Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 18,241,527 | |
Class C Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,867,807 | |
Class I Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,481,106 | |
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 | 2,696,853 | |
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 ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Investments owned, at fair value (amortized cost of $349,248,070 and $343,249,977, respectively) | $ 296,735,228 | $ 301,603,725 | [1] |
Cash | 1,170,078 | 16,795,342 | |
Interest receivable | 30,547,193 | 26,523,185 | |
Due from affiliates (see Note 5) | 4,240,231 | 4,240,231 | |
Other assets | 1,132,377 | 1,048,606 | |
Total assets | 333,825,107 | 350,211,089 | |
LIABILITIES | |||
Due to unitholders | 1,305,927 | 1,399,510 | |
Management fee payable | 1,947,857 | 1,727,974 | |
Incentive fee payable | 995,962 | 141,685 | |
Note payable | 5,000,000 | ||
Unit repurchases payable | 1,619,293 | 1,712,444 | |
Accrued distribution and other fees | 428,000 | 446,000 | |
Other payables | 2,095,609 | 1,058,419 | |
Total liabilities | 8,392,648 | 11,486,032 | |
Commitments and Contingencies (see Note 5) | |||
NET ASSETS | 325,432,459 | 338,725,057 | |
ANALYSIS OF NET ASSETS: | |||
Offering costs | (17,355,402) | (17,317,708) | |
Class A Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 124,473,629 | 129,122,569 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | 132,526,693 | 137,132,359 | |
Class C Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 53,274,672 | 55,329,980 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | 56,747,842 | 58,788,598 | |
Class I Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 71,474,743 | 74,893,312 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | 76,100,106 | 79,540,368 | |
Class W Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 166,910 | 173,893 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | 177,773 | 184,742 | |
Class Y Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 18,438,920 | 19,205,996 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | 19,631,862 | 20,397,391 | |
Class Z Units [Member] | |||
LIABILITIES | |||
NET ASSETS | 57,603,585 | 59,999,307 | |
ANALYSIS OF NET ASSETS: | |||
Net capital paid | $ 57,603,585 | $ 59,999,307 | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Investments owned, amortized cost | $ 349,248,070 | $ 343,249,977 | [1] |
Net assets, per unit | $ 6.838 | $ 7.123 | |
Net assets, units outstanding | 47,653,286 | 47,619,327 | |
Class A Units [Member] | |||
Net assets, units outstanding | 18,202,815 | 18,128,699 | |
Class C Units [Member] | |||
Net assets, units outstanding | 7,850,611 | 7,827,952 | |
Class W Units [Member] | |||
Net assets, units outstanding | 24,555 | 24,555 | |
Class Y Units [Member] | |||
Net assets, units outstanding | 2,696,476 | 2,696,506 | |
Class I Units [Member] | |||
Net assets, units outstanding | 10,454,978 | 10,517,764 | |
Class Z Units [Member] | |||
Net assets, units outstanding | 8,423,851 | 8,423,851 | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INVESTMENT INCOME | ||||
Interest income | $ 8,786,055 | $ 9,069,603 | $ 26,631,208 | $ 27,684,145 |
Interest from cash | 3,703 | 3,481 | 41,002 | |
Total investment income | 8,786,055 | 9,073,306 | 26,634,689 | 27,725,147 |
EXPENSES | ||||
Asset management fees | 1,641,882 | 1,758,565 | 4,987,817 | 5,337,777 |
Incentive fees | 995,962 | 1,049,785 | 3,151,543 | 3,178,782 |
Professional fees | 819,457 | 601,923 | 2,345,583 | 1,923,730 |
General and administrative expenses | 340,189 | 362,157 | 901,573 | 1,040,902 |
Interest expense | 48,319 | 11,169 | 143,381 | |
Board of managers fees | 64,375 | 64,375 | 193,125 | 193,125 |
Total expenses | 3,861,865 | 3,885,124 | 11,590,810 | 11,817,697 |
NET INVESTMENT INCOME | 4,924,190 | 5,188,182 | 15,043,879 | 15,907,450 |
Net change in unrealized depreciation on investments | (1,967,920) | (3,047,884) | (10,866,588) | (11,579,186) |
Realized loss on investments | (909,584) | |||
Foreign exchange loss | (7,071) | (10,699) | ||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 2,956,270 | $ 2,133,227 | $ 4,177,291 | $ 3,407,981 |
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED | $ 0.10 | $ 0.11 | $ 0.32 | $ 0.34 |
EARNINGS PER UNIT - BASIC | 0.06 | 0.04 | 0.09 | 0.07 |
EARNINGS PER UNIT - DILUTED | $ 0.06 | $ 0.04 | $ 0.09 | $ 0.07 |
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC | 47,653,286 | 47,436,977 | 47,721,878 | 47,155,072 |
WEIGHTED AVERAGE UNITS OUTSTANDING - DILUTED | 47,653,286 | 47,436,977 | 47,721,878 | 47,155,072 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
INCREASE FROM OPERATIONS | ||
Net investment income | $ 15,043,879 | $ 15,907,450 |
Foreign exchange loss | (10,699) | |
Net change in unrealized depreciation on investments | (10,866,588) | (11,579,186) |
Realized loss on investments | (909,584) | |
Net increase from operations | 4,177,291 | 3,407,981 |
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (17,731,627) | (19,905,960) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 295,000 | |
Repurchase of capital units | (5,256,564) | |
Offering costs | (37,694) | (79,901) |
Distribution and other fees | 18,000 | 28,000 |
Net increase from capital transactions | 261,738 | 5,128,935 |
NET CHANGE IN NET ASSETS | (13,292,598) | (11,369,044) |
Net assets at beginning of period | 338,725,057 | 355,273,630 |
Net assets at end of period | 325,432,459 | 343,904,586 |
Class A Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (6,773,924) | (7,642,989) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 2,450,501 | 2,924,911 |
Repurchase of capital units | (1,914,861) | (2,127,445) |
Class C Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (2,879,275) | (3,315,396) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 1,145,785 | 434,851 |
Repurchase of capital units | (978,235) | (1,327,153) |
Class I Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (3,921,089) | (4,430,340) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 1,623,873 | 2,779,123 |
Repurchase of capital units | (2,051,816) | (2,353,080) |
Class W Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (8,242) | (9,418) |
Class Y Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | (1,010,792) | (945,866) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Issuance of capital units | 317,837 | 5,161,177 |
Repurchase of capital units | (311,652) | (311,548) |
Class Z Units [Member] | ||
DECREASE FROM DISTRIBUTIONS | ||
Distributions to unitholders | $ (3,138,305) | $ (3,561,951) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ 4,177,291 | $ 3,407,981 |
ADJUSTMENT TO RECONCILE NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Purchase of investments | (52,319,912) | |
Proceeds from disposition of investments | 10,808,724 | 25,869,766 |
Payment-in-kind interest | (15,857,638) | (15,640,421) |
Net change in unrealized depreciation on investments | 10,866,588 | 11,579,186 |
Realized loss on investments | 909,584 | |
Foreign exchange loss | 10,699 | |
Accretion of discounts on investments | (949,177) | (1,066,132) |
INCREASE FROM CAPITAL TRANSACTIONS | ||
Increase in interest receivable | (4,024,008) | (4,147,520) |
Increase in other assets | (83,771) | (513,235) |
Decrease in due to unitholders | (93,583) | (276,280) |
Increase (Decrease) in management and incentive fees payable | 1,074,160 | (223,732) |
Increase (Decrease) in other payables | 1,037,190 | (60,720) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 6,955,776 | (32,470,736) |
Cash flows from financing activities | ||
Net proceeds from issuance of units | 294,496 | 5,149,633 |
Distributions paid to unitholders | (12,488,127) | (13,755,530) |
Repayment of debt | (5,000,000) | |
Payments of offering costs | (37,694) | (79,901) |
Repurchase of units | (5,349,715) | (6,540,429) |
NET CASH USED IN FINANCING ACTIVITIES | (22,581,040) | (15,226,227) |
TOTAL DECREASE IN CASH | (15,625,264) | (47,696,963) |
Cash at beginning of period | 16,795,342 | 55,002,776 |
Cash at end of period | 1,170,078 | 7,305,813 |
Supplemental information | ||
Cash paid for interest during the period | 11,169 | 143,381 |
Supplemental non-cash information | ||
Issuance of units in connection with distribution reinvestment plan | 5,243,500 | 6,150,429 |
Change in accrual of distribution and other fees | $ (18,000) | $ (28,000) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
Amortized Cost | $ 349,248,070 | $ 343,249,977 | [1] | ||
Fair Value | 296,735,228 | 301,603,725 | [1] | ||
Sugarcane and Sugar Beets [Member] | |||||
Fair Value | 555,673 | 1,832,492 | |||
Electric Services [Member] | |||||
Fair Value | 1,245,868 | 1,456,162 | |||
Corrugated And Solid Fiber Boxes [Member] | |||||
Fair Value | 11,102,781 | 12,387,189 | |||
Secondary Nonferrous Metals [Member] | |||||
Fair Value | 628,862 | 628,862 | |||
Chemicals and Allied Products [Member] | |||||
Fair Value | 16,744,391 | 17,537,201 | |||
Chocolate and Cocoa Products [Member] | |||||
Fair Value | 30,314,592 | 29,387,877 | |||
Refuse Systems [Member] | |||||
Fair Value | 38,459,771 | 34,050,695 | |||
Coal and Other Minerals and Ores [Member] | |||||
Fair Value | 36,435,097 | 38,024,207 | |||
Sanitary Paper Products [Member] | |||||
Fair Value | 4,990,692 | 4,880,364 | |||
Short-Term Business Credit [Member] | |||||
Fair Value | 4,740,000 | 4,740,000 | |||
Computer Related Services, NEC [Member] | |||||
Fair Value | 19,246,894 | 19,032,888 | |||
Boatbuilding and Repairing [Member] | |||||
Fair Value | 6,985,352 | 6,466,030 | |||
Hotels and Motels [Member] | |||||
Fair Value | 17,101,321 | 11,830,862 | |||
Telephone Communications [Member] | |||||
Fair Value | 2,121,530 | 5,342,393 | |||
Petroleum and Petroleum Products [Member] | |||||
Fair Value | 4,588,390 | 8,367,480 | |||
Telephone Communications [Member] | |||||
Fair Value | 13,750,000 | 15,000,000 | |||
Freight Transportation Arrangement [Member] | |||||
Fair Value | 13,072,206 | 13,058,231 | |||
Land Subdividers and Developers [Member] | |||||
Fair Value | 14,222,622 | 15,184,914 | |||
Motor Vehicle Parts and Accessories [Member] | |||||
Fair Value | 9,779,546 | 9,278,031 | |||
Towing and Tugboat Service [Member] | |||||
Fair Value | 7,476,711 | 8,673,930 | |||
Retail Bakeries [Member] | |||||
Fair Value | 4,127,441 | 3,915,874 | |||
Farm Products [Member] | |||||
Fair Value | 11,639,554 | 11,694,030 | |||
Soybeans [Member] | |||||
Fair Value | 5,592,112 | 5,772,744 | |||
Dairy Farms [Member] | |||||
Fair Value | 4,393,274 | 4,393,274 | |||
Beef Cattle, Except Feedlots [Member] | |||||
Fair Value | 6,361,679 | 6,361,679 | |||
Cotton Ginning [Member] | |||||
Fair Value | 3,398,558 | 3,398,558 | |||
Telephone and Telegraph Apparatus [Member] | |||||
Fair Value | 1,685,937 | 2,495,595 | |||
Farm Products [Member] | |||||
Fair Value | 1,484,583 | 1,508,208 | |||
Salted and Roasted Nuts and Seeds [Member] | |||||
Fair Value | 83,298 | 497,462 | |||
Drugs, Proprietaries, and Sundries [Member] | |||||
Fair Value | 648,430 | 648,430 | |||
Financial Services [Member] | |||||
Fair Value | 3,758,063 | 3,758,063 | |||
Brazil [Member] | |||||
Fair Value | 26,787,919 | 27,331,410 | |||
Chile [Member] | |||||
Fair Value | 1,245,868 | 1,456,162 | |||
Ecuador [Member] | |||||
Fair Value | 11,102,781 | 12,387,189 | |||
Hong Kong [Member] | |||||
Fair Value | 19,477,107 | 22,884,859 | |||
Malaysia [Member] | |||||
Fair Value | 16,744,391 | 17,537,201 | |||
Indonesia [Member] | |||||
Fair Value | 15,000,000 | 15,000,000 | |||
Mexico [Member] | |||||
Fair Value | 38,459,771 | 34,050,695 | |||
Singapore [Member] | |||||
Fair Value | 18,643,927 | 17,634,943 | |||
Peru [Member] | |||||
Fair Value | 4,990,692 | 4,880,364 | |||
Botswana [Member] | |||||
Fair Value | 4,740,000 | 4,740,000 | |||
Cabo Verde [Member] | |||||
Fair Value | 17,101,321 | 11,830,862 | |||
Columbia [Member] | |||||
Fair Value | 2,121,530 | 5,342,393 | |||
Ghana [Member] | |||||
Fair Value | 4,588,390 | 8,367,480 | |||
Jersey [Member] | |||||
Fair Value | 13,750,000 | 15,000,000 | |||
Kenya [Member] | |||||
Fair Value | 13,072,206 | 13,058,231 | |||
Namibia [Member] | |||||
Fair Value | 14,222,622 | 15,184,914 | |||
Netherlands [Member] | |||||
Fair Value | 9,779,546 | 9,278,031 | |||
Nigeria [Member] | |||||
Fair Value | 8,961,294 | 10,182,138 | |||
Romania [Member] | |||||
Fair Value | 4,127,441 | 3,915,874 | |||
Uganda [Member] | |||||
Fair Value | 11,639,554 | 11,694,030 | |||
Argentina [Member] | |||||
Fair Value | 19,745,623 | 19,926,255 | |||
Cameroon [Member] | |||||
Fair Value | 15,314,592 | 14,387,877 | |||
Morocco [Member] | |||||
Fair Value | 628,862 | 628,862 | |||
South Africa [Member] | |||||
Fair Value | 83,298 | 497,462 | |||
United Arab Emirates [Member] | |||||
Fair Value | 648,430 | 648,430 | |||
Senior Secured Term Loans [Member] | |||||
Amortized Cost | 129,266,765 | 122,535,227 | [1] | ||
Fair Value | $ 118,328,770 | $ 119,374,062 | [1] | ||
% of Net Assets | 36.30% | 35.20% | [1] | ||
Senior Secured Term Loans [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Sugarcane and Sugar Beets [Member] | Sugar Producer [Member] | |||||
Interest | [1],[2] | 12.43% | [3] | 12.43% | [4],[5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [4],[5] |
Maturity | [1],[2],[7] | Dec. 15, 2020 | [3] | Dec. 15, 2020 | [4],[5] |
Principal Amount | [1],[2] | $ 2,851,296 | [3] | $ 2,851,296 | [4],[5] |
Participation % | [1],[2],[3],[8] | 83% | |||
Amortized Cost | [1],[2] | $ 2,851,296 | [3] | 2,851,296 | [4],[5] |
Fair Value | [1],[2] | $ 555,673 | [3] | $ 1,832,492 | [4],[5] |
% of Net Assets | [1],[2] | 0.20% | [3] | 0.50% | [4],[5] |
Senior Secured Term Loans [Member] | Chile [Member] | Itelecom Holding Chile SPA [Member] | Electric Services [Member] | LED Lighting Service Provider [Member] | |||||
Interest | [1] | 11% | [2],[3] | 11% | [5],[9] |
Fees | [1],[6] | 0% | [2],[3] | 0% | [5],[9] |
Maturity | [1],[7] | Jun. 06, 2021 | [2],[3] | Jun. 06, 2021 | [5],[9] |
Principal Amount | [1] | $ 1,456,162 | [2],[3] | $ 1,456,162 | [5],[9] |
Participation % | [1],[2],[3],[8] | 100% | |||
Amortized Cost | [1] | $ 1,456,162 | [2],[3] | 1,456,162 | [5],[9] |
Fair Value | [1] | $ 1,245,868 | [2],[3] | $ 1,456,162 | [5],[9] |
% of Net Assets | [1] | 0.40% | [2],[3] | 0.40% | [5],[9] |
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | |||||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | Jun. 18, 2025 | Jun. 18, 2025 | ||
Principal Amount | [1] | $ 11,102,781 | $ 12,387,189 | ||
Participation % | [1],[8] | 20% | |||
Amortized Cost | [1] | $ 11,102,781 | 12,387,189 | ||
Fair Value | [1] | $ 11,102,781 | $ 12,387,189 | ||
% of Net Assets | [1] | 3.40% | 3.70% | ||
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Cash [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | |||||
Interest | [1] | 9.44% | 9.16% | ||
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | PIK [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member] | |||||
Interest | [1] | 2.20% | 2.20% | ||
Senior Secured Term Loans [Member] | Hong Kong [Member] | Limas Commodities House Limited [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||
Fees | [1],[6] | 0% | [3] | 0% | [10] |
Maturity | [1],[7] | Jun. 30, 2023 | [3] | Jun. 30, 2023 | [10] |
Principal Amount | [1] | $ 22,219,565 | [3] | $ 20,389,264 | [10] |
Participation % | [1],[3],[8] | 100% | |||
Amortized Cost | [1] | $ 22,219,565 | [3] | 20,389,264 | [10] |
Fair Value | [1] | $ 17,791,170 | [3] | $ 20,389,264 | [10] |
% of Net Assets | [1] | 5.50% | [3] | 6% | [10] |
Senior Secured Term Loans [Member] | Hong Kong [Member] | Limas Commodities House Limited [Member] | PIK [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | |||||
Interest | [1] | 11.50% | [3] | 11.50% | [10] |
Senior Secured Term Loans [Member] | Malaysia [Member] | Vikudha Malaysia Sdn Bhd [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | |||||
Interest | [1] | 12% | [3] | 12% | [11] |
Fees | [1],[6] | 0% | [3] | 0% | [11] |
Maturity | [1],[7] | Jun. 30, 2023 | [3] | Jun. 30, 2023 | [11] |
Principal Amount | [1] | $ 18,484,703 | [3] | $ 17,537,201 | [11] |
Participation % | [1],[3],[8] | 67% | |||
Amortized Cost | [1] | $ 18,484,703 | [3] | 17,537,201 | [11] |
Fair Value | [1] | $ 16,744,391 | [3] | $ 17,537,201 | [11] |
% of Net Assets | [1] | 5.10% | [3] | 5.20% | [11] |
Senior Secured Term Loans [Member] | Indonesia [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member] | |||||
Interest | [1] | 13% | 13% | ||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | Mar. 04, 2024 | Mar. 04, 2024 | ||
Principal Amount | [1] | $ 10,000,000 | $ 10,000,000 | ||
Participation % | [1],[8] | 100% | |||
Amortized Cost | [1] | $ 10,000,000 | 10,000,000 | ||
Fair Value | [1] | $ 10,000,000 | $ 10,000,000 | ||
% of Net Assets | [1] | 3.10% | 3% | ||
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||
Fees | [1],[6] | 1.30% | 1.30% | [12] | |
Maturity | [1],[7] | Jan. 27, 2023 | Jan. 27, 2023 | [12] | |
Principal Amount | [1] | $ 37,361,095 | $ 32,962,527 | [12] | |
Participation % | [1],[8] | 74% | |||
Amortized Cost | [1] | $ 37,254,268 | 32,962,527 | [12] | |
Fair Value | [1] | $ 37,254,268 | $ 32,962,527 | [12] | |
% of Net Assets | [1] | 11.40% | 9.70% | [12] | |
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | PIK [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||
Interest | [1] | 15.50% | 14.50% | [12] | |
Senior Secured Term Loans [Member] | Singapore [Member] | Triton Metallics Pte Ltd | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||
Fees | [1],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[7] | Aug. 17, 2025 | [3] | Aug. 18, 2025 | [5] |
Principal Amount | [1] | $ 20,907,297 | [3] | $ 19,777,304 | [5] |
Participation % | [1],[3],[8] | 55% | |||
Amortized Cost | [1] | $ 20,907,297 | [3] | 19,777,304 | [5] |
Fair Value | [1] | $ 18,643,927 | [3] | $ 17,634,943 | [5] |
% of Net Assets | [1] | 5.70% | [3] | 5.20% | [5] |
Senior Secured Term Loans [Member] | Singapore [Member] | Triton Metallics Pte Ltd | PIK [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | |||||
Interest | [1] | 13.50% | [3] | 6% | [5] |
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member] | |||||
Fees | [1],[6] | 0% | 0% | [13] | |
Maturity | [1],[7] | Dec. 31, 2024 | Dec. 31, 2024 | [13] | |
Principal Amount | [1] | $ 4,990,692 | $ 4,880,364 | [13] | |
Participation % | [1],[8] | 90% | |||
Amortized Cost | [1] | $ 4,990,692 | 4,880,364 | [13] | |
Fair Value | [1] | $ 4,990,692 | $ 4,880,364 | [13] | |
% of Net Assets | [1] | 1.50% | 1.40% | [13] | |
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Cash [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member] | |||||
Interest | [1] | 8% | 8% | [13] | |
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | PIK [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member] | |||||
Interest | [1] | 3% | 3% | [13] | |
Senior Secured Term Loans [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | |||||
Interest | [1],[14] | 11.25% | |||
Fees | [1],[6],[14] | 0% | |||
Maturity | [1],[7],[14] | Jan. 15, 2022 | |||
Principal Amount | [1],[14] | $ 293,920 | |||
Amortized Cost | [1],[14] | 293,920 | |||
Fair Value | [1],[14] | $ 293,920 | |||
% of Net Assets | [1],[14] | 0.10% | |||
Senior Secured Term Loan Participations [Member] | |||||
Amortized Cost | [1] | $ 146,219,640 | $ 147,557,201 | ||
Fair Value | [1] | $ 128,851,567 | $ 132,290,743 | ||
% of Net Assets | [1] | 39.70% | 39.20% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | Dec. 07, 2023 | Dec. 07, 2023 | ||
Principal Amount | [1] | $ 7,006,741 | $ 6,501,170 | ||
Participation % | [1],[8] | 42% | 42% | ||
Amortized Cost | [1] | $ 6,985,352 | $ 6,466,030 | ||
Fair Value | [1] | $ 6,985,352 | $ 6,466,030 | ||
% of Net Assets | [1] | 2.10% | 1.90% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Cash [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||
Interest | [1] | 8% | 8% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | PIK [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member] | |||||
Interest | [1] | 10% | 8% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member] | |||||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | Nov. 23, 2023 | Nov. 23, 2023 | ||
Principal Amount | [1] | $ 18,944,790 | $ 18,774,784 | ||
Participation % | [1],[8] | 35% | 27% | ||
Amortized Cost | [1] | $ 19,246,893 | $ 19,032,888 | ||
Fair Value | [1] | $ 19,246,894 | $ 19,032,888 | ||
% of Net Assets | [1] | 5.90% | 5.60% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | Cash [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member] | |||||
Interest | [1] | 10.75% | 10% | ||
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | PIK [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member] | |||||
Interest | [1] | 3.25% | 3% | ||
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member] | |||||
Interest | [1] | 10.38% | 9.63% | ||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | Aug. 18, 2023 | Aug. 18, 2023 | ||
Principal Amount | [1] | $ 4,740,000 | $ 4,740,000 | ||
Participation % | [1],[8] | 47% | 47% | ||
Amortized Cost | [1] | $ 4,740,000 | $ 4,740,000 | ||
Fair Value | [1] | $ 4,740,000 | $ 4,740,000 | ||
% of Net Assets | [1] | 1.50% | 1.40% | ||
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member] | |||||
Fees | [1],[6] | 0% | [3] | 0% | [5],[15] |
Maturity | [1],[7] | Dec. 31, 2024 | [3] | Dec. 31, 2021 | [5],[15] |
Principal Amount | [1] | $ 17,987,949 | [3] | $ 14,141,063 | [5],[15] |
Participation % | [1],[8] | 30% | [3] | 88% | [5],[15] |
Amortized Cost | [1] | $ 17,987,949 | [3] | $ 14,141,063 | [5],[15] |
Fair Value | [1] | $ 17,101,321 | [3] | $ 11,830,862 | [5],[15] |
% of Net Assets | [1] | 5.30% | [3] | 3.50% | [5],[15] |
