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 June 30, 2019

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☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

As of August 9, 2019, the Company had outstanding 17,868,233 Class A units, 8,081,832 Class C units, 10,545,622 Class I units, 24,555 Class W units, 1,215,972 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 June 30, 2019 (unaudited) and December 31, 2018	1
Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2019 and 2018 (unaudited)	3
Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (unaudited)	4
Consolidated Schedules of Investments as of June 30, 2019 (unaudited) and December 31, 2018	5-10
Notes to Consolidated Financial Statements (unaudited)	11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3. Quantitative and Qualitative Disclosures About Market Risk	57
Item 4. Controls and Procedures	57
Part II. Other Information	58
Item 1. Legal Proceedings	58
Item 1A. Risk Factors	58
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3. Defaults Upon Senior Securities	59
Item 4. Mine Safety Disclosures	59
Item 5. Other Information	59
Item 6. Exhibits	59

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	June 30,			December 31,
	2019			2018
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $376,034,513 and $381,133,170, respectively)	$	366,279,562		$	372,977,743
Cash		6,112,265			8,101,629
Interest receivable		20,277,357			17,552,039
Due from affiliates (see Note 5)		4,240,231			4,240,231
Other assets		117,330			132,041
Total assets		397,026,745			403,003,683
LIABILITIES
Due to unitholders		1,382,219			1,431,635
Management fee payable		1,948,848			1,997,915
Incentive fee payable		1,300,593			1,769,299
Notes payable		32,750,000			32,875,000
Unit repurchases payable		3,397,973			2,726,310
Accrued distribution and other fees		911,000			1,230,000
Other payables		1,566,035			903,165
Total liabilities		43,256,668			42,933,324
Commitments and Contingencies (see Note 5)
NET ASSETS	$	353,770,077		$	360,070,359
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	153,125,096		$	155,806,753
Net capital paid in on Class C units		68,360,601			71,492,834
Net capital paid in on Class I units		90,317,752			91,205,180
Net capital paid in on Class W units		208,966			204,847
Net capital paid in on Class Y units		10,447,165			9,562,342
Net capital paid in on Class Z units		48,521,614			49,009,520
Offering costs		(17,211,117	)		(17,211,117	)
Net assets (equivalent to $8.134 and $8.227, respectively per unit based    on total units outstanding of 43,602,953 and 43,914,946, respectively)	$	353,770,077		$	360,070,359
Net assets, Class A (units outstanding of 17,822,615 and 17,966,563, respectively)	$	144,975,146		$	147,658,522
Net assets, Class C (units outstanding of 8,057,575 and 8,238,094, respectively)		64,676,022			67,756,677
Net assets, Class I (units outstanding of 10,517,199 and 10,555,022, respectively)		85,508,433			86,418,246
Net assets, Class W (units outstanding of 24,555 and 24,555, respectively)		197,738			193,711
Net assets, Class Y (units outstanding of 1,215,972 and 1,165,675, respectively)		9,891,124			9,033,683
Net assets, Class Z (units outstanding of 5,965,037 and 5,965,037, respectively)		48,521,614			49,009,520
NET ASSETS	$	353,770,077		$	360,070,359

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended					Six months ended
	June 30,		June 30,			June 30,			June 30,
	2019		2018			2019			2018
INVESTMENT INCOME
Interest income	$	11,062,607	$	12,103,857		$	22,342,110		$	22,231,043
Interest from cash		22,691		28,618			37,687			83,166
Total investment income		11,085,298		12,132,475			22,379,797			22,314,209
EXPENSES
Asset management fees		1,948,848		1,991,828			3,907,970			4,001,428
Incentive fees		1,300,594		1,699,753			2,759,107			3,103,259
Professional fees		1,310,805		154,359			2,249,007			480,794
General and administrative expenses		517,105		560,059			957,393			885,231
Interest expense		608,718		486,092			1,208,666			934,712
Board of managers fees		64,375		54,375			128,750			108,750
Total expenses		5,750,445		4,946,466			11,210,893			9,514,174
Expense support payment to (from) Sponsor		-		387,000			—			387,000
Net expenses		5,750,445		5,333,466			11,210,893			9,901,174
NET INVESTMENT INCOME		5,334,853		6,799,009			11,168,904			12,413,035
Net change in unrealized depreciation on investments		243,836		(3,030,543	)		(1,903,180	)		(3,880,046	)
Foreign exchange (loss) gain		1,285		(49,701	)		277			(9,527	)
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	5,579,974	$	3,718,765		$	9,266,001		$	8,523,462
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$	0.12	$	0.15		$	0.25		$	0.29
EARNINGS PER UNIT - BASIC AND DILUTED	$	0.13	$	0.08		$	0.21		$	0.20
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		43,821,699		44,353,937			43,920,005			43,319,085

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Six months ended
	June 30,			June 30,
	2019			2018
INCREASE FROM OPERATIONS
Net investment income	$	11,168,904		$	12,413,035
Foreign exchange (loss) gain		277			(9,527	)
Net change in unrealized depreciation on investments		(1,903,180	)		(3,880,046	)
Net increase from operations		9,266,001			8,523,462
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(5,494,697	)		(5,891,874	)
Distributions to Class C unitholders		(2,446,249	)		(2,705,092	)
Distributions to Class I unitholders		(3,229,189	)		(3,408,228	)
Distributions to Class W unitholders		(6,963	)		(5,872	)
Distributions to Class Y unitholders		(365,083	)		(359,079	)
Distributions to Class Z unitholders		(1,821,137	)		(1,532,555	)
Net decrease from distributions		(13,363,318	)		(13,902,700	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		2,224,545			2,667,741
Issuance of  Class C units		1,169,524			1,358,126
Issuance of  Class I units		1,351,762			2,584,674
Issuance of  Class W units		-			211,000
Issuance of  Class Y units		420,000			375,000
Issuance of  Class Z units		-			50,740,978
Repurchase of units		(7,687,796	)		(7,630,323	)
Distribution and other fees		319,000			384,000
Offering costs		-			(54,616	)
Net (decrease) increase from capital transactions		(2,202,965	)		50,636,580
NET INCREASE IN NET ASSETS		(6,300,282	)		45,257,342
Net assets at beginning of period		360,070,359			321,356,737
Net assets at end of period	$	353,770,077		$	366,614,079

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended
	June 30,			June 30,
	2019			2018
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,266,001		$	8,523,462
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Purchase of investments		(16,675,000	)		(154,531,970	)
Maturity of investments		25,780,101			111,367,910
Payment-in-kind interest		(3,902,348	)		(1,864,364	)
Net change in unrealized depreciation on investments		1,903,180			3,880,046
Foreign exchange (gain) loss		(277	)		9,527
Accretion of discounts on investments		(407,752	)		(420,601	)
Changes in assets and liabilities:
Increase in interest receivable		(2,725,041	)		(5,397,750	)
Increase in due from affiliates		—			(242,917	)
Decrease in other assets		14,711			28,531
(Decrease) increase in due to unitholders		(49,416	)		97,375
(Decrease) increase in management and incentive fees payable		(517,773	)		604,634
Increase in other payables		662,871			782,170
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		13,349,257			(37,163,947	)
Cash flows from financing activities
Net proceeds from issuance of units		415,086			52,801,140
Distributions paid to unitholders		(8,612,574	)		(8,766,322	)
Payments of offering costs		—			(54,616	)
Repurchase of units		(7,016,133	)		(5,492,053	)
Repayments of notes payable		(125,000	)		(100,000	)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(15,338,621	)		38,388,149
TOTAL INCREASE (DECREASE) IN CASH		(1,989,364	)		1,224,202
Cash at beginning of period		8,101,629			9,641,457
Cash at end of period	$	6,112,265		$	10,865,659
Supplemental information
Cash paid for interest during the period	$	1,100,154		$	805,201
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	4,750,744		$	5,136,378
Change in accrual of distribution and other fees	$	(319,000	)	$	(384,000	)

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of June 30, 2019

(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 Loans (1)
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	$	2,812,837		0.8	%
Chile	Other Investments (5)	Electric Services	LED Lighting Service Provider	11.00%		0.0	%	6/6/2021		2,888,790	N/A		2,772,560		2,772,560		0.8	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		4,497,156	N/A		4,497,156		4,497,156		1.3	%
Hong Kong	Other Investments (22)	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		2.8	%
Hong Kong	Other Investments (23)	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		4.2	%
Malaysia	Other Investments (24)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2021		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		0.0	%	7/27/2021		22,962,154	N/A		22,962,154		22,962,154		6.5	%
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	Kinder Investments, Ltd. (16)	Consumer Products	Diaper Manufacturer II	10.00%		0.0	%	8/15/2021		4,465,132	N/A		4,465,132		4,465,132		1.3	%
Total Senior Secured Term Loans													84,388,298		84,349,839		23.8	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	11.67%		0.0	%	8/18/2021		4,740,000	47%		4,740,000		4,740,000		1.3	%
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	11.50%		0.0	%	11/24/2022		17,491,997	75%		17,491,997		17,491,997		4.9	%
Brazil	Other Investments (6), (21)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	8.00% Cash/4.00% PIK		0.0	%	12/7/2023		5,626,506	42%		5,545,534		5,559,067		1.6	%
Cabo Verde	Other Investments (6)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/4.75% PIK		0.0	%	8/21/2021		12,540,286	88%		12,540,286		12,540,286		3.5	%
Colombia	Azteca Comunicaciones Colombia S.A.S. (11), (21)	Telephone Communications	Fiber Optics Network Provider	8.95% Cash/3.00% PIK		0.0	%	10/15/2023		19,405,950	76%		19,238,337		19,364,846		5.5	%
Croatia	Other Investments (8), (20)	Department Stores	Mall Operator	7.00% Cash/6.00% PIK		0.0	%	1/23/2021		8,287,214	5%		8,460,514		8,460,514		2.4	%
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		4.4	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	12.46%		0.0	%	8/31/2022		18,527,237	14%		18,527,237		18,527,237		5.2	%
Ghana	Other Investments (7)	Gas Transmission and Distribution	LNG Infrastructure Developer	15.31% - 15.86%		0.0	%	6/13/2021		18,645,733	100%		18,645,733		18,645,733		5.3	%
Jersey	Africell Holding Limited (31)	Telephone Communications	Mobile Network Operator	12.35%		3.0	%	3/28/2023		19,000,000	16%		18,572,500		18,572,500		5.2	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	9.95% Cash/4.00% PIK		0.0	%	3/31/2023		13,233,109	46%		13,233,109		13,233,109		3.7	%
Namibia	Other Investments (14)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		16,495,604	100%		16,425,961		16,425,961		4.6	%
Netherlands	Other Investments	Motor Vehicle Parts and Accessories	Wheel Manufacturer	15.00%		0.0	%	8/20/2021		8,275,000	44%		8,275,000		8,438,615		2.4	%
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	12.94%		0.8	%	9/16/2020		12,738,503	100%		12,738,503		12,738,503		3.6	%
Romania	Other Investments (8)	Food Products	Bread Manufacturer	8.00% Cash/5.00% PIK		2.5	%	7/18/2021		2,008,690	27%		1,975,009		1,975,009		0.6	%
Uganda	Other Investments (7)	Farm Products	Grain Processor C	13.50%		0.0	%	12/31/2020		4,300,000	100%		4,300,000		4,300,000		1.2	%
Zambia	Other Investments (5)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/1/2019 - 11/16/2019		1,516,173	73%		1,516,173		1,516,173		0.4	%
Total Senior Secured Term Loan Participations													197,725,893		198,029,550		55.8	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (17), (18)	Agricultural Products	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%		12,500,000		9,538,831		2.7	%
Argentina	Sancor Cooperativas Unidas Ltda (17)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2019		6,000,000	22%		6,000,000		4,991,915		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		6,344,393		1.8	%

5

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Argentina	Algodonera Avellaneda S.A. (17), (18)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	8/31/2017		6,000,000	27%		6,000,000		3,433,159		1.0	%
Cameroon	Other Investments (27)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	16.42% - 17.50%		0.0	%	3/27/2019		10,718,201	70%		10,718,201		10,718,201		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		1,269,586		0.4	%
Ecuador	Other Investments (7), (25)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	6/19/2019		35,838	3%		35,838		35,838		0.0	%
Guatemala	Procesos Fabriles S.A. (17), (18)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	24%		881,800		10,504		0.0	%
Hong Kong	Other Investments (9),(26)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	11.50%		0.0	%	12/28/2019 - 2/9/2020		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Hong Kong	Other Investments (8), (29)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	12.00% - 14.00%		0.0	%	7/9/2019		9,500,000	26%		9,500,000		9,500,000		2.7	%
Mauritius	Other Investments (9), (28)	Groceries and Related Products	Vanilla Exporter	12.93%		0.0	%	7/14/2019		2,468,756	16%		2,468,756		2,468,756		0.7	%
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		7,530,616		2.1	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader III	16.77%		0.0	%	3/27/2019		755,466	24%		755,466		755,466		0.2	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader II	16.77%		0.0	%	3/27/2019		920,634	25%		920,634		920,634		0.3	%
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		690,616		0.2	%
South Africa	Other Investments (9), (30)	Communications Equipment	Electronics Assembler	12.00% - 13.00%		0.0	%	6/30/2019		874,254	5%		874,254		874,254		0.2	%
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	%
Total Senior Secured Trade Finance Participations													84,920,322		74,886,023		21.1	%
Short Term Investments (1)
Netherlands	Other Investments (9), (30)	Food Products	Fruit Juice Processor B	10.50%		0.0	%	6/11/2019 - 7/31/2019		3,000,000	12%		3,000,000		3,000,000		0.8	%
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		4,933,928		1.4	%
Total Short Term Investments													9,000,000		7,933,928		2.2	%
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												$	376,034,513	$	366,279,562

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 Semi-annual 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 24^th, 30^th, and 42^nd months after original drawdown date of 8/10/2017.

₁₁ Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020.

₁₂ Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

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 8/31/2022.  

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, all maturity dates were extended to 8/15/2021. This investment was removed from the Watch List on April 1, 2019.

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 participations 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 $173,300.

²¹ Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower.

₂₂ Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020. 

₂₃ Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020.

₂₄ Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020.

6

₂₅ During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019.

₂₆ The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to 12/28/2019 to 2/9/2020.

₂₇ During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. The Company has further extended the maturity dates of these investments during the third quarter of 2019 to 8/31/2019.

₂₈ Partial payment of principal in the amount of $2,000,000 was received in July 2019. The sub-advisor is working with the borrower for full repayment which is anticipated by the middle of September 2019.                     

₂₉ During the second quarter of 2019, the maturity dates of these investments were extended to 7/9/2019. The sub-advisor and the borrower are in discussions regarding principal repayment and a conclusion is expected in the following quarter.

₃₀ This investment was repaid in full in July 2019.

₃₁ Quarterly interest payments. Principal to start amortizing 15 months from initial utilization date (IUD) as follows: 4.5% of loan balance quarterly until IUD + 27 months, then 6.5% of loan balance quarterly until IUD + 48 months, thereafter 7.5% of loan balance quarterly until maturity.

7

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2018

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 Loans (1)
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	%
Chile	Other Investments (5)	Electric Services	LED Lighting Service Provider	11.00%		0.0	%	6/6/2021		8,063,150	N/A		7,866,972		7,866,972		2.2	%
China	Other Investments (22)	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		2.8	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		5,468,186	N/A		5,468,186		5,468,186		1.5	%
Hong Kong	Other Investments (23)	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		4.2	%
Malaysia	Other Investments (24)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2020		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		0.0	%	7/27/2021		21,367,121	N/A		21,367,121		21,367,121		5.9	%
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	Kinder Investments, Ltd. (16), (17)	Consumer Products	Diaper Manufacturer II	10.00%		0.0	%	8/15/2021		4,465,132	N/A		4,465,132		4,465,132		1.2	%
Total Senior Secured Term Loans													88,858,707		88,858,707		24.7	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	11.67%		0.0	%	8/18/2021		4,740,000	47%		4,740,000		4,740,000		1.3	%
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	13.50%		0.0	%	11/24/2022		13,903,662	75%		13,903,662		13,903,662		3.9	%
Brazil	Other Investments (6)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	8.00% Cash/4.00% PIK		0.0	%	12/7/2023		5,514,667	42%		5,428,294		5,428,294		1.5	%
Cabo Verde	Other Investments (6)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/5.50% PIK		0.0	%	8/21/2021		16,459,362	88%		16,459,362		16,459,362		4.6	%
Colombia	Azteca Comunicaciones Colombia S.A.S. (11)	Telephone Communications	Fiber Optics Network Provider	8.95% Cash/3.00% PIK		0.0	%	10/15/2023		19,115,803	76%		18,965,870		18,965,870		5.3	%
Croatia	Other Investments (8), (20)	Department Stores	Mall Operator	5.50% Cash/7.50% PIK		0.0	%	1/23/2021		8,034,348	5%		8,262,375		8,262,375		2.3	%
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		4.3	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	12.90%		0.0	%	8/31/2022		18,527,237	14%		18,527,237		18,527,237		5.1	%
Ghana	Other Investments (7)	Gas Transmission and Distribution	LNG Infrastructure Developer	15.89%		0.0	%	6/13/2021		17,605,054	90%		17,605,054		17,605,054		4.9	%
Jersey	Africell Holding Limited (8)	Telephone Communications	Mobile Network Operator	12.35%		3.0	%	3/28/2023		19,000,000	16%		18,515,500		18,515,500		5.1	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	9.95% Cash/4.00% PIK		0.0	%	3/31/2023		12,970,938	46%		12,970,938		12,970,938		3.6	%
Namibia	Other Investments (14)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		16,168,797	100%		16,083,083		16,083,083		4.5	%
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	12.85%		0.8	%	9/16/2020		12,762,670	100%		12,728,503		12,728,503		3.5	%
Romania	Other Investments (8)	Food Products	Bread Manufacturer	8.00% Cash/5.00% PIK		2.5	%	7/18/2021		1,958,861	27%		1,917,097		1,917,097		0.5	%
Uganda	Other Investments (7)	Farm Products	Grain Processor C	12.00%		0.0	%	12/31/2020		4,300,000	100%		4,300,000		4,300,000		1.2	%
Zambia	Other Investments (5)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/1/2019 - 11/16/2019		3,250,844	74%		3,250,844		3,250,844		0.9	%
Total Senior Secured Term Loan Participations													189,157,819		189,157,819		52.5	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (17), (18)	Agricultural Products	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%		12,500,000		9,316,105		2.6	%
Argentina	Sancor Cooperativas Unidas Ltda (17)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2019		6,000,000	22%		6,000,000		4,991,915		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		6,748,935		1.9	%
Argentina	Algodonera Avellaneda S.A. (17)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	8/31/2017		6,000,000	27%		6,000,000		3,784,354		1.1	%

8

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Cameroon	Other Investments (27)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	16.42% - 17.50%		0.0	%	3/27/2019		10,718,201	70%		10,718,201		10,718,201		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		1,269,586		0.4	%
Ecuador	Other Investments (7), (25)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	6/19/2019		35,838	3%		35,838		35,838		0.0	%
Guatemala	Procesos Fabriles S.A. (17), (18)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	24%		881,800		662,525		0.2	%
Hong Kong	Other Investments (9),(26)	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		4.2	%
Hong Kong	Other Investments (8), (29)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	10.00%		0.0	%	1/20/2019 - 2/1/2019		7,000,000	28%		7,000,000		7,000,000		1.9	%
Mauritius	Other Investments (9)	Groceries and Related Products	Vanilla Exporter	12.88%		0.0	%	7/14/2019		2,500,000	14%		2,500,000		2,500,000		0.7	%
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		7,632,234		2.1	%
Nigeria	Other Investments (9), (28)	Farm Products	Cocoa Trader	16.77%		0.0	%	12/27/2018 - 3/27/2019		448,697	34%		448,697		448,697		0.1	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader III	16.77%		0.0	%	3/27/2019		1,275,451	24%		1,275,451		1,275,451		0.4	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader II	16.77%		0.0	%	3/27/2019		1,329,575	25%		1,329,575		1,329,575		0.4	%
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		690,616		0.2	%
South Africa	Other Investments (9), (30)	Communications Equipment	Electronics Assembler	12.00% - 13.00%		0.0	%	1/7/2019 - 2/14/2019		6,029,026	60%		6,029,026		6,029,026		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	%
Total Senior Secured Trade Finance Participations													88,983,961		80,236,312		22.5	%
Short Term Investments (1)
Netherlands	Other Investments (9), (31)	Food Products	Fruit Juice Processor B	10.50%		0.0	%	12/26/2018		4,000,000	16%		4,000,000		4,000,000		1.1	%
Ghana	Other Investments (21)	Financial services	Funds held in escrow	15.34%		0.0	%	N/A		394,946	90'%		394,946		394,946		0.1	%
Singapore	Other Investments (9)	Metals Service Centers and Offices	Steel Trader	12.45%		0.0	%	6/30/2019		3,737,737	100%		3,737,737		3,737,737		1.0	%
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		5,512,000		1.5	%
Total Short Term Investments													14,132,683		13,644,683		3.7	%
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												$	381,133,170	$	372,977,743

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 Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in October 2020.

₁₂ Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

₁₃ In October 2017, this investment was refinanced from a trade finance to a term loan and the maturity dates were extended to 08/31/2022.

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, all maturity dates were extended to 8/15/21. 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 participations to short term investments. Please see Note 3 for additional information.

9

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 $228,027.

₂₁ Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor. Funds were fully disbursed out of escrow during the first quarter 2019.  

₂₂ Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020.

₂₃ Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020.

₂₄ Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020.

₂₅ During the third quarter 2018, the maturity date of this investment was extended to 6/19/2019.

₂₆ The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to December 2019 to February 2020.

₂₇ During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019.

₂₈ During the first quarter 2019, a portion of this investment in the amount of $147,679 that had a maturity date in December 2018 was repaid in full.                     

₂₉ During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019.

₃₀ Partial payment of principal in the amount of approximately $1,749,000 was received during the first quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019.

₃₁ $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019. 

10

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

June 30, 2019

(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 June 30, 2019, the Company raised an additional $67,741,000 pursuant to a private placement and $23,540,000 pursuant to the DRP for total gross proceeds of $453,057,000 as of June 30, 2019.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. 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 June 30, 2019, 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.

11

Through June 30, 2019, 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, 2018, which was filed with the SEC on March 29, 2019.

The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2019.

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 June 30, 2019, seven portfolio companies were on non-accrual status with an aggregate fair value of $32,482,047 or 8.9% of the fair value of the Company’s total investments. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,127,675 and $2,242,958, respectively for the three and six months ended June 30, 2019. Interest income not recorded relative to the original terms of the loans to companies on non-accrual status amounted to approximately $528,276 and $1,050,747, respectively for the three and six months ended June 30, 2018.

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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.

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Fixed income investments are typically valued utilizing a market approach, income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  The Company also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering any prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

The Company has investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three months and six months ended June 30, 2019, the Company earned and capitalized PIK interest of $2,232,871 and $3,902,348, respectively. For the three and six months ended June 30, 2018, the Company earned and capitalized PIK interest of $1,015,742 and $1,864,364, respectively.

Distribution and Ongoing Dealer Manager and Services Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement.  Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or

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substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2019, the estimated unpaid distribution fees for Class C units amounted to $867,000, the unpaid dealer manager fees for Class I units amounted to $42,000 and the unpaid dealer manager and service fees for Class W units amounted to $2,000.

