10-Q

 6

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2018

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-55432

TriLinc Global Impact Fund, LLC

(Exact name of registrant as specified in its charter)

Delaware	36-4732802
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1230 Rosecrans Avenue, Suite 605,

Manhattan Beach, CA 90266

(Address of principal executive offices)

(310) 997-0580

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ☒

As of November 12, 2018, the Company had outstanding 18,034,199 Class A units, 8,323,339 Class C units, 10,534,669 Class I units, 24,555 Class W units, 1,165,675 Class Y units, and 5,965,037 Class Z units.

Table of Contents

Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of September 30, 2018 (unaudited) and December 31, 2017	1
Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2018 and 2017 (unaudited)	3
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)	4
Consolidated Schedules of Investments as of September 30, 2018 (unaudited) and December 31, 2017	5-9
Notes to Consolidated Financial Statements (unaudited)	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures About Market Risk	58
Item 4. Controls and Procedures	58
Part II. Other Information	60
Item 1. Legal Proceedings	60
Item 1A. Risk Factors	60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3. Defaults Upon Senior Securities	61
Item 4. Mine Safety Disclosures	61
Item 5. Other Information	61
Item 6. Exhibits	61

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	September 30,			December 31,
	2018			2017
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $345,094,669 and $335,328,569, respectively)	$	342,235,769		$	335,269,492
Cash		44,235,800			9,641,457
Interest receivable		14,693,706			9,210,430
Due from affiliates (see Note 5)		4,240,231			3,997,314
Other assets		146,306			189,103
Total assets		405,551,812			358,307,796
LIABILITIES
Due to unitholders		1,388,840			1,295,293
Management fee payable		1,993,801			1,763,018
Incentive fee payable		1,539,875			1,323,929
Notes payable		28,060,000			28,160,000
Unit repurchases payable		3,769,763			2,153,077
Accrued distribution and other fees		1,374,000			1,895,000
Other payables		1,583,455			360,742
Total liabilities		39,709,734			36,951,059
Commitments and Contingencies (see Note 5)
NET ASSETS	$	365,842,078		$	321,356,737
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	157,839,416		$	162,087,710
Net capital paid in on Class C units		72,805,835			74,739,748
Net capital paid in on Class I units		91,809,143			92,522,021
Net capital paid in on Class W units		204,571			—
Net capital paid in on Class Y units		9,653,252			9,163,759
Net capital paid in on Class Z units		50,740,978			—
Offering costs		(17,211,117	)		(17,156,501	)
Net assets (equivalent to $8.355 and $8.466, respectively per unit based    on total units outstanding of 43,953,995 and 38,183,103, respectively)	$	365,842,078		$	321,356,737
Net assets, Class A (units outstanding of 17,991,440 and 18,240,073, respectively)	$	149,688,291		$	153,892,048
Net assets, Class C (units outstanding of 8,298,898 and 8,411,343, respectively)		69,045,971			70,960,348
Net assets, Class I (units outstanding of 10,508,390 and 10,442,009, respectively)		87,048,256			87,830,198
Net assets, Class W (units outstanding of 24,555 and 0, respectively)		193,446			—
Net assets, Class Y (units outstanding of 1,165,675 and 1,089,678, respectively)		9,125,136			8,674,143
Net assets, Class Z (units outstanding of 5,965,037 and 0, respectively)		50,740,978			—
NET ASSETS	$	365,842,078		$	321,356,737

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended						Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2018			2017			2018			2017
INVESTMENT INCOME
Interest income	$	11,092,764		$	9,659,965		$	33,323,808		$	23,039,392
Interest from cash		52,940			82,008			136,106			331,827
Total investment income		11,145,704			9,741,973			33,459,914			23,371,219
EXPENSES
Management fees		1,986,846			1,658,314			5,988,274			4,721,832
Incentive fees		1,480,249			1,447,154			4,583,508			3,276,012
Professional fees		775,584			254,790			1,256,378			923,991
General and administrative expenses		422,456			323,273			1,307,687			989,505
Interest expense		504,954			215,449			1,439,666			256,540
Board of managers fees		54,375			54,375			163,125			163,125
Total expenses		5,224,464			3,953,355			14,738,638			10,331,005
Expense support payment to (from) Sponsor		-			(872,653	)		387,000			(3,831,414	)
Net expenses		5,224,464			3,080,702			15,125,638			6,499,591
NET INVESTMENT INCOME		5,921,240			6,661,271			18,334,276			16,871,628
Net change in unrealized appreciation (depreciation) on investments		1,080,222			—			(2,799,824	)		—
Foreign exchange loss		(650	)		—			(10,177	)		—
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	7,000,812		$	6,661,271		$	15,524,275		$	16,871,628
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$	0.13		$	0.18		$	0.42		$	0.49
EARNINGS PER UNIT - BASIC AND DILUTED	$	0.16		$	0.18		$	0.36		$	0.49
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		44,195,314			36,665,626			43,613,730			34,744,363

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Nine months ended
	September 30,			September 30,
	2018			2017
INCREASE FROM OPERATIONS
Net investment income	$	18,334,276		$	16,871,628
Foreign exchange loss		(10,177	)		—
Net change in unrealized depreciation on investments		(2,799,824	)		—
Net increase from operations		15,524,275			16,871,628
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(8,717,496	)		(9,426,222	)
Distributions to Class C unitholders		(3,989,034	)		(4,235,682	)
Distributions to Class I unitholders		(5,035,942	)		(4,976,674	)
Distributions to Class W unitholders		(9,414	)		(28,456	)
Distributions to Class Y unitholders		(538,130	)		—
Distributions to Class Z unitholders		(2,458,216	)		—
Net decrease from distributions		(20,748,232	)		(18,667,034	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		3,817,799			27,716,101
Issuance of  Class C units		1,976,294			13,970,490
Issuance of  Class I units		3,268,329			28,009,931
Issuance of  Class W units		211,000			—
Issuance of  Class Y units		665,000			2,543,399
Issuance of  Class Z units		50,740,978			—
Repurchase of units		(11,436,486	)		(6,540,566	)
Distribution and other fees		521,000			(54,000	)
Offering costs		(54,616	)		(2,535,840	)
Net increase from capital transactions		49,709,298			63,109,515
NET INCREASE IN NET ASSETS		44,485,341			61,314,109
Net assets at beginning of period		321,356,737			250,755,915
Net assets at end of period	$	365,842,078		$	312,070,024

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Nine months ended
	September 30,			September 30,
	2018			2017
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,524,275		$	16,871,628
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(158,321,660	)		(255,465,273	)
Maturity of investments		152,193,402			148,468,117
Payment-in-kind interest		(3,170,529	)		(667,792	)
Net change in unrealized depreciation on investments		2,799,824			—
Foreign exchange loss		10,177			—
Accretion of discounts on investments		(467,314	)		(903,875	)
Increase in interest receivable		(5,493,453	)		(2,763,160	)
Increase in due from affiliates		(242,917	)		(887,861	)
Decrease (increase) in other expenses		42,797			(58,268	)
Increase in due to unitholders		93,547			246,423
Increase in management and incentive fees payable		446,729			1,066,669
Increase in other payable		1,222,713			202,530
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		4,637,591			(93,890,862	)
Cash flows from financing activities
Net proceeds from issuance of units		53,091,402			63,918,126
Distributions paid to unitholders		(13,160,235	)		(10,345,239	)
Payments of offering costs		(54,616	)		(2,604,152	)
Repurchase of units		(9,819,799	)		(6,733,945	)
Repayments of notes payable		(100,000	)		—
Proceeds from issuance of notes payable		—			15,725,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		29,956,752			59,959,790
TOTAL INCREASE (DECREASE) IN CASH		34,594,343			(33,931,072	)
Cash at beginning of period		9,641,457			44,790,312
Cash at end of period	$	44,235,800		$	10,859,240
Supplemental information
Cash paid for interest during the period	$	805,201		$	57,374
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	7,587,997		$	8,321,794
Change in accrual of distribution and other fees	$	(521,000	)	$	54,000

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of September 30, 2018

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	13.50%		2.0	%	10/21/2022	$	14,428,329	68%		$	14,428,329	$	14,428,329		3.9	%
Brazil	Usivale Industria E Commercio  Ltda. (12), (17)	Agricultural Products	Sugar Producer	12.43%		0.0	%	12/15/2020		2,851,296	N/A			2,851,296		2,851,296		0.8	%
China	Other Investments (6)	Secondary Nonferrous Metals	Minor Metals Resource Trader	12.00%		0.0	%	6/22/2021		10,000,000	N/A			10,000,000		10,000,000		2.7	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		6,006,940	N/A			6,006,940		6,006,940		1.6	%
Hong Kong	Other Investments (8)	Coal and Other Minerals and Ores	Resource Trader	11.50%		0.0	%	12/27/2020		15,000,000	N/A			15,000,000		15,000,000		4.1	%
Malaysia	Other Investments (8)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2020		15,000,000	N/A			15,000,000		15,000,000		4.1	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		0.0	%	7/27/2021		20,603,642	N/A			20,603,642		20,603,642		5.6	%
New Zealand	Other Investments (10)	Logging	Sustainable Timber Exporter	11.50%		0.0	%	2/10/2021		6,840,000	N/A			6,840,000		6,840,000		1.9	%
Peru	Corporacion Prodesa S.R.L. (16), (17)	Consumer Products	Diaper Manufacturer	12.00% - 13.34%		0.0	%	7/28/2021		4,960,000	N/A			4,960,000		4,960,000		1.4	%
Total Senior Secured Term Loan (1)														95,690,207		95,690,207		26.1	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	12.04%		0.0	%	8/18/2021		4,740,000	47%			4,740,000		4,740,000		1.3	%
Cabo Verde	Other Investments (6)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/3.50% PIK		0.0	%	8/21/2021		16,231,223	26%			16,231,223		16,231,223		4.4	%
Croatia	Other Investments (8),(20)	Department Stores	Mall Operator	5.50% Cash/7.50% PIK		0.0	%	1/23/2021		7,893,393	5%			8,193,979		8,193,979		2.2	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	8/10/2021		15,500,000	76%			15,500,000		15,500,000		4.2	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	12.53%		0.0	%	8/31/2021		18,527,237	15%			18,527,237		18,527,237		5.1	%
Ghana	Other Investments	Gas Transmission and Distribution	LNG Infrastructure Developer	15.52%		0.0	%	6/13/2021		13,087,943		90%		13,087,943		13,087,943		3.6	%
Indonesia	Other Investments (8)	Metals & Mining	Vessel Operator	11.00%		0.0	%	6/8/2020		2,358,887	100%			2,358,887		2,358,887		0.6	%
Jersey	Africell Holding Limited (8)	Telephone Communications	Mobile Network Operator	12.35%		3.0	%	3/28/2023		19,000,000	16%			18,487,000		18,487,000		5.1	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	9.57% Cash/4.00% PIK		0.0	%	3/31/2023		12,839,688	49%			12,839,688		12,839,688		3.5	%
Namibia	Other Investments (14)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		16,005,188	100%			15,911,438		15,911,438		4.3	%
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	12.60%		0.8	%	9/16/2020		12,762,670	100%			12,723,503		12,723,503		3.5	%
Romania	Other Investments	Food Products	Bread Manufacturer	13.00%		2.5	%	7/18/2021		1,940,000		26%		1,913,280		1,913,280		0.5	%
Uganda	Other Investments (7)	Farm Products	Grain Processor	12.00%		0.0	%	12/31/2020		4,300,000	100%			4,300,000		4,300,000		1.2	%
Zambia	Other Investments (6)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/16/2019		860,222	15%			860,222		860,222		0.2	%
Total Senior Secured Term Loan Participations														145,674,400		145,674,400		39.7	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (7), (17), (18)	Agricultural Products	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%			12,500,000		10,432,518		2.9	%
Argentina	Sancor Cooperativas Unidas Limitada (17)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2018		6,000,000	17%			6,000,000		5,146,407		1.4	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (17), (18)	Meat, Poultry & Fish	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	28%			9,000,000		8,425,571		2.3	%
Argentina	Algodonera Avellaneda S.A. (8), (17)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	8/31/2017		6,000,000	27%			6,000,000		5,839,047		1.6	%
Cameroon	Other Investments (9), (27)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	16.42% - 17.50%		0.0	%	10/13/2018 - 12/31/2018		11,102,589	100%			11,102,589		11,102,589		3.0	%
Chile	Functional Products Trading S.A. (17)	Farm Products	Chia Seed Exporter	10.90%		0.0	%	3/4/2018		1,326,687	100%			1,326,687		1,326,687		0.4	%
Ecuador	Other Investments (7), (22)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	6/19/2019		119,542	8%			119,542		119,542		0.0	%
Guatemala	Procesos Fabriles S.A. (17), (18)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	23%			881,800		881,800		0.2	%

5

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Hong Kong	Other Investments (9), (23)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	11.50%		0.0	%	1/2/2019 - 2/14/2019		15,000,000	N/A			15,000,000		15,000,000		4.1	%
Morocco	Mac Z Group SARL (17), (18)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		7,349,626	73%			7,349,626		7,349,626		2.0	%
Nigeria	Other Investments (9), (25)	Farm Products	Cocoa Exporter	17.50%		0.0	%	9/19/2018 - 10/20/2018		2,552,529	27%			2,552,529		2,552,529		0.7	%
Nigeria	Other Investments (9), (26)	Farm Products	Cocoa Distribution	17.50%		0.0	%	9/19/2018 - 11/2/2018		2,880,461	32%			2,880,461		2,880,461		0.8	%
Nigeria	Other Investments (9), (28)	Farm Products	Cocoa Producer	14.50% - 17.50%		0.0	%	10/22/2018 - 12/28/2018		2,342,872	29%			2,342,872		2,342,872		0.6	%
Nigeria	Other Investments (9), (29)	Farm Products	Cocoa Trader	14.50% - 17.50%		0.0	%	10/03/2018 - 12/27/2018		1,786,726	22%			1,786,726		1,786,726		0.5	%
South Africa	Applewood Trading 199 Pty, Ltd.(17), (18)	Food Products	Fruit & Nut Distributor	10.00%		0.0	%	5/22/2015		785,806	19%			785,806		726,729		0.2	%
South Africa	Other Investments (9)	Communications Equipment	Electronics Assembler	12.00% - 13.00%		0.0	%	1/7/2019 - 1/25/2019		6,298,536		62%		6,298,536		6,298,536		1.7	%
United Arab Emirates	Global Pharma Intelligence Sarl (7), (17)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	6/30/2018		803,254	60%			803,254		803,254		0.2	%
United Kingdom	Other Investments (9)	Coal and Other Minerals and Ores	Metals Trader	11.55%		0.0	%	11/21/2018		2,087,577	100%			2,087,577		2,087,577		0.6	%
Total Senior Secured Trade Finance Participations														88,818,005		85,102,471		23.2	%
Short Term Investments (1)
Brazil	Other Investments (7)	Food Products	Fruit Juice Processor	10.50%		0.0	%	12/26/2018		4,000,000	12%			4,000,000		4,000,000		1.1	%
Ghana	Other Investments (21)	Financial services	Funds held in escrow	15.34%		0.0	%	N/A		4,912,057	90'%			4,912,057		4,912,057		1.3	%
N/A	IIG TOF B.V. (17), (18), (19)	Financial services	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A			6,000,000		5,776,412		1.6	%
Total Short Term Investments														14,912,057		14,688,469		4.0	%
Equity Warrants
Mexico	Blue Arrow Biojet Holdings, LLC	Refuse Systems	Waste to Fuels Processor	N/A	N/A			N/A	N/A		N/A			-		1,080,222		0.3	%
Total Investments													$	345,094,669	$	342,235,769

See accompanying notes to the consolidated financial statements.

¹ Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

² 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.

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 Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.

⁵ Principal and interest paid monthly.

⁶ Principal and interest paid quarterly.

⁷ Monthly interest only payment. Principal due at maturity.

⁸ Quarterly interest only payment. Principal due at maturity.

⁹ Principal and interest paid at maturity.  

₁₀ One third of the principal and accrued interest to be paid on the 18^th, 30^th, and 42^nd months after original drawdown date of 8/10/2017.

₁₁ Reserved.

₁₂ Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

₁₃ In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021.  In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

₁₄ Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

₁₅ 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.

₁₆ In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

₁₇ Watch List investment. Refer to Note 3 for additional information.  

₁₈ Investment on non-accrual status.

₁₉ This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”).   During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information.

₂₀ Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars.  The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $300,586.

²¹ Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds held in escrow accrue interest at 13% plus three-month Libor.

₂₂ During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019.

₂₃ During the third quarter 2018, the maturity dates of these investments were extended to 1/2/2019 to 2/14/2019.

₂₄ Reserved

6

²⁵ As of the date of this report, about $2,455,000 of this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

²⁶ As of the date of this report, this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

²⁷ As of the date of this report, about $9,382,000 of this investment with maturity dates in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

²⁸ As of the date of this report, the portion of this investments that had a maturity date in October 2018 has been repaid in full.

²⁹ As of the date of this report, about $1,509,000 of this investment with a maturity date in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

7

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2017

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	13.50%		2.0	%	10/21/2022	$	15,739,999	N/A	$	15,714,764	$	15,714,764		4.9	%
China	Other Investments (6)	Secondary Nonferrous Metals	Minor Metals Resource Trader	12.00%		0.0	%	6/22/2021		10,000,000	N/A		10,000,000		10,000,000		3.1	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		3,157,735	N/A		3,157,735		3,157,735		1.0	%
Malaysia	Other Investments (8)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2020		15,000,000	N/A		15,000,000		15,000,000		4.7	%
Mexico	Other Investments (9)	Refuse Systems	Waste to Fuels Processor	14.50%		0.0	%	7/27/2021		11,315,000	N/A		11,315,000		11,315,000		3.5	%
New Zealand	Other Investments (10)	Logging	Sustainable Timber Exporter	11.50%		0.0	%	2/10/2021 - 4/2/2021		6,840,000	N/A		6,840,000		6,840,000		2.1	%
Peru	Pure Biofuels del Peru S.A.C. (11)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor	11.33%		0.0	%	7/27/2019		15,000,000	N/A		16,545,994		16,545,994		5.1	%
Total Senior Secured Term Loan (1)													78,573,493		78,573,493		24.4	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	12.04%		0.0	%	8/18/2021		4,740,000	100%		4,740,000		4,740,000		1.5	%
Brazil	Usivale Industria E Commercio Ltda. (12), (19)	Agricultural Products	Sugar Producer	12.43%		0.0	%	12/15/2020		2,851,296	100%		2,851,296		2,851,296		0.9	%
Cabo Verde	TRG Cape Verde Holdings Limited (6)	Hotels and Motels	Hospitality Service Provider	13.50%		0.0	%	8/21/2021		15,807,931	26%		15,807,931		15,807,931		4.9	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	8/10/2021		15,500,000	100%		15,500,000		15,500,000		4.8	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	11.66%		0.0	%	8/31/2021		18,527,237	15%		18,527,237		18,527,237		5.8	%
Indonesia	Other Investments (6)	Street Construction	Infrastructure and Logistics Provider	20.00%		0.0	%	11/22/2019		10,909,500	75%		10,861,658		10,861,658		3.4	%
Indonesia	Other Investments (8)	Metals & Mining	Vessel Operator	11.00%		0.0	%	6/8/2020		3,332,336	62%		3,332,336		3,332,336		1.0	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	12.82%		0.0	%	3/31/2023		12,464,320	59%		12,464,320		12,464,320		3.9	%
Namibia	Trustco Group Limited (14)	Land Subdividers and Developers	Property Developer	12.50%		0.0	%	8/15/2021		15,529,353	100%		15,411,497		15,411,497		4.8	%
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	16.54%		0.8	%	9/16/2020		13,407,670	100%		13,353,503		13,353,503		4.2	%
Peru	Corporacion Prodesa S.R.L. (16)	Consumer Products	Diaper Manufacturer	12.00% - 13.00%		0.0	%	7/28/2021		4,960,000	N/A		4,960,000		4,960,000		1.5	%
Zambia	Other Investments (6)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/16/2019		1,355,600	15%		1,355,600		1,355,600		0.4	%
Total Senior Secured Term Loan Participation													119,165,378		119,165,378		37.1	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (7), (17)	Agricultural Products	Agriculture Distributor	9.00%		0.0	%	5/1/2018		12,500,000	83%		12,500,000		12,500,000		3.9	%
Argentina	Sancor Cooperativas Unidas Limitada (19)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2018		6,000,000	17%		6,000,000		6,000,000		1.9	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (19)	Meat, Poultry & Fish	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	32%		9,000,000		9,000,000		2.8	%
Argentina	Algodonera Avellaneda S.A. (8),(19), (23)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	8/31/2017		6,000,000	100%		6,000,000		6,000,000		1.9	%
Chile	Functional Products Trading S.A. (19)	Farm Products	Chia Seed Exporter	10.90%		0.0	%	3/4/2018		1,326,687	100%		1,326,687		1,326,687		0.4	%
Ecuador	Other Investments (7)	Fresh or Frozen Packaged Fish	Shrimp Exporter	9.25%		0.0	%	9/4/2018 - 10/22/2018		3,338,520	34%		3,338,520		3,338,520		1.0	%
Ecuador	Other Investments (7)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	8/18/2018		351,559	43%		351,559		351,559		0.1	%
Guatemala	Procesos Fabriles S.A. (19), (20)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	24%		881,800		881,800		0.3	%
Hong Kong	Other Investments (8)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	10.00%		0.0	%	4/29/2018		14,388,525	100%		14,388,525		14,388,525		4.5	%
Hong Kong	Other Investments (9)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	9.50%		0.0	%	1/4/2018 - 2/19/2018		15,000,000	N/A		15,000,000		15,000,000		4.7	%
Hong Kong	Other Investments (8)	Coal and Other Minerals and Ores	Resource Trader	10.0% - 11.5%		0.0	%	11/16/2017 - 12/27/2020		11,957,864	100%		11,957,864		11,957,864		3.7	%
Mauritius	Other Investments (9)	Groceries and Related Products	Vanilla Exporter	11.82%		0.0	%	11/8/2018		3,500,000	27%		3,500,000		3,500,000		1.1	%
Morocco	Mac Z Group SARL (19), (20)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		7,349,626	73%		7,349,626		7,349,626		2.3	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Exporter	17.50%		0.0	%	9/7/2018 - 9/29/2018		1,936,600	100%		1,936,600		1,936,600		0.6	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Distribution	17.50%		0.0	%	9/19/2018		1,846,170	100%		1,846,170		1,846,170		0.6	%

8

Nigeria	Other Investments (9)	Farm Products	Cocoa Producer	17.50%		0.0	%	9/19/2018		764,280	100%		764,280		764,280		0.2	%
Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader	17.50%		0.0	%	9/19/2018 - 9/27/2018		1,205,450	100%		1,205,450		1,205,450		0.4	%
South Africa	Applewood Trading 199 Pty, Ltd. (19) (20)	Food Products	Fruit & Nut Distributor	12.00%		0.0	%	5/22/2015		785,806	12%		785,806		726,729		0.2	%
South Africa	Other Investments (8)	Metals & Mining	Mine Remediation Company	17.50%		0.0	%	9/28/2017		1,234,145	10%		1,234,145		1,234,145		0.4	%
United Arab Emirates	Global Pharma Intelligence Sarl (7)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	1/30/2018		1,080,000	60%		1,080,000		1,080,000		0.3	%
United Kingdom	Other Investments (9)	Coal and Other Minerals and Ores	Metals Trader	9.50% - 10.14%		0.0	%	12/31/2017 - 5/8/2018		4,296,451	71%		4,296,451		4,296,451		1.3	%
Uruguay	Other Investments (7)	Food Products	Citrus Producer	9.00%		0.0	%	2/3/2018 - 7/26/2018		346,215	100%		346,215		346,215		0.1	%
Total Senior Secured Trade Finance Participations													105,089,698		105,030,621		32.7	%
Short Term Investments (1)
Cayman Islands	Other Investments (21)	Financial Services	Financial Services Provider	7.50%		0.0	%	2/28/2018		10,000,000	N/A		10,000,000		10,000,000		3.1	%
United Kingdom	Other Investments (9)	Petroleum and Petroleum Products	Energy Commodity Trading	8.88% - 9.15%		0.0	%	1/31/2018 - 2/28/2018		16,500,000	16%		16,500,000		16,500,000		5.1	%
N/A	IIG TOF B.V. (19), (20), (22), (23)	Financial services	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A		6,000,000		6,000,000		1.9	%
Total Short Term Investments													32,500,000		32,500,000		10.1	%
Total Investments												$	335,328,569	$	335,269,492

See accompanying notes to the consolidated financial statements.

¹ Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

² 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.

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 Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.

⁵ Principal and interest paid monthly.

⁶ Principal and interest paid quarterly.

⁷ Monthly interest only payment. Principal due at maturity.

⁸ Quarterly interest only payment. Principal due at maturity.

⁹ Principal and interest paid at maturity.  

₁₀ One third of the principal and accrued interest to be paid on the 18^th, 30^th, and 42^nd months after original drawdown date of 8/10/2017.

₁₁ This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

₁₂ Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

₁₃ While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021.  In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

₁₄ Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

₁₅ 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.

₁₆ In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

₁₇ While the original maturity date was 7/18/2017, the maturity date was extended to 5/01/2018 to account for the delays in shipments.  

₁₈ While the original maturity date was 12/11/2016, the maturity date was extended to 3/04/2018.

₁₉ Watch List investment. Refer to Note 3 for additional information.

₂₀ Investment on non-accrual status.

₂₁ Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity.

²² This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG.   During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information.

²³  For periods prior to the three months ended June 30, 2018, these investments were listed as one senior secured trade finance participation with a principal amount of $12,000,000. Refer to the description of these investments in Note 3 for more information.  

9

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

September 30, 2018

(Unaudited)

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those businesses having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”).

TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to September 30, 2018, the Company raised an additional $67,321,000 pursuant to a private placement and $16,350,000 pursuant to the DRP for the gross proceeds of $445,447,000 as of September 30, 2018.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment  company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Company created TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of September 30, 2018, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

• TriLinc Global Impact Fund – African Trade Finance, Ltd.

• TriLinc Global Impact Fund – Africa, Ltd.

• TriLinc Global Impact Fund – Latin America II, Ltd.

• TriLinc Global Impact Fund – African Trade Finance II, Ltd.

• TriLinc Global Impact Fund – Latin America III, Ltd.

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

• TriLinc Global Impact Fund – African Trade Finance III, Ltd.

10

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

Through September 30, 2018, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, and Europe.

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 (“ASC 946”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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.

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018.

The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2018.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which the Company has determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the six companies on non-

11

accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively for the three and nine months ended September 30, 2018.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, 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. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor;

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

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4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying borrower

• Industry factors that are relevant to the investment or the underlying borrower

• Historical and projected financial performance of the borrower based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type and value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Company’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively.  The Company earned and capitalized PIK interest of $667,792 for the three and nine months ended September 30, 2017.

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Distribution and Ongoing Dealer Manager and Services Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement.  Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,309,000, the unpaid dealer manager fees for Class I units amounted to $61,000 and the unpaid dealer manager and service fees for Class W units amounted to $4,000.

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2018, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2014.

Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes.

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, effective June 30, 2016, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2018, under GAAP, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value under GAAP and the Company’s determination of net asset value per unit for Class C units now varies from GAAP.  Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that its prior approach was not the most appropriate for determining the net asset value per unit for Class C

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units and, beginning with the net asset value determination as of June 30, 2017, 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 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future ongoing dealer manager or service fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.355. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.174 from $8.529 as of March 31, 2017 to $8.355 as of September 30, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017 and the first quarter of 2018. The Company also failed to realize sufficient investment income during the second and fourth quarters of 2017 and the first quarter of 2018 to cover operating expenses, as a result of delays in finding suitable investments. In addition, during the second quarter of 2018, the Company recorded approximately $3.0 million in unrealized depreciation on its investments.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at September 30, 2018 and 2017.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2018 and December 31, 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of September 30, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.      

