10-Q 1 trilinc-10q_20180930.htm 10-Q trilinc-10q_20180930.htm

 

 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