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 June 30, 2019, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 2015.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2019, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2019, under GAAP, the Company has recorded a liability in the amount of $911,000 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 its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP.  The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.134, which is different than the net asset value per unit of $8.11 (on an aggregate basis for all unit classes) as shown in Note 10 – Financial Highlights . This net asset value per unit reflects a decrease of $0.093 per unit from the net asset value per unit of $8.227 as of December 31, 2018 and a decreased of $0.217 per unit from the net asset value per unit of $8.351 as of June 30, 2018. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $8.1 million and $1.9 million in unrealized depreciation on its investments during the year ended December 31, 2018 and the six months ended June 30, 2019, respectively.

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

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number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2019 and 2018.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of June 30, 2019, the Sponsor has incurred approximately $593,000 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  Through June 30, 2019, the Company has reimbursed an aggregate amount of $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. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed.

The Company did not meet the Reimbursement Hurdle for the quarter ended June 30, 2019. 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 June 30, 2019. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 were recorded as expenses of the Company for the quarter June 30, 2018. As of June 30, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, 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.

Out-of-Period Adjustments

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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 one of the Company’s sub-advisors, 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 during August 2018 and determined that the adjustments for the prior periods were not material. The Company elected to record these prior period adjustments in the quarter ended June 30, 2018. The effect of these adjustments was to overstate the net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $702,000 on the Consolidated Statement of Operations as of June 30, 2018.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. 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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

Risk Factors

As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and was dependent on the Sponsor for financial support in its initial years of operations.

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. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to seven of the eleven investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us.

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IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. The majority of the Company’s investments are in the form of participation interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors.  Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate.  The Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. In addition, as of June 30, 2019, all but one of the Company’s investments were 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.

In addition, certain of the Company’s investments in loans contain a PIK interest provision.  These investments may expose us to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral.  To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase.

At June 30, 2019, the Company’s investment portfolio included 45 companies and was comprised of $84,349,839 or 23.0% in senior secured term loans, $198,029,550 or 54.1% in senior secured term loan participations, $74,886,023 or 20.4% in senior secured trade finance participations, and $7,933,928 or 2.2% in short term investments. The Company’s largest loan by value was $22,962,153 or 6.3% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s 5 largest loans by value comprised 26.8% of the Company’s portfolio at June 30, 2019. Participation in loans amounted to 74.5% of the Company’s total portfolio at June 30, 2019.  As of June 30, 2019, approximately $280,857,000 or 76.9% of the Company’s investments had a maturity date of more than 12 months.

Note 3. Investments

As of June 30, 2019, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	84,388,298	$	84,349,839		23.0	%
Senior secured term loan participations		197,725,893		198,029,550		54.1	%
Senior secured trade finance participations		84,920,322		74,886,023		20.4	%
Short term investments		9,000,000		7,933,928		2.2	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	376,034,513	$	366,279,562		100.0	%

As of December 31, 2018, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	88,858,707	$	88,858,707		23.8	%
Senior secured term loan participations		189,157,819		189,157,819		50.7	%
Senior secured trade finance participations		88,983,961		80,236,312		21.5	%
Short term investments		14,132,683		13,644,683		3.7	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	381,133,170	$	372,977,743		100.0	%

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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 June 30, 2019.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of June 30, 2019 and December 31, 2018 amounted to $2,534,792 and $2,413,894, respectively. The Company’s interest receivable balances at June 30, 2019 and December 31, 2018 are recorded at the amounts that the Company expects to collect.

Trade Finance

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

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possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower.

Short Term Investments

Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments.

Warrants

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

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. The Company places an investment on the Watch List when it believes the investment has material performance weakness driven by company-specific and macro events that may affect the timing of future cash flows. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral; (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower, potential or ongoing litigation). As of June 30, 2019 and December 31, 2018, respectively, the Company had eleven and twelve Watch List investments. The Company’s investment in Kinder Investment Ltd. was removed from the Watch List as of April 1, 2019.

Investments through The International Investment Group L.L.C. (“IIG”) as the Sub-Advisor

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to seven of the eleven investments that the Company has deemed Watch List investments.  The Company has learned that IIG is in the process of winding down its business. The Company determined not to engage in any new business with IIG due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  The Company has not received any updated information from IIG concerning the investments for which IIG is the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information.  Accordingly, the summaries of the investments for which IIG is the sub-advisor may not be up-to-date or complete. The Company has updated the summaries to the best of its knowledge and has requested updated and accurate reporting with respect to each investment from IIG, but IIG has not provided the information to the Company. Please see Note 5 – Contingences for a description of an arbitration proceeding the Company has filed against IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of its board of managers, 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 certain material investments described below. Specifically, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.1% of the total investments at fair value as of June 30, 2019, 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 such investments, but are not determinative. The Company

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and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund N.V. (“IIG TOF N.V.”), a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of June 30, 2019. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  Based on information provided by IIG in 2018, the Company’s existing Participation in this trade finance facility was near the final stages of being restructured to a Participation in a term loan. Given that IIG is winding down its business and was unable to provide the working capital financing required to complete the restructuring, as well as the Company’s ongoing legal dispute with IIG, the Company believes it is unlikely the restructuring will happen.    

As of the date of this filing, completion of restructuring is unlikely, and, as such, the Company has valued this investment utilizing the collateral based approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $10,504 as of June 30, 2019 based upon the expected liquidation value of available collateral, discounted to present value using an appropriate yield to maturity. This value reflects a significant adjustment based upon the Company’s belief that liquidation of collateral will ultimately be required, complicated by the Company’s ongoing legal dispute with IIG. The Company placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $27,529 and $54,756, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $27,529 and $54,756, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG 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.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for 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 June 30, 2019, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which included allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie (defined below) and FRIAR (defined below)).  The Company also learned

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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. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

The Company has learned that the commercial court proceedings have been terminated.  The Company believes that is likely the commercial court proceedings have been terminated due to the parties having reached a settlement, however, the proceedings are confidential and the Company has not been able to obtain any written confirmation that a settlement was reached.  Accordingly, the Company does not know with certainty that there was a settlement, or if there was a settlement, the terms of the settlement and any amounts that may be payable to the Company.

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 would 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 had already issued a final ruling (pending appeal) on the developments with respect to the court proceedings described above, and the possibility of the parties reaching a settlement.

As described above, a payment guarantee was secured from Zurich Insurance Group through the commercial court, the value of which was sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it would prevail in the court proceedings, the likelihood of a settlement appears to have materially increased, as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. Taking all of the factors described above into consideration, the Company believes, that as of June 30, 2019, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,433,159. The Company has placed this investment on non-accrual status effective January 1, 2019 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $136,500 and $271,500, respectively.

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 Commercial S.A. (“Nacadie”) as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received 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.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this 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

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management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not received a written agreement from IIG to this effect.  The Company has filed an arbitration proceeding against IIG asserting multiple claims, including claims related to IIG’s failure to repay the Company for this participation. The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company and the uncertainty of the ultimate resolution of the Company’s legal dispute with IIG. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $4,933,928 as of June 30, 2019. The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.  The Company placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $132,708 and $263,958 for the three and six months ended June 30, 2019, respectively.

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of June 30, 2019, 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. At that time, IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. In August 2018, the Company confirmed that FRIAR continues to operate and is a going concern.

As noted above, the Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie.  Also as described above, the Company learned on July 31, 2018 that IIG and Algodonera were in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG disputed the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  In April 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

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 was seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believed 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 communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings  and the possibility of the parties having reached a settlement as described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the likelihood of a settlement being reached among the parties appears to have materially increased as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached, and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. The Company determined that the most appropriate method to calculate the fair value of this investment as of June 30, 2019 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,344,393 as of June 30, 2019. The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the

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calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.  The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $261,625 and $520,375, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $261,625 and $520,375, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the 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, and the interest was subsequently paid.

IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and had sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG previously informed the Company that IIG is a member of the creditors committee, which would determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. In February 2019, CAGSA disclosed that it had reached a preliminary settlement with its creditors. As of the date of this report the preliminary settlement had not been finalized and details of the terms were not available.

As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company decided that starting with the quarter ended June 30, 2018, the collateral based approach was a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of March 31, 2019, the Company further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company 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 $330,191 and $656,753, respectively for the three and six months ended June 30, 2019. The Company has estimated the fair value of the principal amount of this investment to be $9,538,831 as of June 30, 2019 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring and the ultimate resolution of the Company’s ongoing legal dispute with IIG.  The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.

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 June 30, 2019, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this report, the Company believes, based on reports in the media, that Sancor will be sold.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors but the Company has not received any payment since that announcement. Due to the uncertainty associated with the timing and final terms of a full asset sale, 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 $4,991,915 as of June 30, 2019, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale and the uncertainty regarding the ultimate resolution of the Company’s ongoing legal dispute with IIG.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF N.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of June 30, 2019, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $220,882. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4,

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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 developed 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, informed the Company in a prior period that it was working with Functional on restructuring the facility, but it is uncertain when or if this will happen. As of June 30, 2019, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

Investments through other sub-advisors

UsivaleIndustria E Comercio, Ltda.

As of June 30, 2019, 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 $195,036.  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. Sugar price pressure continued through 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019, though principal payment was not made on schedule. The Company is currently working with Usivale’s management to optimize their financial performance in response to volatile sugar prices to better facilitate principal repayment, including engaging industry and financial consultants to that effect. As part of that effort, the Company and Usivale executed a standstill agreement for principal repayment until December 2019.

As of June 30, 2019, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,812,837, 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.

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 June 30, 2019, 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 $34,761 and $69,140, respectively, for the three and six months ended June 30, 2019. Interest not recorded relative to the original terms of this Participation amounted to approximately $34,761 and $69,140, respectively for the three and six months ended June 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 $690,616 as of June 30, 2019 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

Mac Z Group SARL

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Between July 2016 and April 2017, the Company purchased nine 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 June 30, 2019, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation was 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 has taken 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 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 in 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 informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in losses. As of the date of this report, Scipion’s claim against the collateral manager is proceeding in English court.

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, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $204,360 and $406,475, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $204,360 and $406,475, respectively. The Company believes, that as of June 30, 2019, 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 $7,530,616, 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.

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 June 30, 2019, 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 June 30, 2019 is $104,245. 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 June 30, 2019, 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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The industry composition of the Company’s portfolio, at fair market value as of June 30, 2019 and December 31, 2018, was as follows:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,351,668		3.4	%	$	12,167,401		3.3	%
Boatbuilding and Repairing		5,559,067		1.5	%		5,428,294		1.5	%
Chemicals and Allied Products		15,000,000		4.1	%		15,000,000		4.0	%
Chocolate and Cocoa Products		10,718,201		2.9	%		10,718,201		2.9	%
Coal and Other Minerals and Ores		30,000,000		8.2	%		30,000,000		8.0	%
Commercial Fishing		35,838		0.0	%		35,838		0.0	%
Communications Equipment		874,254		0.2	%		6,029,026		1.6	%
Consumer Products		9,457,047		2.6	%		9,457,047		2.5	%
Department Stores		8,460,514		2.3	%		8,262,375		2.2	%
Drugs, Proprietaries, and Sundries		803,254		0.2	%		803,254		0.2	%
Electric Services		21,299,797		5.8	%		26,394,209		7.1	%
Farm Products		7,256,190		2.0	%		9,285,834		2.5	%
Fats and Oils		3,433,159		0.9	%		3,784,354		1.0	%
Financial services		4,933,928		1.3	%		5,906,946		1.6	%
Freight Transportation Arrangement		13,233,109		3.6	%		12,970,938		3.5	%
Food Products		5,665,625		1.5	%		6,607,713		1.8	%
Gas Transmission and Distribution		18,645,733		5.1	%		17,605,054		4.7	%
Groceries and Related Products		2,468,756		0.7	%		2,500,000		0.7	%
Hotels and Motels		12,540,286		3.4	%		16,459,362		4.4	%
Land Subdividers and Developers		16,425,961		4.5	%		16,083,083		4.3	%
Logging		6,840,000		1.9	%		6,840,000		1.8	%
Meat, Poultry & Fish		6,344,393		1.7	%		6,748,935		1.8	%
Metals Service Centers and Offices		—		—			3,737,737		1.0	%
Motor Vehicle Parts and Accessories		8,438,615		2.3	%		—		—
Personal Credit Institutions		4,497,156		1.2	%		5,468,186		1.5	%
Petroleum and Petroleum Products		15,500,000		4.2	%		15,500,000		4.2	%
Programming and Data Processing		17,491,997		4.8	%		13,903,662		3.7	%
Refuse Systems		24,042,376		6.6	%		22,447,343		6.0	%
Secondary Nonferrous Metals		17,530,616		4.8	%		17,632,234		4.7	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.3	%
Soap, Detergents, and Cleaning		1,516,173		0.4	%		3,250,844		0.9	%
Telephone and Telegraph Apparatus		9,500,000		2.6	%		7,000,000		1.9	%
Telephone Communications		37,937,346		10.4	%		37,481,370		10.0	%
Water Transportation		12,738,503		3.5	%		12,728,503		3.4	%
Total	$	366,279,562		100.0	%	$	372,977,743		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2019 and December 31, 2018:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	24,308,298		6.6	%	$	24,841,309		6.7	%
Botswana		4,740,000		1.3	%		4,740,000		1.3	%
Brazil		25,863,901		7.1	%		22,183,252		5.9	%
Cabo Verde		12,540,286		3.4	%		16,459,362		4.4	%
Cameroon		10,718,201		2.9	%		10,718,201		2.9	%
Chile		4,042,146		1.1	%		9,136,558		2.4	%
China		-		0.0	%		10,000,000		2.7	%
Colombia		23,862,002		6.5	%		24,434,056		6.6	%
Croatia		8,460,514		2.3	%		8,262,375		2.2	%
Ecuador		35,838		0.0	%		35,838		0.0	%
Ghana		52,672,970		14.4	%		52,027,237		13.9	%
Guatemala		10,504		0.0	%		662,525		0.2	%
Hong Kong		49,500,000		13.5	%		37,000,000		9.9	%
Jersey		18,572,500		5.1	%		18,515,500		5.0	%
Kenya		13,233,109		3.6	%		12,970,938		3.5	%
Malaysia		15,000,000		4.1	%		15,000,000		4.0	%
Mauritius		2,468,756		0.7	%		2,500,000		0.7	%
Mexico		24,042,376		6.6	%		22,447,343		6.0	%
Morocco		7,530,616		2.1	%		7,632,234		2.0	%
Namibia		16,425,961		4.5	%		16,083,083		4.3	%
Netherlands		11,438,615		3.1	%		4,000,000		1.1	%
New Zealand		6,840,000		1.9	%		6,840,000		1.8	%
Nigeria		14,414,603		3.9	%		15,782,226		4.2	%
Peru		4,465,132		1.2	%		4,465,132		1.2	%
Romania		1,975,009		0.5	%		1,917,097		0.5	%
Singapore		-		—			3,737,737		1.0	%
South Africa		1,564,870		0.4	%		6,719,642		1.8	%
United Arab Emirates		803,254		0.2	%		803,254		0.2	%
Uganda		4,300,000		1.2	%		4,300,000		1.2	%
Zambia		1,516,173		0.4	%		3,250,844		0.9	%
N/A		4,933,928		1.4	%		5,512,000		1.5	%
Total	$	366,279,562		100.0	%	$	372,977,743		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 June 30, 2019:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	84,349,839	$	—	$	—	$	84,349,839
Senior secured term loan participations		198,029,550		—		—		198,029,550
Senior secured trade finance participations		74,886,023		—		—		74,886,023
Short term investments		7,933,928		—		—		7,933,928
Equity warrants		1,080,222		—		—		1,080,222
Total	$	366,279,562	$	—	$	—	$	366,279,562

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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, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	88,858,707	$	—	$	—	$	88,858,707
Senior secured term loan participations		189,157,819						189,157,819
Senior secured trade finance participations		80,236,312		—		—		80,236,312
Short term investments		13,644,683						13,644,683
Equity warrants		1,080,222						1,080,222
Total	$	372,977,743	$	—	$	—	$	372,977,743

The following is a reconciliation of activity for the six months ended June 30, 2019, of investments classified as Level 3: 

	Fair Value at December 31, 2018		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at June 30, 2019
Senior secured term loans	$	88,858,707	$	—	$	(6,145,390	)	$	1,674,979	$	(38,457	)	$	—		$	84,349,839
Senior secured term loan participations		189,157,819		13,175,000		(7,333,336	)		2,635,121		—			394,946			198,029,550
Senior secured trade finance participations		80,236,312		2,500,000		(6,563,639	)		—		(1,286,650	)		—			74,886,023
Short term investments		13,644,683		1,000,000		(5,737,736	)		—		(578,073	)		(394,946	)		7,933,928
Equity warrants		1,080,222		—		—			—		—			—			1,080,222
Total	$	372,977,743	$	16,675,000	$	(25,780,101	)	$	4,310,100	$	(1,903,180	)	$	-		$	366,279,562

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and six months ended June 30, 2019 and 2018.

As of June 30, 2019, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2019:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	61,560,238	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,325,785	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	84,349,839	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	198,029,550	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	4,933,928	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	3,000,000	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.     

(3) Receivable from IIG TOF B.V.

As of December 31, 2018 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2018:

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	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(3) Receivable from IIG TOF B.V.

The significant unobservable 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. Contingencies and Related Parties

Litigation

On April 18, 2019, TriLinc Global Impact Fund – Trade Finance, Ltd. (“TriLinc”), a subsidiary of the Company, filed a motion to intervene in a proceeding of Girobank, N.V. and Girobank International, N.V. (collectively, “Girobank”) against IIG, IIG Capital, LLC (“IIG Capital”) and IIG Trade Opportunities Fund, N.V. (“TOF,” and, collectively with IIG and IIG Capital, the “IIG Parties”).  TriLinc filed the motion to intervene in the Girobank proceeding so that it could oppose Girobank’s petition for an order of attachment that Girobank obtained from the New York Supreme Court, New York County on April 11, 2019.  This order temporarily attached approximately $93 million in assets held by the IIG Parties in aid of an arbitration that Girobank commenced against the IIG Parties in 2018. TriLinc’s motion to intervene was denied following a hearing on April 24, 2019. The court set a hearing on Girobank’s petition for an order of attachment during the pendency of the arbitration for May 2, 2019.  At the hearing on May 2, 2019, the New York Supreme Court, New York County issued an order of attachment to Girobank upon the stipulation and consent of all parties to the proceeding.  The order of attachment provides that it does not apply to funds in which the IIG Parties have no beneficial interest such as funds in collection or escrow, accounts received in a custodial capacity on behalf of IIG Global Trade Finance Fund, IIG Structure Trade Finance Fund, and TriLinc. TriLinc had filed the motion to intervene in conjunction with an arbitration proceeding it commenced against IIG and IIG TOF B.V., a subsidiary of TOF, on that same day, asserting claims for breach of contract, breach of fiduciary duty, conversion and unjust enrichment.   There can be no assurance as to when or if TriLinc will obtain a judgment in its arbitration against IIG and IIG TOF B.V.

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Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 14, 2020.

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

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

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and six months ended June 30, 2019 and 2018.

Transactions

For the three months ended June 30, 2019 and 2018, the Advisor earned $1,948,848, and $1,991,828, respectively, in asset management fees and $1,300,594 and $1,699,753, respectively, in incentive fees. For the six months ended June 30, 2019 and 2018, the Advisor earned $3,907,970 and $4,001,428, respectively, in asset management fees and $2,759,107 and $3,103,259, respectively, in incentive fees.

From the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees and incentive fees on behalf of the Company and will pay the Company an additional $4,240,200 of expenses, which have been paid by the Company 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 June 30, 2019 and no expenses have been recorded for the three months ended June 30, 2019. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018 and recorded expenses of $387,000 for the quarter ended June 30, 2018.

As of June 30, 2019 and December 31, 2018, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231, was due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the three months ended June 30, 2019 and 2018, the Company did not pay any dealer manager fees nor selling commissions to the Company’s dealer manager for the Company’s offerings, SC Distributors, LLC. For the six months ended June 30, 2019 and 2018, the Company paid $0 and $6,252, respectively, in dealer manager fees and $0 and $19,270, 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 June 30, 2019, the Sponsor has paid approximately $17,508,000 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 $51,600 and $72,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2019 and 2018, respectively. During the six months

31

ended June 30, 2019 and 2018, the Company paid $0 and $54,616, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through June 30, 2019, 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 $532,500 of offering costs that have not yet been reimbursed to the Sponsor as of June 30, 2019.  

Note 7. Notes Payable

The Company notes payable consist of the following:

	June 30, 2019		December 31, 2018
	Outstanding Balance		Outstanding Balance
Promissory notes	$	-	$	125,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		10,000,000
Total notes payable	$	32,750,000	$	32,875,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under a private offering.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time issuance) and were payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate was determined on each issuance date and adjusted on each anniversary of the issuance date 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. The Company had raised a total of $1.86 million in the offering of the Notes, all of which had been repaid as of the first quarter of 2019.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes were secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  The mortgage was released in connection with the repayment of the Notes.

Symbiotics Facility

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

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.79% as of June 30, 2019) and interest is 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 32.11 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

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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 June 30, 2019, the Company was in full compliance with all such representations, warranties and covenants.

In July 2019, the Company repaid the entire principal balance of $22,750,000 that was due under the Facility Agreement.

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.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 interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the 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.

On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes (“Series 2 Note”) to Christian Super pursuant to the CS Notes private offering. The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of June 30, 2019) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

   TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10shares out of a total of 32.11 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 June 30, 2019, the Company was in full compliance with all such representations, warranties and covenants.

For the three months ended June 30, 2019 and 2018, the Company recognized $608,718 and $486,092, respectively, in interest expense. For the six months ended June 30, 2019 and 2018, the Company recognized $1,208,666 and $934,712, 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
2019	$	-
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,750,000

Note 8. Unit Capital

As of June 30, 2019, the Company had six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of June 30, 2019, the Company recorded a liability in the aggregate amount of $911,000 for the estimated future amount of

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ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2019 is calculated based on a net asset value per Class C, Class I and Class W units of $8.160 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 six months ended June 30, 2019:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2018		the Period		the Period			2019
Class A units		17,966,563		269,793		(413,741	)		17,822,615
Class C units		8,238,094		141,826		(322,345	)		8,057,575
Class I units		10,555,022		163,942		(201,765	)		10,517,199
Class W units		24,555		-		-			24,555
Class Y units		1,165,675		50,297		-			1,215,972
Class Z units		5,965,037		-		-			5,965,037
Total		43,914,946		625,858		(937,851	)		43,602,953

The total of 625,858 units issued during the six months ended June 30, 2019 included 576,158 units issued under the DRP at a value of $4,750,744.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2019 have been made at a price equal to $8.160 for Class A units, Class C units, and Class I units, which was the net asset value per unit of each class as of March 31, 2019, the most recently disclosed net asset value at the time of repurchase.