Operating Expense Responsibility Agreement

On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than management fees and incentive

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fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017. This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of September 30, 2018.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that the Company has not adopted.

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In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  Management has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

Risk Factors

The Company has a limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods.

The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could 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

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achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments.

The Company’s investments consist of loans, loan participations and trade finance participations that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2018, all but one of the Company’s investments are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2018, the Company’s investment portfolio included 44 companies and was comprised of $95,690,207 or 28.0% in senior secured term loans, $145,674,400 or 42.5% in senior secured term loan participations, $85,102,471 or 24.9% in senior secured trade finance participations, and $14,688,469 or 4.3% in short term investments. The Company’s largest loan by value was $20,603,642 or 6.0% of total investments. The Company’s 5 largest loans by value comprised 26.2% of the Company’s portfolio at September 30, 2018. Participation in loans amounted to 67.4% of the Company’s total portfolio at September 30, 2018.  As of September 30, 2018, $246,648,714 or 72.1% of the Company’s investments had a maturity date of more than 12 months.

Note 3. Investments

As of September 30, 2018, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	95,690,207	$	95,690,207		28.0	%
Senior secured term loan participations		145,674,400		145,674,400		42.5	%
Senior secured trade finance participations		88,818,005		85,102,471		24.9	%
Short term investments		14,912,057		14,688,469		4.3	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	345,094,669	$	342,235,769		100.0	%

Participations

The majority of the Company’s investments are in the form of Participation Interests (“Participations”).  Participations are interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility.  The Company’s rights under Participations include, without limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor in the underlying financing facilities.

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of September 30, 2018.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2018 and December 31, 2017 amounted to $2,220,965 and $1,960,157, respectively. The Company’s interest receivable balances at September 30, 2018 and December 31, 2017 are recorded at the amounts that the Company expects to collect.

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Trade Finance

Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s Participations in trade finance positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represents advances to borrowers based on proven orders from buyers. Receivable/inventory financing represents advances on borrowers’ eligible receivable and inventory balances. For trade finance, the structure and terms of the facility underlying the Company’s Participations vary according to the nature of the transaction being financed. The structure can take the form of a revolver with multiple draw requests and maturity of up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter durations of 60 – 180 days. With respect to underwriting, particular consideration is given to the following:

• nature of the goods or transaction being financed,

• the terms associated with the sale and repayment of the goods,

• the execution risk associated with producing, storing and shipment of the goods,

• the financial and performance profile of both the borrower and end buyer(s),

• the underlying advance rate and subsequent Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction,

• collateral and financial controls (collection accounts and inventory possession),

• third party inspections and insurance, and

• the region, country or jurisdiction in which the financing is being completed.

Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables.  In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product.

Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule, as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower.

On occasion, the Company may receive notice from the respective sub-advisor that a borrower or counterparty to a financing facility underlying one of the Company’s Participations intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower.

Short Term Investments

Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. In the periodic reports prior to September 30, 2017, the Company included short term investments within the Trade Finance section of the Schedule of Investments.  Due to the unique characteristics of the short term investments, the Company has determined to present these investments separately.

Warrants

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow the Company to buy shares of the portfolio company at a given price, which the Company will exercise at its discretion during the life of the portfolio company. The Company’s goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests.

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Typically, these warrants and equity interests are illiquid.  In addition, the Company expects that any warrants or other return enhancements received when the Company makes or invests in loans may require several years to appreciate in value and may not appreciate at all.

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral, (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower).

Corporacion Prodesa S.R.L.

As of September 30, 2018, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, is comprised of two senior secured term loans with an aggregate balance of $3,210,000, and a senior secured trade finance revolving credit facility for $1,750,000. The total accrued interest balance as of September 30, 2018 amounts to $674,320, including $466,103 of deferred interest payable at maturity. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Prodesa loans as of September 30, 2018 at $4,960,000 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of September 30, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $285,502.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. The Company and Usivale have agreed to an extension of the 2017 principal payment (spread evenly across the final three years of the loan, such that remaining principal payments are comprised of approximately 20% / 20% / 60% amortization, respectively, over the next 3 years). The extension was agreed to in exchange for a flat 0.5% extension fee on the outstanding balance and an increase in pledged contracts. The 2017 annual interest payment has been received in full and the 2018 annual interest payment is due in the fourth quarter of 2018.

As of September 30, 2018, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices. As of September 30, 2018, accrued interest amounted to $285,502.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of September 30, 2018, the total balance outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made

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partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $35,143 and $104,283, respectively for the three and nine months ended September 30, 2018. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $726,729 as of September 30, 2018 based on the income approach, discounted to present value using the loan’s yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”), with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of September 30, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  The Company’s existing Participation in this trade finance facility is near the final stages of being restructured to a Participation in a term loan with Profasa as the borrower and the following terms: 3 year senior secured term loan, secured by share pledge, 12% deferred interest compounded quarterly and payable at maturity, and monthly principal amortization based upon available cash flows.  

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $881,800 as of September 30, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $27,832 and $82,588, respectively.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased 9 Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of September 30, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 1,970 tons of copper scrap.  In late October 2017, Scipion’s designated collateral manager for Mac Z notified Scipion of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this Participation. The missing inventory led the Company to place Mac Z on the Watch List and on non-accrual status.

In addition to conducting its investigation, Scipion issued an event of default and is taking steps to enforce the corporate guarantee, personal guarantee and relevant pledges made for the benefit of Scipion with respect to the facility, which include two insurance policies. Scipion has placed a blocking notice on all of Mac Z’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $206,606 and $613,081, respectively. The Company believes, that as of September 30, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,349,626, accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

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Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively.   Vicentin is not the borrower, but rather agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of September 30, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $502,500. In June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  The court of appeals will decide on the commercial court’s rejection of the suspension and whether to affirm or reverse the commercial court’s final ruling in favor of IIG.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement.  

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

Given the new information learned by the Company about this investment as well as investments described under the captions, “—IIG Trade Opportunities FundB.V. Receivable” and “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, during the third quarter of 2018, with the authorization of the board of managers, the Company engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of

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fair value of these investments. For the quarter ended June 30, 2018, the Company asked the independent valuation firm to perform the limited procedures on these three investments, comprising approximately 5.3% of the total investments at fair value as of June 30, 2018,for which market quotations are not readily available.The analysis performed by the independent valuation firm is 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 the Company’s investments described under the captions “—Algodonera Avellaneda S.A.”, “—IIG Trade Opportunities FundB.V. Receivable”, and “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, 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.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,839,047 as of September 30, 2018.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is a Uruguay-based company focused on trading ofthe “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  As of the date of this filing, IIG has informed the Company that although it has reviewed its books and records, it cannot locate all of the original documents requested by the Company.  In connection with its review of this investment and in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the second quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Quarterly Report on Form 10-Q.  As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,776,412 as of September 30, 2018. The Company has placed this receivable on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $134,167 for the three and nine months ended September 30, 2018.  

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Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of September 30, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG is also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG has confirmed to the Company that FRIAR continues to operate and is a going concern.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie (see above).  As described above, the Company also learned on July 31, 2018 that IIG and Algodonera are in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG is disputing the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  FRIAR’s appeal of the commercial court’s rejection of the suspension will be determined by the court of appeals.

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of the December 31, 2017 year-end financial statements the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s continued reliance on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of September 30, 2018 is to take the average of the value resulting from the Company’s analysis and the midpoint of the independent valuation firm’s estimate of the range of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $8,425,571 as of September 30, 2018. The Company placed the Participation on non-accrual status effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $264,500 and $784,875, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942.

IIG has stated that it has been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG has informed the Company that IIG is a member of the creditors committee, which will determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter

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ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method. Therefore, based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $333,819 for the three and nine months ended September 30, 2018. The Company has estimated the fair value of the principal amount of this investment to be $10,432,518 as of September 30, 2018 based on the collateral approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through September 30, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2018, with an annual renewal option.  Ultimately, it is believed that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  Due to the uncertainty associated with the timing and final terms of such sale, the Company believes the most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $5,146,407 based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of September 30, 2018, the outstanding principal balance on this Participation was $1,326,688 and accrued interest amounted to $111,220. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, is currently working with Functional on restructuring the facility, which it believes will be completed in the near term. As of September 30, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,326,688 based on the income approach, discounted to present value using the expected yield to maturity, assuming the facility is restructured in the manner in which IIG has informed the Company it expects to be restructured.  The expected yield to maturity increased to reflect uncertainty around the restructuring.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of September 30, 2018 amount to $15,311. Repayment on the participation interest has been slower than originally anticipated due to operational delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of September 30, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

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As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2018 and December 31, 2017, was as follows:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	13,283,814		3.9	%	$	15,351,296		4.6	%
Bulk Fuel Stations and Terminals		—		0.0	%		16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.4	%		15,000,000		4.5	%
Chocolate and Cocoa Products		11,102,589		3.2	%		—		—
Coal and Other Minerals and Ores		32,087,577		9.4	%		31,254,315		9.4	%
Commercial Fishing		119,542		0.0	%		351,559		0.1	%
Communications Equipment		6,298,536		1.8	%		—		—
Consumer Products		10,106,407		3.0	%		10,960,000		3	%
Department Stores		8,193,979		2.4	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		18,527,237		5.4	%		18,527,237		5.5	%
Farm Products		16,071,075		4.7	%		7,960,987		2.4	%
Fats and Oils		5,839,047		1.7	%		12,000,000		3.6	%
Financial services		10,688,469		3.1	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,839,688		3.8	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		0.0	%		3,338,520		1.0	%
Food Products		6,640,009		1.9	%		1,072,944		0.3	%
Gas Transmission and Distribution		13,087,943		3.8	%		—		—
Groceries and Related Products		—		0.0	%		3,500,000		1.0	%
Hotels and Motels		16,231,223		4.7	%		15,807,931		4.7	%
Land Subdividers and Developers		15,911,438		4.6	%		15,411,497		4.6	%
Logging		6,840,000		2.0	%		6,840,000		2.0	%
Meat, Poultry & Fish		8,425,571		2.5	%		9,000,000		2.7	%
Metals & Mining		2,358,887		0.7	%		4,566,481		1.4	%
Personal Credit Institutions		6,006,940		1.8	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.5	%		32,000,000		9.5	%
Programming and Data Processing		14,428,329		4.2	%		15,714,764		4.7	%
Refuse Systems		21,683,864		6.3	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,349,626		5.1	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.4	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		860,222		0.3	%		1,355,600		0.4	%
Street Construction		—		0.0	%		10,861,658		3.2	%
Telephone and Telegraph Apparatus		—		0.0	%		14,388,525		4.3	%
Telephone Communications		18,487,000		5.4	%		—		—
Water Transportation		12,723,503		3.7	%		13,353,503		4.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2018 and December 31, 2017:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	29,843,543		8.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.4	%		4,740,000		1.4	%
Brazil		21,279,625		6.2	%		18,566,060		5.5	%
Cabo Verde		16,231,223		4.7	%		15,807,931		4.7	%
Cameroon		11,102,589		3.2	%		—		—
Cayman Islands		—		0.0	%		10,000,000		3.0	%
Chile		1,326,687		0.4	%		1,326,687		0.4	%
China		10,000,000		2.9	%		10,000,000		3.0	%
Colombia		6,006,940		1.8	%		3,157,735		0.9	%
Croatia		8,193,979		2.4	%		—		—
Ecuador		119,542		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		15.2	%		34,027,237		10.1	%
Guatemala		881,800		0.3	%		881,800		0.3	%
Hong Kong		30,000,000		8.8	%		41,346,389		12.3	%
Indonesia		2,358,887		0.7	%		14,193,994		4.2	%
Jersey		18,487,000		5.4	%		—		—
Kenya		12,839,688		3.8	%		12,464,320		3.7	%
Malaysia		15,000,000		4.4	%		15,000,000		4.5	%
Mauritius		—		—			3,500,000		1.0	%
Mexico		21,683,864		6.3	%		11,315,000		3.4	%
Morocco		7,349,626		2.2	%		7,349,626		2.2	%
Namibia		15,911,438		4.7	%		15,411,497		4.6	%
New Zealand		6,840,000		2.0	%		6,840,000		2.0	%
Nigeria		22,286,091		6.5	%		19,106,003		5.7	%
Peru		4,960,000		1.5	%		21,505,994		6.4	%
Romania		1,913,280		0.6	%		—		—
South Africa		7,025,265		2.1	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		2,087,577		0.6	%		20,796,451		6.2	%
Zambia		860,222		0.3	%		1,355,600		0.4	%
Uganda		4,300,000		1.3	%		—		—
Uruguay		-		0.0	%		346,215		0.1	%
N/A		5,776,412		1.7	%		—		0.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

(1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information.

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	95,690,207	$	—	$	—	$	95,690,207
Senior secured term loan participations		145,674,400		—		—		145,674,400
Senior secured trade finance participations		85,102,471		—		—		85,102,471
Short term investments		14,688,469		—		—		14,688,469
Equity warrants		1,080,222		—		—		1,080,222
Total	$	342,235,769	$	—	$	—	$	342,235,769

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The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

The following is a reconciliation of activity for the nine months ended September 30, 2018, of investments classified as Level 3: 

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized (depreciation) / Foreign exchange gain			Transfers			Fair Value at September 30, 2018
Senior secured term loans	$	78,573,493	$	20,240,532	$	(19,446,431	)	$	2,011,317	$	—		$	14,311,296		$	95,690,207
Senior secured term loan participations		119,165,378		32,629,176		(13,023,327	)		1,626,526					5,276,647			145,674,400
Senior secured trade finance participations		105,030,621		83,451,952		(93,223,644	)		—		(3,656,458	)		(6,500,000	)		85,102,471
Short term investments		32,500,000		22,000,000		(26,500,000	)		—		(223,588	)		(13,087,943	)		14,688,469
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	158,321,660	$	(152,193,402	)	$	3,637,843	$	(2,799,824	)	$	-		$	342,235,769

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2018 and 2017.

As of September 30, 2018, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2018:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	61,370,666	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	23,731,805	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	95,690,207	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	145,674,400	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	5,776,412	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,912,057	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Income approach (DCF)	Market yield	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information.     

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(3) The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” for further information.

As of December 31, 2017 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	15,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements.

For additional information concerning of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.

Note 5. Related Parties

Agreements

Advisory Agreement

On February 14, 2018, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement (the “Advisory Agreement”) until February 25, 2019.

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk.

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee that is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

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An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2018 and 2017.

Transactions

As discussed in Note 2, for the three months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $872,653, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the nine months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $3,831,414, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2018 and 2017, the Advisor earned $1,986,846, and $1,658,314, respectively, in management fees and $1,480,249 and $1,447,154, respectively, in incentive fees. For the nine months ended September 30, 2018 and 2017, the Advisor earned $5,988,274 and $4,721,832, respectively, in management fees and $4,583,508 and $3,276,012, respectively, in incentive fees.

Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. Such expenses, in an aggregate amount of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018 and no expenses have been recorded for the three months ended September 30, 2018. The Company met the Reimbursement Hurdle for the second quarter of 2018 and has recorded expenses of $387,000 for the nine months ended September 30, 2018. The $387,000 due to the Sponsor as of September 30, 2018 is included in Other payables.

As of September 30, 2018 and December 31, 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, were due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the three months ended September 30, 2018 and 2017, the Company paid $0 and $3,000, respectively, in dealer manager fees and $0 and $5,500, respectively, in selling commissions to the Company’s dealer manager for the Company’s offerings, SC Distributors, LLC. For the nine months ended September 30, 2018 and 2017, the Company paid $6,252 and $639,088, respectively, in dealer manager fees and $19,270 and $2,469,610, respectively, in selling commissions to SC Distributors, LLC. These fees and commissions were paid in connection with the sale of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s Consolidated Statements of Operations

Note 6. Organization and Offering Costs

As of September 30, 2018, the Sponsor has paid approximately $17,412,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $72,000 and $2,458,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018 and 2017, the Company paid $54,616 and $2,468,849, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through September 30, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering and organization costs and there is a remaining balance of approximately $436,100 of offering costs that have not yet been reimbursed to the Sponsor.  

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Note 7. Notes Payable

The Company notes payable consist of the following:

	September 30, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	310,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		5,000,000		5,000,000
Total notes payable	$	28,060,000	$	28,160,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74%) as determined on their issuance date.As of September 30, 2018, the Company raised $1.86 million in the offering of the Notes and $310,000 of such debt was outstanding after repayment of $1.55 million during 2017 and the first quarter of 2018. The Company does not expect to raise any additional funds pursuant to the Notes offering.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes. The Notes and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $12.25 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $17.5 million under the second Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.34% as of September 30, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

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The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants. 

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.

The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

  TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 5shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Note based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Note.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants.

For the three months ended September 30, 2018 and 2017, the Company recognized $504,954 and $215,449, respectively, in interest expense. For the nine months ended September 30, 2018 and 2017, the Company recognized $1,439,666 and $256,540, respectively, in interest expense. Due to the variable rate structure of these borrowings, the carrying basis of these debt obligations is considered to approximate their fair value.

The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows:

Year ending December 31:	Principal payments
2018	$	310,000
2019		-
2020		22,750,000
2021		5,000,000
Thereafter		-
	$	28,060,000

Note 8. Unit Capital

As of September 30, 2018, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing

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distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of September 30, 2018, the Company recorded a liability in the aggregate amount of $1,374,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability is calculated based on a net asset value per Class C, Class I and Class W units of $8.421 with a distribution fee of 0.8% for Class C units, an ongoing dealer manager fee of 0.5% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the nine months ended September 30, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2017		the Period		the Period			2018
Class A units		18,240,073		444,946		(693,579	)		17,991,440
Class C units		8,411,343		230,344		(342,789	)		8,298,898
Class I units		10,442,009		381,728		(315,347	)		10,508,390
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,124,975		(1,354,083	)		43,953,995

          The total of 7,124,975 units issued during the nine months ended September 30, 2018 included 884,619 units issued under the DRP at a value of $7,587,997.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company   at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2018, the Company received 255 repurchase requests for a total of 1,354,083 units at a repurchase price per unit of $8.507 for the first quarter of 2018 and $8.421 for the second and third quarters of 2018. As of September 30, 2018, 84 of these repurchase requests were pending processing and were completed by the Company in November 2018.

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Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2018:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,250	$	988,859	$	2,341,109
February 28, 2018	February 14, 2018	$	0.00197808		1,543,566		895,266		2,438,832
March 31, 2018	March 25, 2018	$	0.00168675		1,505,460		818,399		2,323,859
April 30, 2018	April 10, 2018	$	0.00168675		1,433,471		800,072		2,233,543
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,442,025		805,860		2,247,885
July 31, 2018	July 10, 2018	$	0.00168675		1,476,111		826,006		2,302,117
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,556		800,025		2,235,581
Total for 2018				$	13,160,235	$	7,587,997	$	20,748,232

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2018 and 2017:          

	Nine months ended
	September 30,			September 30,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.42		$	0.49
Net change in unrealized depreciation on investments	$	(0.06	)	$	-
Net increase in net assets resulting from operations	$	0.36		$	0.49
Distributions	$	(0.48	)	$	(0.54	)
Net change in accrued distribution and other fees	$	0.02		$	0.04
Net decrease in net assets	$	(0.10	)	$	(0.02	)
Net asset value at end of period (2)	$	8.31		$	8.45
Total return based on net asset value (3)		4.22	%		5.74	%
Net assets at end of period	$	365,842,078		$	312,070,024
Units Outstanding at end of period		43,953,995			36,914,426
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		6.88	%		7.70	%
Ratio of net operating expenses to average net assets		5.68	%		2.96	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2018 and 2017 which were 43,613,730 and 34,744,363, respectively.

2 For financial statement reporting purposes under GAAP, as of September 30, 2018, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows; total return: 4.23% and 4.43%, ratio of net investment income; 7.03% and 5.95%, and ratio of operating expenses to average net assets: 5.54% and 4.71%.

4 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

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Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2018, except as discussed below.

Distributions

On October 18, 2018, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2018. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units , the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units). On November 1, 2018, $1,424,542 of these distributions were paid in cash and on October 31, 2018, $820,705 were reinvested in units for those unitholders participating in the DRP.

  With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from November 1 through November 30, 2018. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 4, 2018.

 Investments

Subsequent to September 30, 2018 through November 12, 2018, the Company funded approximately $28.3 million in new investments and received proceeds from repayment of investments of approximately $1.9 million.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Company’s financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.

Except as otherwise specified, references to “we,” “us,” “our,” or the “Company,” refer to TriLinc Global Impact Fund, LLC.

Forward Looking Statements

Some of the statements in this Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:

• our future operating results;

• our ability to purchase or make investments in a timely manner;

• our business prospects and the prospects of our borrowers;

• the economic, social and/or environmental impact of the investments that we expect to make;

• our contractual arrangements and relationships with third parties;

• our ability to make distributions to our unitholders;

• the dependence of our future success on the general economy and its impact on the companies in which we invest;

• the availability of cash flow from operating activities for distributions and payment of operating expenses;

• the performance of our Advisor, our sub-advisors and our Sponsor;

• our dependence on our Advisor and our dependence on and the availability of the financial resources of our Sponsor;

• the ability of our borrowers to make required payments;

• our Advisor’s ability to attract and retain sufficient personnel to support our growth and operations;

• the lack of a public trading market for our units;

• our limited operating history;

• our ability to borrow funds;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

• performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments;

• any failure in our Advisor’s or sub-advisors’ due diligence to identify all relevant facts in our underwriting process or otherwise;

• the ability of our sub-advisors and borrowers to achieve their objectives;

• the effectiveness of our portfolio management techniques and strategies;

• failure to maintain effective internal controls; and

• the loss of our exemption from the definition of an “investment company” under the Investment Company Act of 1940, as amended.

We use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason.

The foregoing list of factors is not exhaustive. We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC.

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Overview

We make impact investments in SMEs that provide the opportunity to achieve both competitive financial returns and positive measurable impact. We were organized as a Delaware limited liability company on April 30, 2012. We have operated and intend to continue to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940, as amended. We use 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, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. A substantial portion of our assets consists of collateralized private debt instruments, which we believe offer opportunities for competitive risk-adjusted returns and income generation. We are externally managed and advised by TriLinc Advisors, LLC, or the Advisor. The Advisor is an investment advisor registered with the SEC.

Our business strategy is to generate competitive financial returns and positive economic, social and environmental impact by providing financing to SMEs, which we define as those business having less than 500 employees, primarily in developing economies. To a lesser extent, we 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. We generally expect that such investments will have similar investment characteristics as SMEs as defined by us. Our style of investment is referred to as impact investing, which J.P. Morgan Global Research and Rockefeller Foundation in a 2010 report called “an emerging alternative asset class” and defined as investing with the intent to create positive impact beyond financial return. We believe it is possible to generate competitive financial returns while creating positive, measurable impact. We measure the economic, social and environmental impact of our investments using industry-standard metrics, including the Impact Reporting and Investment Standards. Through our investments in SMEs, we intend to enable job creation and stimulate economic growth.

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we were offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary offering consisting of Class A and Class C units at initial offering prices of $10.00 and $9.576 per unit, respectively, and Class I units at $9.025 per unit, and up to $250 million of units pursuant to the Distribution Reinvestment Plan. SC Distributors, LLC was the dealer manager for the Offering. In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. On June 11, 2013, we satisfied the 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 we commenced operations. The Offering terminated on March 31, 2017.  Through the termination of the Offering, we raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the Distribution Reinvestment Plan.

Upon termination of the Offering, we registered $75 million in Class A, Class C and Class I units to continue to be offered pursuant to our Distribution Reinvestment Plan to the investors who have purchased units in the Offering. On March 7, 2018, our board of managers approved an amendment to our distribution reinvestment plan, pursuant to which, commencing with distributions declared for the month of March 2018, units issued pursuant to the Distribution Reinvestment Plan are being offered at the price equal to the net asset value per unit of each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of reinvestment. Distributions declared for the month of June 2018 were reinvested at a price equal to $8.421 for Class A units, Class C units, and Class I units, which was the net asset value per unit as of March 31, 2018, the most recently disclosed net asset value per unit at the time of reinvestment. We will offer units pursuant to the Distribution Reinvestment Plan until we sell all of $75 million worth of units, although our board may determine to terminate the offering prior thereto.  The offering must be registered or exempt from registration in every state in which we offer or sell units. If the offering is not exempt from registration, the required registration generally is for a period of one year. Therefore, we may have to stop selling units in any state in which the registration is not renewed annually and the offering is not otherwise exempt from registration.

For the nine months ended September 30, 2018, we issued 884,619 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $7,587,997. In addition, for the nine months ended September 30, 2018, we issued 6,240,356 of our units for gross proceeds of approximately $53,117,000 pursuant to a private placement. As of September 30, 2018, we had issued 47,446,585 of our units, including 3,333,914 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $445,447,000 including approximately $29,688,000 reinvested under our Distribution Reinvestment Plan (before dealer manager fees of approximately $4,786,000 and selling commissions of $16,924,000, for net proceeds of $423,737,000).

Investments

Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. These objectives are achieved primarily through SME trade finance and term loan financing, while employing rigorous risk-mitigation and due diligence practices, and transparently measuring and reporting the economic, social and environmental impacts of our investments. The majority of our investments are senior and other collateralized loans to SMEs with established, profitable businesses in developing economies. With the eleven sub-advisors that we have contracted to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-20 million per transaction for

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direct SME loans and $500,000 to $15 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments will continue to be primarily credit facilities to developing economy SMEs, including trade finance and term loans, through the Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of September 30, 2018, more than a majority of our investments were in the form of participations and we expect that future investments will continue to be primarily participations. We typically provide financing that is collateralized, has a short to medium-term maturity and is self-liquidating through the repayment of principal. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow us to buy shares of the portfolio company at a given price, which we will exercise at our discretion during the life of the portfolio company. Our goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. Typically, these warrants and equity interests are illiquid.  In addition, we expect that any warrants or other return enhancements received when we make or invest in loans may require several years to appreciate in value and may not appreciate at all.

Revenues

Since we anticipate that the majority of our assets will consist of trade finance instruments and term loans, we expect that the majority of our revenue will continue to be generated in the form of interest. Our senior and subordinated debt investments may bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semi-annually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally is due at the maturity date. In addition, we generate revenue in the form of acquisition and other fees in connection with some transactions. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Our primary operating expenses include the payment of asset management fees and expenses reimbursable to our Advisor under the Advisory Agreement. We bear all other costs and expenses of our operations and transactions.

Since our inception, our Sponsor has assumed the majority of our operating expenses under the terms of the Responsibility Agreement. As of September 30, 2018, the Sponsor has agreed to pay a cumulative total of approximately $16.7 million of operating expenses, of which, $16.3 million have not been reimbursed to the Sponsor.

Portfolio and Investment Activity

During the nine months ended September 30, 2018, we invested approximately $158,322,000 across 20 separate portfolio companies, including 7 new borrowers. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, short term notes, and equity warrants. Additionally, we received proceeds from repayments of investment principal of approximately $152,193,000.

At September 30, 2018 and December 31, 2017, the Company’s investment portfolio included 44 and 43 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of September 30, 2018					As of December 31, 2017
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	95,690,207		28.0	%	$	78,573,493		23.5	%
Senior secured term loan participations		145,674,400		42.5	%		119,165,378		35.5	%
Senior secured trade finance participations		85,102,471		24.9	%		105,030,621		31.3	%
Short term investments *		14,688,469		4.3	%		32,500,000		9.7	%
Equity warrants		1,080,222		0.3	%		-		-
Total investments	$	342,235,769		100.0	%	$	335,269,492		100.0	%

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*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.

