | [1],[13] |
Senior Secured Term Loans [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | ||||||
Interest | 11.50% | [1],[14] | 11.50% | [1],[15] | 11.50% | [1],[15] |
Fees | 0.00% | [1],[5],[14] | 0.00% | [1],[5],[15] | ||
Maturity | Feb. 11, 2021 | [1],[6],[14] | Feb. 11, 2021 | [1],[6],[15] | Feb. 11, 2021 | [1],[6],[15] |
Principal Amount | $ 5,797,622 | [1],[14] | $ 5,612,436 | [1],[15] | ||
Amortized Cost | 5,797,622 | [1],[14] | 5,612,436 | [1],[15] | ||
Fair Value | $ 5,797,622 | [1],[14] | $ 5,612,436 | [1],[15] | ||
% of Net Assets | 1.60% | [1],[14] | 1.50% | [1],[15] | 1.50% | [1],[15] |
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer II [Member] | ||||||
Interest | 11.00% | [1],[16] | 10.00% | [1],[17] | 10.00% | [1],[17] |
Fees | 0.00% | [1],[5],[16] | 0.00% | [1],[5],[17] | ||
Maturity | Dec. 31, 2024 | [1],[6],[16] | Aug. 15, 2021 | [1],[6],[17] | Aug. 15, 2021 | [1],[6],[17] |
Principal Amount | $ 4,599,086 | [1],[16] | $ 4,599,086 | [1],[17] | ||
Amortized Cost | 4,599,086 | [1],[16] | 4,599,086 | [1],[17] | ||
Fair Value | $ 4,599,086 | [1],[16] | $ 4,599,086 | [1],[17] | ||
% of Net Assets | 1.30% | [1],[16] | 1.20% | [1],[17] | 1.20% | [1],[17] |
Senior Secured Term Loans [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | ||||||
Principal Amount | € | € 6,200,000 | |||||
Senior Secured Term Loan Participations [Member] | ||||||
Amortized Cost | $ 164,666,560 | [1] | $ 179,588,536 | [1] | ||
Fair Value | $ 158,424,908 | [1] | $ 180,500,425 | [1] | ||
% of Net Assets | 43.80% | [1] | 49.00% | [1] | 49.00% | [1] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | ||||||
Fees | 0.00% | [1],[5],[18] | 0.00% | [1],[5],[19],[20] | ||
Maturity | Nov. 24, 2022 | [1],[6],[18] | Nov. 24, 2022 | [1],[6],[19],[20] | Nov. 24, 2022 | [1],[6],[19],[20] |
Principal Amount | $ 17,779,123 | [1],[18] | $ 17,644,892 | [1],[19],[20] | ||
Participation % | 27.00% | [1],[18],[21] | 75.00% | [1],[19],[20],[21] | 75.00% | [1],[19],[20],[21] |
Amortized Cost | $ 17,967,951 | [1],[18] | $ 17,644,892 | [1],[19],[20] | ||
Fair Value | $ 17,967,951 | [1],[18] | $ 17,740,330 | [1],[19],[20] | ||
% of Net Assets | 5.00% | [1],[18] | 4.80% | [1],[19],[20] | 4.80% | [1],[19],[20] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | ||||||
Fees | 0.00% | [1],[5],[18] | 0.00% | [1],[5],[19],[22] | ||
Maturity | Dec. 7, 2023 | [1],[6],[18] | Dec. 7, 2023 | [1],[6],[19],[22] | Dec. 7, 2023 | [1],[6],[19],[22] |
Principal Amount | $ 5,858,439 | [1],[18] | $ 5,741,741 | [1],[19],[22] | ||
Participation % | 42.00% | [1],[18],[21] | 42.00% | [1],[19],[21],[22] | 42.00% | [1],[19],[21],[22] |
Amortized Cost | $ 5,848,683 | [1],[18] | $ 5,669,936 | [1],[19],[22] | ||
Fair Value | $ 5,848,683 | [1],[18] | $ 5,695,069 | [1],[19],[22] | ||
% of Net Assets | 1.60% | [1],[18] | 1.50% | [1],[19],[22] | 1.50% | [1],[19],[22] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Cash [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | ||||||
Interest | 10.00% | [1],[18] | 10.00% | [1],[19],[20] | 10.00% | [1],[19],[20] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Cash [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | ||||||
Interest | 8.00% | [1],[18] | 8.00% | [1],[19],[22] | 8.00% | [1],[19],[22] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | PIK [Member] | Programming and Data Processing [Member] | IT Service Provider [Member] | ||||||
Interest | 1.50% | [1],[18] | 1.50% | [1],[19],[20] | 1.50% | [1],[19],[20] |
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | PIK [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | ||||||
Interest | 4.00% | [1],[18] | 4.00% | [1],[19],[22] | 4.00% | [1],[19],[22] |
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | ||||||
Fees | 0.00% | [1],[5],[18],[23] | 0.00% | [1],[5],[19] | ||
Maturity | Oct. 15, 2023 | [1],[6],[18],[23] | Oct. 15, 2023 | [1],[6],[19] | Oct. 15, 2023 | [1],[6],[19] |
Principal Amount | $ 20,313,749 | [1],[18],[23] | $ 19,807,750 | [1],[19] | ||
Participation % | 76.00% | [1],[18],[21],[23] | 76.00% | [1],[19],[21] | 76.00% | [1],[19],[21] |
Amortized Cost | $ 20,480,733 | [1],[18],[23] | $ 19,659,665 | [1],[19] | ||
Fair Value | $ 20,480,733 | [1],[18],[23] | $ 19,875,473 | [1],[19] | ||
% of Net Assets | 5.70% | [1],[18],[23] | 5.40% | [1],[19] | 5.40% | [1],[19] |
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Cash [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | ||||||
Interest | 8.95% | [1],[18],[23] | 8.95% | [1],[19] | 8.95% | [1],[19] |
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | PIK [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | ||||||
Interest | 5.00% | [1],[18],[23] | 4.00% | [1],[19] | 4.00% | [1],[19] |
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member] | ||||||
Interest | 11.47% | [1] | 11.67% | [1],[20] | 11.67% | [1],[20] |
Fees | 0.00% | [1],[5] | 0.00% | [1],[5],[20] | ||
Maturity | Aug. 18, 2021 | [1],[6] | Aug. 18, 2021 | [1],[6],[20] | Aug. 18, 2021 | [1],[6],[20] |
Principal Amount | $ 4,740,000 | [1] | $ 4,740,000 | [1],[20] | ||
Participation % | 47.00% | [1],[21] | 47.00% | [1],[20],[21] | 47.00% | [1],[20],[21] |
Amortized Cost | $ 4,740,000 | [1] | $ 4,740,000 | [1],[20] | ||
Fair Value | $ 4,740,000 | [1] | $ 4,740,000 | [1],[20] | ||
% of Net Assets | 1.30% | [1] | 1.30% | [1],[20] | 1.30% | [1],[20] |
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Fees | 0.00% | [1],[5],[22] | ||||
Maturity | Aug. 21, 2021 | [1],[6],[22] | Aug. 21, 2021 | [1],[6],[22] | ||
Principal Amount | $ 12,846,584 | [1],[22] | ||||
Participation % | 88.00% | [1],[21],[22] | 88.00% | [1],[21],[22] | ||
Amortized Cost | $ 12,846,584 | [1],[22] | ||||
Fair Value | $ 12,846,584 | [1],[22] | ||||
% of Net Assets | 3.50% | [1],[22] | 3.50% | [1],[22] | ||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Cash [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Interest | 10.00% | [1],[22] | 10.00% | [1],[22] | ||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | PIK [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Interest | 4.75% | [1],[22] | 4.75% | [1],[22] | ||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Fees | 0.00% | [1],[3],[5],[22] | ||||
Maturity | Aug. 21, 2021 | [1],[3],[6],[22] | ||||
Principal Amount | $ 13,156,933 | [1],[3],[22] | ||||
Participation % | 88.00% | [1],[3],[21],[22] | ||||
Amortized Cost | $ 13,156,933 | [1],[3],[22] | ||||
Fair Value | $ 11,359,874 | [1],[3],[22] | ||||
% of Net Assets | 3.20% | [1],[3],[22] | ||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | Cash [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Interest | 10.00% | [1],[3],[22] | ||||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | PIK [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | ||||||
Interest | 4.75% | [1],[3],[22] | ||||
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | ||||||
Fees | 0.00% | [1],[5],[24],[25] | 0.00% | [1],[5],[26],[27] | ||
Maturity | Jan. 23, 2021 | [1],[6],[24],[25] | Jan. 23, 2021 | [1],[6],[26],[27] | Jan. 23, 2021 | [1],[6],[26],[27] |
Principal Amount | $ 8,723,129 | [1],[24],[25] | $ 8,519,535 | [1],[26],[27] | ||
Participation % | 5.00% | [1],[21],[24],[25] | 5.00% | [1],[21],[26],[27] | 5.00% | [1],[21],[26],[27] |
Amortized Cost | $ 8,723,129 | [1],[24],[25] | $ 8,519,535 | [1],[26],[27] | ||
Fair Value | $ 8,786,977 | [1],[24],[25] | $ 8,638,109 | [1],[26],[27] | ||
% of Net Assets | 2.40% | [1],[24],[25] | 2.30% | [1],[26],[27] | 2.30% | [1],[26],[27] |
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Cash [Member] | Department Stores [Member] | Mall Operator [Member] | ||||||
Interest | 7.00% | [1],[24],[25] | 7.00% | [1],[26],[27] | 7.00% | [1],[26],[27] |
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | PIK [Member] | Department Stores [Member] | Mall Operator [Member] | ||||||
Interest | 6.00% | [1],[24],[25] | 6.00% | [1],[26],[27] | 6.00% | [1],[26],[27] |
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Electric Services [Member] | Power Producer [Member] | ||||||
Interest | 12.46% | [1],[28] | 12.46% | [1],[28] | ||
Fees | 0.00% | [1],[5],[28] | ||||
Maturity | Nov. 12, 2022 | [1],[6],[28] | Nov. 12, 2022 | [1],[6],[28] | ||
Principal Amount | $ 15,000,000 | [1],[28] | ||||
Participation % | 49.00% | [1],[21],[28] | 49.00% | [1],[21],[28] | ||
Amortized Cost | $ 15,000,000 | [1],[28] | ||||
Fair Value | $ 15,000,000 | [1],[28] | ||||
% of Net Assets | 4.10% | [1],[28] | 4.10% | [1],[28] | ||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | ||||||
Interest | 12.00% | [1],[22] | 12.00% | [1],[22] | 12.00% | [1],[22] |
Fees | 0.00% | [1],[5],[22] | 0.00% | [1],[5],[22] | ||
Maturity | Feb. 10, 2023 | [1],[6],[22] | Aug. 10, 2021 | [1],[6],[22] | Aug. 10, 2021 | [1],[6],[22] |
Principal Amount | $ 14,592,683 | [1],[22] | $ 15,500,000 | [1],[22] | ||
Participation % | 76.00% | [1],[21],[22] | 76.00% | [1],[21],[22] | 76.00% | [1],[21],[22] |
Amortized Cost | $ 14,592,683 | [1],[22] | $ 15,500,000 | [1],[22] | ||
Fair Value | $ 14,592,683 | [1],[22] | $ 15,500,000 | [1],[22] | ||
% of Net Assets | 4.00% | [1],[22] | 4.20% | [1],[22] | 4.20% | [1],[22] |
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | ||||||
Interest | 12.35% | [1],[29] | 12.35% | [1],[29] | 12.35% | [1],[29] |
Fees | 3.00% | [1],[5],[29] | 3.00% | [1],[5],[29] | ||
Maturity | Mar. 28, 2023 | [1],[6],[29] | Mar. 28, 2023 | [1],[6],[29] | Mar. 28, 2023 | [1],[6],[29] |
Principal Amount | $ 15,580,000 | [1],[29] | $ 17,290,000 | [1],[29] | ||
Participation % | 16.00% | [1],[21],[29] | 16.00% | [1],[21],[29] | 16.00% | [1],[21],[29] |
Amortized Cost | $ 15,266,500 | [1],[29] | $ 16,919,500 | [1],[29] | ||
Fair Value | $ 15,266,500 | [1],[29] | $ 16,919,500 | [1],[29] | ||
% of Net Assets | 4.20% | [1],[29] | 4.60% | [1],[29] | 4.60% | [1],[29] |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | ||||||
Fees | 0.00% | [1],[5] | 0.00% | [1],[5],[22] | ||
Maturity | Mar. 31, 2023 | [1],[6] | Mar. 31, 2023 | [1],[6],[22] | Mar. 31, 2023 | [1],[6],[22] |
Principal Amount | $ 13,779,518 | [1] | $ 13,505,035 | [1],[22] | ||
Participation % | 42.00% | [1],[21] | 42.00% | [1],[21],[22] | 42.00% | [1],[21],[22] |
Amortized Cost | $ 13,779,518 | [1] | $ 13,505,035 | [1],[22] | ||
Fair Value | $ 13,779,518 | [1] | $ 13,505,035 | [1],[22] | ||
% of Net Assets | 3.80% | [1] | 3.70% | [1],[22] | 3.70% | [1],[22] |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | ||||||
Interest | 9.88% | [1] | 9.88% | [1],[22] | 9.88% | [1],[22] |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | PIK [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | ||||||
Interest | 4.00% | [1] | 4.00% | [1],[22] | 4.00% | [1],[22] |
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Fees | 0.00% | [1],[5],[30] | ||||
Maturity | Aug. 15, 2021 | [1],[6],[30] | Aug. 15, 2021 | [1],[6],[30] | ||
Principal Amount | $ 16,834,571 | [1],[30] | ||||
Participation % | 100.00% | [1],[21],[30] | 100.00% | [1],[21],[30] | ||
Amortized Cost | $ 16,781,000 | [1],[30] | ||||
Fair Value | $ 16,781,000 | [1],[30] | ||||
% of Net Assets | 4.50% | [1],[30] | 4.50% | [1],[30] | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Interest | 8.50% | [1],[30] | 8.50% | [1],[30] | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Interest | 4.00% | [1],[30] | 4.00% | [1],[30] | ||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Fees | 0.00% | [1],[3],[5],[31] | ||||
Maturity | Aug. 15, 2021 | [1],[3],[6],[31] | ||||
Principal Amount | $ 17,176,724 | [1],[3],[31] | ||||
Participation % | 100.00% | [1],[3],[21],[31] | ||||
Amortized Cost | $ 17,139,224 | [1],[3],[31] | ||||
Fair Value | $ 14,873,425 | [1],[3],[31] | ||||
% of Net Assets | 4.10% | [1],[3],[31] | ||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Interest | 8.50% | [1],[3],[31] | ||||
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | ||||||
Interest | 4.00% | [1],[3],[31] | ||||
Senior Secured Term Loan Participations [Member] | Netherlands [Member] | Other Investments [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member] | ||||||
Interest | 15.00% | [1],[12] | ||||
Fees | 0.00% | [1],[5],[12] | ||||
Maturity | Aug. 20, 2021 | [1],[6],[12] | ||||
Principal Amount | $ 8,776,515 | [1],[12] | ||||
Participation % | 44.00% | [1],[12],[21] | ||||
Amortized Cost | $ 8,974,373 | [1],[12] | ||||
Fair Value | $ 8,974,373 | [1],[12] | ||||
% of Net Assets | 2.50% | [1],[12] | ||||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | ||||||
Interest | 12.94% | [1],[32] | 12.94% | [1],[32] | ||
Fees | 0.80% | [1],[5],[32] | ||||
Maturity | Sep. 16, 2020 | [1],[6],[32] | Sep. 16, 2020 | [1],[6],[32] | ||
Principal Amount | $ 12,762,670 | [1],[32] | ||||
Participation % | 100.00% | [1],[21],[32] | 100.00% | [1],[21],[32] | ||
Amortized Cost | $ 12,748,503 | [1],[32] | ||||
Fair Value | $ 12,748,503 | [1],[32] | ||||
% of Net Assets | 3.40% | [1],[32] | 3.40% | [1],[32] | ||
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | ||||||
Interest | 12.08% | [1],[3],[33] | ||||
Fees | 0.80% | [1],[3],[5],[33] | ||||
Maturity | Sep. 16, 2020 | [1],[3],[6],[33] | ||||
Principal Amount | $ 12,762,670 | [1],[3],[33] | ||||
Participation % | 100.00% | [1],[3],[21],[33] | ||||
Amortized Cost | $ 12,758,503 | [1],[3],[33] | ||||
Fair Value | $ 10,515,861 | [1],[3],[33] | ||||
% of Net Assets | 2.90% | [1],[3],[33] | ||||
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member] | ||||||
Fees | 2.50% | [1],[5],[25] | 2.50% | [1],[5],[27] | ||
Maturity | Jul. 18, 2021 | [1],[6],[25] | Jul. 18, 2021 | [1],[6],[27] | Jul. 18, 2021 | [1],[6],[27] |
Principal Amount | $ 1,762,289 | [1],[25] | $ 2,059,785 | [1],[27] | ||
Participation % | 25.00% | [1],[21],[25] | 27.00% | [1],[21],[27] | 27.00% | [1],[21],[27] |
Amortized Cost | $ 1,744,775 | [1],[25] | $ 2,034,188 | [1],[27] | ||
Fair Value | $ 1,744,775 | [1],[25] | $ 2,034,188 | [1],[27] | ||
% of Net Assets | 0.50% | [1],[25] | 0.60% | [1],[27] | 0.60% | [1],[27] |
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Cash [Member] | Food Products [Member] | Bread Manufacturer [Member] | ||||||
Interest | 8.00% | [1],[25] | 8.00% | [1],[27] | 8.00% | [1],[27] |
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | PIK [Member] | Food Products [Member] | Bread Manufacturer [Member] | ||||||
Interest | 5.00% | [1],[25] | 5.00% | [1],[27] | 5.00% | [1],[27] |
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor C [Member] | ||||||
Interest | 14.50% | [1] | 14.50% | [1],[20] | 14.50% | [1],[20] |
Fees | 0.00% | [1],[5] | 0.00% | [1],[5],[20] | ||
Maturity | Apr. 30, 2024 | [1],[6] | Apr. 30, 2024 | [1],[6],[20] | Apr. 30, 2024 | [1],[6],[20] |
Principal Amount | $ 6,850,000 | [1] | $ 6,850,000 | [1],[20] | ||
Participation % | 100.00% | [1],[21] | 100.00% | [1],[20],[21] | 100.00% | [1],[20],[21] |
Amortized Cost | $ 6,873,472 | [1] | $ 6,850,000 | [1],[20] | ||
Fair Value | $ 6,873,472 | [1] | $ 6,850,000 | [1],[20] | ||
% of Net Assets | 1.90% | [1] | 1.90% | [1],[20] | 1.90% | [1],[20] |
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member] | ||||||
Interest | 11.91% | [1],[7] | 12.23% | [1],[7] | 12.23% | [1],[7] |
Fees | 0.00% | [1],[5],[7] | 0.00% | [1],[5],[7] | ||
Maturity | Aug. 27, 2023 | [1],[6],[7] | Aug. 27, 2023 | [1],[6],[7] | Aug. 27, 2023 | [1],[6],[7] |
Principal Amount | $ 2,620,083 | [1],[7] | $ 2,894,698 | [1],[7] | ||
Participation % | 26.00% | [1],[7],[21] | 25.00% | [1],[7],[21] | 25.00% | [1],[7],[21] |
Amortized Cost | $ 2,620,083 | [1],[7] | $ 2,894,698 | [1],[7] | ||
Fair Value | $ 2,620,083 | [1],[7] | $ 2,894,698 | [1],[7] | ||
% of Net Assets | 0.70% | [1],[7] | 0.80% | [1],[7] | 0.80% | [1],[7] |
Senior Secured Trade Finance Participations [Member] | ||||||
Amortized Cost | $ 82,869,781 | [1] | $ 83,135,943 | [1] | ||
Fair Value | $ 67,795,496 | [1] | $ 71,606,458 | [1] | ||
% of Net Assets | 18.70% | [1] | 19.30% | [1] | 19.30% | [1] |
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | ||||||
Interest | 10.90% | [1],[3],[34] | 10.90% | [1],[3],[34] | 10.90% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Mar. 4, 2018 | [1],[3],[6],[34] | Mar. 4, 2018 | [1],[3],[6],[34] | Mar. 4, 2018 | [1],[3],[6],[34] |
Principal Amount | $ 1,326,687 | [1],[3],[34] | $ 1,326,687 | [1],[3],[34] | ||
Participation % | 100.00% | [1],[3],[21],[34] | 100.00% | [1],[3],[21],[34] | 100.00% | [1],[3],[21],[34] |
Amortized Cost | $ 1,326,687 | [1],[3],[34] | $ 1,326,687 | [1],[3],[34] | ||
Fair Value | $ 1,269,586 | [1],[3],[34] | $ 1,269,586 | [1],[3],[34] | ||
% of Net Assets | 0.40% | [1],[3],[34] | 0.30% | [1],[3],[34] | 0.30% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | ||||||
Interest | 9.00% | [1],[20],[35] | 9.00% | [1],[20],[36] | 9.00% | [1],[20],[36] |
Fees | 0.00% | [1],[5],[20],[35] | 0.00% | [1],[5],[20],[36] | ||
Maturity | Jun. 19, 2019 | [1],[6],[20],[35] | Jun. 19, 2019 | [1],[6],[20],[36] | Jun. 19, 2019 | [1],[6],[20],[36] |
Principal Amount | $ 35,838 | [1],[20],[35] | $ 35,838 | [1],[20],[36] | ||