The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2019, the Company received repurchase requests for a total of 937,850 units at a weighted average repurchase price per unit of $8.197 for an aggregate repurchase price of $7,687,796. As of June 30, 2019, $3,397,973 of these repurchase requests were pending processing and were completed by the Company in July 2019. See Note 11 – Subsequent Events for a description of the amended terms of the unit repurchase program.

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2019:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2019	January 15, 2019	$	0.00168675	$	1,470,733	$	817,483	$	2,288,216
February 28, 2019	February 14, 2019	$	0.00168675		1,334,317		739,318		2,073,635
March 31, 2019	March 15, 2019	$	0.00168675		1,479,106		820,754		2,299,860
April 30, 2019	March 29, 2019	$	0.00168675		1,434,307		770,273		2,204,580
May 31, 2019	May 8, 2019	$	0.00168675		1,469,421		813,801		2,283,222
June 30, 2019	June 13, 2019	$	0.00168675		1,424,690		789,115		2,213,805
Total for 2019				$	8,612,574	$	4,750,744	$	13,363,318

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Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2019 and 2018:          

	Six months ended
	June 30,			June 30,
	2019			2018
Per unit data (1):
Net asset value at beginning of period	$	8.20		$	8.42
Net investment income	$	0.25		$	0.29
Net change in unrealized depreciation on investments	$	(0.04	)	$	(0.09	)
Net increase in net assets resulting from operations	$	0.21		$	0.20
Distributions	$	(0.30	)	$	(0.32	)
Net change in accrued distribution and other fees	$	0.01		$	0.02
Net decrease in net assets	$	(0.08	)	$	(0.11	)
Net asset value at end of period (2)	$	8.11		$	8.31
Total return based on net asset value		2.57	%		2.34	%
Net assets at end of period	$	353,770,077		$	366,614,079
Units Outstanding at end of period		43,602,953			44,080,551
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.31	%		7.04	%
Ratio of net operating expenses to average net assets		6.33	%		5.61	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2019 and 2018 which were 43,920,005 and 43,319,085, respectively.

2 For financial statement reporting purposes under GAAP, as of June 30, 2019 and 2018, the Company recorded a liability in the amount of $911,000 and $1,511,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

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

Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2019, except as discussed below.

Distributions

With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2019. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units).

The cash distributions for July totaled $1,420,599.  With respect to unitholders participating in the Distribution Reinvestment Plan, $805,084 of the distributions for July were reinvested in units.

The August distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). These distributions will be paid in cash on or about September 1, 2019 or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

 Investments

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Subsequent to June 30, 2019 through August 12, 2019, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $24.5 million.

Strategic Capital Advisory Services, LLC

In July 2019, the Sponsor acquired Strategic Capital Advisory Services, LLC’s 15% ownership in the Advisor. As a result, the Sponsor now owns 100% of the Advisor and Strategic Capital Advisory Services, LLC is no longer considered to be an affiliate of the Company.

Unit Repurchase Program

On August 9, 2019, the Company’s board of managers amended and restated the Company’s unit repurchase program in order to amend the basis on which it will honor repurchase requests in the event repurchase requests exceed the existing limitations of the program.  As was the case prior to the adoption of the amended and restated program, the Company’s obligation to repurchase units under the program is limited as follows: (i) the Company may repurchase no more than five percent (5%) of the weighted-average number of units outstanding in any twelve-month period; (ii) the Company has no obligation to repurchase units if the repurchase would violate the restrictions on distributions under federal law or Delaware law; and (iii) all units to be repurchased under the program must be fully transferable and not be subject to any liens or other encumbrances and free from any restrictions on transfer. If the Company determines that a lien or other encumbrance or restriction exists against the units requested to be repurchased, the Company will not repurchase any such units.  In addition, 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 the Company can repurchase with the proceeds the Company receives from the sale of units under the Company’s distribution reinvestment plan.

Prior to the amendment and restatement of the program, in the event repurchase requests exceeded the limitations described above, the program provided that the Company would honor the requests on a simple pro rata basis.  Under the amended and restated program, if the Company cannot repurchase all units presented for repurchase in any quarter because of the limitations on repurchases set forth in the program (as described above), then the Company will honor repurchase requests in the following order of priority (unless the Company’s board of managers determines that the Company will not repurchase units in that quarter):

• first, the Company will repurchase units pursuant to repurchase requests made in connection with the death or disability of a unitholder (or on a pro rata basis among such requests if less than all of such death or disability requests can be satisfied);

• second, the Company will repurchase units pursuant to any repurchase request that has been carried over from one or more previous quarterly periods where the value of the units that have not yet been repurchased pursuant to such request (with the value calculated as the number of units multiplied by the estimated net asset value per unit for units of that class, as most recently disclosed by the Company in a filing with the SEC) is less than $2,500 (or on a pro rata basis among such requests if less than all of such requests carried over from prior periods can be satisfied); and

• third, the Company will repurchase units pursuant to all other repurchase requests on a pro rata basis.

The amended and restated program will take effect beginning with redemption requests to be processed for the third quarter of 2019, on September 30, 2019.

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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 ongoing litigation;

• 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 our 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 our Distribution Reinvestment Plan.

Upon termination of the primary portion 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 our 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.  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 six months ended June 30, 2019, we issued 576,158 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $4,750,744. In addition, for the six months ended June 30, 2019, we issued 50,297 of our units for gross proceeds of approximately $420,000 pursuant to a private placement. As of June 30, 2019, $51.5 million in units remained available for sale pursuant to the Distribution Reinvestment Plan.

From our inception to June 30, 2019, we have issued an aggregate of 48,363,649 of our units, including 4,201,279 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $453,057,000 including approximately $36,878,000 reinvested under our Distribution Reinvestment Plan (before dealer manager fees of approximately $4,800,000 and selling commissions of $16,862,000, for net proceeds of $431,395,000).

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 sub-advisors that our Advisor has contracted with 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 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

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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. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

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 June 30, 2019, 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. Our counterparty for participations generally will be the respective sub-advisor or its affiliate that originates the loan in which we are participating.  We will not have a contract with the underlying borrower and therefore, in the event of default, we will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through our sub-advisor counterparty, which increases the risk of full recovery.

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. However, these warrants and equity interests are illiquid and it may be difficult for the Company to dispose of them. 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 continue to 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 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.

From our inception through December 31, 2017, under the terms of the Expense Responsibility Agreement, our Sponsor assumed substantially all our operating expenses. Our Sponsor has not assumed any of our operating expenses subsequent to December 31, 2017. As of December 31, 2017, the Sponsor had 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 as of June 30, 2019.

Portfolio and Investment Activity

During the six months ended June 30, 2019, we invested approximately $16.7 million across five separate portfolio companies, including two 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 $25.8 million.

At June 30, 2019 and December 31, 2018, the Company’s investment portfolio included 45 and 47 companies, respectively, and the fair value of our portfolio was comprised of the following:

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	As of June 30, 2019					As of December 31, 2018
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	84,349,839		23.0	%	$	88,858,707		23.9	%
Senior secured term loan participations		198,029,550		54.1	%		189,157,819		50.7	%
Senior secured trade finance participations		74,886,023		20.4	%		80,236,312		21.5	%
Short term investments *		7,933,928		2.2	%		13,644,683		3.7	%
Equity warrants		1,080,222		0.3	%		1,080,222		0.3	%
Total investments	$	366,279,562		100.0	%	$	372,977,743		100.0	%

 *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 June 30, 2019, 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 11.5%, 13.0%, 12.4%, and 8.2%, respectively, for a weighted average yield on investments of approximately 12.4% on our total portfolio.  

As of December 31, 2018, 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 11.4%, 13.2%, 12.3%, and 10.1%, respectively, for a weighted average yield on investments of approximately 12.4% on our total portfolio.

As of June 30, 2019, we had the following investments, listed by description of the underlying borrower (if applicable):

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Description	Sector	Industry Classification	Country	Interest	Maturity (1)		Principal Amount		Fair Value
Sugar Producer	Agricultural Products	Sustainable Agriculture & Agroprocessing	Brazil	12.43%	12/15/2020	(2)	$	2,851,296	$	2,812,837
LED Lighting Service Provider	Electric Services	Technological Innovation	Chile	11.00%	6/6/2021			2,888,790		2,772,560
Minor Metals Resource Trader	Secondary Nonferrous Metals	Responsible Metals Distribution	Hong Kong	12.00%	6/22/2021			10,000,000		10,000,000
Consumer Lender	Personal Credit Institutions	Inclusive Finance	Colombia	11.25%	8/1/2021			4,497,156		4,497,156
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%	3/31/2021			15,000,000		15,000,000
Waste to Fuels Processor	Refuse Systems	Recycling	Mexico	14.50% PIK	7/27/2021	(3)		22,962,154		24,042,376
Sustainable Timber Exporter	Logging	Sustainable Forestry	New Zealand	11.50%	2/10/2021			6,840,000		6,840,000
Diaper Manufacturer II	Consumer Products	Responsible Consumer Goods Production	Peru	10.00%	8/15/2021	(2)		4,465,132		4,465,132
SME Financier	Short-Term Business Credit	Inclusive Finance	Botswana	11.67%	8/18/2021			4,740,000		4,740,000
IT Service Provider	Programming and Data Processing	Access to Technology	Brazil	11.50%	11/24/2022			17,491,997		17,491,997
Ship Maintenance & Repair Service Provider	Boatbuilding and Repairing	Infrastructure Development	Brazil	8.00% Cash/4.00% PIK	12/7/2023			5,626,506		5,559,067
Hospitality Service Provider	Hotels and Motels	Infrastructure Development	Cabo Verde	10.00% Cash/4.75% PIK	8/21/2021			12,540,286		12,540,286
Fiber Optics Network Provider	Telephone Communications	Access to Technology	Colombia	8.95% Cash/3.00% PIK	10/15/2023			19,405,950		19,364,846
Mall Operator	Department Stores	Infrastructure Development	Croatia	7.00% Cash/6.00% PIK	1/23/2021			8,287,214		8,460,514
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	12.46%	8/31/2022			18,527,237		18,527,237
LNG Infrastructure Developer	Gas Transmission and Distribution	Infrastructure Development	Ghana	15.31% - 15.86%	6/13/2021			18,645,733		18,645,733
Mobile Network Operator	Telephone Communications	Access to Technology	Jersey	12.35%	3/28/2023			19,000,000		18,572,500
Freight and Cargo Transporter	Freight Transportation Arrangement	Responsible Logistics Management	Kenya	9.95% Cash/4.00% PIK	3/31/2023			13,233,109		13,233,109
Property Developer	Land Subdividers and Developers	Infrastructure Development	Namibia	8.50% Cash/4.00% PIK	8/15/2021			16,495,604		16,425,961
Wheel Manufacturer	Motor Vehicle Parts and Accessories	Responsible Consumer Goods Production	Netherlands	15.00%	8/20/2021			8,275,000		8,438,615
Marine Logistics Provider	Water Transportation	Responsible Logistics Management	Nigeria	12.94%	9/16/2020			12,738,503		12,738,503
Bread Manufacturer	Food Products	Responsible Consumer Goods Production	Romania	8.00% Cash/5.00% PIK	7/18/2021			2,008,690		1,975,009
Grain Processor C	Farm Products	Sustainable Agriculture & Agroprocessing	Uganda	13.50%	12/31/2020			4,300,000		4,300,000
FMCG Manufacturer	Soap, Detergents, and Cleaning	Responsible Consumer Goods Production	Zambia	11.00%	11/1/2019 - 11/16/2019			1,516,173		1,516,173
Agriculture Distributor	Agricultural Products	Sustainable Agriculture & Agroprocessing	Argentina	10.45%	6/30/2018	(2)		12,500,000		9,538,831
Dairy Co-Operative	Consumer Products	Sustainable Dairy Production	Argentina	10.67%	7/29/2019	(2)		6,000,000		4,991,915
Beef Exporter	Meat, Poultry & Fish	Sustainable Agriculture & Agroprocessing	Argentina	11.50%	8/31/2017	(2)		9,000,000		6,344,393
Oilseed Distributor	Fats and Oils	Sustainable Agriculture & Agroprocessing	Argentina	9.00%	8/31/2017	(2)		6,000,000		3,433,159
Cocoa & Coffee Exporter	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Cameroon	16.42% - 17.50%	3/27/2019	(4)		10,718,201		10,718,201
Chia Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Chile	10.90%	3/4/2018	(2)		1,326,687		1,269,586
Fish Processor & Exporter	Commercial Fishing	Sustainable Aquaculture & Processing	Ecuador	9.00%	6/19/2019	(4)		35,838		35,838
Sesame Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Guatemala	12.00%	3/31/2016	(2)		881,800		10,504

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Non-Ferrous Metal Trader	Coal and Other Minerals and Ores	Responsible Metals Distribution	Hong Kong	11.50%	12/28/2019 - 2/9/2020		15,000,000		15,000,000
Mobile Phone Distributor	Telephone and Telegraph Apparatus	Access to Technology	Hong Kong	12.00% - 14.00%	7/9/2019	(4)	9,500,000		9,500,000
Vanilla Exporter	Groceries and Related Products	Sustainable Agriculture & Agroprocessing	Mauritius	12.93%	7/14/2019	(4)	2,468,756		2,468,756
Scrap Metal Recycler	Secondary Nonferrous Metals	Recycling	Morocco	11.00%	7/31/2018	(2)	7,349,626		7,530,616
Cocoa Trader III	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	16.77%	3/27/2019	(4)	755,466		755,466
Cocoa Trader II	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	16.77%	3/27/2019	(4)	920,634		920,634
Fruit & Nut Distributor	Food Products	Sustainable Agriculture & Agroprocessing	South Africa	10.00%	5/22/2015	(2)	785,806		690,616
Electronics Assembler	Communications Equipment	Access to Technology	South Africa	12.00% - 13.00%	6/30/2019	(4)	874,254		874,254
Pharmaceuticals Distributor	Drugs, Proprietaries, and Sundries	Access to Healthcare and Pharmaceuticals	United Arab Emirates	14.60%	6/30/2018	(2)	803,254		803,254
Fruit Juice Processor B	Food Products	Short Term Notes	Netherlands	10.50%	6/11/2019 - 7/31/2019	(4)	3,000,000		3,000,000
Receivable from IIG TOF B.V.	Financial services	Other	N/A	8.75%	N/A	(2)	6,000,000		4,933,928
Total Investments								$	366,279,562

¹ 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.

² See Watch List Investments section below for further information.

³ This investment consists of a senior secured term loan and equity warrants in the borrower.

₄ Refer to the Consolidated Schedule of Investments for further information about the status of this investment.

As of June 30, 2019, 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		65,803,597		18.0	%
Inclusive Finance		9,237,156		2.5	%
Infrastructure Development		61,631,561		16.8	%
Recycling		31,572,992		8.6	%
Responsible Consumer Goods Production		16,394,929		4.5	%
Responsible Fuel Storage		15,500,000		4.2	%
Responsible Industrial Goods Distribution		15,000,000		4.1	%
Responsible Logistics Management		25,971,612		7.1	%
Responsible Metals Distribution		25,000,000		6.8	%
Responsible Natural Resources Distribution		15,000,000		4.1	%
Responsible Power Generation		18,527,237		5.1	%
Short Term Notes		3,000,000		0.8	%
Sustainable Agriculture & Agroprocessing		43,262,983		11.8	%
Sustainable Aquaculture & Processing		35,838		0.0	%
Sustainable Dairy Production		4,991,915		1.4	%
Sustainable Forestry		6,840,000		1.9	%
Technological Innovation		2,772,560		0.8	%
Other		4,933,928		1.3	%
Total	$	366,279,562		100.0	%

Concentration Limits

The Company is subject to the following concentration limits:

• Maximum 45% regional exposure

• Maximum 20% country exposure

• Maximum 5% individual investment exposure

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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 June 30, 2019, 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). As of June 30, 2019 and December 31, 2018, respectively, the Company had 11 and 12 Watch List investments.

Investments through The International Investment Group L.L.C. (“IIG”) as the Sub-Advisor

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to seven of the eleven investments that the Company has deemed Watch List investments.  The Company has learned that IIG is in the process of winding down its business. The Company determined not to engage in any new business with IIG due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  The Company has not received any updated information from IIG concerning the investments for which IIG is the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information.  Accordingly, the summaries of the investments for which IIG is the sub-advisor may not be up-to-date or complete. The Company has updated the summaries to the best of its knowledge and has requested updated and accurate reporting with respect to each investment from IIG, but IIG has not provided the information to the Company. Please see Note 5 – Contingences for a description of an arbitration proceeding the Company has filed against IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of its board of managers, 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 certain material investments described below. Specifically, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.1% of the total investments at fair value as of June 30, 2019, 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 such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund N.V. (“IIG TOF N.V.”), a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of June 30, 2019. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  Based on information provided by IIG in 2018, the Company’s existing Participation in this trade finance facility was near the final stages of being restructured to a Participation in a term loan. Given that

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IIG is winding down its business and was unable to provide the working capital financing required to complete the restructuring, as well as the Company’s ongoing legal dispute with IIG, the Company believes it is unlikely the restructuring will happen.    

As of the date of this filing, completion of restructuring is unlikely, and, as such, the Company has valued this investment utilizing the collateral based approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $10,504 as of June 30, 2019 based upon the expected liquidation value of available collateral, discounted to present value using an appropriate yield to maturity. This value reflects a significant adjustment based upon the Company’s belief that liquidation of collateral will ultimately be required, complicated by the Company’s ongoing legal dispute with IIG. The Company placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $27,529 and $54,756, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $27,529 and $54,756, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG 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.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for 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 June 30, 2019, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which included allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie (defined below) and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also 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. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

The Company has learned that the commercial court proceedings have been terminated.  The Company believes that is likely the commercial court proceedings have been terminated due to the parties having reached a settlement, however, the proceedings are confidential and the Company has not been able to obtain any written confirmation that a settlement was reached.  Accordingly, the Company does not know with certainty that there was a settlement, or if there was a settlement, the terms of the settlement and any amounts that may be payable to the Company.

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 would 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

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approach as of June 30, 2018, given that the commercial court had already issued a final ruling (pending appeal) on the developments with respect to the court proceedings described above, and the possibility of the parties reaching a settlement.

As described above, a payment guarantee was secured from Zurich Insurance Group through the commercial court, the value of which was sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it would prevail in the court proceedings, the likelihood of a settlement appears to have materially increased, as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. Taking all of the factors described above into consideration, the Company believes, that as of June 30, 2019, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,433,159. The Company has placed this investment on non-accrual status effective January 1, 2019 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $136,500 and $271,500, respectively.

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 Commercial S.A. (“Nacadie”) as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received 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.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this 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 received a written agreement from IIG to this effect.  The Company has filed an arbitration proceeding against IIG asserting multiple claims, including claims related to IIG’s failure to repay the Company for this participation. The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company and the uncertainty of the ultimate resolution of the Company’s legal dispute with IIG. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $4,933,928 as of June 30, 2019. The Company has placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $132,708 and $263,958 for the three and six months ended June 30, 2019, respectively.  

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of June 30, 2019, 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

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an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. At that time, IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. In August 2018, the Company confirmed that FRIAR continues to operate and is a going concern.

As noted above, the Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie.  Also as described above, the Company learned on July 31, 2018 that IIG and Algodonera were in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG disputed the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  In April 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

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 was seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believed 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 communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings  and the possibility of the parties having reached a settlement as described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the likelihood of a settlement being reached among the parties appears to have materially increased as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached, and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. The Company determined that the most appropriate method to calculate the fair value of this investment as of June 30, 2019 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,344,393 as of June 30, 2019. The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $261,625 and $520,375, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $261,625 and $520,375, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the 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, and the interest was subsequently paid.

IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and had sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG previously informed the Company that IIG is a member of the creditors committee, which would determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. In February 2019, CAGSA disclosed that it had reached a preliminary settlement with its creditors. As of the date of this report the preliminary settlement had not been finalized and details of the terms were not available.

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As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company decided that starting with the quarter ended June 30, 2018, the collateral based approach was a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of March 31, 2019, the Company further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company 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 $330,191 and $656,753, respectively for the three and six months ended June 30, 2019. The Company has estimated the fair value of the principal amount of this investment to be $9,538,831 as of June 30, 2019 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring and the ultimate resolution of the Company’s ongoing legal dispute with IIG.

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 June 30, 2019, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this report, the Company believes, based on reports in the media, that Sancor will be sold.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors but the Company has not received any payment since that announcement. Due to the uncertainty associated with the timing and final terms of a full asset sale, 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 $4,991,915 as of June 30, 2019, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale and the uncertainty regarding the ultimate resolution of the Company’s ongoing legal dispute with IIG.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF N.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of June 30, 2019, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $220,882. 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 developed 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, informed the Company in a prior period that it was working with Functional on restructuring the facility, but it is uncertain when or if this will happen. As of June 30, 2019, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

Investments through other sub-advisors

UsivaleIndustria E Comercio, Ltda.

As of June 30, 2019, 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 $195,036.  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.

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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. Sugar price pressure continued through 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019, though principal payment was not made on schedule. The Company is currently working with Usivale’s management to optimize their financial performance in response to volatile sugar prices to better facilitate principal repayment, including engaging industry and financial consultants to that effect. As part of that effort, the Company and Usivale executed a standstill agreement for principal repayment until December 2019.

As of June 30, 2019, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,812,837, 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.

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 June 30, 2019, 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 $34,761 and $69,140, respectively, for the three and six months ended June 30, 2019. Interest not recorded relative to the original terms of this Participation amounted to approximately $34,761 and $69,140, respectively for the three and six months ended June 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 $690,616 as of June 30, 2019 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine 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 June 30, 2019, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation was 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 has taken 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 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 in 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 informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in losses.

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, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $204,360 and $406,475, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $204,360 and $406,475, respectively. The Company believes, that as of June 30, 2019, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this

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investment to be $7,530,616, 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.

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 June 30, 2019, 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 June 30, 2019 is $104,245. 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 June 30, 2019, 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.

Results of Operations

Consolidated operating results for the three and six months ended June 30, 2019 and 2018 are as follows:

	Three months ended				Six months ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Investment income
Interest income	$	11,062,607	$	12,103,857	$	22,342,110	$	22,231,043
Interest from cash		22,691		28,618		37,687		83,166
Total investment income		11,085,298		12,132,475		22,379,797		22,314,209
Expenses
Asset management fees		1,948,848		1,991,828		3,907,970		4,001,428
Incentive fees		1,300,594		1,699,753		2,759,107		3,103,259
Professional fees		1,310,805		154,359		2,249,007		480,794
General and administrative expenses		517,105		560,059		957,393		885,231
Interest expense		608,718		486,092		1,208,666		934,712
Board of managers fees		64,375		54,375		128,750		108,750
Total expenses		5,750,445		4,946,466		11,210,893		9,514,174
Expense support payment to (from) Sponsor		-		387,000		-		387,000
Net expenses		5,750,445		5,333,466		11,210,893		9,901,174
Net investment income	$	5,334,853	$	6,799,009	$	11,168,904	$	12,413,035

Revenues

Three months ended June 30, 2019 and 2018 

For the three months ended June 30, 2019 and 2018, total investment income amounted to $11,085,298 and $12,132,475, respectively.  Interest income decreased by $1,041,250 during the three months ended June 30, 2019 from the same period in 2018 as a result of an increase in our weighted average investment portfolio of approximately $2,465,000 offset by a decrease in the weighted average yield of approximately 1.2% from a weighted average yield of 13.0% for the three months ended June 30, 2018 to approximately 11.8% for the three months ended June 30, 2019. The decrease in yield was primarily due to a change in the mix of investments in our portfolio and an increase in non-accrual loans.