As of September 30, 2018, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term investments were 12.0%, 13.3%, 12.6%, and 11.3%, respectively, for a weighted average yield on investments of approximately 12.7% on our total portfolio.  

As of December 31, 2017, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term investments were 10.6%, 13.5%, 12.5%, and 8.4%, respectively, for a weighted average yield on investments of approximately 11.9% on our total portfolio.

As of September 30, 2018, we had the following investments, listed by description of the underlying borrower (if applicable):

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Description	Sector	Industry Classification (1)	Country	Interest	Maturity (2)		Principal Amount		Fair Value
IT Service Provider	Programming and Data Processing	Access to Technology	Brazil	13.50%	10/21/2022		$	14,428,329	$	14,428,329
Sugar Producer	Agricultural Products	Sustainable Agriculture & Agroprocessing	Brazil	12.43%	12/15/2020	(3)		2,851,296		2,851,296
Minor Metals Resource Trader	Secondary Nonferrous Metals	Responsible Metals Distribution	China	12.00%	6/22/2021			10,000,000		10,000,000
Consumer Lender	Personal Credit Institutions	Inclusive Finance	Colombia	11.25%	8/1/2021			6,006,940		6,006,940
Resource Trader	Coal and Other Minerals and Ores	Responsible Natural Resources Distribution	Hong Kong	11.50%	12/27/2020			15,000,000		15,000,000
Wholesale Distributor	Chemicals and Allied Products	Responsible Industrial Goods Distribution	Malaysia	12.00%	3/31/2020			15,000,000		15,000,000
Waste to Fuels Processor	Refuse Systems	Recycling	Mexico	14.50% PIK	7/27/2021	(4)		20,603,642		21,683,864
Sustainable Timber Exporter	Logging	Sustainable Forestry	New Zealand	11.50%	2/10/2021			6,840,000		6,840,000
Diaper Manufacturer	Consumer Products	Responsible Consumer Goods Production	Peru	12.00% - 13.34%	7/28/2021	(3)		4,960,000		4,960,000
SME Financier	Short-Term Business Credit	Inclusive Finance	Botswana	12.04%	8/18/2021			4,740,000		4,740,000
Hospitality Service Provider	Hotels and Motels	Infrastructure Development	Cabo Verde	10.00% Cash/3.50% PIK	8/21/2021			16,231,223		16,231,223
Mall Operator	Department Stores	Infrastructure Development	Croatia	5.50% Cash/7.50% PIK	1/23/2021			7,893,393		8,193,979
Tank Farm Operator	Petroleum and Petroleum Products	Responsible Fuel Storage	Ghana	12.00%	8/10/2021			15,500,000		15,500,000
Power Producer	Electric Services	Responsible Power Generation	Ghana	12.53%	8/31/2021			18,527,237		18,527,237
LNG Infrastructure Developer	Gas Transmission and Distribution	Responsible Power Generation	Ghana	15.52%	6/13/2021			13,087,943		13,087,943
Vessel Operator	Metals & Mining	Responsible Metals Production	Indonesia	11.00%	6/8/2020			2,358,887		2,358,887
Mobile Network Operator	Telephone Communications	Access to Technology	Jersey	12.35%	3/28/2023			19,000,000		18,487,000
Freight and Cargo Transporter	Freight Transportation Arrangement	Responsible Logistics Management	Kenya	9.57% Cash/4.00% PIK	3/31/2023			12,839,688		12,839,688
Property Developer	Land Subdividers and Developers	Infrastructure Development	Namibia	8.50% Cash/4.00% PIK	8/15/2021			16,005,188		15,911,438
Marine Logistics Provider	Water Transportation	Responsible Logistics Management	Nigeria	12.60%	9/16/2020			12,762,670		12,723,503
Bread Manufacturer	Food Products	Responsible Consumer Goods Production	Romania	13.00%	7/18/2021			1,940,000		1,913,280
Grain Processor	Farm Products	Sustainable Agriculture & Agroprocessing	Uganda	12.00%	12/31/2020			4,300,000		4,300,000
FMCG Manufacturer	Soap, Detergents, and Cleaning	Responsible Consumer Goods Production	Zambia	11.00%	11/16/2019			860,222		860,222
Agriculture Distributor	Agricultural Products	Sustainable Agriculture & Agroprocessing	Argentina	10.45%	6/30/2018	(3)		12,500,000		10,432,518
Dairy Co-Operative	Consumer Products	Sustainable Dairy Production	Argentina	10.67%	7/29/2018	(3)		6,000,000		5,146,407
Beef Exporter	Meat, Poultry & Fish	Sustainable Agriculture & Agroprocessing	Argentina	11.50%	8/31/2017	(3)		9,000,000		8,425,571
Oilseed Distributor	Fats and Oils	Sustainable Agriculture & Agroprocessing	Argentina	9.00%	8/31/2017	(3)		6,000,000		5,839,047
Cocoa & Coffee Exporter	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Cameroon	16.42% - 17.50%	10/13/2018 - 12/31/2018			11,102,589		11,102,589
Chia Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Chile	10.90%	3/4/2018	(3)		1,326,687		1,326,687
Fish Processor & Exporter	Commercial Fishing	Sustainable Aquaculture & Processing	Ecuador	9.00%	6/19/2019			119,542		119,542
Sesame Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Guatemala	12.00%	3/31/2016	(3)		881,800		881,800
Non-Ferrous Metal Trader	Coal and Other Minerals and Ores	Responsible Metals Distribution	Hong Kong	11.50%	1/2/2019 - 2/14/2019			15,000,000		15,000,000
Scrap Metal Recycler	Secondary Nonferrous Metals	Recycling	Morocco	11.00%	7/31/2018	(3)		7,349,626		7,349,626
Cocoa Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	17.50%	9/19/2018 - 10/20/2018			2,552,529		2,552,529
Cocoa Distribution	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	17.50%	9/19/2018 - 11/2/2018			2,880,461		2,880,461

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Cocoa Producer	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	14.50% - 17.50%	10/22/2018 - 12/28/2018		2,342,872		2,342,872
Cocoa Trader	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	14.50% - 17.50%	10/03/2018 - 12/27/2018		1,786,726		1,786,726
Fruit & Nut Distributor	Food Products	Sustainable Agriculture & Agroprocessing	South Africa	10.00%	5/22/2015	(3)	785,806		726,729
Electronics Assembler	Communications Equipment	Access to Technology	South Africa	12.00% - 13.00%	1/7/2019 - 1/25/2019		6,298,536		6,298,536
Pharmaceuticals Distributor	Drugs, Proprietaries, and Sundries	Access to Healthcare and Pharmaceuticals	United Arab Emirates	14.60%	6/30/2018	(3)	803,254		803,254
Metals Trader	Coal and Other Minerals and Ores	Responsible Metals Distribution	United Kingdom	11.55%	11/21/2018		2,087,577		2,087,577
Fruit Juice Processor	Food Products	Short Term Notes	Brazil	10.50%	12/26/2018		4,000,000		4,000,000
Funds held in escrow	Financial services	Other	Ghana	15.34%	N/A		4,912,057		4,912,057
Receivable from IIG TOF B.V.	Financial services	Other	N/A	8.75%	N/A	(3)	6,000,000		5,776,412
Total Investments								$	342,235,769

¹    In the periods prior to December 31, 2017, the Company used Standard Industrial Classification (SIC) codes for purposes of presentation of its investments in publicly filed and other offering documents. There are several industry classification systems widely used by the investment industry and there is no specific industry classification system the Company is required to use either internally or in its public materials. The Company believes that the traditional industrial classification systems, including SIC codes, do not accurately reflect the sustainable nature of certain of the Company’s investments and, in some cases, may be misleading. Therefore, starting with the quarter ended December 31, 2017, the Company determined to use a Company created industry classification system for presentation of its investments, which the Company believes will be more appropriate in light of the sustainable nature of the Company’s investments.

²  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.

³ See Watch List Investments section below for further information.

⁴ This investment consists of a senior secured term loan and equity warrants in the borrower.

As of September 30, 2018, the composition our investments based on the Company created industry classification was as follows:

Industry Classification	Value		of Total
Access to Healthcare and Pharmaceuticals	$	803,254		0.2	%
Access to Technology		39,213,866		11.5	%
Inclusive Finance		10,746,940		3.1	%
Infrastructure Development		40,336,640		11.8	%
Recycling		29,033,490		8.5	%
Responsible Consumer Goods Production		7,733,502		2.3	%
Responsible Fuel Storage		15,500,000		4.5	%
Responsible Industrial Goods Distribution		15,000,000		4.4	%
Responsible Logistics Management		25,563,191		7.5	%
Responsible Metals Distribution		27,087,577		7.9	%
Responsible Metals Production		2,358,887		0.7	%
Responsible Natural Resources Distribution		15,000,000		4.4	%
Responsible Power Generation		31,615,180		9.2	%
Short Term Notes		4,000,000		1.2	%
Sustainable Agriculture & Agroprocessing		55,448,825		16.2	%
Sustainable Aquaculture & Processing		119,542		0.0	%
Sustainable Dairy Production		5,146,407		1.5	%
Sustainable Forestry		6,840,000		2.0	%
Other		10,688,469		3.1	%
Total	$	342,235,769		100.0	%

Concentration Limits

The Company is subject to the following concentration limits:

• Maximum 45% regional exposure

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• Maximum 20% country exposure

• Maximum 5% individual investment exposure

We may only make investments that do not cause us to exceed these limits on the date of investment.  These limits are calculated as a percentage of the aggregate of all outstanding principal balances on our investments and our cash balances on the date of investment.  As of September 30, 2018, the Company was in compliance with all of the above concentration limits.

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List.   For all Watch List investments, the Company evaluates: (i) liquidation value of collateral, (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower).

Corporacion Prodesa S.R.L.

As of September 30, 2018, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, is comprised of two senior secured term loans with an aggregate balance of $3,210,000, and a senior secured trade finance revolving credit facility for $1,750,000. The total accrued interest balance as of September 30, 2018 amounts to $674,320, including $466,103 of deferred interest payable at maturity. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Prodesa loans as of September 30, 2018 at $4,960,000 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of September 30, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $285,502.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. The Company and Usivale have agreed to an extension of the 2017 principal payment (spread evenly across the final three years of the loan, such that remaining principal payments are comprised of approximately 20% / 20% / 60% amortization, respectively, over the next 3 years). The extension was agreed to in exchange for a flat 0.5% extension fee on the outstanding balance and an increase in pledged contracts. The 2017 annual interest payment has been received in full and the 2018 annual interest payment is due in the fourth quarter of 2018.

As of September 30, 2018, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices. As of September 30, 2018, accrued interest amounted to $285,502.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of September 30, 2018, the total balance

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outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $35,143 and $104,283, respectively for the three and nine months ended September 30, 2018. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $726,729 as of September 30, 2018 based on the income approach, discounted to present value using the loan’s yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”), with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of September 30, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  The Company’s existing Participation in this trade finance facility is near the final stages of being restructured to a Participation in a term loan with Profasa as the borrower and the following terms: 3-year senior secured term loan, secured by share pledge, 12% deferred interest compounded quarterly and payable at maturity, and monthly principal amortization based upon available cash flows.  

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $881,800 as of September 30, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $27,832 and $82,588, respectively.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased 9 Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of September 30, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 1,970 tons of copper scrap.  In late October 2017, Scipion’s designated collateral manager for Mac Z notified Scipion of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this Participation. The missing inventory led the Company to place Mac Z on the Watch List and on non-accrual status.

In addition to conducting its investigation, Scipion issued an event of default and is taking steps to enforce the corporate guarantee, personal guarantee and relevant pledges made for the benefit of Scipion with respect to the facility, which include two insurance policies. Scipion has placed a blocking notice on all of Mac Z’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $206,606 and $613,081, respectively. The Company believes, that as of September 30, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,349,626,

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accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively.   Vicentin is not the borrower, but rather agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of September 30, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $502,500. In June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  The court of appeals will decide on the commercial court’s rejection of the suspension and whether to affirm or reverse the commercial court’s final ruling in favor of IIG.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement.  

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

Given the new information learned by the Company about this investment as well as investments described under the captions, “—IIG Trade Opportunities FundB.V. Receivable” and “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”,

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during the third quarter of 2018, with the authorization of the board of managers, the Company engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of these investments. For the quarter ended June 30, 2018, the Company asked the independent valuation firm to perform the limited procedures on these three investments, comprising approximately 5.3% of the total investments at fair value as of June 30, 2018,for which market quotations are not readily available.The analysis performed by the independent valuation firm is 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 the Company’s investments described under the captions “—Algodonera Avellaneda, S.A.”, “—IIG Trade Opportunities FundB.V. Receivable”, and “—Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay”, 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.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,839,047 as of September 30, 2018.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is a Uruguay-based company focused on trading ofthe “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda, S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  As of the date of this filing, IIG has informed the Company that although it has reviewed its books and records, it cannot locate all of the original documents requested by the Company.  In connection with its review of this investment and in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the second quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Quarterly Report on Form 10-Q.  As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,776,412 as of September 30, 2018. The Company has placed this receivable on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $134,167 for the three and nine months ended September 30, 2018.  

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Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of September 30, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG is also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG has confirmed to the Company that FRIAR continues to operate and is a going concern.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie (see above).  As described above, the Company also learned on July 31, 2018 that IIG and Algodonera are in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG is disputing the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  FRIAR’s appeal of the commercial court’s rejection of the suspension will be determined by the court of appeals.

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of the December 31, 2017 year-end financial statements the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s continued reliance on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of September 30, 2018 is to take the average of the value resulting from the Company’s analysis and the midpoint of the independent valuation firm’s estimate of the range of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $8,113,948 as of September 30, 2018. The Company placed the Participation on non-accrual status effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $264,500 and $784,875, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation from IIG in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942.

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IIG has stated that it has been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG has informed the Company that IIG is a member of the creditors committee, which will determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method. Therefore, based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $333,819 for the three and nine months ended September 30, 2018. The Company has estimated the fair value of the principal amount of this investment to be $10,432,518 as of September 30, 2018 based on the collateral based approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through September 30, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2018, with an annual renewal option.  Ultimately, it is believed that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  Due to the uncertainty associated with the timing and final terms of such sale, the Company believes the most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $5,146,407 based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.    As of September 30, 2018, the outstanding principal balance on this Participation was $1,326,688 and accrued interest amounted to $111,220. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, is currently working with Functional on restructuring the facility, which it believes will be completed in the near term. As of September 30, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,326,688 based on the income approach, discounted to present value using the expected yield to maturity, assuming the facility is restructured in the manner in which IIG has informed the Company it expects to be restructured.  The expected yield to maturity increased to reflect uncertainty around the restructuring.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of September 30, 2018 amount to $15,311. Repayment on the participation interest has been slower than originally anticipated due to operational delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of September 30, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

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Results of Operations

Consolidated operating results for the three and nine months ended September 30, 2018 and 2017 are as follows:

	Three months ended					Nine months ended
	September 30, 2018		September 30, 2017			September 30, 2018		September 30, 2017
Interest income	$	11,092,764	$	9,659,965		$	33,323,808	$	23,039,392
Interest from cash		52,940		82,008			136,106		331,827
Total investment income		11,145,704		9,741,973			33,459,914		23,371,219
Management fees		1,986,846		1,658,314			5,988,274		4,721,832
Incentive fees		1,480,249		1,447,154			4,583,508		3,276,012
Professional fees		775,584		254,790			1,256,378		923,991
General and administrative expenses		422,456		323,273			1,307,687		989,505
Interest expense		504,954		215,449			1,439,666		256,540
Board of managers fees		54,375		54,375			163,125		163,125
Total expenses		5,224,464		3,953,355			14,738,638		10,331,005
Expense support payment to (from) Sponsor		-		(872,653	)		387,000		(3,831,414	)
Net expenses		5,224,464		3,080,702			15,125,638		6,499,591
Net investment income	$	5,921,240	$	6,661,271		$	18,334,276	$	16,871,628

Revenues

Three months ended September 30, 2018 and 2017

 For the three months ended September 30, 2018 and 2017, total investment income amounted to $11,145,704 and $9,741,973, respectively.  Interest income increased by $1,432,799 during the three months ended September 30, 2018 from the same period in 2017 as a result of an increase in our weighted average investment portfolio of approximately $78,483,000 offset by a decrease in the weighted average yield of approximately 1.4% from a weighted average yield of 13.7% for the three months ended September 30, 2017 to approximately 12.3% for the three months ended September 30, 2018. The decrease in yield was primarily due to a change in the mix of investments in our portfolio and increase in non-accrual loans.

During the three months ended September 30, 2018, $8,009,102 or 72.2% of the interest income earned came from loan and trade finance participations and $3,083,417 or 27.8% came from direct loans. In addition, we earned $52,940 in interest income on our cash balances.

During the three months ended September 30, 2017, $7,398,310 or 76.6% of the interest income earned came from loan participations and $2,260,570 or 23.4% came from direct loans. In addition, we earned $82,008 in interest income on our cash balances.  

Nine months ended September 30, 2018 and 2017

For the nine months ended September 30, 2018 and 2017, total investment income amounted to $33,459,914 and $23,371,219, respectively.  Interest income increased by $10,284,416 during the nine months ended September 30, 2018 from the same period in 2017 as a result of an increase in our weighted average investment portfolio of approximately $116,478,000 offset by a decrease in the weighted average yield of approximately 0.4% from a weighted average yield of 12.8% for the nine months ended September 30, 2017 to approximately 12.4% for the nine months ended September 30, 2018.

During the nine months ended September 30, 2018, $23,358,783 or 70.1% of the interest income earned came from loan and trade finance participations and $9,965,025 or 29.9% came from direct loans. In addition, we earned $136,106 in interest income on our cash balances.

During the nine months ended September 30, 2017, $18,549,103 or 80.5% of the interest income earned came from loan and trade finance participations and $4,489,204 or 19.5% came from direct loans. In addition, we earned $331,827 in interest income on our cash balances.

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Expenses

Three months ended September 30, 2018 and 2017

Total operating expenses, excluding the management and incentive fees, incurred for the three months ended September 30, 2018 increased by $909,482 to $1,757,369 from $847,887 for the three months ended September 30, 2017.  The increase was primarily due to the following: 1) an increase in interest expense of $289,505, which was attributable to the addition of leverage, 2) an increase in general and administrative expenses of $99,183, which was primarily due to an increase in expense reimbursements to our sub-advisors, and 3) an increase in professional fees of $520,794, which was due in part to additional fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and the preparation of our Quarterly Report on Form 10-Q for the period ended June 30, 2018. Our Sponsor did not assume responsibility for any of our operating expenses for the three months ended September 30, 2018 and 2017.

For the three months ended September 30, 2018 and 2017, the management fees amounted to $1,986,846 and $1,658,314, respectively. The incentive fees for the three months ended September 30, 2018 and 2017 amounted to $1,480,249 and $1,447,154, respectively.  None of the management fee for both periods ended September 30, 2018 and 2017 was assumed by our Sponsor under the Responsibility Agreement. In addition, for the three months ended September 30, 2017, $872,653 of the incentive fees was assumed by the Sponsor under the Responsibility Agreement.  The increases in the management fees was due to our increase in net assets.

Nine months ended September 30, 2018 and 2017

Total operating expenses, excluding the management and incentive fees, incurred for the nine months ended September 30, 2018 increased by $1,833,695 to $4,166,856 from $2,333,161 for the nine months ended September 30, 2017.  The increase was primarily due to the following: 1) an increase in interest expense of $1,183,126, which was attributable to the addition of leverage, 2) an increase in general and administrative expenses of $318,182, which was primarily due to an increase in expense reimbursements to our sub-advisors; and 3) an increase in professional fees of $332,387, which was due in part to additional fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and the preparation of our Quarterly Report on Form 10-Q for the period ended June 30, 2018. Our Sponsor did not assume responsibility for any of our operating expenses for the nine months ended September 30, 2018 while $1,129,903 of expenses paid or incurred by us were assumed by our Sponsor under the Responsibility Agreement for the nine months ended September 30, 2017.

For the nine months ended September 30, 2018 and 2017, the management fees amounted to $5,988,274 and $4,721,832, respectively. The incentive fees for the nine months ended September 30, 2018 and 2017 amounted to $4,583,508 and $3,276,012 respectively.  None of the management fee for both periods ended September 30, 2018 and 2017 was assumed by our Sponsor under the Responsibility Agreement.  In addition, for the nine months ended September 30, 2017, $2,701,511 of the incentive fees was assumed by the Sponsor under the Responsibility Agreement, while none of the incentive fee for the nine months ended September 30, 2018 was assumed by our Sponsor. 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments. We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment fair market values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We had no realized gains or losses for the three and nine months ended September 30, 2018 and 2017. We recorded unrealized gains of $1,080,222 for the three months ended September 30, 2018. For the nine months ended September 30, 2018, we recorded net unrealized losses of $2,799,824. We had no unrealized gains or losses for the three and nine months ended September 30, 2017.

Changes in Net Assets from Operations. For the three months ended September 30, 2018, we recorded a net increase in net assets resulting from operations of $7,000,812, which consisted of net investment income, of $5,921,240, net change in unrealized appreciation on investments of $1,080,222 and foreign exchange loss of $650. For the three months ended September 30, 2017, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $6,661,271.

For the nine months ended September 30, 2018, we recorded a net increase in net assets resulting from operations of $15,524,275 which consisted of net investment income, of $18,334,276, net change in unrealized depreciation on investments of

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$2,799,824 and foreign exchange loss of $10,177. For the nine months ended September 30, 2017, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $16,871,628.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2018, we had approximately $44 million in cash. This was a large increase from the prior quarter where we had approximately $11 million in cash, which was due to significant prepayments along with delays in deployment on a couple of large potential investments. We generate cash primarily from cash flows from private placements of our units, interest, dividends and fees earned from our investments and principal repayments, and proceeds from sales of our investments and from sales of promissory notes. We may also generate cash in the future from debt financing. Our primary use of cash will be to make loans, either directly or through participations, payments of our expenses, payments on our notes and any other borrowings, and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. From the beginning of the Company’s operations until December 31, 2017, our Sponsor has absorbed a significant portion of our operating expenses under the Responsibility Agreement in the amount of approximately $16.7 million. The Company may only reimburse the Sponsor for expenses covered under the Responsibility Agreement 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 Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company Expenses.  The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. Thus, such amounts are not yet payable by the Company to the Sponsor. Following the end of the primary offering, which terminated on March 31, 2017, the Sponsor can demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.  Such reimbursements to the Sponsor would affect the amount of cash available to the Company to pay distributions and/or make investments.

Our Sponsor is under no obligation to pay our operating expenses and, if our Sponsor does not absorb our operating expenses, the distributions we pay to our unitholders may need to be reduced. Our Sponsor determined not to pay for any operating expenses for the fourth quarter of 2017 and the first and second quarters of 2018. Commencing with distributions payable for the month of March 2018, our board of managers approved a decrease in our daily distribution rate from $0.00197808 to $0.00168675 per unit, per day (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders). If our Sponsor continues not to absorb our operating expenses in the future and we do not generate sufficient investment income to cover our operating expenses, the distributions we pay to our stockholders may need to be further reduced.

We may borrow funds to make investments. We have not decided to what extent going forward we will finance portfolio investments using debt or the specific form that any such financing would take, but we believe that obtaining financing is necessary for the Company to fully achieve its long-term goals.  We have been, and still are, actively seeking further financing through both development banks and several commercial banks. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such arrangement. On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of four issuances of notes pursuant to an ongoing private offering of senior secured promissory notes targeting $100 million. On February 17, 2017, TGIFC issued an additional $225,000 in the second series of notes under the private offering. As of September 30, 2018, we had raised $1.86 million in the note offering and $310,000 of such debt was outstanding after repayment of $1.55 million during 2017 and the first quarter of 2018. On July 3, 2017, TGIFC entered into a $10.5 million facility agreement with Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer (“Symbiotics Facility”). On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer.  On December 5, 2017, TGIFC received an additional $2.5 million under the second tranche of financing under the Symbiotics Facility.  As of September 30, 2018, TGIFC has $22.75 million total outstanding under the Symbiotics Facility and may request an additional $17.5 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding.  For more information on this facility, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable— Symbiotics Facility.” On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering to State Street Australia Ltd ACF Christian Super. For more information on this note, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable—Christian Super Promissory Note.” As of September 30, 2018, we have $28,060,000 in total debt outstanding with a debt to equity ratio of 7.7%.

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Contractual Obligations and Commitments

The following table shows our payment obligations for repayment of debt, which represent our total contractual obligations as of September 30, 2018:

	Total		Less than 1 Year		1 - 3 Years		3- 5 years		More than 5 years
Notes payable	$	28,060,000	$	310,000	$	22,750,000	$	5,000,000	$	-
Total contractual obligations	$	28,060,000	$	310,000	$	22,750,000	$	5,000,000	$	-

We have included the following information related to commitments of the Company to further assist investors in understanding the Company’s outstanding commitments.

We have entered into certain contracts under which we have material future commitments. Our Advisory Agreement between us and the Advisor, dated as of February 25, 2014, had previously been renewed and is subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor. On February 14, 2018, our board of managers determined to extend our Advisory Agreement until February 25, 2019. The Advisor will serve as our advisor in accordance with the terms of our Advisory Agreement. Payments under our Advisory Agreement in each reporting period will consist of (i) an asset management fee equal to a percentage of the value of our gross assets, as defined in the agreement, and (ii) the reimbursement of certain expenses. Certain subordinated fees based on our performance are payable after our subordination is met.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Advisory Agreement.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. The Company reimburses organization and offering expenses to the Sponsor to the extent that the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0 % of the gross offering proceeds raised from the offering. As of September 30, 2018, there is a remaining balance of approximately $436,700 of offering costs that have not been reimbursed to the Sponsor.  

Pursuant to the terms of the Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through December 31, 2017 and may pay additional accrued operating expenses of the Company, which may not be reimbursable to the Sponsor if the Company does not satisfy the Reimbursement Hurdle. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $16.3 million through September 30, 2018.

Distributions

We have paid distributions commencing with the month beginning July 1, 2013, and we intend to continue to pay distributions on a monthly basis. From time to time, we may also pay interim distributions at the discretion of our board. Distributions are subject to the board of managers’ discretion and applicable legal restrictions and accordingly, there can be no assurance that we will make distributions at a specific rate or at all. Distributions are made on all classes of our units at the same time. The cash distributions received by our unitholders with respect to the Class C units, Class W units and certain Class I units, are and will continue to be lower than the cash distributions with respect to Class A and certain other Class I units because of the distribution fee relating to Class C units, the ongoing dealer manager fee relating to Class W units and Class I units issued pursuant to a private placement and the ongoing service fee relating to the Class W units, which are expenses specific to those classes of units. Amounts distributed to each class are allocated among the unitholders in such class in proportion to their units. Distributions are paid in cash or reinvested in units, for those unitholders participating in the DRP. For the nine months ended September 30, 2018, we paid a total of $20,748,232 in distributions, comprised of $13,160,235 paid in cash and $7,587,997 reinvested under our DRP.