Participation % | 3.00% | [1],[20],[21],[35] | 3.00% | [1],[20],[21],[36] | 3.00% | [1],[20],[21],[36] |
Amortized Cost | $ 35,838 | [1],[20],[35] | $ 35,838 | [1],[20],[36] | ||
Fair Value | $ 35,838 | [1],[20],[35] | $ 35,838 | [1],[20],[36] | ||
% of Net Assets | 0.00% | [1],[20],[35] | 0.00% | [1],[20],[36] | 0.00% | [1],[20],[36] |
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 | 11.50% | [1],[13] | 11.50% | [1],[13] | ||
Fees | 0.00% | [1],[5],[13] | ||||
Maturity | May 4, 2020 | [1],[6],[13] | May 4, 2020 | [1],[6],[13] | ||
Principal Amount | $ 16,456,270 | [1],[13] | ||||
Amortized Cost | 16,456,270 | [1],[13] | ||||
Fair Value | $ 16,456,270 | [1],[13] | ||||
% of Net Assets | 4.50% | [1],[13] | 4.50% | [1],[13] | ||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | ||||||
Interest | 12.00% | [1],[3] | 12.00% | [1],[3] | ||
Fees | 0.00% | [1],[3],[5] | ||||
Maturity | Mar. 31, 2020 | [1],[3],[6] | Mar. 31, 2020 | [1],[3],[6] | ||
Principal Amount | $ 9,500,000 | [1],[3] | ||||
Participation % | 26.00% | [1],[3],[21] | 26.00% | [1],[3],[21] | ||
Amortized Cost | $ 9,500,000 | [1],[3] | ||||
Fair Value | $ 8,840,048 | [1],[3] | ||||
% of Net Assets | 2.40% | [1],[3] | 2.40% | [1],[3] | ||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Triton Metallics Pte Ltd [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | ||||||
Interest | 11.50% | [1],[3],[12] | ||||
Fees | 0.00% | [1],[3],[5],[12] | ||||
Maturity | Aug. 15, 2020 | [1],[3],[6],[12] | ||||
Principal Amount | $ 16,456,270 | [1],[3],[12] | ||||
Amortized Cost | 16,456,270 | [1],[3],[12] | ||||
Fair Value | $ 14,793,124 | [1],[3],[12] | ||||
% of Net Assets | 4.10% | [1],[3],[12] | ||||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Conplex International Limited | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | ||||||
Interest | 12.00% | [1],[3] | ||||
Fees | 0.00% | [1],[3],[5] | ||||
Maturity | Apr. 30, 2020 | [1],[3],[6] | ||||
Principal Amount | $ 9,500,000 | [1],[3] | ||||
Participation % | 26.00% | [1],[3],[21] | ||||
Amortized Cost | $ 9,500,000 | [1],[3] | ||||
Fair Value | $ 7,686,402 | [1],[3] | ||||
% of Net Assets | 2.10% | [1],[3] | ||||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | ||||||
Interest | 9.00% | [1],[12],[37] | 9.00% | [1],[13],[38] | 9.00% | [1],[13],[38] |
Fees | 0.00% | [1],[5],[12],[37] | 0.00% | [1],[5],[13],[38] | ||
Maturity | Aug. 31, 2020 | [1],[6],[12],[37] | Apr. 30, 2020 | [1],[6],[13],[38] | Apr. 30, 2020 | [1],[6],[13],[38] |
Principal Amount | $ 675,256 | [1],[12],[37] | $ 675,256 | [1],[13],[38] | ||
Participation % | 25.00% | [1],[12],[21],[37] | 25.00% | [1],[13],[21],[38] | 25.00% | [1],[13],[21],[38] |
Amortized Cost | $ 675,256 | [1],[12],[37] | $ 675,256 | [1],[13],[38] | ||
Fair Value | $ 675,256 | [1],[12],[37] | $ 675,256 | [1],[13],[38] | ||
% of Net Assets | 0.20% | [1],[12],[37] | 0.20% | [1],[13],[38] | 0.20% | [1],[13],[38] |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader II [Member] | ||||||
Interest | 9.00% | [1],[12],[37] | 9.00% | [1],[13],[38] | 9.00% | [1],[13],[38] |
Fees | 0.00% | [1],[5],[12],[37] | 0.00% | [1],[5],[13],[38] | ||
Maturity | Aug. 31, 2020 | [1],[6],[12],[37] | Apr. 30, 2020 | [1],[6],[13],[38] | Apr. 30, 2020 | [1],[6],[13],[38] |
Principal Amount | $ 838,967 | [1],[12],[37] | $ 838,967 | [1],[13],[38] | ||
Participation % | 14.00% | [1],[12],[21],[37] | 14.00% | [1],[13],[21],[38] | 14.00% | [1],[13],[21],[38] |
Amortized Cost | $ 838,967 | [1],[12],[37] | $ 838,967 | [1],[13],[38] | ||
Fair Value | $ 838,967 | [1],[12],[37] | $ 838,967 | [1],[13],[38] | ||
% of Net Assets | 0.20% | [1],[12],[37] | 0.20% | [1],[13],[38] | 0.20% | [1],[13],[38] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | ||||||
Interest | 10.45% | [1],[3] | 10.45% | [1],[3],[34] | 10.45% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Jun. 30, 2018 | [1],[3],[6] | Jun. 30, 2018 | [1],[3],[6],[34] | Jun. 30, 2018 | [1],[3],[6],[34] |
Principal Amount | $ 12,500,000 | [1],[3] | $ 12,500,000 | [1],[3],[34] | ||
Participation % | 83.00% | [1],[3],[21] | 83.00% | [1],[3],[21],[34] | 83.00% | [1],[3],[21],[34] |
Amortized Cost | $ 12,500,000 | [1],[3] | $ 12,500,000 | [1],[3],[34] | ||
Fair Value | $ 9,679,636 | [1],[3] | $ 9,839,958 | [1],[3],[34] | ||
% of Net Assets | 2.70% | [1],[3] | 2.70% | [1],[3],[34] | 2.70% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | ||||||
Interest | 10.67% | [1],[3] | 10.67% | [1],[3],[34] | 10.67% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Jul. 29, 2019 | [1],[3],[6] | Jul. 29, 2019 | [1],[3],[6],[34] | Jul. 29, 2019 | [1],[3],[6],[34] |
Principal Amount | $ 6,000,000 | [1],[3] | $ 6,000,000 | [1],[3],[34] | ||
Participation % | 22.00% | [1],[3],[21] | 22.00% | [1],[3],[21],[34] | 22.00% | [1],[3],[21],[34] |
Amortized Cost | $ 6,000,000 | [1],[3] | $ 6,000,000 | [1],[3],[34] | ||
Fair Value | $ 4,719,383 | [1],[3] | $ 4,719,383 | [1],[3],[34] | ||
% of Net Assets | 1.30% | [1],[3] | 1.30% | [1],[3],[34] | 1.30% | [1],[3],[34] |
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 | 11.50% | [1],[3],[34] | 11.50% | [1],[3],[34] | 11.50% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Aug. 31, 2017 | [1],[3],[6],[34] | Aug. 31, 2017 | [1],[3],[6],[34] | Aug. 31, 2017 | [1],[3],[6],[34] |
Principal Amount | $ 9,000,000 | [1],[3],[34] | $ 9,000,000 | [1],[3],[34] | ||
Participation % | 28.00% | [1],[3],[21],[34] | 28.00% | [1],[3],[21],[34] | 28.00% | [1],[3],[21],[34] |
Amortized Cost | $ 9,000,000 | [1],[3],[34] | $ 9,000,000 | [1],[3],[34] | ||
Fair Value | $ 6,361,679 | [1],[3],[34] | $ 6,240,961 | [1],[3],[34] | ||
% of Net Assets | 1.80% | [1],[3],[34] | 1.70% | [1],[3],[34] | 1.70% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member] | ||||||
Interest | 9.00% | [1],[3],[34] | 9.00% | [1],[3],[34] | 9.00% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Aug. 31, 2017 | [1],[3],[6],[34] | Aug. 31, 2017 | [1],[3],[6],[34] | Aug. 31, 2017 | [1],[3],[6],[34] |
Principal Amount | $ 6,000,000 | [1],[3],[34] | $ 6,000,000 | [1],[3],[34] | ||
Participation % | 27.00% | [1],[3],[21],[34] | 27.00% | [1],[3],[21],[34] | 27.00% | [1],[3],[21],[34] |
Amortized Cost | $ 6,000,000 | [1],[3],[34] | $ 6,000,000 | [1],[3],[34] | ||
Fair Value | $ 3,398,558 | [1],[3],[34] | $ 3,398,558 | [1],[3],[34] | ||
% of Net Assets | 0.90% | [1],[3],[34] | 0.90% | [1],[3],[34] | 0.90% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | ||||||
Interest | 16.42% | [1],[3] | 16.42% | [1],[3] | ||
Fees | 0.00% | [1],[3],[5] | ||||
Maturity | Aug. 31, 2019 | [1],[3],[6] | Aug. 31, 2019 | [1],[3],[6] | ||
Principal Amount | $ 10,413,683 | [1],[3] | ||||
Participation % | 72.00% | [1],[3],[21] | 72.00% | [1],[3],[21] | ||
Amortized Cost | $ 10,413,683 | [1],[3] | ||||
Fair Value | $ 9,687,887 | [1],[3] | ||||
% of Net Assets | 2.60% | [1],[3] | 2.60% | [1],[3] | ||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | ||||||
Interest | 16.42% | [1],[3] | ||||
Fees | 0.00% | [1],[3],[5] | ||||
Maturity | Aug. 31, 2019 | [1],[3],[6] | ||||
Principal Amount | $ 10,413,683 | [1],[3] | ||||
Participation % | 72.00% | [1],[3],[21] | ||||
Amortized Cost | $ 10,413,683 | [1],[3] | ||||
Fair Value | $ 9,192,637 | [1],[3] | ||||
% of Net Assets | 2.50% | [1],[3] | ||||
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | ||||||
Maturity | Apr. 30, 2020 | Apr. 30, 2020 | ||||
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member] | ||||||
Interest | 12.00% | [1],[3],[34] | 12.00% | [1],[3],[34] | 12.00% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Mar. 31, 2016 | [1],[3],[6],[34] | Mar. 31, 2016 | [1],[3],[6],[34] | Mar. 31, 2016 | [1],[3],[6],[34] |
Principal Amount | $ 881,800 | [1],[3],[34] | $ 881,800 | [1],[3],[34] | ||
Participation % | 24.00% | [1],[3],[21],[34] | 24.00% | [1],[3],[21],[34] | 24.00% | [1],[3],[21],[34] |
Amortized Cost | $ 881,800 | [1],[3],[34] | $ 881,800 | [1],[3],[34] | ||
Fair Value | $ 10,504 | [1],[3],[34] | $ 10,504 | [1],[3],[34] | ||
% of Net Assets | 0.00% | [1],[3],[34] | 0.00% | [1],[3],[34] | 0.00% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member] | ||||||
Interest | 10.68% | [1],[37] | 12.20% | [1],[13] | 12.20% | [1],[13] |
Fees | 0.00% | [1],[5],[37] | 0.00% | [1],[5],[13] | ||
Maturity | Aug. 6, 2020 | [1],[6],[37] | May 8, 2020 | [1],[6],[13] | May 8, 2020 | [1],[6],[13] |
Principal Amount | $ 457,418 | [1],[37] | $ 468,756 | [1],[13] | ||
Participation % | 2.00% | [1],[21],[37] | 2.00% | [1],[13],[21] | 2.00% | [1],[13],[21] |
Amortized Cost | $ 457,418 | [1],[37] | $ 468,756 | [1],[13] | ||
Fair Value | $ 457,418 | [1],[37] | $ 468,756 | [1],[13] | ||
% of Net Assets | 0.10% | [1],[37] | 0.10% | [1],[13] | 0.10% | [1],[13] |
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member] | ||||||
Interest | 11.00% | [1],[3] | 11.00% | [1],[3],[34] | 11.00% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Jul. 31, 2018 | [1],[3],[6] | Jul. 31, 2018 | [1],[3],[6],[34] | Jul. 31, 2018 | [1],[3],[6],[34] |
Principal Amount | $ 7,349,626 | [1],[3] | $ 7,349,626 | [1],[3],[34] | ||
Participation % | 73.00% | [1],[3],[21] | 73.00% | [1],[3],[21],[34] | 73.00% | [1],[3],[21],[34] |
Amortized Cost | $ 7,349,626 | [1],[3] | $ 7,349,626 | [1],[3],[34] | ||
Fair Value | $ 7,530,616 | [1],[3] | $ 7,530,616 | [1],[3],[34] | ||
% of Net Assets | 2.10% | [1],[3] | 2.00% | [1],[3],[34] | 2.00% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | ||||||
Interest | 12.00% | [1],[13] | 12.00% | [1],[13] | ||
Fees | 0.00% | [1],[5],[13] | ||||
Maturity | Feb. 14, 2020 | [1],[6],[13] | Feb. 14, 2020 | [1],[6],[13] | ||
Principal Amount | $ 100,000 | [1],[13] | ||||
Participation % | 1.00% | [1],[13],[21] | 1.00% | [1],[13],[21] | ||
Amortized Cost | $ 100,000 | [1],[13] | ||||
Fair Value | $ 100,000 | [1],[13] | ||||
% of Net Assets | 0.00% | [1],[13] | 0.00% | [1],[13] | ||
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | ||||||
Interest | 10.00% | [1],[3],[34] | 10.00% | [1],[3],[34] | 10.00% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | May 22, 2015 | [1],[3],[6],[34] | May 22, 2015 | [1],[3],[6],[34] | May 22, 2015 | [1],[3],[6],[34] |
Principal Amount | $ 785,806 | [1],[3],[34] | $ 785,806 | [1],[3],[34] | ||
Participation % | 19.00% | [1],[3],[21],[34] | 19.00% | [1],[3],[21],[34] | 19.00% | [1],[3],[21],[34] |
Amortized Cost | $ 785,806 | [1],[3],[34] | $ 785,806 | [1],[3],[34] | ||
Fair Value | $ 497,462 | [1],[3],[34] | $ 690,616 | [1],[3],[34] | ||
% of Net Assets | 0.10% | [1],[3],[34] | 0.20% | [1],[3],[34] | 0.20% | [1],[3],[34] |
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Global Pharma Intelligence Sarl [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member] | ||||||
Interest | 14.60% | [1],[3],[34] | 14.60% | [1],[3],[34] | 14.60% | [1],[3],[34] |
Fees | 0.00% | [1],[3],[5],[34] | 0.00% | [1],[3],[5],[34] | ||
Maturity | Jun. 30, 2018 | [1],[3],[6],[34] | Jun. 30, 2018 | [1],[3],[6],[34] | Jun. 30, 2018 | [1],[3],[6],[34] |
Principal Amount | $ 648,430 | [1],[3],[34] | $ 803,254 | [1],[3],[34] | ||
Participation % | 60.00% | [1],[3],[21],[34] | 60.00% | [1],[3],[21],[34] | 60.00% | [1],[3],[21],[34] |
Amortized Cost | $ 648,430 | [1],[3],[34] | $ 803,254 | [1],[3],[34] | ||
Fair Value | $ 648,430 | [1],[3],[34] | $ 803,254 | [1],[3],[34] | ||
% of Net Assets | 0.20% | [1],[3],[34] | 0.20% | [1],[3],[34] | 0.20% | [1],[3],[34] |
Short Term Investments [Member] | ||||||
Amortized Cost | $ 6,000,000 | |||||
Fair Value | $ 3,758,063 | |||||
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member] | ||||||
Interest | 8.75% | [1],[3],[34],[39] | ||||
Fees | 0.00% | [1],[3],[5],[34],[39] | ||||
Principal Amount | $ 6,000,000 | [1],[3],[34],[39] | ||||
Amortized Cost | 6,000,000 | [1],[3],[34],[39] | ||||
Fair Value | $ 3,758,063 | [1],[3],[34],[39] | ||||
% of Net Assets | 1.00% | [1],[3],[34],[39] | ||||
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member] | ||||||
Interest | 8.75% | [1],[3],[34],[40] | 8.75% | [1],[3],[34],[40] | ||
Fees | 0.00% | [1],[3],[5],[34],[40] | ||||
Principal Amount | $ 6,000,000 | [1],[3],[34],[40] | ||||
Amortized Cost | 6,000,000 | [1],[3],[34],[40] | ||||
Fair Value | $ 3,758,063 | [1],[3],[34],[40] | ||||
% of Net Assets | 1.00% | [1],[3],[34],[40] | 1.00% | [1],[3],[34],[40] | ||
Short Term Investments [Member] | Netherlands [Member] | Other Investments [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member] | ||||||
Interest | 15.00% | [1],[13] | 15.00% | [1],[13] | ||
Fees | 0.00% | [1],[5],[13] | ||||
Maturity | Aug. 20, 2021 | [1],[6],[13] | Aug. 20, 2021 | [1],[6],[13] | ||
Principal Amount | $ 8,275,000 | [1],[13] | ||||
Participation % | 44.00% | [1],[13],[21] | 44.00% | [1],[13],[21] | ||
Amortized Cost | $ 8,275,000 | [1],[13] | ||||
Fair Value | $ 8,731,936 | [1],[13] | ||||
% of Net Assets | 2.40% | [1],[13] | 2.40% | [1],[13] | ||
Equity Warrants [Member] | ||||||
Fair Value | $ 1,199,618 | $ 1,080,222 | ||||
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | ||||||
Fair Value | $ 1,199,618 | $ 1,080,222 | ||||
% of Net Assets | 0.30% | 0.30% | 0.30% | |||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | |||||
[2] | Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information. | |||||
[3] | Watch List investment. Refer to Note 3 for additional information. | |||||
[4] | Principal and interest paid annually. The maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information. | |||||
[5] | Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions. | |||||
[6] | Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. | |||||
[7] | Principal and interest paid monthly. | |||||
[8] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | |||||
[9] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | |||||
[10] | Interest paid quarterly. Principal to be repaid in three quarterly installments starting in September 2020. | |||||
[11] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020. | |||||
[12] | Principal and interest to be paid at maturity. | |||||
[13] | Principal and interest paid at maturity. | |||||
[14] | Two-thirds and one-third of the principal and accrued interest to be paid on the 36th and 42nd months after original drawdown date of 8/10/2017, respectively. | |||||
[15] | Two-thirds and one-third of the principal and accrued interest to be paid on the 36th 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. | |||||
[16] | In connection with a restructure of the underlying facilities, all maturity dates were extended to 12/31/2024. This investment was removed from the Watch List on April 1, 2019. | |||||
[17] | 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. | |||||
[18] | Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower. | |||||
[19] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020. | |||||
[20] | Monthly interest only payment. Principal due at maturity. | |||||
[21] | Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. | |||||
[22] | Principal and interest paid quarterly. | |||||
[23] | Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020. | |||||
[24] | Loan is denominated in euro currency with a principal amount of 6,200,000 euro; however, the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $91,200. | |||||
[25] | Quarterly interest only payment. Principal due at maturity. | |||||
[26] | 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. | |||||
[27] | Semi-annual interest only payment. Principal due at maturity. | |||||
[28] | Semi-annual interest payments. Semi-annual principal payment of $1.07 million starting January 31, 2021 with remaining balance due at maturity. | |||||
[29] | 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. | |||||
[30] | 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. | |||||
[31] | Quarterly interest payments. Refer to Note 3 for additional information. | |||||
[32] | 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. | |||||
[33] | Interest accrues at a variable rate of one-month London Interbank Offered Rate (“Libor”) + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity. | |||||
[34] | Investment on non-accrual status. | |||||
[35] | IIG was the sub-advisor for this investment, See Note 3 for additional information about IIG. | |||||
[36] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | |||||
[37] | The Company is currently working on extending the maturity dates of these investments. These extensions are anticipated to be finalized during the third quarter of 2020. | |||||
[38] | The Company extended the maturity dates of these investments during the fourth quarter of 2019 to 4/30/2020. | |||||
[39] | This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a 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. | |||||
[40] | This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a fund advised 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. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017 | Sep. 30, 2018 | Jun. 30, 2020USD ($)Installment | Dec. 31, 2019USD ($)Installment | Dec. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | |||||