During the three months ended June 30, 2019, $8,382,415 or 75.8% of the interest income earned came from loan and trade finance participations and $2,680,192 or 24.2% came from direct loans. In addition, we earned $22,691 in interest income on our cash balances.

During the three months ended June 30, 2018, $8,922,520 or 73.7% of the interest income earned came from loan and trade finance participations and $3,181,583 or 26.3% came from direct loans. In addition, we earned $28,618 in interest income on our cash balances.

Six months ended June 30, 2019 and 2018

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For the six months ended June 30, 2019 and 2018, total investment income amounted to $22,379,797 and $22,314,209, respectively.  Interest income increased by $111,067 during the six months ended June 30, 2019 from the same period in 2018 as a result of an increase in our weighted average investment portfolio of approximately $15,937,000 offset by a decrease in the weighted average yield of approximately 0.5% from a weighted average yield of 12.5% for the six months ended June 30, 2018 to approximately 12.0% for the six months ended June 30, 2019.

During the six months ended June 30, 2019, $16,973,786 or 76.0% of the interest income earned came from loan and trade finance participations and $5,368,326 or 24.0% came from direct loans. In addition, we earned $37,687 in interest income on our cash balances.

During the six months ended June 30, 2018, $15,837,578 or 71.2% of the interest income earned came from loan and trade finance participations and $6,393,710 or 28.8% came from direct loans. In addition, we earned $83,166 in interest income on our cash balances.

Expenses

Three months ended June 30, 2019 and 2018

Total operating expenses, excluding the asset management and incentive fees, incurred for the three months ended June 30, 2019 increased by $1,246,118 to $2,501,003 from $1,254,885 for the three months ended June 30, 2018.  The increase was primarily due to the following: 1) an increase in interest expense of $122,626, which was attributable to adding additional leverage, 2) an increase in professional fees of $1,156,446 which was primarily due to additional fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and the ongoing litigation with IIG and 3) offset by a decrease in general and administrative expenses of $42,954. Our Sponsor did not assume responsibility for any of our operating expenses for the three months ended June 30, 2019 and 2018.

For the three months ended June 30, 2019 and 2018, the asset management fees amounted to $1,948,848 and $1,991,828, respectively. The incentive fees for the three months ended June 30, 2019 and 2018 amounted to $1,300,594 and $1,699,753, respectively.  None of the asset management fees or incentive fees for both periods ended June 30, 2019 and 2018 were assumed by our Sponsor under the Responsibility Agreement.

Six months ended June 30, 2019 and 2018

Total operating expenses, excluding the management and incentive fees, incurred for the six months ended June 30, 2019 increased by $2,134,329 to $4,543,816 from $2,409,487 for the six months ended June 30, 2018.  The increase was primarily due to the following: 1) an increase in interest expense of $273,954, which was attributable to the adding additional leverage, 2) an increase in professional fees of $1,768,213 which was primarily due to additional fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and the ongoing litigation with IIG and 3) an increase in general and administrative expenses of $72,162. Our Sponsor did not assume responsibility for any of our operating expenses for the six months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019 and 2018, the management fees amounted to $3,907,970 and $4,001,428, respectively. The incentive fees for the six months ended June 30, 2019 and 2018 amounted to $2,759,107 and $3,103,259 respectively.  None of the asset management fees or incentive fees for both periods ended June 30, 2019 and 2018 were assumed by our Sponsor under the Responsibility Agreement.

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 six months ended June 30, 2019 and 2018. We recorded unrealized gains of $243,836 for the three months ended June 30, 2019 and unrealized losses of $3,030,543 for the three months ended June 30, 2018. We recorded unrealized losses of $1,903,180 and $3,880,046, respectively, for the six months ended June 30, 2019 and 2018.

Changes in Net Assets from Operations. For the three months ended June 30, 2019, we recorded a net increase in net assets resulting from operations of $5,579,974, which consisted of net investment income, of $5,334,853, net change in unrealized depreciation on investments of $243,836 and foreign exchange gain of $1,285. For the three months ended June 30, 2018, we recorded a net increase in net assets resulting from operations of $3,718,765, which consisted of net investment income, of $6,799,009, net change in unrealized depreciation on investments of $3,030,543 and foreign exchange loss of $49,701.

For the six months ended June 30, 2019, we recorded a net increase in net assets resulting from operations of $9,266,000, which consisted of net investment income, of $11,168,904, net change in unrealized depreciation on investments of $1,903,180 and foreign

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exchange gain of $277. For the six months ended June 30, 2018, we recorded a net increase in net assets resulting from operations of $8,523,462, which consisted of net investment income, of $12,413,035, net change in unrealized depreciation on investments of $3,880,046 and foreign exchange loss of $9,527.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2019, we had approximately $6 million in cash. 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 to date, our Sponsor has assumed 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 assumed by the Sponsor pursuant to 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 Company’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 Company’s cumulative operating expenses.  The Company did not meet the Reimbursement Hurdle for the quarter ended June 30, 2019. As of June 30, 2019, there is a remaining aggregate balance of approximately $16,273,800 in operating expenses assumed by the Sponsor pursuant to the Responsibility Agreement which have not been recorded by the Company. Thus, such amounts are not yet reimbursable by the Company to the Sponsor. 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 assume our operating expenses, the distributions we pay to our unitholders may need to be reduced. Our Sponsor determined not to assume any of our additional operating expenses, commencing January 1, 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 assume 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 unitholders may need to be further reduced.

We may borrow additional 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 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 June 30, 2019, TGIFC has $22.75 million total outstanding under the Symbiotics Facility.  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 (“Christian Super”). On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes to Christian Super. As of June 30, 2019, TGIFC has $10.0 million total outstanding under the Christian Super notes. For more information on this note, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable—Christian Super Promissory Note.” As of June 30, 2019, we have $32,750,000 in total debt outstanding with a debt to equity ratio of 9.3%.

Contractual Obligations and Commitments

The following table shows our payment obligations for repayment of debt, which represent our total contractual obligations as of June 30, 2019:

	Total		Less than 1 Year		1 - 3 Years		3- 5 years		More than 5 years
Notes payable	$	32,750,000	$	-	$	32,750,000	$	-	$	-
Total contractual obligations	$	32,750,000	$	-	$	32,750,000	$	-	$	-

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

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We have entered into certain contracts under which we have material future commitments. Our Advisory Agreement between us and the Advisor, originally 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. The current term of the Advisory Agreement ends on February 14, 2020. 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) asset management and incentive fees described in Part 1, Item 1. Business – Operating Expense Responsibility Agreement and – Investment Advisory Agreements and Fees of our Annual report on Form 10-K for the year ended December 31, 2018, and (ii) the reimbursement of certain expenses.

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 particular offering. As of June 30, 2019, there is a remaining balance of approximately $532,500 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, 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 as of June 30, 2019.

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 six months ended June 30, 2019, we paid a total of $13,363,318 in distributions, comprised of $8,612,574 paid in cash and $4,750,744 reinvested under our DRP.

The following table summarizes our distributions declared for 2019 and 2018, 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, 2019	$	0.17377	$	4,284,156	$	2,377,555	$	6,661,711	$	4,284,156	$	—
June 30, 2019	$	0.17377		4,328,418		2,373,189		6,701,607		4,328,418		—
Total for 2019			$	8,612,574	$	4,750,744	$	13,363,318	$	8,612,574	$	—
March 31, 2018	$	0.17377	$	4,401,277	$	2,702,524	$	7,103,801	$	4,401,277	$	—
June 30, 2018	$	0.15349		4,365,046		2,433,854		6,798,900		4,365,046		—
September 30, 2018	$	0.15518		4,393,911		2,451,619		6,845,530		4,393,911		—
December 31, 2018	$	0.15518		4,375,375		2,439,651		6,815,026		4,375,375		—
Total for 2018			$	17,535,609	$	10,027,648	$	27,563,257	$	17,535,609	$	—

Related Party Transactions

For the six months ended June 30, 2019 and 2018, the Advisor earned $3,907,970 and $4,001,428, respectively in asset management fees and $2,759,107 and $3,103,259, respectively, in incentive fees.

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From the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle. The Company did not meet the Reimbursement Hurdle for the quarter ended June 30, 2019.

As of June 30, 2019 and December 31, 2018, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 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 six months ended June 30, 2019 and 2018, the Company paid $0 and $6,252, respectively, in dealer manager fees and $0 and $19,270, respectively, in selling commissions to the Company’s dealer manager for the Company’s offerings, 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

Legal Proceedings

As of June 30 2019, the Company was not a party to any material legal proceedings other than as set forth below.

On April 18, 2019, TriLinc Global Impact Fund – Trade Finance, Ltd. (“TriLinc”), a subsidiary of the Company, filed a motion to intervene in a proceeding of Girobank, N.V. and Girobank International, N.V. (collectively, “Girobank”) against IIG, IIG Capital, LLC (“IIG Capital”) and IIG Trade Opportunities Fund, N.V. (“TOF,” and, collectively with IIG and IIG Capital, the “IIG Parties”).  TriLinc filed the motion to intervene in the Girobank proceeding so that it could oppose Girobank’s petition for an order of attachment that Girobank obtained from the New York Supreme Court, New York County on April 11, 2019.  This order temporarily attached approximately $93 million in assets held by the IIG Parties in aid of an arbitration that Girobank commenced against the IIG Parties in 2018. TriLinc’s motion to intervene was denied following a hearing on April 24, 2019. The court set a hearing on Girobank’s petition for an order of attachment during the pendency of the arbitration for May 2, 2019.  At the hearing on May 2, 2019, the New York Supreme Court, New York County issued an order of attachment to Girobank upon the stipulation and consent of all parties to the proceeding.  The order of attachment provides that it does not apply to funds in which the IIG Parties have no beneficial interest such as funds in collection or escrow, accounts received in a custodial capacity on behalf of IIG Global Trade Finance Fund, IIG Structure Trade Finance Fund, and TriLinc. TriLinc had filed the motion to intervene in conjunction with an arbitration proceeding it commenced against IIG and IIG TOF B.V., a subsidiary of TOF, on that same day, asserting claims for breach of contract, breach of fiduciary duty, conversion and unjust enrichment.   There can be no assurance as to when or if TriLinc will obtain a judgment in its arbitration against IIG and IIG TOF B.V.

Subsequent Events

Distributions

With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2019. These distributions were calculated based on unitholders of record for each day in an amount equal to  $0.00168675 per unit per day (less the distribution fee with respect to Class C units , the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units).

The cash distributions for July totaled $1,420,599.  With respect to unitholders participating in our Distribution Reinvestment Plan, $805,084 of the distributions for July were reinvested in units.

The August distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). These distributions will be paid in cash on or about September 1, 2019 or reinvested in units, for those unitholders participating in our Distribution Reinvestment Plan.

 Investments

Subsequent to June 30, 2019 through August 12, 2019, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $24.5 million.

Strategic Capital Advisory Services, LLC

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In July 2019, the Sponsor acquired Strategic Capital Advisory Services, LLC’s  15% ownership in the Advisor. As a result, the Sponsor now owns 100% of the Advisor and Strategic Capital Advisory Services, LLC is no longer considered to be affiliated with us.

Unit Repurchase Program

On August 9, 2019, our board of managers amended and restated the our unit repurchase program in order to amend the basis on which we will honor repurchase requests in the event repurchase requests exceed the existing limitations of the program.  As was the case prior to the adoption of the amended and restated program, the our obligation to repurchase units under the program is limited as follows: (i) we may repurchase no more than five percent (5%) of the weighted-average number of units outstanding in any twelve-month period; (ii) we have no obligation to repurchase units if the repurchase would violate the restrictions on distributions under federal law or Delaware law; and (iii) all units to be repurchased under the program must be fully transferable and not be subject to any liens or other encumbrances and free from any restrictions on transfer. If we determine that a lien or other encumbrance or restriction exists against the units requested to be repurchased, we will not repurchase any such units.  In addition, 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.

Prior to the amendment and restatement of the program, in the event repurchase requests exceeded the limitations described above, the program provided that we would honor the requests on a simple pro rata basis.  Under the amended and restated program, if we cannot repurchase all units presented for repurchase in any quarter because of the limitations on repurchases set forth in the program (as described above), then we will honor repurchase requests in the following order of priority (unless our board of managers determines that we will not repurchase units in that quarter):

• first, we will repurchase units pursuant to repurchase requests made in connection with the death or disability of a unitholder (or on a pro rata basis among such requests if less than all of such death or disability requests can be satisfied);

• second, we will repurchase units pursuant to any repurchase request that has been carried over from one or more previous quarterly periods where the value of the units that have not yet been repurchased pursuant to such request (with the value calculated as the number of units multiplied by the estimated net asset value per unit for units of that class, as most recently disclosed by us in a filing with the SEC) is less than $2,500 (or on a pro rata basis among such requests if less than all of such requests carried over from prior periods can be satisfied); and

• third, we will repurchase units pursuant to all other repurchase requests on a pro rata basis.

The amended and restated program will take effect beginning with redemption requests to be processed for the third quarter of 2019, on September 30, 2019.

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.

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:

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• 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 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, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of our investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts.  For Watch List investments, we 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 we may take into account in valuing our 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, primarily 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 we are 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.  

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

Our net asset value is calculated on a quarterly basis. As of June 30, 2019, we have 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 our income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, we record liabilities (i) for ongoing fees that we currently owe to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of fees that we may pay to the dealer manager in future periods. As of June 30, 2019, under GAAP, we recorded a liability in the aggregate amount of $911,000 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.

We are not required to determine our net asset value under GAAP and, our determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  We do not deduct the liability for estimated future distribution fees in our calculation of net asset value per unit for Class C units. Further, we do not deduct the liability for estimated future dealer manager fees in our calculation of the net asset value per unit for Class I units and Class W units. Likewise, we do not deduct the liability for estimated future service fees in our calculation of the net asset value per unit for Class W units. We believe this approach is consistent with the industry standard and is more appropriate since we intend for the net asset value to reflect the estimated value on the date that we determine our net asset value.

Accordingly, we believe that our estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.134.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of

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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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

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 June 30, 2019.

There were no 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.

As of June 30, 2019, the Company was not a party to any material legal proceedings other than the legal proceeding described in “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Legal Proceedings”.

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, 2018, filed with the SEC on March 29, 2019 (“2018 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2018 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 factors set forth below, there have been no material changes to the risk factors disclosed in our 2018 Form 10-K.

Non-payment by borrowers and acts or omissions by our sub-advisors that result in us not being repaid for our investments has and may continue to prevent us from realizing expected income and has and may continue to result in a decrease in our net asset value.

All of our fixed-income investments are subject to the risk that a borrower will fail to repay a portion or all of periodically scheduled interest and/or principal payments and, as of June 30, 2019, we had 11 borrowers who had failed to repay principal and interest and were included on our Watch List. Seven of these borrowers have also been placed on non-accrual status. In addition, we are owed $6 million by a subsidiary of a fund advised by IIG as a result of the misapplication by IIG of an investment we made in 2017 and we have included this receivable on our Watch List. When this occurs, we fail to realize expected income and, in some instances, this has resulted and may continue to result in a write-down of the value of under-performing loans as well as our net asset value. In addition, we have commenced an arbitration proceeding against IIG and a subsidiary of a fund advised by IIG, but there can be no assurances regarding the ultimate resolution of that legal proceeding.  Further, as a result of our ongoing legal dispute with IIG, repayment of our investments that were made through IIG as the sub-advisor may be further delayed and any repayments we may receive may be significantly lower than the amount that is owed to us.  See Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments for more information about the Watch List and see Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Legal Proceedings for more information about the arbitration proceeding we have commenced against IIG and a subsidiary of a fund advised by IIG.

We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans.

We have investments in loans that contain a PIK interest provision.  These investments may expose us to higher risks, including the following:

• because PIK interest results in an increase in the size of the loan balance of the underlying loan, our exposure to potential loss increases when we receive PIK interest; and

• it may be more difficult to value investments that include PIK interest because their continuing accruals of interest require continuing judgments about the collectability of the deferred payments and the value of the underlying collateral.  

To the extent our investments are structured as interest-only loans, PIK interest will increase the size of the balloon payment due at the end of the loan term. PIK interest payments on such loans may increase the probability and magnitude of a loss on our investment.

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

During the three months ended June 30, 2019, we sold an aggregate of 17,556 units of Class A, Class C, Class I, Class W, Class Y and Class Z units to accredited investors for an aggregate amount of $145,177pursuant 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.

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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 quarter of 2019 were redeemed at a price equal to $8.160 per Class A unit, Class C units, and Class I unit, which was the net asset value per unit of each class as of March 30, 2019.

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.  See Note 11 – Subsequent Events for a description of the amended terms of the unit repurchase program.

During the three months ended June 30, 2019, 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
4/01/2019 - 4/30/2019		521,432	$	8.227		521,432		903,818
5/01/2019 - 5/31/2019		—		—		—		903,818
6/01/2019 - 6/30/2019		—		—		—		903,818
Total		521,432	$	8.227		521,432

During the three months ended June 30, 2019, we repurchased 521,432 units for a total of $4,289,822.  In addition, as of June 30, 2019, there were repurchase requests for a total of 416,418 units that were pending which were processed by the Company during July 2019 at a price of $8.160 per unit.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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.

59

Number	Description
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 June 30, 2019, filed on August 13, 2019, 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

60

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.
August 13, 2019	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
August 13, 2019	By:	/s/ Mark A. Tipton
		Mark A. Tipton
		Chief Financial Officer

61

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: August 13, 2019

/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, Mark A. Tipton, 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: August 13, 2019

/s/ Mark A. Tipton

Mark A. Tipton

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS 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 June 30, 2019, 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: August 13, 2019	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 June 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark A. Tipton, 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: August 13, 2019	By	/s/ Mark A. Tipton
		Mark A. Tipton
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 09, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-55432
Entity Tax Identification Number	364732802
Entity Address, Address Line One	1230 Rosecrans Avenue
Entity Address, Address Line Two	Suite 605
Entity Address, City or Town	Manhattan Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90266
City Area Code	310
Local Phone Number	997-0580
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,868,233
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,081,832
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,545,622
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		1,215,972
Class Z Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,965,037

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Investments owned, at fair value (amortized cost of $376,034,513 and $381,133,170, respectively)	$ 366,279,562	$ 372,977,743
Cash	6,112,265	8,101,629
Interest receivable	20,277,357	17,552,039
Due from affiliates (see Note 5)	4,240,231	4,240,231
Other assets	117,330	132,041
Total assets	397,026,745	403,003,683
LIABILITIES
Due to unitholders	1,382,219	1,431,635
Management fee payable	1,948,848	1,997,915
Incentive fee payable	1,300,593	1,769,299
Notes payable	32,750,000	32,875,000
Unit repurchases payable	3,397,973	2,726,310
Accrued distribution and other fees	911,000	1,230,000
Other payables	1,566,035	903,165
Total liabilities	43,256,668	42,933,324
Commitments and Contingencies (see Note 5)
NET ASSETS	353,770,077	360,070,359
ANALYSIS OF NET ASSETS:
Offering costs	(17,211,117)	(17,211,117)
Class A Units [Member]
LIABILITIES
NET ASSETS	144,975,146	147,658,522
ANALYSIS OF NET ASSETS:
Net capital paid	153,125,096	155,806,753
Class C Units [Member]
LIABILITIES
NET ASSETS	64,676,022	67,756,677
ANALYSIS OF NET ASSETS:
Net capital paid	68,360,601	71,492,834
Class I Units [Member]
LIABILITIES
NET ASSETS	85,508,433	86,418,246
ANALYSIS OF NET ASSETS:
Net capital paid	90,317,752	91,205,180
Class W Units [Member]
LIABILITIES
NET ASSETS	197,738	193,711
ANALYSIS OF NET ASSETS:
Net capital paid	208,966	204,847
Class Y Units [Member]
LIABILITIES
NET ASSETS	9,891,124	9,033,683
ANALYSIS OF NET ASSETS:
Net capital paid	10,447,165	9,562,342
Class Z Units [Member]
LIABILITIES
NET ASSETS	48,521,614	49,009,520
ANALYSIS OF NET ASSETS:
Net capital paid	$ 48,521,614	$ 49,009,520

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Investments owned, amortized cost	$ 376,034,513	$ 381,133,170
Net assets, per unit	$ 8.134	$ 8.227
Net assets, units outstanding	43,602,953	43,914,946	44,080,551
Class A Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	$ 8.351
Net assets, units outstanding	17,822,615	17,966,563
Class C Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	8.351
Net assets, units outstanding	8,057,575	8,238,094
Class W Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	8.351
Net assets, units outstanding	24,555	24,555
Class Y Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	8.351
Net assets, units outstanding	1,215,972	1,165,675
Class I Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	8.351
Net assets, units outstanding	10,517,199	10,555,022
Class Z Units [Member]
Net assets, per unit	$ 8.134	$ 8.227	$ 8.351
Net assets, units outstanding	5,965,037	5,965,037

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INVESTMENT INCOME
Interest income	$ 11,062,607	$ 12,103,857	$ 22,342,110	$ 22,231,043
Interest from cash	22,691	28,618	37,687	83,166
Total investment income	11,085,298	12,132,475	22,379,797	22,314,209
EXPENSES
Asset management fees	1,948,848	1,991,828	3,907,970	4,001,428
Incentive fees	1,300,594	1,699,753	2,759,107	3,103,259
Professional fees	1,310,805	154,359	2,249,007	480,794
General and administrative expenses	517,105	560,059	957,393	885,231
Interest expense	608,718	486,092	1,208,666	934,712
Board of managers fees	64,375	54,375	128,750	108,750
Total expenses	5,750,445	4,946,466	11,210,893	9,514,174
Expense support payment to (from) Sponsor	0	387,000		387,000
Net expenses	5,750,445	5,333,466	11,210,893	9,901,174
NET INVESTMENT INCOME	5,334,853	6,799,009	11,168,904	12,413,035
Net change in unrealized depreciation on investments	243,836	(3,030,543)	(1,903,180)	(3,880,046)
Foreign exchange (loss) gain	1,285	(49,701)	277	(9,527)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 5,579,974	$ 3,718,765	$ 9,266,001	$ 8,523,462
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$ 0.12	$ 0.15	$ 0.25	$ 0.29
EARNINGS PER UNIT - BASIC AND DILUTED	$ 0.13	$ 0.08	$ 0.21	$ 0.20
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	43,821,699	44,353,937	43,920,005	43,319,085