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The following table summarizes our distributions declared for 2018 and 2017, including the breakout between the distributions paid in cash and those reinvested pursuant to our DRP:

									Sources
Quarters ended	Amount per Unit		Cash Distributions		Distributions Reinvested		Total Declared		Cash Flows from Operating Activities		Cash Flows from Financing Activities
March 31, 2018	$	0.17377	$	4,401,276	$	2,702,524	$	7,103,800	$	4,401,276	$	—
June 30, 2018	$	0.15349		4,365,046		2,433,854		6,798,900		4,365,046		—
September 30, 2018	$	0.15518		4,393,913		2,451,619		6,845,532		4,393,913		—
Total for 2018			$	13,160,235	$	7,587,997	$	20,748,232	$	13,160,235	$	—
March 31, 2017	$	0.17377	$	3,060,697	$	2,505,036	$	5,565,733	$	3,060,697	$	—
June 30, 2017	$	0.17570		3,563,882		2,877,370		6,441,252		3,563,882		—
September 30, 2017	$	0.17570		3,720,660		2,939,388		6,660,048		3,720,660		—
December 31, 2017	$	0.17764		3,940,204		2,945,618		6,885,822		3,940,204		—
Total for 2017			$	14,285,443	$	11,267,412	$	25,552,855	$	14,285,443	$	—

Related Party Transactions

For the nine months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $3,831,414 of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.

For the nine months ended September 30, 2018 and 2017, the Advisor earned $5,988,274 and $4,721,832, respectively in management fees and $4,583,508 and $3,276,012, respectively, in incentive fees.

Since the inception of the Company through September 30, 2018, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018 and has recorded expenses of $387,000 for the nine months ended September 30, 2018, which are payable to the Sponsor as of September 30, 2018.

As of September 30, 2018 and December 31, 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the nine months ended September 30, 2018 and 2017, the Company paid $6,252 and $636,088, respectively, in dealer manager fees and $19,270 and $2,465,110, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. All of the selling commissions and the dealer manager fees paid during the nine months ended September 30, 2018 were paid in connection with a private placement of the Company’s units. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations.

Legal Proceedings

The Company is not party to any material legal proceedings.

Subsequent Events

Distributions

On October 18, 2018, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2018. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units , the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class

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W units). On November 1, 2018, $1,424,542 of these distributions were paid in cash and on October 31, 2018, $820,705 were reinvested in units for those unitholders participating in the DRP.

With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from November 1 through November 30, 2018. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to certain Class I units and Class W units and an ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 4, 2018.

Investments

Subsequent to September 30, 2018 through November 12, 2018, the Company funded approximately $28.3 million in new trade finance participations and received proceeds from repayment of trade finance participations of approximately $1.9 million.

Critical Accounting Policies and Use of Estimates

The following discussion addresses the accounting policies that we utilize based on our current operations. Our most critical accounting policies involve decisions and assessments that could affect our reported assets and liabilities, as well as our reported revenues and expenses. We believe that all of the decisions and assessments upon which our financial statements are based are reasonable at the time made and based upon information available to us at that time. Our critical accounting policies and accounting estimates will be expanded over time as we continue to implement our business and operating strategy. In addition to the discussion below, we also describe our critical accounting policies in the notes to our financial statements.

Basis of Presentation

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties.

Although we were organized and conduct our business in a manner so that we are not required to register as an investment company under the Investment Company Act of 1940, as amended, our financial statements are prepared using the specialized accounting principles of the FASB ASC Topic 946, Financial Services — Investment Companies. Overall, we believe that the use of investment company accounting makes our financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

Valuation of Investments

Our board of managers has established procedures for the valuation of our investment portfolio in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, 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.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These

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investments include debt and equity investments in private companies or assets valued using the market, income, 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 that 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 our investments are private investments in companies whose securities are not actively traded in the market and for which quotations are not be 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, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor;

2. For all investments with a stated maturity of greater than 12 months, we have engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of our board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion and report rendered by the independent valuation firm; and

4. Our board of managers discusses the valuations and determine the fair value of each investment in our 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. Our 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 our board of managers may consider when valuing our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (DiscountedCash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• 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

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• Historical and projected financial performance of the borrower based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type and value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Company’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, we 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. We may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors we deem relevant in measuring the fair values of our investments.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. We do not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method.

We record prepayment fees for loans and debt securities paid back to us prior to the maturity date as income upon receipt.

We generally place loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that we will collect principal or interest. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Advisor’s judgment, is likely to remain current over the remainder of the term. At September 30, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the companies on non-accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively, for the three and nine months ended September 30, 2018.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

We may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively.  There was no PIK interest earned for the three and nine months ended September 30, 2017.

Distribution and Ongoing Dealer Manager and Services Fees

We pay a distribution fee equal to 0.8% per annum of our 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, we pay an ongoing dealer manager fee for each Class I and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee

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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 us; (y) the listing of the Class I units or Class W units on a national securities exchange, our sale or the sale of all or substantially all of our assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, we pay 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 us; (y) the listing of the Class W units on a national securities exchange, our sale or the sale of all or substantially all of our 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.

In prior periods, we had been recording distribution fees as a periodic charge to equity as they are incurred.  Starting in June 2016, we determined to account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. We account for the ongoing dealer manager and services fees paid in connection with the sale of Class W and I units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees and the unpaid dealer manager fees amounted to $1,374,000.

Organization and Offering Expenses

The Sponsor has incurred organization and offering costs on our behalf. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by us only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2018 and December 31, 2017. These expense reimbursements are subject to regulatory caps and approval by our board of managers.  Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, we no longer pay the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. We will continue to incur certain organization and offering costs associated with the Distribution Reinvestment Plan and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to one of its private placements.  As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on our behalf related to private placements of our units.  As of September 30, 2018, we have reimbursed $86,784 of the organization and offering incurred relating to such private placements and have no obligation to reimburse the Sponsor for the remainder.   

Expense Responsibility Agreement

On March 26, 2018, the Company, the Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on our behalf until all such management fees and incentive fees accrued to date have been reimbursed.  The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable

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and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Income Taxes

We believe we are properly characterized as a partnership for U.S. federal income tax purposes, and expect to continue to qualify as a partnership (and not be treated as a publicly traded partnership or otherwise be treated as a taxable corporation) for such purposes. As a partnership, we are generally not subject to U.S. federal income tax at the entity level.

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, effective June 30, 2016, the Company records liabilities (i) for ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2018, under GAAP, the Company recorded a liability in the aggregate amount of $1,374,000 for the estimated future amount of Class C units distribution fees, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value under GAAP and the Company’s determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that the prior approach is not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2018, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.355. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.174 from $8.529 as of March 31, 2017 to $8.355 as of September 30, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. The Company also failed to realize sufficient investment income to cover operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. In addition, during the second quarter of 2018, the Company recorded approximately $3.0 million in unrealized depreciation on its investments.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that we have not adopted.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated

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with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. Our investments are currently structured with both fixed and floating interest rates. Those structured with floating rates are referenced to LIBOR and incorporate fixed interest rate floors. If rates go down, interest income will not materially decrease from current levels. To the extent that interest rates go up substantially, these investments will accrue higher amounts of income than currently being realized. Returns on investments that carry fixed rates are not subject to fluctuations in interest rates, and will not adjust should rates move up or down.

To the extent that we borrow money to make investments, our net investment income will be dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Although we operate in a number of foreign markets, all but one of our investments are currently denominated in U.S. Dollars. Therefore, the current portfolio does not present currency risk to U.S. unitholders. In the future, we may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

Item 4. Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that the disclosure controls and procedures were effective as of September 30, 2018.

Changes in Internal Control Over Financial Reporting

As previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, we identified a control deficiency that resulted in a material weakness in our internal control over financial reporting. Immediately following the identification of this control deficiency, which deficiency was limited to our oversight of one of our sub-advisors and certain of our investments for which it is the sub-advisor, we took steps to remediate that deficiency. Specifically, we enhanced the procedures to be followed in connection with the oversight of our sub-advisors and when we identify, evaluate, document and monitor the impact of the terms of credit agreements and related agreements.  These enhancements include the following, which are intended to ensure that our

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employees consistently follow the policies and procedures we have established to ensure we receive complete and accurate documentation needed for counterparty underwriting purposes and to ensure that we have information necessary for accurate and complete underwriting and valuation of our investments: (i) we enhanced our internal review procedures, such that the responsibility for reviewing and confirming that we have the complete documentation required by our written policies has been transferred from our investment team to our operations/compliance team; (ii) we implemented procedures to ensure that we receive updated financial information for our counterparties on a timely basis by providing that our internal finance team will complete an audit of the counterparty if the financial statements for the counterparty are more than 12 months old; (iii) we implemented personnel changes to address the failure by certain personnel to effectively perform required procedures; and (iv) we completed a thorough audit of our records and files to ensure that there are not any other instances of missing or incomplete documentation which could impact our underwriting or valuation of our other investments and we confirmed that this deficiency was an isolated incident.  Given the enhancements we have made, we do not think that it is likely that these isolated failures to execute our written policies will recur. Management, together with the audit committee, believes these enhancements and actions have improved our internal control over financial reporting.  

There were no other changes in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II. Other Information

Item 1. Legal Proceedings.

There are no pending material legal proceedings to which the Company or any of our Subsidiaries or any of our property is subject.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 2, 2018 (“2017 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2017 Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

With the exception of the additional risk factor set forth below, there have been no material changes to the risk factors disclosed in our 2017 Form 10-K.

The price for units redeemed pursuant to the Company’s unit repurchase program and issued pursuant to the DRP is the most recently disclosed estimated NAV per unit for such class of units, which may not equal the actual NAV per unit at the time of repurchase or reinvestment. The estimated NAV per unit may not be an accurate reflection of the fair market value of the Company’s assets and liabilities and likely will not represent the amount of net proceeds that would result if the Company liquidated or dissolved or the amount the Company’s unitholders would receive upon the sale of their units.

The price for units redeemed pursuant to the Company’s unit repurchase program and offered pursuant to the DRP is equal the most recently disclosed estimated NAV per unit of such class of units, which may not equal to the actual NAV per unit on the date of repurchase or reinvestment due to the lag between the timing of the most recent NAV disclosure and the redemption or reinvestment.  In addition, the estimated NAV per unit may not be an accurate reflection of the fair value of the Company’s assets and liabilities in accordance with GAAP, may not reflect the price at which the Company would be able to sell all or substantially all of its assets or the outstanding units in an arm's length transaction, may not represent the value that the Company’s unitholders could realize upon a sale of the company or upon the liquidation of its assets and settlement of its liabilities, and may not be indicative of the price at which units would trade if they were listed on a national securities exchange. Further, our board of managers may determine the fair value of our assets completely or in part based upon internal valuation assessments and not independent valuation assessments, which may be materially different. In addition, determination of fair value involves subjective judgments and estimates, which may not be accurate or complete.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the three months ended September 30, 2018, we sold an aggregate of 34,267 units of Class A, Class C, Class I, Class W, Class Y and Class Z units to accredited investors for an aggregate amount of $290,000pursuant to a private placement. SC Distributors, LLC served as the dealer manager in connection with the private placement. The units were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), for transactions not involving a public offering.

Unit Repurchase Program

Beginning June 11, 2014, we commenced a unit repurchase program pursuant to which we conduct quarterly unit repurchases of up to 5% of our weighted average number of outstanding units in any 12-month period to allow our unitholders, who have held our units for a minimum of one year, to sell their units back to us. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit our unitholders’ ability to sell their units. Unless our board of managers determines otherwise, we will limit the number of units to be repurchased during any calendar year to the number of units we can repurchase with the proceeds we receive from the sale of units under our distribution reinvestment plan. At the sole discretion of our board of managers, we may also use cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable quarter to repurchase units.

Unit repurchases are made on the last calendar day of the quarter at a price equal to the estimated net asset value per unit for each class of units, as most recently disclosed by us in a public filing with the SEC. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018.

60

Our board of managers has the right to amend, suspend or terminate the unit repurchase program to the extent that it determines that it is in our best interest to do so. We will promptly notify our unitholders of any changes to the unit repurchase program, including any amendment, suspension or termination of it in our periodic or current reports or by means of other notice. Moreover, the unit repurchase program will terminate on the date that our units are listed on a national securities exchange, are included for quotation in a national securities market or, in the sole determination of our board of managers, a secondary trading market for the units otherwise develops.

During the three months ended September 30, 2018, we fulfilled the following requests pursuant to our unit repurchase program:

Period	Total Number of Units Purchased		Average Price Paid Per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Units that May Yet be Purchased Under the Program
7/01/2018 - 7/31/2018		513,923	$	8.421		513,923		884,619
8/01/2018 - 8/31/2018		—		—		—		884,619
9/01/2018 - 9/30/2018		—		—		—		884,619
Total		513,923	$	8.421		513,923

During the three months ended September 30, 2018, we repurchased 513,923 units for a total of $4,327,746.  In addition, as of September 30, 2018, there were 84 repurchase requests for a total of 447,662 units that were pending which were processed by the Company during October 2018 at a price of $8.421 per unit.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

Number	Description
3.1	Certificate of Formation of TriLinc Global Impact Fund, LLC. Incorporated by reference to Exhibit 3.1 to the Draft Registration Statement on Form S-1 (File No. 377-00015) filed with the Securities and Exchange Commission (the “SEC”) on November 1, 2012.
3.2	Fifth Amended and Restated Limited Liability Company Operating Agreement dated January 20, 2018. Incorporated by reference to Exhibit 3.1 to the Form 8-K filed with the SEC on January 25, 2018.
4.1	Third Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the SEC on March 09, 2018.
4.2	Third Amended and Restated Unit Repurchase Program. Incorporated by reference to Exhibit 4.2 to the Form 8-K filed with the SEC on March 09, 2018.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following materials from TriLinc Global Impact Fund LLC’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed on November 14, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Assets and Liabilities, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Changes in Net Assets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Schedules of Investments and (vi) Notes to the Consolidated Financial Statements.

* Filed herewith

61

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TRILINC GLOBAL IMPACT FUND, LLC.
November 14, 2018	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
November 14, 2018	By:	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

62

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gloria S. Nelund, certify that:

1) I have reviewed this quarterly report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2018

/s/ Gloria S. Nelund 

Gloria S. Nelund

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent L. VanNorman, certify that:

1) I have reviewed this quarterly report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2018

/s/ Brent L. VanNorman

Brent L. VanNorman

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gloria S. Nelund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 14, 2018	By	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer (Principal Executive Officer)

Certification of Principal Financial Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brent L. VanNorman, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 14, 2018	By	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 12, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,034,199
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,323,339
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,534,669
Class W Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,555
Class Y Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,165,675
Class Z Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,965,037

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Investments owned, at fair value (amortized cost of $345,094,669 and $335,328,569, respectively)	$ 342,235,769	$ 335,269,492
Cash	44,235,800	9,641,457
Interest receivable	14,693,706	9,210,430
Due from affiliates (see Note 5)	4,240,231	3,997,314
Other assets	146,306	189,103
Total assets	405,551,812	358,307,796
LIABILITIES
Due to unitholders	1,388,840	1,295,293
Management fee payable	1,993,801	1,763,018
Incentive fee payable	1,539,875	1,323,929
Notes payable	28,060,000	28,160,000
Unit repurchases payable	3,769,763	2,153,077
Accrued distribution and other fees	1,374,000	1,895,000
Other payables	1,583,455	360,742
Total liabilities	39,709,734	36,951,059
Commitments and Contingencies (see Note 5)
NET ASSETS	365,842,078	321,356,737
ANALYSIS OF NET ASSETS:
Offering costs	(17,211,117)	(17,156,501)
Class A Units [Member]
LIABILITIES
NET ASSETS	149,688,291	153,892,048
ANALYSIS OF NET ASSETS:
Net capital paid	157,839,416	162,087,710
Class C Units [Member]
LIABILITIES
NET ASSETS	69,045,971	70,960,348
ANALYSIS OF NET ASSETS:
Net capital paid	72,805,835	74,739,748
Class I Units [Member]
LIABILITIES
NET ASSETS	87,048,256	87,830,198
ANALYSIS OF NET ASSETS:
Net capital paid	91,809,143	92,522,021
Class W Units [Member]
LIABILITIES
NET ASSETS	193,446
ANALYSIS OF NET ASSETS:
Net capital paid	204,571
Class Y Units [Member]
LIABILITIES
NET ASSETS	9,125,136	8,674,143
ANALYSIS OF NET ASSETS:
Net capital paid	9,653,252	$ 9,163,759
Class Z Units [Member]
LIABILITIES
NET ASSETS	50,740,978
ANALYSIS OF NET ASSETS:
Net capital paid	$ 50,740,978

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017
Investments owned, amortized cost	$ 345,094,669	$ 335,328,569
Net assets, per unit	$ 8.355	$ 8.466
Net assets, units outstanding	43,953,995	38,183,103	36,914,426
Class A Units [Member]
Net assets, per unit	$ 8.355			$ 8.529
Net assets, units outstanding	17,991,440	18,240,073
Class C Units [Member]
Net assets, per unit	$ 8.355			8.267
Net assets, units outstanding	8,298,898	8,411,343
Class W Units [Member]
Net assets, per unit	$ 8.355
Net assets, units outstanding	24,555	0
Class Y Units [Member]
Net assets, per unit	$ 8.355
Net assets, units outstanding	1,165,675	1,089,678
Class I Units [Member]
Net assets, per unit	$ 8.355			$ 8.529
Net assets, units outstanding	10,508,390	10,442,009
Class Z Units [Member]
Net assets, per unit	$ 8.355
Net assets, units outstanding	5,965,037	0

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
INVESTMENT INCOME
Interest income	$ 11,092,764	$ 9,659,965	$ 33,323,808	$ 23,039,392
Interest from cash	52,940	82,008	136,106	331,827
Total investment income	11,145,704	9,741,973	33,459,914	23,371,219
EXPENSES
Management fees	1,986,846	1,658,314	5,988,274	4,721,832
Incentive fees	1,480,249	1,447,154	4,583,508	3,276,012
Professional fees	775,584	254,790	1,256,378	923,991
General and administrative expenses	422,456	323,273	1,307,687	989,505
Interest expense	504,954	215,449	1,439,666	256,540
Board of managers fees	54,375	54,375	163,125	163,125
Total expenses	5,224,464	3,953,355	14,738,638	10,331,005
Expense support payment to (from) Sponsor		(872,653)	387,000	(3,831,414)
Net expenses	5,224,464	3,080,702	15,125,638	6,499,591
NET INVESTMENT INCOME	5,921,240	6,661,271	18,334,276	16,871,628
Net change in unrealized appreciation (depreciation) on investments	1,080,222		(2,799,824)
Foreign exchange loss	(650)		(10,177)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 7,000,812	$ 6,661,271	$ 15,524,275	$ 16,871,628
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$ 0.13	$ 0.18	$ 0.42	$ 0.49
EARNINGS PER UNIT - BASIC AND DILUTED	$ 0.16	$ 0.18	$ 0.36	$ 0.49
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	44,195,314	36,665,626	43,613,730	34,744,363

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
INCREASE FROM OPERATIONS
Net investment income	$ 5,921,240	$ 18,334,276	$ 16,871,628
Foreign exchange loss	(650)	(10,177)
Net change in unrealized depreciation on investments	1,080,222	(2,799,824)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	7,000,812	15,524,275	16,871,628
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(20,748,232)	(18,667,034)
INCREASE FROM CAPITAL TRANSACTIONS
Repurchase of units		(11,436,486)	(6,540,566)
Distribution and other fees		521,000	(54,000)
Offering costs		(54,616)	(2,535,840)
Net increase from capital transactions		49,709,298	63,109,515
NET INCREASE IN NET ASSETS		44,485,341	61,314,109
Net assets at beginning of period		321,356,737	250,755,915
Net assets at end of period	365,842,078	365,842,078	312,070,024
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(8,717,496)	(9,426,222)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		3,817,799	27,716,101
Net assets at beginning of period		153,892,048
Net assets at end of period	149,688,291	149,688,291
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(3,989,034)	(4,235,682)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		1,976,294	13,970,490
Net assets at beginning of period		70,960,348
Net assets at end of period	69,045,971	69,045,971
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(5,035,942)	(4,976,674)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		3,268,329	28,009,931
Net assets at beginning of period		87,830,198
Net assets at end of period	87,048,256	87,048,256
Class W Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(9,414)	(28,456)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		211,000
Net assets at end of period	193,446	193,446
Class Y Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(538,130)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		665,000	$ 2,543,399
Net assets at beginning of period		8,674,143
Net assets at end of period	9,125,136	9,125,136
Class Z Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(2,458,216)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		50,740,978
Net assets at end of period	$ 50,740,978	$ 50,740,978

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 15,524,275	$ 16,871,628
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(158,321,660)	(255,465,273)
Maturity of investments	152,193,402	148,468,117
Payment-in-kind interest	(3,170,529)	(667,792)
Net change in unrealized depreciation on investments	2,799,824
Foreign exchange loss	10,177
Accretion of discounts on investments	(467,314)	(903,875)
Increase in interest receivable	(5,493,453)	(2,763,160)
Increase in due from affiliates	(242,917)	(887,861)
Decrease (increase) in other expenses	42,797	(58,268)
Increase in due to unitholders	93,547	246,423
Increase in management and incentive fees payable	446,729	1,066,669
Increase in other payable	1,222,713	202,530
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	4,637,591	(93,890,862)
Cash flows from financing activities
Net proceeds from issuance of units	53,091,402	63,918,126
Distributions paid to unitholders	(13,160,235)	(10,345,239)
Payments of offering costs	(54,616)	(2,604,152)
Repurchase of units	(9,819,799)	(6,733,945)
Repayments of notes payable	(100,000)
Proceeds from issuance of notes payable		15,725,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	29,956,752	59,959,790
TOTAL INCREASE (DECREASE) IN CASH	34,594,343	(33,931,072)
Cash at beginning of period	9,641,457	44,790,312
Cash at end of period	44,235,800	10,859,240
Supplemental information
Cash paid for interest during the period	805,201	57,374
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	7,587,997	8,321,794
Change in accrual of distribution and other fees	$ (521,000)	$ 54,000