Ghana [Member] | Genser Energy Ghana Ltd | 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] | Other Investments [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||
Principal Amount | [1],[2] | $ 15,000,000 | |||||||||
Maturity | [1],[2],[3] | Nov. 12, 2022 | Nov. 12, 2022 | ||||||||
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer | Inventory Facility [Member] | |||||||||||
Extended maturity date | Dec. 31, 2024 | 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],[4] | $ 12,762,670 | |||||||||
Maturity | [1],[3],[4] | Sep. 16, 2020 | Sep. 16, 2020 | ||||||||
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] | $ 675,256 | [5],[6] | $ 675,256 | [7],[8] | ||||||
Maturity | [1],[3] | Aug. 31, 2020 | [5],[6] | Apr. 30, 2020 | [7],[8] | Apr. 30, 2020 | [7],[8] | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader II [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||
Principal Amount | [1] | $ 838,967 | [5],[6] | $ 838,967 | [7],[8] | ||||||
Maturity | [1],[3] | Aug. 31, 2020 | [5],[6] | Apr. 30, 2020 | [7],[8] | Apr. 30, 2020 | [7],[8] | ||||
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader | Senior Secured Trade Finance Participations [Member] | |||||||||||
Maturity | Apr. 30, 2020 | Apr. 30, 2020 | |||||||||
Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||
Principal amount, amortization period, from initial utilization date | 15 months | 15 months | |||||||||
Quarterly amortization percentage, until IUD + 27 Months | 4.50% | 4.50% | |||||||||
Quarterly amortization percentage, until IUD + 48 Months | 6.50% | 6.50% | |||||||||
Quarterly amortization percentage, thereafter | 7.50% | 7.50% | |||||||||
Principal Amount | [1],[9] | $ 15,580,000 | $ 17,290,000 | ||||||||
Maturity | [1],[3],[9] | Mar. 28, 2023 | Mar. 28, 2023 | Mar. 28, 2023 | |||||||
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 [Member] | |||||||||||
Principal and accrued interest payment description | Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information. | Principal and interest paid annually. The maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information. | |||||||||
Principal Amount | [1] | $ 5,797,622 | [10] | $ 5,612,436 | [11] | ||||||
Maturity | [1],[3] | Feb. 11, 2021 | [10] | Feb. 11, 2021 | [11] | Feb. 11, 2021 | [11] | ||||
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 | ||||||||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member] | |||||||||||
Principal Amount | $ 8,723,129 | [1],[12],[13] | $ 8,519,535 | [1],[14],[15] | € 6,200,000 | ||||||
Investment premium included in fair value | $ 91,200 | ||||||||||
Maturity | [1],[3] | Jan. 23, 2021 | [12],[13] | Jan. 23, 2021 | [14],[15] | Jan. 23, 2021 | [14],[15] | ||||
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loans [Member] | |||||||||||
Principal Amount | € | € 6,200,000 | ||||||||||
Investment premium included in fair value | $ 228,027 | ||||||||||
CHINA | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member] | |||||||||||
Number of quarterly installments for repayment of principal | Installment | 4 | 4 | |||||||||
Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member] | |||||||||||
Principal Amount | [1],[16] | $ 10,000,000 | $ 10,000,000 | ||||||||
Maturity | [1],[3],[16] | Jun. 22, 2021 | Jun. 22, 2021 | Jun. 22, 2021 | |||||||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Term Loans [Member] | |||||||||||
Principal Amount | [1],[17] | $ 17,166,559 | $ 15,891,820 | ||||||||
Number of quarterly installments for repayment of principal | Installment | 2 | 4 | |||||||||
Maturity | [1],[3],[17] | Dec. 31, 2020 | Dec. 28, 2020 | Dec. 28, 2020 | |||||||
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],[7] | $ 16,456,270 | |||||||||
Maturity | [1],[3],[7] | May 4, 2020 | May 4, 2020 | ||||||||
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 | ||||||||||
Investment maturity | 2019-12 | ||||||||||
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | |||||||||||
Maturity | Feb. 14, 2019 | ||||||||||
Investment maturity | 2020-02 | ||||||||||
Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | Senior Secured Term Loans [Member] | |||||||||||
Principal Amount | [1] | $ 15,000,000 | [18] | $ 15,000,000 | [19] | ||||||
Number of quarterly installments for repayment of principal | Installment | 3 | 5 | |||||||||
Maturity | [1],[3] | Mar. 31, 2021 | [18] | Mar. 31, 2021 | [19] | Mar. 31, 2021 | [19] | ||||
Brazil [Member] | Usivale Industria E Commercio | Agricultural Products [Member] | Sugar Producer [Member] | |||||||||||
Extended maturity date | Feb. 28, 2021 | ||||||||||
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],[20] | $ 16,834,571 | |||||||||
Maturity | [1],[3],[20] | Aug. 15, 2021 | Aug. 15, 2021 | ||||||||
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],[22] | $ 35,838 | [21] | $ 35,838 | [23] | ||||||
Maturity | [1],[3],[22] | Jun. 19, 2019 | [21] | Jun. 19, 2019 | [23] | Jun. 19, 2019 | [23] | ||||
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | |||||||||||
Principal Amount | [1],[24] | $ 10,413,683 | |||||||||
Maturity | [1],[3],[24] | Aug. 31, 2019 | Aug. 31, 2019 | ||||||||
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 | Apr. 30, 2020 | |||||||||
[1] | Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. | ||||||||||
[2] | Semi-annual interest payments. Semi-annual principal payment of $1.07 million starting January 31, 2021 with remaining balance due at maturity. | ||||||||||
[3] | Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. | ||||||||||
[4] | 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. | ||||||||||
[5] | Principal and interest to be paid at maturity. | ||||||||||
[6] | The Company is currently working on extending the maturity dates of these investments. These extensions are anticipated to be finalized during the third quarter of 2020. | ||||||||||
[7] | Principal and interest paid at maturity. | ||||||||||
[8] | The Company extended the maturity dates of these investments during the fourth quarter of 2019 to 4/30/2020. | ||||||||||
[9] | 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. | ||||||||||
[10] | Two-thirds and one-third of the principal and accrued interest to be paid on the 36th and 42nd months after original drawdown date of 8/10/2017, respectively. | ||||||||||
[11] | Two-thirds and one-third of the principal and accrued interest to be paid on the 36th 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. | ||||||||||
[12] | 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 $91,200. | ||||||||||
[13] | Quarterly interest only payment. Principal due at maturity. | ||||||||||
[14] | 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. | ||||||||||
[15] | Semi-annual interest only payment. Principal due at maturity. | ||||||||||
[16] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. | ||||||||||
[17] | Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020. | ||||||||||
[18] | Interest paid quarterly. Principal to be repaid in three quarterly installments starting in September 2020. | ||||||||||
[19] | Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020. | ||||||||||
[20] | 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. | ||||||||||
[21] | IIG was the sub-advisor for this investment, See Note 3 for additional information about IIG. | ||||||||||
[22] | Monthly interest only payment. Principal due at maturity. | ||||||||||
[23] | During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019. | ||||||||||
[24] | Watch List investment. Refer to Note 3 for additional information. |
Organization and Operations of
Organization and Operations of the Company | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization and Operations of the Company | Note 1. Organization and Operations of the Company TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those businesses having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”). TriLinc Global, LLC (the “Sponsor”) 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, and was considered an affiliate of 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 June 30, 2020, the Company raised an additional $91,014,000 pursuant to a private placement and $32,944,000 pursuant to the DRP for total gross proceeds of $485,734,000 as of June 30, 2020. Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. The Subsidiaries own all of the Company’s investments. As of June 30, 2020, the Company’s subsidiaries are as follows: • TriLinc Global Impact Fund – Asia, Ltd. • TriLinc Global Impact Fund – Latin America, Ltd. • TriLinc Global Impact Fund – Trade Finance, Ltd. • TriLinc Global Impact Fund – African Trade Finance, Ltd. • TriLinc Global Impact Fund – Africa, Ltd. • TriLinc Global Impact Fund – Latin America II, Ltd. • TriLinc Global Impact Fund – African Trade Finance II, Ltd. • TriLinc Global Impact Fund – Latin America III, Ltd. • TriLinc Global Impact Fund – Asia II, Ltd. • 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 June 30, 2020, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, and Europe. COVID-19 There is an ongoing COVID-19 pandemic (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, then in the United States, and finally Latin America and Africa, 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. Although the Coronavirus has created material uncertainty and economic disruption, due to the rapidly evolving nature of the situation, we cannot predict the ultimate impact it will have on us. 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. As of the date of this report, with respect to current and future payment performance, 18.3% of investments (based on the fair value of the investments as of June 30, 2020), are known to have been significantly impacted, including material losses to revenues, by COVID-19 resulting in the need to restructure or extend payments associated with the aforementioned investments. While many of the Company’s borrowers' businesses have experienced some disruption related to COVID-19, degrees of effect have varied to-date. As indicated under "-Watch List Investments" below, the borrowers with respect to three of the five investments added to the Watch List for the six months ended June 30, 2020 have not made required payments in part due to adverse impacts they have experienced related to the COVID-19 pandemic. Where appropriate, the Company and/or the Company’s sub-advisors are working with borrowers to restructure facilities and may restructure additional facilities to provide relief needed by certain borrowers, without necessarily providing concessions that are out of market. In the case of one investment, where efforts to reach an appropriate risk-adjusted restructuring have been unsuccessful, the Company sub-advisor issued a notice of default and acceleration notice, including the initiation of legal proceedings to recover amounts due. Due to the disruptions associated with COVID-19, the Company can provide no assurances that it will be able to continue to collect interest and principal payments at levels comparable to those prior to the pandemic. Further, the Company can provide no assurances that it will be able to recover all past due amounts from delinquent borrowers. The economic uncertainty and disruption caused by the pandemic is expected to be prolonged and the Company may see further defaults and additional investments may be added to the Watch List in subsequent quarters. The adverse impact of COVID-19 was a significant contributor to the $0.255 decline in the Company’s net asset value (“NAV”) per unit for as of June 30, 2020, as compared to the Company’s NAV per unit as of December 31, 2019. In addition, the Company has seen, and expects to continue to see, a slowdown in transaction volume due to the impact of the pandemic, as smaller SMEs and those in industries most affected by COVID-19 (travel and hospitality, retail sales, etc.) may no longer be in a position to appropriately add debt capital. Transaction volumes may also be affected by restrictions on travel and other shelter in place orders, making it more difficult to conduct in-person visits with potential borrowers. Additionally, in future periods the Company may hold higher levels of cash than before the pandemic to ensure it has sufficient cash available to meet its cash obligations. A potential slower pace of deployment or higher cash balances each have the potential to further reduce cash flow generated to cover the Company’s distributions to its unitholders and/or cause the Company to further reduce its NAV in future periods. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the FASB ASC Topic 946 — Financial Services, Investment Companies . The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 30, 2020. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2020. The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented. These financial statements are presented in United States (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries. Cash Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight-line basis, which the Company has determined not to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company generally places loans on non-accrual status when 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 payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At June 30, 2020, seven portfolio companies were on non-accrual status with an aggregate fair value of $15,944,282 or 4.8% of the fair value of the Company’s total investments. At December 31, 2019, ten portfolio companies were on non-accrual status with an aggregate fair value of $38,261,499 or 11.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $652,107 and $2,007,809, respectively for the three and six months ended June 30, 2020. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,127,675 and $2,242,958, respectively for the three and six months ended June 30, 2019. 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 has investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and six months ended June 30, 2020, the Company earned and capitalized PIK interest of $3,819,869 and $5,852,692, respectively. For the three and six months ended June 30, 2019, the Company earned and capitalized PIK interest of $2,232,871 and $3,902,348, respectively. Distribution and Ongoing Dealer Manager and Services Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2020, the estimated unpaid distribution fees for Class C units amounted to $467,000, the unpaid dealer manager fees for Class I units amounted to $21,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000. Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements. The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of June 30, 2020, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 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 June 30, 2020, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2020, under GAAP, the Company has recorded a liability in the amount of $489,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value 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, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2020, 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 $7.769, which is different than the net asset value per unit of $7.759 (on an aggregate basis for all unit classes) as shown in Note 10 – Financial Highlights. This net asset value per unit is relatively flat compared to the net asset value per unit of $7.804 as of March 31, 2020 and reflects a decrease of $0.255 per unit from the net asset value per unit of $8.024 as of December 31, 2019. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $9.7 million in unrealized depreciation on its investments during the six months ended June 30, 2020. Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2020 and 2019. Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds. As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements. As of June 30, 2020, the Sponsor has incurred approximately $596,000 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. Through June 30, 2020, the Company has reimbursed an aggregate amount of $87,159 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder. Operating Expense Responsibility Agreement On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,057,734 of expenses, which have been paid by the Company as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the three months ended June 30, 2020 and 2019. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the three months ended June 30, 2020 and 2019. As of June 30, 2020, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“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 for financial instruments measured at amortized cost. 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 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. The Company believes that the adoption of ASU 2016-13 will not have a material impact on its consolidated financial statements. 