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
INCREASE FROM OPERATIONS
Net investment income	$ 5,334,853	$ 11,168,904	$ 12,413,035
Foreign exchange (loss) gain	1,285	277	(9,527)
Net change in unrealized depreciation on investments	243,836	(1,903,180)	(3,880,046)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	5,579,974	9,266,001	8,523,462
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(13,363,318)	(13,902,700)
INCREASE FROM CAPITAL TRANSACTIONS
Repurchase of units		(7,687,796)	(7,630,323)
Distribution and other fees		319,000	384,000
Offering costs			(54,616)
Net (decrease) increase from capital transactions		(2,202,965)	50,636,580
NET INCREASE IN NET ASSETS		(6,300,282)	45,257,342
Net assets at beginning of period		360,070,359	321,356,737
Net assets at end of period	353,770,077	353,770,077	366,614,079
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(5,494,697)	(5,891,874)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		2,224,545	2,667,741
Net assets at beginning of period		147,658,522
Net assets at end of period	144,975,146	144,975,146
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(2,446,249)	(2,705,092)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		1,169,524	1,358,126
Net assets at beginning of period		67,756,677
Net assets at end of period	64,676,022	64,676,022
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(3,229,189)	(3,408,228)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		1,351,762	2,584,674
Net assets at beginning of period		86,418,246
Net assets at end of period	85,508,433	85,508,433
Class W Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(6,963)	(5,872)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			211,000
Net assets at beginning of period		193,711
Net assets at end of period	197,738	197,738
Class Y Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(365,083)	(359,079)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		420,000	375,000
Net assets at beginning of period		9,033,683
Net assets at end of period	9,891,124	9,891,124
Class Z Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(1,821,137)	(1,532,555)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			$ 50,740,978
Net assets at beginning of period		49,009,520
Net assets at end of period	$ 48,521,614	$ 48,521,614

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 9,266,001	$ 8,523,462
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Purchase of investments	(16,675,000)	(154,531,970)
Maturity of investments	25,780,101	111,367,910
Payment-in-kind interest	(3,902,348)	(1,864,364)
Net change in unrealized depreciation on investments	1,903,180	3,880,046
Foreign exchange (gain) loss	(277)	9,527
Accretion of discounts on investments	(407,752)	(420,601)
Changes in assets and liabilities:
Increase in interest receivable	(2,725,041)	(5,397,750)
Increase in due from affiliates		(242,917)
Decrease in other assets	14,711	28,531
(Decrease) increase in due to unitholders	(49,416)	97,375
(Decrease) increase in management and incentive fees payable	(517,773)	604,634
Increase in other payables	662,871	782,170
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	13,349,257	(37,163,947)
Cash flows from financing activities
Net proceeds from issuance of units	415,086	52,801,140
Distributions paid to unitholders	(8,612,574)	(8,766,322)
Payments of offering costs		(54,616)
Repurchase of units	(7,016,133)	(5,492,053)
Repayments of notes payable	(125,000)	(100,000)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(15,338,621)	38,388,149
TOTAL INCREASE (DECREASE) IN CASH	(1,989,364)	1,224,202
Cash at beginning of period	8,101,629	9,641,457
Cash at end of period	6,112,265	10,865,659
Supplemental information
Cash paid for interest during the period	1,100,154	805,201
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	4,750,744	5,136,378
Change in accrual of distribution and other fees	$ (319,000)	$ (384,000)