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 | [1] | 10% | [3] | 10% | [5],[15] |
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 | [1] | 3.50% | [3] | 4.75% | [5],[15] |
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | |||||
Interest | [1] | 11.90% | |||
Fees | [1],[6] | 0% | |||
Maturity | [1],[7] | Sep. 01, 2025 | |||
Principal Amount | [1] | $ 2,121,530 | |||
Participation % | [1],[8] | 49% | |||
Amortized Cost | [1] | $ 2,121,530 | |||
Fair Value | [1] | $ 2,121,530 | |||
% of Net Assets | [1] | 0.70% | |||
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Consumer Lender II [Member] | |||||
Interest | [1] | 11.90% | |||
Fees | [1],[6] | 0% | |||
Maturity | [1],[7] | Sep. 01, 2025 | |||
Principal Amount | [1] | $ 5,048,473 | |||
Participation % | [1],[8] | 7% | |||
Amortized Cost | [1] | $ 5,048,473 | |||
Fair Value | [1] | $ 5,048,473 | |||
% of Net Assets | [1] | 1.50% | |||
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member] | |||||
Interest | [1] | 12% | 12% | [15] | |
Fees | [1],[6] | 0% | 0% | [15] | |
Maturity | [1],[7] | Feb. 10, 2023 | Feb. 10, 2023 | [15] | |
Principal Amount | [1] | $ 4,588,390 | $ 8,367,480 | [15] | |
Participation % | [1],[8] | 100% | 76% | [15] | |
Amortized Cost | [1] | $ 4,588,390 | $ 8,367,480 | [15] | |
Fair Value | [1] | $ 4,588,390 | $ 8,367,480 | [15] | |
% of Net Assets | [1] | 1.40% | 2.50% | [15] | |
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | |||||
Interest | [1] | 13% | 9.70% | [16] | |
Fees | [1],[6] | 3% | 3% | [16] | |
Maturity | [1],[7] | Sep. 30, 2026 | Sep. 30, 2026 | [16] | |
Principal Amount | [1] | $ 13,750,000 | $ 15,000,000 | [16] | |
Participation % | [1],[8] | 14% | 16% | [16] | |
Amortized Cost | [1] | $ 13,750,000 | $ 15,000,000 | [16] | |
Fair Value | [1] | $ 13,750,000 | $ 15,000,000 | [16] | |
% of Net Assets | [1] | 4.20% | 4.40% | [16] | |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||
Fees | [1],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[7] | Mar. 31, 2023 | [3] | Mar. 31, 2023 | [5] |
Principal Amount | [1] | $ 15,062,231 | [3] | $ 14,612,822 | [5] |
Participation % | [1],[8] | 60% | [3] | 42% | [5] |
Amortized Cost | [1] | $ 15,062,231 | [3] | $ 14,612,822 | [5] |
Fair Value | [1] | $ 13,072,206 | [3] | $ 13,058,231 | [5] |
% of Net Assets | [1] | 4% | [3] | 3.90% | [5] |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | Cash [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||
Interest | [1] | 10.29% | [3] | 7.75% | [5] |
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | PIK [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member] | |||||
Interest | [1] | 4% | [3] | 4% | [5] |
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||
Fees | [1],[6] | 0% | [2],[3] | 0% | [5],[17] |
Maturity | [1],[7] | Aug. 15, 2021 | [2],[3] | Aug. 15, 2021 | [5],[17] |
Principal Amount | [1] | $ 18,717,631 | [2],[3] | $ 18,253,506 | [5],[17] |
Participation % | [1],[8] | 100% | [2],[3] | 100% | [5],[17] |
Amortized Cost | [1] | $ 18,717,631 | [2],[3] | $ 18,253,506 | [5],[17] |
Fair Value | [1] | $ 14,222,622 | [2],[3] | $ 15,184,914 | [5],[17] |
% of Net Assets | [1] | 4.40% | [2],[3] | 4.50% | [5],[17] |
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||
Interest | [1] | 8.50% | [2],[3] | 8.50% | [5],[17] |
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | |||||
Interest | [1] | 4% | [2],[3] | 4% | [5],[17] |
Senior Secured Term Loan Participations [Member] | Netherlands [Member] | Other Investments [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member] | |||||
Interest | [1] | 8% | [8] | 14.23% | [12] |
Fees | [1],[6] | 0% | [8] | 0% | [12] |
Maturity | [1],[7] | Feb. 07, 2023 | [8] | Feb. 07, 2024 | [12] |
Principal Amount | [1] | $ 8,275,000 | [8] | $ 8,275,000 | [12] |
Participation % | [1],[8] | 44% | 44% | [12] | |
Amortized Cost | [1] | $ 9,779,546 | [8] | $ 9,278,031 | [12] |
Fair Value | [1] | $ 9,779,546 | [8] | $ 9,278,031 | [12] |
% of Net Assets | [1] | 3% | [8] | 2.70% | [12] |
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I [Member] | Towing and Tugboat Service [Member] | Marine Logistics Provider [Member] | |||||
Interest | [1] | 3% | [3] | 10.60% | [5],[18] |
Fees | [1],[6] | 0.80% | [3] | 0.80% | [5],[18] |
Maturity | [1],[7] | Nov. 30, 2021 | [3] | Jan. 31, 2022 | [5],[18] |
Principal Amount | [1] | $ 16,443,585 | [3] | $ 17,007,004 | [5],[18] |
Participation % | [1],[8] | 100% | [3] | 100% | [5],[18] |
Amortized Cost | [1] | $ 16,443,585 | [3] | $ 17,007,004 | [5],[18] |
Fair Value | [1] | $ 7,476,711 | [3] | $ 8,673,930 | [5],[18] |
% of Net Assets | [1] | 2.30% | [3] | 2.60% | [5],[18] |
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member] | |||||
Fees | [1],[6] | 2.50% | 2.50% | [19] | |
Maturity | [1],[7] | May 20, 2024 | May 20, 2024 | [19] | |
Principal Amount | [1] | $ 4,112,447 | $ 3,900,880 | [19] | |
Participation % | [1],[8] | 32% | 27% | [19] | |
Amortized Cost | [1] | $ 4,127,441 | $ 3,915,874 | [19] | |
Fair Value | [1] | $ 4,127,441 | $ 3,915,874 | [19] | |
% of Net Assets | [1] | 1.30% | 1.20% | [19] | |
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Cash [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member] | |||||
Interest | [1] | 7% | 7% | [19] | |
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | PIK [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member] | |||||
Interest | [1] | 7% | 7% | [19] | |
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor G [Member] | |||||
Interest | [1] | 12.80% | |||
Fees | [1],[6] | 0% | |||
Maturity | [1],[7] | Jul. 08, 2024 | |||
Principal Amount | [1] | $ 517,493 | |||
Participation % | [1],[8] | 100% | |||
Amortized Cost | [1] | $ 517,493 | |||
Fair Value | [1] | $ 517,493 | |||
% of Net Assets | [1] | 0.20% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Fees | [1],[6] | 0% | |||
Maturity | [1],[7] | Jun. 30, 2025 | |||
Principal Amount | [1] | $ 11,176,537 | |||
Participation % | [1],[8] | 100% | |||
Amortized Cost | [1] | $ 11,176,537 | |||
Fair Value | [1] | $ 11,176,537 | |||
% of Net Assets | [1] | 3.30% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Cash [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Interest | [1] | 3.50% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | PIK [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Interest | [1] | 8% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners Holding LLC [Member] | Farm Products [Member] | Grain Processor G [Member] | |||||
Interest | [1],[3] | 12.80% | |||
Fees | [1],[3],[6] | 0% | |||
Maturity | [1],[3],[7] | Jul. 08, 2024 | |||
Principal Amount | [1],[3] | $ 568,179 | |||
Participation % | [1],[3],[8] | 100% | |||
Amortized Cost | [1],[3] | $ 568,179 | |||
Fair Value | [1],[3] | $ 568,179 | |||
% of Net Assets | [1],[3] | 0.20% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Fees | [1],[3],[6] | 0% | |||
Maturity | [1],[3],[7] | Jun. 30, 2025 | |||
Principal Amount | [1],[3] | $ 12,100,913 | |||
Participation % | [1],[3],[8] | 98% | |||
Amortized Cost | [1],[3] | $ 12,100,913 | |||
Fair Value | [1],[3] | $ 11,071,375 | |||
% of Net Assets | [1],[3] | 3.40% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | Cash [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Interest | [1],[3] | 3.50% | |||
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | PIK [Member] | Farm Products [Member] | Grain Processor F [Member] | |||||
Interest | [1],[3] | 8% | |||
Senior Secured Trade Finance Participations [Member] | |||||
Amortized Cost | [1] | $ 67,761,665 | $ 67,157,549 | ||
Fair Value | [1] | $ 44,591,325 | $ 45,092,689 | ||
% of Net Assets | [1] | 13.60% | 13.20% | ||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Conplex International Limited [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Interest | [1],[2],[5] | 12% | |||
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | May 31, 2020 | [3] | May 31, 2020 | [5] |
Principal Amount | [1],[2] | $ 9,072,469 | [3] | $ 9,500,000 | [5] |
Participation % | [1],[2],[8] | 26% | [3] | 26% | [5] |
Amortized Cost | [1],[2] | $ 9,072,469 | [3] | $ 9,500,000 | [5] |
Fair Value | [1],[2] | $ 1,685,937 | [3] | $ 2,495,595 | [5] |
% of Net Assets | [1],[2] | 0.50% | [3] | 0.70% | [5] |
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Conplex International Limited [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Interest | [1],[2],[3] | 12% | |||
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Conplex International Limited [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | |||||
Interest | [1],[2],[3] | 14% | |||
Senior Secured Trade Finance Participations [Member] | Indonesia [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member] | |||||
Interest | [1] | 11% | 11% | ||
Fees | [1],[6] | 0% | 0% | ||
Maturity | [1],[7] | May 26, 2023 | May 26, 2022 | ||
Principal Amount | [1] | $ 5,000,000 | $ 5,000,000 | ||
Participation % | [1],[8] | 33% | 24% | ||
Amortized Cost | [1] | $ 5,000,000 | $ 5,000,000 | ||
Fair Value | [1] | $ 5,000,000 | $ 5,000,000 | ||
% of Net Assets | [1] | 1.50% | 1.50% | ||
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | |||||
Interest | [1] | 8.50% | [8] | 8.50% | [12] |
Fees | [1],[6] | 0% | [8] | 0% | [12] |
Maturity | [1],[7] | Dec. 31, 2022 | [8] | Mar. 31, 2022 | [12] |
Principal Amount | [1] | $ 664,101 | [8] | $ 675,256 | [12] |
Participation % | [1],[8] | 25% | 25% | [12] | |
Amortized Cost | [1] | $ 664,101 | [8] | $ 675,256 | [12] |
Fair Value | [1] | $ 664,101 | [8] | $ 675,256 | [12] |
% of Net Assets | [1] | 0.20% | [8] | 0.20% | [12] |
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader II [Member] | |||||
Interest | [1] | 8.50% | [8] | 8.50% | [12] |
Fees | [1],[6] | 0% | [8] | 0% | [12] |
Maturity | [1],[7] | Dec. 31, 2022 | [8] | Mar. 31, 2022 | [12] |
Principal Amount | [1] | $ 820,482 | [8] | $ 832,952 | [12] |
Participation % | [1],[8] | 14% | 14% | [12] | |
Amortized Cost | [1] | $ 820,482 | [8] | $ 832,952 | [12] |
Fair Value | [1] | $ 820,482 | [8] | $ 832,952 | [12] |
% of Net Assets | [1] | 0.30% | [8] | 0.20% | [12] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Soybeans [Member] | Agriculture Distributor [Member] | |||||
Interest | [1],[2] | 10.45% | [3] | 10.45% | [5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | Jun. 30, 2018 | [3] | Jun. 30, 2018 | [5] |
Principal Amount | [1],[2] | $ 12,500,000 | [3] | $ 12,500,000 | [5] |
Participation % | [1],[2],[8] | 83% | [3] | 83% | [5] |
Amortized Cost | [1],[2] | $ 12,500,000 | [3] | $ 12,500,000 | [5] |
Fair Value | [1],[2] | $ 5,592,112 | [3] | $ 5,772,744 | [5] |
% of Net Assets | [1],[2] | 1.70% | [3] | 1.70% | [5] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Dairy Farms [Member] | Dairy Co-Operative [Member] | |||||
Interest | [1] | 10.67% | [3] | 10.67% | [5] |
Fees | [1],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[7] | Jul. 29, 2019 | [3] | Jul. 29, 2019 | [5] |
Principal Amount | [1] | $ 5,802,296 | [3] | $ 5,802,296 | [5] |
Participation % | [1],[8] | 22% | [3] | 22% | [5] |
Amortized Cost | [1] | $ 5,802,296 | [3] | $ 5,802,296 | [5] |
Fair Value | [1] | $ 4,393,274 | [3] | $ 4,393,274 | [5] |
% of Net Assets | [1] | 1.30% | [3] | 1.30% | [5] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Beef Cattle, Except Feedlots [Member] | Beef Exporter [Member] | |||||
Interest | [1],[2] | 11.50% | [3] | 11.50% | [5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | Aug. 31, 2017 | [3] | Aug. 31, 2017 | [5] |
Principal Amount | [1],[2] | $ 9,000,000 | [3] | $ 9,000,000 | [5] |
Participation % | [1],[2],[8] | 28% | [3] | 28% | [5] |
Amortized Cost | [1],[2] | $ 9,000,000 | [3] | $ 9,000,000 | [5] |
Fair Value | [1],[2] | $ 6,361,679 | [3] | $ 6,361,679 | [5] |
% of Net Assets | [1],[2] | 2% | [3] | 1.90% | [5] |
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Cotton Ginning [Member] | Cotton Producer [Member] | |||||
Interest | [1],[2] | 9% | [3] | 9% | [5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | Aug. 31, 2017 | [3] | Aug. 31, 2017 | [5] |
Principal Amount | [1],[2] | $ 6,000,000 | [3] | $ 6,000,000 | [5] |
Participation % | [1],[2],[8] | 27% | [3] | 27% | [5] |
Amortized Cost | [1],[2] | $ 6,000,000 | [3] | $ 6,000,000 | [5] |
Fair Value | [1],[2] | $ 3,398,558 | [3] | $ 3,398,558 | [5] |
% of Net Assets | [1],[2] | 1% | [3] | 1% | [5] |
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||
Fees | [1],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[7] | Jun. 30, 2023 | [3] | Jun. 30, 2022 | [5] |
Principal Amount | [1] | $ 16,035,023 | [3] | $ 14,979,753 | [5] |
Participation % | [1],[8] | 72% | [3] | 72% | [5] |
Amortized Cost | [1] | $ 16,035,023 | [3] | $ 14,979,751 | [5] |
Fair Value | [1] | $ 15,314,592 | [3] | $ 14,387,877 | [5] |
% of Net Assets | [1] | 4.70% | [3] | 4.20% | [5] |
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Minimum [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||
Interest | [1] | 6% | [3] | 9.50% | [5] |
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | |||||
Interest | [1] | 9.50% | [3] | 6% | [5] |
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member] | |||||
Interest | [1],[5] | 11% | |||
Fees | [1],[6] | 0% | [2],[3] | 0% | [5] |
Maturity | [1],[7] | Jul. 31, 2018 | [2],[3] | Jul. 31, 2018 | [5] |
Principal Amount | [1] | $ 1,433,058 | [2],[3] | $ 1,433,058 | [5] |
Participation % | [1],[8] | 73% | [2],[3] | 73% | [5] |
Amortized Cost | [1] | $ 1,433,058 | [2],[3] | $ 1,433,058 | [5] |
Fair Value | [1] | $ 628,862 | [2],[3] | $ 628,862 | [5] |
% of Net Assets | [1] | 0.20% | [2],[3] | 0.20% | [5] |
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Salted and Roasted Nuts and Seeds [Member] | Fruit & Nut Distributor [Member] | |||||
Interest | [1],[2] | 17.50% | [3] | 17.50% | [5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | May 22, 2015 | [3] | May 22, 2015 | [5] |
Principal Amount | [1],[2] | $ 785,806 | [3] | $ 785,806 | [5] |
Participation % | [1],[2],[8] | 19% | [3] | 19% | [5] |
Amortized Cost | [1],[2] | $ 785,806 | [3] | $ 785,806 | [5] |
Fair Value | [1],[2] | $ 83,298 | [3] | $ 497,462 | [5] |
% of Net Assets | [1],[2] | 0% | [3] | 0.10% | [5] |
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Global Pharma Intelligence Sarl [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member] | |||||
Interest | [1],[2] | 14.60% | [3] | 14.60% | [5] |
Fees | [1],[2],[6] | 0% | [3] | 0% | [5] |
Maturity | [1],[2],[7] | Jun. 30, 2018 | [3] | Jun. 30, 2018 | [5] |
Principal Amount | [1],[2] | $ 648,430 | [3] | $ 648,430 | [5] |
Participation % | [1],[2],[8] | 15% | [3] | 60% | [5] |
Amortized Cost | [1],[2] | $ 648,430 | [3] | $ 648,430 | [5] |
Fair Value | [1],[2] | $ 648,430 | [3] | $ 648,430 | [5] |
% of Net Assets | [1],[2] | 0.20% | [3] | 0.20% | [5] |
Other Investments [Member] | |||||
Fair Value | $ 3,758,063 | $ 3,758,063 | |||
Other Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member] | |||||
Interest | [1],[2],[3] | 8.75% | |||
Fees | [1],[2],[3],[6] | 0% | |||
Principal Amount | [1],[2],[3] | $ 6,000,000 | |||
Amortized Cost | [1],[2],[3] | 6,000,000 | |||
Fair Value | [1],[2],[3] | $ 3,758,063 | |||
% of Net Assets | [1],[2],[3] | 1.20% | |||
Equity Warrants [Member] | |||||
Fair Value | $ 1,205,503 | 1,088,168 | |||
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | |||||
Interest | 7.43% | ||||
Maturity | Jan. 27, 2023 | ||||
Fair Value | $ 1,205,503 | [20] | $ 1,088,168 | [1] | |
% of Net Assets | 0.40% | [20] | 0.30% | [1] | |
Short-Term Investments | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member] | |||||
Interest | [1],[2],[5],[21] | 8.75% | |||
Fees | [1],[2],[5],[6],[21] | 0% | |||
Principal Amount | [1],[2],[5],[21] | $ 6,000,000 | |||
Amortized Cost | [1],[2],[5],[21] | 6,000,000 | |||
Fair Value | [1],[2],[5],[21] | $ 3,758,063 | |||
% of Net Assets | [1],[2],[5],[21] | 1.10% | |||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[2]Investment on non-accrual status.[3]Watch List investment. Refer to Note 3 for additional information[4]Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan.[5]Watch List investment. Refer to Note 3 for additional information.[6]Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.[7]Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.[8]Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.[9]Principal and interest paid monthly. The maturity date is expected to be extended in connection with a restructure of the loan.[10]Interest paid quarterly. Principal to be repaid in full in June 2023.[11]Interest paid quarterly. Principal repaid in quarterly installments starting in September 2020.[12]Principal and interest paid at maturity.[13]In connection with a restructure of the underlying facilities, all maturity dates were extended to 12/31/2024.[14]Principal and interest were paid in full during the first quarter of 2022.[15]Principal and interest paid quarterly.[16]Quarterly interest payments. Principal to start amortizing 15 months from 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. [17]Quarterly interest payments. Refer to Note 3 for additional information.[18]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. The maturity date is expected to be extended in connection with a restructure of the loan.[19]Quarterly interest only payment. Principal due at maturity.[20]The Company holds equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 7.43% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on January 27, 2023.[21]This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a fund advised by 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 (Unaudited) (Parenthetical) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2022 | |||
Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | Equity Warrants [Member] | ||||
Interest | 7.43% | |||
Investment strike price | $ 0.01 | |||
Maturity | Jan. 27, 2023 | |||
Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member] | Senior Secured Term Loans [Member] | ||||
Maturity | [2],[3] | Jan. 27, 2023 | [1] | Jan. 27, 2023 |
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products | Diaper Manufacturer | Inventory Facility | ||||
Extended maturity date | Dec. 31, 2024 | |||
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | ||||
Deferred interest rate included in investment interest accruing | 4.68% | |||
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member] | ||||
Variable interest rate | 10.50% | |||
NEW ZEALAND | Other Investments [Member] | Logging | Sustainable Timber Exporter | 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. | |||
Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | Senior Secured Term Loan Participations [Member] | ||||
Interest | [2] | 9.70% | [4] | 13% |
Maturity | [2],[3] | Sep. 30, 2026 | [4] | Sep. 30, 2026 |
Principal amount, amortization period, from initial utilization date | 15 months | |||
Quarterly amortization percentage, until IUD + 27 Months | 4.50% | |||
Quarterly amortization percentage, until IUD + 48 Months | 6.50% | |||
Quarterly amortization percentage, thereafter | 7.50% | |||
[1]Principal and interest paid at maturity.[2]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.[3]Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.[4]Quarterly interest payments. Principal to start amortizing 15 months from 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. |
Organization and Operations of
Organization and Operations of the Company | 9 Months Ended |
Sep. 30, 2022 | |