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 adopted this guidance effective January 1, 2020, which did not have a material impact on its consolidated financial statements. Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected. The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company 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 18 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 and are likely to continue to negatively affect 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 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of June 30, 2020, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 99,689,547 $ 99,415,415 30.1 % Senior secured term loan participations 164,666,560 158,424,908 47.9 % Senior secured trade finance participations 82,869,781 67,795,496 20.5 % Other investments 6,000,000 3,758,063 1.1 % Equity warrants - 1,199,618 0.4 % Total investments $ 353,225,888 $ 330,593,500 100.0 % 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 53.0 % Senior secured trade finance participations 83,135,943 71,606,458 21.0 % Short term 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 % 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 trade finance investments have up to a year of accrued interest receivable as of June 30, 2020. In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans. Accrued deferred interest included in the interest receivable balance as of June 30, 2020 and December 31, 2019 amounted to $3,056,770 and $2,796,466, respectively. The Company’s interest receivable balances at June 30, 2020 and December 31, 2019 are recorded at the amounts that the Company expects to collect. Trade Finance Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s Participations in trade finance positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represents advances to borrowers based on proven orders from buyers. Receivable/inventory financing represents advances on borrowers’ eligible receivable and inventory balances. For trade finance, the structure and terms of the facility underlying the Company’s Participations vary according to the nature of the transaction being financed. The structure can take the form of a revolver with multiple draw requests and maturity of up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter durations of 60 – 180 days. With respect to underwriting, particular consideration is given to the following: • nature of the goods or transaction being financed, • the terms associated with the sale and repayment of the goods, • the execution risk associated with producing, storing and shipment of the goods, • the financial and performance profile of both the borrower and end buyer(s), • the underlying advance rate and subsequent Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction, • collateral and financial controls (collection accounts and inventory possession), • third party inspections and insurance, and • the region, country or jurisdiction in which the financing is being completed. Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables. In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product. Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule, as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower. On occasion, the Company may receive notice from the respective sub-advisor that a borrower or counterparty to a financing facility underlying one of the Company’s Participations intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower. Short Term Investments Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. Warrants Certain investments, including loans and participations, may carry equity warrants, which allow the Company to buy shares of the portfolio company at a given price, which the Company may exercise at its discretion during the life of the portfolio company. The Company’s goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. However, these warrants and equity interests are generally illiquid and it may be difficult for the Company to dispose of them. In addition, the Company expects that any warrants or other return enhancements received when the Company makes or invests in loans may require several years to appreciate in value and may not appreciate at all. Watch List Investments The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. 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 June 30, 2020 and December 31, 2019, respectively, the Company had 18 and 13 Watch List investments. Investments through The International Investment Group L.L.C. (“IIG”) as the Sub-Advisor The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor. IIG was the sub-advisor with respect to seven of the 18 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 SEC filed a civil complaint against IIG alleging that IIG engaged in a series of fraudulent activity, beginning in 2007, to cover up tens of millions of dollars in investment losses. The SEC alleged that the scheme involved, among other things, overvaluing assets under management and the fraudulent sale of troubled and fake trade finance securities, including the $6 million investment that the Company made in 2017 (which the Company now refers to as the IIG TOF B.V. receivable). A final consent judgment was entered against IIG in March 2020, ordering IIG to, among other things, pay $35.2 million to the SEC. In addition, in July 2020, the SEC filed a civil complaint, and the United States government filed criminal charges, against one of the founders of IIG, in each case alleging multiple claims, including fraud. 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. IIG was the sub-advisor for the following Watch List Investments as of June 30, 2020: 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 6,361,679 264,500 Income approach Compania Argentina de Granos S.A. 12,500,000 9,679,636 330,191 Income approach Sancor Cooperativas Unidas Ltda 6,000,000 4,719,383 604,633 Hybrid income/collateral based approach Functional Products Trading S.A. 1,326,687 1,269,586 220,881 Income approach Total $ 41,708,487 $ 29,197,409 $ 2,770,705 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 in Curacao described above. The Company placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2020 amounted to $25,966 and $53,495, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $27,529 and $54,756, respectively. Algodonera Avellaneda S.A. In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., 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. 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 was informed by IIG’s legal counsel that the commercial court proceedings have been terminated due to the parties having reached a settlement. The Company also was 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. Given that a settlement has been reached, 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 June 30, 2020, the most appropriate valuation method is the income approach. The Company placed this investment on non-accrual status effective January 1, 2019 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2020 amounted to $136,500 and $273,000, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $136,500 and $271,500, respectively. 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 indicated 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. However, IIG did not repay the Company for this Participation. Further, as noted above, the SEC claimed that IIG had engaged in a fraudulent scheme that included issuing a Participation in a fake Nacadie facility to the Company, in exchange for the Company's $6 million investment. 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 June 30, 2020, 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, IIG TOF B.V. has been declared bankrupt in the Netherlands, and the Company is seeking to recover amounts to which it is entitled through the bankruptcy proceedings. 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, and has an outstanding judgment against it in the amount of $35.2 million, as well as the uncertainty of the ultimate resolution of the Company’s attempt to recover amounts to which it is entitled through the bankruptcy proceedings in the Netherlands. The Company placed this receivable on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $132,708 and $265,416 for the three and six months ended June 30, 2020, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $132,708 and $263,958, 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. 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 under “Algonodera Avellaneda S.A.”; 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 June 30, 2020 is the income approach. The Company placed the Participation on non-accrual status effective January 1, 2018 and interest not recorded relative to the original terms of this Participation for the three and six months ended June 30, 2020 amounted to $261,625 and $523,250, respectively. Interest not recorded relative to the original terms of this Participation for the three and six months ended June 30, 2019 amounted to $261,625 and $520,375, respectively. 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 initial 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 due 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. With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of March 31, 2019, the Company determined the most appropriate valuation approach for this investment to be the income approach. The Company has estimated the fair value of the principal amount of this investment as of June 30, 2020 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 attempt to recover amounts to which it is entitled through the bankruptcy proceedings in the Netherlands. In prior periods, the Company had placed CAGSA on non-accrual status. However, based on actions taken by the liquidator (the "TOF B.V. Liquidator") in the IIG TOF B.V. bankruptcy proceedings and information received from the TOF B.V. Liquidator during the three months ended June 30, 2020, the Company has determined that there is a reasonable likelihood that the portion of the facility underlying its CAGSA Participations will be assigned to the Company in the near future. It is the Company's understanding that CAGSA continues to operate as a going concern and has made substantial progress in its restructuring. Given these developments, the Company believes CAGSA should no longer be placed on non-accrual status and therefore there was no interest that was not recorded relative to the original terms of these Participations for the three months ended June 30, 2020. Interest not recorded relative to the original terms of this investment amounted to approximately $330,191 for the six months ended June 30, 2020. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $330,191 and $656,754, 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 had worked with Sancor to restructure the existing loan and extended the maturity to July 29, 2019, with an annual renewal option. Since February 2019, Sancor has announced the sale of certain of its assets, which allowed it to make some payments to creditors and maintain operations, but the Company has not received any payment as a result of those asset sales. It is the Company’s understanding that Sancor is engaged in ongoing negotiations with its lenders regarding a debt restructuring. Due to the uncertainty related to IIG’s liquidation process and 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 June 30, 2020, 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 ultimate resolution of the Company's attempt to recover amounts to which it is entitled through the bankruptcy proceedings in the Netherlands. For the three months ended March 31, 2020, the Company had placed Sancor |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2020: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 99,415,415 $ — $ — $ 99,415,415 Senior secured term loan participations 158,424,908 — — 158,424,908 Senior secured trade finance participations 67,795,496 — — 67,795,496 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,199,618 — — 1,199,618 Total $ 330,593,500 $ — $ — $ 330,593,500 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 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 Short term investments 3,758,063 3,758,063 Equity warrants 1,080,222 1,080,222 Total $ 340,298,376 $ — $ — $ 340,298,376 The following is a reconciliation of activity for the six months ended June 30, 2020, of investments classified as Level 3: Fair Value at December 31, 2019 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Fair Value at June 30, 2020 Senior secured term loans $ 83,353,208 $ 13,250,000 $ (627,901 ) $ 3,440,108 $ — $ 99,415,415 Senior secured term loan participations 180,500,425 - (18,238,360 ) 2,468,343 (6,305,500 ) 158,424,908 Senior secured trade finance participations 71,606,458 7,000,000 (7,266,163 ) — (3,544,799 ) 67,795,496 Short term and other investments 3,758,063 4,000,000 (4,000,000 ) — 3,758,063 Equity warrants 1,080,222 — — — 119,396 1,199,618 Total $ 340,298,376 $ 24,250,000 $ (30,132,424 ) $ 5,908,451 $ (9,730,903 ) $ 330,593,500 There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and six months ended June 30, 2020 and 2019. Net unrealized depreciation for the six months ended June 30, 2020 and 2019 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were $9,730,903 and $1,903,180, respectively. These unrealized losses were primarily driven by macro events including the uncertainty created by the recent COVID-19 pandemic and its impact on the future cash flows generated by our investments as well as the ultimate realization of the underlying collateral. As of June 30, 2020, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2020: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 67,136,562 Income approach (DCF) Market yield 9.0% - 16.4% (11.7%) Senior secured trade finance participations (1) $ 658,934 Collateral based approach Value of collateral (collateral coverage) 1.0x - 1.1x Senior secured term loans $ 99,415,415 Income approach (DCF) Market yield 11.0% - 14.5% (12.4%) Senior secured term loan participations $ 158,424,908 Income approach (DCF) Market yield 11.5% - 15.0% (12.7%) Other investments (3) $ 3,758,063 Hybrid income/collateral based approach Market yield / value of collateral 8.80% Equity warrants $ 1,199,618 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, 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%. The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields used to discount the estimated future cash flows expected to be received from the underlying investments, which include both future principal and interest payments. Significant increases in market yields would result in significantly lower fair value measurements. In addition, a significant decrease in future cash flows is expected to be received from the underlying investments due to a projected decrease in results of operations and cash flows from the underlying investments, would result in significantly lower fair value measurements. For additional information concerning of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3. |
Contingencies and Related Parti
Contingencies and Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Contingencies And Related Parties [Abstract] | |
Contingencies and Related Parties | Note 5. Contingencies and Related Parties Agreements Advisory Agreement The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 25, 2021, subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor. Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk. If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee that is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income. An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and six months ended June 30, 2020 and 2019. Transactions For the three months ended June 30, 2020 and 2019, the Advisor earned $1,844,871, and $1,948,848, respectively, in asset management fees and $1,628,075 and $1,300,594, respectively, in incentive fees. For the six months ended June 30, 2020 and 2019, the Advisor earned $3,691,427, and $3,907,970, respectively, in asset management fees and $2,479,186 and $2,759,107, respectively, in incentive fees. As of June 30, 2020 and December 31, 2019, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,057,734 and $4,240,231, respectively was due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business. |
Organization and Offering Costs
Organization and Offering Costs | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs As of June 30, 2020, 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 of the consolidated financial statements. Such amounts include approximately $0 and $51,600 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020 and 2019, the Company did not make any 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 June 30, 2020, the Company has reimbursed the Sponsor a total of $17,237,807 of offering and organization costs and there is a remaining balance of approximately $520,600 of offering costs that have not yet been reimbursed to the Sponsor as of June 30, 2020. For the six months ended June 30, 2020 and 2019, we paid SC Distributors, the dealer manager for certain of our offerings, $238,829 and $260,390, respectively in ongoing distributions fees, dealer manager fees and service fees. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instruments [Abstract] | |