XML

Consolidated Schedule of Investments		3 Months Ended				6 Months Ended		12 Months Ended
		Jun. 30, 2019 USD ($)		Dec. 31, 2018 USD ($)		Jun. 30, 2019 USD ($)		Dec. 31, 2018 USD ($)		Dec. 31, 2018 EUR (€)
Amortized Cost		$ 376,034,513		$ 381,133,170		$ 376,034,513		$ 381,133,170
Fair Value		366,279,562		372,977,743		366,279,562		372,977,743
Agricultural Products [Member]
Fair Value		12,351,668		12,167,401		12,351,668		12,167,401
Electric Services [Member]
Fair Value		21,299,797		26,394,209		21,299,797		26,394,209
Personal Credit Institutions [Member]
Fair Value		4,497,156		5,468,186		4,497,156		5,468,186
Secondary Nonferrous Metals [Member]
Fair Value		17,530,616		17,632,234		17,530,616		17,632,234
Coal and Other Minerals and Ores [Member]
Fair Value		30,000,000		30,000,000		30,000,000		30,000,000
Chemicals and Allied Products [Member]
Fair Value		15,000,000		15,000,000		15,000,000		15,000,000
Refuse Systems [Member]
Fair Value		24,042,376		22,447,343		24,042,376		22,447,343
Logging [Member]
Fair Value		6,840,000		6,840,000		6,840,000		6,840,000
Consumer Products [Member]
Fair Value		9,457,047		9,457,047		9,457,047		9,457,047
Short-Term Business Credit [Member]
Fair Value		4,740,000		4,740,000		4,740,000		4,740,000
Programming and Data Processing [Member]
Fair Value		17,491,997		13,903,662		17,491,997		13,903,662
Boatbuilding and Repairing [Member]
Fair Value		5,559,067		5,428,294		5,559,067		5,428,294
Hotels and Motels [Member]
Fair Value		12,540,286		16,459,362		12,540,286		16,459,362
Telephone Communications [Member]
Fair Value		37,937,346		37,481,370		37,937,346		37,481,370
Department Stores [Member]
Fair Value		8,460,514		8,262,375		8,460,514		8,262,375
Petroleum and Petroleum Products [Member]
Fair Value		15,500,000		15,500,000		15,500,000		15,500,000
Gas Transmission and Distribution [Member]
Fair Value		18,645,733		17,605,054		18,645,733		17,605,054
Freight Transportation Arrangement [Member]
Fair Value		13,233,109		12,970,938		13,233,109		12,970,938
Land Subdividers and Developers [Member]
Fair Value		16,425,961		16,083,083		16,425,961		16,083,083
Motor Vehicle Parts and Accessories [Member]
Fair Value		8,438,615				8,438,615
Water Transportation [Member]
Fair Value		12,738,503		12,728,503		12,738,503		12,728,503
Food Products [Member]
Fair Value		5,665,625		6,607,713		5,665,625		6,607,713
Farm Products [Member]
Fair Value		7,256,190		9,285,834		7,256,190		9,285,834
Soap, Detergents, and Cleaning [Member]
Fair Value		1,516,173		3,250,844		1,516,173		3,250,844
Meat, Poultry & Fish [Member]
Fair Value		6,344,393		6,748,935		6,344,393		6,748,935
Fats and Oils [Member]
Fair Value		3,433,159		3,784,354		3,433,159		3,784,354
Chocolate and Cocoa Products [Member]
Fair Value		10,718,201		10,718,201		10,718,201		10,718,201
Commercial Fishing [Member]
Fair Value		35,838		35,838		35,838		35,838
Telephone and Telegraph Apparatus [Member]
Fair Value		9,500,000		7,000,000		9,500,000		7,000,000
Groceries and Related Products [Member]
Fair Value		2,468,756		2,500,000		2,468,756		2,500,000
Communications Equipment [Member]
Fair Value		874,254		6,029,026		874,254		6,029,026
Drugs, Proprietaries, and Sundries [Member]
Fair Value		803,254		803,254		803,254		803,254
Financial Services [Member]
Fair Value		4,933,928		5,906,946		4,933,928		5,906,946
Metals Service Centers and Offices [Member]
Fair Value				$ 3,737,737				3,737,737
Nigeria [Member] | Other Investments [Member]
Maturity				Mar. 27, 2019
Senior Secured Term Loans [Member]
Amortized Cost	[1]	84,388,298		$ 88,858,707		84,388,298		88,858,707
Fair Value	[1]	$ 84,349,839		$ 88,858,707		$ 84,349,839		$ 88,858,707
% of Net Assets	[1]	23.80%		24.70%		23.80%		24.70%		24.70%
Senior Secured Term Loans [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[2],[3]					12.43%		12.43%
Fees	[1],[2],[3],[4]					0.00%		0.00%
Maturity	[1],[2],[3],[5]					Dec. 15, 2020		Dec. 15, 2020
Principal Amount	[1],[2],[3]	$ 2,851,296		$ 2,851,296		$ 2,851,296		$ 2,851,296
Amortized Cost	[1],[2],[3]	2,851,296		2,851,296		2,851,296		2,851,296
Fair Value	[1],[2],[3]	$ 2,812,837		$ 2,851,296		$ 2,812,837		$ 2,851,296
% of Net Assets	[1],[2],[3]	0.80%		0.80%		0.80%		0.80%		0.80%
Senior Secured Term Loans [Member] | Chile [Member] | Other Investments [Member] | Electric Services [Member] | LED Lighting Service Provider [Member]
Interest	[1],[6]					11.00%		11.00%
Fees	[1],[4],[6]					0.00%		0.00%
Maturity	[1],[5],[6]					Jun. 06, 2021		Jun. 06, 2021
Principal Amount	[1],[6]	$ 2,888,790		$ 8,063,150		$ 2,888,790		$ 8,063,150
Amortized Cost	[1],[6]	2,772,560		7,866,972		2,772,560		7,866,972
Fair Value	[1],[6]	$ 2,772,560		$ 7,866,972		$ 2,772,560		$ 7,866,972
% of Net Assets	[1],[6]	0.80%		2.20%		0.80%		2.20%		2.20%
Senior Secured Term Loans [Member] | Colombia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member]
Interest	[1],[6]					11.25%		11.25%
Fees	[1],[4],[6]					0.00%		0.00%
Maturity	[1],[5],[6]					Aug. 01, 2021		Aug. 01, 2021
Principal Amount	[1],[6]	$ 4,497,156		$ 5,468,186		$ 4,497,156		$ 5,468,186
Amortized Cost	[1],[6]	4,497,156		5,468,186		4,497,156		5,468,186
Fair Value	[1],[6]	$ 4,497,156		$ 5,468,186		$ 4,497,156		$ 5,468,186
% of Net Assets	[1],[6]	1.30%		1.50%		1.30%		1.50%		1.50%
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[7]					12.00%
Fees	[1],[4],[7]					0.00%
Maturity	[1],[5],[7]					Jun. 22, 2021
Principal Amount	[1],[7]	$ 10,000,000				$ 10,000,000
Amortized Cost	[1],[7]	10,000,000				10,000,000
Fair Value	[1],[7]	$ 10,000,000				$ 10,000,000
% of Net Assets	[1],[7]	2.80%				2.80%
Senior Secured Term Loans [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[8]					11.50%		11.50%
Fees	[1],[4],[8]					0.00%		0.00%
Maturity	[1],[5],[8]					Dec. 27, 2020		Dec. 27, 2020
Principal Amount	[1],[8]	$ 15,000,000		$ 15,000,000		$ 15,000,000		$ 15,000,000
Amortized Cost	[1],[8]	15,000,000		15,000,000		15,000,000		15,000,000
Fair Value	[1],[8]	$ 15,000,000		$ 15,000,000		$ 15,000,000		$ 15,000,000
% of Net Assets	[1],[8]	4.20%		4.20%		4.20%		4.20%		4.20%
Senior Secured Term Loans [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1],[9]					12.00%		12.00%
Fees	[1],[4],[9]					0.00%		0.00%
Maturity	[1],[5],[9]					Mar. 31, 2021		Mar. 31, 2020
Principal Amount	[1],[9]	$ 15,000,000		$ 15,000,000		$ 15,000,000		$ 15,000,000
Amortized Cost	[1],[9]	15,000,000		15,000,000		15,000,000		15,000,000
Fair Value	[1],[9]	$ 15,000,000		$ 15,000,000		$ 15,000,000		$ 15,000,000
% of Net Assets	[1],[9]	4.20%		4.20%		4.20%		4.20%		4.20%
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Fees	[1],[4],[10]					0.00%		0.00%
Maturity	[1],[5],[10]					Jul. 27, 2021		Jul. 27, 2021
Principal Amount	[1],[10]	$ 22,962,154		$ 21,367,121		$ 22,962,154		$ 21,367,121
Amortized Cost	[1],[10]	22,962,154		21,367,121		22,962,154		21,367,121
Fair Value	[1],[10]	$ 22,962,154		$ 21,367,121		$ 22,962,154		$ 21,367,121
% of Net Assets	[1],[10]	6.50%		5.90%		6.50%		5.90%		5.90%
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | PIK [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Interest	[1],[10]					14.50%		14.50%
Senior Secured Term Loans [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Interest	[1]					11.50%	[11]	11.50%	[12]
Fees	[1],[4]					0.00%	[11]	0.00%	[12]
Maturity	[1],[5]					Feb. 10, 2021	[11]	Feb. 10, 2021	[12]
Principal Amount	[1]	$ 6,840,000	[11]	$ 6,840,000	[12]	$ 6,840,000	[11]	$ 6,840,000	[12]
Amortized Cost	[1]	6,840,000	[11]	6,840,000	[12]	6,840,000	[11]	6,840,000	[12]
Fair Value	[1]	$ 6,840,000	[11]	$ 6,840,000	[12]	$ 6,840,000	[11]	$ 6,840,000	[12]
% of Net Assets	[1]	1.90%	[11]	1.90%	[12]	1.90%	[11]	1.90%	[12]	1.90%	[12]
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer II [Member]
Interest	[1]					10.00%	[13]	10.00%	[3],[14]
Fees	[1],[4]					0.00%	[13]	0.00%	[3],[14]
Maturity	[1],[5]					Aug. 15, 2021	[13]	Aug. 15, 2021	[3],[14]
Principal Amount	[1]	$ 4,465,132	[13]	$ 4,465,132	[3],[14]	$ 4,465,132	[13]	$ 4,465,132	[3],[14]
Amortized Cost	[1]	4,465,132	[13]	4,465,132	[3],[14]	4,465,132	[13]	4,465,132	[3],[14]
Fair Value	[1]	$ 4,465,132	[13]	$ 4,465,132	[3],[14]	$ 4,465,132	[13]	$ 4,465,132	[3],[14]
% of Net Assets	[1]	1.30%	[13]	1.20%	[3],[14]	1.30%	[13]	1.20%	[3],[14]	1.20%	[3],[14]
Senior Secured Term Loans [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member]
Principal Amount | €										€ 6,200,000
Senior Secured Term Loans [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[7]							12.00%
Fees	[1],[4],[7]							0.00%
Maturity	[1],[5],[7]							Jun. 22, 2021
Principal Amount	[1],[7]			$ 10,000,000				$ 10,000,000
Amortized Cost	[1],[7]			10,000,000				10,000,000
Fair Value	[1],[7]			$ 10,000,000				$ 10,000,000
% of Net Assets	[1],[7]			2.80%				2.80%		2.80%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 197,725,893		$ 189,157,819		$ 197,725,893		$ 189,157,819
Fair Value	[1]	$ 198,029,550		$ 189,157,819		$ 198,029,550		$ 189,157,819
% of Net Assets	[1]	55.80%		52.50%		55.80%		52.50%		52.50%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1],[6]					11.50%		13.50%
Fees	[1],[4],[6]					0.00%		0.00%
Maturity	[1],[5],[6]					Nov. 24, 2022		Nov. 24, 2022
Principal Amount	[1],[6]	$ 17,491,997		$ 13,903,662		$ 17,491,997		$ 13,903,662
Participation %	[1],[6],[15]	75.00%		75.00%		75.00%		75.00%		75.00%
Amortized Cost	[1],[6]	$ 17,491,997		$ 13,903,662		$ 17,491,997		$ 13,903,662
Fair Value	[1],[6]	$ 17,491,997		$ 13,903,662		$ 17,491,997		$ 13,903,662
% of Net Assets	[1],[6]	4.90%		3.90%		4.90%		3.90%		3.90%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member]
Fees	[1],[4],[17]					0.00%	[16]	0.00%
Maturity	[1],[5],[17]					Dec. 07, 2023	[16]	Dec. 07, 2023
Principal Amount	[1],[17]	$ 5,626,506	[16]	$ 5,514,667		$ 5,626,506	[16]	$ 5,514,667
Participation %	[1],[15],[17]	42.00%	[16]	42.00%		42.00%	[16]	42.00%		42.00%
Amortized Cost	[1],[17]	$ 5,545,534	[16]	$ 5,428,294		$ 5,545,534	[16]	$ 5,428,294
Fair Value	[1],[17]	$ 5,559,067	[16]	$ 5,428,294		$ 5,559,067	[16]	$ 5,428,294
% of Net Assets	[1],[17]	1.60%	[16]	1.50%		1.60%	[16]	1.50%		1.50%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Cash [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member]
Interest	[1],[17]					8.00%	[16]	8.00%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | PIK [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member]
Interest	[1],[17]					4.00%	[16]	4.00%
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Fees	[1],[4]					0.00%	[16],[18]	0.00%	[19]
Maturity	[1],[5]					Oct. 15, 2023	[16],[18]	Oct. 15, 2023	[19]
Principal Amount	[1]	$ 19,405,950	[16],[18]	$ 19,115,803	[19]	$ 19,405,950	[16],[18]	$ 19,115,803	[19]
Participation %	[1],[15]	76.00%	[16],[18]	76.00%	[19]	76.00%	[16],[18]	76.00%	[19]	76.00%	[19]
Amortized Cost	[1]	$ 19,238,337	[16],[18]	$ 18,965,870	[19]	$ 19,238,337	[16],[18]	$ 18,965,870	[19]
Fair Value	[1]	$ 19,364,846	[16],[18]	$ 18,965,870	[19]	$ 19,364,846	[16],[18]	$ 18,965,870	[19]
% of Net Assets	[1]	5.50%	[16],[18]	5.30%	[19]	5.50%	[16],[18]	5.30%	[19]	5.30%	[19]
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Cash [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Interest	[1]					8.95%	[16],[18]	8.95%	[19]
Senior Secured Term Loan Participations [Member] | Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | PIK [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Interest	[1]					3.00%	[16],[18]	3.00%	[19]
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member]
Interest	[1],[20]					11.67%		11.67%
Fees	[1],[4],[20]					0.00%		0.00%
Maturity	[1],[5],[20]					Aug. 18, 2021		Aug. 18, 2021
Principal Amount	[1],[20]	$ 4,740,000		$ 4,740,000		$ 4,740,000		$ 4,740,000
Participation %	[1],[15],[20]	47.00%		47.00%		47.00%		47.00%		47.00%
Amortized Cost	[1],[20]	$ 4,740,000		$ 4,740,000		$ 4,740,000		$ 4,740,000
Fair Value	[1],[20]	$ 4,740,000		$ 4,740,000		$ 4,740,000		$ 4,740,000
% of Net Assets	[1],[20]	1.30%		1.30%		1.30%		1.30%		1.30%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Fees	[1],[4],[17]					0.00%		0.00%
Maturity	[1],[5],[17]					Aug. 21, 2021		Aug. 21, 2021
Principal Amount	[1],[17]	$ 12,540,286		$ 16,459,362		$ 12,540,286		$ 16,459,362
Participation %	[1],[15],[17]	88.00%		88.00%		88.00%		88.00%		88.00%
Amortized Cost	[1],[17]	$ 12,540,286		$ 16,459,362		$ 12,540,286		$ 16,459,362
Fair Value	[1],[17]	$ 12,540,286		$ 16,459,362		$ 12,540,286		$ 16,459,362
% of Net Assets	[1],[17]	3.50%		4.60%		3.50%		4.60%		4.60%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Cash [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[17]					10.00%		10.00%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | PIK [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[17]					4.75%		5.50%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member]
Fees	[1],[4]					0.00%	[21],[22]	0.00%	[23],[24]
Maturity	[1],[5]					Jan. 23, 2021	[21],[22]	Jan. 23, 2021	[23],[24]
Principal Amount	[1]	$ 8,287,214	[21],[22]	$ 8,034,348	[23],[24]	$ 8,287,214	[21],[22]	$ 8,034,348	[23],[24]
Participation %	[1],[15]	5.00%	[21],[22]	5.00%	[23],[24]	5.00%	[21],[22]	5.00%	[23],[24]	5.00%	[23],[24]
Amortized Cost	[1]	$ 8,460,514	[21],[22]	$ 8,262,375	[23],[24]	$ 8,460,514	[21],[22]	$ 8,262,375	[23],[24]
Fair Value	[1]	$ 8,460,514	[21],[22]	$ 8,262,375	[23],[24]	$ 8,460,514	[21],[22]	$ 8,262,375	[23],[24]
% of Net Assets	[1]	2.40%	[21],[22]	2.30%	[23],[24]	2.40%	[21],[22]	2.30%	[23],[24]	2.30%	[23],[24]
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Cash [Member] | Department Stores [Member] | Mall Operator [Member]
Interest	[1]					7.00%	[21],[22]	5.50%	[23],[24]
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | PIK [Member] | Department Stores [Member] | Mall Operator [Member]
Interest	[1]					6.00%	[21],[22]	7.50%	[23],[24]
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member]
Interest	[1],[17]					12.00%		12.00%
Fees	[1],[4],[17]					0.00%		0.00%
Maturity	[1],[5],[17]					Aug. 10, 2021		Aug. 10, 2021
Principal Amount	[1],[17]	$ 15,500,000		$ 15,500,000		$ 15,500,000		$ 15,500,000
Participation %	[1],[15],[17]	76.00%		76.00%		76.00%		76.00%		76.00%
Amortized Cost	[1],[17]	$ 15,500,000		$ 15,500,000		$ 15,500,000		$ 15,500,000
Fair Value	[1],[17]	$ 15,500,000		$ 15,500,000		$ 15,500,000		$ 15,500,000
% of Net Assets	[1],[17]	4.40%		4.30%		4.40%		4.30%		4.30%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member]
Interest	[1],[20]							15.89%
Fees	[1],[4],[20]					0.00%		0.00%
Maturity	[1],[5],[20]					Jun. 13, 2021		Jun. 13, 2021
Principal Amount	[1],[20]	$ 18,645,733		$ 17,605,054		$ 18,645,733		$ 17,605,054
Participation %	[1],[15],[20]	100.00%		90.00%		100.00%		90.00%		90.00%
Amortized Cost	[1],[20]	$ 18,645,733		$ 17,605,054		$ 18,645,733		$ 17,605,054
Fair Value	[1],[20]	$ 18,645,733		$ 17,605,054		$ 18,645,733		$ 17,605,054
% of Net Assets	[1],[20]	5.30%		4.90%		5.30%		4.90%		4.90%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1]					12.46%	[25]	12.90%	[26]
Fees	[1],[4]					0.00%	[25]	0.00%	[26]
Maturity	[1],[5]					Aug. 31, 2022	[25]	Aug. 31, 2022	[26]
Principal Amount	[1]	$ 18,527,237	[25]	$ 18,527,237	[26]	$ 18,527,237	[25]	$ 18,527,237	[26]
Participation %	[1],[15]	14.00%	[25]	14.00%	[26]	14.00%	[25]	14.00%	[26]	14.00%	[26]
Amortized Cost	[1]	$ 18,527,237	[25]	$ 18,527,237	[26]	$ 18,527,237	[25]	$ 18,527,237	[26]
Fair Value	[1]	$ 18,527,237	[25]	$ 18,527,237	[26]	$ 18,527,237	[25]	$ 18,527,237	[26]
% of Net Assets	[1]	5.20%	[25]	5.10%	[26]	5.20%	[25]	5.10%	[26]	5.10%	[26]
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Minimum [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member]
Interest	[1],[20]					15.31%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Maximum [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member]
Interest	[1],[20]					15.86%
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member]
Interest	[1]					12.35%	[27]	12.35%	[24]
Fees	[1],[4]					3.00%	[27]	3.00%	[24]
Maturity	[1],[5]					Mar. 28, 2023	[27]	Mar. 28, 2023	[24]
Principal Amount	[1]	$ 19,000,000	[27]	$ 19,000,000	[24]	$ 19,000,000	[27]	$ 19,000,000	[24]
Participation %	[1],[15]	16.00%	[27]	16.00%	[24]	16.00%	[27]	16.00%	[24]	16.00%	[24]
Amortized Cost	[1]	$ 18,572,500	[27]	$ 18,515,500	[24]	$ 18,572,500	[27]	$ 18,515,500	[24]
Fair Value	[1]	$ 18,572,500	[27]	$ 18,515,500	[24]	$ 18,572,500	[27]	$ 18,515,500	[24]
% of Net Assets	[1]	5.20%	[27]	5.10%	[24]	5.20%	[27]	5.10%	[24]	5.10%	[24]
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Fees	[1],[4],[17]					0.00%		0.00%
Maturity	[1],[5],[17]					Mar. 31, 2023		Mar. 31, 2023
Principal Amount	[1],[17]	$ 13,233,109		$ 12,970,938		$ 13,233,109		$ 12,970,938
Participation %	[1],[15],[17]	46.00%		46.00%		46.00%		46.00%		46.00%
Amortized Cost	[1],[17]	$ 13,233,109		$ 12,970,938		$ 13,233,109		$ 12,970,938
Fair Value	[1],[17]	$ 13,233,109		$ 12,970,938		$ 13,233,109		$ 12,970,938
% of Net Assets	[1],[17]	3.70%		3.60%		3.70%		3.60%		3.60%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[17]					9.95%		9.95%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | PIK [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[17]					4.00%		4.00%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Fees	[1],[4],[28]					0.00%		0.00%
Maturity	[1],[5],[28]					Aug. 15, 2021		Aug. 15, 2021
Principal Amount	[1],[28]	$ 16,495,604		$ 16,168,797		$ 16,495,604		$ 16,168,797
Participation %	[1],[15],[28]	100.00%		100.00%		100.00%		100.00%		100.00%
Amortized Cost	[1],[28]	$ 16,425,961		$ 16,083,083		$ 16,425,961		$ 16,083,083
Fair Value	[1],[28]	$ 16,425,961		$ 16,083,083		$ 16,425,961		$ 16,083,083
% of Net Assets	[1],[28]	4.60%		4.50%		4.60%		4.50%		4.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[28]					8.50%		8.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[28]					4.00%		4.00%
Senior Secured Term Loan Participations [Member] | Netherlands [Member] | Other Investments [Member] | Motor Vehicle Parts and Accessories [Member] | Wheel Manufacturer [Member]
Interest	[1],[16]					15.00%
Fees	[1],[4],[16]					0.00%
Maturity	[1],[5],[16]					Aug. 20, 2021
Principal Amount	[1],[16]	$ 8,275,000				$ 8,275,000
Participation %	[1],[15],[16]	44.00%				44.00%
Amortized Cost	[1],[16]	$ 8,275,000				$ 8,275,000
Fair Value	[1],[16]	$ 8,438,615				$ 8,438,615
% of Net Assets	[1],[16]	2.40%				2.40%
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[29]					12.94%		12.85%
Fees	[1],[4],[29]					0.80%		0.80%
Maturity	[1],[5],[29]					Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[1],[29]	$ 12,738,503		$ 12,762,670		$ 12,738,503		$ 12,762,670
Participation %	[1],[15],[29]	100.00%		100.00%		100.00%		100.00%		100.00%
Amortized Cost	[1],[29]	$ 12,738,503		$ 12,728,503		$ 12,738,503		$ 12,728,503
Fair Value	[1],[29]	$ 12,738,503		$ 12,728,503		$ 12,738,503		$ 12,728,503
% of Net Assets	[1],[29]	3.60%		3.50%		3.60%		3.50%		3.50%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Food Products [Member] | Bread Manufacturer [Member]
Fees	[1],[4]					2.50%	[22]	2.50%	[24]
Maturity	[1],[5]					Jul. 18, 2021	[22]	Jul. 18, 2021	[24]
Principal Amount	[1]	$ 2,008,690	[22]	$ 1,958,861	[24]	$ 2,008,690	[22]	$ 1,958,861	[24]
Participation %	[1],[15]	27.00%	[22]	27.00%	[24]	27.00%	[22]	27.00%	[24]	27.00%	[24]
Amortized Cost	[1]	$ 1,975,009	[22]	$ 1,917,097	[24]	$ 1,975,009	[22]	$ 1,917,097	[24]
Fair Value	[1]	$ 1,975,009	[22]	$ 1,917,097	[24]	$ 1,975,009	[22]	$ 1,917,097	[24]
% of Net Assets	[1]	0.60%	[22]	0.50%	[24]	0.60%	[22]	0.50%	[24]	0.50%	[24]
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Cash [Member] | Food Products [Member] | Bread Manufacturer [Member]
Interest	[1]					8.00%	[22]	8.00%	[24]
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | PIK [Member] | Food Products [Member] | Bread Manufacturer [Member]
Interest	[1]					5.00%	[22]	5.00%	[24]
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Food Products [Member] | Grain Processor C [Member]
Interest	[1],[20]							12.00%
Fees	[1],[4],[20]							0.00%
Maturity	[1],[5],[20]							Dec. 31, 2020
Principal Amount	[1],[20]			$ 4,300,000				$ 4,300,000
Participation %	[1],[15],[20]			100.00%				100.00%		100.00%
Amortized Cost	[1],[20]			$ 4,300,000				$ 4,300,000
Fair Value	[1],[20]			$ 4,300,000				$ 4,300,000
% of Net Assets	[1],[20]			1.20%				1.20%		1.20%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor C [Member]
Interest	[1],[20]					13.50%
Fees	[1],[4],[20]					0.00%
Maturity	[1],[5],[20]					Dec. 31, 2020
Principal Amount	[1],[20]	$ 4,300,000				$ 4,300,000
Participation %	[1],[15],[20]	100.00%				100.00%
Amortized Cost	[1],[20]	$ 4,300,000				$ 4,300,000
Fair Value	[1],[20]	$ 4,300,000				$ 4,300,000
% of Net Assets	[1],[20]	1.20%				1.20%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1],[6]					11.00%		11.00%
Fees	[1],[4],[6]					0.00%		0.00%
Principal Amount	[1],[6]	$ 1,516,173		$ 3,250,844		$ 1,516,173		$ 3,250,844
Participation %	[1],[6],[15]	73.00%		74.00%		73.00%		74.00%		74.00%
Amortized Cost	[1],[6]	$ 1,516,173		$ 3,250,844		$ 1,516,173		$ 3,250,844
Fair Value	[1],[6]	$ 1,516,173		$ 3,250,844		$ 1,516,173		$ 3,250,844
% of Net Assets	[1],[6]	0.40%		0.90%		0.40%		0.90%		0.90%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Maturity	[1],[5],[6]					Nov. 01, 2019		Nov. 01, 2019
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Maturity	[1],[5],[6]					Nov. 16, 2019		Nov. 16, 2019
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 84,920,322		$ 88,983,961		$ 84,920,322		$ 88,983,961
Fair Value	[1]	$ 74,886,023		$ 80,236,312		$ 74,886,023		$ 80,236,312
% of Net Assets	[1]	21.10%		22.50%		21.10%		22.50%		22.50%
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1],[3]					10.90%		10.90%
Fees	[1],[3],[4]					0.00%		0.00%
Maturity	[1],[3],[5]					Mar. 04, 2018		Mar. 04, 2018
Principal Amount	[1],[3]	$ 1,326,687		$ 1,326,687		$ 1,326,687		$ 1,326,687
Participation %	[1],[3],[15]	100.00%		100.00%		100.00%		100.00%		100.00%
Amortized Cost	[1],[3]	$ 1,326,687		$ 1,326,687		$ 1,326,687		$ 1,326,687
Fair Value	[1],[3]	$ 1,269,586		$ 1,269,586		$ 1,269,586		$ 1,269,586
% of Net Assets	[1],[3]	0.40%		0.40%		0.40%		0.40%		0.40%
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%	[30]	11.50%	[31]
Fees	[1],[4],[10]					0.00%	[30]	0.00%	[31]
Principal Amount	[1],[10]	$ 15,000,000	[30]	$ 15,000,000	[31]	$ 15,000,000	[30]	$ 15,000,000	[31]
Amortized Cost	[1],[10]	15,000,000	[30]	15,000,000	[31]	15,000,000	[30]	15,000,000	[31]
Fair Value	[1],[10]	$ 15,000,000	[30]	$ 15,000,000	[31]	$ 15,000,000	[30]	$ 15,000,000	[31]
% of Net Assets	[1],[10]	4.20%	[30]	4.20%	[31]	4.20%	[30]	4.20%	[31]	4.20%	[31]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[24],[32]							10.00%
Fees	[1],[4]					0.00%	[22],[33]	0.00%	[24],[32]
Maturity		Jul. 09, 2019
Principal Amount	[1]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]
Participation %	[1],[15]	26.00%	[22],[33]	28.00%	[24],[32]	26.00%	[22],[33]	28.00%	[24],[32]	28.00%	[24],[32]
Amortized Cost	[1]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]
Fair Value	[1]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]	$ 9,500,000	[22],[33]	$ 7,000,000	[24],[32]
% of Net Assets	[1]	2.70%	[22],[33]	1.90%	[24],[32]	2.70%	[22],[33]	1.90%	[24],[32]	1.90%	[24],[32]
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],[5],[10]					Dec. 28, 2019	[30]	Jan. 02, 2019	[31]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[22],[33]					12.00%
Maturity	[1],[5]					Jul. 07, 2019	[22],[33]	Jan. 20, 2019	[24],[32]
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],[5],[10]					Feb. 09, 2020	[30]	Feb. 14, 2019	[31]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[22],[33]					14.00%
Maturity	[1],[5]					Jul. 09, 2019	[22],[33]	Feb. 01, 2019	[24],[32]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Interest	[1],[10]					16.77%	[34]	16.77%	[35]
Fees	[1],[4],[10]					0.00%	[34]	0.00%	[35]
Maturity	[1],[5],[10],[34]					Mar. 27, 2019
Principal Amount	[1],[10]	$ 755,466	[34]	$ 448,697	[35]	$ 755,466	[34]	$ 448,697	[35]
Participation %	[1],[10],[15]	24.00%	[34]	34.00%	[35]	24.00%	[34]	34.00%	[35]	34.00%	[35]
Amortized Cost	[1],[10]	$ 755,466	[34]	$ 448,697	[35]	$ 755,466	[34]	$ 448,697	[35]
Fair Value	[1],[10]	$ 755,466	[34]	$ 448,697	[35]	$ 755,466	[34]	$ 448,697	[35]
% of Net Assets	[1],[10]	0.20%	[34]	0.10%	[35]	0.20%	[34]	0.10%	[35]	0.10%	[35]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member]
Interest	[1],[10]					16.77%	[34]	16.77%	[36]
Fees	[1],[4],[10]					0.00%	[34]	0.00%	[36]
Maturity				Mar. 27, 2019		Mar. 27, 2019	[1],[5],[10],[34]	Mar. 27, 2019	[1],[5],[10],[36]
Principal Amount	[1],[10]	$ 920,634	[34]	$ 1,275,451	[36]	$ 920,634	[34]	$ 1,275,451	[36]
Participation %	[1],[10],[15]	25.00%	[34]	24.00%	[36]	25.00%	[34]	24.00%	[36]	24.00%	[36]
Amortized Cost	[1],[10]	$ 920,634	[34]	$ 1,275,451	[36]	$ 920,634	[34]	$ 1,275,451	[36]
Fair Value	[1],[10]	$ 920,634	[34]	$ 1,275,451	[36]	$ 920,634	[34]	$ 1,275,451	[36]
% of Net Assets	[1],[10]	0.30%	[34]	0.40%	[36]	0.30%	[34]	0.40%	[36]	0.40%	[36]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member]
Interest	[1],[10],[36]							16.77%
Fees	[1],[4],[10],[36]							0.00%
Maturity				Mar. 27, 2019				Mar. 27, 2019	[1],[5],[10],[36]
Principal Amount	[1],[10],[36]			$ 1,329,575				$ 1,329,575
Participation %	[1],[10],[15],[36]			25.00%				25.00%		25.00%
Amortized Cost	[1],[10],[36]			$ 1,329,575				$ 1,329,575
Fair Value	[1],[10],[36]			$ 1,329,575				$ 1,329,575
% of Net Assets	[1],[10],[36]			0.40%				0.40%		0.40%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Maturity	[1],[5],[10],[35]							Dec. 27, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Maturity	[1],[5],[10],[35]							Mar. 27, 2019
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[3],[37]					10.45%		10.45%
Fees	[1],[3],[4],[37]					0.00%		0.00%
Maturity	[1],[3],[5],[37]					Jun. 30, 2018		Jun. 30, 2018
Principal Amount	[1],[3],[37]	$ 12,500,000		$ 12,500,000		$ 12,500,000		$ 12,500,000
Participation %	[1],[3],[15],[37]	83.00%		83.00%		83.00%		83.00%		83.00%
Amortized Cost	[1],[3],[37]	$ 12,500,000		$ 12,500,000		$ 12,500,000		$ 12,500,000
Fair Value	[1],[3],[37]	$ 9,538,831		$ 9,316,105		$ 9,538,831		$ 9,316,105
% of Net Assets	[1],[3],[37]	2.70%		2.60%		2.70%		2.60%		2.60%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1],[3]					10.67%		10.67%
Fees	[1],[3],[4]					0.00%		0.00%
Maturity	[1],[3],[5]					Jul. 29, 2019		Jul. 29, 2019
Principal Amount	[1],[3]	$ 6,000,000		$ 6,000,000		$ 6,000,000		$ 6,000,000
Participation %	[1],[3],[15]	22.00%		22.00%		22.00%		22.00%		22.00%
Amortized Cost	[1],[3]	$ 6,000,000		$ 6,000,000		$ 6,000,000		$ 6,000,000
Fair Value	[1],[3]	$ 4,991,915		$ 4,991,915		$ 4,991,915		$ 4,991,915
% of Net Assets	[1],[3]	1.40%		1.40%		1.40%		1.40%		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],[3],[37]					11.50%		11.50%
Fees	[1],[3],[4],[37]					0.00%		0.00%
Maturity	[1],[3],[5],[37]					Aug. 31, 2017		Aug. 31, 2017
Principal Amount	[1],[3],[37]	$ 9,000,000		$ 9,000,000		$ 9,000,000		$ 9,000,000
Participation %	[1],[3],[15],[37]	28.00%		28.00%		28.00%		28.00%		28.00%
Amortized Cost	[1],[3],[37]	$ 9,000,000		$ 9,000,000		$ 9,000,000		$ 9,000,000
Fair Value	[1],[3],[37]	$ 6,344,393		$ 6,748,935		$ 6,344,393		$ 6,748,935
% of Net Assets	[1],[3],[37]	1.80%		1.90%		1.80%		1.90%		1.90%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[3]					9.00%		9.00%
Fees	[1],[3],[4]					0.00%		0.00%
Maturity	[1],[3],[5]					Aug. 31, 2017		Aug. 31, 2017
Principal Amount	[1],[3]	$ 6,000,000		$ 6,000,000		$ 6,000,000		$ 6,000,000
Participation %	[1],[3],[15]	27.00%		27.00%		27.00%		27.00%		27.00%
Amortized Cost	[1],[3]	$ 6,000,000		$ 6,000,000		$ 6,000,000		$ 6,000,000
Fair Value	[1],[3]	$ 3,433,159		$ 3,784,354		$ 3,433,159		$ 3,784,354
% of Net Assets	[1],[3]	1.00%		1.10%		1.00%		1.10%		1.10%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Fees	[1],[4]					0.00%	[34]	0.00%	[36]
Maturity				Mar. 27, 2019		Mar. 27, 2019	[1],[5],[34]	Mar. 27, 2019	[1],[5],[36]
Principal Amount	[1]	$ 10,718,201	[34]	$ 10,718,201	[36]	$ 10,718,201	[34]	$ 10,718,201	[36]
Participation %	[1],[15]	70.00%	[34]	70.00%	[36]	70.00%	[34]	70.00%	[36]	70.00%	[36]
Amortized Cost	[1]	$ 10,718,201	[34]	$ 10,718,201	[36]	$ 10,718,201	[34]	$ 10,718,201	[36]
Fair Value	[1]	$ 10,718,201	[34]	$ 10,718,201	[36]	$ 10,718,201	[34]	$ 10,718,201	[36]
% of Net Assets	[1]	3.00%	[34]	3.00%	[36]	3.00%	[34]	3.00%	[36]	3.00%	[36]
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Minimum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1]					16.42%	[34]	16.42%	[36]
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1]					17.50%	[34]	17.50%	[36]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1],[20],[38]					9.00%		9.00%
Fees	[1],[4],[20],[38]					0.00%		0.00%
Maturity	[1],[5],[20],[38]					Jun. 19, 2019		Jun. 19, 2019
Principal Amount	[1],[20],[38]	$ 35,838		$ 35,838		$ 35,838		$ 35,838
Participation %	[1],[15],[20],[38]	3.00%		3.00%		3.00%		3.00%		3.00%
Amortized Cost	[1],[20],[38]	$ 35,838		$ 35,838		$ 35,838		$ 35,838
Fair Value	[1],[20],[38]	$ 35,838		$ 35,838		$ 35,838		$ 35,838
% of Net Assets	[1],[20],[38]	0.00%		0.00%		0.00%		0.00%		0.00%
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1],[3],[37]					12.00%		12.00%
Fees	[1],[3],[4],[37]					0.00%		0.00%
Maturity	[1],[3],[5],[37]					Mar. 31, 2016		Mar. 31, 2016
Principal Amount	[1],[3],[37]	$ 881,800		$ 881,800		$ 881,800		$ 881,800
Participation %	[1],[3],[15],[37]	24.00%		24.00%		24.00%		24.00%		24.00%
Amortized Cost	[1],[3],[37]	$ 881,800		$ 881,800		$ 881,800		$ 881,800
Fair Value	[1],[3],[37]	$ 10,504		$ 662,525		$ 10,504		$ 662,525
% of Net Assets	[1],[3],[37]	0.00%		0.20%		0.00%		0.20%		0.20%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[10]					12.93%	[39]	12.88%
Fees	[1],[4],[10]					0.00%	[39]	0.00%
Maturity	[1],[5],[10]					Jul. 14, 2019	[39]	Jul. 14, 2019
Principal Amount	[1],[10]	$ 2,468,756	[39]	$ 2,500,000		$ 2,468,756	[39]	$ 2,500,000
Participation %	[1],[10],[15]	16.00%	[39]	14.00%		16.00%	[39]	14.00%		14.00%
Amortized Cost	[1],[10]	$ 2,468,756	[39]	$ 2,500,000		$ 2,468,756	[39]	$ 2,500,000
Fair Value	[1],[10]	$ 2,468,756	[39]	$ 2,500,000		$ 2,468,756	[39]	$ 2,500,000
% of Net Assets	[1],[10]	0.70%	[39]	0.70%		0.70%	[39]	0.70%		0.70%
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[3],[37]					11.00%		11.00%
Fees	[1],[3],[4],[37]					0.00%		0.00%
Maturity	[1],[3],[5],[37]					Jul. 31, 2018		Jul. 31, 2018
Principal Amount	[1],[3],[37]	$ 7,349,626		$ 7,349,626		$ 7,349,626		$ 7,349,626
Participation %	[1],[3],[15],[37]	73.00%		73.00%		73.00%		73.00%		73.00%
Amortized Cost	[1],[3],[37]	$ 7,349,626		$ 7,349,626		$ 7,349,626		$ 7,349,626
Fair Value	[1],[3],[37]	$ 7,530,616		$ 7,632,234		$ 7,530,616		$ 7,632,234
% of Net Assets	[1],[3],[37]	2.10%		2.10%		2.10%		2.10%		2.10%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Fees	[1],[4],[10]					0.00%	[40]	0.00%	[41]
Maturity	[1],[5],[10],[40]					Jun. 30, 2019
Principal Amount	[1],[10]	$ 874,254	[40]	$ 6,029,026	[41]	$ 874,254	[40]	$ 6,029,026	[41]
Participation %	[1],[10],[15]	5.00%	[40]	60.00%	[41]	5.00%	[40]	60.00%	[41]	60.00%	[41]
Amortized Cost	[1],[10]	$ 874,254	[40]	$ 6,029,026	[41]	$ 874,254	[40]	$ 6,029,026	[41]
Fair Value	[1],[10]	$ 874,254	[40]	$ 6,029,026	[41]	$ 874,254	[40]	$ 6,029,026	[41]
% of Net Assets	[1],[10]	0.20%	[40]	1.70%	[41]	0.20%	[40]	1.70%	[41]	1.70%	[41]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[3],[37]					10.00%		10.00%
Fees	[1],[3],[4],[37]					0.00%		0.00%
Maturity	[1],[3],[5],[37]					May 22, 2015		May 22, 2015
Principal Amount	[1],[3],[37]	$ 785,806		$ 785,806		$ 785,806		$ 785,806
Participation %	[1],[3],[15],[37]	19.00%		19.00%		19.00%		19.00%		19.00%
Amortized Cost	[1],[3],[37]	$ 785,806		$ 785,806		$ 785,806		$ 785,806
Fair Value	[1],[3],[37]	$ 690,616		$ 690,616		$ 690,616		$ 690,616
% of Net Assets	[1],[3],[37]	0.20%		0.20%		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%	[40]	12.00%	[41]
Maturity	[1],[5],[10],[41]							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%	[40]	13.00%	[41]
Maturity	[1],[5],[10],[41]							Feb. 14, 2019
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],[3],[20]					14.60%		14.60%
Fees	[1],[3],[4],[20]					0.00%		0.00%
Maturity	[1],[3],[5],[20]					Jun. 30, 2018		Jun. 30, 2018
Principal Amount	[1],[3],[20]	$ 803,254		$ 803,254		$ 803,254		$ 803,254
Participation %	[1],[3],[15],[20]	60.00%		60.00%		60.00%		60.00%		60.00%
Amortized Cost	[1],[3],[20]	$ 803,254		$ 803,254		$ 803,254		$ 803,254
Fair Value	[1],[3],[20]	$ 803,254		$ 803,254		$ 803,254		$ 803,254
% of Net Assets	[1],[3],[20]	0.20%		0.20%		0.20%		0.20%		0.20%
Short Term Investments [Member]
Amortized Cost	[1]	$ 9,000,000		$ 14,132,683		$ 9,000,000		$ 14,132,683
Fair Value	[1]	$ 7,933,928		$ 13,644,683		$ 7,933,928		$ 13,644,683
% of Net Assets	[1]	2.20%		3.70%		2.20%		3.70%		3.70%
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member]
Interest	[1],[3],[37],[42]					8.75%
Fees	[1],[3],[4],[37],[42]					0.00%
Principal Amount	[1],[3],[37],[42]	$ 6,000,000				$ 6,000,000
Amortized Cost	[1],[3],[37],[42]	6,000,000				6,000,000
Fair Value	[1],[3],[37],[42]	$ 4,933,928				$ 4,933,928
% of Net Assets	[1],[3],[37],[42]	1.40%				1.40%
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member]
Interest	[1],[3],[37],[42]							8.75%
Fees	[1],[3],[4],[37],[42]							0.00%
Principal Amount	[1],[3],[37],[42]			$ 6,000,000				$ 6,000,000
Amortized Cost	[1],[3],[37],[42]			6,000,000				6,000,000
Fair Value	[1],[3],[37],[42]			$ 5,512,000				$ 5,512,000
% of Net Assets	[1],[3],[37],[42]			1.50%				1.50%		1.50%
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member]
Interest	[1],[43]							15.34%
Fees	[1],[4],[43]							0.00%
Principal Amount	[1],[43]			$ 394,946				$ 394,946
Participation %	[1],[15],[43]			90.00%				90.00%		90.00%
Amortized Cost	[1],[43]			$ 394,946				$ 394,946
Fair Value	[1],[43]			$ 394,946				$ 394,946
% of Net Assets	[1],[43]			0.10%				0.10%		0.10%
Short Term Investments [Member] | Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B
Interest	[1],[10]					10.50%	[40]	10.50%	[44]
Fees	[1],[4],[10]					0.00%	[40]	0.00%	[44]
Maturity	[1],[5],[10],[44]							Dec. 26, 2018
Principal Amount	[1],[10]	$ 3,000,000	[40]	$ 4,000,000	[44]	$ 3,000,000	[40]	$ 4,000,000	[44]
Participation %	[1],[10],[15]	12.00%	[40]	16.00%	[44]	12.00%	[40]	16.00%	[44]	16.00%	[44]
Amortized Cost	[1],[10]	$ 3,000,000	[40]	$ 4,000,000	[44]	$ 3,000,000	[40]	$ 4,000,000	[44]
Fair Value	[1],[10]	$ 3,000,000	[40]	$ 4,000,000	[44]	$ 3,000,000	[40]	$ 4,000,000	[44]
% of Net Assets	[1],[10]	0.80%	[40]	1.10%	[44]	0.80%	[40]	1.10%	[44]	1.10%	[44]
Short Term Investments [Member] | Netherlands [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B
Maturity	[1],[5],[10],[40]					Apr. 12, 2019
Short Term Investments [Member] | Netherlands [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B
Maturity						Jul. 31, 2019	[1],[5],[10],[40]	Jul. 31, 2019
Short Term Investments [Member] | Singapore [Member] | Other Investments [Member] | Metals Service Centers and Offices [Member] | Steel Trader [Member]
Interest	[1],[10]							12.45%
Fees	[1],[4],[10]							0.00%
Maturity	[1],[5],[10]							Jun. 30, 2019
Principal Amount	[1],[10]			$ 3,737,737				$ 3,737,737
Participation %	[1],[10],[15]			100.00%				100.00%		100.00%
Amortized Cost	[1],[10]			$ 3,737,737				$ 3,737,737
Fair Value	[1],[10]			$ 3,737,737				$ 3,737,737
% of Net Assets	[1],[10]			1.00%				1.00%		1.00%
Equity Warrants [Member]
Fair Value		$ 1,080,222		$ 1,080,222		$ 1,080,222		$ 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		$ 1,080,222		$ 1,080,222		$ 1,080,222
% of Net Assets		0.30%		0.30%		0.30%		0.30%		0.30%

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

[2] Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information.