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. In addition, the Company may also make investments in developed economies, including the United States. 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. 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 public offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to September 30, 2022, the Company raised an additional $100,108,000 pursuant to a private placement and $50,814,000 pursuant to the DRP, for total gross proceeds of approximately $512,698,000 as of September 30, 2022. 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 September 30, 2022, 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 – Asia IV, Ltd. • TriLinc Global Impact Fund – African Trade Finance III, Ltd. • TriLinc Global Impact Fund – Europe, Ltd. • TriLinc Global Impact Fund – North America, Ltd. • TriLinc Global Impact Fund – Africa Latin America, Ltd. • TriLinc Global Impact Fund - Africa Latin America Trade Finance, Ltd • TriLinc Global Impact Fund – Cayman, Ltd. Through September 30, 2022, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, North America, and Europe. Liquidity The COVID-19 pandemic and its lingering effects has adversely impacted many of the Company’s borrowers both directly and indirectly. First, the adverse impact on the global supply chain has been one of the largest challenges for our borrowers, as most of them are exporters directly tied to global trade. Some of these challenges include: demand from suppliers to be paid in cash rather than supplier credit, significant increases in shipping costs (when and if shipping is reliably available), and delays in the payment of receivables, all of which put pressure on borrowers’ working capital needs. Although not as severe as they once were, supply chain problems continue to be aggravated by China’s rolling lockdowns to control COVID-19 and the conflict between Russia and Ukraine. Second, our borrowers experienced challenges related to the decrease in global demand during 2020 and 2021, which decreased revenue for many of them. Additionally, input costs remain high and the conflict between Russia and Ukraine has increased the disruption, instability and volatility in global markets and industries. The Company expects some of the regions in which it invests to achieve economic normalization once the lingering supply chain disruptions and input cost increases dissipate. However, the Company believes certain regions, industries and borrowers may experience further material economic distress due to the compound impact of more than two years of economic hardship and some borrowers may find it difficult or impossible to recover. If the continuing impacts of COVID-19 combined with rising input costs further adversely affect borrowers’ businesses, financial condition and results of operations, borrowers may be unable to make required payments in the near term, which could impact the fair value of the Company’s investments. While inflation and rising interest rates are major issues in most advanced economies, the Company believes they are not core issues in the Company’s markets. The Company continues to believe that the central issue driving results is that borrowers are struggling to recover from the compound impact of more than two years of economic hardship. Indeed, although the Company’s NAV per unit modestly decreased by $0.06 as of September 30, 2022, compared to the NAV per unit as of June 30, 2022, the Company’s NAV is a reflection of the cumulative effect of 11 consecutive quarters of the adverse economic impact of COVID-19 and its ramifications, including persistent supply chain and cash flow issues, on our borrowers. As a result of the current macro-economic environment, the Company has experienced decreased liquidity; however, it expects this will be short-lived, as the decline in liquidity is primarily the result of the inconsistent cash flows generated from the existing portfolio caused by these economic uncertainties. The decrease in liquidity has the potential to impact the Company’s ability to cover its future distributions to its unitholders or meet other Company obligations. In order to address the Company’s temporary liquidity needs, on September 1, 2022, the Company sold $1.25 million of its investment in Africell Holding Limited to an entity whose advisor is under common ownership with the Company’s Advisor and, subsequent to September 30, 2022, the Company sold one of its participation interests to a third party for $5.0 million, with an agreement to repurchase the participation from the buyer in approximately four months (as further discussed in Note 11 to the financial statements). In addition, the Company anticipates closing a significant leverage facility prior to year-end, and, in the short-term, may pursue additional repurchase or other financial transactions, as needed, in order to supplement cash flows to allow it to maintain normal future operations. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021, which was filed with the SEC on March 30, 2022. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2022. 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. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy. 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 over the life of the associated loan, 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. 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 on a quarterly basis; 2. Materiality is assessed quarterly on all investments to determine whether an independent review is appropriate. The Advisor engages a third-party valuation firm to conduct an independent review of the reasonableness of the Advisor’s internal estimates of fair value on qualifying loans, and to provide an opinion of whether they concur with the Advisor’s analysis. The independent assessment occurs on a discretionary basis based on qualifications that takes into account both quantitative thresholds and qualitative considerations, as determined by the Advisor. 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. Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments generally do not deviate materially from the amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases when these adjustments that have resulted in a fair value that is materially different from the investment’s amortized cost, the Company has determined to place it on the Watch List. 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 predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based 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 records all of its investment transactions on a trade date basis. 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. 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 as of September 30, 2022. For the three and nine months ended September 30, 2022, the Company earned and capitalized PIK interest of $4,675,878 and $15,857,638, respectively. For the three and nine months ended September 30, 2021, the Company earned and capitalized PIK interest of $6,049,186 and $15,640,421, respectively. Distribution and Ongoing Dealer Manager and Service Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2022, the estimated unpaid distribution fees for Class C units amounted to $409,000, the unpaid dealer manager fees for Class I units amounted to $18,000 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 and its subsidiaries may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of September 30, 2022, 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, 2017. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2022, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units and Class Z units. All units participate in the 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 September 30, 2022, under GAAP, the Company has recorded a liability in the amount of $428,000 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 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 September 30, 2022, 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 approximately $6.84 $7.12 See Note 3 “Investments — Watch List Investments” for additional information. Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at September 30, 2022 and 2021. 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 were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs 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 as of the end of the Offering, the organization and offering costs have not exceeded the O&O Reimbursement Limit. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company. 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. 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 five of the 21 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment. As described in Note 3, IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist. In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s 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, as of September 30, 2022 and December 31, 2021 , all of the Company’s investments were denominated in U.S. dollars. I f the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar. 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 September 30, 2022, the Company’s largest loan by value was $37,254,268 or 12.6% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 37.0% of the Company’s portfolio at September 30, 2022. Participation in loans amounted to 58.4% of the Company’s total portfolio at September 30, 2022. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 3. Investments As of September 30, 2022, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 129,266,765 $ 118,328,770 39.9 % Senior secured term loan participations 146,219,640 128,851,567 43.4 % Senior secured trade finance participations 67,761,665 44,591,325 15.0 % Other investments 6,000,000 3,758,063 1.3 % Equity warrants — 1,205,503 0.4 % Total investments $ 349,248,070 296,735,228 100.0 % As of December 31, 2021, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 122,535,227 $ 119,374,062 39.5 % Senior secured term loan participations 147,557,201 132,290,743 43.9 % Senior secured trade finance participations 67,157,549 45,092,689 15.0 % Other investments 6,000,000 3,758,063 1.2 % Equity warrants — 1,088,168 0.4 % Total investments $ 343,249,977 $ 301,603,725 100.0 % 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. In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans. Accrued deferred interest included in the interest receivable balance as of September 30, 2022 and December 31, 2021 amounted to approximately $4,164,000 and $3,487,000, respectively. The Company’s interest receivable balances at September 30, 2022 and December 31, 2021 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). At September 30, 2022, eleven portfolio companies were on non-accrual status with an aggregate fair value of approximately $38,181,000 or 12.9% of the fair value of the Company’s total investments. At December 31, 2021, nine portfolio companies were on non-accrual status with an aggregate fair value of approximately $25,393,000 or 8.4% of the fair value of the Company’s total investments. As of September 30, 2022 and December 31, 2021, respectively, the Company had 21 and 17 Watch List investments. As of September 30, 2022, the Company’s Watch List investments consisted of the following: Interest not accrued on Investments on Watch List status Three Months Ended Nine months ended September 30, September 30, September 30, September 30, Portfolio Company Principal Balance Fair Value Accrued Interest Sub-advisor Valuation Approach 2022 2021 2022 2021 Trustco Group Holdings Ltd. (3) $ 18,717,631 $ 14,222,622 $ 4,363,486 Helios Collateral based approach $ 597,924 $ — $ 597,924 $ — TRG Cape Verde Holdings Ltd. 17,987,949 17,101,321 103,035 Helios Hybrid income/collateral based approach — — — — Helios Maritime 16,443,585 7,476,711 2,811,920 Helios Hybrid income/collateral based approach — — — — Compania Argentina de Granos S.A. (2), (3) 12,500,000 5,592,112 664,011 IIG Income approach — 333,820 — 990,574 Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (2), (3) 9,000,000 6,361,679 264,500 IIG Collateral based approach — — — — Sancor Cooperativas Unidas Ltda 5,802,296 4,393,274 1,347,047 IIG Collateral based approach — — — — IIG TOF B.V. (2), (3) 6,000,000 3,758,063 572,000 IIG Collateral based approach — — — — Algodonera Avellaneda S.A. (2), (3) 6,000,000 3,398,558 778,500 IIG Collateral based approach — — — — Triton Metallics Pte Ltd. 20,907,297 18,643,927 1,296,838 TransAsia Income approach — — — — Conplex International Ltd. (1), (2), (3) 9,072,469 1,685,937 — TransAsia Collateral based approach — — — — Producam S.A. 16,035,023 15,314,592 — Scipion Hybrid income/collateral based approach — — — — Global Pharma Intelligence Sarl (1), (3) 648,430 648,430 134,215 Scipion Collateral based approach 24,194 24,194 71,793 71,793 Mac Z Group SARL (1), (3) 1,433,058 628,862 183,152 Scipion Collateral based approach — — — — Applewood Trading 199 Pty, Ltd. (1), (3) 785,806 83,298 — Barak Hybrid income/collateral based approach 35,143 35,143 104,283 104,283 Multiple ICD (Kenya) Limited 15,062,231 13,072,206 4,586,391 Barak Income approach — — — — Agilis Partners Holding LLC (1) 568,179 568,179 — Origin Income approach — — — — Agilis Partners 12,100,913 11,071,375 361,162 Origin Income approach — — — — Usivale Industria E Commercio Ltda (1), (3) 2,851,296 555,673 635,932 N/A Hybrid income/collateral based approach 90,573 90,573 268,766 268,766 Itelecom Holding Chile SPA (1), (3) 1,456,162 1,245,868 322,032 Alsis Income approach — — 40,489 — Limas Commodities House Limited 22,219,565 17,791,170 — TransAsia Hybrid income/collateral based approach — — — — Vikudha Malaysia Sdn Bhd 18,484,703 16,744,391 896,935 TransAsia Hybrid income/collateral based approach — — — — Total Watchlist $ 214,076,593 $ 160,358,248 $ 19,321,156 $ 747,834 $ 483,730 $ 1,083,256 $ 1,435,416 1 Investments with a fair value 2 Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings. 3 Investments were on non-accrual status. As of December 31, 2021, the Company’s Watch List investments consisted of the following: Portfolio Company Principal Balance Fair Value Accrued Interest Sub-advisor Valuation Approach Trustco Group Holdings Ltd. $ 18,253,506 $ 15,184,914 $ 3,668,770 Helios Collateral based approach TRG Cape Verde Holdings Ltd. 14,141,063 11,830,862 3,316,102 Helios Hybrid income/collateral based approach Helios Maritime 17,007,004 8,673,930 2,770,970 Helios Hybrid income/collateral based approach Compania Argentina de Granos S.A. (2), (3) 12,500,000 5,772,744 664,010 IIG Income approach Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (2), (3) 9,000,000 6,361,679 264,500 IIG Collateral based approach Sancor Cooperativas Unidas Ltda 5,802,296 4,393,274 877,559 IIG Collateral based approach IIG TOF B.V. (2), (3) 6,000,000 3,758,063 572,000 IIG Collateral based approach Algodonera Avellaneda S.A. (2), (3) 6,000,000 3,398,558 778,500 IIG Collateral based approach Triton Metallics Pte Ltd. 19,777,304 17,634,943 833,343 TransAsia Income approach Conplex International Ltd. (2), (3) 9,500,000 2,495,595 716,452 TransAsia Collateral based approach Producam S.A. 14,979,753 14,387,877 — Scipion Hybrid income/collateral based approach Global Pharma Intelligence Sarl (1), (3) 648,430 648,430 134,215 Scipion Collateral based approach Mac Z Group SARL (3) 1,433,058 628,862 210,568 Scipion Collateral based approach Applewood Trading 199 Pty, Ltd. (1), (3) 785,806 497,462 — Barak Hybrid income/collateral based approach Multiple ICD (Kenya) Limited 14,612,822 13,058,231 3,689,897 Barak Income approach Usivale Industria E Commercio Ltda (3) 2,851,296 1,832,492 645,932 N/A Hybrid income/collateral based approach Itelecom Holding Chile SPA (1) 1,456,162 1,456,162 281,987 Alsis Income approach Total Watchlist $ 154,748,500 $ 112,014,078 $ 19,424,805 1 Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021 are presented below. 2 3 Investments were on non-accrual status. Investments through Helios Investment Partners, LLP (“Helios”) as the Sub-Advisor Trustco Group Holdings Ltd In January 2017, the Company purchased a $15,000,000 Participation in a term loan facility with Trustco Group Holdings Ltd (“Trustco”), a Namibia based group operating a diversified set of business lines including property development, financial services (insurance, retail banking), education, and diamond mining. Repayment on this position has been slower than originally anticipated, largely due to a slowdown in the local real estate market. Helios has been actively working with the borrower to restructure the facility. As this has proved challenging, Helios issued a notice of default and acceleration notice to Trustco along with launching initial legal proceedings on April 15, 2020. A demand has also been made against Elisenheim as guarantor in respect of Trustco’s obligations to Helios. In addition to recourse against Trustco, Helios has the benefit of a security interest in property owned by the guarantor. During the fourth quarter of 2021, an initial judgment was issued in Helios’ favor in the UK and Trustco appealed the court’s decision and the requirements to deposit the full outstanding balance into an escrow account. This appeal was dismissed in February 2022 and we are now seeking enforcement of the UK judgment in Namibia, which is proceeding and the judge ordered a pre-trial conference hearing to be held prior to March 2023. Trustco is likely to pursue an appeal of the lower court's decision to the UK's Supreme Court; however, it is expected that any such appeal would be dismissed. The fair value declined by approximately $1,426,000 during the nine months ended September 30, 2022 as a result of the Namibian dollar weaking against the USD during the third quarter of 2022, thus affecting the potential value of the property collateral. TRG Cape Verde Holdings Ltd In May 2016, the Company purchased a $17,000,000 Participation in a term loan facility with TRG Cape Verde Holdings Ltd (“TRG Cape Verde”), an owner and developer of resorts based in Cabo Verde. Repayment on this position has been slower than originally anticipated due to regulatory changes in TRG Cape Verde’s fundraising model, along with further challenges associated with little to no occupancy at its resort properties due to the ongoing COVID-19 pandemic. In addition to the restructuring being conducted, the borrower has pledged certain of its real properties as collateral in support of its repayment obligations under this facility. Helios Maritime I Between July 2015 and December 2017, the Company purchased six Participations totaling $15,300,000 in a term loan facility with Helios Maritime I (“Helios Maritime”), a company setup for the purposes of on-lending to Starz Investment Company, Ltd., a Nigerian shipping and logistics company for the purpose of acquiring a handling tug vessel. Repayment on this position has been slower than originally anticipated due to delays in acquiring a long-term contract, which was further prolonged based on challenges presented by the COVID-19 pandemic and the volatility in oil prices. The borrower has pledged a marine vessel as collateral in support of its repayment obligations under this facility. The borrower received a term sheet subsequent to the fourth quarter of 2021 to support its performance against its obligations, which requires an $8 million payment in exchange for a partial forgiveness of debt and restructured amortization profile. An extension was granted to the borrower to meet this requirement and while the borrower was able to secure a loan facility from a local bank for the payment, it was funded in Namibian Nira, which is a difficult currency to convert to USD. Through the quarter ended September 30, 2022, approximately $563,000 has been converted and paid; however, as the extension date has passed, a demand notice was sent to both the borrower and the guarantor during the third quarter of 2022. The Company continues to work with the borrower on payment of the $8 million, with a new expected payment date of June 2023. The delay in payment resulted in a negative valuation adjustment of Investments through IIG as the Sub-Advisor IIG was the sub-advisor with respect to certain investments that the Company made in South America, including five of the 21 Watch List investments as of September 30, 2022. Since June 30, 2018, the Company has discovered, among other things, that IIG failed to provide the Company with complete and accurate information with respect to the investments for which IIG was the sub-advisor and, in 2017, sold the Company a $6 million participation in a loan to Nacadie (defined below) that did not exist. 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. The SEC previously charged IIG with fraud on November 21, 2019 and revoked IIG's registration as an investment adviser on November 26, 2019. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. On July 17, 2020, the SEC filed fraud charges against David Hu, one of IIG's co-founders, who was also charged by the U.S. Attorney's Office for the Southern District of New York in a parallel criminal action. In January 2021, David Hu pled guilty to one count of securities fraud, one count of wire fraud, and one count of conspiracy to commit securities fraud and wire fraud and was sentenced to 12 years' imprisonment in April 2022. On April 13, 2021, the U.S. Attorney's Office for the Southern District of New York announced that Martin Silver, IIG's other co-founder, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, one count of securities fraud, and one count of wire fraud for his role in overvaluing and selling fake loans to investors so IIG could collect management and performance fees. Also on April 13, 2021, the SEC filed a civil complaint against Martin Silver, asserting several claims that involve allegations of a string of frauds perpetrated by Mr. Silver and others at IIG in order to keep IIG afloat. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. The Company is taking necessary steps, including legal action in some cases, in order to ascertain as much information as possible regarding these investments. Most of the outstanding investments for which IIG was the sub-advisor were purchased from IIG TOF B.V., a Dutch Limited Liability Company advised by IIG. On December 11, 2019, a subsidiary of the Company filed an application in Amsterdam District Court to declare IIG TOF B.V. bankrupt. As set forth in the application for the Declaration of Bankruptcy, the Company and other creditors believe they have multiple due and payable claims against IIG TOF B.V. which IIG TOF B.V. has acknowledged it is unable to pay. On January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator. The Company is seeking recovery of amounts due and payable to the Company with respect to the Participations it acquired from IIG TOF B.V. There can be no assurances as to when or if the Company will recover the amounts to which the Company believes it is entitled. Additional information regarding Watch List investments for which IIG was the sub-advisor with a fair value equal to or greater than 1.0% of the Company's net assets as of September 30, 2022 is presented below. 