Notes Payable | Note 7. Notes Payable The Company notes payable consist of the following: June 30, 2020 December 31, 2019 Outstanding Balance Outstanding Balance Christian Super promissory note $ 5,000,000 $ 5,000,000 Total notes payable $ 5,000,000 $ 5,000,000 Christian Super Promissory Notes 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 a private offering targeting $25 million in the aggregate amount. The CS Note had an interest rate of 4.0% per annum plus one-year LIBOR and interest 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 may 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 (3.05% as of March 31, 2020) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty. TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. For the three months ended June 30, 2020 and 2019, the Company recognized $68,536 and $608,718, respectively, in interest expense. For the six months ended June 30, 2020 and 2019, the Company recognized $137,073 and $1,208,666, 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 | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of June 30, 2020, the Company had six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of June 30, 2020, the Company recorded a liability in the aggregate amount of $489,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2020 is calculated based on a net asset value per Class C, Class I and Class W units of $7.804 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the six months ended June 30, 2020: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2019 the Period the Period 2020 Class A units 17,861,312 254,288 (205,662 ) 17,909,938 Class C units 8,067,787 31,003 (115,855 ) 7,982,935 Class I units 10,468,162 297,965 (259,650 ) 10,506,478 Class W units 24,555 - - 24,555 Class Y units 1,297,897 322,131 (3,176 ) 1,616,852 Class Z units 8,423,851 - - 8,423,851 Total 46,143,564 905,388 (584,343 ) 46,464,609 The total of 905,388 units issued during the six months ended June 30, 2020 included 583,304 units issued under the DRP at a value of $4,647,000 and 322,131 units sold pursuant to our private placement for aggregate gross proceeds of $2,606,000. Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2020 have been made at a price equal to $7.804 per units, which was the net asset value per unit of each class as of March 31, 2020, the most recently disclosed net asset value at the time of repurchase. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units. During the six months ended June 30, 2020, the Company received repurchase requests for a total of 584,343 units at a weighted average repurchase price per unit of $7.914 for an aggregate repurchase price of $4,624,739. As of June 30, 2020, $2,305,807 of these repurchase requests were pending processing and were completed by the Company in July 2020. For the quarter ended June 30, 2020, eligible repurchase requests exceeded the limitations of our unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that we fulfilled 14.53% of eligible repurchase requests (based on the number of units submitted for repurchase). Pursuant to the terms of our unit repurchase program, the unsatisfied portion of repurchase requests that were not fulfilled at quarter-end will be carried over to the next quarter and treated as a request for repurchase at the next quarter-end repurchase date, unless the repurchase request is withdrawn. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Distributions | Note 9. Distributions Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2020: Daily Rate Cash Distributions Total Month ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2020 January 15, 2020 $ 0.00168675 $ 1,610,076 $ 793,883 $ 2,403,959 February 29, 2020 February 14, 2020 $ 0.00168675 1,513,649 743,093 2,256,742 March 31, 2020 February 21, 2020 $ 0.00168675 1,648,333 772,972 2,421,305 April 30, 2020 February 21, 2020 $ 0.00168675 1,573,136 769,640 2,342,776 May 31, 2020 February 21, 2020 $ 0.00168675 1,630,166 798,492 2,428,658 June 30, 2020 May 14, 2020 $ 0.00168675 1,586,255 768,554 2,354,809 Total for 2020 $ 9,561,615 $ 4,646,634 $ 14,208,249 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights of the Company for the six months ended June 30, 2020 and 2019: Six months ended June 30, June 30, 2020 2019 Per unit data (1): Net asset value at beginning of period $ 8.01 $ 8.20 Net investment income $ 0.26 $ 0.25 Net change in unrealized depreciation on investments $ (0.21 ) $ (0.04 ) Net (decrease) increase in net assets resulting from operations $ 0.05 $ 0.21 Distributions $ (0.31 ) $ (0.30 ) Net change in accrued distribution and other fees $ 0.01 $ 0.01 Net decrease in net assets $ (0.25 ) $ (0.08 ) Net asset value at end of period (2) $ 7.76 $ 8.12 Total return based on net asset value (3) 0.62 % 2.57 % Net assets at end of period $ 360,501,166 $ 353,770,077 Units Outstanding at end of period 46,464,609 43,602,953 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.09 % 6.31 % Ratio of net operating expenses to average net assets 4.90 % 6.33 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2020 and 2019, which were 46,463,428 and 43,920,005, respectively. 2 For financial statement reporting purposes under GAAP, as of June 30, 2020 and 2019, the Company recorded a liability in the amount of $489,000 and $911,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2020, 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 July 1 through July 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 July totaled $1,594,134. With respect to unitholders participating in the Distribution Reinvestment Plan, $790,735 of the distributions for July were reinvested in units. The Company’s board of managers has authorized the declaration of distributions for August 2020. The August 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 September 1, 2020 or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. Investments Subsequent to June 30, 2020 through Augusts 14, 2020, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $1.8 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the FASB ASC Topic 946 — Financial Services, Investment Companies . The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 30, 2020. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2020. The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented. These financial statements are presented in United States (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries. |
Cash | Cash Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts. |
Revenue Recognition | Revenue Recognition The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight-line basis, which the Company has determined not to be materially different from the effective yield method. The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt. The Company generally places loans on non-accrual status when 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 payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At June 30, 2020, seven portfolio companies were on non-accrual status with an aggregate fair value of $15,944,282 or 4.8% of the fair value of the Company’s total investments. At December 31, 2019, ten portfolio companies were on non-accrual status with an aggregate fair value of $38,261,499 or 11.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $652,107 and $2,007,809, respectively for the three and six months ended June 30, 2020. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,127,675 and $2,242,958, respectively for the three and six months ended June 30, 2019. |
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 has investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and six months ended June 30, 2020, the Company earned and capitalized PIK interest of $3,819,869 and $5,852,692, respectively. For the three and six months ended June 30, 2019, the Company earned and capitalized PIK interest of $2,232,871 and $3,902,348, respectively. |
Distribution and Ongoing Dealer Manager and Services Fees | Distribution and Ongoing Dealer Manager and Services Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2020, the estimated unpaid distribution fees for Class C units amounted to $467,000, the unpaid dealer manager fees for Class I units amounted to $21,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000. |
Income Taxes | Income Taxes The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements. The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of June 30, 2020, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 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 June 30, 2020, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2020, under GAAP, the Company has recorded a liability in the amount of $489,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value 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, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2020, 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 $7.769, which is different than the net asset value per unit of $7.759 (on an aggregate basis for all unit classes) as shown in Note 10 – Financial Highlights. This net asset value per unit is relatively flat compared to the net asset value per unit of $7.804 as of March 31, 2020 and reflects a decrease of $0.255 per unit from the net asset value per unit of $8.024 as of December 31, 2019. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $9.7 million in unrealized depreciation on its investments during the six months ended June 30, 2020. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2020 and 2019. |
Organization and Offering Costs | Organization and Offering Costs The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds. As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements. As of June 30, 2020, the Sponsor has incurred approximately $596,000 in organization and offering costs on behalf of the Company related to private placements of the Company’s units. Through June 30, 2020, the Company has reimbursed an aggregate amount of $87,159 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder. |
Operating Expense Responsibility Agreement | Operating Expense Responsibility Agreement On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,057,734 of expenses, which have been paid by the Company as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the three months ended June 30, 2020 and 2019. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the three months ended June 30, 2020 and 2019. As of June 30, 2020, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“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 for financial instruments measured at amortized cost. 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 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. The Company believes that the adoption of ASU 2016-13 will not have a material impact on its consolidated financial statements. 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 adopted this guidance effective January 1, 2020, which did not have a material impact on its consolidated financial statements. |
Risk Factors | Risk Factors As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods. The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected. The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company 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 18 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 and are likely to continue to negatively affect 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. These risks may be further exacerbated by the adverse impact the COVID-19 pandemic has had and is expected to continue to have on the business of our borrowers. 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 June 30, 2020, the Company’s largest loan by value was $26,538,921 or 8.0% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 29.5% of the Company’s portfolio at June 30, 2020. Participation in loans amounted to 68.4% of the Company’s total portfolio at June 30, 2020. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of June 30, 2020, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 99,689,547 $ 99,415,415 30.1 % Senior secured term loan participations 164,666,560 158,424,908 47.9 % Senior secured trade finance participations 82,869,781 67,795,496 20.5 % Other investments 6,000,000 3,758,063 1.1 % Equity warrants - 1,199,618 0.4 % Total investments $ 353,225,888 $ 330,593,500 100.0 % 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 53.0 % Senior secured trade finance participations 83,135,943 71,606,458 21.0 % Short term 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 % |
Schedule of Watch List Investments | IIG was the sub-advisor for the following Watch List Investments as of June 30, 2020: 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 6,361,679 264,500 Income approach Compania Argentina de Granos S.A. 12,500,000 9,679,636 330,191 Income approach Sancor Cooperativas Unidas Ltda 6,000,000 4,719,383 604,633 Hybrid income/collateral based approach Functional Products Trading S.A. 1,326,687 1,269,586 220,881 Income approach Total $ 41,708,487 $ 29,197,409 $ 2,770,705 |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair value as of June 30, 2020 and December 31, 2019, was as follows: As of June 30, 2020 As of December 31, 2019 Fair Percentage Fair Percentage Industry Value of Total Value of Total Agricultural Products $ 12,256,800 3.7 % $ 12,417,122 3.6 % Boatbuilding and Repairing 5,848,683 1.8 % 5,695,069 1.7 % Chemicals and Allied Products 15,000,000 4.5 % 15,000,000 4.4 % Chocolate and Cocoa Products 9,192,637 2.8 % 9,687,887 2.8 % Coal and Other Minerals and Ores 31,959,683 9.7 % 32,348,090 9.5 % Commercial Fishing 35,838 0.0 % 35,838 0.0 % Communications Equipment — — 100,000 0.0 % Consumer Products 9,318,469 2.8 % 9,318,469 2.7 % Corrugated and solid fiber boxes 13,351,735 4.0 % — — Department Stores 8,786,977 2.7 % 8,638,109 2.5 % Drugs, Proprietaries, and Sundries 648,430 0.2 % 803,254 0.2 % Electric Services 1,408,638 0.4 % 16,383,269 4.8 % Farm Products 9,667,785 2.9 % 9,644,313 2.8 % Fats and Oils 3,398,558 1.0 % 3,398,558 1.0 % Financial services 3,758,063 1.1 % 3,758,063 1.1 % Freight Transportation Arrangement 13,779,518 4.2 % 13,505,035 4.0 % Food Products 2,242,237 0.7 % 2,724,804 0.8 % Groceries and Related Products 457,418 0.1 % 468,756 0.1 % Hotels and Motels 11,359,874 3.4 % 12,846,584 3.8 % Land Subdividers and Developers 14,873,425 4.5 % 16,781,000 4.9 % Logging 5,797,622 1.8 % 5,612,436 1.6 % Meat, Poultry & Fish 6,361,679 1.9 % 6,240,961 1.8 % Motor Vehicle Parts and Accessories 8,974,373 2.7 % 8,731,936 2.6 % Personal Credit Institutions 2,975,691 0.9 % 3,603,592 1.1 % Petroleum and Petroleum Products 14,592,683 4.4 % 15,500,000 4.6 % Programming and Data Processing 17,967,951 5.4 % 17,740,330 5.2 % Refuse Systems 27,738,539 8.4 % 25,766,063 7.6 % Secondary Nonferrous Metals 17,530,616 5.3 % 17,530,616 5.2 % Short-Term Business Credit 4,740,000 1.4 % 4,740,000 1.4 % Soap, Detergents, and Cleaning 2,620,083 0.8 % 2,894,698 0.9 % Telephone and Telegraph Apparatus 7,686,402 2.3 % 8,840,048 2.6 % Telephone Communications 35,747,233 10.8 % 36,794,973 10.8 % Water Transportation 10,515,860 3.2 % 12,748,503 3.7 % Total $ 330,593,500 100.0 % $ 340,298,376 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2020 and December 31, 2019: As of June 30, 2020 As of December 31, 2019 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina $ 24,159,256 7.3 % $ 24,198,860 7.1 % Botswana 4,740,000 1.4 % 4,740,000 1.4 % Brazil 26,393,798 8.0 % 26,012,563 7.6 % Cabo Verde 11,359,874 3.4 % 12,846,584 3.8 % Cameroon 9,192,637 2.8 % 9,687,887 2.9 % Chile 2,678,224 0.8 % 2,652,855 0.8 % Colombia 23,456,424 7.1 % 23,479,065 6.9 % Croatia 8,786,977 2.7 % 8,638,109 2.5 % Ecuador 13,387,573 4.1 % 35,838 0.0 % Ghana 14,592,683 4.4 % 30,500,000 9.0 % Guatemala 10,504 0.0 % 10,504 0.0 % Hong Kong 49,646,085 15.0 % 51,188,138 15.0 % Jersey 15,266,500 4.6 % 16,919,500 5.0 % Kenya 13,779,518 4.2 % 13,505,035 4.0 % Malaysia 15,000,000 4.5 % 15,000,000 4.4 % Mauritius 457,418 0.1 % 468,756 0.1 % Mexico 27,738,539 8.4 % 25,766,063 7.6 % Morocco 7,530,616 2.3 % 7,530,616 2.2 % Namibia 14,873,425 4.5 % 16,781,000 4.9 % Netherlands 8,974,373 2.7 % 8,731,936 2.6 % New Zealand 5,797,622 1.8 % 5,612,436 1.7 % Nigeria 12,030,084 3.6 % 14,262,726 4.2 % Peru 4,599,086 1.4 % 4,599,086 1.4 % Romania 1,744,775 0.5 % 2,034,188 0.6 % South Africa 497,462 0.2 % 790,616 0.2 % United Arab Emirates 648,430 0.2 % 803,254 0.2 % Uganda 6,873,472 2.1 % 6,850,000 2.0 % Zambia 2,620,083 0.8 % 