XML

Consolidated Schedule of Investments		9 Months Ended		12 Months Ended
		Sep. 30, 2018 USD ($)		Dec. 31, 2017 USD ($)		Sep. 30, 2018 EUR (€)
Amortized Cost		$ 345,094,669		$ 335,328,569
Fair Value		342,235,769		335,269,492
Programming and Data Processing [Member]
Fair Value		14,428,329		15,714,764
Personal Credit Institutions [Member]
Fair Value		6,006,940		3,157,735
Secondary Nonferrous Metals [Member]
Fair Value		17,349,626		17,349,626
Agricultural Products [Member]
Fair Value		13,283,814		15,351,296
Refuse Systems [Member]
Fair Value		21,683,864		11,315,000
Water Transportation [Member]
Fair Value		12,723,503		13,353,503
Coal and Other Minerals and Ores [Member]
Fair Value		32,087,577		31,254,315
Consumer Products [Member]
Fair Value		10,106,407		10,960,000
Hotels and Motels [Member]
Fair Value		16,231,223		15,807,931
Logging [Member]
Fair Value		6,840,000		6,840,000
Short-Term Business Credit [Member]
Fair Value		4,740,000		4,740,000
Metals & Mining [Member]
Fair Value		2,358,887		4,566,481
Chemicals and Allied Products [Member]
Fair Value		15,000,000		15,000,000
Meat, Poultry & Fish [Member]
Fair Value		8,425,571		9,000,000
Land Subdividers and Developers [Member]
Fair Value		15,911,438		15,411,497
Fats and Oils [Member]
Principal Amount				12,000,000
Fair Value		5,839,047		12,000,000
Department Stores [Member]
Fair Value		8,193,979
Farm Products [Member]
Fair Value		16,071,075		7,960,987
Commercial Fishing [Member]
Fair Value		119,542		351,559
Electric Services [Member]
Fair Value		18,527,237		18,527,237
Gas Transmission and Distribution [Member]
Fair Value		13,087,943
Petroleum and Petroleum Products [Member]
Fair Value		15,500,000		32,000,000
Soap, Detergents, and Cleaning [Member]
Fair Value		860,222		1,355,600
Telephone Communications [Member]
Fair Value		18,487,000
Food Products [Member]
Fair Value		6,640,009		1,072,944
Freight Transportation Arrangement [Member]
Fair Value		12,839,688		12,464,320
Chocolate and Cocoa Products [Member]
Fair Value		11,102,589
Communications Equipment [Member]
Fair Value		6,298,536
Drugs, Proprietaries, and Sundries [Member]
Fair Value		803,254		1,080,000
Financial Services [Member]
Fair Value		10,688,469		10,000,000
Street Construction [Member]
Fair Value				10,861,658
Bulk Fuel Stations and Terminals [Member]
Fair Value				16,545,994
Fresh or Frozen Packaged Fish [Member]
Fair Value				3,338,520
Groceries and Related Products [Member]
Fair Value				3,500,000
Telephone and Telegraph Apparatus [Member]
Fair Value				$ 14,388,525
Ghana [Member] | Minimum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity				Mar. 10, 2017
Ghana [Member] | Maximum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity				Feb. 21, 2018
Senior Secured Term Loan [Member]
Amortized Cost	[1]	95,690,207		$ 78,573,493
Fair Value	[1]	$ 95,690,207		$ 78,573,493
% of Net Assets	[1]	26.10%		24.40%		26.10%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1],[2]	13.50%		13.50%
Fees	[1],[2],[3]	2.00%		2.00%
Maturity	[1],[2],[4]	Oct. 21, 2022		Oct. 21, 2022
Principal Amount	[1],[2]	$ 14,428,329		$ 15,739,999
Participation %	[1],[2],[5]	68.00%				68.00%
Amortized Cost	[1],[2]	$ 14,428,329		15,714,764
Fair Value	[1],[2]	$ 14,428,329		$ 15,714,764
% of Net Assets	[1],[2]	3.90%		4.90%		3.90%
Senior Secured Term Loan [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[6],[7]	12.43%
Fees	[1],[3],[6],[7]	0.00%
Maturity	[1],[4],[6],[7]	Dec. 15, 2020
Principal Amount	[1],[6],[7]	$ 2,851,296
Amortized Cost	[1],[6],[7]	2,851,296
Fair Value	[1],[6],[7]	$ 2,851,296
% of Net Assets	[1],[6],[7]	0.80%				0.80%
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[8]	12.00%		12.00%
Fees	[1],[3],[8]	0.00%		0.00%
Maturity	[1],[4],[8]	Jun. 22, 2021		Jun. 22, 2021
Principal Amount	[1],[8]	$ 10,000,000		$ 10,000,000
Amortized Cost	[1],[8]	10,000,000		10,000,000
Fair Value	[1],[8]	$ 10,000,000		$ 10,000,000
% of Net Assets	[1],[8]	2.70%		3.10%		2.70%
Senior Secured Term Loan [Member] | Columbia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member]
Interest	[1],[2]	11.25%		11.25%
Fees	[1],[2],[3]	0.00%		0.00%
Maturity	[1],[2],[4]	Aug. 01, 2021		Aug. 01, 2021
Principal Amount	[1],[2]	$ 6,006,940		$ 3,157,735
Amortized Cost	[1],[2]	6,006,940		3,157,735
Fair Value	[1],[2]	$ 6,006,940		$ 3,157,735
% of Net Assets	[1],[2]	1.60%		1.00%		1.60%
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1],[9]	12.00%		12.00%
Fees	[1],[3],[9]	0.00%		0.00%
Maturity	[1],[4],[9]	Mar. 31, 2020		Mar. 31, 2020
Principal Amount	[1],[9]	$ 15,000,000		$ 15,000,000
Amortized Cost	[1],[9]	15,000,000		15,000,000
Fair Value	[1],[9]	$ 15,000,000		$ 15,000,000
% of Net Assets	[1],[9]	4.10%		4.70%		4.10%
Senior Secured Term Loan [Member] | Mexico [Member] | Other Investments [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Interest	[1],[10]			14.50%
Fees	[1],[3],[10]			0.00%
Maturity	[1],[4],[10]			Jul. 27, 2021
Principal Amount	[1],[10]			$ 11,315,000
Amortized Cost	[1],[10]			11,315,000
Fair Value	[1],[10]			$ 11,315,000
% of Net Assets	[1],[10]			3.50%
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Fees	[1],[3],[10]	0.00%
Maturity	[1],[4],[10]	Jul. 27, 2021
Principal Amount	[1],[10]	$ 20,603,642
Amortized Cost	[1],[10]	20,603,642
Fair Value	[1],[10]	$ 20,603,642
% of Net Assets	[1],[10]	5.60%				5.60%
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | PIK [Member] | Waste to Fuels Processor [Member]
Interest	[1],[10]	14.50%
Senior Secured Term Loan [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[9]	11.50%
Fees	[1],[3],[9]	0.00%
Maturity	[1],[4],[9]	Dec. 27, 2020
Principal Amount	[1],[9]	$ 15,000,000
Amortized Cost	[1],[9]	15,000,000
Fair Value	[1],[9]	$ 15,000,000
% of Net Assets	[1],[9]	4.10%				4.10%
Senior Secured Term Loan [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[3],[7],[11]	0.00%
Maturity	[1],[4],[7],[11]	Jul. 28, 2021
Principal Amount	[1],[7],[11]	$ 4,960,000
Amortized Cost	[1],[7],[11]	4,960,000
Fair Value	[1],[7],[11]	$ 4,960,000
% of Net Assets	[1],[7],[11]	1.40%				1.40%
Senior Secured Term Loan [Member] | Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Interest	[1],[12]			11.33%
Fees	[1],[3],[12]			0.00%
Maturity	[1],[4],[12]			Jul. 27, 2019
Principal Amount	[1],[12]			$ 15,000,000
Amortized Cost	[1],[12]			16,545,994
Fair Value	[1],[12]			$ 16,545,994
% of Net Assets	[1],[12]			5.10%
Senior Secured Term Loan [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[7],[11]	12.00%
Senior Secured Term Loan [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[7],[11]	13.34%
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Interest	[1],[13]	11.50%		11.50%
Fees	[1],[3],[13]	0.00%		0.00%
Maturity	[1],[4],[13]	Feb. 10, 2021
Principal Amount	[1],[13]	$ 6,840,000		$ 6,840,000
Amortized Cost	[1],[13]	6,840,000		6,840,000
Fair Value	[1],[13]	$ 6,840,000		$ 6,840,000
% of Net Assets	[1],[13]	1.90%		2.10%		1.90%
Senior Secured Term Loan [Member] | New Zealand [Member] | Minimum [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Maturity	[1],[4],[13]			Feb. 10, 2021
Senior Secured Term Loan [Member] | New Zealand [Member] | Maximum [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Maturity	[1],[4],[13]			Apr. 02, 2021
Senior Secured Term Loan [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity				Jul. 18, 2017
Senior Secured Term Loan [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Maturity				Dec. 11, 2016
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 145,674,400		$ 119,165,378
Fair Value	[1]	$ 145,674,400		$ 119,165,378
% of Net Assets	[1]	39.70%		37.10%		39.70%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[6],[7]			12.43%
Fees	[1],[3],[6],[7]			0.00%
Maturity	[1],[4],[6],[7]			Dec. 15, 2020
Principal Amount	[1],[6],[7]			$ 2,851,296
Participation %	[1],[5],[6],[7]			100.00%
Amortized Cost	[1],[6],[7]			$ 2,851,296
Fair Value	[1],[6],[7]			$ 2,851,296
% of Net Assets	[1],[6],[7]			0.90%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Fees	[1],[3],[8]	0.00%
Maturity	[1],[4],[8]	Aug. 21, 2021
Principal Amount	[1],[8]	$ 16,231,223
Participation %	[1],[5],[8]	26.00%				26.00%
Amortized Cost	[1],[8]	$ 16,231,223
Fair Value	[1],[8]	$ 16,231,223
% of Net Assets	[1],[8]	4.40%				4.40%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Cash [Member] | Hospitality Service Provider [Member]
Interest	[1],[8]	10.00%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | PIK [Member] | Hospitality Service Provider [Member]
Interest	[1],[8]	3.50%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Limited [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[8]			13.50%
Fees	[1],[3],[8]			0.00%
Maturity	[1],[4],[8]			Aug. 21, 2021
Principal Amount	[1],[8]			$ 15,807,931
Participation %	[1],[5],[8]			26.00%
Amortized Cost	[1],[8]			$ 15,807,931
Fair Value	[1],[8]			$ 15,807,931
% of Net Assets	[1],[8]			4.90%
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[14]	12.60%		16.54%
Fees	[1],[3],[14]	0.80%		0.80%
Maturity	[1],[4],[14]	Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[1],[14]	$ 12,762,670		$ 13,407,670
Participation %	[1],[5],[14]	100.00%		100.00%		100.00%
Amortized Cost	[1],[14]	$ 12,723,503		$ 13,353,503
Fair Value	[1],[14]	$ 12,723,503		$ 13,353,503
% of Net Assets	[1],[14]	3.50%		4.20%		3.50%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[3],[11]			0.00%
Maturity	[1],[4],[11]			Jul. 28, 2021
Principal Amount	[1],[11]			$ 4,960,000
Amortized Cost	[1],[11]			4,960,000
Fair Value	[1],[11]			$ 4,960,000
% of Net Assets	[1],[11]			1.50%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[11]			12.00%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[11]			13.00%
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member]
Interest	[1],[15]	12.04%		12.04%
Fees	[1],[3],[15]	0.00%		0.00%
Maturity	[1],[4],[15]	Aug. 18, 2021		Aug. 18, 2021
Principal Amount	[1],[15]	$ 4,740,000		$ 4,740,000
Participation %	[1],[5],[15]	47.00%		100.00%		47.00%
Amortized Cost	[1],[15]	$ 4,740,000		$ 4,740,000
Fair Value	[1],[15]	$ 4,740,000		$ 4,740,000
% of Net Assets	[1],[15]	1.30%		1.50%		1.30%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Interest	[1],[9]	11.00%		11.00%
Fees	[1],[3],[9]	0.00%		0.00%
Maturity	[1],[4],[9]	Jun. 08, 2020		Jun. 08, 2020
Principal Amount	[1],[9]	$ 2,358,887		$ 3,332,336
Participation %	[1],[5],[9]	100.00%		62.00%		100.00%
Amortized Cost	[1],[9]	$ 2,358,887		$ 3,332,336
Fair Value	[1],[9]	$ 2,358,887		$ 3,332,336
% of Net Assets	[1],[9]	0.60%		1.00%		0.60%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member]
Interest	[1],[8]			20.00%
Fees	[1],[3],[8]			0.00%
Maturity	[1],[4],[8]			Nov. 22, 2019
Principal Amount	[1],[8]			$ 10,909,500
Participation %	[1],[5],[8]			75.00%
Amortized Cost	[1],[8]			$ 10,861,658
Fair Value	[1],[8]			$ 10,861,658
% of Net Assets	[1],[8]			3.40%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Fees	[1],[3],[16]	0.00%
Maturity	[1],[4],[16]	Aug. 15, 2021
Principal Amount	[1],[16]	$ 16,005,188
Participation %	[1],[5],[16]	100.00%				100.00%
Amortized Cost	[1],[16]	$ 15,911,438
Fair Value	[1],[16]	$ 15,911,438
% of Net Assets	[1],[16]	4.30%				4.30%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Cash [Member] | Property Developer [Member]
Interest	[1],[16]	8.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | PIK [Member] | Property Developer [Member]
Interest	[1],[16]	4.00%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[16]			12.50%
Fees	[1],[3],[16]			0.00%
Maturity	[1],[4],[16]			Aug. 15, 2021
Principal Amount	[1],[16]			$ 15,529,353
Participation %	[1],[5],[16]			100.00%
Amortized Cost	[1],[16]			$ 15,411,497
Fair Value	[1],[16]			$ 15,411,497
% of Net Assets	[1],[16]			4.80%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member]
Fees	[1],[3],[9],[17]	0.00%
Maturity	[1],[4],[9],[17]	Jan. 23, 2021
Principal Amount		$ 7,893,393	[1],[9],[17]			€ 6,200,000
Participation %	[1],[5],[9],[17]	5.00%				5.00%
Amortized Cost	[1],[9],[17]	$ 8,193,979
Fair Value	[1],[9],[17]	$ 8,193,979
% of Net Assets	[1],[9],[17]	2.20%				2.20%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Cash [Member] | Mall Operator [Member]
Interest	[1],[9],[17]	5.50%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | PIK [Member] | Mall Operator [Member]
Interest	[1],[9],[17]	7.50%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member]
Interest	[1]	15.52%
Fees	[1],[3]	0.00%
Maturity	[1],[4]	Jun. 13, 2021
Principal Amount	[1]	$ 13,087,943
Participation %	[1],[5]	90.00%				90.00%
Amortized Cost	[1]	$ 13,087,943
Fair Value	[1]	$ 13,087,943
% of Net Assets	[1]	3.60%				3.60%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member]
Interest	[1],[8]	12.00%		12.00%
Fees	[1],[3],[8]	0.00%		0.00%
Maturity	[1],[4],[8]	Aug. 10, 2021		Aug. 10, 2021
Principal Amount	[1],[8]	$ 15,500,000		$ 15,500,000
Participation %	[1],[5],[8]	76.00%		100.00%		76.00%
Amortized Cost	[1],[8]	$ 15,500,000		$ 15,500,000
Fair Value	[1],[8]	$ 15,500,000		$ 15,500,000
% of Net Assets	[1],[8]	4.20%		4.80%		4.20%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1]	12.53%	[18]	11.66%	[19]
Fees	[1],[3]	0.00%	[18]	0.00%	[19]
Maturity	[1],[4]	Aug. 31, 2021	[18]	Aug. 31, 2021	[19]
Principal Amount	[1]	$ 18,527,237	[18]	$ 18,527,237	[19]
Participation %	[1],[5]	15.00%	[18]	15.00%	[19]	15.00%	[18]
Amortized Cost	[1]	$ 18,527,237	[18]	$ 18,527,237	[19]
Fair Value	[1]	$ 18,527,237	[18]	$ 18,527,237	[19]
% of Net Assets	[1]	5.10%	[18]	5.80%	[19]	5.10%	[18]
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1],[8]	11.00%		11.00%
Fees	[1],[3],[8]	0.00%		0.00%
Maturity	[1],[4],[8]	Nov. 16, 2019		Nov. 16, 2019
Principal Amount	[1],[8]	$ 860,222		$ 1,355,600
Participation %	[1],[5],[8]	15.00%		15.00%		15.00%
Amortized Cost	[1],[8]	$ 860,222		$ 1,355,600
Fair Value	[1],[8]	$ 860,222		$ 1,355,600
% of Net Assets	[1],[8]	0.20%		0.40%		0.20%
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member]
Interest	[1],[9]	12.35%
Fees	[1],[3],[9]	3.00%
Maturity	[1],[4],[9]	Mar. 28, 2023
Principal Amount	[1],[9]	$ 19,000,000
Participation %	[1],[5],[9]	16.00%				16.00%
Amortized Cost	[1],[9]	$ 18,487,000
Fair Value	[1],[9]	$ 18,487,000
% of Net Assets	[1],[9]	5.10%				5.10%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member]
Interest	[1]	13.00%
Fees	[1],[3]	2.50%
Maturity	[1],[4]	Jul. 18, 2021
Principal Amount	[1]	$ 1,940,000
Participation %	[1],[5]	26.00%				26.00%
Amortized Cost	[1]	$ 1,913,280
Fair Value	[1]	$ 1,913,280
% of Net Assets	[1]	0.50%				0.50%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[8]			12.82%
Fees	[1],[3],[8]	0.00%		0.00%
Maturity	[1],[4],[8]	Mar. 31, 2023		Mar. 31, 2023
Principal Amount	[1],[8]	$ 12,839,688		$ 12,464,320
Participation %	[1],[5],[8]	49.00%		59.00%		49.00%
Amortized Cost	[1],[8]	$ 12,839,688		$ 12,464,320
Fair Value	[1],[8]	$ 12,839,688		$ 12,464,320
% of Net Assets	[1],[8]	3.50%		3.90%		3.50%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Cash [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[8]	9.57%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | PIK [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[8]	4.00%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member]
Interest	[1],[15]	12.00%
Fees	[1],[3],[15]	0.00%
Maturity	[1],[4],[15]	Dec. 31, 2020
Principal Amount	[1],[15]	$ 4,300,000
Participation %	[1],[5],[15]	100.00%				100.00%
Amortized Cost	[1],[15]	$ 4,300,000
Fair Value	[1],[15]	$ 4,300,000
% of Net Assets	[1],[15]	1.20%				1.20%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 88,818,005		$ 105,089,698
Fair Value	[1]	$ 85,102,471		$ 105,030,621
% of Net Assets	[1]	23.20%		32.70%		23.20%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Interest	[1],[10]	11.50%	[20]	9.50%
Fees	[1],[3],[10]	0.00%	[20]	0.00%
Principal Amount	[1],[10]	$ 15,000,000	[20]	$ 15,000,000
Amortized Cost	[1],[10]	15,000,000	[20]	15,000,000
Fair Value	[1],[10]	$ 15,000,000	[20]	$ 15,000,000
% of Net Assets	[1],[10]	4.10%	[20]	4.70%		4.10%	[20]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Fees	[1],[3],[9]			0.00%
Principal Amount	[1],[9]			$ 11,957,864
Participation %	[1],[5],[9]			100.00%
Amortized Cost	[1],[9]			$ 11,957,864
Fair Value	[1],[9]			$ 11,957,864
% of Net Assets	[1],[9]			3.70%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[9]			10.00%
Fees	[1],[3],[9]			0.00%
Maturity	[1],[4],[9]			Apr. 29, 2018
Principal Amount	[1],[9]			$ 14,388,525
Participation %	[1],[5],[9]			100.00%
Amortized Cost	[1],[9]			$ 14,388,525
Fair Value	[1],[9]			$ 14,388,525
% of Net Assets	[1],[9]			4.50%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[4],[10]	Jan. 02, 2019	[20]	Jan. 04, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[9]			10.00%
Maturity	[1],[4],[9]			Nov. 16, 2017
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[4],[10]	Feb. 14, 2019	[20]	Feb. 19, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[9]			11.50%
Maturity	[1],[4],[9]			Dec. 27, 2020
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Interest	[1],[10]	17.50%	[21]	17.50%
Fees	[1],[3],[10]	0.00%	[21]	0.00%
Principal Amount	[1],[10]	$ 2,552,529	[21]	$ 1,936,600
Participation %	[1],[5],[10]	27.00%	[21]	100.00%		27.00%	[21]
Amortized Cost	[1],[10]	$ 2,552,529	[21]	$ 1,936,600
Fair Value	[1],[10]	$ 2,552,529	[21]	$ 1,936,600
% of Net Assets	[1],[10]	0.70%	[21]	0.60%		0.70%	[21]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member]
Interest	[1],[10]			17.50%
Fees	[1],[3],[10]	0.00%	[22]	0.00%
Maturity	[1],[4],[10]			Sep. 19, 2018
Principal Amount	[1],[10]	$ 2,880,461	[22]	$ 1,846,170
Participation %	[1],[5],[10]	32.00%	[22]	100.00%		32.00%	[22]
Amortized Cost	[1],[10]	$ 2,880,461	[22]	$ 1,846,170
Fair Value	[1],[10]	$ 2,880,461	[22]	$ 1,846,170
% of Net Assets	[1],[10]	0.80%	[22]	0.60%		0.80%	[22]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member]
Interest	[1],[10]			17.50%
Fees	[1],[3],[10]	0.00%	[23]	0.00%
Maturity	[1],[4],[10]			Sep. 19, 2018
Principal Amount	[1],[10]	$ 2,342,872	[23]	$ 764,280
Participation %	[1],[5],[10]	29.00%	[23]	100.00%		29.00%	[23]
Amortized Cost	[1],[10]	$ 2,342,872	[23]	$ 764,280
Fair Value	[1],[10]	$ 2,342,872	[23]	$ 764,280
% of Net Assets	[1],[10]	0.60%	[23]	0.20%		0.60%	[23]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Interest	[1],[10]			17.50%
Fees	[1],[3],[10]	0.00%	[24]	0.00%
Principal Amount	[1],[10]	$ 1,786,726	[24]	$ 1,205,450
Participation %	[1],[5],[10]	22.00%	[24]	100.00%		22.00%	[24]
Amortized Cost	[1],[10]	$ 1,786,726	[24]	$ 1,205,450
Fair Value	[1],[10]	$ 1,786,726	[24]	$ 1,205,450
% of Net Assets	[1],[10]	0.50%	[24]	0.40%		0.50%	[24]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Maturity	[1],[4],[10]	Sep. 19, 2018	[21]	Sep. 07, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member]
Maturity	[1],[4],[10],[22]	Sep. 19, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member]
Interest	[1],[10],[23]	14.50%
Maturity	[1],[4],[10],[23]	Oct. 22, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Interest	[1],[10],[24]	14.50%
Maturity	[1],[4],[10]	Oct. 03, 2018	[24]	Sep. 19, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Maturity	[1],[4],[10]	Oct. 20, 2018	[21]	Sep. 29, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member]
Interest	[1],[10],[22]	17.50%
Maturity	[1],[4],[10],[22]	Nov. 02, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member]
Interest	[1],[10],[23]	17.50%
Maturity	[1],[4],[10],[23]	Dec. 28, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Interest	[1],[10],[24]	17.50%
Maturity	[1],[4],[10]	Dec. 27, 2018	[24]	Sep. 27, 2018
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[15]	10.45%	[7],[25]	9.00%	[26]
Fees	[1],[3],[15]	0.00%	[7],[25]	0.00%	[26]
Maturity	[1],[4],[15]	Jun. 30, 2018	[7],[25]	May 01, 2018	[26]
Principal Amount	[1],[15]	$ 12,500,000	[7],[25]	$ 12,500,000	[26]
Participation %	[1],[5],[15]	83.00%	[7],[25]	83.00%	[26]	83.00%	[7],[25]
Amortized Cost	[1],[15]	$ 12,500,000	[7],[25]	$ 12,500,000	[26]
Fair Value	[1],[15]	$ 10,432,518	[7],[25]	$ 12,500,000	[26]
% of Net Assets	[1],[15]	2.90%	[7],[25]	3.90%	[26]	2.90%	[7],[25]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Limitada [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1],[7]	10.67%		10.67%
Fees	[1],[3],[7]	0.00%		0.00%
Maturity	[1],[4],[7]	Jul. 29, 2018		Jul. 29, 2018
Principal Amount	[1],[7]	$ 6,000,000		$ 6,000,000
Participation %	[1],[5],[7]	17.00%		17.00%		17.00%
Amortized Cost	[1],[7]	$ 6,000,000		$ 6,000,000
Fair Value	[1],[7]	$ 5,146,407		$ 6,000,000
% of Net Assets	[1],[7]	1.40%		1.90%		1.40%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1],[7]	11.50%	[25]	11.50%
Fees	[1],[3],[7]	0.00%	[25]	0.00%
Maturity	[1],[4],[7]	Aug. 31, 2017	[25]	Aug. 31, 2017
Principal Amount	[1],[7]	$ 9,000,000	[25]	$ 9,000,000
Participation %	[1],[5],[7]	28.00%	[25]	32.00%		28.00%	[25]
Amortized Cost	[1],[7]	$ 9,000,000	[25]	$ 9,000,000
Fair Value	[1],[7]	$ 8,425,571	[25]	$ 9,000,000
% of Net Assets	[1],[7]	2.30%	[25]	2.80%		2.30%	[25]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[7],[9]	9.00%		9.00%	[27]
Fees	[1],[3],[7],[9]	0.00%		0.00%	[27]
Maturity	[1],[4],[7],[9]	Aug. 31, 2017		Aug. 31, 2017	[27]
Principal Amount	[1],[7],[9]	$ 6,000,000		$ 6,000,000	[27]
Participation %	[1],[5],[7],[9]	27.00%		100.00%	[27]	27.00%
Amortized Cost	[1],[7],[9]	$ 6,000,000		$ 6,000,000	[27]
Fair Value	[1],[7],[9]	$ 5,839,047		$ 6,000,000	[27]
% of Net Assets	[1],[7],[9]	1.60%		1.90%	[27]	1.60%
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1],[7]	10.90%		10.90%
Fees	[1],[3],[7]	0.00%		0.00%
Maturity	[1],[4],[7]	Mar. 04, 2018		Mar. 04, 2018
Principal Amount	[1],[7]	$ 1,326,687		$ 1,326,687
Participation %	[1],[5],[7]	100.00%		100.00%		100.00%
Amortized Cost	[1],[7]	$ 1,326,687		$ 1,326,687
Fair Value	[1],[7]	$ 1,326,687		$ 1,326,687
% of Net Assets	[1],[7]	0.40%		0.40%		0.40%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1],[15]	9.00%	[28]	9.00%
Fees	[1],[3],[15]	0.00%	[28]	0.00%
Maturity	[1],[4],[15]	Jun. 19, 2019	[28]	Aug. 18, 2018
Principal Amount	[1],[15]	$ 119,542	[28]	$ 351,559
Participation %	[1],[5],[15]	8.00%	[28]	43.00%		8.00%	[28]
Amortized Cost	[1],[15]	$ 119,542	[28]	$ 351,559
Fair Value	[1],[15]	$ 119,542	[28]	$ 351,559
% of Net Assets	[1],[15]	0.00%	[28]	0.10%		0.00%	[28]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[15]			9.25%
Fees	[1],[3],[15]			0.00%
Principal Amount	[1],[15]			$ 3,338,520
Participation %	[1],[5],[15]			34.00%
Amortized Cost	[1],[15]			$ 3,338,520
Fair Value	[1],[15]			$ 3,338,520
% of Net Assets	[1],[15]			1.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Minimum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[15]			Sep. 04, 2018
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Maximum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[15]			Oct. 22, 2018
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1],[7],[25]	12.00%		12.00%
Fees	[1],[3],[7],[25]	0.00%		0.00%
Maturity	[1],[4],[7],[25]	Mar. 31, 2016		Mar. 31, 2016
Principal Amount	[1],[7],[25]	$ 881,800		$ 881,800
Participation %	[1],[5],[7],[25]	23.00%		24.00%		23.00%
Amortized Cost	[1],[7],[25]	$ 881,800		$ 881,800
Fair Value	[1],[7],[25]	$ 881,800		$ 881,800
% of Net Assets	[1],[7],[25]	0.20%		0.30%		0.20%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Interest	[1],[9]			17.50%
Fees	[1],[3],[9]			0.00%
Maturity	[1],[4],[9]			Sep. 28, 2017
Principal Amount	[1],[9]			$ 1,234,145
Participation %	[1],[5],[9]			10.00%
Amortized Cost	[1],[9]			$ 1,234,145
Fair Value	[1],[9]			$ 1,234,145
% of Net Assets	[1],[9]			0.40%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Fees	[1],[3],[10]	0.00%
Principal Amount	[1],[10]	$ 6,298,536
Participation %	[1],[5],[10]	62.00%				62.00%
Amortized Cost	[1],[10]	$ 6,298,536
Fair Value	[1],[10]	$ 6,298,536
% of Net Assets	[1],[10]	1.70%				1.70%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[7],[25]	10.00%		12.00%
Fees	[1],[3],[7],[25]	0.00%		0.00%
Maturity	[1],[4],[7],[25]	May 22, 2015		May 22, 2015
Principal Amount	[1],[7],[25]	$ 785,806		$ 785,806
Participation %	[1],[5],[7],[25]	19.00%		12.00%		19.00%
Amortized Cost	[1],[7],[25]	$ 785,806		$ 785,806
Fair Value	[1],[7],[25]	$ 726,729		$ 726,729
% of Net Assets	[1],[7],[25]	0.20%		0.20%		0.20%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[10]	12.00%
Maturity	[1],[4],[10]	Jan. 07, 2019
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[10]	13.00%
Maturity	[1],[4],[10]	Jan. 25, 2019
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[7],[25]	11.00%		11.00%
Fees	[1],[3],[7],[25]	0.00%		0.00%
Maturity	[1],[4],[7],[25]	Jul. 31, 2018		Jul. 31, 2018
Principal Amount	[1],[7],[25]	$ 7,349,626		$ 7,349,626
Participation %	[1],[5],[7],[25]	73.00%		73.00%		73.00%
Amortized Cost	[1],[7],[25]	$ 7,349,626		$ 7,349,626
Fair Value	[1],[7],[25]	$ 7,349,626		$ 7,349,626
% of Net Assets	[1],[7],[25]	2.00%		2.30%		2.00%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[10]	11.55%
Fees	[1],[3],[10]	0.00%		0.00%
Maturity	[1],[4],[10]	Nov. 21, 2018
Principal Amount	[1],[10]	$ 2,087,577		$ 4,296,451
Participation %	[1],[5],[10]	100.00%		71.00%		100.00%
Amortized Cost	[1],[10]	$ 2,087,577		$ 4,296,451
Fair Value	[1],[10]	$ 2,087,577		$ 4,296,451
% of Net Assets	[1],[10]	0.60%		1.30%		0.60%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[10]			9.50%
Maturity	[1],[4],[10]			Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[10]			10.14%
Maturity	[1],[4],[10]			May 08, 2018
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Fees	[1],[3],[10],[29]	0.00%
Principal Amount	[1],[10],[29]	$ 11,102,589
Participation %	[1],[5],[10],[29]	100.00%				100.00%
Amortized Cost	[1],[10],[29]	$ 11,102,589
Fair Value	[1],[10],[29]	$ 11,102,589
% of Net Assets	[1],[10],[29]	3.00%				3.00%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Minimum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[10],[29]	16.42%
Maturity	[1],[4],[10],[29]	Oct. 13, 2018
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[10],[29]	17.50%
Maturity	[1],[4],[10],[29]	Dec. 31, 2018
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Global Pharma Intelligence Sarl [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member]
Interest	[1],[15]	14.60%	[30]	14.60%
Fees	[1],[3],[15]	0.00%	[30]	0.00%
Maturity	[1],[4],[15]	Jun. 30, 2018	[30]	Jan. 30, 2018
Principal Amount	[1],[15]	$ 803,254	[30]	$ 1,080,000
Participation %	[1],[5],[15]	60.00%	[30]	60.00%		60.00%	[30]
Amortized Cost	[1],[15]	$ 803,254	[30]	$ 1,080,000
Fair Value	[1],[15]	$ 803,254	[30]	$ 1,080,000
% of Net Assets	[1],[15]	0.20%	[30]	0.30%		0.20%	[30]
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[10]			11.82%
Fees	[1],[3],[10]			0.00%
Maturity	[1],[4],[10]			Nov. 08, 2018
Principal Amount	[1],[10]			$ 3,500,000
Participation %	[1],[5],[10]			27.00%
Amortized Cost	[1],[10]			$ 3,500,000
Fair Value	[1],[10]			$ 3,500,000
% of Net Assets	[1],[10]			1.10%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Interest	[1],[15]			9.00%
Fees	[1],[3],[15]			0.00%
Principal Amount	[1],[15]			$ 346,215
Participation %	[1],[5],[15]			100.00%
Amortized Cost	[1],[15]			$ 346,215
Fair Value	[1],[15]			$ 346,215
% of Net Assets	[1],[15]			0.10%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[15]			Feb. 03, 2018
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[15]			Jul. 26, 2018
Short Term Investments [Member]
Amortized Cost	[1]	$ 14,912,057		$ 32,500,000
Fair Value	[1]	$ 14,688,469		$ 32,500,000
% of Net Assets	[1]	4.00%		10.10%		4.00%
Short Term Investments [Member] | IIG TOF B.V [Member] | Financial Services [Member] | Receivable from IIG [Member]
Interest	[7],[25]	8.75%	[1],[31]	8.75%	[27],[32]
Fees	[3],[7],[25]	0.00%	[1],[31]	0.00%	[27],[32]
Principal Amount	[7],[25]	$ 6,000,000	[1],[31]	$ 6,000,000	[27],[32]
Amortized Cost	[7],[25]	6,000,000	[1],[31]	6,000,000	[27],[32]
Fair Value	[7],[25]	$ 5,776,412	[1],[31]	$ 6,000,000	[27],[32]
% of Net Assets	[7],[25]	1.60%	[1],[31]	1.90%	[27],[32]	1.60%	[1],[31]
Short Term Investments [Member] | Brazil [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor [Member]
Interest	[1],[15]	10.50%
Fees	[1],[3],[15]	0.00%
Maturity	[1],[4],[15]	Dec. 26, 2018
Principal Amount	[1],[15]	$ 4,000,000
Participation %	[1],[5],[15]	12.00%				12.00%
Amortized Cost	[1],[15]	$ 4,000,000
Fair Value	[1],[15]	$ 4,000,000
% of Net Assets	[1],[15]	1.10%				1.10%
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held In Escrow [Member]
Interest	[1],[33]	15.34%
Fees	[1],[3],[33]	0.00%
Principal Amount	[1],[33]	$ 4,912,057
Participation %	[1],[5],[33]	90.00%				90.00%
Amortized Cost	[1],[33]	$ 4,912,057
Fair Value	[1],[33]	$ 4,912,057
% of Net Assets	[1],[33]	1.30%				1.30%
Short Term Investments [Member] | United Kingdom [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Fees	[1],[3],[10]			0.00%
Principal Amount	[1],[10]			$ 16,500,000
Participation %	[1],[5],[10]			16.00%
Amortized Cost	[1],[10]			$ 16,500,000
Fair Value	[1],[10]			$ 16,500,000
% of Net Assets	[1],[10]			5.10%
Short Term Investments [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[10]			8.88%
Maturity	[1],[4],[10]			Jan. 31, 2018
Short Term Investments [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[10]			9.15%
Maturity	[1],[4],[10]			Feb. 28, 2018
Short Term Investments [Member] | Cayman Islands [Member] | Other Investments [Member] | Financial Services [Member] | Financial Services Provider [Member]
Interest	[1],[34]			7.50%
Fees	[1],[3],[34]			0.00%
Maturity	[1],[4],[34]			Feb. 28, 2018
Principal Amount	[1],[34]			$ 10,000,000
Amortized Cost	[1],[34]			10,000,000
Fair Value	[1],[34]			$ 10,000,000
% of Net Assets	[1],[34]			3.10%
Equity Warrants [Member]
Fair Value		$ 1,080,222
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Fair Value		$ 1,080,222
% of Net Assets		0.30%				0.30%

[1] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

[2] Principal and interest paid monthly.