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 was 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 CAGSA and other CAGSA lenders to protect its rights under the credit facility. Additionally, IIG had 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. Recently, the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands notified the Company that the settlement discussions with CAGSA’s creditors had resumed and are close to being finalized. The administrator indicated that the terms of the settlement being discussed are different from the terms that had been part of the preliminary settlement that had been reached in February 2019. The settlement is expected to result in the assumption of the entirety of CAGSA’s debt by its parent company, Molinos Cañuelas (“MolCa”), with a portion to be repaid over a ten-year period and the remaining portion to be repaid over a period of up to ten years from the proceeds of the sale of 62.5% of the outstanding interests in MolCa, which are expected to be pledged to the unsecured creditors of CAGSA and MolCa as part of the proposed settlement . The proposed changes to the settlement terms were less favorable to the Company with respect to its Participations than the terms of the preliminary settlement that had been reached in February 2019 (but was never finalized) and therefore, had a negative impact on the valuation of this investment. On September 27, 2021, MolCa and CAGSA filed for debt restructuring in the Argentinian bankruptcy court. On March 11, 2022, IIG TOF BV filed claims on behalf of the Company for the court to recognize the amounts due. The terms of the restructuring had been widely pre-approved by the creditors group prior to the filing. Therefore, the Company does not expect significant changes to the restructuring plan other than it will delay its implementation by an estimated 12 months. Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay and Algodonera Avellaneda S.A. 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. 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 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. In August 2019, the Company was informed by IIG’s legal counsel that the commercial court proceedings with FRIAR and Algonodera had been terminated due to the parties having reached a settlement. The Company obtained evidence that the settlement proceeds for all participant holders had been placed in an escrow account with a New York law firm. In January 2022, the largest participant holder with respect to claims against the escrow account filed an action in New York district court to release these funds to all the participant holders. The Company expects a final decision by the relevant bankruptcy courts and a final settlement agreement amongst all the creditors regarding the distribution of funds by the end of the first quarter of 2023. 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. 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. As noted above, IIG has ceased operations and the Company has taken legal action in an attempt to recover amounts due. During the quarter ended December 31, 2020, the Company learned, in connection with certain court proceedings in the United States Bankruptcy Court for the Southern District of New York regarding a fund advised by IIG, that funds had been received in a New York bank account controlled by an affiliate of IIG and that such funds may include prior debt service payments by Sancor related to the Company’s interests in the Sancor trade finance facility. During the year ended December 31, 2021, the Company was able to obtain control of the assets in the bank account and determined that they should primarily be allocated to outstanding interest. The Company is monitoring the proceedings and expects to take steps, which may include legal action, to obtain control over any funds in such account to which the Company is entitled. Sancor is engaged in ongoing negotiations with its lenders regarding a debt restructuring, including discussions with the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands. The Company is continuing to actively monitor this process. During the year ended December 31, 2021, the Company received interest payments of approximately $700,000 and principal payments of approximately $198,000 from the borrower. IIG Trade Opportunities Fund B.V. Receivable In March 2017, the Company purchased a Participation from IIG TOF B.V. in what the Company at that time believed to be 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. In connection with the Company’s 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. As noted above, the Company knows that the Nacadie facility in which it purchased this Participation did not exist and the Company considers this asset to be a receivable from IIG TOF B.V. rather than a Participation in a trade finance facility. 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 risk created by 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. Investments through TransAsia Private Capital Ltd. (“TransAsia”) as the Sub-Advisor Triton Metallics Pte. Ltd. In November 2019, the Company made an investment in Triton Metallics Pte. Ltd. (“Triton”) totaling $16,456,270 in a trade finance facility. Triton is a Singapore based diversified commodities trading company. TransAsia informed the Company in early 2020 that due to the COVID-19 pandemic there have been constrained trading volumes. As a result, TransAsia then began working with the borrower to restructure the facility and restructuring agreement was executed on August 17, 2020. he unpaid interest of $1,503,463 has been capitalized and added to the outstanding principal Conplex International Ltd. Between November 2018 and May 2019, the Company purchased three Participations totaling $9,500,000 in a trade finance facility with Conplex International Ltd. (“Conplex”), a Hong Kong-based international open market distributor and wholesaler of electronics products. TransAsia had informed the Company that the borrower had a large portion of receivables overdue from a large off-taker. Subsequently, TransAsia began to actively work with the borrower to restructure the facility. While the restructuring was still progressing, TransAsia, after its regular search and review process, found that a winding-up petition was filed and approved on October 7, 2020. TransAsia immediately notified the Company while a court-appointed provisional liquidator took control of Conplex. On October 14, 2020, TransAsia appointed a receiver to enforce its rights under the secured facility. The facility is secured by a lien on four properties, accounts receivable and two personal guarantees. Deloitte was subsequently appointed as liquidator and has transferred the keys to the mortgaged properties to the receiver. One property was sold in the fourth quarter of 2021, with approximately $596,000 of interest payments received by the Company. Two other properties were sold in January 2022, with approximately $716,000 of interest payments and approximately $67,000 of principal payments received by the Company. A sale and purchase agreement was executed for the remaining property in March 2022 and closed in April 2022, with approximately $361,000 received by the Company. Given that this is a secured facility with the Company in liquidation, it has been valued using the colla |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2022: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 128,851,567 $ — $ — $ 128,851,567 Senior secured term loans 118,328,770 — — 118,328,770 Senior secured trade finance participations 44,591,325 — — 44,591,325 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,205,503 — — 1,205,503 Total $ 296,735,228 $ — $ — $ 296,735,228 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, 2021: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 132,290,743 $ — $ — $ 132,290,743 Senior secured term loans 119,374,062 — — 119,374,062 Senior secured trade finance participations 45,092,689 — — 45,092,689 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,088,168 — — 1,088,168 Total $ 301,603,725 $ — $ — $ 301,603,725 The following is a reconciliation of activity for the nine months ended September 30, 2022, of investments classified as Level 3: Fair Value at December 31, 2021 Purchases Proceeds from disposition of investments Payment-in- kind interest Net change in depreciation Fair Value at September 30, 2022 Senior secured term loan participations $ 132,290,743 $ — $ (8,642,981 ) $ 7,305,419 $ (2,101,614 ) $ 128,851,567 Senior secured term loans 119,374,062 — (1,714,588 ) 8,446,125 (7,776,829 ) 118,328,770 Senior secured trade finance participations 45,092,689 — (451,155 ) 1,055,271 (1,105,480 ) 44,591,325 Short term and other investments 3,758,063 — — — — 3,758,063 Equity warrants 1,088,168 — — — 117,335 1,205,503 Total $ 301,603,725 $ — $ (10,808,724 ) $ 16,806,815 $ (10,866,588 ) $ 296,735,228 There were no transfers into and out of Level 3 investments and no recorded realized losses for the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2022, and we recorded realized losses of $0 and $909,584 for the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2021, respectively. Net change in unrealized depreciation for the nine months ended September 30, 2022 and 2021 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were $10,866,588 and $11,579,186, respectively. These unrealized losses were primarily driven by macro events including the uncertainty created by the 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 September 30, 2022, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2022: Fair value Valuation technique Unobservable input Range (weighted average) (4) Senior secured trade finance participations (2) $ 27,474,585 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.17x - 1.18x 11.5% - 15.75% (10.2%) Senior secured trade finance participations (1) $ 17,116,740 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x - 1.67x Senior secured term loans (2) $ 118,328,770 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.91x - 1.24x 12.0% - 16.5% (11.5%) Senior secured term loan participations (2) $ 114,628,945 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.58x - 8.7x 12.0% - 20.75% (11.8%) Senior secured term loan participations (1) $ 14,222,622 Collateral based approach Value of collateral (collateral coverage ratio) 1.4x Other investments (3) $ 3,758,063 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x Equity warrants $ 1,205,503 Option Pricing Method Equity value, volatility, time to exit 72%, 5 years (1) Collateral based approach used for the following watch list investments: Trustco, Sancor, FRIAR, Algonodera, Mac Z, GPI and Conplex. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, 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) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach. (4) The inputs were weighted based on the fair value of the investments included in the range. As of December 31, 2021, 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, 2021: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 27,166,291 Income approach (DCF) Discount rate 11.0% - 15.75% (12.4%) Senior secured trade finance participations (1) $ 17,926,398 Collateral based approach Value of collateral (collateral coverage ratio) 0.43x - 1.67x Senior secured term loans (2) $ 119,374,062 Income approach (DCF) Discount rate 11.25% - 18.0% (14.3%) Senior secured term loan participations (2) $ 117,105,829 Income approach (DCF) Discount rate 11.0% - 20.0% (15.5%) Senior secured term loan participations (1) $ 15,184,914 Collateral based approach Value of collateral (collateral coverage ratio) 0.99x Other investments (3) $ 3,758,063 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x Equity warrants $ 1,088,168 Option Pricing Method Equity value, volatility, time to exit 71%, 5 years (1) Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, 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) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach. (4) The inputs were weighted based on the fair value of the investments included in the range. 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 | 9 Months Ended |
Sep. 30, 2022 | |
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, 2023, 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 nine months ended September 30, 2022 and 2021. Operating Expense Responsibility Agreement On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”). The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017. Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement Amount remaining after the payment of all 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 September 30, 2022 and 2021. 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 September 30, 2022 and 2021. As of September 30, 2022, there is a remaining aggregate balance of approximately $16,274,000 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, Transactions For the three months ended September 30, 2022 and 2021, the Advisor earned $1,641,882 and $1,758,565, respectively, in asset management fees and $995,962 and $1,049,785, respectively, in incentive fees. For the nine months ended September 30, 2022 and 2021, the Advisor earned $4,987,817 and $5,337,777, respectively, in asset management fees and $3,151,543 and $3,178,782, respectively, in incentive fees. As of September 30, 2022 and December 31, 2021, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231 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 as future cash flows and fee income from its operations are sufficient to allow it to begin making consistent and regular payments. As of September 30, 2022, no future date of scheduled repayments has been determined by the Sponsor. On September 1, 2022, the Company sold $1.25 million of its investment in Africell Holding Limited to an entity whose advisor is under common ownership with the Company’s Advisor. The transaction was recorded at par with no realized gain or loss. The Company engaged an independent valuation firm to validate the transaction price. |
Organization and Offering Costs
Organization and Offering Costs | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Offering Costs | Note 6. Organization and Offering Costs The Sponsor previously paid approximately $17,692,000 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. Such amounts include approximately $38,000 and $25,000 of offering costs incurred by the Sponsor during the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company paid approximately $38,000 and $80,000 in reimbursement of offering costs to the Sponsor, respectively. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units. Since the commencement of the Company’s operations, the Company has reimbursed the Sponsor a total of approximately $17,355,000 of offering and organization costs through September 30, 2022. For the nine months ended September 30, 2022 and 2021, the Company paid SC Distributors, formally known as StratCap Securities, the dealer manager for certain of the Company’s prior offerings, approximately $299,000 and $327,000, respectively in ongoing distribution fees, dealer manager fees and service fees. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Debt Instruments [Abstract] | |
Notes Payable | Note 7. Note Payable The Company’s note payable consists of the following: September 30, 2022 December 31, 2021 Outstanding Balance Outstanding Balance Christian Super promissory note $ — $ 5,000,000 Total note payable $ — $ 5,000,000 Christian Super Promissory Note On December 18, 2018, Trilinc Global Impact Fund Cayman, Ltd. (“TGIFC”) issued $5 million of Series 2 Senior Secured Promissory Note (“CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”) pursuant to the CS Note private offering. The CS Note had an interest rate of 3.5% per annum plus one-year LIBOR and interest is 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 December 18, 2021, which was the fourth anniversary of the issuance date. The due date was extended and the CS Note was repaid in full on January 18, 2022. For the nine months ended September 30, 2022 and 2021, the Company recognized $11,169 and $143,381, respectively, in interest expense. |
Unit Capital
Unit Capital | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Unit Capital | Note 8. Unit Capital As of September 30, 2022, 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 September 30, 2022, the Company recorded a liability in the aggregate amount of $428,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of September 30, 2022 is calculated based on a net asset value per Class C, Class I and Class W units of $6.899 4% Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2021 the Period the Period 2022 Class A units 18,128,699 346,166 (272,050 ) 18,202,815 Class C units 7,827,952 161,994 (139,335 ) 7,850,611 Class I units 10,517,764 229,463 (292,249 ) 10,454,978 Class W units 24,555 — — 24,555 Class Y units 2,696,506 44,325 (44,355 ) 2,696,476 Class Z units 8,423,851 — — 8,423,851 Total 47,619,327 781,948 (747,989 ) 47,653,286 The total of 781,948 units issued during the nine months ended September 30, 2022 included 741,000 units issued under the DRP at a value of approximately $5,243,000 and 41,163 units sold pursuant to our private placement for aggregate gross proceeds of approximately $295,000. 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 third quarter of 2022 have been made at a price equal to $6.899 per units, which was the net asset value per unit of each class as of June 30, 2022, 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 nine months ended September 30, 2022, the Company fulfilled repurchase requests for a total of 747,989 units at a weighted average repurchase price per unit of $7.03 for an aggregate repurchase price of $5,256,564. As of September 30, 2022, $1,619,293 of these repurchase requests were pending processing and were completed by the Company in October 2022. For the quarter ended September 30, 2022, eligible repurchase requests exceeded the limitations of the Company’s unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that the Company repurchased approximately 249,000 units or 6.37% of eligible repurchase requests (based on the number of units submitted for repurchase), and approximately 3,449,000 units or 93.63% of eligible repurchase requests (based on the number of units submitted for repurchase) were not redeemed. Pursuant to the terms of the Company’s 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 | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Distributions | Note 9. Distributions Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2022: Daily Rate Cash Distributions Total Month ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2022 November 12, 2021 $ 0.00139060 $ 1,431,971 $ 616,109 $ 2,048,080 February 28, 2022 November 12, 2021 $ 0.00139060 1,298,531 554,580 1,853,111 March 31, 2022 February 17, 2022 $ 0.00139060 1,442,429 612,752 2,055,181 April 30, 2022 March 29, 2022 $ 0.00136605 1,380,602 566,059 1,946,661 May 31, 2022 March 29, 2022 $ 0.00136605 1,419,163 595,824 2,014,987 June 30, 2022 May 11, 2022 $ 0.00135186 1,364,770 569,848 1,934,618 July 31, 2022 May 11, 2022 $ 0.00135186 1,404,321 586,611 1,990,932 August 31, 2022 May 11, 2022 $ 0.00135186 1,407,220 587,655 1,994,875 September 30, 2022 August 12, 2022 $ 0.00135186 1,339,120 554,062 1,893,182 Total for 2022 $ 12,488,127 $ 5,243,500 $ 17,731,627 In August 2022, the Company’s board of managers authorized the declaration of distributions for September, October and November of 2022. These distributions have been or will be calculated based on unitholders of record for each day in an amount equal to $0.001323189 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, September 30, 2022 2021 Per unit data (1): Net asset value at beginning of period $ 7.10 $ 7.58 Net investment income 0.32 0.34 Net change in unrealized depreciation on investments (0.23 ) (0.25 ) Realized loss on investments — (0.02 ) Net increase in net assets resulting from operations 0.09 0.07 Distributions (0.37 ) (0.42 ) Net change in accrued distribution and other fees — — Net decrease in net assets (0.29 ) (0.35 ) Net asset value at end of period (2) $ 6.81 $ 7.23 Total return based on net asset value (3) 1.23 % 0.95 % Net assets at end of period $ 325,432,459 $ 343,904,586 Units Outstanding at end of period 47,653,286 47,490,815 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.06 % 6.36 % Ratio of total expenses to average net assets 4.67 % 5.11 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2022 and 2021, which were 47,721,878 and 47,155,072, respectively. 2 For financial statement reporting purposes under GAAP, as of September 30, 2022 and 2021, the Company recorded a liability in the amount of $428,000 and $452,000, 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 | 9 Months Ended |
Sep. 30, 2022 | |
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. Except as discussed below, there have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2022. Distributions The cash distributions for October totaled $1,344,223. With respect to unitholders participating in the Distribution Reinvestment Plan, $572,275 of the distributions for October were reinvested in units. The Company’s board of managers authorized the declaration of distributions for September, October and November of 2022. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.001323189 $6.84 Sub-advisor On October 3, 2022, one of the Company’s sub-advisors, TransAsia, notified the Company of its intention to terminate the sub-advisory agreement between the two parties. The Company is working with TransAsia to transition all of TransAsia's responsibilities under the agreement to the Advisor in an orderly and timely fashion and expects to complete the process by early 2023. Investments On November 3, 2022, the Company entered into a transaction with an unrelated financial institution, whereby, it sold a $5.0 million participation interest in one of its term loan positions and agreed to repurchase the participation 135 days after the transaction date at a price equal to the sum of the original sales price plus accrued interest calculated at a simple 10% annualized rate. The excess between the interest earned on the term loan position and the simple 10% annualized rate was paid by the Company to another unrelated party as a transaction fee. No gain or loss was recognized with respect to this transaction. Subsequent to September 30, 2022 through November 14, 2022, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $1.0 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021, which was filed with the SEC on March 30, 2022. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2022. 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. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy. |