2,894,698 0.9 % N/A 3,758,062 1.1 % 3,758,063 1.1 % Total $ 330,593,500 100.0 % $ 340,298,376 100.0 % (1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of Investments by Fair Value Hierarchy Levels | The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2020: Fair Value Level 1 Level 2 Level 3 Senior secured term loans $ 99,415,415 $ — $ — $ 99,415,415 Senior secured term loan participations 158,424,908 — — 158,424,908 Senior secured trade finance participations 67,795,496 — — 67,795,496 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,199,618 — — 1,199,618 Total $ 330,593,500 $ — $ — $ 330,593,500 The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2019: Fair Value Level 1 Level 2 Level 3 Senior secured term loan $ 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 Short term investments 3,758,063 3,758,063 Equity warrants 1,080,222 1,080,222 Total $ 340,298,376 $ — $ — $ 340,298,376 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the six months ended June 30, 2020, of investments classified as Level 3: Fair Value at December 31, 2019 Purchases Maturities or Prepayments Accretion of discounts / Payment-in-kind interest Net change in unrealized appreciation (depreciation) Fair Value at June 30, 2020 Senior secured term loans $ 83,353,208 $ 13,250,000 $ (627,901 ) $ 3,440,108 $ — $ 99,415,415 Senior secured term loan participations 180,500,425 - (18,238,360 ) 2,468,343 (6,305,500 ) 158,424,908 Senior secured trade finance participations 71,606,458 7,000,000 (7,266,163 ) — (3,544,799 ) 67,795,496 Short term and other investments 3,758,063 4,000,000 (4,000,000 ) — 3,758,063 Equity warrants 1,080,222 — — — 119,396 1,199,618 Total $ 340,298,376 $ 24,250,000 $ (30,132,424 ) $ 5,908,451 $ (9,730,903 ) $ 330,593,500 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of June 30, 2020, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2020: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 67,136,562 Income approach (DCF) Market yield 9.0% - 16.4% (11.7%) Senior secured trade finance participations (1) $ 658,934 Collateral based approach Value of collateral (collateral coverage) 1.0x - 1.1x Senior secured term loans $ 99,415,415 Income approach (DCF) Market yield 11.0% - 14.5% (12.4%) Senior secured term loan participations $ 158,424,908 Income approach (DCF) Market yield 11.5% - 15.0% (12.7%) Other investments (3) $ 3,758,063 Hybrid income/collateral based approach Market yield / value of collateral 8.80% Equity warrants $ 1,199,618 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, 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%. |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company notes payable consist of the following: June 30, 2020 December 31, 2019 Outstanding Balance Outstanding Balance Christian Super promissory note $ 5,000,000 $ 5,000,000 Total notes payable $ 5,000,000 $ 5,000,000 |
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) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of unit activity during the six months ended June 30, 2020: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During June 30, 2019 the Period the Period 2020 Class A units 17,861,312 254,288 (205,662 ) 17,909,938 Class C units 8,067,787 31,003 (115,855 ) 7,982,935 Class I units 10,468,162 297,965 (259,650 ) 10,506,478 Class W units 24,555 - - 24,555 Class Y units 1,297,897 322,131 (3,176 ) 1,616,852 Class Z units 8,423,851 - - 8,423,851 Total 46,143,564 905,388 (584,343 ) 46,464,609 |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Distributions Paid | Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2020: Daily Rate Cash Distributions Total Month ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2020 January 15, 2020 $ 0.00168675 $ 1,610,076 $ 793,883 $ 2,403,959 February 29, 2020 February 14, 2020 $ 0.00168675 1,513,649 743,093 2,256,742 March 31, 2020 February 21, 2020 $ 0.00168675 1,648,333 772,972 2,421,305 April 30, 2020 February 21, 2020 $ 0.00168675 1,573,136 769,640 2,342,776 May 31, 2020 February 21, 2020 $ 0.00168675 1,630,166 798,492 2,428,658 June 30, 2020 May 14, 2020 $ 0.00168675 1,586,255 768,554 2,354,809 Total for 2020 $ 9,561,615 $ 4,646,634 $ 14,208,249 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the six months ended June 30, 2020 and 2019: Six months ended June 30, June 30, 2020 2019 Per unit data (1): Net asset value at beginning of period $ 8.01 $ 8.20 Net investment income $ 0.26 $ 0.25 Net change in unrealized depreciation on investments $ (0.21 ) $ (0.04 ) Net (decrease) increase in net assets resulting from operations $ 0.05 $ 0.21 Distributions $ (0.31 ) $ (0.30 ) Net change in accrued distribution and other fees $ 0.01 $ 0.01 Net decrease in net assets $ (0.25 ) $ (0.08 ) Net asset value at end of period (2) $ 7.76 $ 8.12 Total return based on net asset value (3) 0.62 % 2.57 % Net assets at end of period $ 360,501,166 $ 353,770,077 Units Outstanding at end of period 46,464,609 43,602,953 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.09 % 6.31 % Ratio of net operating expenses to average net assets 4.90 % 6.33 % 1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2020 and 2019, which were 46,463,428 and 43,920,005, respectively. 2 For financial statement reporting purposes under GAAP, as of June 30, 2020 and 2019, the Company recorded a liability in the amount of $489,000 and $911,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o_2
Organization and Operations of the Company - Additional Information (Detail) | Jun. 11, 2013USD ($)shares | Feb. 25, 2013USD ($) | Jul. 31, 2019 | Mar. 31, 2017USD ($) | May 31, 2012USD ($)shares | Jun. 30, 2020USD ($)Employee$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Employee |
Organization And Nature Of Operations [Line Items] | ||||||||
Aggregate gross proceeds on units purchased | $ 2,606,000 | |||||||
Shares purchased under equity transaction | shares | 905,388 | |||||||
Offering period, description | The primary offering terminated on March 31, 2017. | |||||||
Additional gross proceeds | $ 485,734,000 | |||||||
Percentage of investments (based on fair value of investments) | 18.30% | |||||||
COVID-19 [Member] | ||||||||
Organization And Nature Of Operations [Line Items] | ||||||||
Decline in net asset value per unit | $ / shares | $ 0.255 | |||||||
Class A Units [Member] | ||||||||
Organization And Nature Of Operations [Line Items] | ||||||||
Aggregate gross proceeds on units purchased | $ 2,174,806 | $ 2,224,545 | ||||||
Shares purchased under equity transaction | shares | 254,288 | |||||||
Decline in net asset value per unit | $ / shares | $ 0.255 | |||||||
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 | $ 91,014,000 | |||||||
Distribution Reinvestment Plan [Member] | ||||||||
Organization And Nature Of Operations [Line Items] | ||||||||
Shares purchased under equity transaction | shares | 583,304 | |||||||
Aggregate gross proceeds on units purchased | $ 4,647,000 | |||||||
Additional gross proceeds | $ 32,944,000 | |||||||
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) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020USD ($)CompanyInvestment$ / shares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2020USD ($)CompanyInvestmentLoans$ / shares | Jun. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)CompanyInvestment$ / shares | Dec. 31, 2017USD ($) | Mar. 31, 2020$ / shares | Dec. 31, 2018$ / shares | |
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 330,593,500 | $ 330,593,500 | $ 340,298,376 | |||||
Percentage of investment in loans | 100.00% | 100.00% | ||||||
Number of companies on non-accrual status | Company | 7 | 7 | 10 | |||||
Minimum investment maturity period | 12 months | |||||||
Paid-in-kind interest | $ 3,819,869 | $ 2,232,871 | $ 5,852,692 | $ 3,902,348 | ||||
Percentage of total selling compensation equaling of gross proceeds from offering | 10.00% | |||||||
Dealer manager fee payable period, maximum | 5 years | |||||||
Service fee payable period, maximum | 6 years | |||||||
Tax liability for uncertain tax provision | $ 0 | $ 0 | ||||||
Interest and penalties related to unrecognized tax benefits | $ 0 | |||||||
Net asset value per unit | $ / shares | $ 7.759 | $ 8.12 | $ 7.759 | $ 8.12 | $ 8.01 | $ 7.804 | $ 8.20 | |
Investment, unrealized depreciation | $ 9,700,000 | $ 9,700,000 | ||||||
Organization and offering expenses | 4.70% | |||||||
Number of watch list investments | Investment | 18 | 18 | 13 | |||||
Largest Loan by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 26,538,921 | $ 26,538,921 | ||||||
Number of investment loans | Loans | 5 | |||||||
Investment Concentration [Member] | Investment Portfolio [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of Investment | 68.40% | |||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of Investment | 8.00% | |||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of Investment | 29.50% | |||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 29,197,409 | $ 29,197,409 | ||||||
Number of watch list investments | Investment | 7 | 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 | |||||||
Related party transaction reimbursement amounts paid | $ 4,057,734 | |||||||
Remaining excess amount payment percentage | 50.00% | |||||||
Related party transaction expenses | $ 0 | $ 0 | ||||||
Due to affiliates | 16,273,800 | $ 16,273,800 | ||||||
TriLinc Global, LLC [Member] | Private Placement [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Organization and offering costs incurred by the Sponsor on behalf of the company | $ 596,000 | 596,000 | ||||||
Reimbursement, aggregate amount 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% | 0.80% | ||||||
Distribution fee payable | $ 467,000 | $ 467,000 | ||||||
Net assets value per unit | $ / shares | $ 7.769 | $ 7.769 | $ 8.024 | |||||
Decrease in net asset value per unit | $ / shares | $ 0.255 | |||||||
Class I Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unpaid dealer manager fee | $ 21,000 | $ 21,000 | ||||||
Net assets value per unit | $ / shares | $ 7.769 | $ 7.769 | 8.024 | |||||
Decrease in net asset value per unit | $ / shares | $ 0.255 | |||||||
Class W Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unpaid dealer manager and service fees | $ 1,000 | $ 1,000 | ||||||
Net assets value per unit | $ / shares | $ 7.769 | $ 7.769 | 8.024 | |||||
Decrease in net asset value per unit | $ / shares | $ 0.255 | |||||||
Class C Units, Class I Units and Class W Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Distribution, dealer manager and service fees payable | $ 489,000 | $ 489,000 | ||||||
Class A Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net assets value per unit | $ / shares | $ 7.769 | $ 7.769 | 8.024 | |||||
Decrease in net asset value per unit | $ / shares | 0.255 | |||||||
Class Y Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net assets value per unit | $ / shares | 7.769 | 7.769 | 8.024 | |||||
Decrease in net asset value per unit | $ / shares | 0.255 | |||||||
Class Z Units [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net assets value per unit | $ / shares | $ 7.769 | 7.769 | $ 8.024 | |||||
Decrease in net asset value per unit | $ / shares | $ 0.255 | |||||||
Non-Accrual Status [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Fair Value | $ 15,944,282 | $ 15,944,282 | $ 38,261,499 | |||||
Percentage of investment in loans | 4.80% | 11.20% | ||||||
Unrecorded investment interest income | $ 652,107 | $ 1,127,675 | $ 2,007,809 | $ 2,242,958 | ||||
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 ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | ||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 353,225,888 | $ 352,351,819 | |
Fair Value | $ 330,593,500 | $ 340,298,376 | |
Percentage of Total Investments | 100.00% | 100.00% | |
Senior Secured Term Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 99,689,547 | $ 83,627,340 |
Fair Value | [1] | $ 99,415,415 | $ 83,353,208 |
Percentage of Total Investments | 30.10% | 24.50% | |
Senior Secured Term Loan Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 164,666,560 | $ 179,588,536 |
Fair Value | [1] | $ 158,424,908 | $ 180,500,425 |
Percentage of Total Investments | 47.90% | 53.00% | |
Senior Secured Trade Finance Participations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | $ 82,869,781 | $ 83,135,943 |
Fair Value | [1] | $ 67,795,496 | $ 71,606,458 |
Percentage of Total Investments | 20.50% | 21.00% | |
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 | $ 1,199,618 | $ 1,080,222 | |
Percentage of Total Investments | 0.40% | 0.30% | |
Short Term Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 6,000,000 | ||
Fair Value | $ 3,758,063 | ||
Percentage of Total Investments | 1.10% | ||
[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) | May 31, 2020USD ($) | Apr. 07, 2018USD ($) | Mar. 31, 2020USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($)t | Mar. 31, 2017USD ($)InterestPayment | Feb. 28, 2017USD ($) | Oct. 31, 2016USD ($) | Jun. 30, 2020USD ($)InvestmentContract | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)InvestmentContractLandt | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)Investment | Dec. 31, 2017USD ($) | Nov. 30, 2019USD ($) | May 31, 2019USD ($) | Dec. 06, 2018USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | May 31, 2016USD ($) | Jan. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Accrued deferred interest | $ 3,056,770 | $ 3,056,770 | $ 2,796,466 | ||||||||||||||||||||
Accrued interest receivable, description | As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of June 30, 2020. | ||||||||||||||||||||||
Short term investments maturity period | less than one year | ||||||||||||||||||||||
Number of watch list investments | Investment | 18 | 18 | 13 | ||||||||||||||||||||
Interest on loans amount | $ 10,903,460 | $ 11,062,607 | $ 20,860,302 | $ 22,342,110 | |||||||||||||||||||
Net accrued interest | 23,957,270 | 23,957,270 | $ 16,501,872 | ||||||||||||||||||||
Fair Value | 330,593,500 | 330,593,500 | 340,298,376 | ||||||||||||||||||||
Interest paid | 69,290 | $ 1,100,154 | |||||||||||||||||||||
Itelecom Holding Chile SpA [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 37,716 | 37,716 | |||||||||||||||||||||
Fair Value | 1,408,638 | 1,408,638 | |||||||||||||||||||||
Trade financing participation, principal balance | 1,408,638 | 1,408,638 | |||||||||||||||||||||
Senior secured term loans | $ 8,100,000 | ||||||||||||||||||||||
Percentage of service rendered for municipalities project | 100.00% | 100.00% | |||||||||||||||||||||
Collection accounts amounts remains frozen | $ 270,000 | ||||||||||||||||||||||
Usivale Industria E Commercio Ltda [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | 2,577,164 | 2,577,164 | |||||||||||||||||||||
Non-Accrual Status [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | 652,107 | $ 1,127,675 | 2,007,809 | $ 2,242,958 | |||||||||||||||||||
Fair Value | 15,944,282 | 15,944,282 | 38,261,499 | ||||||||||||||||||||
Senior Secured Term Loan Participations [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | [1] | 158,424,908 | 158,424,908 | 180,500,425 | |||||||||||||||||||
Senior Secured Term Loan Participations [Member] | Usivale Industria E Commercio Ltda [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Senior secured term loans | 2,851,296 | 2,851,296 | |||||||||||||||||||||
Net accrued interest | 555,359 | 555,359 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Loss contingency outstanding amount | 35,200,000 | 35,200,000 | |||||||||||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | Non-Accrual Status [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | 132,708 | 132,708 | 265,416 | 263,958 | |||||||||||||||||||
Global Pharma Intelligence Sarl [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 134,215 | 134,215 | |||||||||||||||||||||
Fair Value | 648,430 | 648,430 | |||||||||||||||||||||
Trade financing participation, principal balance | 648,430 | 648,430 | |||||||||||||||||||||
Global Pharma Intelligence Sarl [Member] | Non-Accrual Status [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | 23,993 | 0 | 53,637 | 0 | |||||||||||||||||||
Producam SA [Member] | AMC Trade Finance Limited [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 3,267,506 | 3,267,506 | |||||||||||||||||||||
Fair Value | 9,192,637 | 9,192,637 | |||||||||||||||||||||
Trade financing participation, principal balance | 10,413,683 | 10,413,683 | $ 15,986,369 | ||||||||||||||||||||
Conplex International Ltd. [Member] | TransAsia Private Capital Ltd [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 1,094,388 | 1,094,388 | |||||||||||||||||||||
Fair Value | 7,686,402 | 7,686,402 | |||||||||||||||||||||
Trade financing participation, principal balance | 9,500,000 | 9,500,000 | |||||||||||||||||||||
Entire principal amount | $ 9,500,000 | ||||||||||||||||||||||
Triton Metallics Pte Ltd [Member] | TransAsia Private Capital Ltd [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 1,261,647 | 1,261,647 | |||||||||||||||||||||