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

[4] 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.

[5] 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.

[6] Principal and interest paid monthly.

[7] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020.

[8] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020.

[9] Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020.

[10] Principal and interest paid at maturity.

[11] One third of the principal and accrued interest to be paid on the 24th, 30th, and 42nd months after original drawdown date of 8/10/2017.

[12] 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.

[13] In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/2021. This investment was removed from the Watch List on April 1, 2019.

[14] In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/21. Please refer to Note 3 for additional information.

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

[16] Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower.

[17] Principal and interest paid quarterly.

[18] Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020.

[19] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in October 2020.

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

[21] 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 $173,300.

[22] Semi-annual interest only payment. Principal due at maturity.

[23] Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $228,027.

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

[25] In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2022.

[26] In October 2017, this investment was refinanced from a trade finance to a term loan and the maturity dates were extended to 08/31/2022.

[27] Quarterly interest payments. Principal to start amortizing 15 months from initial utilization date (IUD) as follows: 4.5% of loan balance quarterly until IUD + 27 months, then 6.5% of loan balance quarterly until IUD + 48 months, thereafter 7.5% of loan balance quarterly until maturity.

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

[29] 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.

[30] The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to 12/28/2019 to 2/9/2020.

[31] The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to December 2019 to February 2020.

[32] During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019.

[33] During the second quarter of 2019, the maturity dates of these investments were extended to 7/9/2019. The sub-advisor and the borrower are in discussions regarding principal repayment and a conclusion is expected in the following quarter.

[34] During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. The Company has further extended the maturity dates of these investments during the third quarter of 2019 to 8/31/2019.

[35] During the first quarter 2019, a portion of this investment in the amount of $147,679 that had a maturity date in December 2018 was repaid in full.

[36] During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019.

[37] Investment on non-accrual status.

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

[39] Partial payment of principal in the amount of $2,000,000 was received in July 2019. The sub-advisor is working with the borrower for full repayment which is anticipated by the middle of September 2019.

[40] This investment was repaid in full in July 2019.

[41] Partial payment of principal in the amount of approximately $1,749,000 was received during the first quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019.

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

[43] Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor. Funds were fully disbursed out of escrow during the first quarter 2019.

[44] $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019.

XML

Consolidated Schedule of Investments (Parenthetical)					1 Months Ended	3 Months Ended							6 Months Ended		12 Months Ended
		Jul. 31, 2019 USD ($)	May 01, 2019 USD ($)	Apr. 01, 2019	Oct. 31, 2017	Sep. 30, 2019	Jun. 30, 2019 USD ($)		Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)		Sep. 30, 2018	Jun. 30, 2019 USD ($) Installment		Dec. 31, 2018 USD ($) Installment		Mar. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)
Purchase of investments													$ 16,675,000
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Extended maturity date					Aug. 31, 2022
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2]						$ 18,527,237	[1]		$ 18,527,237	[3]		$ 18,527,237	[1]	$ 18,527,237	[3]
Maturity	[2],[4]												Aug. 31, 2022	[1]	Aug. 31, 2022	[3]
Interest	[2]												12.46%	[1]	12.90%	[3]
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Short Term Investments [Member]
Principal Amount	[2],[5]									$ 394,946					$ 394,946
Interest	[2],[5]														15.34%
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held in Escrow [Member] | Three-month Libor [Member] | Short Term Investments [Member]
Interest															13.00%
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer | Inventory Facility [Member]
Extended maturity date													Aug. 15, 2021		Aug. 15, 2021
Nigeria [Member] | Other Investments [Member]
Maturity										Mar. 27, 2019
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing													4.68%		4.68%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[6]						12,738,503			$ 12,762,670			$ 12,738,503		$ 12,762,670
Maturity	[2],[4],[6]												Sep. 16, 2020		Sep. 16, 2020
Interest	[2],[6]												12.94%		12.85%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate													10.50%		10.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[8]						920,634	[7]		$ 1,275,451	[9]		$ 920,634	[7]	$ 1,275,451	[9]
Maturity										Mar. 27, 2019			Mar. 27, 2019	[2],[4],[7],[8]	Mar. 27, 2019	[2],[4],[8],[9]
Interest	[2],[8]												16.77%	[7]	16.77%	[9]
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | Senior Secured Trade Finance Participations [Member] | Scenario Forecast [Member]
Maturity						Aug. 31, 2019
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[8],[9]									$ 1,329,575					$ 1,329,575
Maturity										Mar. 27, 2019					Mar. 27, 2019	[2],[4],[8],[9]
Interest	[2],[8],[9]														16.77%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member] | Senior Secured Trade Finance Participations [Member] | Scenario Forecast [Member]
Maturity						Aug. 31, 2019
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[8]						755,466	[7]		$ 448,697	[10]		$ 755,466	[7]	$ 448,697	[10]
Maturity	[2],[4],[7],[8]												Mar. 27, 2019
Purchase of investments									$ 147,679
Interest	[2],[8]												16.77%	[7]	16.77%	[10]
Investment maturity															2018-12
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Scenario Forecast [Member]
Maturity						Aug. 31, 2019
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[4],[8],[10]														Dec. 27, 2018
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[4],[8],[10]														Mar. 27, 2019
Namibia [Member] | Other Investments [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
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[11]						16,495,604			16,168,797			$ 16,495,604		$ 16,168,797
Maturity	[2],[4],[11]												Aug. 15, 2021		Aug. 15, 2021
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
Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member] | Senior Secured Term Loan Participations [Member]
Principal amount, amortization period, from initial utilization date													15 months
Quarterly amortization percentage, until IUD + 27 Months													4.50%
Quarterly amortization percentage, until IUD + 48 Months													6.50%
Quarterly amortization percentage, thereafter													7.50%
Principal Amount	[2]						19,000,000	[12]		19,000,000	[13]		$ 19,000,000	[12]	$ 19,000,000	[13]
Maturity	[2],[4]												Mar. 28, 2023	[12]	Mar. 28, 2023	[13]
Interest	[2]												12.35%	[12]	12.35%	[13]
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 Loans [Member]
Principal and accrued interest payment description													Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information.		Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan. Refer to Note 3 for additional information.
Principal Amount	[2]						6,840,000	[14]		6,840,000	[15]		$ 6,840,000	[14]	$ 6,840,000	[15]
Maturity	[2],[4]												Feb. 10, 2021	[14]	Feb. 10, 2021	[15]
Interest	[2]												11.50%	[14]	11.50%	[15]
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount							8,287,214	[2],[16],[17]		8,034,348	[2],[13],[18]		$ 8,287,214	[2],[16],[17]	$ 8,034,348	[2],[13],[18]	€ 6,200,000
Investment premium included in fair value									$ 173,300
Maturity	[2],[4]												Jan. 23, 2021	[16],[17]	Jan. 23, 2021	[13],[18]
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loans [Member]
Principal Amount | €																		€ 6,200,000
Investment premium included in fair value										228,027					$ 228,027
Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Extended maturity date												Jun. 19, 2019
Principal Amount	[2],[19],[20]						35,838			35,838			$ 35,838		$ 35,838
Maturity	[2],[4],[19],[20]												Jun. 19, 2019		Jun. 19, 2019
Interest	[2],[19],[20]												9.00%		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],[8]						15,000,000	[21]		15,000,000	[22]		$ 15,000,000	[21]	$ 15,000,000	[22]
Interest	[2],[8]												11.50%	[21]	11.50%	[22]
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity												Jan. 02, 2019	Dec. 28, 2019	[2],[4],[8],[21]	Jan. 02, 2019	[2],[4],[8],[22]
Investment maturity									2019-12
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity												Feb. 14, 2019	Feb. 09, 2020	[2],[4],[8],[21]	Feb. 14, 2019	[2],[4],[8],[22]
Investment maturity									2020-02
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Term Loans [Member]
Principal Amount	[2],[23]						15,000,000			15,000,000			$ 15,000,000		$ 15,000,000
Number of quarterly installments for repayment of principal | Installment													4		4
Maturity	[2],[4],[23]												Dec. 27, 2020		Dec. 27, 2020
Interest	[2],[23]												11.50%		11.50%
Hong Kong [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member]
Principal Amount	[2],[24]						10,000,000						$ 10,000,000
Maturity	[2],[4],[24]												Jun. 22, 2021
Interest	[2],[24]												12.00%
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2]						$ 9,500,000	[17],[25]		7,000,000	[13],[26]		$ 9,500,000	[17],[25]	$ 7,000,000	[13],[26]
Maturity							Jul. 09, 2019
Interest	[2],[13],[26]														10.00%
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity									Apr. 10, 2019				Jul. 07, 2019	[2],[4],[17],[25]	Jan. 20, 2019	[2],[4],[13],[26]
Interest	[2],[17],[25]												12.00%
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity									May 03, 2019				Jul. 09, 2019	[2],[4],[17],[25]	Feb. 01, 2019	[2],[4],[13],[26]
Interest	[2],[17],[25]												14.00%
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2]						$ 10,718,201	[7]		$ 10,718,201	[9]		$ 10,718,201	[7]	$ 10,718,201	[9]
Maturity										Mar. 27, 2019			Mar. 27, 2019	[2],[4],[7]	Mar. 27, 2019	[2],[4],[9]
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Scenario Forecast [Member]
Maturity						Aug. 31, 2019
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Interest	[2]												16.42%	[7]	16.42%	[9]
Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Interest	[2]												17.50%	[7]	17.50%	[9]
China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loans [Member]
Principal Amount	[2],[24]									$ 10,000,000					$ 10,000,000
Number of quarterly installments for repayment of principal | Installment													4		4
Maturity	[2],[4],[24]														Jun. 22, 2021
Interest	[2],[24]														12.00%
Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | Senior Secured Term Loans [Member]
Principal Amount	[2],[27]						15,000,000			15,000,000			$ 15,000,000		$ 15,000,000
Number of quarterly installments for repayment of principal | Installment													5		5
Maturity	[2],[4],[27]												Mar. 31, 2021		Mar. 31, 2020
Interest	[2],[27]												12.00%		12.00%
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member]
Extended maturity date			Jul. 31, 2019
Principal Amount	[2],[8]						3,000,000	[28]		4,000,000	[29]		$ 3,000,000	[28]	$ 4,000,000	[29]
Maturity	[2],[4],[8],[29]														Dec. 26, 2018
Purchase of investments			$ 2,000,000						$ 2,000,000
Interest	[2],[8]												10.50%	[28]	10.50%	[29]
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Scenario Forecast [Member]
Purchase of investments		$ 2,000,000
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Minimum [Member]
Maturity	[2],[4],[8],[28]												Apr. 12, 2019
Netherlands [Member] | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Maximum [Member]
Maturity													Jul. 31, 2019	[2],[4],[8],[28]	Jul. 31, 2019
Colombia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2]						19,405,950	[30],[31]		19,115,803	[32]		$ 19,405,950	[30],[31]	$ 19,115,803	[32]
Number of quarterly installments for repayment of principal | Installment															4
Maturity	[2],[4]												Oct. 15, 2023	[30],[31]	Oct. 15, 2023	[32]
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member]
Extended maturity date				Jun. 30, 2019
Entire principal amount									$ 1,749,000
Principal Amount	[2],[8]						$ 874,254	[28]		$ 6,029,026	[33]		$ 874,254	[28]	$ 6,029,026	[33]
Maturity	[2],[4],[8],[28]												Jun. 30, 2019
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[4],[8],[33]														Jan. 07, 2019
Interest	[2],[8]												12.00%	[28]	12.00%	[33]
South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[4],[8],[33]														Feb. 14, 2019
Interest	[2],[8]												13.00%	[28]	13.00%	[33]

[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 8/31/2022.

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

[3] In October 2017, this investment was refinanced from a trade finance to a term loan and the maturity dates were extended to 08/31/2022.

[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] Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor. Funds were fully disbursed out of escrow during the first quarter 2019.

[6] 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.

[7] During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019. The Company has further extended the maturity dates of these investments during the third quarter of 2019 to 8/31/2019.

[8] Principal and interest paid at maturity.

[9] During the fourth quarter 2018, the maturity dates of these investments were extended to 3/27/2019.

[10] During the first quarter 2019, a portion of this investment in the amount of $147,679 that had a maturity date in December 2018 was repaid in full.

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

[12] Quarterly interest payments. Principal to start amortizing 15 months from initial utilization date (IUD) as follows: 4.5% of loan balance quarterly until IUD + 27 months, then 6.5% of loan balance quarterly until IUD + 48 months, thereafter 7.5% of loan balance quarterly until maturity.

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

[14] One third of the principal and accrued interest to be paid on the 24th, 30th, and 42nd months after original drawdown date of 8/10/2017.

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

[16] 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 $173,300.

[17] Semi-annual interest only payment. Principal due at maturity.

[18] Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars. The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $228,027.

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

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

[21] The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to 12/28/2019 to 2/9/2020.

[22] The maturity dates of these investments were previously extended to 1/2/2019 to 2/14/2019. During the first quarter 2019, they were further extended to December 2019 to February 2020.

[23] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in March 2020.

[24] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in September 2020.

[25] During the second quarter of 2019, the maturity dates of these investments were extended to 7/9/2019. The sub-advisor and the borrower are in discussions regarding principal repayment and a conclusion is expected in the following quarter.

[26] During the first quarter 2019, the maturity dates of these investments were extended to 4/10/2019 and 5/3/2019.

[27] Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2020.

[28] This investment was repaid in full in July 2019.

[29] $2 million of this investment was repaid during the first quarter 2019. The maturity date of the remaining $2 million principal balance was extended to 7/31/2019.

[30] Cash interest paid monthly. Principal, including PIK interest, to be repaid in equal monthly installments starting in October 2020.

[31] Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of EBITDA after a minimum threshold has been achieved by the borrower.

[32] Interest paid quarterly. Principal to be repaid in four equal quarterly installments starting in October 2020.

[33] Partial payment of principal in the amount of approximately $1,749,000 was received during the first quarter of 2019. On April 1, 2019, the Company extended the maturity date to 6/30/2019.

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Organization and Operations of the Company

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Organization and Operations of the Company

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those 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 June 30, 2019, the Company raised an additional $67,741,000 pursuant to a private placement and $23,540,000 pursuant to the DRP for total gross proceeds of $453,057,000 as of June 30, 2019.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. 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 June 30, 2019, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

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

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

Through June 30, 2019, 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

6 Months Ended

Jun. 30, 2019

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, 2018, which was filed with the SEC on March 29, 2019.

The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2019.

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 June 30, 2019, seven portfolio companies were on non-accrual status with an aggregate fair value of $32,482,047 or 8.9% of the fair value of the Company’s total investments. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,127,675 and $2,242,958, respectively for the three and six months ended June 30, 2019. Interest income not recorded relative to the original terms of the loans to companies on non-accrual status amounted to approximately $528,276 and $1,050,747, respectively for the three and six months ended June 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, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  The Company also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering any prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

The Company has investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three months and six months ended June 30, 2019, the Company earned and capitalized PIK interest of $2,232,871 and $3,902,348, respectively. For the three and six months ended June 30, 2018, the Company earned and capitalized PIK interest of $1,015,742 and $1,864,364, respectively.

Distribution and Ongoing Dealer Manager and Services Fees

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

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2019, the estimated unpaid distribution fees for Class C units amounted to $867,000, the unpaid dealer manager fees for Class I units amounted to $42,000 and the unpaid dealer manager and service fees for Class W units amounted to $2,000.

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 June 30, 2019, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 2015.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2019, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2019, under GAAP, the Company has recorded a liability in the amount of $911,000 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 its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP.  The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.134, which is different than the net asset value per unit of $8.11 (on an aggregate basis for all unit classes) as shown in Note 10 – Financial Highlights . This net asset value per unit reflects a decrease of $0.093 per unit from the net asset value per unit of $8.227 as of December 31, 2018 and a decreased of $0.217 per unit from the net asset value per unit of $8.351 as of June 30, 2018. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $8.1 million and $1.9 million in unrealized depreciation on its investments during the year ended December 31, 2018 and the six months ended June 30, 2019, respectively.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2019 and 2018.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of June 30, 2019, the Sponsor has incurred approximately $593,000 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  Through June 30, 2019, the Company has reimbursed an aggregate amount of $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. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed.

The Company did not meet the Reimbursement Hurdle for the quarter ended June 30, 2019. 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 June 30, 2019. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 were recorded as expenses of the Company for the quarter June 30, 2018. As of June 30, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, 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.

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 one of the Company’s sub-advisors, 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 during August 2018 and determined that the adjustments for the prior periods were not material. The Company elected to record these prior period adjustments in the quarter ended June 30, 2018. The effect of these adjustments was to overstate the net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $702,000 on the Consolidated Statement of Operations as of June 30, 2018.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. 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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

Risk Factors

As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and was dependent on the Sponsor for financial support in its initial years of operations.

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. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to seven of the eleven investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. The majority of the Company’s investments are in the form of participation interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors.  Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate.  The Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. In addition, as of June 30, 2019, all but one of the Company’s investments were 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.

In addition, certain of the Company’s investments in loans contain a PIK interest provision.  These investments may expose us to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral.  To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase.

At June 30, 2019, the Company’s investment portfolio included 45 companies and was comprised of $84,349,839 or 23.0% in senior secured term loans, $198,029,550 or 54.1% in senior secured term loan participations, $74,886,023 or 20.4% in senior secured trade finance participations, and $7,933,928 or 2.2% in short term investments. The Company’s largest loan by value was $22,962,153 or 6.3% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s 5 largest loans by value comprised 26.8% of the Company’s portfolio at June 30, 2019. Participation in loans amounted to 74.5% of the Company’s total portfolio at June 30, 2019.  As of June 30, 2019, approximately $280,857,000 or 76.9% of the Company’s investments had a maturity date of more than 12 months.

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Investments

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of June 30, 2019, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	84,388,298	$	84,349,839		23.0	%
Senior secured term loan participations		197,725,893		198,029,550		54.1	%
Senior secured trade finance participations		84,920,322		74,886,023		20.4	%
Short term investments		9,000,000		7,933,928		2.2	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	376,034,513	$	366,279,562		100.0	%

As of December 31, 2018, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	88,858,707	$	88,858,707		23.8	%
Senior secured term loan participations		189,157,819		189,157,819		50.7	%
Senior secured trade finance participations		88,983,961		80,236,312		21.5	%
Short term investments		14,132,683		13,644,683		3.7	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	381,133,170	$	372,977,743		100.0	%

Participations

The majority of the Company’s investments are in the form of participation interests (“Participations”).  Participations are interests, 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 June 30, 2019.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of June 30, 2019 and December 31, 2018 amounted to $2,534,792 and $2,413,894, respectively. The Company’s interest receivable balances at June 30, 2019 and December 31, 2018 are recorded at the amounts that the Company expects to collect.

Trade Finance

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

• nature of the goods or transaction being financed,

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

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

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

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

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

• third party inspections and insurance, and

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

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

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

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

Short Term Investments

Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments.

Warrants

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

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. The Company places an investment on the Watch List when it believes the investment has material performance weakness driven by company-specific and macro events that may affect the timing of future cash flows. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral; (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower, potential or ongoing litigation). As of June 30, 2019 and December 31, 2018, respectively, the Company had eleven and twelve Watch List investments. The Company’s investment in Kinder Investment Ltd. was removed from the Watch List as of April 1, 2019.

Investments through The International Investment Group L.L.C. (“IIG”) as the Sub-Advisor

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to seven of the eleven investments that the Company has deemed Watch List investments.  The Company has learned that IIG is in the process of winding down its business. The Company determined not to engage in any new business with IIG due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  The Company has not received any updated information from IIG concerning the investments for which IIG is the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information.  Accordingly, the summaries of the investments for which IIG is the sub-advisor may not be up-to-date or complete. The Company has updated the summaries to the best of its knowledge and has requested updated and accurate reporting with respect to each investment from IIG, but IIG has not provided the information to the Company. Please see Note 5 – Contingences for a description of an arbitration proceeding the Company has filed against IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of its board of managers, 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 certain material investments described below. Specifically, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended June 30, 2019, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.1% of the total investments at fair value as of June 30, 2019, 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 such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund N.V. (“IIG TOF N.V.”), a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of June 30, 2019. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

As Profasa’s financial position deteriorated, in 2017, IIG determined that a restructuring of Profasa’s business was required and, as such, IIG started taking control of Profasa’s operations.  Based on information provided by IIG in 2018, the Company’s existing Participation in this trade finance facility was near the final stages of being restructured to a Participation in a term loan. Given that IIG is winding down its business and was unable to provide the working capital financing required to complete the restructuring, as well as the Company’s ongoing legal dispute with IIG, the Company believes it is unlikely the restructuring will happen.    