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 over the life of the associated loan, 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. |
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 on a quarterly basis; 2. Materiality is assessed quarterly on all investments to determine whether an independent review is appropriate. The Advisor engages a third-party valuation firm to conduct an independent review of the reasonableness of the Advisor’s internal estimates of fair value on qualifying loans, and to provide an opinion of whether they concur with the Advisor’s analysis. The independent assessment occurs on a discretionary basis based on qualifications that takes into account both quantitative thresholds and qualitative considerations, as determined by the Advisor. 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. Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments generally do not deviate materially from the amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases when these adjustments that have resulted in a fair value that is materially different from the investment’s amortized cost, the Company has determined to place it on the Watch List. 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 predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based 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 records all of its investment transactions on a trade date basis. 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. 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 as of September 30, 2022. For the three and nine months ended September 30, 2022, the Company earned and capitalized PIK interest of $4,675,878 and $15,857,638, respectively. For the three and nine months ended September 30, 2021, the Company earned and capitalized PIK interest of $6,049,186 and $15,640,421, respectively. |
Distribution and Ongoing Dealer Manager and Service Fees | Distribution and Ongoing Dealer Manager and Service Fees The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due. The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2022, the estimated unpaid distribution fees for Class C units amounted to $409,000, the unpaid dealer manager fees for Class I units amounted to $18,000 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 and its subsidiaries may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability. The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes As of September 30, 2022, 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, 2017. Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2022, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units and Class Z units. All units participate in the 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 September 30, 2022, under GAAP, the Company has recorded a liability in the amount of $428,000 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 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 September 30, 2022, 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 approximately $6.84 $7.12 See Note 3 “Investments — Watch List Investments” for additional information. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at September 30, 2022 and 2021. |
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 were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs 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 as of the end of the Offering, the organization and offering costs have not exceeded the O&O Reimbursement Limit. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company. |
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. |
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 five of the 21 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment. As described in Note 3, IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist. In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s 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, as of September 30, 2022 and December 31, 2021 , all of the Company’s investments were denominated in U.S. dollars. I f the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar. 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 September 30, 2022, the Company’s largest loan by value was $37,254,268 or 12.6% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 37.0% of the Company’s portfolio at September 30, 2022. Participation in loans amounted to 58.4% of the Company’s total portfolio at September 30, 2022. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments | As of September 30, 2022, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 129,266,765 $ 118,328,770 39.9 % Senior secured term loan participations 146,219,640 128,851,567 43.4 % Senior secured trade finance participations 67,761,665 44,591,325 15.0 % Other investments 6,000,000 3,758,063 1.3 % Equity warrants — 1,205,503 0.4 % Total investments $ 349,248,070 296,735,228 100.0 % As of December 31, 2021, the Company’s investments consisted of the following: Percentage Amortized Cost Fair Value of Total Investments Senior secured term loans $ 122,535,227 $ 119,374,062 39.5 % Senior secured term loan participations 147,557,201 132,290,743 43.9 % Senior secured trade finance participations 67,157,549 45,092,689 15.0 % Other investments 6,000,000 3,758,063 1.2 % Equity warrants — 1,088,168 0.4 % Total investments $ 343,249,977 $ 301,603,725 100.0 % |
Schedule of Watch List Investments | As of September 30, 2022, the Company’s Watch List investments consisted of the following: Interest not accrued on Investments on Watch List status Three Months Ended Nine months ended September 30, September 30, September 30, September 30, Portfolio Company Principal Balance Fair Value Accrued Interest Sub-advisor Valuation Approach 2022 2021 2022 2021 Trustco Group Holdings Ltd. (3) $ 18,717,631 $ 14,222,622 $ 4,363,486 Helios Collateral based approach $ 597,924 $ — $ 597,924 $ — TRG Cape Verde Holdings Ltd. 17,987,949 17,101,321 103,035 Helios Hybrid income/collateral based approach — — — — Helios Maritime 16,443,585 7,476,711 2,811,920 Helios Hybrid income/collateral based approach — — — — Compania Argentina de Granos S.A. (2), (3) 12,500,000 5,592,112 664,011 IIG Income approach — 333,820 — 990,574 Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (2), (3) 9,000,000 6,361,679 264,500 IIG Collateral based approach — — — — Sancor Cooperativas Unidas Ltda 5,802,296 4,393,274 1,347,047 IIG Collateral based approach — — — — IIG TOF B.V. (2), (3) 6,000,000 3,758,063 572,000 IIG Collateral based approach — — — — Algodonera Avellaneda S.A. (2), (3) 6,000,000 3,398,558 778,500 IIG Collateral based approach — — — — Triton Metallics Pte Ltd. 20,907,297 18,643,927 1,296,838 TransAsia Income approach — — — — Conplex International Ltd. (1), (2), (3) 9,072,469 1,685,937 — TransAsia Collateral based approach — — — — Producam S.A. 16,035,023 15,314,592 — Scipion Hybrid income/collateral based approach — — — — Global Pharma Intelligence Sarl (1), (3) 648,430 648,430 134,215 Scipion Collateral based approach 24,194 24,194 71,793 71,793 Mac Z Group SARL (1), (3) 1,433,058 628,862 183,152 Scipion Collateral based approach — — — — Applewood Trading 199 Pty, Ltd. (1), (3) 785,806 83,298 — Barak Hybrid income/collateral based approach 35,143 35,143 104,283 104,283 Multiple ICD (Kenya) Limited 15,062,231 13,072,206 4,586,391 Barak Income approach — — — — Agilis Partners Holding LLC (1) 568,179 568,179 — Origin Income approach — — — — Agilis Partners 12,100,913 11,071,375 361,162 Origin Income approach — — — — Usivale Industria E Commercio Ltda (1), (3) 2,851,296 555,673 635,932 N/A Hybrid income/collateral based approach 90,573 90,573 268,766 268,766 Itelecom Holding Chile SPA (1), (3) 1,456,162 1,245,868 322,032 Alsis Income approach — — 40,489 — Limas Commodities House Limited 22,219,565 17,791,170 — TransAsia Hybrid income/collateral based approach — — — — Vikudha Malaysia Sdn Bhd 18,484,703 16,744,391 896,935 TransAsia Hybrid income/collateral based approach — — — — Total Watchlist $ 214,076,593 $ 160,358,248 $ 19,321,156 $ 747,834 $ 483,730 $ 1,083,256 $ 1,435,416 1 Investments with a fair value 2 Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings. 3 Investments were on non-accrual status. As of December 31, 2021, the Company’s Watch List investments consisted of the following: Portfolio Company Principal Balance Fair Value Accrued Interest Sub-advisor Valuation Approach Trustco Group Holdings Ltd. $ 18,253,506 $ 15,184,914 $ 3,668,770 Helios Collateral based approach TRG Cape Verde Holdings Ltd. 14,141,063 11,830,862 3,316,102 Helios Hybrid income/collateral based approach Helios Maritime 17,007,004 8,673,930 2,770,970 Helios Hybrid income/collateral based approach Compania Argentina de Granos S.A. (2), (3) 12,500,000 5,772,744 664,010 IIG Income approach Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (2), (3) 9,000,000 6,361,679 264,500 IIG Collateral based approach Sancor Cooperativas Unidas Ltda 5,802,296 4,393,274 877,559 IIG Collateral based approach IIG TOF B.V. (2), (3) 6,000,000 3,758,063 572,000 IIG Collateral based approach Algodonera Avellaneda S.A. (2), (3) 6,000,000 3,398,558 778,500 IIG Collateral based approach Triton Metallics Pte Ltd. 19,777,304 17,634,943 833,343 TransAsia Income approach Conplex International Ltd. (2), (3) 9,500,000 2,495,595 716,452 TransAsia Collateral based approach Producam S.A. 14,979,753 14,387,877 — Scipion Hybrid income/collateral based approach Global Pharma Intelligence Sarl (1), (3) 648,430 648,430 134,215 Scipion Collateral based approach Mac Z Group SARL (3) 1,433,058 628,862 210,568 Scipion Collateral based approach Applewood Trading 199 Pty, Ltd. (1), (3) 785,806 497,462 — Barak Hybrid income/collateral based approach Multiple ICD (Kenya) Limited 14,612,822 13,058,231 3,689,897 Barak Income approach Usivale Industria E Commercio Ltda (3) 2,851,296 1,832,492 645,932 N/A Hybrid income/collateral based approach Itelecom Holding Chile SPA (1) 1,456,162 1,456,162 281,987 Alsis Income approach Total Watchlist $ 154,748,500 $ 112,014,078 $ 19,424,805 1 Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021 are presented below. 2 3 Investments were on non-accrual status. |
Components of Investment Portfolio, Fair Value | The industry composition of the Company’s portfolio, at fair value as of September 30, 2022 and December 31, 2021, was as follows: As of September 30, 2022 As of December 31, 2021 Industry Fair Value Percentage of Total Fair Value Percentage of Total Beef Cattle, Except Feedlots $ 6,361,679 2.1 % $ 6,361,679 2.1 % Boatbuilding and Repairing 6,985,352 2.4 % 6,466,030 2.1 % Chemicals and Allied Products 16,744,391 5.6 % 17,537,201 5.8 % Chocolate and Cocoa Products 30,314,592 10.2 % 29,387,877 9.7 % Coal and Other Minerals and Ores 36,435,097 12.3 % 38,024,207 12.6 % Computer Related Services, NEC 19,246,894 6.5 % 19,032,888 6.3 % Corn 11,639,554 3.9 % 11,694,030 3.9 % Corrugated and solid fiber boxes 11,102,781 3.7 % 12,387,189 4.1 % Cotton Ginning 3,398,558 1.1 % 3,398,558 1.1 % Dairy Farms 4,393,274 1.5 % 4,393,274 1.5 % Drugs, Proprietaries, and Sundries 648,430 0.2 % 648,430 0.2 % Electric Services 1,245,868 0.4 % 1,456,162 0.5 % Farm Products 1,484,583 0.5 % 1,508,208 0.5 % Freight Transportation Arrangement 13,072,206 4.4 % 13,058,231 4.3 % Hotels and Motels 17,101,321 5.8 % 11,830,862 3.9 % Land Subdividers and Developers 14,222,622 4.8 % 15,184,914 5.0 % Miscellaneous Business Credit 3,758,063 1.3 % 3,758,063 1.2 % Motor Vehicle Parts and Accessories 9,779,546 3.3 % 9,278,031 3.1 % Personal Credit Institutions 2,121,530 0.7 % 5,342,393 1.8 % Petroleum and Petroleum Products 4,588,390 1.5 % 8,367,480 2.8 % Refuse Systems 38,459,771 13.0 % 34,050,695 11.3 % Retail Bakeries 4,127,441 1.4 % 3,915,874 1.3 % Salted and Roasted Nuts and Seeds 83,298 0.0 % 497,462 0.2 % Sanitary Paper Products 4,990,692 1.7 % 4,880,364 1.6 % Secondary Nonferrous Metals 628,862 0.2 % 628,862 0.2 % Short-Term Business Credit 4,740,000 1.6 % 4,740,000 1.6 % Soybeans 5,592,112 1.9 % 5,772,744 1.9 % Sugarcane and Sugar Beets 555,673 0.2 % 1,832,492 0.6 % Telephone and Telegraph Apparatus 1,685,937 0.6 % 2,495,595 0.8 % Telephone Communications 13,750,000 4.6 % 15,000,000 5.0 % Towing and Tugboat Service 7,476,711 2.6 % 8,673,930 3.0 % Total $ 296,735,228 100.0 % $ 301,603,725 100.0 % |
Schedule of Investment by Geographical Classification | The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2022 and December 31, 2021: As of September 30, 2022 As of December 31, 2021 Fair Percentage Fair Percentage Country Value of Total Value of Total Argentina (1) $ 19,745,623 6.7 % $ 19,926,255 6.6 % Botswana 4,740,000 1.6 % 4,740,000 1.6 % Brazil 26,787,919 9.0 % 27,331,410 9.1 % Cabo Verde 17,101,321 5.8 % 11,830,862 3.9 % Cameroon 15,314,592 5.2 % 14,387,877 4.8 % Chile 1,245,868 0.4 % 1,456,162 0.5 % Colombia 2,121,530 0.7 % 5,342,393 1.8 % Ecuador 11,102,781 3.7 % 12,387,189 4.1 % Ghana 4,588,390 1.5 % 8,367,480 2.8 % Hong Kong 19,477,107 6.6 % 22,884,859 7.6 % Indonesia 15,000,000 5.1 % 15,000,000 5.0 % Jersey 13,750,000 4.6 % 15,000,000 5.0 % Kenya 13,072,206 4.4 % 13,058,231 4.3 % Malaysia 16,744,391 5.6 % 17,537,201 5.8 % Mexico 38,459,771 13.0 % 34,050,695 11.3 % Morocco 628,862 0.2 % 628,862 0.2 % Namibia 14,222,622 4.8 % 15,184,914 5.0 % Netherlands 9,779,546 3.3 % 9,278,031 3.1 % Nigeria 8,961,294 3.0 % 10,182,138 3.4 % Peru 4,990,692 1.7 % 4,880,364 1.6 % Romania 4,127,441 1.4 % 3,915,874 1.3 % Singapore 18,643,927 6.3 % 17,634,943 5.8 % South Africa 83,298 0.0 % 497,462 0.2 % United Arab Emirates 648,430 0.2 % 648,430 0.2 % Uganda 11,639,554 3.9 % 11,694,030 3.9 % N/A (2) 3,758,063 1.3 % 3,758,063 1.1 % Total $ 296,735,228 100.0 % $ 301,603,725 100.0 % (1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. See Note 3 “Watch List Investments” for further information. (2) This investment was in a credit facility originated by IIG TOF B.V., which has been placed into bankruptcy; therefore, no geographic classification is applicable. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of Investments by Fair Value Hierarchy Levels | The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2022: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 128,851,567 $ — $ — $ 128,851,567 Senior secured term loans 118,328,770 — — 118,328,770 Senior secured trade finance participations 44,591,325 — — 44,591,325 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,205,503 — — 1,205,503 Total $ 296,735,228 $ — $ — $ 296,735,228 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, 2021: Fair Value Level 1 Level 2 Level 3 Senior secured term loan participations $ 132,290,743 $ — $ — $ 132,290,743 Senior secured term loans 119,374,062 — — 119,374,062 Senior secured trade finance participations 45,092,689 — — 45,092,689 Other investments 3,758,063 — — 3,758,063 Equity warrants 1,088,168 — — 1,088,168 Total $ 301,603,725 $ — $ — $ 301,603,725 |
Summary of Investments Classified as Level 3 | The following is a reconciliation of activity for the nine months ended September 30, 2022, of investments classified as Level 3: Fair Value at December 31, 2021 Purchases Proceeds from disposition of investments Payment-in- kind interest Net change in depreciation Fair Value at September 30, 2022 Senior secured term loan participations $ 132,290,743 $ — $ (8,642,981 ) $ 7,305,419 $ (2,101,614 ) $ 128,851,567 Senior secured term loans 119,374,062 — (1,714,588 ) 8,446,125 (7,776,829 ) 118,328,770 Senior secured trade finance participations 45,092,689 — (451,155 ) 1,055,271 (1,105,480 ) 44,591,325 Short term and other investments 3,758,063 — — — — 3,758,063 Equity warrants 1,088,168 — — — 117,335 1,205,503 Total $ 301,603,725 $ — $ (10,808,724 ) $ 16,806,815 $ (10,866,588 ) $ 296,735,228 |
Summary of Quantitative Information of Fair Value Measurements of Investments | As of September 30, 2022, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2022: Fair value Valuation technique Unobservable input Range (weighted average) (4) Senior secured trade finance participations (2) $ 27,474,585 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.17x - 1.18x 11.5% - 15.75% (10.2%) Senior secured trade finance participations (1) $ 17,116,740 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x - 1.67x Senior secured term loans (2) $ 118,328,770 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.91x - 1.24x 12.0% - 16.5% (11.5%) Senior secured term loan participations (2) $ 114,628,945 Collateral based approach Income approach (DCF) Value of collateral (collateral coverage ratio) Discount rate 0.58x - 8.7x 12.0% - 20.75% (11.8%) Senior secured term loan participations (1) $ 14,222,622 Collateral based approach Value of collateral (collateral coverage ratio) 1.4x Other investments (3) $ 3,758,063 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x Equity warrants $ 1,205,503 Option Pricing Method Equity value, volatility, time to exit 72%, 5 years (1) Collateral based approach used for the following watch list investments: Trustco, Sancor, FRIAR, Algonodera, Mac Z, GPI and Conplex. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, 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) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach. (4) The inputs were weighted based on the fair value of the investments included in the range. As of December 31, 2021, 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, 2021: Fair value Valuation technique Unobservable input Range (weighted average) Senior secured trade finance participations (2) $ 27,166,291 Income approach (DCF) Discount rate 11.0% - 15.75% (12.4%) Senior secured trade finance participations (1) $ 17,926,398 Collateral based approach Value of collateral (collateral coverage ratio) 0.43x - 1.67x Senior secured term loans (2) $ 119,374,062 Income approach (DCF) Discount rate 11.25% - 18.0% (14.3%) Senior secured term loan participations (2) $ 117,105,829 Income approach (DCF) Discount rate 11.0% - 20.0% (15.5%) Senior secured term loan participations (1) $ 15,184,914 Collateral based approach Value of collateral (collateral coverage ratio) 0.99x Other investments (3) $ 3,758,063 Collateral based approach Value of collateral (collateral coverage ratio) 1.0x Equity warrants $ 1,088,168 Option Pricing Method Equity value, volatility, time to exit 71%, 5 years (1) Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. See Note 3 “Watch List Investments” for further information. (2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, 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) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach. (4) The inputs were weighted based on the fair value of the investments included in the range. |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Instruments [Abstract] | |
Summary of Notes Payable | The Company’s note payable consists of the following: September 30, 2022 December 31, 2021 Outstanding Balance Outstanding Balance Christian Super promissory note $ — $ 5,000,000 Total note payable $ — $ 5,000,000 |
Unit Capital (Tables)
Unit Capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Transactions with Respect to the Company's Units | The following table is a summary of unit activity during the nine months ended September 30, 2022: Units Units Outstanding Units Outstanding as of Units Issued Repurchased as of December 31, During During September 30, 2021 the Period the Period 2022 Class A units 18,128,699 346,166 (272,050 ) 18,202,815 Class C units 7,827,952 161,994 (139,335 ) 7,850,611 Class I units 10,517,764 229,463 (292,249 ) 10,454,978 Class W units 24,555 — — 24,555 Class Y units 2,696,506 44,325 (44,355 ) 2,696,476 Class Z units 8,423,851 — — 8,423,851 Total 47,619,327 781,948 (747,989 ) 47,653,286 |
Distributions (Tables)
Distributions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Distributions Paid | Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2022: Daily Rate Cash Distributions Total Month ended Date Declared Per Unit Distributions Reinvested Declared January 31, 2022 November 12, 2021 $ 0.00139060 $ 1,431,971 $ 616,109 $ 2,048,080 February 28, 2022 November 12, 2021 $ 0.00139060 1,298,531 554,580 1,853,111 March 31, 2022 February 17, 2022 $ 0.00139060 1,442,429 612,752 2,055,181 April 30, 2022 March 29, 2022 $ 0.00136605 1,380,602 566,059 1,946,661 May 31, 2022 March 29, 2022 $ 0.00136605 1,419,163 595,824 2,014,987 June 30, 2022 May 11, 2022 $ 0.00135186 1,364,770 569,848 1,934,618 July 31, 2022 May 11, 2022 $ 0.00135186 1,404,321 586,611 1,990,932 August 31, 2022 May 11, 2022 $ 0.00135186 1,407,220 587,655 1,994,875 September 30, 2022 August 12, 2022 $ 0.00135186 1,339,120 554,062 1,893,182 Total for 2022 $ 12,488,127 $ 5,243,500 $ 17,731,627 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, September 30, 2022 2021 Per unit data (1): Net asset value at beginning of period $ 7.10 $ 7.58 Net investment income 0.32 0.34 Net change in unrealized depreciation on investments (0.23 ) (0.25 ) Realized loss on investments — (0.02 ) Net increase in net assets resulting from operations 0.09 0.07 Distributions (0.37 ) (0.42 ) Net change in accrued distribution and other fees — — Net decrease in net assets (0.29 ) (0.35 ) Net asset value at end of period (2) $ 6.81 $ 7.23 Total return based on net asset value (3) 1.23 % 0.95 % Net assets at end of period $ 325,432,459 $ 343,904,586 Units Outstanding at end of period 47,653,286 47,490,815 Ratio/Supplemental data (annualized) (3): Ratio of net investment income to average net assets 6.06 % 6.36 % Ratio of total expenses to average net assets 4.67 % 5.11 % 1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2022 and 2021, which were 47,721,878 and 47,155,072, respectively. 2 For financial statement reporting purposes under GAAP, as of September 30, 2022 and 2021, the Company recorded a liability in the amount of $428,000 and $452,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. 3 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. |