Fair Value | 14,793,124 | 14,793,124 | |||||||||||||||||||||
Trade financing participation, principal balance | 16,456,270 | 16,456,270 | |||||||||||||||||||||
Entire principal amount | $ 16,456,270 | ||||||||||||||||||||||
Helios Maritime I [Member] | Helios Investment Partners, LLP [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 4,516,047 | 4,516,047 | |||||||||||||||||||||
Fair Value | 10,515,861 | 10,515,861 | |||||||||||||||||||||
Trade financing participation, principal balance | 12,762,670 | 12,762,670 | |||||||||||||||||||||
Entire principal amount | $ 15,300,000 | ||||||||||||||||||||||
Deferred interest payable | 2,549,918 | 2,549,918 | |||||||||||||||||||||
TRG Cape Verde Holdings Ltd [Member] | Helios Investment Partners, LLP [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 1,230,971 | 1,230,971 | |||||||||||||||||||||
Fair Value | 11,359,874 | 11,359,874 | |||||||||||||||||||||
Trade financing participation, principal balance | 13,156,933 | 13,156,933 | |||||||||||||||||||||
Entire principal amount | $ 17,000,000 | ||||||||||||||||||||||
Trustco Group Holdings Ltd [Member] | Helios Investment Partners, LLP [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 1,369,374 | 1,369,374 | |||||||||||||||||||||
Fair Value | 14,873,425 | 14,873,425 | |||||||||||||||||||||
Trade financing participation, principal balance | 17,176,724 | 17,176,724 | |||||||||||||||||||||
Entire principal amount | $ 15,000,000 | ||||||||||||||||||||||
Argentina [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | 24,159,256 | 24,159,256 | 24,198,860 | ||||||||||||||||||||
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 | 136,500 | 136,500 | 273,000 | 271,500 | |||||||||||||||||||
Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Non-Accrual Status [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Interest on loans amount | $ 261,625 | 261,625 | $ 523,250 | 520,375 | |||||||||||||||||||
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 | 2 | |||||||||||||||||||||
Argentina [Member] | Compania Argentina de Granos [Member] | Non-Accrual Status [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | $ 0 | 330,191 | $ 330,191 | 656,754 | |||||||||||||||||||
Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | 0 | 0 | $ 161,829 | 0 | |||||||||||||||||||
Extended maturity date | Jul. 29, 2019 | ||||||||||||||||||||||
Chile [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | 2,678,224 | $ 2,678,224 | 2,652,855 | ||||||||||||||||||||
Chile [Member] | Functional Products Trading S.A [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Unrecorded investment interest income | $ 36,554 | 0 | $ 73,108 | 0 | |||||||||||||||||||
Extended maturity date | Mar. 4, 2018 | ||||||||||||||||||||||
Maturity | Dec. 11, 2016 | Dec. 11, 2016 | |||||||||||||||||||||
Sales declining percentage | 57.00% | ||||||||||||||||||||||
Morocco [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | $ 7,530,616 | $ 7,530,616 | 7,530,616 | ||||||||||||||||||||
Morocco [Member] | Scrap Metal Recycler [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Interest on loans amount | 0 | 204,360 | 204,361 | 406,475 | |||||||||||||||||||
Net accrued interest | 0 | 0 | |||||||||||||||||||||
Trade financing participation, principal balance | 7,349,626 | $ 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 | $ 5,900,000 | |||||||||||||||||||||
Morocco [Member] | Scrap Metal Recycler [Member] | Hybrid Income and Collateral Based Approach [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Fair Value | 7,530,616 | $ 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 | 25,966 | 27,529 | $ 53,495 | 54,756 | |||||||||||||||||||
Cape Nut [Member] | Barak [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Interest on loans amount | 34,761 | $ 34,761 | 69,522 | $ 69,140 | |||||||||||||||||||
Fair Value | 497,462 | 497,462 | |||||||||||||||||||||
Trade financing participation, principal balance | $ 785,806 | $ 785,806 | $ 1,250,000 | ||||||||||||||||||||
Cape Nut [Member] | Barak [Member] | Extended Maturity [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Ownership percentage held in distributor | 50.00% | 50.00% | |||||||||||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Number of watch list investments | Investment | 7 | 7 | |||||||||||||||||||||
Misapplication of investments | $ 6,000,000 | 6,000,000 | |||||||||||||||||||||
Payments for securities and exchange commission | $ 35,200,000 | ||||||||||||||||||||||
Trade finance securities receivable | $ 6,000,000 | ||||||||||||||||||||||
Net accrued interest | $ 2,770,705 | $ 2,770,705 | |||||||||||||||||||||
Fair Value | 29,197,409 | 29,197,409 | |||||||||||||||||||||
Trade financing participation, principal balance | 41,708,487 | 41,708,487 | |||||||||||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | Sancor Cooperativas Unidas Ltda [Member] | Hybrid Income and Collateral Based Approach [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||||||
Net accrued interest | 604,633 | 604,633 | |||||||||||||||||||||
Fair Value | 4,719,383 | 4,719,383 | |||||||||||||||||||||
Trade financing participation, principal balance | $ 6,000,000 | $ 6,000,000 | |||||||||||||||||||||
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Fair Value | $ 330,593,500 | $ 340,298,376 |
Interest receivable | 23,957,270 | $ 16,501,872 |
Sub-advisory Agreement [Member] | IIG [Member] | ||
Schedule of Investments [Line Items] | ||
Principal Amount | 41,708,487 | |
Fair Value | 29,197,409 | |
Interest receivable | 2,770,705 | |
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 | 6,361,679 | |
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 | 9,679,636 | |
Interest receivable | 330,191 | |
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 | 604,633 | |
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 | $ 220,881 |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 330,593,500 | $ 340,298,376 |
Percentage of Total Investments | 100.00% | 100.00% |
Agricultural Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,256,800 | $ 12,417,122 |
Percentage of Total Investments | 3.70% | 3.60% |
Boatbuilding and Repairing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,848,683 | $ 5,695,069 |
Percentage of Total Investments | 1.80% | 1.70% |
Chemicals and Allied Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.50% | 4.40% |
Chocolate and Cocoa Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,192,637 | $ 9,687,887 |
Percentage of Total Investments | 2.80% | 2.80% |
Coal and Other Minerals and Ores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 31,959,683 | $ 32,348,090 |
Percentage of Total Investments | 9.70% | 9.50% |
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 | |
Percentage of Total Investments | 0.00% | |
Consumer Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,318,469 | $ 9,318,469 |
Percentage of Total Investments | 2.80% | 2.70% |
Corrugated And Solid Fiber Boxes [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,351,735 | |
Percentage of Total Investments | 4.00% | |
Department Stores [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,786,977 | $ 8,638,109 |
Percentage of Total Investments | 2.70% | 2.50% |
Drugs, Proprietaries, and Sundries [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 648,430 | $ 803,254 |
Percentage of Total Investments | 0.20% | 0.20% |
Electric Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,408,638 | $ 16,383,269 |
Percentage of Total Investments | 0.40% | 4.80% |
Farm Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,667,785 | $ 9,644,313 |
Percentage of Total Investments | 2.90% | 2.80% |
Fats and Oils [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,398,558 | $ 3,398,558 |
Percentage of Total Investments | 1.00% | 1.00% |
Financial Services [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,758,063 | $ 3,758,063 |
Percentage of Total Investments | 1.10% | 1.10% |
Freight Transportation Arrangement [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,779,518 | $ 13,505,035 |
Percentage of Total Investments | 4.20% | 4.00% |
Food Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,242,237 | $ 2,724,804 |
Percentage of Total Investments | 0.70% | 0.80% |
Groceries and Related Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 457,418 | $ 468,756 |
Percentage of Total Investments | 0.10% | 0.10% |
Hotels and Motels [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,359,874 | $ 12,846,584 |
Percentage of Total Investments | 3.40% | 3.80% |
Land Subdividers and Developers [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,873,425 | $ 16,781,000 |
Percentage of Total Investments | 4.50% | 4.90% |
Logging [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,797,622 | $ 5,612,436 |
Percentage of Total Investments | 1.80% | 1.60% |
Meat, Poultry & Fish [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,361,679 | $ 6,240,961 |
Percentage of Total Investments | 1.90% | 1.80% |
Motor Vehicle Parts and Accessories [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,974,373 | $ 8,731,936 |
Percentage of Total Investments | 2.70% | 2.60% |
Personal Credit Institutions [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,975,691 | $ 3,603,592 |
Percentage of Total Investments | 0.90% | 1.10% |
Petroleum and Petroleum Products [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,592,683 | $ 15,500,000 |
Percentage of Total Investments | 4.40% | 4.60% |
Programming and Data Processing [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,967,951 | $ 17,740,330 |
Percentage of Total Investments | 5.40% | 5.20% |
Refuse Systems [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 27,738,539 | $ 25,766,063 |
Percentage of Total Investments | 8.40% | 7.60% |
Secondary Nonferrous Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 17,530,616 | $ 17,530,616 |
Percentage of Total Investments | 5.30% | 5.20% |
Short-Term Business Credit [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.40% | 1.40% |
Soap, Detergents, and Cleaning [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,620,083 | $ 2,894,698 |
Percentage of Total Investments | 0.80% | 0.90% |
Telephone and Telegraph Apparatus [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,686,402 | $ 8,840,048 |
Percentage of Total Investments | 2.30% | 2.60% |
Telephone Communications [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 35,747,233 | $ 36,794,973 |
Percentage of Total Investments | 10.80% | 10.80% |
Water Transportation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,515,860 | $ 12,748,503 |
Percentage of Total Investments | 3.20% | 3.70% |
Investments - Schedule of Inv_2
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 330,593,500 | $ 340,298,376 |
Percentage of Total Investments | 100.00% | 100.00% |
Argentina [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 24,159,256 | $ 24,198,860 |
Percentage of Total Investments | 7.30% | 7.10% |
Botswana [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,740,000 | $ 4,740,000 |
Percentage of Total Investments | 1.40% | 1.40% |
Brazil [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 26,393,798 | $ 26,012,563 |
Percentage of Total Investments | 8.00% | 7.60% |
Cabo Verde [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,359,874 | $ 12,846,584 |
Percentage of Total Investments | 3.40% | 3.80% |
Cameroon [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 9,192,637 | $ 9,687,887 |
Percentage of Total Investments | 2.80% | 2.90% |
Chile [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,678,224 | $ 2,652,855 |
Percentage of Total Investments | 0.80% | 0.80% |
Colombia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 23,456,424 | $ 23,479,065 |
Percentage of Total Investments | 7.10% | 6.90% |
Croatia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,786,977 | $ 8,638,109 |
Percentage of Total Investments | 2.70% | 2.50% |
Ecuador [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,387,573 | $ 35,838 |
Percentage of Total Investments | 4.10% | 0.00% |
Ghana [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,592,683 | $ 30,500,000 |
Percentage of Total Investments | 4.40% | 9.00% |
Guatemala [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 10,504 | $ 10,504 |
Percentage of Total Investments | 0.00% | 0.00% |
Hong Kong [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 49,646,085 | $ 51,188,138 |
Percentage of Total Investments | 15.00% | 15.00% |
Jersey [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,266,500 | $ 16,919,500 |
Percentage of Total Investments | 4.60% | 5.00% |
Kenya [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 13,779,518 | $ 13,505,035 |
Percentage of Total Investments | 4.20% | 4.00% |
Malaysia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 15,000,000 | $ 15,000,000 |
Percentage of Total Investments | 4.50% | 4.40% |
Mauritius [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 457,418 | $ 468,756 |
Percentage of Total Investments | 0.10% | 0.10% |
Mexico [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 27,738,539 | $ 25,766,063 |
Percentage of Total Investments | 8.40% | 7.60% |
Morocco [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 7,530,616 | $ 7,530,616 |
Percentage of Total Investments | 2.30% | 2.20% |
Namibia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 14,873,425 | $ 16,781,000 |
Percentage of Total Investments | 4.50% | 4.90% |
Netherlands [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 8,974,373 | $ 8,731,936 |
Percentage of Total Investments | 2.70% | 2.60% |
New Zealand [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 5,797,622 | $ 5,612,436 |
Percentage of Total Investments | 1.80% | 1.70% |
Nigeria [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,030,084 | $ 14,262,726 |
Percentage of Total Investments | 3.60% | 4.20% |
Peru [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 4,599,086 | $ 4,599,086 |
Percentage of Total Investments | 1.40% | 1.40% |
Romania [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,744,775 | $ 2,034,188 |
Percentage of Total Investments | 0.50% | 0.60% |
South Africa [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 497,462 | $ 790,616 |
Percentage of Total Investments | 0.20% | 0.20% |
United Arab Emirates [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 648,430 | $ 803,254 |
Percentage of Total Investments | 0.20% | 0.20% |
Uganda [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 6,873,472 | $ 6,850,000 |
Percentage of Total Investments | 2.10% | 2.00% |
Zambia [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,620,083 | $ 2,894,698 |
Percentage of Total Investments | 0.80% | 0.90% |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,758,062 | $ 3,758,063 |
Percentage of Total Investments | 1.10% | 1.10% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 330,593,500 | $ 340,298,376 | |
Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 99,415,415 | 83,353,208 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 158,424,908 | 180,500,425 |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [1] | 67,795,496 | 71,606,458 |
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 | 1,199,618 | 1,080,222 | |
Short Term Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 3,758,063 | ||
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 330,593,500 | 340,298,376 | |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 99,415,415 | 83,353,208 | |
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 158,424,908 | 180,500,425 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | 67,795,496 | 71,606,458 | |
Level 3 [Member] | Other Investments [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | [2] | 3,758,063 | 3,758,063 |
Level 3 [Member] | Equity Warrants [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Investments, fair value | $ 1,199,618 | 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 | $ 3,758,063 | ||
[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%. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Net change in unrealized appreciation (depreciation) on investments | $ (1,052,185) | $ 243,836 | $ (9,730,903) | $ (1,903,180) |
Level 3 [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned at fair value, beginning balance | 340,298,376 | |||
Purchases of investments | 24,250,000 | |||
Maturities or Prepayments of investments | (30,132,424) | |||
Accretion of discounts / Payment-in-kind interest | 5,908,451 | |||
Net change in unrealized appreciation (depreciation) on investments | (9,730,903) | $ (1,903,180) | ||
Investment owned at Fair value, ending balance | 330,593,500 | 330,593,500 | ||
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 | 83,353,208 | |||
Purchases of investments | 13,250,000 | |||
Maturities or Prepayments of investments | (627,901) | |||
Accretion of discounts / Payment-in-kind interest | 3,440,108 | |||
Investment owned at Fair value, ending balance | 99,415,415 | 99,415,415 | ||