[3] Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.

[4] Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

[5] Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.

[6] Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.

[7] Watch List investment. Refer to Note 3 for additional information.

[8] Principal and interest paid quarterly.

[9] Quarterly interest only payment. Principal due at maturity.

[10] Principal and interest paid at maturity.

[11] In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

[12] This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

[13] One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017.

[14] Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

[15] Monthly interest only payment. Principal due at maturity.

[16] Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

[17] Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $300,586.

[18] In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

[19] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

[20] During the third quarter 2018, the maturity dates of these investments were extended to 1/2/2019 to 2/14/2019.

[21] As of the date of this report, about $2,455,000 of this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[22] As of the date of this report, this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[23] As of the date of this report, the portion of this investments that had a maturity date in October 2018 has been repaid in full.

[24] As of the date of this report, about $1,509,000 of this investment with a maturity date in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[25] Investment on non-accrual status.

[26] While the original maturity date was 7/18/2017, the maturity date was extended to 5/01/2018 to account for the delays in shipments.

[27] For periods prior to the three months ended June 30, 2018, these investments were listed as one senior secured trade finance participation with a principal amount of $12,000,000. Refer to the description of these investments in Note 3 for more information.

[28] During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019.

[29] As of the date of this report, about $9,382,000 of this investment with maturity dates in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[30] Reserved

[31] This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”). During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information.

[32] This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information.

[33] Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds held in escrow accrue interest at 13% plus three-month Libor.

[34] Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity.

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Consolidated Schedule of Investments (Parenthetical)		1 Months Ended	9 Months Ended		12 Months Ended
		Oct. 31, 2017 USD ($)	Sep. 30, 2018 USD ($)		Dec. 31, 2017 USD ($)
Fats and Oils [Member]
Principal Amount					$ 12,000,000
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Extended maturity date			Dec. 15, 2020		Dec. 15, 2020
Maturity			May 15, 2017		May 15, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Extended maturity date		Aug. 31, 2021
Accrued interest capitalized		$ 2,027,327
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Minimum [Member]
Extended maturity date					Oct. 09, 2017
Maturity					Mar. 10, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Maximum [Member]
Extended maturity date					Jun. 01, 2018
Maturity					Feb. 21, 2018
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3]		Aug. 31, 2021	[1]	Aug. 31, 2021	[4]
Principal Amount	[2]		$ 18,527,237	[1]	$ 18,527,237	[4]
Interest	[2]		12.53%	[1]	11.66%	[4]
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Three-month Libor [Member] | Short Term Investments [Member]
Interest			13.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member]
Maturity	[2],[3],[5],[6]		Jul. 28, 2021
Principal Amount	[2],[5],[6]		$ 4,960,000
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member] | Minimum [Member]
Interest	[2],[5],[6]		12.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan [Member] | Maximum [Member]
Interest	[2],[5],[6]		13.34%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3],[5]				Jul. 28, 2021
Principal Amount	[2],[5]				$ 4,960,000
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Minimum [Member]
Interest	[2],[5]				12.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Maximum [Member]
Interest	[2],[5]				13.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date			Jul. 28, 2021		Jul. 28, 2021
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Entire principal amount					$ 18,462,024
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | Senior Secured Term Loan [Member]
Maturity	[2],[3],[7]				Jul. 27, 2019
Principal Amount	[2],[7]				$ 15,000,000
Interest	[2],[7]				11.33%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing			4.68%		4.68%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3],[8]		Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[2],[8]		$ 12,762,670		$ 13,407,670
Interest	[2],[8]		12.60%		16.54%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate			10.50%		10.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[10]		$ 2,552,529	[9]	$ 1,936,600
Interest	[2],[10]		17.50%	[9]	17.50%
Outstanding amount			$ 2,455,000
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[3],[10]		Sep. 19, 2018	[9]	Sep. 07, 2018
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[3],[10]		Oct. 20, 2018	[9]	Sep. 29, 2018
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member]
Investment maturity			2018-10
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[2],[3],[10]				Sep. 19, 2018
Principal Amount	[2],[10]		$ 2,342,872	[11]	$ 764,280
Interest	[2],[10]				17.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[3],[10],[11]		Oct. 22, 2018
Interest	[2],[10],[11]		14.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[3],[10],[11]		Dec. 28, 2018
Interest	[2],[10],[11]		17.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Outstanding amount			$ 1,509,000
Investment maturity			2018-10
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[10]		$ 1,786,726	[12]	$ 1,205,450
Interest	[2],[10]				17.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[3],[10]		Oct. 03, 2018	[12]	Sep. 19, 2018
Interest	[2],[10],[12]		14.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[3],[10]		Dec. 27, 2018	[12]	Sep. 27, 2018
Interest	[2],[10],[12]		17.50%
Nigeria [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Outstanding amount			$ 9,382,000
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3],[13]		Aug. 15, 2021
Principal Amount	[2],[13]		$ 16,005,188
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Entire principal amount			$ 2,143,500		$ 2,143,500
Principal and interest starting date			Feb. 15, 2020		Feb. 15, 2020
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3],[13]				Aug. 15, 2021
Principal Amount	[2],[13]				$ 15,529,353
Interest	[2],[13]				12.50%
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Original drawdown date			Aug. 10, 2017		Aug. 10, 2017
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member]
Maturity	[2],[3],[14]		Feb. 10, 2021
Principal and accrued interest payment description			Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.		Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.
Principal Amount	[2],[14]		$ 6,840,000		$ 6,840,000
Interest	[2],[14]		11.50%		11.50%
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Minimum [Member]
Maturity	[2],[3],[14]				Feb. 10, 2021
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Maximum [Member]
Maturity	[2],[3],[14]				Apr. 02, 2021
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member]
Maturity	[2],[3],[15],[16]		Jan. 23, 2021
Principal Amount	[2],[15],[16]		$ 7,893,393
Investment premium included in fair value			$ 300,586
Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Extended maturity date			Jun. 19, 2019
Maturity	[2],[3],[18]		Jun. 19, 2019	[17]	Aug. 18, 2018
Principal Amount	[2],[18]		$ 119,542	[17]	$ 351,559
Interest	[2],[18]		9.00%	[17]	9.00%
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[10]		$ 15,000,000	[19]	$ 15,000,000
Interest	[2],[10]		11.50%	[19]	9.50%
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[3],[10]		Jan. 02, 2019	[19]	Jan. 04, 2018
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[3],[10]		Feb. 14, 2019	[19]	Feb. 19, 2018
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Investment maturity			2018-10
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[10],[20]		$ 11,102,589
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[3],[10],[20]		Oct. 13, 2018
Interest	[2],[10],[20]		16.42%
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[3],[10],[20]		Dec. 31, 2018
Interest	[2],[10],[20]		17.50%
Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | Senior Secured Term Loan [Member]
Extended maturity date					May 01, 2018
Maturity					Jul. 18, 2017
Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | Senior Secured Term Loan [Member]
Extended maturity date					Mar. 04, 2018
Maturity					Dec. 11, 2016

[1] In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

[2] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

[3] Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

[4] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2021. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

[5] In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

[6] Watch List investment. Refer to Note 3 for additional information.

[7] This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

[8] Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

[9] As of the date of this report, about $2,455,000 of this investment remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[10] Principal and interest paid at maturity.

[11] As of the date of this report, the portion of this investments that had a maturity date in October 2018 has been repaid in full.

[12] As of the date of this report, about $1,509,000 of this investment with a maturity date in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

[13] Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

[14] One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017.

[15] Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $300,586.

[16] Quarterly interest only payment. Principal due at maturity.

[17] During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019.

[18] Monthly interest only payment. Principal due at maturity.

[19] During the third quarter 2018, the maturity dates of these investments were extended to 1/2/2019 to 2/14/2019.

[20] As of the date of this report, about $9,382,000 of this investment with maturity dates in October 2018 remains outstanding. The Company, together with the sub-advisor, has granted the borrower some flexibility with repayment, which is expected to be received during the fourth quarter of 2018.

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Organization and Operations of the Company

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Organization and Operations of the Company

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those businesses having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”).

TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to September 30, 2018, the Company raised an additional $67,321,000 pursuant to a private placement and $16,350,000 pursuant to the DRP for the gross proceeds of $445,447,000 as of September 30, 2018.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment  company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Company created TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of September 30, 2018, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

• TriLinc Global Impact Fund – African Trade Finance, Ltd.

• TriLinc Global Impact Fund – Africa, Ltd.

• TriLinc Global Impact Fund – Latin America II, Ltd.

• TriLinc Global Impact Fund – African Trade Finance II, Ltd.

• TriLinc Global Impact Fund – Latin America III, Ltd.

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

• TriLinc Global Impact Fund – African Trade Finance III, Ltd.

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

Through September 30, 2018, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, and Europe.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the FASB ASC Topic 946 — Financial Services, Investment Companies (“ASC 946”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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.

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018.

The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2018.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which the Company has determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the six companies on non-accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively for the three and nine months ended September 30, 2018.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, 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. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor;

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying borrower

• Industry factors that are relevant to the investment or the underlying borrower

• Historical and projected financial performance of the borrower based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type and value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Company’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively.  The Company earned and capitalized PIK interest of $667,792 for the three and nine months ended September 30, 2017.

Distribution and Ongoing Dealer Manager and Services Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement.  Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,309,000, the unpaid dealer manager fees for Class I units amounted to $61,000 and the unpaid dealer manager and service fees for Class W units amounted to $4,000.

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2018, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2014.

Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes.

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, effective June 30, 2016, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2018, under GAAP, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value under GAAP and the Company’s determination of net asset value per unit for Class C units now varies from GAAP.  Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that its prior approach was not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future ongoing dealer manager or service fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.355. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.174 from $8.529 as of March 31, 2017 to $8.355 as of September 30, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017 and the first quarter of 2018. The Company also failed to realize sufficient investment income during the second and fourth quarters of 2017 and the first quarter of 2018 to cover operating expenses, as a result of delays in finding suitable investments. In addition, during the second quarter of 2018, the Company recorded approximately $3.0 million in unrealized depreciation on its investments.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at September 30, 2018 and 2017.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2018 and December 31, 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of September 30, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.      

Operating Expense Responsibility Agreement

On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017.  This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of September 30, 2018.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that the Company has not adopted.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  Management has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

Risk Factors

The Company has a limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods.

The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected.

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments.

The Company’s investments consist of loans, loan participations and trade finance participations that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2018, all but one of the Company’s investments are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2018, the Company’s investment portfolio included 44 companies and was comprised of $95,690,207 or 28.0% in senior secured term loans, $145,674,400 or 42.5% in senior secured term loan participations, $85,102,471 or 24.9% in senior secured trade finance participations, and $14,688,469 or 4.3% in short term investments. The Company’s largest loan by value was $20,603,642 or 6.0% of total investments. The Company’s 5 largest loans by value comprised 26.2% of the Company’s portfolio at September 30, 2018. Participation in loans amounted to 67.4% of the Company’s total portfolio at September 30, 2018.  As of September 30, 2018, $246,648,714 or 72.1% of the Company’s investments had a maturity date of more than 12 months.

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Investments

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of September 30, 2018, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	95,690,207	$	95,690,207		28.0	%
Senior secured term loan participations		145,674,400		145,674,400		42.5	%
Senior secured trade finance participations		88,818,005		85,102,471		24.9	%
Short term investments		14,912,057		14,688,469		4.3	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	345,094,669	$	342,235,769		100.0	%

Participations

The majority of the Company’s investments are in the form of Participation Interests (“Participations”).  Participations are interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility.  The Company’s rights under Participations include, without limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor in the underlying financing facilities.

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of September 30, 2018.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2018 and December 31, 2017 amounted to $2,220,965 and $1,960,157, respectively. The Company’s interest receivable balances at September 30, 2018 and December 31, 2017 are recorded at the amounts that the Company expects to collect.

Trade Finance

Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s Participations in trade finance positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represents advances to borrowers based on proven orders from buyers. Receivable/inventory financing represents advances on borrowers’ eligible receivable and inventory balances. For trade finance, the structure and terms of the facility underlying the Company’s Participations vary according to the nature of the transaction being financed. The structure can take the form of a revolver with multiple draw requests and maturity of up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter durations of 60 – 180 days. With respect to underwriting, particular consideration is given to the following:

• nature of the goods or transaction being financed,

• the terms associated with the sale and repayment of the goods,

• the execution risk associated with producing, storing and shipment of the goods,

• the financial and performance profile of both the borrower and end buyer(s),

• the underlying advance rate and subsequent Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction,

• collateral and financial controls (collection accounts and inventory possession),

• third party inspections and insurance, and

• the region, country or jurisdiction in which the financing is being completed.

Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables.  In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product.

Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule, as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower.

On occasion, the Company may receive notice from the respective sub-advisor that a borrower or counterparty to a financing facility underlying one of the Company’s Participations intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower.

Short Term Investments

Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. In the periodic reports prior to September 30, 2017, the Company included short term investments within the Trade Finance section of the Schedule of Investments.  Due to the unique characteristics of the short term investments, the Company has determined to present these investments separately.

Warrants

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow the Company to buy shares of the portfolio company at a given price, which the Company will exercise at its discretion during the life of the portfolio company. The Company’s goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. Typically, these warrants and equity interests are illiquid.  In addition, the Company expects that any warrants or other return enhancements received when the Company makes or invests in loans may require several years to appreciate in value and may not appreciate at all.

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral, (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower).

Corporacion Prodesa S.R.L.

As of September 30, 2018, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, is comprised of two senior secured term loans with an aggregate balance of $3,210,000, and a senior secured trade finance revolving credit facility for $1,750,000. The total accrued interest balance as of September 30, 2018 amounts to $674,320, including $466,103 of deferred interest payable at maturity. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Prodesa loans as of September 30, 2018 at $4,960,000 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of September 30, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $285,502.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. The Company and Usivale have agreed to an extension of the 2017 principal payment (spread evenly across the final three years of the loan, such that remaining principal payments are comprised of approximately 20% / 20% / 60% amortization, respectively, over the next 3 years). The extension was agreed to in exchange for a flat 0.5% extension fee on the outstanding balance and an increase in pledged contracts. The 2017 annual interest payment has been received in full and the 2018 annual interest payment is due in the fourth quarter of 2018.

As of September 30, 2018, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices. As of September 30, 2018, accrued interest amounted to $285,502.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of September 30, 2018, the total balance outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $35,143 and $104,283, respectively for the three and nine months ended September 30, 2018. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $726,729 as of September 30, 2018 based on the income approach, discounted to present value using the loan’s yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”), with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of September 30, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  The Company’s existing Participation in this trade finance facility is near the final stages of being restructured to a Participation in a term loan with Profasa as the borrower and the following terms: 3 year senior secured term loan, secured by share pledge, 12% deferred interest compounded quarterly and payable at maturity, and monthly principal amortization based upon available cash flows.  

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $881,800 as of September 30, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $27,832 and $82,588, respectively.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased 9 Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of September 30, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 1,970 tons of copper scrap.  In late October 2017, Scipion’s designated collateral manager for Mac Z notified Scipion of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this Participation. The missing inventory led the Company to place Mac Z on the Watch List and on non-accrual status.

In addition to conducting its investigation, Scipion issued an event of default and is taking steps to enforce the corporate guarantee, personal guarantee and relevant pledges made for the benefit of Scipion with respect to the facility, which include two insurance policies. Scipion has placed a blocking notice on all of Mac Z’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $206,606 and $613,081, respectively. The Company believes, that as of September 30, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,349,626, accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively.   Vicentin is not the borrower, but rather agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of September 30, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $502,500. In June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  The court of appeals will decide on the commercial court’s rejection of the suspension and whether to affirm or reverse the commercial court’s final ruling in favor of IIG.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement.  

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

Given the new information learned by the Company about this investment as well as investments described under the captions, “—IIG Trade Opportunities FundB.V. Receivable” and “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, during the third quarter of 2018, with the authorization of the board of managers, the Company engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of these investments. For the quarter ended June 30, 2018, the Company asked the independent valuation firm to perform the limited procedures on these three investments, comprising approximately 5.3% of the total investments at fair value as of June 30, 2018,for which market quotations are not readily available.The analysis performed by the independent valuation firm is 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 the Company’s investments described under the captions “—Algodonera Avellaneda S.A.”, “—IIG Trade Opportunities FundB.V. Receivable”, and “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, 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.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,839,047 as of September 30, 2018.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is a Uruguay-based company focused on trading ofthe “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  As of the date of this filing, IIG has informed the Company that although it has reviewed its books and records, it cannot locate all of the original documents requested by the Company.  In connection with its review of this investment and in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the second quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Quarterly Report on Form 10-Q.  As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,776,412 as of September 30, 2018. The Company has placed this receivable on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $134,167 for the three and nine months ended September 30, 2018.  

Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of September 30, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG is also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG has confirmed to the Company that FRIAR continues to operate and is a going concern.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie (see above).  As described above, the Company also learned on July 31, 2018 that IIG and Algodonera are in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG is disputing the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  FRIAR’s appeal of the commercial court’s rejection of the suspension will be determined by the court of appeals.

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of the December 31, 2017 year-end financial statements the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s continued reliance on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG has expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of September 30, 2018 is to take the average of the value resulting from the Company’s analysis and the midpoint of the independent valuation firm’s estimate of the range of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $8,425,571 as of September 30, 2018. The Company placed the Participation on non-accrual status effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and nine months ended September 30, 2018 amounted to $264,500 and $784,875, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942.

IIG has stated that it has been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG has informed the Company that IIG is a member of the creditors committee, which will determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method. Therefore, based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $333,819 for the three and nine months ended September 30, 2018. The Company has estimated the fair value of the principal amount of this investment to be $10,432,518 as of September 30, 2018 based on the collateral approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through September 30, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2018, with an annual renewal option.  Ultimately, it is believed that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  Due to the uncertainty associated with the timing and final terms of such sale, the Company believes the most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $5,146,407 based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of September 30, 2018, the outstanding principal balance on this Participation was $1,326,688 and accrued interest amounted to $111,220. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, is currently working with Functional on restructuring the facility, which it believes will be completed in the near term. As of September 30, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,326,688 based on the income approach, discounted to present value using the expected yield to maturity, assuming the facility is restructured in the manner in which IIG has informed the Company it expects to be restructured.  The expected yield to maturity increased to reflect uncertainty around the restructuring.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of September 30, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of September 30, 2018 amount to $15,311. Repayment on the participation interest has been slower than originally anticipated due to operational delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of September 30, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2018 and December 31, 2017, was as follows:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	13,283,814		3.9	%	$	15,351,296		4.6	%
Bulk Fuel Stations and Terminals		—		0.0	%		16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.4	%		15,000,000		4.5	%
Chocolate and Cocoa Products		11,102,589		3.2	%		—		—
Coal and Other Minerals and Ores		32,087,577		9.4	%		31,254,315		9.4	%
Commercial Fishing		119,542		0.0	%		351,559		0.1	%
Communications Equipment		6,298,536		1.8	%		—		—
Consumer Products		10,106,407		3.0	%		10,960,000		3	%
Department Stores		8,193,979		2.4	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		18,527,237		5.4	%		18,527,237		5.5	%
Farm Products		16,071,075		4.7	%		7,960,987		2.4	%
Fats and Oils		5,839,047		1.7	%		12,000,000		3.6	%
Financial services		10,688,469		3.1	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,839,688		3.8	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		0.0	%		3,338,520		1.0	%
Food Products		6,640,009		1.9	%		1,072,944		0.3	%
Gas Transmission and Distribution		13,087,943		3.8	%		—		—
Groceries and Related Products		—		0.0	%		3,500,000		1.0	%
Hotels and Motels		16,231,223		4.7	%		15,807,931		4.7	%
Land Subdividers and Developers		15,911,438		4.6	%		15,411,497		4.6	%
Logging		6,840,000		2.0	%		6,840,000		2.0	%
Meat, Poultry & Fish		8,425,571		2.5	%		9,000,000		2.7	%
Metals & Mining		2,358,887		0.7	%		4,566,481		1.4	%
Personal Credit Institutions		6,006,940		1.8	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.5	%		32,000,000		9.5	%
Programming and Data Processing		14,428,329		4.2	%		15,714,764		4.7	%
Refuse Systems		21,683,864		6.3	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,349,626		5.1	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.4	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		860,222		0.3	%		1,355,600		0.4	%
Street Construction		—		0.0	%		10,861,658		3.2	%
Telephone and Telegraph Apparatus		—		0.0	%		14,388,525		4.3	%
Telephone Communications		18,487,000		5.4	%		—		—
Water Transportation		12,723,503		3.7	%		13,353,503		4.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2018 and December 31, 2017:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	29,843,543		8.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.4	%		4,740,000		1.4	%
Brazil		21,279,625		6.2	%		18,566,060		5.5	%
Cabo Verde		16,231,223		4.7	%		15,807,931		4.7	%
Cameroon		11,102,589		3.2	%		—		—
Cayman Islands		—		0.0	%		10,000,000		3.0	%
Chile		1,326,687		0.4	%		1,326,687		0.4	%
China		10,000,000		2.9	%		10,000,000		3.0	%
Colombia		6,006,940		1.8	%		3,157,735		0.9	%
Croatia		8,193,979		2.4	%		—		—
Ecuador		119,542		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		15.2	%		34,027,237		10.1	%
Guatemala		881,800		0.3	%		881,800		0.3	%
Hong Kong		30,000,000		8.8	%		41,346,389		12.3	%
Indonesia		2,358,887		0.7	%		14,193,994		4.2	%
Jersey		18,487,000		5.4	%		—		—
Kenya		12,839,688		3.8	%		12,464,320		3.7	%
Malaysia		15,000,000		4.4	%		15,000,000		4.5	%
Mauritius		—		—			3,500,000		1.0	%
Mexico		21,683,864		6.3	%		11,315,000		3.4	%
Morocco		7,349,626		2.2	%		7,349,626		2.2	%
Namibia		15,911,438		4.7	%		15,411,497		4.6	%
New Zealand		6,840,000		2.0	%		6,840,000		2.0	%
Nigeria		22,286,091		6.5	%		19,106,003		5.7	%
Peru		4,960,000		1.5	%		21,505,994		6.4	%
Romania		1,913,280		0.6	%		—		—
South Africa		7,025,265		2.1	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		2,087,577		0.6	%		20,796,451		6.2	%
Zambia		860,222		0.3	%		1,355,600		0.4	%
Uganda		4,300,000		1.3	%		—		—
Uruguay		-		0.0	%		346,215		0.1	%
N/A		5,776,412		1.7	%		—		0.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

(1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	95,690,207	$	—	$	—	$	95,690,207
Senior secured term loan participations		145,674,400		—		—		145,674,400
Senior secured trade finance participations		85,102,471		—		—		85,102,471
Short term investments		14,688,469		—		—		14,688,469
Equity warrants		1,080,222		—		—		1,080,222
Total	$	342,235,769	$	—	$	—	$	342,235,769

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

The following is a reconciliation of activity for the nine months ended September 30, 2018, of investments classified as Level 3: 

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized (depreciation) / Foreign exchange gain			Transfers			Fair Value at September 30, 2018
Senior secured term loans	$	78,573,493	$	20,240,532	$	(19,446,431	)	$	2,011,317	$	—		$	14,311,296		$	95,690,207
Senior secured term loan participations		119,165,378		32,629,176		(13,023,327	)		1,626,526					5,276,647			145,674,400
Senior secured trade finance participations		105,030,621		83,451,952		(93,223,644	)		—		(3,656,458	)		(6,500,000	)		85,102,471
Short term investments		32,500,000		22,000,000		(26,500,000	)		—		(223,588	)		(13,087,943	)		14,688,469
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	158,321,660	$	(152,193,402	)	$	3,637,843	$	(2,799,824	)	$	-		$	342,235,769

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2018 and 2017.

As of September 30, 2018, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2018:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	61,370,666	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	23,731,805	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	95,690,207	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	145,674,400	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	5,776,412	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,912,057	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Income approach (DCF)	Market yield	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information.     

(3) The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” for further information.

As of December 31, 2017 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	15,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements.

For additional information concerning of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.

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Related Parties

9 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

On February 14, 2018, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement (the “Advisory Agreement”) until February 25, 2019.

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk.

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee that is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2018 and 2017.

Transactions

As discussed in Note 2, for the three months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $872,653, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the nine months ended September 30, 2018 and 2017, the Sponsor assumed responsibility for $0 and $3,831,414, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2018 and 2017, the Advisor earned $1,986,846, and $1,658,314, respectively, in management fees and $1,480,249 and $1,447,154, respectively, in incentive fees. For the nine months ended September 30, 2018 and 2017, the Advisor earned $5,988,274 and $4,721,832, respectively, in management fees and $4,583,508 and $3,276,012, respectively, in incentive fees.

Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. Such expenses, in an aggregate amount of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018 and no expenses have been recorded for the three months ended September 30, 2018. The Company met the Reimbursement Hurdle for the second quarter of 2018 and has recorded expenses of $387,000 for the nine months ended September 30, 2018. The $387,000 due to the Sponsor as of September 30, 2018 is included in Other payables.

As of September 30, 2018 and December 31, 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, were due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the three months ended September 30, 2018 and 2017, the Company paid $0 and $3,000, respectively, in dealer manager fees and $0 and $5,500, respectively, in selling commissions to the Company’s dealer manager for the Company’s offerings, SC Distributors, LLC. For the nine months ended September 30, 2018 and 2017, the Company paid $6,252 and $639,088, respectively, in dealer manager fees and $19,270 and $2,469,610, respectively, in selling commissions to SC Distributors, LLC. These fees and commissions were paid in connection with the sale of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s Consolidated Statements of Operations

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Organization and Offering Costs

9 Months Ended

Sep. 30, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of September 30, 2018, the Sponsor has paid approximately $17,412,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $72,000 and $2,458,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018 and 2017, the Company paid $54,616 and $2,468,849, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through September 30, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering and organization costs and there is a remaining balance of approximately $436,100 of offering costs that have not yet been reimbursed to the Sponsor.  

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Notes Payable

9 Months Ended

Sep. 30, 2018

Debt Instruments [Abstract]

Notes Payable

Note 7. Notes Payable

The Company notes payable consist of the following:

	September 30, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	310,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		5,000,000		5,000,000
Total notes payable	$	28,060,000	$	28,160,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74%) as determined on their issuance date.As of September 30, 2018, the Company raised $1.86 million in the offering of the Notes and $310,000 of such debt was outstanding after repayment of $1.55 million during 2017 and the first quarter of 2018. The Company does not expect to raise any additional funds pursuant to the Notes offering.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes. The Notes and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $12.25 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $17.5 million under the second Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.34% as of September 30, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants. 

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.

The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

  TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 5shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Note based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Note.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. As of September 30, 2018, the Company is in full compliance with all such representations, warranties and covenants.

For the three months ended September 30, 2018 and 2017, the Company recognized $504,954 and $215,449, respectively, in interest expense. For the nine months ended September 30, 2018 and 2017, the Company recognized $1,439,666 and $256,540, respectively, in interest expense. Due to the variable rate structure of these borrowings, the carrying basis of these debt obligations is considered to approximate their fair value.

The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows:

Year ending December 31:	Principal payments
2018	$	310,000
2019		-
2020		22,750,000
2021		5,000,000
Thereafter		-
	$	28,060,000

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Unit Capital

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of September 30, 2018, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of September 30, 2018, the Company recorded a liability in the aggregate amount of $1,374,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability is calculated based on a net asset value per Class C, Class I and Class W units of $8.421 with a distribution fee of 0.8% for Class C units, an ongoing dealer manager fee of 0.5% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the nine months ended September 30, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2017		the Period		the Period			2018
Class A units		18,240,073		444,946		(693,579	)		17,991,440
Class C units		8,411,343		230,344		(342,789	)		8,298,898
Class I units		10,442,009		381,728		(315,347	)		10,508,390
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,124,975		(1,354,083	)		43,953,995

          The total of 7,124,975 units issued during the nine months ended September 30, 2018 included 884,619 units issued under the DRP at a value of $7,587,997.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company   at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2018, the Company received 255 repurchase requests for a total of 1,354,083 units at a repurchase price per unit of $8.507 for the first quarter of 2018 and $8.421 for the second and third quarters of 2018. As of September 30, 2018, 84 of these repurchase requests were pending processing and were completed by the Company in November 2018.

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Distributions

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Distributions

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2018:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,250	$	988,859	$	2,341,109
February 28, 2018	February 14, 2018	$	0.00197808		1,543,566		895,266		2,438,832
March 31, 2018	March 25, 2018	$	0.00168675		1,505,460		818,399		2,323,859
April 30, 2018	April 10, 2018	$	0.00168675		1,433,471		800,072		2,233,543
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,442,025		805,860		2,247,885
July 31, 2018	July 10, 2018	$	0.00168675		1,476,111		826,006		2,302,117
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,556		800,025		2,235,581
Total for 2018				$	13,160,235	$	7,587,997	$	20,748,232

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Financial Highlights

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2018 and 2017:          

	Nine months ended
	September 30,			September 30,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.42		$	0.49
Net change in unrealized depreciation on investments	$	(0.06	)	$	-
Net increase in net assets resulting from operations	$	0.36		$	0.49
Distributions	$	(0.48	)	$	(0.54	)
Net change in accrued distribution and other fees	$	0.02		$	0.04
Net decrease in net assets	$	(0.10	)	$	(0.02	)
Net asset value at end of period (2)	$	8.31		$	8.45
Total return based on net asset value (3)		4.22	%		5.74	%
Net assets at end of period	$	365,842,078		$	312,070,024
Units Outstanding at end of period		43,953,995			36,914,426
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		6.88	%		7.70	%
Ratio of net operating expenses to average net assets		5.68	%		2.96	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2018 and 2017 which were 43,613,730 and 34,744,363, respectively.

2 For financial statement reporting purposes under GAAP, as of September 30, 2018, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows; total return: 4.23% and 4.43%, ratio of net investment income; 7.03% and 5.95%, and ratio of operating expenses to average net assets: 5.54% and 4.71%.

4 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2018, except as discussed below.

Distributions

On October 18, 2018, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2018. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units , the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units). On November 1, 2018, $1,424,542 of these distributions were paid in cash and on October 31, 2018, $820,705 were reinvested in units for those unitholders participating in the DRP.

  With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from November 1 through November 30, 2018. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 4, 2018.

 Investments

Subsequent to September 30, 2018 through November 12, 2018, the Company funded approximately $28.3 million in new investments and received proceeds from repayment of investments of approximately $1.9 million.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the FASB ASC Topic 946 — Financial Services, Investment Companies (“ASC 946”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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.

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018.

The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2018.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash

Cash consists of demand deposits at a financial institution located in the U.S. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which the Company has determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $33,592,656 or 9.8% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the six companies on non-accrual status as of September 30, 2018 amounted to approximately $1,002,067 and $2,052,814, respectively for the three and nine months ended September 30, 2018.

Valuation of Investments

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, 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. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor;

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  For watch list investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying borrower

• Industry factors that are relevant to the investment or the underlying borrower

• Historical and projected financial performance of the borrower based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type and value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Company’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

Payment-in-Kind Interest

The Company may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three and nine months ended September 30, 2018, the Company earned and capitalized PIK interest of $1,306,165 and $3,170,529, respectively.  The Company earned and capitalized PIK interest of $667,792 for the three and nine months ended September 30, 2017.

Distribution and Ongoing Dealer Manager and Services Fees

Distribution and Ongoing Dealer Manager and Services Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement.  Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At September 30, 2018, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,309,000, the unpaid dealer manager fees for Class I units amounted to $61,000 and the unpaid dealer manager and service fees for Class W units amounted to $4,000.

Income Taxes

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2018, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2014.

Unitholders are individually responsible for reporting income or loss, to the extent required by the federal and state income tax laws and regulations, based upon their respective share of the Company’s income and expense as reported for income tax purposes.

Calculation of Net Asset Value

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of September 30, 2018, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, effective June 30, 2016, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2018, under GAAP, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. The Company is not required to determine its net asset value under GAAP and the Company’s determination of net asset value per unit for Class C units now varies from GAAP.  Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that its prior approach was not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future ongoing dealer manager or service fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.355. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.174 from $8.529 as of March 31, 2017 to $8.355 as of September 30, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017 and the first quarter of 2018. The Company also failed to realize sufficient investment income during the second and fourth quarters of 2017 and the first quarter of 2018 to cover operating expenses, as a result of delays in finding suitable investments. In addition, during the second quarter of 2018, the Company recorded approximately $3.0 million in unrealized depreciation on its investments.

Net Income (Loss) per Unit

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at September 30, 2018 and 2017.

Organization and Offering Costs

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2018 and December 31, 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of September 30, 2018, the Sponsor has incurred approximately $523,500 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of September 30, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.      

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,240,200 of expenses, which have been accrued by the Sponsor as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such management fees and incentive fees accrued to date have been reimbursed. The Company did not meet the Reimbursement Hurdle for the quarter ended September 30, 2018. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the quarter ended September 30, 2018. The Company did meet the Reimbursement Hurdle for the second quarter of 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the nine months ended September 30, 2018. As of September 30, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been recorded by the Company. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Classification Correction

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017.  This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out of Period Adjustments

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of September 30, 2018.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that the Company has not adopted.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  Management has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

Risk Factors

Risk Factors

The Company has a limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods.

The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected.

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments.

The Company’s investments consist of loans, loan participations and trade finance participations that are illiquid and non-traded, making purchase or sale of such financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2018, all but one of the Company’s investments are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2018, the Company’s investment portfolio included 44 companies and was comprised of $95,690,207 or 28.0% in senior secured term loans, $145,674,400 or 42.5% in senior secured term loan participations, $85,102,471 or 24.9% in senior secured trade finance participations, and $14,688,469 or 4.3% in short term investments. The Company’s largest loan by value was $20,603,642 or 6.0% of total investments. The Company’s 5 largest loans by value comprised 26.2% of the Company’s portfolio at September 30, 2018. Participation in loans amounted to 67.4% of the Company’s total portfolio at September 30, 2018.  As of September 30, 2018, $246,648,714 or 72.1% of the Company’s investments had a maturity date of more than 12 months.

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities

The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

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Investments (Tables)

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of September 30, 2018, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	95,690,207	$	95,690,207		28.0	%
Senior secured term loan participations		145,674,400		145,674,400		42.5	%
Senior secured trade finance participations		88,818,005		85,102,471		24.9	%
Short term investments		14,912,057		14,688,469		4.3	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	345,094,669	$	342,235,769		100.0	%

As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2018 and December 31, 2017, was as follows:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	13,283,814		3.9	%	$	15,351,296		4.6	%
Bulk Fuel Stations and Terminals		—		0.0	%		16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.4	%		15,000,000		4.5	%
Chocolate and Cocoa Products		11,102,589		3.2	%		—		—
Coal and Other Minerals and Ores		32,087,577		9.4	%		31,254,315		9.4	%
Commercial Fishing		119,542		0.0	%		351,559		0.1	%
Communications Equipment		6,298,536		1.8	%		—		—
Consumer Products		10,106,407		3.0	%		10,960,000		3	%
Department Stores		8,193,979		2.4	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		18,527,237		5.4	%		18,527,237		5.5	%
Farm Products		16,071,075		4.7	%		7,960,987		2.4	%
Fats and Oils		5,839,047		1.7	%		12,000,000		3.6	%
Financial services		10,688,469		3.1	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,839,688		3.8	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		0.0	%		3,338,520		1.0	%
Food Products		6,640,009		1.9	%		1,072,944		0.3	%
Gas Transmission and Distribution		13,087,943		3.8	%		—		—
Groceries and Related Products		—		0.0	%		3,500,000		1.0	%
Hotels and Motels		16,231,223		4.7	%		15,807,931		4.7	%
Land Subdividers and Developers		15,911,438		4.6	%		15,411,497		4.6	%
Logging		6,840,000		2.0	%		6,840,000		2.0	%
Meat, Poultry & Fish		8,425,571		2.5	%		9,000,000		2.7	%
Metals & Mining		2,358,887		0.7	%		4,566,481		1.4	%
Personal Credit Institutions		6,006,940		1.8	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.5	%		32,000,000		9.5	%
Programming and Data Processing		14,428,329		4.2	%		15,714,764		4.7	%
Refuse Systems		21,683,864		6.3	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,349,626		5.1	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.4	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		860,222		0.3	%		1,355,600		0.4	%
Street Construction		—		0.0	%		10,861,658		3.2	%
Telephone and Telegraph Apparatus		—		0.0	%		14,388,525		4.3	%
Telephone Communications		18,487,000		5.4	%		—		—
Water Transportation		12,723,503		3.7	%		13,353,503		4.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2018 and December 31, 2017:

	As of  September 30, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	29,843,543		8.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.4	%		4,740,000		1.4	%
Brazil		21,279,625		6.2	%		18,566,060		5.5	%
Cabo Verde		16,231,223		4.7	%		15,807,931		4.7	%
Cameroon		11,102,589		3.2	%		—		—
Cayman Islands		—		0.0	%		10,000,000		3.0	%
Chile		1,326,687		0.4	%		1,326,687		0.4	%
China		10,000,000		2.9	%		10,000,000		3.0	%
Colombia		6,006,940		1.8	%		3,157,735		0.9	%
Croatia		8,193,979		2.4	%		—		—
Ecuador		119,542		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		15.2	%		34,027,237		10.1	%
Guatemala		881,800		0.3	%		881,800		0.3	%
Hong Kong		30,000,000		8.8	%		41,346,389		12.3	%
Indonesia		2,358,887		0.7	%		14,193,994		4.2	%
Jersey		18,487,000		5.4	%		—		—
Kenya		12,839,688		3.8	%		12,464,320		3.7	%
Malaysia		15,000,000		4.4	%		15,000,000		4.5	%
Mauritius		—		—			3,500,000		1.0	%
Mexico		21,683,864		6.3	%		11,315,000		3.4	%
Morocco		7,349,626		2.2	%		7,349,626		2.2	%
Namibia		15,911,438		4.7	%		15,411,497		4.6	%
New Zealand		6,840,000		2.0	%		6,840,000		2.0	%
Nigeria		22,286,091		6.5	%		19,106,003		5.7	%
Peru		4,960,000		1.5	%		21,505,994		6.4	%
Romania		1,913,280		0.6	%		—		—
South Africa		7,025,265		2.1	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		2,087,577		0.6	%		20,796,451		6.2	%
Zambia		860,222		0.3	%		1,355,600		0.4	%
Uganda		4,300,000		1.3	%		—		—
Uruguay		-		0.0	%		346,215		0.1	%
N/A		5,776,412		1.7	%		—		0.0	%
Total	$	342,235,769		100.0	%	$	335,269,492		100.0	%

(1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	95,690,207	$	—	$	—	$	95,690,207
Senior secured term loan participations		145,674,400		—		—		145,674,400
Senior secured trade finance participations		85,102,471		—		—		85,102,471
Short term investments		14,688,469		—		—		14,688,469
Equity warrants		1,080,222		—		—		1,080,222
Total	$	342,235,769	$	—	$	—	$	342,235,769

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the nine months ended September 30, 2018, of investments classified as Level 3: 

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized (depreciation) / Foreign exchange gain			Transfers			Fair Value at September 30, 2018
Senior secured term loans	$	78,573,493	$	20,240,532	$	(19,446,431	)	$	2,011,317	$	—		$	14,311,296		$	95,690,207
Senior secured term loan participations		119,165,378		32,629,176		(13,023,327	)		1,626,526					5,276,647			145,674,400
Senior secured trade finance participations		105,030,621		83,451,952		(93,223,644	)		—		(3,656,458	)		(6,500,000	)		85,102,471
Short term investments		32,500,000		22,000,000		(26,500,000	)		—		(223,588	)		(13,087,943	)		14,688,469
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	158,321,660	$	(152,193,402	)	$	3,637,843	$	(2,799,824	)	$	-		$	342,235,769

Summary of Quantitative Information of Fair Value Measurements of Investments

As of September 30, 2018, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2018:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	61,370,666	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	23,731,805	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	95,690,207	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	145,674,400	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	5,776,412	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,912,057	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Income approach (DCF)	Market yield	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information.     

(3) The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” for further information.

As of December 31, 2017 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	15,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

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Notes Payable (Tables)

9 Months Ended

Sep. 30, 2018

Debt Instruments [Abstract]

Summary of Notes Payable

The Company notes payable consist of the following:

	September 30, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	310,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		5,000,000		5,000,000
Total notes payable	$	28,060,000	$	28,160,000

Summary of Principal Payments Due on Borrowings

The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows:

Year ending December 31:	Principal payments
2018	$	310,000
2019		-
2020		22,750,000
2021		5,000,000
Thereafter		-
	$	28,060,000

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Unit Capital (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary of unit activity during the nine months ended September 30, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2017		the Period		the Period			2018
Class A units		18,240,073		444,946		(693,579	)		17,991,440
Class C units		8,411,343		230,344		(342,789	)		8,298,898
Class I units		10,442,009		381,728		(315,347	)		10,508,390
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,124,975		(1,354,083	)		43,953,995

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Distributions (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Summary of Distributions Paid

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2018:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,250	$	988,859	$	2,341,109
February 28, 2018	February 14, 2018	$	0.00197808		1,543,566		895,266		2,438,832
March 31, 2018	March 25, 2018	$	0.00168675		1,505,460		818,399		2,323,859
April 30, 2018	April 10, 2018	$	0.00168675		1,433,471		800,072		2,233,543
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,442,025		805,860		2,247,885
July 31, 2018	July 10, 2018	$	0.00168675		1,476,111		826,006		2,302,117
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,556		800,025		2,235,581
Total for 2018				$	13,160,235	$	7,587,997	$	20,748,232

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2018 and 2017:          

	Nine months ended
	September 30,			September 30,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.42		$	0.49
Net change in unrealized depreciation on investments	$	(0.06	)	$	-
Net increase in net assets resulting from operations	$	0.36		$	0.49
Distributions	$	(0.48	)	$	(0.54	)
Net change in accrued distribution and other fees	$	0.02		$	0.04
Net decrease in net assets	$	(0.10	)	$	(0.02	)
Net asset value at end of period (2)	$	8.31		$	8.45
Total return based on net asset value (3)		4.22	%		5.74	%
Net assets at end of period	$	365,842,078		$	312,070,024
Units Outstanding at end of period		43,953,995			36,914,426
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		6.88	%		7.70	%
Ratio of net operating expenses to average net assets		5.68	%		2.96	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2018 and 2017 which were 43,613,730 and 34,744,363, respectively.

2 For financial statement reporting purposes under GAAP, as of September 30, 2018, the Company recorded a liability in the amount of $1,374,000 for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows; total return: 4.23% and 4.43%, ratio of net investment income; 7.03% and 5.95%, and ratio of operating expenses to average net assets: 5.54% and 4.71%.

4 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

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Organization and Operations of the Company - Additional Information (Detail)				1 Months Ended	9 Months Ended		18 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	May 31, 2012 USD ($) shares	Mar. 31, 2017 USD ($)	Sep. 30, 2018 USD ($) Employee shares	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Employee
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					7,124,975
Offering period, description					The primary offering terminated on March 31, 2017.
Additional gross proceeds					$ 445,447,000
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 3,817,799	$ 27,716,101
Shares purchased under equity transaction | shares					444,946
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
Private Placement [Member]
Organization And Nature Of Operations [Line Items]
Additional gross proceeds							$ 67,321,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					884,619
Aggregate gross proceeds on units purchased					$ 7,587,997
Additional gross proceeds							$ 16,350,000
Termination of Primary Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 361,776,000
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 13,338,000
TriLinc Advisors, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 200,000
Shares purchased under equity transaction | shares			22,161
TriLinc Global, LLC [Member]
Organization And Nature Of Operations [Line Items]
Formation date of limited liability company					Apr. 30, 2012
Primary offering termination date					Mar. 31, 2017
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares	321,330
Aggregate gross proceeds on units purchased	$ 2,900,000
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					85.00%
TriLinc Global, LLC [Member] | Maximum [Member]
Organization And Nature Of Operations [Line Items]
Number of employees for investments in SMEs | Employee					500		500
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Minimum offering requirement	$ 2,000,000
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					15.00%

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Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended		12 Months Ended	68 Months Ended
		Sep. 30, 2018 USD ($) Company $ / shares	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Company Loans $ / shares	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) Company $ / shares	Dec. 31, 2017 USD ($) Company $ / shares	Jun. 30, 2018 USD ($)	Jan. 01, 2018 USD ($)	Mar. 31, 2017 $ / shares
Significant Accounting Policies [Line Items]
Due date for unpaid principal and interest				90 days
Fair Value		$ 342,235,769		$ 342,235,769		$ 335,269,492	$ 335,269,492
Percentage of investment in loans				100.00%		100.00%
Number of companies on non-accrual status | Company		6		6		3	3
Number of companies on non-accrual status in unrecorded interest income | Company		6		6
Unrecorded investment interest income		$ 11,092,764	$ 9,659,965	$ 33,323,808	$ 23,039,392
Minimum investment maturity period				12 months
Paid-in-kind interest		1,306,165	667,792	$ 3,170,529	667,792
Percentage of total selling compensation equaling of gross proceeds from offering				10.00%
Dealer manager fee payable period, maximum				5 years
Service fee payable period, maximum				6 years
Tax liability for uncertain tax provision		$ 0		$ 0
Interest and penalties related to unrecognized tax benefits				$ 0
Net assets value per unit | $ / shares		$ 8.355		$ 8.355		$ 8.466	$ 8.466
Investment, unrealized depreciation								$ 3,000,000
Organization and offering expenses				4.70%
Amount paid to the sponsor due to reimbursement hurdle			$ (872,653)	$ 387,000	$ (3,831,414)
Number of companies included in investment portfolio | Company		44		44
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 20,603,642		$ 20,603,642
Number of investment loans | Loans				5
Investment Concentration [Member]
Significant Accounting Policies [Line Items]
Fair Value		246,648,714		$ 246,648,714
Minimum investment maturity period				12 months
Percentage of Investment				72.10%
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				67.40%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				6.00%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				26.20%
ASU 2014-09 [Member]
Significant Accounting Policies [Line Items]
Cumulative adjustment to net assts									$ 0
Valuation of Investments [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments				$ 871,000
Net Change In Unrealized Depreciation On Investments [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments				871,000
Net Increase In Net Assets [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments				$ (871,000)
Maximum [Member]
Significant Accounting Policies [Line Items]
Organization and offering reimbursement limit				15.00%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company						$ 12,420,600	$ 12,420,600
Expenses accrued by the sponsor on behalf of company						4,240,200	4,240,200
Remaining excess amount payment percentage				50.00%
Amount paid to the sponsor due to reimbursement hurdle		0		$ 387,000
Remaining aggregate balance due to affiliate		16,266,800		16,266,800		16,660,800	16,660,800
TriLinc Global, LLC [Member] | Private Placement [Member]
Significant Accounting Policies [Line Items]
Organization and offering costs incurred by the Sponsor on behalf of the company		$ 523,500		523,500
Reimbursement of organization and offering costs incurred by Sponsor				$ 86,784
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description				Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit.
Earliest tax year [Member]
Significant Accounting Policies [Line Items]
Open tax year				2014
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share		0.80%		0.80%
Distribution fee payable		$ 1,309,000		$ 1,309,000
Net assets value per unit | $ / shares		$ 8.355		$ 8.355						$ 8.267
Blended net asset value per unit | $ / shares										8.467
Class I Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager fee		$ 61,000		$ 61,000
Net assets value per unit | $ / shares		$ 8.355		$ 8.355						8.529
Decrease in net asset value per unit | $ / shares		$ 0.174		$ 0.174
Class W Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager and service fees		$ 4,000		$ 4,000
Net assets value per unit | $ / shares		$ 8.355		$ 8.355
Class C Units, Class I Units and Class W Units [Member]
Significant Accounting Policies [Line Items]
Distribution, dealer manager and service fees payable		$ 1,374,000		$ 1,374,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.355		$ 8.355						$ 8.529
Decrease in net asset value per unit | $ / shares		0.174		0.174
Class Y Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		8.355		8.355
Class Z Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.355		$ 8.355
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 33,592,656		$ 33,592,656		$ 8,958,155	8,958,155
Percentage of investment in loans				9.80%		2.70%
Unrecorded investment interest income		1,002,067		$ 2,052,814
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	95,690,207		$ 95,690,207		$ 78,573,493	78,573,493
Percentage of investment in loans				28.00%		23.40%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	145,674,400		$ 145,674,400		$ 119,165,378	119,165,378
Percentage of investment in loans				42.50%		35.60%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	85,102,471		$ 85,102,471		$ 105,030,621	$ 105,030,621
Percentage of investment in loans				24.90%		31.30%
Short Term Note [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 14,688,469		$ 14,688,469
Percentage of investment in loans				4.30%
TGIF-A [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-TF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TAI [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-LA [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-ATF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%

[1] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

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Significant Accounting Policies - Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
ANALYSIS OF NET ASSETS:
Offering costs	$ (17,211,117)	$ (17,156,501)
NET ASSETS	365,842,078	321,356,737	$ 312,070,024	$ 250,755,915
As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Offering costs		(17,156,501)
NET ASSETS		321,356,737
Class A Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	157,839,416	162,087,710
NET ASSETS	149,688,291	153,892,048
Class A Units [Member] | As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		166,754,603
NET ASSETS		158,558,939
Class A Units [Member] | Change [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(4,666,893)
NET ASSETS		(4,666,891)
Class C Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	72,805,835	74,739,748
NET ASSETS	69,045,971	70,960,348
Class C Units [Member] | As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		76,275,220
NET ASSETS		72,495,821
Class C Units [Member] | Change [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(1,535,472)
NET ASSETS		(1,535,473)
Class I Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	91,809,143	92,522,021
NET ASSETS	87,048,256	87,830,198
Class I Units [Member] | As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		92,778,756
NET ASSETS		88,086,934
Class I Units [Member] | Change [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(256,735)
NET ASSETS		(256,736)
Class Y Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	9,653,252	9,163,759
NET ASSETS	$ 9,125,136	8,674,143
Class Y Units [Member] | As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		2,704,659
NET ASSETS		2,215,043
Class Y Units [Member] | Change [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		6,459,100
NET ASSETS		$ 6,459,100

XML

Investments - Schedule of Investments (Detail) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Amortized Cost		$ 345,094,669	$ 335,328,569
Fair Value		$ 342,235,769	$ 335,269,492
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 95,690,207	$ 78,573,493
Fair Value	[1]	$ 95,690,207	$ 78,573,493
Percentage of Total Investments		28.00%	23.40%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 145,674,400	$ 119,165,378
Fair Value	[1]	$ 145,674,400	$ 119,165,378
Percentage of Total Investments		42.50%	35.60%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 88,818,005	$ 105,089,698
Fair Value	[1]	$ 85,102,471	$ 105,030,621
Percentage of Total Investments		24.90%	31.30%
Short Term Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 14,912,057	$ 32,500,000
Fair Value	[1]	$ 14,688,469	$ 32,500,000
Percentage of Total Investments		4.30%	9.70%
Equity Warrants [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,080,222
Percentage of Total Investments		0.30%