Organization and Operations o_2
Organization and Operations of the Company - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 66 Months Ended | ||||||
Sep. 01, 2022 USD ($) | Jun. 11, 2013 USD ($) shares | Feb. 25, 2013 USD ($) | Nov. 14, 2022 USD ($) | Mar. 31, 2017 USD ($) | May 31, 2012 USD ($) shares | Sep. 30, 2022 USD ($) Employee $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Employee $ / shares | |
Organization And Nature Of Operations [Line Items] | |||||||||
Aggregate gross proceeds on units purchased | $ 295,000 | ||||||||
Shares purchased under equity transaction | shares | 781,948 | ||||||||
Offering period, description | The primary public offering terminated on March 31, 2017. | ||||||||
Additional gross proceeds | $ 512,698,000 | ||||||||
Impact of Covid19 net asset per unit, modestly decreased | $ / shares | $ 0.06 | $ 0.06 | |||||||
Africell Holding Limited [Member] | |||||||||
Organization And Nature Of Operations [Line Items] | |||||||||
Sale of investments to affiliates | $ 1,250,000 | ||||||||
Subsequent Event [Member] | |||||||||
Organization And Nature Of Operations [Line Items] | |||||||||
Sale of participation interest to third party | $ 5,000,000 | ||||||||
Class A Units [Member] | |||||||||
Organization And Nature Of Operations [Line Items] | |||||||||
Aggregate gross proceeds on units purchased | $ 2,450,501 | $ 2,924,911 | |||||||
Shares purchased under equity transaction | shares | 346,166 | ||||||||
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 | $ 100,108,000 | ||||||||
Distribution Reinvestment Plan [Member] | |||||||||
Organization And Nature Of Operations [Line Items] | |||||||||
Shares purchased under equity transaction | shares | 741,000 | ||||||||
Aggregate gross proceeds on units purchased | $ 5,243,000 | ||||||||
Additional gross proceeds | $ 50,814,000 | ||||||||
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% | ||||||||
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 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) Investment $ / shares | Sep. 30, 2021 USD ($) $ / shares | Sep. 30, 2022 USD ($) Investment Loans $ / shares | Sep. 30, 2021 USD ($) $ / shares | Dec. 31, 2017 USD ($) | Jun. 30, 2022 $ / shares | Dec. 31, 2021 USD ($) Investment $ / shares | Dec. 31, 2020 $ / shares | ||
Significant Accounting Policies [Line Items] | |||||||||
Paid-in-kind interest | $ | $ 4,675,878 | $ 6,049,186 | $ 15,857,638 | $ 15,640,421 | |||||
Percentage of total selling compensation equaling of gross proceeds from offering | 10% | ||||||||
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 | $ 6.81 | $ 7.23 | $ 6.81 | $ 7.23 | $ 7.10 | $ 7.58 | |||
Investment, unrealized depreciation | $ | $ 10,866,588 | $ 10,866,588 | |||||||
Number of watch list investments | Investment | 21 | 21 | 17 | ||||||
Fair Value | $ | $ 296,735,228 | $ 296,735,228 | $ 301,603,725 | [1] | |||||
Largest Loan by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | $ | 37,254,268 | $ 37,254,268 | |||||||
Number of investment loans | Loans | 5 | ||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 12.60% | ||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 37% | ||||||||
Investment Concentration [Member] | Investment Portfolio [Member] | Participation in Loans [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of Investment | 58.40% | ||||||||
Sub-advisory Agreement [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Fair Value | $ | $ 160,358,248 | $ 160,358,248 | $ 112,014,078 | ||||||
IIG [Member] | Sub-advisory Agreement [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Number of watch list investments | Investment | 5 | 5 | |||||||
Non existence loan participation amount | $ | $ 6,000,000 | ||||||||
Maximum [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Organization and offering reimbursement limit | 15% | ||||||||
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Intercompany Agreements Description | Organization and offering costs incurred in connection with the Offering were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. | ||||||||
Earliest tax year [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Open tax year | 2017 | ||||||||
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 | $ | $ 409,000 | $ 409,000 | |||||||
Net assets value per unit | $ 6.84 | $ 6.84 | $ 6.90 | $ 7.12 | |||||
Decrease in net asset value per unit | $ 0.28 | ||||||||
Class I Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Unpaid dealer manager fee | $ | $ 18,000 | $ 18,000 | |||||||
Net assets value per unit | $ 6.84 | $ 6.84 | 6.90 | 7.12 | |||||
Decrease in net asset value per unit | $ 0.28 | ||||||||
Class W Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Unpaid dealer manager and service fees | $ | $ 1,000 | $ 1,000 | |||||||
Net assets value per unit | $ 6.84 | $ 6.84 | $ 6.90 | 7.12 | |||||
Decrease in net asset value per unit | $ 0.28 | ||||||||
Class C Units, Class I Units and Class W Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Distribution, dealer manager and service fees payable | $ | $ 428,000 | $ 428,000 | |||||||
Class A Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Net assets value per unit | $ 6.84 | $ 6.84 | 7.12 | ||||||
Decrease in net asset value per unit | 0.28 | ||||||||
Class Y Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Net assets value per unit | 6.84 | 6.84 | 7.12 | ||||||
Decrease in net asset value per unit | 0.28 | ||||||||
Class Z Units [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Net assets value per unit | $ 6.84 | 6.84 | $ 7.12 | ||||||
Decrease in net asset value per unit | $ 0.28 | ||||||||
TGIF-A [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of each subsidiary ownership | 100% | ||||||||
TGIF-TF [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of each subsidiary ownership | 100% | ||||||||
TAI [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of each subsidiary ownership | 100% | ||||||||
TGIF-LA [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of each subsidiary ownership | 100% | ||||||||
TGIF-ATF [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Percentage of each subsidiary ownership | 100% | ||||||||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | |||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 349,248,070 | $ 343,249,977 | [1] | |
Fair Value | $ 296,735,228 | $ 301,603,725 | [1] | |
Percentage of Total Investments | 100% | 100% | ||
Senior Secured Term Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 129,266,765 | $ 122,535,227 | [1] | |
Fair Value | $ 118,328,770 | $ 119,374,062 | [1] | |
Percentage of Total Investments | 39.90% | 39.50% | ||
Senior Secured Term Loan Participations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | [1] | $ 146,219,640 | $ 147,557,201 | |
Fair Value | [1] | $ 128,851,567 | $ 132,290,743 | |
Percentage of Total Investments | 43.40% | 43.90% | ||
Senior Secured Trade Finance Participations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | [1] | $ 67,761,665 | $ 67,157,549 | |
Fair Value | [1] | $ 44,591,325 | $ 45,092,689 | |
Percentage of Total Investments | 15% | 15% | ||
Other Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 6,000,000 | $ 6,000,000 | ||
Fair Value | $ 3,758,063 | $ 3,758,063 | ||
Percentage of Total Investments | 1.30% | 1.20% | ||
Equity Warrants [Member] | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | $ 1,205,503 | $ 1,088,168 | ||
Percentage of Total Investments | 0.40% | 0.40% | ||
[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) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Apr. 14, 2021 USD ($) | Oct. 14, 2020 Property Guarantor | Apr. 07, 2018 USD ($) | Jan. 31, 2022 USD ($) Property | Jun. 30, 2020 | Feb. 28, 2019 | Jan. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Aug. 31, 2017 USD ($) Claim | Mar. 31, 2017 USD ($) | Feb. 28, 2017 USD ($) | Oct. 31, 2016 USD ($) | May 31, 2016 USD ($) | Apr. 30, 2022 USD ($) | Aug. 16, 2020 USD ($) | Sep. 30, 2022 USD ($) Investment Company Contract | Dec. 31, 2021 USD ($) Investment Company Property | Sep. 30, 2021 USD ($) | Jun. 30, 2021 Guarantor | Dec. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) | Sep. 30, 2022 USD ($) Investment Company Contract t | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Investment Company | Apr. 30, 2021 USD ($) | Aug. 17, 2020 USD ($) | Nov. 30, 2019 USD ($) | May 31, 2019 USD ($) | Jan. 01, 2019 | Dec. 31, 2018 USD ($) | Jun. 30, 2018 USD ($) | Oct. 31, 2017 USD ($) | Jul. 31, 2017 USD ($) | Apr. 30, 2017 USD ($) | Jan. 31, 2017 USD ($) | Dec. 31, 2013 USD ($) | |||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Accrued deferred interest | $ 4,164,000 | $ 3,487,000 | $ 4,164,000 | $ 3,487,000 | ||||||||||||||||||||||||||||||||||
Number of trade finance categories | Company | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Short term investments maturity period | less than one year | |||||||||||||||||||||||||||||||||||||
Fair Value | $ 296,735,228 | $ 301,603,725 | [1] | $ 296,735,228 | $ 301,603,725 | [1] | ||||||||||||||||||||||||||||||||
Percentage of investment in loans | 100% | 100% | ||||||||||||||||||||||||||||||||||||
Number of companies on non-accrual status | Company | 11 | 9 | 11 | 9 | ||||||||||||||||||||||||||||||||||
Number of watch list investments | Investment | 21 | 17 | 21 | 17 | ||||||||||||||||||||||||||||||||||
Interest payments received | $ 700,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from principal received | 198,000 | |||||||||||||||||||||||||||||||||||||
Interest Receivable | $ 30,547,193 | $ 26,523,185 | $ 30,547,193 | $ 26,523,185 | ||||||||||||||||||||||||||||||||||
Number of properties | Property | 4 | |||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 100% | 100% | ||||||||||||||||||||||||||||||||||||
Interest paid | $ 11,169 | $ 143,381 | ||||||||||||||||||||||||||||||||||||
Interest on loans amount | 8,786,055 | $ 9,069,603 | 26,631,208 | $ 27,684,145 | ||||||||||||||||||||||||||||||||||
Argentina [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 19,745,623 | 19,926,255 | $ 19,745,623 | $ 19,926,255 | ||||||||||||||||||||||||||||||||||
Percentage of investment in loans | 6.70% | 6.60% | ||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 6.70% | 6.60% | ||||||||||||||||||||||||||||||||||||
Morocco [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 628,862 | 628,862 | $ 628,862 | $ 628,862 | ||||||||||||||||||||||||||||||||||
Percentage of investment in loans | 0.20% | 0.20% | ||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 0.20% | 0.20% | ||||||||||||||||||||||||||||||||||||
Sub-advisory Agreement [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 160,358,248 | 112,014,078 | $ 160,358,248 | $ 112,014,078 | ||||||||||||||||||||||||||||||||||
Interest Receivable | 19,321,156 | 19,424,805 | 19,321,156 | 19,424,805 | ||||||||||||||||||||||||||||||||||
Trade financing participation, principal balance | $ 214,076,593 | 154,748,500 | $ 214,076,593 | 154,748,500 | ||||||||||||||||||||||||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Number of watch list investments | Investment | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Participating loan investments | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||
IIG [Member] | Sub-advisory Agreement [Member] | Violating Antifraud Provisions Of Federal Securities Laws [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Loss contingency, parties liable in litigation | the SEC filed fraud charges against David Hu, one of IIG's co-founders, who was also charged by the U.S. Attorney's Office for the Southern District of New York in a parallel criminal action | |||||||||||||||||||||||||||||||||||||
Trustco Group Holdings Ltd [Member] | Helios Investment Partners, LLP [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | $ 1,426,000 | $ 1,426,000 | ||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
TRG Cape Verde Holdings Ltd [Member] | Helios Investment Partners, LLP [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 17,000,000 | |||||||||||||||||||||||||||||||||||||
loan was restructured final maturity month and year | 2023-12 | |||||||||||||||||||||||||||||||||||||
Frequency of periodic payment | monthly | |||||||||||||||||||||||||||||||||||||
Helios Maritime I [Member] | Helios Investment Partners, LLP [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 15,300,000 | |||||||||||||||||||||||||||||||||||||
Forgiveness of debt and restructured amortization profile | $ 8,000,000 | |||||||||||||||||||||||||||||||||||||
Write off of investments | 634,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument, converted and paid | 563,000 | |||||||||||||||||||||||||||||||||||||
Expected debt repayment in next nine months | $ 8,000,000 | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||
IIG TOF B.V. [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Bankruptcy proceedings, date petition for bankruptcy filed | Dec. 11, 2019 | |||||||||||||||||||||||||||||||||||||
Bankruptcy proceedings, court where petition was filed | January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator. | |||||||||||||||||||||||||||||||||||||
Bankruptcy proceedings, description of proceedings | Company is seeking recovery of amounts due and payable to the Company with respect to the Participations it acquired from IIG TOF B.V. There can be no assurances as to when or if the Company will recover the amounts to which the Company believes it is entitled. Additional information regarding Watch List investments for which IIG was the sub-advisor with a fair value equal to or greater than 1.0% of the Company's net assets | |||||||||||||||||||||||||||||||||||||
Compania Argentina de Granos [Member] | Argentina [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Participation purchases | $ 2,500,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||
Number of export contract | Contract | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Compania Argentina de Granos [Member] | Argentina [Member] | Molinos Canuelas [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Debt repayment period under proposed settlement | 10 years | |||||||||||||||||||||||||||||||||||||
Remaining portion repayment period under proposed settlement | 10 years | |||||||||||||||||||||||||||||||||||||
Percentage of outstanding interest to be pledged under proposed settlement | 62.50% | |||||||||||||||||||||||||||||||||||||
Algodonera Avellaneda S.A [Member] | Argentina [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||
Sancor Cooperativas Unidas Ltda [Member] | Argentina [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Extended maturity date | Jul. 29, 2019 | |||||||||||||||||||||||||||||||||||||
IIG Trade Opportunities Fund B.V. Receivable [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Participation purchases | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||
Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 16,456,270 | |||||||||||||||||||||||||||||||||||||
Triton Metallics Pte. Ltd [Member] | Trans Asia Private Capital Limited | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Unrecorded investment interest income | $ 241,816 | |||||||||||||||||||||||||||||||||||||
Interest Receivable | $ 1,503,463 | |||||||||||||||||||||||||||||||||||||
Conplex International Ltd. [Member] | TransAsia Private Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 9,500,000 | |||||||||||||||||||||||||||||||||||||
Interest payments received | $ 716,000 | $ 596,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from principal received | $ 67,000 | |||||||||||||||||||||||||||||||||||||
Number of guarantors | Guarantor | 2 | |||||||||||||||||||||||||||||||||||||
Number of guarantor forced into bankruptcy | Guarantor | 1 | |||||||||||||||||||||||||||||||||||||
Number of properties sold | Property | 2 | 1 | ||||||||||||||||||||||||||||||||||||
Proceeds from sale and purchase agreement executed for remaining property | $ 361,000 | |||||||||||||||||||||||||||||||||||||
Vikundha Malaysia Sdn Bhd | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Term loan facility | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
Term loan description | In March 2017, the Company provided a $15,000,000 term loan facility to Vikudha Malaysia Sdn Bhd (“Vikudha”). Vikudha is a trading and manufacturing company, founded in 2007, principally involved in procurement of fast-moving consumer goods and agricultural related products. The borrower company had strong performance through year-end 2019 and then was significantly impacted by COVID-19 and was unable to meet scheduled debt repayments due to commence. The facility was successfully restructured in November 2020, and able to service the debt through when there was a resurgence of the pandemic in the Asia region and global supply chains continued to be disrupted. In June 2021, a six-month final maturity extension was granted to June 2023. | |||||||||||||||||||||||||||||||||||||
Limas Commodities House Limited [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Percentage of investment in loans | 100% | |||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 100% | |||||||||||||||||||||||||||||||||||||
Working capital | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||
Claims amount won from korean cases | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
Number of claims won | Claim | 3 | |||||||||||||||||||||||||||||||||||||
Collateral was assigned pro-rata to existing collateral pool | $ 13,400,000 | |||||||||||||||||||||||||||||||||||||
Final maturity date | Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Debt instrument negative valuation adjustment amount | $ 2,400,000 | |||||||||||||||||||||||||||||||||||||
Producam SA [Member] | AMC Trade Finance Limited [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Trade financing participation, principal balance | $ 15,986,369 | |||||||||||||||||||||||||||||||||||||
Producam SA [Member] | AMC Trade Finance Limited [Member] | Cocoa Facility [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Stated interest rate percentage on term loan | 9.50% | 17.50% | ||||||||||||||||||||||||||||||||||||
Producam SA [Member] | AMC Trade Finance Limited [Member] | Cocoa Facility [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Stated interest rate percentage on term loan | 6% | |||||||||||||||||||||||||||||||||||||
Producam SA [Member] | Scipion [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 129,000 | $ 129,000 | ||||||||||||||||||||||||||||||||||||
Unrecorded investment interest income | $ 49,014 | |||||||||||||||||||||||||||||||||||||
Interest Receivable | $ 0 | |||||||||||||||||||||||||||||||||||||
Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 9,000,000 | |||||||||||||||||||||||||||||||||||||
Interest paid | $ 330,000 | |||||||||||||||||||||||||||||||||||||
Periodic payment | $ 292,000 | |||||||||||||||||||||||||||||||||||||
Insurance policy settlement receivable | $ 9,377,199 | |||||||||||||||||||||||||||||||||||||
Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member] | Copper [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Quantity of primary collateral securing participation, scrap | t | 1,970 | |||||||||||||||||||||||||||||||||||||
Received from sale of scrap | $ 27,000 | |||||||||||||||||||||||||||||||||||||
Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member] | Asset Pledged as Collateral with Right | Copper [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Scrap collateral value | $ 13,300,000 | |||||||||||||||||||||||||||||||||||||
Multiple ICD (Kenya) Limited [Member] | Barak Fund Management Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
Agilis Partners [Member] | Origin Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 1,030,000 | $ 1,030,000 | ||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 10,968,000 | |||||||||||||||||||||||||||||||||||||
Usivale Industria E Commercio Ltda [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Entire principal amount | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||
Upfront payment description | Terms of the settlement require Usivale to make an upfront payment of $10,000 and $200,000 per year for 5 years, | |||||||||||||||||||||||||||||||||||||
Expected repayments on settlement agreement | $ 1,010,000 | |||||||||||||||||||||||||||||||||||||
First Partial Installment Expected Period | Dec. 15, 2022 | |||||||||||||||||||||||||||||||||||||
Usivale Industria E Commercio Ltda [Member] | Sub-advisory Agreement [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 555,673 | $ 1,832,492 | $ 555,673 | 1,832,492 | ||||||||||||||||||||||||||||||||||
Interest Receivable | 635,932 | 645,932 | 635,932 | 645,932 | ||||||||||||||||||||||||||||||||||
Trade financing participation, principal balance | 2,851,296 | 2,851,296 | 2,851,296 | 2,851,296 | ||||||||||||||||||||||||||||||||||
Non-Accrual Status [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | 38,181,000 | 25,393,000 | $ 38,181,000 | $ 25,393,000 | ||||||||||||||||||||||||||||||||||
Percentage of investment in loans | 12.90% | 8.40% | ||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 12.90% | 8.40% | ||||||||||||||||||||||||||||||||||||