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 | 180,500,425 | |||
Maturities or Prepayments of investments | (18,238,360) | |||
Accretion of discounts / Payment-in-kind interest | 2,468,343 | |||
Net change in unrealized appreciation (depreciation) on investments | (6,305,500) | |||
Investment owned at Fair value, ending balance | 158,424,908 | 158,424,908 | ||
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 | 71,606,458 | |||
Purchases of investments | 7,000,000 | |||
Maturities or Prepayments of investments | (7,266,163) | |||
Net change in unrealized appreciation (depreciation) on investments | (3,544,799) | |||
Investment owned at Fair value, ending balance | 67,795,496 | 67,795,496 | ||
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 | 3,758,063 | |||
Purchases of investments | 4,000,000 | |||
Maturities or Prepayments of investments | (4,000,000) | |||
Investment owned at Fair value, ending balance | 3,758,063 | 3,758,063 | ||
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 | |||
Net change in unrealized appreciation (depreciation) on investments | 119,396 | |||
Investment owned at Fair value, ending balance | $ 1,199,618 | $ 1,199,618 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Realized gains or losses on investments | $ 0 | $ 0 | $ 0 | $ 0 |
Net change in unrealized depreciation on investments | $ 1,052,185 | $ (243,836) | 9,730,903 | 1,903,180 |
Level 3 [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Net change in unrealized depreciation on investments | $ 9,730,903 | $ 1,903,180 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 330,593,500 | $ 340,298,376 | |
Senior Secured Trade Finance Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 67,795,496 | 71,606,458 |
Senior Secured Term Loan Participations [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 158,424,908 | 180,500,425 |
Equity Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 1,199,618 | 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 | ||
Senior Secured Term Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [1] | 99,415,415 | 83,353,208 |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 330,593,500 | 340,298,376 | |
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 | $ 67,795,496 | 71,606,458 | |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [2] | $ 67,136,562 | $ 70,792,700 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Market yield [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | [2] | 9 | 9 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Market yield [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | [2] | 16.4 | 16.8 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [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) | [2] | 11.7 | 12.7 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | [3] | $ 658,934 | $ 813,758 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Minimum [Member] | Measurement Input Value Of Collateral | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | [3] | 1 | 1 |
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Maximum [Member] | Measurement Input Value Of Collateral | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range (weighted average) | [3] | 1.1 | 1.1 |
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 | $ 158,424,908 | $ 180,500,425 | |
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) | 11.5 | 11 | |
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) | 15 | 15.9 | |
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) | 12.7 | 13 | |
Level 3 [Member] | Equity Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 1,199,618 | $ 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 | [4] | $ 3,758,063 | $ 3,758,063 |
Valuation technique | trilinc:HybridIncomeAndCollateralBasedApproachMember | trilinc:HybridIncomeAndCollateralBasedApproachMember | |
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) | [4] | 8.80 | 8.75 |
Level 3 [Member] | Senior Secured Term Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $ 99,415,415 | $ 83,353,208 | |
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) | 11 | 10 | |
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) | 14.5 | 14.5 | |
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) | 12.4 | 12.4 | |
[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] | Collateral based approach used for the following watch list investments: Profasa and GPI. See Note 3 “Watch List Investments” for further information. | ||
[4] | Receivable from IIG TOF B.V. using additional discount rate of 20%. |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail) - Level 3 [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
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 | trilinc:HybridIncomeAndCollateralBasedApproachMember |
Other Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Valuation technique | trilinc:HybridIncomeAndCollateralBasedApproachMember | trilinc:HybridIncomeAndCollateralBasedApproachMember |
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 | 0.20 |
Minimum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected collection period | 2 years | 2 years |
Minimum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Recovery Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Additional unobservable inputs | 0.15 | 0.15 |
Maximum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected collection period | 3 years | 3 years |
Maximum [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Recovery Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Additional unobservable inputs | 0.30 | 0.30 |
Contingencies and Related Par_2
Contingencies and Related Parties - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Contingencies And Related Parties [Line Items] | |||||
Accrued incentive fee on capital gains | $ 1,628,075 | $ 1,628,075 | $ 1,481,726 | ||
Advisor earned incentive fees | 1,628,075 | $ 1,300,594 | 2,479,186 | $ 2,759,107 | |
Due from affiliates | 4,057,734 | $ 4,057,734 | 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 | $ 0 | 0 | |
Accrued incentive fee on capital gains | 0 | 0 | 0 | 0 | |
Advisor earned asset management fees | 1,844,871 | 1,948,848 | 3,691,427 | 3,907,970 | |
Advisor earned incentive fees | 1,628,075 | $ 1,300,594 | 2,479,186 | $ 2,759,107 | |
TriLinc Global, LLC [Member] | |||||
Contingencies And Related Parties [Line Items] | |||||
Due from affiliates | $ 4,057,734 | $ 4,057,734 | $ 4,240,231 |
Organization and Offering Cos_2
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 6 Months Ended | 98 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,237,807 | $ 17,237,807 | $ 17,237,807 | |
TriLinc Global, LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Offering costs paid by the Sponsor on behalf of the Company | 17,522,000 | 17,522,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | 236,000 | ||
Reimbursement of offering costs incurred by Sponsor | 0 | $ 51,600 | ||
Payment for reimbursement of offering costs incurred by Sponsor | 0 | 0 | ||
Reimbursement of organization costs incurred by Sponsor | 17,237,807 | |||
Remaining balance of offering and organization costs due to the Sponsor | 520,600 | $ 520,600 | ||
SC Distributors LLC [Member] | ||||
Organization And Offering Costs [Line Items] | ||||
Expenses related to distributions fees, dealer manager fees and service fees | $ 238,829 | $ 260,390 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 5,000,000 | $ 5,000,000 |
Christian Super [Member] | Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance, notes payable | $ 5,000,000 | $ 5,000,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | Aug. 07, 2017 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 18, 2018 |
Debt Instrument [Line Items] | ||||||||
Repayments of debt principal balance | $ 125,000 | |||||||
Interest expense recognized | $ 68,536 | $ 608,718 | $ 137,073 | $ 1,208,666 | ||||
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 and interest 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 may 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] | State Street Australia Ltd ACF Christian Super [Member] | One Year LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate charged | 4.00% | |||||||
Description of variable interest rate | one-year LIBOR | |||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of notes | $ 5,000,000 | |||||||
Notes issuance, interest rate terms | The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of March 31, 2020) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. | |||||||
Notes issuance, payment terms | The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty | |||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | One Year LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate charged | 3.50% | |||||||
Description of variable interest rate | one-year LIBOR | |||||||
Variable interest rate | 3.05% | |||||||
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Transferred shares, description | TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. | |||||||
Shares mortgaged from subsidiaries shares issued and outstanding | 10 | |||||||
Shares available for mortgage | 32.11 |
Notes Payable - Summary of Prin
Notes Payable - Summary of Principal Payments Due on Borrowings (Detail) | Jun. 30, 2020USD ($) |
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 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Capital Unit [Line Items] | ||||
Units Issued During the Period | 905,388 | |||
Aggregate gross proceeds on units purchased | $ 2,606,000 | |||
Held Units For Minimum year | 1 year | |||
Repurchase of aggregate units | 584,343 | 584,343 | ||
Weighted average repurchase price per unit | $ 7.914 | $ 7.914 | ||
Aggregate repurchase price | $ 4,624,739 | $ 7,687,796 | ||
Amount of repurchase requests pending units | $ 2,305,807 | $ 2,305,807 | ||
Percentage of eligible repurchase requests fulfilled on pro rata basis | 14.53% | |||
Further Amended Unit Repurchase Program [Member] | ||||
Capital Unit [Line Items] | ||||
Unit repurchase price description | price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2020 have been made at a price equal to $7.804 per units, which was the net asset value per unit of each class as of March 31, 2020, the most recently disclosed net asset value at the time of repurchase. | |||
Repurchase price per unit | $ 7.804 | $ 7.804 | ||
Maximum [Member] | ||||
Capital Unit [Line Items] | ||||
Percentage of Total | 5.00% | |||
Private Placement [Member] | ||||
Capital Unit [Line Items] | ||||
Units, Sold in Private Placement | 322,131 | |||
Distribution Reinvestment Plan [Member] | ||||
Capital Unit [Line Items] | ||||
Units Issued During the Period | 583,304 | |||
Units Issued During the Period, value | $ 4,647,000 | |||
Class C Units [Member] | ||||
Capital Unit [Line Items] | ||||
Distribution, dealer manager and service fee payable | $ 489,000 | $ 489,000 | ||
Estimated net assets value per unit | $ 7.804 | $ 7.804 | ||
Distribution and dealer manager fee payable, discount rate | 4.00% | 4.00% | ||
Percentage of distribution and dealer manager fee per annum | 0.80% | 0.80% | ||
Units Issued During the Period | 31,003 | |||
Aggregate gross proceeds on units purchased | $ 1,127,988 | 1,169,524 | ||
Class I Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 7.804 | $ 7.804 | ||
Distribution and dealer manager fee payable, discount rate | 4.00% | 4.00% | ||
Percentage of distribution and dealer manager fee per annum | 0.50% | 0.50% | ||
Units Issued During the Period | 297,965 | |||
Aggregate gross proceeds on units purchased | $ 1,345,375 | $ 1,351,762 | ||
Class W Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 7.804 | $ 7.804 | ||
Distribution and dealer manager fee payable, discount rate | 4.00% | 4.00% | ||
Percentage of distribution and dealer manager fee per annum | 0.75% | 0.75% |
Unit Capital - Summary of Trans
Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) | 6 Months Ended |
Jun. 30, 2020shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 46,143,564 |
Units Issued During the Period | 905,388 |
Units Repurchased During the Period | (584,343) |
Units Outstanding, Ending Balance | 46,464,609 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 17,861,312 |
Units Issued During the Period | 254,288 |
Units Repurchased During the Period | (205,662) |
Units Outstanding, Ending Balance | 17,909,938 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 8,067,787 |
Units Issued During the Period | 31,003 |
Units Repurchased During the Period | (115,855) |
Units Outstanding, Ending Balance | 7,982,935 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 10,468,162 |
Units Issued During the Period | 297,965 |
Units Repurchased During the Period | (259,650) |
Units Outstanding, Ending Balance | 10,506,478 |
Class W Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 24,555 |
Units Outstanding, Ending Balance | 24,555 |
Class Y Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 1,297,897 |
Units Issued During the Period | 322,131 |
Units Repurchased During the Period | (3,176) |
Units Outstanding, Ending Balance | 1,616,852 |
Class Z Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 8,423,851 |
Units Outstanding, Ending Balance | 8,423,851 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Cash Distributions | $ 9,561,615 | $ 8,612,574 |
Distributions Reinvested | 4,646,634 | |
Total Declared | $ 14,208,249 | |
January 31, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Jan. 15, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,610,076 | |
Distributions Reinvested | 793,883 | |
Total Declared | $ 2,403,959 | |
February 29, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 14, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,513,649 | |
Distributions Reinvested | 743,093 | |
Total Declared | $ 2,256,742 | |
March 31, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 21, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,648,333 | |
Distributions Reinvested | 772,972 | |
Total Declared | $ 2,421,305 | |
April 30, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 21, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,573,136 | |
Distributions Reinvested | 769,640 | |
Total Declared | $ 2,342,776 | |
May 31, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | Feb. 21, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,630,166 | |
Distributions Reinvested | 798,492 | |
Total Declared | $ 2,428,658 | |
June 30, 2020 [Member] | ||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | ||
Date Declared | May 14, 2020 | |
Daily Rate Per Unit | $ 0.00168675 | |
Cash Distributions | $ 1,586,255 | |
Distributions Reinvested | 768,554 | |
Total Declared | $ 2,354,809 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||||||
Net asset value at beginning of period | $ 7.804 | $ 8.01 | $ 8.20 | |||
Net investment income | 0.14 | $ 0.12 | 0.26 | 0.25 | ||
Net change in unrealized depreciation on investments | (0.21) | (0.04) | ||||
Net (decrease) increase in net assets resulting from operations | 0.05 | 0.21 | ||||
Distributions | (0.31) | (0.30) | ||||
Net change in accrued distribution and other fees | 0.01 | 0.01 | ||||
Net decrease in net assets | (0.25) | (0.08) | ||||
Net asset value at end of period | $ 7.759 | $ 8.12 | $ 7.759 | $ 8.12 | ||
Total return based on net asset value | 0.62% | 2.57% | ||||
Net assets at end of period | $ 360,501,166 | $ 353,770,077 | $ 360,501,166 | $ 353,770,077 | $ 369,595,560 | $ 360,070,359 |
Units Outstanding at end of period | 46,464,609 | 43,602,953 | 46,464,609 | 43,602,953 | 46,143,564 | |
Ratio/Supplemental data (annualized): | ||||||
Ratio of net investment income to average net assets | 6.09% | 6.31% | ||||
Ratio of net operating expenses to average net assets | 4.90% | 6.33% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Financial Highlights [Line Items] | ||||
Weighted average units outstanding | 46,545,426 | 43,821,699 | 46,463,428 | 43,920,005 |
Class C, Class I and Class W Units [Member] | ||||
Schedule Of Financial Highlights [Line Items] | ||||
Distribution and dealer manager fees payable | $ 489,000 | $ 911,000 | $ 489,000 | $ 911,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Aug. 31, 2020 | Aug. 14, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Subsequent Event [Line Items] | |||||
Cash paid for distributions | $ 9,561,615 | $ 8,612,574 | |||
Scenario Forecast [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per unit | $ 0.00168675 | ||||
Declaration of distributions month and year | 2020-08 | ||||
Date of distributions in cash or reinvestment in units | Sep. 1, 2020 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividend distribution period start date | Jul. 1, 2020 | ||||
Dividend distribution period end date | Jul. 31, 2020 | ||||
Dividends declared per unit | $ 0.00168675 | ||||
Cash paid for distributions | $ 1,594,134 | ||||
Reinvestment under distribution reinvestment plan | $ 790,735 | ||||
Purchase of investments | $ 0 | ||||
Proceeds from repayment of investments | $ 1,800,000 |