[1] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

XML

Investments - Additional Information (Detail)				1 Months Ended							3 Months Ended			9 Months Ended		12 Months Ended
		Apr. 07, 2018 USD ($)	Jan. 31, 2017	Mar. 31, 2018 USD ($) Land	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2017 USD ($) t	Mar. 31, 2017 USD ($) InterestPayment	Feb. 28, 2017 USD ($)	Oct. 31, 2016 USD ($)	Sep. 30, 2018 USD ($) Contract	Jun. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Contract t	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Apr. 30, 2017 USD ($)	Jan. 31, 2015 USD ($)
Schedule of Investments [Line Items]
Accrued deferred interest											$ 2,220,965			$ 2,220,965		$ 1,960,157
Accrued interest receivable, description														As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of September 30, 2018.
Short term investments maturity period														less than one year
Net accrued interest											14,693,706			$ 14,693,706		9,210,430
Fair Value											342,235,769			342,235,769		$ 335,269,492
Interest paid														805,201	$ 57,374
Participation purchases														$ 158,321,660	255,465,273
Percentage of investment in loans														100.00%		100.00%
Unrecorded investment interest income											11,092,764		$ 9,659,965	$ 33,323,808	$ 23,039,392
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value											7,349,626			$ 7,349,626		$ 7,349,626
Percentage of investment in loans														2.20%		2.20%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	[1]										29,843,543			$ 29,843,543		$ 39,500,000
Percentage of investment in loans	[1]													8.70%		11.80%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value											1,326,687			$ 1,326,687		$ 1,326,687
Percentage of investment in loans														0.40%		0.40%
Scrap Metal Recycler [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Net accrued interest											0			$ 0
Fair Value											7,349,626			7,349,626
Trade financing participation, principal balance											7,349,626			7,349,626
Interest on loans amount											206,606			613,081
Entire principal amount																	$ 9,000,000
Interest paid						$ 330,000
Periodic payment		$ 292,000
Number of unencumbered parcels of land | Land				2
Estimated land value											5,900,000			$ 5,900,000
Scrap Metal Recycler [Member] | Morocco [Member] | Copper [Member]
Schedule of Investments [Line Items]
Quantity of primary collateral securing participation, scrap | t														1,970
Shortage of scrap inventory quantity | t							1,820
Scrap collateral value							$ 13,300,000
Vicentin - Nacadie S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance											12,000,000			$ 12,000,000
Algodonera Avellaneda S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Net accrued interest											502,500			502,500
Fair Value											5,839,047			5,839,047
Trade financing participation, principal balance											6,000,000			$ 6,000,000
Participation purchases								$ 6,000,000
Payment of guarantee percentage														100.00%
Litigation amount, plus interest payable											22,400,000			$ 22,400,000
Percentage of investment in loans												5.30%
Nacadie Commercial S.A. [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance											6,000,000			6,000,000
IIG Trade Opportunities Fund B.V. Receivable [Member]
Schedule of Investments [Line Items]
Fair Value											5,776,412			5,776,412
Participation purchases								$ 6,000,000
Number of interest payments received | InterestPayment								1
Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Net accrued interest											264,500			264,500
Fair Value											8,425,571			8,425,571
Trade financing participation, principal balance											9,000,000			9,000,000
Interest on loans amount											264,500			784,875
Compania Argentina de Granos [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Net accrued interest												$ 131,942
Fair Value											$ 10,432,518			$ 10,432,518
Trade financing participation, principal balance												$ 12,500,000
Participation purchases									$ 2,500,000	$ 10,000,000
Number of export contract | Contract											2			2
Sancor Cooperativas Unidas Limitada [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Extended maturity date														Jul. 29, 2018
Fair Value											$ 5,146,407			$ 5,146,407
Trade financing participation, principal balance											6,000,000			6,000,000
Functional Products Trading S.A [Member] | Chile [Member]
Schedule of Investments [Line Items]
Net accrued interest											111,220			$ 111,220
Extended maturity date														Mar. 04, 2018
Fair Value											1,326,688			$ 1,326,688
Trade financing participation, principal balance											1,326,688			$ 1,326,688
Maturity														Dec. 11, 2016
Sales declining percentage														57.00%
Proceeds from Interest				$ 10,000	$ 25,000
Global Pharma Intelligence Sarl [Member]
Schedule of Investments [Line Items]
Net accrued interest											15,311			$ 15,311
Fair Value											803,254			803,254
Trade financing participation, principal balance											803,254			803,254
Cape Nut [Member] | Barak
Schedule of Investments [Line Items]
Fair Value											726,729			726,729
Trade financing participation, principal balance																		$ 1,250,000
Trade financing participation, total balance outstanding											785,806			785,806
Interest on loans amount											$ 35,143			$ 104,283
Cape Nut [Member] | Barak | Extended Maturity [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor											50.00%			50.00%
Procesos Fabriles S.A. [Member]
Schedule of Investments [Line Items]
Fair Value											$ 881,800			$ 881,800
Trade financing participation, principal balance											881,800			881,800
Interest on loans amount											27,832			$ 82,588
Maturity term														3 years
Deferred interest rate														12.00%
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Extended maturity date			Jul. 28, 2021
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[2]										145,674,400			$ 145,674,400		$ 119,165,378
Percentage of investment in loans														42.50%		35.60%
Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Fair Value											33,592,656			$ 33,592,656		$ 8,958,155
Percentage of investment in loans														9.80%		2.70%
Unrecorded investment interest income											1,002,067			$ 2,052,814
Non-Accrual Status [Member] | IIG Trade Opportunities Fund B.V. Receivable [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income											134,167			134,167
Non-Accrual Status [Member] | Compania Argentina de Granos [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income											333,819			333,819
Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Fair Value											4,960,000			4,960,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Trade Finance Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Credit facility, maximum borrowing capacity											1,750,000			1,750,000
Net accrued interest											674,320			674,320
Deferred interest payable											466,103			466,103
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loans											3,210,000			3,210,000
Usivale Industria E Commercio, Ltda [Member]
Schedule of Investments [Line Items]
Net accrued interest											285,502			285,502
Fair Value											2,851,296			2,851,296
Trade financing participation, principal balance											2,851,296			$ 2,851,296
Percentage of amortization in remaining principal payments year one														20.00%
Percentage of amortization in remaining principal payments year two														20.00%
Percentage of amortization in remaining principal payments year three														60.00%
Percentage of extension fee on outstanding balance														0.50%
Usivale Industria E Commercio, Ltda [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loans											2,851,296			$ 2,851,296
Net accrued interest											$ 285,502			$ 285,502
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period														1 year
Trade finance transactions period														180 days
Maximum [Member] | Scrap Metal Recycler [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Loss contingency														$ 40,000,000
Minimum [Member]
Schedule of Investments [Line Items]
Trade finance transactions period														60 days

[1] All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information.

[2] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

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Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fair Value	$ 342,235,769	$ 335,269,492
Percentage of Total Investments	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,283,814	$ 15,351,296
Percentage of Total Investments	3.90%	4.60%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value		$ 16,545,994
Percentage of Total Investments	0.00%	4.90%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	4.40%	4.50%
Chocolate and Cocoa Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,102,589
Percentage of Total Investments	3.20%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 32,087,577	$ 31,254,315
Percentage of Total Investments	9.40%	9.40%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 119,542	$ 351,559
Percentage of Total Investments	0.00%	0.10%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,298,536
Percentage of Total Investments	1.80%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,106,407	$ 10,960,000
Percentage of Total Investments	3.00%	3.00%
Department Stores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,193,979
Percentage of Total Investments	2.40%
Drugs, Proprietaries, and Sundries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 803,254	$ 1,080,000
Percentage of Total Investments	0.20%	0.30%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,527,237	$ 18,527,237
Percentage of Total Investments	5.40%	5.50%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,071,075	$ 7,960,987
Percentage of Total Investments	4.70%	2.40%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,839,047	$ 12,000,000
Percentage of Total Investments	1.70%	3.60%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,688,469	$ 10,000,000
Percentage of Total Investments	3.10%	3.00%
Freight Transportation Arrangement [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,839,688	$ 12,464,320
Percentage of Total Investments	3.80%	3.70%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,338,520
Percentage of Total Investments	0.00%	1.00%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,640,009	$ 1,072,944
Percentage of Total Investments	1.90%	0.30%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,500,000
Percentage of Total Investments	0.00%	1.00%
Gas Transmission and Distribution [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,087,943
Percentage of Total Investments	3.80%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,231,223	$ 15,807,931
Percentage of Total Investments	4.70%	4.70%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,911,438	$ 15,411,497
Percentage of Total Investments	4.60%	4.60%
Logging [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,840,000	$ 6,840,000
Percentage of Total Investments	2.00%	2.00%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,425,571	$ 9,000,000
Percentage of Total Investments	2.50%	2.70%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,358,887	$ 4,566,481
Percentage of Total Investments	0.70%	1.40%
Personal Credit Institutions [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,006,940	$ 3,157,735
Percentage of Total Investments	1.80%	0.90%
Petroleum and Petroleum Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,500,000	$ 32,000,000
Percentage of Total Investments	4.50%	9.50%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,428,329	$ 15,714,764
Percentage of Total Investments	4.20%	4.70%
Refuse Systems [Member]
Schedule of Investments [Line Items]
Fair Value	$ 21,683,864	$ 11,315,000
Percentage of Total Investments	6.30%	3.40%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,349,626	$ 17,349,626
Percentage of Total Investments	5.10%	5.20%
Short-Term Business Credit [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.40%	1.40%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 860,222	$ 1,355,600
Percentage of Total Investments	0.30%	0.40%
Street Construction [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,861,658
Percentage of Total Investments	0.00%	3.20%
Telephone and Telegraph Apparatus [Member]
Schedule of Investments [Line Items]
Fair Value		$ 14,388,525
Percentage of Total Investments	0.00%	4.30%
Telephone Communications [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,487,000
Percentage of Total Investments	5.40%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,723,503	$ 13,353,503
Percentage of Total Investments	3.70%	4.00%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fair Value		$ 342,235,769	$ 335,269,492
Percentage of Total Investments		100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	[1]	$ 29,843,543	$ 39,500,000
Percentage of Total Investments	[1]	8.70%	11.80%
Botswana [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,740,000	$ 4,740,000
Percentage of Total Investments		1.40%	1.40%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value		$ 21,279,625	$ 18,566,060
Percentage of Total Investments		6.20%	5.50%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value		$ 16,231,223	$ 15,807,931
Percentage of Total Investments		4.70%	4.70%
Cameroon [Member]
Schedule of Investments [Line Items]
Fair Value		$ 11,102,589
Percentage of Total Investments		3.20%
Cayman Islands [Member]
Schedule of Investments [Line Items]
Fair Value			$ 10,000,000
Percentage of Total Investments		0.00%	3.00%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,326,687	$ 1,326,687
Percentage of Total Investments		0.40%	0.40%
China [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,000,000	$ 10,000,000
Percentage of Total Investments		2.90%	3.00%
Columbia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 6,006,940	$ 3,157,735
Percentage of Total Investments		1.80%	0.90%
Croatia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 8,193,979
Percentage of Total Investments		2.40%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value		$ 119,542	$ 3,690,079
Percentage of Total Investments		0.00%	1.10%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value		$ 52,027,237	$ 34,027,237
Percentage of Total Investments		15.20%	10.10%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value		$ 881,800	$ 881,800
Percentage of Total Investments		0.30%	0.30%
Hong Kong [Member]
Schedule of Investments [Line Items]
Fair Value		$ 30,000,000	$ 41,346,389
Percentage of Total Investments		8.80%	12.30%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 2,358,887	$ 14,193,994
Percentage of Total Investments		0.70%	4.20%
Jersey [Member]
Schedule of Investments [Line Items]
Fair Value		$ 18,487,000
Percentage of Total Investments		5.40%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value		$ 12,839,688	$ 12,464,320
Percentage of Total Investments		3.80%	3.70%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 15,000,000	$ 15,000,000
Percentage of Total Investments		4.40%	4.50%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value			$ 3,500,000
Percentage of Total Investments			1.00%
Mexico [Member]
Schedule of Investments [Line Items]
Fair Value		$ 21,683,864	$ 11,315,000
Percentage of Total Investments		6.30%	3.40%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value		$ 7,349,626	$ 7,349,626
Percentage of Total Investments		2.20%	2.20%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 15,911,438	$ 15,411,497
Percentage of Total Investments		4.70%	4.60%
New Zealand [Member]
Schedule of Investments [Line Items]
Fair Value		$ 6,840,000	$ 6,840,000
Percentage of Total Investments		2.00%	2.00%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value		$ 22,286,091	$ 19,106,003
Percentage of Total Investments		6.50%	5.70%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,960,000	$ 21,505,994
Percentage of Total Investments		1.50%	6.40%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value		$ 7,025,265	$ 1,960,874
Percentage of Total Investments		2.10%	0.60%
United Arab Emirates [Member]
Schedule of Investments [Line Items]
Fair Value		$ 803,254	$ 1,080,000
Percentage of Total Investments		0.20%	0.30%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value		$ 2,087,577	$ 20,796,451
Percentage of Total Investments		0.60%	6.20%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 860,222	$ 1,355,600
Percentage of Total Investments		0.30%	0.40%
Romania [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,913,280
Percentage of Total Investments		0.60%
Uganda [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,300,000
Percentage of Total Investments		1.30%
Uruguay [Member]
Schedule of Investments [Line Items]
Fair Value			$ 346,215
Percentage of Total Investments		0.00%	0.10%
Other [Member]
Schedule of Investments [Line Items]
Fair Value		$ 5,776,412
Percentage of Total Investments		1.70%	0.00%

[1] All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. See Note 3 “Watch List Investments” for further information.

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Sep. 30, 2018	Dec. 31, 2017
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 342,235,769	$ 335,269,492
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	95,690,207	78,573,493
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	145,674,400	119,165,378
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	85,102,471	105,030,621
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	14,688,469	32,500,000
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		1,080,222
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		342,235,769	335,269,492
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		95,690,207	78,573,493
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		145,674,400	119,165,378
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		85,102,471	105,030,621
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		14,688,469	$ 32,500,000
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 1,080,222

[1] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

XML

Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail)	9 Months Ended
	Sep. 30, 2018 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 335,269,492
Purchases of investments	158,321,660
Maturities or Prepayments of investments	(152,193,402)
Accretion of discounts / Payment-in-kind interest	3,637,843
Net change in unrealized (depreciation)/Foreign exchange gain on investments	(2,799,824)
Investment owned at Fair value, ending balance	342,235,769
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	78,573,493
Purchases of investments	20,240,532
Maturities or Prepayments of investments	(19,446,431)
Accretion of discounts / Payment-in-kind interest	2,011,317
Transfers of investments	14,311,296
Investment owned at Fair value, ending balance	95,690,207
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	119,165,378
Purchases of investments	32,629,176
Maturities or Prepayments of investments	(13,023,327)
Accretion of discounts / Payment-in-kind interest	1,626,526
Transfers of investments	5,276,647
Investment owned at Fair value, ending balance	145,674,400
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	105,030,621
Purchases of investments	83,451,952
Maturities or Prepayments of investments	(93,223,644)
Net change in unrealized (depreciation)/Foreign exchange gain on investments	(3,656,458)
Transfers of investments	(6,500,000)
Investment owned at Fair value, ending balance	85,102,471
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	32,500,000
Purchases of investments	22,000,000
Maturities or Prepayments of investments	(26,500,000)
Net change in unrealized (depreciation)/Foreign exchange gain on investments	(223,588)
Transfers of investments	(13,087,943)
Investment owned at Fair value, ending balance	14,688,469
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net change in unrealized (depreciation)/Foreign exchange gain on investments	1,080,222
Investment owned at Fair value, ending balance	$ 1,080,222

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail)		9 Months Ended		12 Months Ended
		Sep. 30, 2018 USD ($)		Dec. 31, 2017 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 342,235,769		$ 335,269,492
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	85,102,471		105,030,621
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	95,690,207		78,573,493
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	145,674,400		119,165,378
Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	14,688,469		32,500,000
Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		1,080,222
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		342,235,769		335,269,492
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		85,102,471		105,030,621
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 61,370,666	[2],[3]	$ 90,030,621	[4]
Unobservable input		Market yield	[2],[3]	Market yield	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		9.0	[2],[3]	9.0	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		17.5	[2],[3]	17.5	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		10.6	[2],[3]	10.6	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 23,731,805	[5]	$ 15,000,000	[6]
Unobservable input		Value of collateral	[5]	Value of collateral	[6]
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 95,690,207		$ 78,573,493
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 95,690,207		$ 78,573,493
Unobservable input		Market yield		Market yield
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.3		11.3
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		14.5		14.5
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		12.5		12.5
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 145,674,400		$ 119,165,378
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 145,674,400		$ 119,165,378
Unobservable input		Market yield		Market yield
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.0		11.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		20.0		20.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		13.5		13.5
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 14,688,469		$ 32,500,000
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 5,776,412
Unobservable input		Market yield
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		8.75
Level 3 [Member] | Short Term Investments [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value				$ 6,000,000
Unobservable input				Value of collateral
Level 3 [Member] | Short Term Investments [Member] | Cost Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 8,912,057		$ 26,500,000
Unobservable input		Recent transactions		Recent transactions
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,080,222
Level 3 [Member] | Equity Warrants [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,080,222
Unobservable input		Market yield

[1] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

[2] Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

[3] The Company used a combination of the collateral based approach and the income approach for FRIAR. See Note 3 “Watch List Investments” for further information.

[4] Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

[5] Collateral based approach used for the following watch list investments: CAGSA, Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information.

[6] Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

XML

Related Parties - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended	68 Months Ended
	Feb. 14, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Accrued incentive fee on capital gains		$ 1,539,875		$ 1,539,875		$ 1,323,929	$ 1,323,929
Advisor earned management fees		1,986,846	$ 1,658,314	5,988,274	$ 4,721,832
Advisor earned incentive fees		1,480,249	1,447,154	4,583,508	3,276,012
Amount paid to the sponsor due to reimbursement hurdle			(872,653)	387,000	(3,831,414)
Due from affiliates		4,240,231		$ 4,240,231		3,997,314	3,997,314
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, extended maturity date	Feb. 25, 2019
Management fee description				Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor.
Asset management fee payable quarterly, percentage				0.50%
Asset management fee payable annually, percentage				2.00%
Incentive fee description				The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor.
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage				1.50%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage				6.00%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage				1.875%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage				7.50%
Percentage of incentive fee on income				20.00%
Percentage of incentive fee on capital gains				20.00%
Investment fee on capital gain percentage				The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains		0	0	$ 0	0
Accrued incentive fee on capital gains		0	0	0	0
Advisor earned management fees		1,986,846	1,658,314	5,988,274	4,721,832
Advisor earned incentive fees		1,480,249	1,447,154	4,583,508	3,276,012
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due from affiliates		4,240,231		4,240,231		3,997,314	3,997,314
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Related Party Transaction [Line Items]
Additional operating expenses paid by Sponsor on behalf of company		0	872,653	0	3,831,414
Expenses paid by the sponsor on behalf of company						12,420,600	12,420,600
Expenses accrued by the sponsor on behalf of company						4,240,200	4,240,200
Due to affiliates		16,266,800		16,266,800		$ 16,660,800	$ 16,660,800
Amount paid to the sponsor due to reimbursement hurdle		0		387,000
TriLinc Global, LLC [Member] | Responsibility Agreement [Member] | Other Payables [Member]
Related Party Transaction [Line Items]
Due to affiliates		387,000		387,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid		0	3,000	6,252	639,088
Selling commissions paid		$ 0	$ 5,500	$ 19,270	$ 2,469,610

XML

Organization and Offering Costs - Additional Information (Detail) - USD ($)	9 Months Ended		77 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,211,117		$ 17,211,117	$ 17,156,501
Reimbursement of offering costs incurred by Sponsor	54,616	$ 2,535,840
Payment for reimbursement of offering costs incurred by Sponsor	54,616	2,604,152
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	17,412,000		17,412,000
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	72,000	2,458,000
Payment for reimbursement of offering costs incurred by Sponsor	54,616	$ 2,468,849
Reimbursement of organization costs incurred by Sponsor			17,211,117
Remaining balance of offering and organization costs due to the Sponsor	$ 436,100		$ 436,100

XML

Notes Payable - Summary of Notes Payable (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 28,060,000	$ 28,160,000
Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	310,000	410,000
Christian Super [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	5,000,000	5,000,000
Facility Agreement [Member] | Symbiotics Facility [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 22,750,000	$ 22,750,000

XML

Notes Payable - Additional Information (Detail) - USD ($)					3 Months Ended		9 Months Ended		15 Months Ended
	Nov. 02, 2017	Aug. 07, 2017	Jul. 03, 2017	Oct. 14, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018	Dec. 31, 2017	Feb. 17, 2017
Debt Instrument [Line Items]
Proceeds from offering of notes								$ 15,725,000
Outstanding Balance, notes payable					$ 28,060,000		$ 28,060,000			$ 28,160,000
Repayments of notes payable							$ 100,000
Debt instrument, frequency of periodic payment							quarterly in arrears within 15 days after the end of each calendar quarter
Interest expense recognized					504,954	$ 215,449	$ 1,439,666	256,540
Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					22,750,000		22,750,000			22,750,000
Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					310,000		310,000			410,000
Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					$ 5,000,000		$ 5,000,000			$ 5,000,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Issuance of notes			$ 10,500,000
Notes issuance, interest rate terms							The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.34% as of September 30, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note
Notes issuance, payment terms							The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019
Transferred shares, description							TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries
Shares mortgaged from subsidiaries shares issued and outstanding			20.25
Shares available for mortgage			27.11
Maturity date			Jul. 07, 2020
Percentage of prepayment premium			1.00%
Prepayment date			Jul. 03, 2019
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Debt instrument, additional borrowings	$ 12,250,000
Additional borrowing facility requirement	$ 17,500,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Three Month LIBOR [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Annual interest rate charged			4.65%
Description of variable interest rate							three month
Variable interest rate					2.34%		2.34%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Issuance of notes				$ 1,635,000							$ 225,000
Target issuance of notes aggregate amount				$ 100,000,000
Notes issuance, interest rate terms							The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note
Proceeds from offering of notes							$ 1,860,000
Outstanding Balance, notes payable					$ 310,000		$ 310,000
Repayments of notes payable									$ 1,550,000
Notes issuance, payment terms							The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date
Transferred shares, description							TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding				1.86
Shares available for mortgage				27.11
Interest expense recognized					$ 504,954	$ 215,449	$ 1,439,666	$ 256,540
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes		$ 5,000,000
Target issuance of notes aggregate amount		$ 25,000,000
Notes issuance, interest rate terms							The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note
Notes issuance, payment terms							The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.
Transferred shares, description							TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 5 shares out of a total of 27.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding		5
Shares available for mortgage		27.11
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged				3.00%							3.00%
Description of variable interest rate							one year London Interbank Offered Rate (“LIBOR”)
Variable interest rate				1.59%							1.74%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged		4.00%
Description of variable interest rate							one-year LIBOR
Variable interest rate		2.82%

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Notes Payable - Summary of Principal Payments Due on Borrowings (Detail)	Sep. 30, 2018 USD ($)
Debt Instruments [Abstract]
Principal payments, 2018	$ 310,000
Principal payments, 2020	22,750,000
Principal payments, 2021	5,000,000
Principal payments, total	$ 28,060,000

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Unit Capital - Additional Information (Detail) - USD ($)		9 Months Ended
	Jun. 11, 2014	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Capital Unit [Line Items]
Units Issued During the Period		7,124,975
Held Units For Minimum year	1 year
Repurchase of Aggregate units		1,354,083
Repurchase Price Per unit		$ 8.421	$ 8.421	$ 8.507
Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit Repurchase Price Description		price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018.
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		884,619
Units Issued During the Period, value		$ 7,587,997
Class C Units [Member]
Capital Unit [Line Items]
Distribution, dealer manager and service fee payable		$ 1,374,000
Estimated net assets value per unit		$ 8.421
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.80%
Units Issued During the Period		230,344
Class C Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.421	8.421	8.507
Class I Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.421
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.50%
Units Issued During the Period		381,728
Class I Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.421	8.421	8.507
Class W Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.421
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.75%
Units Issued During the Period		24,555
Class A Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		444,946
Class A Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.421	8.421	8.507
Class Y Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		78,365
Class Y Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.421	$ 8.421	$ 8.507

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Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	9 Months Ended
	Sep. 30, 2018 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	38,183,103
Units Issued During the Period	7,124,975
Units Repurchased During the Period	(1,354,083)
Units Outstanding, Ending Balance	43,953,995
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	18,240,073
Units Issued During the Period	444,946
Units Repurchased During the Period	(693,579)
Units Outstanding, Ending Balance	17,991,440
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	8,411,343
Units Issued During the Period	230,344
Units Repurchased During the Period	(342,789)
Units Outstanding, Ending Balance	8,298,898
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	10,442,009
Units Issued During the Period	381,728
Units Repurchased During the Period	(315,347)
Units Outstanding, Ending Balance	10,508,390
Class W Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	0
Units Issued During the Period	24,555
Units Outstanding, Ending Balance	24,555
Class Y Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,089,678
Units Issued During the Period	78,365
Units Repurchased During the Period	(2,368)
Units Outstanding, Ending Balance	1,165,675
Class Z Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	0
Units Issued During the Period	5,965,037
Units Outstanding, Ending Balance	5,965,037

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Distributions - Summary of Distributions Paid (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 13,160,235	$ 10,345,239
Distributions Reinvested	7,587,997
Total Declared	$ 20,748,232
January 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 16, 2018
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,352,250
Distributions Reinvested	988,859
Total Declared	$ 2,341,109
February 28, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 14, 2018
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,543,566
Distributions Reinvested	895,266
Total Declared	$ 2,438,832
March 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 25, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,505,460
Distributions Reinvested	818,399
Total Declared	$ 2,323,859
April 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Apr. 10, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,433,471
Distributions Reinvested	800,072
Total Declared	$ 2,233,543
May 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 08, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,489,550
Distributions Reinvested	827,922
Total Declared	$ 2,317,472
June 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 12, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,442,025
Distributions Reinvested	805,860
Total Declared	$ 2,247,885
July 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jul. 10, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,476,111
Distributions Reinvested	826,006
Total Declared	$ 2,302,117
August 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Aug. 08, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,482,246
Distributions Reinvested	825,588
Total Declared	$ 2,307,834
September 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Sep. 11, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,435,556
Distributions Reinvested	800,025
Total Declared	$ 2,235,581

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Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Net asset value at beginning of period			$ 8.42	$ 8.47
Net investment income	$ 0.13	$ 0.18	0.42	0.49
Net change in unrealized depreciation on investments			(0.06)
Net increase in net assets resulting from operations			0.36	0.49
Distributions			(0.48)	(0.54)
Net change in accrued distribution and other fees			0.02	0.04
Net decrease in net assets			(0.10)	(0.02)
Net asset value at end of period	$ 8.31	$ 8.45	$ 8.31	$ 8.45
Total return based on net asset value			4.22%	5.74%
Net assets at end of period	$ 365,842,078	$ 312,070,024	$ 365,842,078	$ 312,070,024	$ 321,356,737	$ 250,755,915
Units Outstanding at end of period	43,953,995	36,914,426	43,953,995	36,914,426	38,183,103
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets			6.88%	7.70%
Ratio of net operating expenses to average net assets			5.68%	2.96%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	44,195,314	36,665,626	43,613,730	34,744,363
Total return based on net asset value			4.22%	5.74%
Ratio of net investment income to average net assets			6.88%	7.70%
Ratio of net operating expenses to average net assets			5.68%	2.96%
Class C, Class I and Class W Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution, dealer manager and services fees payable	$ 1,374,000		$ 1,374,000
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value			4.23%	4.43%
Ratio of net investment income to average net assets			7.03%	5.95%
Ratio of net operating expenses to average net assets			5.54%	4.71%

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Subsequent Events - Additional Information (Detail) - USD ($)			1 Months Ended		9 Months Ended
	Nov. 01, 2018	Oct. 18, 2018	Nov. 30, 2018	Nov. 12, 2018	Sep. 30, 2018	Sep. 30, 2017	Oct. 31, 2018
Subsequent Event [Line Items]
Cash paid for distributions					$ 13,160,235	$ 10,345,239
Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividend distribution period start date			Nov. 01, 2018
Dividend distribution period end date			Nov. 30, 2018
Dividends declared per unit			$ 0.00168675
Date of distributions in cash or reinvestment in units			Dec. 04, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends distribution declared date		Oct. 18, 2018
Dividend distribution period start date		Oct. 01, 2018
Dividend distribution period end date		Oct. 31, 2018
Dividends declared per unit		$ 0.00168675
Cash paid for distributions	$ 1,424,542
Reinvestment under distribution reinvestment plan							$ 820,705
Funded new investments				$ 28,300,000
Proceeds from repayment of investments				$ 1,900,000