Senior Secured Term Loans [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair Value | $ 118,328,770 | $ 119,374,062 | [1] | $ 118,328,770 | $ 119,374,062 | [1] | ||||||||||||||||||||||||||||||||
Percentage of investment in loans | 39.90% | 39.50% | ||||||||||||||||||||||||||||||||||||
Percentage of Total Investments | 39.90% | 39.50% | ||||||||||||||||||||||||||||||||||||
Senior Secured Term Loans [Member] | Limas Commodities House Limited [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Senior secured term loan facility | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Trade finance transactions period | 60 days | |||||||||||||||||||||||||||||||||||||
Minimum [Member] | IIG TOF B.V. [Member] | IIG [Member] | Sub-advisory Agreement [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Fair value of net assets percentage | 1% | 1% | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Interest | 6% | |||||||||||||||||||||||||||||||||||||
Minimum [Member] | Limas Commodities House Limited [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | |||||||||||||||||||||||||||||||||||||
Minimum [Member] | Usivale Industria E Commercio Ltda [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Upfront payment to be made | $ 10,000 | |||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Trade finance transactions period | 180 days | |||||||||||||||||||||||||||||||||||||
Trade finance maturity period | 1 year | |||||||||||||||||||||||||||||||||||||
Maximum [Member] | Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Interest | 11.50% | |||||||||||||||||||||||||||||||||||||
Maximum [Member] | Limas Commodities House Limited [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Debt interest rate | 11.50% | |||||||||||||||||||||||||||||||||||||
Maximum [Member] | Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Loss contingency | $ 40,000,000 | |||||||||||||||||||||||||||||||||||||
Maximum [Member] | Usivale Industria E Commercio Ltda [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||
Upfront payment to be made | $ 200,000 | |||||||||||||||||||||||||||||||||||||
[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 ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 296,735,228 | $ 296,735,228 | $ 301,603,725 | [1] | ||
Interest receivable | 30,547,193 | 30,547,193 | 26,523,185 | |||
Sub-advisory Agreement [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 214,076,593 | 214,076,593 | 154,748,500 | |||
Fair Value | 160,358,248 | 160,358,248 | 112,014,078 | |||
Interest receivable | 19,321,156 | 19,321,156 | 19,424,805 | |||
Sub-advisory Agreement [Member] | Watch List Status [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 747,834 | $ 483,730 | 1,083,256 | $ 1,435,416 | ||
Sub-advisory Agreement [Member] | Usivale Industria E Commercio Ltda [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 2,851,296 | 2,851,296 | 2,851,296 | |||
Fair Value | 555,673 | 555,673 | 1,832,492 | |||
Interest receivable | 635,932 | 635,932 | 645,932 | |||
Sub-advisory Agreement [Member] | Usivale Industria E Commercio Ltda [Member] | Watch List Status [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 90,573 | 90,573 | 268,766 | 268,766 | ||
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | Trustco Group Holdings Ltd [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 18,717,631 | 18,717,631 | 18,253,506 | |||
Fair Value | 14,222,622 | 14,222,622 | 15,184,914 | |||
Interest receivable | 4,363,486 | 4,363,486 | 3,668,770 | |||
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | Trustco Group Holdings Ltd [Member] | Watch List Status [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 597,924 | 597,924 | ||||
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | TRG Cape Verde Holdings Ltd [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 17,987,949 | 17,987,949 | 14,141,063 | |||
Fair Value | 17,101,321 | 17,101,321 | 11,830,862 | |||
Interest receivable | 103,035 | 103,035 | 3,316,102 | |||
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | Helios Maritime I [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 16,443,585 | 16,443,585 | 17,007,004 | |||
Fair Value | 7,476,711 | 7,476,711 | 8,673,930 | |||
Interest receivable | 2,811,920 | 2,811,920 | 2,770,970 | |||
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 | 12,500,000 | 12,500,000 | |||
Fair Value | 5,592,112 | 5,592,112 | 5,772,744 | |||
Interest receivable | 664,011 | 664,011 | 664,010 | |||
Sub-advisory Agreement [Member] | IIG [Member] | Compania Argentina de Granos S.A. [Member] | Watch List Status [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 333,820 | 990,574 | ||||
Sub-advisory Agreement [Member] | IIG [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 9,000,000 | 9,000,000 | 9,000,000 | |||
Fair Value | 6,361,679 | 6,361,679 | 6,361,679 | |||
Interest receivable | 264,500 | 264,500 | 264,500 | |||
Sub-advisory Agreement [Member] | IIG [Member] | Sancor Cooperativas Unidas Ltda [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 5,802,296 | 5,802,296 | 5,802,296 | |||
Fair Value | 4,393,274 | 4,393,274 | 4,393,274 | |||
Interest receivable | 1,347,047 | 1,347,047 | 877,559 | |||
Sub-advisory Agreement [Member] | IIG [Member] | IIG TOF B.V. [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 6,000,000 | 6,000,000 | 6,000,000 | |||
Fair Value | 3,758,063 | 3,758,063 | 3,758,063 | |||
Interest receivable | 572,000 | 572,000 | 572,000 | |||
Sub-advisory Agreement [Member] | IIG [Member] | Algodonera Avellaneda S.A [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 6,000,000 | 6,000,000 | 6,000,000 | |||
Fair Value | 3,398,558 | 3,398,558 | 3,398,558 | |||
Interest receivable | 778,500 | 778,500 | 778,500 | |||
Sub-advisory Agreement [Member] | TransAsia Private Capital Ltd [Member] | Triton Metallics Pte. Ltd [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 20,907,297 | 20,907,297 | 19,777,304 | |||
Fair Value | 18,643,927 | 18,643,927 | 17,634,943 | |||
Interest receivable | 1,296,838 | 1,296,838 | 833,343 | |||
Sub-advisory Agreement [Member] | TransAsia Private Capital Ltd [Member] | Conplex International Ltd. [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 9,072,469 | 9,072,469 | 9,500,000 | |||
Fair Value | 1,685,937 | 1,685,937 | 2,495,595 | |||
Interest receivable | 716,452 | |||||
Sub-advisory Agreement [Member] | Scipion [Member] | Producam SA [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 16,035,023 | 16,035,023 | 14,979,753 | |||
Fair Value | 15,314,592 | 15,314,592 | 14,387,877 | |||
Sub-advisory Agreement [Member] | Scipion [Member] | Global Pharma Intelligence Sarl [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 648,430 | 648,430 | 648,430 | |||
Fair Value | 648,430 | 648,430 | 648,430 | |||
Interest receivable | 134,215 | 134,215 | 134,215 | |||
Sub-advisory Agreement [Member] | Scipion [Member] | Global Pharma Intelligence Sarl [Member] | Watch List Status [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 24,194 | 24,194 | 71,793 | 71,793 | ||
Sub-advisory Agreement [Member] | Scipion [Member] | Mac Z Group SARL [Member] | Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 1,433,058 | 1,433,058 | 1,433,058 | |||
Fair Value | 628,862 | 628,862 | 628,862 | |||
Interest receivable | 183,152 | 183,152 | 210,568 | |||
Sub-advisory Agreement [Member] | Barak [Member] | Applewood Trading 199 Pty, Ltd [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 785,806 | 785,806 | 785,806 | |||
Fair Value | 83,298 | 83,298 | 497,462 | |||
Sub-advisory Agreement [Member] | Barak [Member] | Applewood Trading 199 Pty, Ltd [Member] | Watch List Status [Member] | Hybrid Income and Collateral Based Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 35,143 | $ 35,143 | 104,283 | $ 104,283 | ||
Sub-advisory Agreement [Member] | Barak [Member] | Multiple ICD (Kenya) Limited [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 15,062,231 | 15,062,231 | 14,612,822 | |||
Fair Value | 13,072,206 | 13,072,206 | 13,058,231 | |||
Interest receivable | 4,586,391 | 4,586,391 | 3,689,897 | |||
Sub-advisory Agreement [Member] | Origin Capital Ltd [Member] | Agilis Partners Holding LLC [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 568,179 | 568,179 | ||||
Fair Value | 568,179 | 568,179 | ||||
Sub-advisory Agreement [Member] | Origin Capital Ltd [Member] | Agilis Partners [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 12,100,913 | 12,100,913 | ||||
Fair Value | 11,071,375 | 11,071,375 | ||||
Interest receivable | 361,162 | 361,162 | ||||
Sub-advisory Agreement [Member] | Alsis [Member] | Itelecom Holding Chile SPA [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 1,456,162 | 1,456,162 | 1,456,162 | |||
Fair Value | 1,245,868 | 1,245,868 | 1,456,162 | |||
Interest receivable | 322,032 | 322,032 | $ 281,987 | |||
Sub-advisory Agreement [Member] | Alsis [Member] | Itelecom Holding Chile SPA [Member] | Watch List Status [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Interest not accrued on Investments on Watch List status | 40,489 | |||||
Sub-advisory Agreement [Member] | Trans Asia | Limas Commodities House Limited [Member] | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 22,219,565 | 22,219,565 | ||||
Fair Value | 17,791,170 | 17,791,170 | ||||
Sub-advisory Agreement [Member] | Trans Asia | Vikundha Malaysia Sdn Bhd | Income Approach [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount | 18,484,703 | 18,484,703 | ||||
Fair Value | 16,744,391 | 16,744,391 | ||||
Interest receivable | $ 896,935 | $ 896,935 | ||||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Schedule of Wat_2
Investments - Schedule of Watch List Investments (Parenthetical) (Detail) | Sep. 30, 2022 | Dec. 31, 2021 |
Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of investments at fair value | 1% | 1% |
Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of investments at fair value | 1% | 1% |
Investments - Components of Inv
Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Schedule of Investments [Line Items] | |||
Fair Value | $ 296,735,228 | $ 301,603,725 | [1] |
Percentage of Total Investments | 100% | 100% | |
Beef Cattle, Except Feedlots [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,361,679 | $ 6,361,679 | |
Percentage of Total Investments | 2.10% | 2.10% | |
Boatbuilding and Repairing [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,985,352 | $ 6,466,030 | |
Percentage of Total Investments | 2.40% | 2.10% | |
Chemicals and Allied Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,744,391 | $ 17,537,201 | |
Percentage of Total Investments | 5.60% | 5.80% | |
Chocolate and Cocoa Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 30,314,592 | $ 29,387,877 | |
Percentage of Total Investments | 10.20% | 9.70% | |
Coal and Other Minerals and Ores [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 36,435,097 | $ 38,024,207 | |
Percentage of Total Investments | 12.30% | 12.60% | |
Computer Related Services, NEC [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 19,246,894 | $ 19,032,888 | |
Percentage of Total Investments | 6.50% | 6.30% | |
Farm Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,639,554 | $ 11,694,030 | |
Percentage of Total Investments | 3.90% | 3.90% | |
Corrugated And Solid Fiber Boxes [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,102,781 | $ 12,387,189 | |
Percentage of Total Investments | 3.70% | 4.10% | |
Cotton Ginning [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,398,558 | $ 3,398,558 | |
Percentage of Total Investments | 1.10% | 1.10% | |
Dairy Farms [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,393,274 | $ 4,393,274 | |
Percentage of Total Investments | 1.50% | 1.50% | |
Drugs, Proprietaries, and Sundries [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 648,430 | $ 648,430 | |
Percentage of Total Investments | 0.20% | 0.20% | |
Electric Services [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,245,868 | $ 1,456,162 | |
Percentage of Total Investments | 0.40% | 0.50% | |
Farm Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,484,583 | $ 1,508,208 | |
Percentage of Total Investments | 0.50% | 0.50% | |
Freight Transportation Arrangement [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,072,206 | $ 13,058,231 | |
Percentage of Total Investments | 4.40% | 4.30% | |
Hotels and Motels [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 17,101,321 | $ 11,830,862 | |
Percentage of Total Investments | 5.80% | 3.90% | |
Land Subdividers and Developers [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 14,222,622 | $ 15,184,914 | |
Percentage of Total Investments | 4.80% | 5% | |
Financial Services [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,758,063 | $ 3,758,063 | |
Percentage of Total Investments | 1.30% | 1.20% | |
Motor Vehicle Parts and Accessories [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 9,779,546 | $ 9,278,031 | |
Percentage of Total Investments | 3.30% | 3.10% | |
Telephone Communications [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,121,530 | $ 5,342,393 | |
Percentage of Total Investments | 0.70% | 1.80% | |
Petroleum and Petroleum Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,588,390 | $ 8,367,480 | |
Percentage of Total Investments | 1.50% | 2.80% | |
Refuse Systems [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 38,459,771 | $ 34,050,695 | |
Percentage of Total Investments | 13% | 11.30% | |
Retail Bakeries [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,127,441 | $ 3,915,874 | |
Percentage of Total Investments | 1.40% | 1.30% | |
Salted and Roasted Nuts and Seeds [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 83,298 | $ 497,462 | |
Percentage of Total Investments | 0% | 0.20% | |
Sanitary Paper Products [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,990,692 | $ 4,880,364 | |
Percentage of Total Investments | 1.70% | 1.60% | |
Secondary Nonferrous Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 628,862 | $ 628,862 | |
Percentage of Total Investments | 0.20% | 0.20% | |
Short-Term Business Credit [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,740,000 | $ 4,740,000 | |
Percentage of Total Investments | 1.60% | 1.60% | |
Soybeans [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 5,592,112 | $ 5,772,744 | |
Percentage of Total Investments | 1.90% | 1.90% | |
Sugarcane and Sugar Beets [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 555,673 | $ 1,832,492 | |
Percentage of Total Investments | 0.20% | 0.60% | |
Telephone and Telegraph Apparatus [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,685,937 | $ 2,495,595 | |
Percentage of Total Investments | 0.60% | 0.80% | |
Telephone Communications [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,750,000 | $ 15,000,000 | |
Percentage of Total Investments | 4.60% | 5% | |
Towing and Tugboat Service [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 7,476,711 | $ 8,673,930 | |
Percentage of Total Investments | 2.60% | 3% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Investments - Schedule of Inv_2
Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Schedule of Investments [Line Items] | |||
Fair Value | $ 296,735,228 | $ 301,603,725 | [1] |
Percentage of Total Investments | 100% | 100% | |
Argentina [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 19,745,623 | $ 19,926,255 | |
Percentage of Total Investments | 6.70% | 6.60% | |
Botswana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,740,000 | $ 4,740,000 | |
Percentage of Total Investments | 1.60% | 1.60% | |
Brazil [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 26,787,919 | $ 27,331,410 | |
Percentage of Total Investments | 9% | 9.10% | |
Cabo Verde [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 17,101,321 | $ 11,830,862 | |
Percentage of Total Investments | 5.80% | 3.90% | |
Cameroon [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 15,314,592 | $ 14,387,877 | |
Percentage of Total Investments | 5.20% | 4.80% | |
Chile [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,245,868 | $ 1,456,162 | |
Percentage of Total Investments | 0.40% | 0.50% | |
Columbia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,121,530 | $ 5,342,393 | |
Percentage of Total Investments | 0.70% | 1.80% | |
Ecuador [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,102,781 | $ 12,387,189 | |
Percentage of Total Investments | 3.70% | 4.10% | |
Ghana [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,588,390 | $ 8,367,480 | |
Percentage of Total Investments | 1.50% | 2.80% | |
Hong Kong [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 19,477,107 | $ 22,884,859 | |
Percentage of Total Investments | 6.60% | 7.60% | |
Indonesia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 15,000,000 | $ 15,000,000 | |
Percentage of Total Investments | 5.10% | 5% | |
Jersey [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,750,000 | $ 15,000,000 | |
Percentage of Total Investments | 4.60% | 5% | |
Kenya [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 13,072,206 | $ 13,058,231 | |
Percentage of Total Investments | 4.40% | 4.30% | |
Malaysia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,744,391 | $ 17,537,201 | |
Percentage of Total Investments | 5.60% | 5.80% | |
Mexico [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 38,459,771 | $ 34,050,695 | |
Percentage of Total Investments | 13% | 11.30% | |
Morocco [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 628,862 | $ 628,862 | |
Percentage of Total Investments | 0.20% | 0.20% | |
Namibia [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 14,222,622 | $ 15,184,914 | |
Percentage of Total Investments | 4.80% | 5% | |
Netherlands [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 9,779,546 | $ 9,278,031 | |
Percentage of Total Investments | 3.30% | 3.10% | |
Nigeria [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 8,961,294 | $ 10,182,138 | |
Percentage of Total Investments | 3% | 3.40% | |
Peru [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,990,692 | $ 4,880,364 | |
Percentage of Total Investments | 1.70% | 1.60% | |
Romania [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,127,441 | $ 3,915,874 | |
Percentage of Total Investments | 1.40% | 1.30% | |
Singapore [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 18,643,927 | $ 17,634,943 | |
Percentage of Total Investments | 6.30% | 5.80% | |
South Africa [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 83,298 | $ 497,462 | |
Percentage of Total Investments | 0% | 0.20% | |
United Arab Emirates [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 648,430 | $ 648,430 | |
Percentage of Total Investments | 0.20% | 0.20% | |
Uganda [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 11,639,554 | $ 11,694,030 | |
Percentage of Total Investments | 3.90% | 3.90% | |
Other [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,758,063 | $ 3,758,063 | |
Percentage of Total Investments | 1.30% | 1.10% | |
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | $ 296,735,228 | $ 301,603,725 | [1] | |
Senior Secured Term Loan Participations [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | [1] | 128,851,567 | 132,290,743 | |
Senior Secured Term Loans [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 118,328,770 | 119,374,062 | [1] | |
Senior Secured Trade Finance Participations [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | [1] | 44,591,325 | 45,092,689 | |
Other Investments [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 3,758,063 | 3,758,063 | ||
Equity Warrants [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 1,205,503 | 1,088,168 | ||
Level 3 [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 296,735,228 | 301,603,725 | ||
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 128,851,567 | 132,290,743 | ||
Level 3 [Member] | Senior Secured Term Loans [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 118,328,770 | 119,374,062 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 44,591,325 | 45,092,689 | ||
Level 3 [Member] | Other Investments [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Investment owned fair value | 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 fair value | $ 1,205,503 | $ 1,088,168 | ||
[1]Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Proceeds from disposition of investments | $ (10,808,724) | $ (25,869,766) |
Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment owned at fair value, beginning balance | 301,603,725 | |
Proceeds from disposition of investments | (10,808,724) | |
Payment-in- kind interest | 16,806,815 | |
Net change in depreciation | (10,866,588) | |
Investment owned at Fair value, ending balance | 296,735,228 | |
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 | 132,290,743 | |
Proceeds from disposition of investments | (8,642,981) | |
Payment-in- kind interest | 7,305,419 | |
Net change in depreciation | (2,101,614) | |
Investment owned at Fair value, ending balance | 128,851,567 | |
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 | 119,374,062 | |
Proceeds from disposition of investments | (1,714,588) | |
Payment-in- kind interest | 8,446,125 | |
Net change in depreciation | (7,776,829) | |
Investment owned at Fair value, ending balance | 118,328,770 | |
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 | 45,092,689 | |
Proceeds from disposition of investments | (451,155) | |
Payment-in- kind interest | 1,055,271 | |
Net change in depreciation | (1,105,480) | |
Investment owned at Fair value, ending balance | 44,591,325 | |
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 | |
Investment owned at Fair value, ending balance | 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 | 1,088,168 | |
Net change in depreciation | 117,335 | |
Investment owned at Fair value, ending balance | $ 1,205,503 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Realized gains or (losses) on investments | $ 0 | $ 0 | $ 0 | $ 909,584 |
Net change in unrealized depreciation on investments | 1,967,920 | $ 3,047,884 | 10,866,588 | 11,579,186 |
Transfers into level 3 investments | 0 | 0 | ||
Transfers out of level 3 investments | $ 0 | 0 | ||
Level 3 [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Net change in unrealized depreciation on investments | $ 10,866,588 | $ 11,579,186 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 296,735,228 | $ 301,603,725 | [1] | |
Other Investments [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | 3,758,063 | 3,758,063 | ||
Equity Warrants [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | 1,205,503 | 1,088,168 | ||
Level 3 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | 296,735,228 | 301,603,725 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 27,474,585 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Collateral Based Approach [Member] | Minimum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 0.17 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Collateral Based Approach [Member] | Maximum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 1.18 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 27,166,291 | ||
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 11.5 | 11 | |
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Income Approach (DCF) [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 10.2 | 12.4 | |
Level 3 [Member] | Senior Secured Trade Finance Participations One [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 15.75 | 15.75 | |
Level 3 [Member] | Senior Secured Trade Finance Participations Two [Member] | Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [4] | $ 17,116,740 | $ 17,926,398 | |
Level 3 [Member] | Senior Secured Trade Finance Participations Two [Member] | Collateral Based Approach [Member] | Minimum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [3],[4] | 1 | 0.43 | |
Level 3 [Member] | Senior Secured Trade Finance Participations Two [Member] | Collateral Based Approach [Member] | Maximum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [3],[4] | 1.67 | 1.67 | |
Level 3 [Member] | Senior Secured Term Loans One [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 118,328,770 | ||
Level 3 [Member] | Senior Secured Term Loans One [Member] | Collateral Based Approach [Member] | Minimum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 0.91 | ||
Level 3 [Member] | Senior Secured Term Loans One [Member] | Collateral Based Approach [Member] | Maximum [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 1.24 | ||
Level 3 [Member] | Senior Secured Term Loans One [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 119,374,062 | ||
Level 3 [Member] | Senior Secured Term Loans One [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 12 | 11.25 | |
Level 3 [Member] | Senior Secured Term Loans One [Member] | Income Approach (DCF) [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 11.5 | 14.3 | |
Level 3 [Member] | Senior Secured Term Loans One [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 16.5 | 18 | |
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 114,628,945 | ||
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Collateral Based Approach [Member] | Minimum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 0.58 | ||
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Collateral Based Approach [Member] | Maximum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 8.7 | ||
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Income Approach (DCF) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [2] | $ 117,105,829 | ||
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 12 | 11 | |
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Income Approach (DCF) [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 11.8 | 15.5 | |
Level 3 [Member] | Senior Secured Term Loan Participations One [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [2],[3] | 20.75 | 20 | |
Level 3 [Member] | Senior Secured Term Loan Participations Two [Member] | Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [4] | $ 14,222,622 | $ 15,184,914 | |
Level 3 [Member] | Senior Secured Term Loan Participations Two [Member] | Collateral Based Approach [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [3],[4] | 1.4 | 0.99 | |
Level 3 [Member] | Other Investments [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 3,758,063 | $ 3,758,063 | ||
Level 3 [Member] | Other Investments [Member] | Collateral Based Approach [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | [5] | $ 3,758,063 | $ 3,758,063 | |
Level 3 [Member] | Other Investments [Member] | Collateral Based Approach [Member] | Measurement Input Value Of Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [3],[5] | 1 | 1 | |
Level 3 [Member] | Equity Warrants [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,205,503 | $ 1,088,168 | ||
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,205,503 | $ 1,088,168 | ||
Weighted average term | 5 years | 5 years | ||
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member] | Minimum [Member] | Measurement Input Equity Value [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range (weighted average) | [3] | 72 | 71 | |
[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 the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, 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. The inputs were weighted based on the fair value of the investments included in the range. Collateral based approach used for the following watch list investments: Trustco, Sancor, FRIAR, Algonodera, Mac Z, GPI and Conplex. See Note 3 “Watch List Investments” for further information. |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail) - Level 3 [Member] - Senior Secured Trade Finance Participations One [Member] | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Minimum [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Expected collection period | 2 years | ||
Minimum [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | Recovery Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Additional unobservable inputs | 0.15 | ||
Minimum [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 | ||
Minimum [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 | ||
Minimum [Member] | Income Approach (DCF) [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Additional unobservable inputs | [1],[2] | 11.5 | 11 |
Maximum [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Expected collection period | 3 years | ||
Maximum [Member] | Income Approach (DCF) and Collateral Based Approach [Member] | Recovery Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Additional unobservable inputs | 0.30 | ||
Maximum [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 | ||
Maximum [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 | ||
Maximum [Member] | Income Approach (DCF) [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Additional unobservable inputs | [1],[2] | 15.75 | 15.75 |
[1] The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, 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. The inputs were weighted based on the fair value of the investments included in the range. |
Contingencies and Related Par_2
Contingencies and Related Parties - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 68 Months Ended | ||||
Sep. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2017 | Dec. 31, 2021 | |
Contingencies And Related Parties [Line Items] | |||||||
Accrued incentive fee on capital gains | $ 995,962 | $ 995,962 | $ 141,685 | ||||
Advisor earned incentive fees | 995,962 | $ 1,049,785 | 3,151,543 | $ 3,178,782 | |||
Due from affiliates | 4,240,231 | $ 4,240,231 | 4,240,231 | ||||
Realized loss on investments | (909,584) | ||||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Contingencies And Related Parties [Line Items] | |||||||
Expenses paid by the sponsor on behalf of company | $ 12,420,600 | ||||||
Related party transaction reimbursement amounts paid | $ 4,240,231 | ||||||
Remaining excess amount payment percentage | 50% | ||||||
TriLinc Advisors, LLC [Member] | |||||||
Contingencies And Related Parties [Line Items] | |||||||
Advisory agreement, maturity date | Feb. 25, 2023 | ||||||
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% | ||||||
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% | ||||||
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% | ||||||
Percentage of incentive fee on capital gains | 20% | ||||||
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 | 995,962 | 1,049,785 | 3,151,543 | 3,178,782 | |||
Advisor earned incentive fees | 1,641,882 | 1,758,565 | 4,987,817 | $ 5,337,777 | |||
TriLinc Advisors, LLC [Member] | Africell Holding Limited [Member] | |||||||
Contingencies And Related Parties [Line Items] | |||||||
Sale Of Investment | $ 1,250,000 | ||||||
Realized loss on investments | $ 0 | ||||||
TriLinc Global, LLC [Member] | |||||||
Contingencies And Related Parties [Line Items] | |||||||
Due from affiliates | 4,240,231 | 4,240,231 | $ 4,240,231 | ||||
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | |||||||
Contingencies And Related Parties [Line Items] | |||||||
Related party transaction expenses | 0 | $ 0 | |||||
Due to affiliates | $ 16,274,000 | $ 16,274,000 |
Organization and Offering Cos_2
Organization and Offering Costs - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Organization And Offering Costs [Line Items] | |||
Offering costs paid by the Sponsor on behalf of the Company | $ 17,355,402 | $ 17,317,708 | |
Offering costs incurred by Sponsor | 37,694 | $ 79,901 | |
Payment for reimbursement of offering costs incurred by Sponsor | 37,694 | 79,901 | |
TriLinc Global, LLC [Member] | |||
Organization And Offering Costs [Line Items] | |||
Offering costs paid by the Sponsor on behalf of the Company | 17,692,000 | ||
Organization costs paid by the Sponsor on behalf of the Company | 236,000 | ||
Offering costs incurred by Sponsor | 38,000 | 25,000 | |
Payment for reimbursement of offering costs incurred by Sponsor | 38,000 | 80,000 | |
Reimbursement of organization costs incurred by Sponsor | 17,355,000 | ||
SC Distributors LLC [Member] | |||
Organization And Offering Costs [Line Items] | |||
Expenses related to distributions fees, dealer manager fees and service fees | $ 299,000 | $ 327,000 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |
Outstanding Balance, notes payable | $ 5,000,000 |
Christian Super [Member] | Promissory Notes [Member] | |
Debt Instrument [Line Items] | |
Outstanding Balance, notes payable | $ 5,000,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 18, 2018 | |
Debt Instrument [Line Items] | ||||
Interest expense recognized | $ 48,319 | $ 11,169 | $ 143,381 | |
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, payment terms | The entire principal balance under the CS Note (and any unpaid interest) was due in one balloon payment on December 18, 2021, which was the fourth anniversary of the issuance date. The due date was extended and the CS Note was repaid in full on January 18, 2022. | |||
Notes issuance, interest rate terms | The CS Note had an interest rate of 3.5% per annum plus one-year LIBOR and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. | |||
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] | ||||
Stated interest rate percentage on term loan | 3.50% | |||
Description of variable interest rate | one-year LIBOR |
Unit Capital - Additional Infor
Unit Capital - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 11, 2014 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Capital Unit [Line Items] | ||||
Units Issued During the Period | 781,948 | |||
Aggregate gross proceeds on units purchased | $ 295,000 | |||
Held Units For Minimum year | 1 year | |||
Repurchase of aggregate units | 249,000 | 747,989 | ||
Weighted average repurchase price per unit | $ 7.03 | $ 7.03 | ||
Aggregate repurchase price | $ 5,256,564 | |||
Amount of repurchase requests pending units | $ 1,619,293 | $ 1,619,293 | ||
Percentage of eligible repurchase requests fulfilled on pro rata basis | 6.37% | |||
Units not purchased during repurchase program | 3,449,000 | |||
Percentage of eligible repurchase requests were not redeemed | 93.63% | |||
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 third quarter of 2022 have been made at a price equal to $6.899 per units, which was the net asset value per unit of each class as of June 30, 2022, the most recently disclosed net asset value at the time of repurchase. | |||
Repurchase price per unit | $ 6.899 | $ 6.899 | ||
Maximum [Member] | ||||
Capital Unit [Line Items] | ||||
Percentage of Total | 5% | |||
Private Placement [Member] | ||||
Capital Unit [Line Items] | ||||
Units, Sold in Private Placement | 41,163 | |||
Distribution Reinvestment Plan [Member] | ||||
Capital Unit [Line Items] | ||||
Units Issued During the Period | 741,000 | |||
Units Issued During the Period, value | $ 5,243,000 | |||
Class C Units [Member] | ||||
Capital Unit [Line Items] | ||||
Distribution, dealer manager and service fee payable | $ 428,000 | $ 428,000 | ||
Estimated net assets value per unit | $ 6.899 | $ 6.899 | ||
Distribution and dealer manager fee payable, discount rate | 4% | 4% | ||
Percentage of distribution and dealer manager fee per annum | 0.80% | 0.80% | ||
Units Issued During the Period | 161,994 | |||
Aggregate gross proceeds on units purchased | $ 1,145,785 | $ 434,851 | ||
Aggregate repurchase price | $ 978,235 | 1,327,153 | ||
Class I Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 6.899 | $ 6.899 | ||
Distribution and dealer manager fee payable, discount rate | 4% | 4% | ||
Percentage of distribution and dealer manager fee per annum | 0.50% | 0.50% | ||
Units Issued During the Period | 229,463 | |||
Aggregate gross proceeds on units purchased | $ 1,623,873 | 2,779,123 | ||
Aggregate repurchase price | $ 2,051,816 | $ 2,353,080 | ||
Class W Units [Member] | ||||
Capital Unit [Line Items] | ||||
Estimated net assets value per unit | $ 6.899 | $ 6.899 | ||
Distribution and dealer manager fee payable, discount rate | 4% | 4% | ||
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) | 9 Months Ended |
Sep. 30, 2022 shares | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 47,619,327 |
Units Issued During the Period | 781,948 |
Units Repurchased During the Period | (747,989) |
Units Outstanding, Ending Balance | 47,653,286 |
Class A Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 18,128,699 |
Units Issued During the Period | 346,166 |
Units Repurchased During the Period | (272,050) |
Units Outstanding, Ending Balance | 18,202,815 |
Class C Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 7,827,952 |
Units Issued During the Period | 161,994 |
Units Repurchased During the Period | (139,335) |
Units Outstanding, Ending Balance | 7,850,611 |
Class I Units [Member] | |
Capital Unit [Line Items] | |
Units Outstanding, Beginning Balance | 10,517,764 |
Units Issued During the Period | 229,463 |
Units Repurchased During the Period | (292,249) |
Units Outstanding, Ending Balance | 10,454,978 |
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 | 2,696,506 |
Units Issued During the Period | 44,325 |
Units Repurchased During the Period | (44,355) |
Units Outstanding, Ending Balance | 2,696,476 |
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 (Detail) - USD ($) | 2 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Daily Rate Per Unit | $ 0.001323189 | ||
Cash Distributions | $ 12,488,127 | $ 13,755,530 | |
Distributions Reinvested | 5,243,500 | ||
Total Declared | $ 17,731,627 | ||
January 31, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Nov. 12, 2021 | ||
Daily Rate Per Unit | $ 0.00139060 | ||
Cash Distributions | $ 1,431,971 | ||
Distributions Reinvested | 616,109 | ||
Total Declared | $ 2,048,080 | ||
February 28, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Nov. 12, 2021 | ||
Daily Rate Per Unit | $ 0.00139060 | ||
Cash Distributions | $ 1,298,531 | ||
Distributions Reinvested | 554,580 | ||
Total Declared | $ 1,853,111 | ||
March 31, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Feb. 17, 2022 | ||
Daily Rate Per Unit | $ 0.00139060 | ||
Cash Distributions | $ 1,442,429 | ||
Distributions Reinvested | 612,752 | ||
Total Declared | $ 2,055,181 | ||
April 30, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Mar. 29, 2022 | ||
Daily Rate Per Unit | $ 0.00136605 | ||
Cash Distributions | $ 1,380,602 | ||
Distributions Reinvested | 566,059 | ||
Total Declared | $ 1,946,661 | ||
May 31, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Mar. 29, 2022 | ||
Daily Rate Per Unit | $ 0.00136605 | ||
Cash Distributions | $ 1,419,163 | ||
Distributions Reinvested | 595,824 | ||
Total Declared | $ 2,014,987 | ||
June 30, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | May 11, 2022 | ||
Daily Rate Per Unit | $ 0.00135186 | ||
Cash Distributions | $ 1,364,770 | ||
Distributions Reinvested | 569,848 | ||
Total Declared | $ 1,934,618 | ||
July 31, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | May 11, 2022 | ||
Daily Rate Per Unit | $ 0.00135186 | ||
Cash Distributions | $ 1,404,321 | ||
Distributions Reinvested | 586,611 | ||
Total Declared | $ 1,990,932 | ||
August 31, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | May 11, 2022 | ||
Daily Rate Per Unit | $ 0.00135186 | ||
Cash Distributions | $ 1,407,220 | ||
Distributions Reinvested | 587,655 | ||
Total Declared | $ 1,994,875 | ||
September 30, 2022 [Member] | |||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||
Date Declared | Aug. 12, 2022 | ||
Daily Rate Per Unit | $ 0.00135186 | ||
Cash Distributions | $ 1,339,120 | ||
Distributions Reinvested | 554,062 | ||
Total Declared | $ 1,893,182 |
Distributions - Additional Info
Distributions - Additional Information (Detail) - $ / shares | 2 Months Ended | 6 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Dividends declared per unit | $ 0.001323189 | ||||
Percentage of annualized distributions on NAV per unit | 7% | 7% | |||
Subsequent Event [Member] | |||||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Dividends declared per unit | $ 0.001323189 | ||||
Class C Units [Member] | |||||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Net asset value per unit | 6.84 | $ 6.90 | $ 6.84 | $ 7.12 | |
Class I Units [Member] | |||||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Net asset value per unit | 6.84 | 6.90 | 6.84 | 7.12 | |
Class W Units [Member] | |||||
Incentive Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Net asset value per unit | $ 6.84 | $ 6.90 | $ 6.84 | $ 7.12 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||
Net asset value at beginning of period | $ 7.10 | $ 7.58 | ||||
Net investment income | $ 0.10 | $ 0.11 | 0.32 | 0.34 | ||
Net change in unrealized depreciation on investments | (0.23) | (0.25) | ||||
Realized loss on investments | (0.02) | |||||
Net increase in net assets resulting from operations | 0.09 | 0.07 | ||||
Distributions | (0.37) | (0.42) | ||||
Net decrease in net assets | (0.29) | (0.35) | ||||
Net asset value at end of period | $ 6.81 | $ 7.23 | $ 6.81 | $ 7.23 | ||
Total return based on net asset value | 1.23% | 0.95% | ||||
Net assets at end of period | $ 325,432,459 | $ 343,904,586 | $ 325,432,459 | $ 343,904,586 | $ 338,725,057 | $ 355,273,630 |
Units Outstanding at end of period | 47,653,286 | 47,490,815 | 47,653,286 | 47,490,815 | 47,619,327 | |
Ratio/Supplemental data (annualized): | ||||||
Ratio of net investment income to average net assets | 6.06% | 6.36% | ||||
Ratio of total expenses to average net assets | 4.67% | 5.11% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Financial Highlights [Line Items] | ||||
Weighted average units outstanding, Basic | 47,653,286 | 47,436,977 | 47,721,878 | 47,155,072 |
Weighted average units outstanding, Diluted | 47,653,286 | 47,436,977 | 47,721,878 | 47,155,072 |
Class C, Class I and Class W Units [Member] | ||||
Schedule Of Financial Highlights [Line Items] | ||||
Distribution and dealer manager fees payable | $ 428,000 | $ 452,000 | $ 428,000 | $ 452,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Nov. 03, 2022 | Nov. 14, 2022 | Oct. 31, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||
Cash paid for distributions | $ 12,488,127 | $ 13,755,530 | |||||||
Dividends declared per unit | $ 0.001323189 | ||||||||
Percentage of annualized distributions on NAV per unit | 7% | 7% | |||||||
Class C Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Net asset value per unit | 6.84 | $ 6.90 | $ 6.84 | $ 7.12 | |||||
Class I Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Net asset value per unit | 6.84 | 6.90 | 6.84 | 7.12 | |||||
Class W Units [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Net asset value per unit | $ 6.84 | $ 6.90 | $ 6.84 | $ 7.12 | |||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash paid for distributions | $ 1,344,223 | ||||||||
Reinvestment under distribution reinvestment plan | $ 572,275 | $ 572,275 | |||||||
Dividends declared per unit | $ 0.001323189 | ||||||||
Funded new loans | $ 0 | ||||||||
Proceeds from repayment of loans | 1,000,000 | ||||||||
Sale of participation interest to third party | $ 5,000,000 | ||||||||
Subsequent Event [Member] | Unrelated Financial Institution [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of participation interest to third party | $ 5,000,000 | ||||||||
Simple annual interest rate percentage | 10% | ||||||||
Capital gains | $ 0 | ||||||||
Repurchase period of participated interest | 135 days |