As of the date of this filing, completion of restructuring is unlikely, and, as such, the Company has valued this investment utilizing the collateral based approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $10,504 as of June 30, 2019 based upon the expected liquidation value of available collateral, discounted to present value using an appropriate yield to maturity. This value reflects a significant adjustment based upon the Company’s belief that liquidation of collateral will ultimately be required, complicated by the Company’s ongoing legal dispute with IIG. The Company placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $27,529 and $54,756, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $27,529 and $54,756, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG 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.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for 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 June 30, 2019, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which included allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie (defined below) and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also 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. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

The Company has learned that the commercial court proceedings have been terminated.  The Company believes that is likely the commercial court proceedings have been terminated due to the parties having reached a settlement, however, the proceedings are confidential and the Company has not been able to obtain any written confirmation that a settlement was reached.  Accordingly, the Company does not know with certainty that there was a settlement, or if there was a settlement, the terms of the settlement and any amounts that may be payable to the Company.

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 would 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 had already issued a final ruling (pending appeal) on the developments with respect to the court proceedings described above, and the possibility of the parties reaching a settlement.

As described above, a payment guarantee was secured from Zurich Insurance Group through the commercial court, the value of which was sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it would prevail in the court proceedings, the likelihood of a settlement appears to have materially increased, as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. Taking all of the factors described above into consideration, the Company believes, that as of June 30, 2019, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,433,159. The Company has placed this investment on non-accrual status effective January 1, 2019 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $136,500 and $271,500, respectively.

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 Commercial S.A. (“Nacadie”) as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received 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.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this 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 received a written agreement from IIG to this effect.  The Company has filed an arbitration proceeding against IIG asserting multiple claims, including claims related to IIG’s failure to repay the Company for this participation. The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company and the uncertainty of the ultimate resolution of the Company’s legal dispute with IIG. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $4,933,928 as of June 30, 2019. The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.  The Company placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $132,708 and $263,958 for the three and six months ended June 30, 2019, respectively.  

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of June 30, 2019, 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. At that time, IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. In August 2018, the Company confirmed that FRIAR continues to operate and is a going concern.

As noted above, the Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to FRIAR and Nacadie.  Also as described above, the Company learned on July 31, 2018 that IIG and Algodonera were in a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to FRIAR and Nacadie under the subrogation agreement.  Additionally, on July 31, 2018, the Company learned new information with regard to a put option that could potentially allow FRIAR to settle its outstanding debt to IIG with shares of FRIAR.  In addition to settling FRIAR’s debt to IIG, the put option could potentially permit FRIAR to subrogate Algodonera’s and Nacadie’s debt to IIG. As with the subrogation agreement discussed above, the Company has learned that IIG disputed the enforceability of the put option in court. The criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. FRIAR appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  In April 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

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 was seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believed 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 communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings  and the possibility of the parties having reached a settlement as described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the likelihood of a settlement being reached among the parties appears to have materially increased as described above; therefore, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged or a settlement is reached, and to account for the inherent uncertainty of the Company’s ongoing legal dispute with IIG. The Company determined that the most appropriate method to calculate the fair value of this investment as of June 30, 2019 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,344,393 as of June 30, 2019. The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.  The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $261,625 and $520,375, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $261,625 and $520,375, respectively.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the 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, and the interest was subsequently paid.

IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and had sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG previously informed the Company that IIG is a member of the creditors committee, which would determine all financial and restructuring options of CAGSA, which may include additional equity infusions by the existing shareholders. In February 2019, CAGSA disclosed that it had reached a preliminary settlement with its creditors. As of the date of this report the preliminary settlement had not been finalized and details of the terms were not available.

As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company decided that starting with the quarter ended June 30, 2018, the collateral based approach was a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of March 31, 2019, the Company further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company 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 $330,191 and $656,753, respectively for the three and six months ended June 30, 2019. The Company has estimated the fair value of the principal amount of this investment to be $9,538,831 as of June 30, 2019 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring and the ultimate resolution of the Company’s ongoing legal dispute with IIG.  The fair value as of June 30, 2019 increased modestly compared to the fair value calculated as of March 31, 2019, substantially due to the impact of a decrease in global interest rates, which is factored into the calculation of fair value.  None of the other factors used in the determination of fair value materially changed as of June 30, 2019.

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 June 30, 2019, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this report, the Company believes, based on reports in the media, that Sancor will be sold.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors but the Company has not received any payment since that announcement. Due to the uncertainty associated with the timing and final terms of a full asset sale, 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 $4,991,915 as of June 30, 2019, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale and the uncertainty regarding the ultimate resolution of the Company’s ongoing legal dispute with IIG.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF N.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of June 30, 2019, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $220,882. 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 developed 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, informed the Company in a prior period that it was working with Functional on restructuring the facility, but it is uncertain when or if this will happen. As of June 30, 2019, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

Investments through other sub-advisors

UsivaleIndustria E Comercio, Ltda.

As of June 30, 2019, 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 $195,036.  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. Sugar price pressure continued through 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019, though principal payment was not made on schedule. The Company is currently working with Usivale’s management to optimize their financial performance in response to volatile sugar prices to better facilitate principal repayment, including engaging industry and financial consultants to that effect. As part of that effort, the Company and Usivale executed a standstill agreement for principal repayment until December 2019.

As of June 30, 2019, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,812,837, 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.

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 June 30, 2019, 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 $34,761 and $69,140, respectively, for the three and six months ended June 30, 2019. Interest not recorded relative to the original terms of this Participation amounted to approximately $34,761 and $69,140, respectively for the three and six months ended June 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 $690,616 as of June 30, 2019 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine 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 June 30, 2019, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation was 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 has taken 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 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 in 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 informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in losses. As of the date of this report, Scipion’s claim against the collateral manager is proceeding in English court.

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, 2017 and interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2019 amounted to $204,360 and $406,475, respectively. Interest not recorded relative to the original terms of this participation for the three and six months ended June 30, 2018 amounted to $204,360 and $406,475, respectively. The Company believes, that as of June 30, 2019, 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 $7,530,616, 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.

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 June 30, 2019, 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 June 30, 2019 is $104,245. 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 June 30, 2019, 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.

The industry composition of the Company’s portfolio, at fair market value as of June 30, 2019 and December 31, 2018, was as follows:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,351,668		3.4	%	$	12,167,401		3.3	%
Boatbuilding and Repairing		5,559,067		1.5	%		5,428,294		1.5	%
Chemicals and Allied Products		15,000,000		4.1	%		15,000,000		4.0	%
Chocolate and Cocoa Products		10,718,201		2.9	%		10,718,201		2.9	%
Coal and Other Minerals and Ores		30,000,000		8.2	%		30,000,000		8.0	%
Commercial Fishing		35,838		0.0	%		35,838		0.0	%
Communications Equipment		874,254		0.2	%		6,029,026		1.6	%
Consumer Products		9,457,047		2.6	%		9,457,047		2.5	%
Department Stores		8,460,514		2.3	%		8,262,375		2.2	%
Drugs, Proprietaries, and Sundries		803,254		0.2	%		803,254		0.2	%
Electric Services		21,299,797		5.8	%		26,394,209		7.1	%
Farm Products		7,256,190		2.0	%		9,285,834		2.5	%
Fats and Oils		3,433,159		0.9	%		3,784,354		1.0	%
Financial services		4,933,928		1.3	%		5,906,946		1.6	%
Freight Transportation Arrangement		13,233,109		3.6	%		12,970,938		3.5	%
Food Products		5,665,625		1.5	%		6,607,713		1.8	%
Gas Transmission and Distribution		18,645,733		5.1	%		17,605,054		4.7	%
Groceries and Related Products		2,468,756		0.7	%		2,500,000		0.7	%
Hotels and Motels		12,540,286		3.4	%		16,459,362		4.4	%
Land Subdividers and Developers		16,425,961		4.5	%		16,083,083		4.3	%
Logging		6,840,000		1.9	%		6,840,000		1.8	%
Meat, Poultry & Fish		6,344,393		1.7	%		6,748,935		1.8	%
Metals Service Centers and Offices		—		—			3,737,737		1.0	%
Motor Vehicle Parts and Accessories		8,438,615		2.3	%		—		—
Personal Credit Institutions		4,497,156		1.2	%		5,468,186		1.5	%
Petroleum and Petroleum Products		15,500,000		4.2	%		15,500,000		4.2	%
Programming and Data Processing		17,491,997		4.8	%		13,903,662		3.7	%
Refuse Systems		24,042,376		6.6	%		22,447,343		6.0	%
Secondary Nonferrous Metals		17,530,616		4.8	%		17,632,234		4.7	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.3	%
Soap, Detergents, and Cleaning		1,516,173		0.4	%		3,250,844		0.9	%
Telephone and Telegraph Apparatus		9,500,000		2.6	%		7,000,000		1.9	%
Telephone Communications		37,937,346		10.4	%		37,481,370		10.0	%
Water Transportation		12,738,503		3.5	%		12,728,503		3.4	%
Total	$	366,279,562		100.0	%	$	372,977,743		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2019 and December 31, 2018:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	24,308,298		6.6	%	$	24,841,309		6.7	%
Botswana		4,740,000		1.3	%		4,740,000		1.3	%
Brazil		25,863,901		7.1	%		22,183,252		5.9	%
Cabo Verde		12,540,286		3.4	%		16,459,362		4.4	%
Cameroon		10,718,201		2.9	%		10,718,201		2.9	%
Chile		4,042,146		1.1	%		9,136,558		2.4	%
China		-		0.0	%		10,000,000		2.7	%
Colombia		23,862,002		6.5	%		24,434,056		6.6	%
Croatia		8,460,514		2.3	%		8,262,375		2.2	%
Ecuador		35,838		0.0	%		35,838		0.0	%
Ghana		52,672,970		14.4	%		52,027,237		13.9	%
Guatemala		10,504		0.0	%		662,525		0.2	%
Hong Kong		49,500,000		13.5	%		37,000,000		9.9	%
Jersey		18,572,500		5.1	%		18,515,500		5.0	%
Kenya		13,233,109		3.6	%		12,970,938		3.5	%
Malaysia		15,000,000		4.1	%		15,000,000		4.0	%
Mauritius		2,468,756		0.7	%		2,500,000		0.7	%
Mexico		24,042,376		6.6	%		22,447,343		6.0	%
Morocco		7,530,616		2.1	%		7,632,234		2.0	%
Namibia		16,425,961		4.5	%		16,083,083		4.3	%
Netherlands		11,438,615		3.1	%		4,000,000		1.1	%
New Zealand		6,840,000		1.9	%		6,840,000		1.8	%
Nigeria		14,414,603		3.9	%		15,782,226		4.2	%
Peru		4,465,132		1.2	%		4,465,132		1.2	%
Romania		1,975,009		0.5	%		1,917,097		0.5	%
Singapore		-		—			3,737,737		1.0	%
South Africa		1,564,870		0.4	%		6,719,642		1.8	%
United Arab Emirates		803,254		0.2	%		803,254		0.2	%
Uganda		4,300,000		1.2	%		4,300,000		1.2	%
Zambia		1,516,173		0.4	%		3,250,844		0.9	%
N/A		4,933,928		1.4	%		5,512,000		1.5	%
Total	$	366,279,562		100.0	%	$	372,977,743		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

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2019:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	84,349,839	$	—	$	—	$	84,349,839
Senior secured term loan participations		198,029,550		—		—		198,029,550
Senior secured trade finance participations		74,886,023		—		—		74,886,023
Short term investments		7,933,928		—		—		7,933,928
Equity warrants		1,080,222		—		—		1,080,222
Total	$	366,279,562	$	—	$	—	$	366,279,562

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, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	88,858,707	$	—	$	—	$	88,858,707
Senior secured term loan participations		189,157,819						189,157,819
Senior secured trade finance participations		80,236,312		—		—		80,236,312
Short term investments		13,644,683						13,644,683
Equity warrants		1,080,222						1,080,222
Total	$	372,977,743	$	—	$	—	$	372,977,743

The following is a reconciliation of activity for the six months ended June 30, 2019, of investments classified as Level 3: 

	Fair Value at December 31, 2018		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at June 30, 2019
Senior secured term loans	$	88,858,707	$	—	$	(6,145,390	)	$	1,674,979	$	(38,457	)	$	—		$	84,349,839
Senior secured term loan participations		189,157,819		13,175,000		(7,333,336	)		2,635,121		—			394,946			198,029,550
Senior secured trade finance participations		80,236,312		2,500,000		(6,563,639	)		—		(1,286,650	)		—			74,886,023
Short term investments		13,644,683		1,000,000		(5,737,736	)		—		(578,073	)		(394,946	)		7,933,928
Equity warrants		1,080,222		—		—			—		—			—			1,080,222
Total	$	372,977,743	$	16,675,000	$	(25,780,101	)	$	4,310,100	$	(1,903,180	)	$	-		$	366,279,562

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and six months ended June 30, 2019 and 2018.

As of June 30, 2019, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2019:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	61,560,238	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,325,785	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	84,349,839	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	198,029,550	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	4,933,928	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	3,000,000	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.     

(3) Receivable from IIG TOF B.V.

As of December 31, 2018 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2018:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(3) Receivable from IIG TOF B.V.

The significant unobservable 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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Contingencies and Related Parties

6 Months Ended

Jun. 30, 2019

Contingencies And Related Parties [Abstract]

Contingencies and Related Parties

Note 5. Contingencies and Related Parties

Litigation

On April 18, 2019, TriLinc Global Impact Fund – Trade Finance, Ltd. (“TriLinc”), a subsidiary of the Company, filed a motion to intervene in a proceeding of Girobank, N.V. and Girobank International, N.V. (collectively, “Girobank”) against IIG, IIG Capital, LLC (“IIG Capital”) and IIG Trade Opportunities Fund, N.V. (“TOF,” and, collectively with IIG and IIG Capital, the “IIG Parties”).  TriLinc filed the motion to intervene in the Girobank proceeding so that it could oppose Girobank’s petition for an order of attachment that Girobank obtained from the New York Supreme Court, New York County on April 11, 2019.  This order temporarily attached approximately $93 million in assets held by the IIG Parties in aid of an arbitration that Girobank commenced against the IIG Parties in 2018. TriLinc’s motion to intervene was denied following a hearing on April 24, 2019. The court set a hearing on Girobank’s petition for an order of attachment during the pendency of the arbitration for May 2, 2019.  At the hearing on May 2, 2019, the New York Supreme Court, New York County issued an order of attachment to Girobank upon the stipulation and consent of all parties to the proceeding.  The order of attachment provides that it does not apply to funds in which the IIG Parties have no beneficial interest such as funds in collection or escrow, accounts received in a custodial capacity on behalf of IIG Global Trade Finance Fund, IIG Structure Trade Finance Fund, and TriLinc. TriLinc had filed the motion to intervene in conjunction with an arbitration proceeding it commenced against IIG and IIG TOF B.V., a subsidiary of TOF, on that same day, asserting claims for breach of contract, breach of fiduciary duty, conversion and unjust enrichment.   There can be no assurance as to when or if TriLinc will obtain a judgment in its arbitration against IIG and IIG TOF B.V.

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 14, 2020.

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

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

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and six months ended June 30, 2019 and 2018.

Transactions

For the three months ended June 30, 2019 and 2018, the Advisor earned $1,948,848, and $1,991,828, respectively, in asset management fees and $1,300,594 and $1,699,753, respectively, in incentive fees. For the six months ended June 30, 2019 and 2018, the Advisor earned $3,907,970 and $4,001,428, respectively, in asset management fees and $2,759,107 and $3,103,259, respectively, in incentive fees.

From the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees and incentive fees on behalf of the Company and will pay the Company an additional $4,240,200 of expenses, which have been paid by the Company 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 June 30, 2019 and no expenses have been recorded for the three months ended June 30, 2019. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018 and recorded expenses of $387,000 for the quarter ended June 30, 2018.

As of June 30, 2019 and December 31, 2018, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231, was due from the Sponsor pursuant to the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the three months ended June 30, 2019 and 2018, the Company did not pay any dealer manager fees nor selling commissions to the Company’s dealer manager for the Company’s offerings, SC Distributors, LLC. For the six months ended June 30, 2019 and 2018, the Company paid $0 and $6,252, respectively, in dealer manager fees and $0 and $19,270, 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

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of June 30, 2019, the Sponsor has paid approximately $17,508,000 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 $51,600 and $72,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 and 2018, the Company paid $0 and $54,616, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through June 30, 2019, 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 $532,500 of offering costs that have not yet been reimbursed to the Sponsor as of June 30, 2019.  

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Notes Payable

6 Months Ended

Jun. 30, 2019

Debt Instruments [Abstract]

Notes Payable

Note 7. Notes Payable

The Company notes payable consist of the following:

	June 30, 2019		December 31, 2018
	Outstanding Balance		Outstanding Balance
Promissory notes	$	-	$	125,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		10,000,000
Total notes payable	$	32,750,000	$	32,875,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under a private offering.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time issuance) and were payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate was determined on each issuance date and adjusted on each anniversary of the issuance date 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. The Company had raised a total of $1.86 million in the offering of the Notes, all of which had been repaid as of the first quarter of 2019.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes were secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  The mortgage was released in connection with the repayment of the Notes.

Symbiotics Facility

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

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.79% as of June 30, 2019) and interest is 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 32.11 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 June 30, 2019, the Company was in full compliance with all such representations, warranties and covenants. 

In July 2019, the Company repaid the entire principal balance of $22,750,000 that was due under the Facility Agreement.

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.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 interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the 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.

On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes (“Series 2 Note”) to Christian Super pursuant to the CS Notes private offering. The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of June 30, 2019) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

  TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10shares out of a total of 32.11 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 June 30, 2019, the Company was in full compliance with all such representations, warranties and covenants.

For the three months ended June 30, 2019 and 2018, the Company recognized $608,718 and $486,092, respectively, in interest expense. For the six months ended June 30, 2019 and 2018, the Company recognized $1,208,666 and $934,712, 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
2019	$	-
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,750,000

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Unit Capital

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of June 30, 2019, the Company had six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of June 30, 2019, the Company recorded a liability in the aggregate amount of $911,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2019 is calculated based on a net asset value per Class C, Class I and Class W units of $8.160 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 six months ended June 30, 2019:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2018		the Period		the Period			2019
Class A units		17,966,563		269,793		(413,741	)		17,822,615
Class C units		8,238,094		141,826		(322,345	)		8,057,575
Class I units		10,555,022		163,942		(201,765	)		10,517,199
Class W units		24,555		-		-			24,555
Class Y units		1,165,675		50,297		-			1,215,972
Class Z units		5,965,037		-		-			5,965,037
Total		43,914,946		625,858		(937,851	)		43,602,953

The total of 625,858 units issued during the six months ended June 30, 2019 included 576,158 units issued under the DRP at a value of $4,750,744.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2019 have been made at a price equal to $8.160 for Class A units, Class C units, and Class I units, which was the net asset value per unit of each class as of March 31, 2019, the most recently disclosed net asset value at the time of repurchase.

The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2019, the Company received repurchase requests for a total of 937,850 units at a weighted average repurchase price per unit of $8.197 for an aggregate repurchase price of $7,687,796. As of June 30, 2019, $3,397,973 of these repurchase requests were pending processing and were completed by the Company in July 2019. See Note 11 – Subsequent Events for a description of the amended terms of the unit repurchase program.

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Distributions

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Distributions

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2019:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2019	January 15, 2019	$	0.00168675	$	1,470,733	$	817,483	$	2,288,216
February 28, 2019	February 14, 2019	$	0.00168675		1,334,317		739,318		2,073,635
March 31, 2019	March 15, 2019	$	0.00168675		1,479,106		820,754		2,299,860
April 30, 2019	March 29, 2019	$	0.00168675		1,434,307		770,273		2,204,580
May 31, 2019	May 8, 2019	$	0.00168675		1,469,421		813,801		2,283,222
June 30, 2019	June 13, 2019	$	0.00168675		1,424,690		789,115		2,213,805
Total for 2019				$	8,612,574	$	4,750,744	$	13,363,318

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Financial Highlights

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2019 and 2018:          

	Six months ended
	June 30,			June 30,
	2019			2018
Per unit data (1):
Net asset value at beginning of period	$	8.20		$	8.42
Net investment income	$	0.25		$	0.29
Net change in unrealized depreciation on investments	$	(0.04	)	$	(0.09	)
Net increase in net assets resulting from operations	$	0.21		$	0.20
Distributions	$	(0.30	)	$	(0.32	)
Net change in accrued distribution and other fees	$	0.01		$	0.02
Net decrease in net assets	$	(0.08	)	$	(0.11	)
Net asset value at end of period (2)	$	8.11		$	8.31
Total return based on net asset value		2.57	%		2.34	%
Net assets at end of period	$	353,770,077		$	366,614,079
Units Outstanding at end of period		43,602,953			44,080,551
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.31	%		7.04	%
Ratio of net operating expenses to average net assets		6.33	%		5.61	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2019 and 2018 which were 43,920,005 and 43,319,085, respectively.

2 For financial statement reporting purposes under GAAP, as of June 30, 2019 and 2018, the Company recorded a liability in the amount of $911,000 and $1,511,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

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

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Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2019, except as discussed below.

Distributions

With the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2019. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units, and the ongoing service fee with respect to Class W units).

The cash distributions for July totaled $1,420,599.  With respect to unitholders participating in the Distribution Reinvestment Plan, $805,084 of the distributions for July were reinvested in units.

The August distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00168675 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). These distributions will be paid in cash on or about September 1, 2019 or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

 Investments

Subsequent to June 30, 2019 through August 12, 2019, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $24.5 million.

Strategic Capital Advisory Services, LLC

In July 2019, the Sponsor acquired Strategic Capital Advisory Services, LLC’s 15% ownership in the Advisor. As a result, the Sponsor now owns 100% of the Advisor and Strategic Capital Advisory Services, LLC is no longer considered to be an affiliate of the Company.

Unit Repurchase Program

On August 9, 2019, the Company’s board of managers amended and restated the Company’s unit repurchase program in order to amend the basis on which it will honor repurchase requests in the event repurchase requests exceed the existing limitations of the program.  As was the case prior to the adoption of the amended and restated program, the Company’s obligation to repurchase units under the program is limited as follows: (i) the Company may repurchase no more than five percent (5%) of the weighted-average number of units outstanding in any twelve-month period; (ii) the Company has no obligation to repurchase units if the repurchase would violate the restrictions on distributions under federal law or Delaware law; and (iii) all units to be repurchased under the program must be fully transferable and not be subject to any liens or other encumbrances and free from any restrictions on transfer. If the Company determines that a lien or other encumbrance or restriction exists against the units requested to be repurchased, the Company will not repurchase any such units.  In addition, 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 the Company can repurchase with the proceeds the Company receives from the sale of units under the Company’s distribution reinvestment plan.

Prior to the amendment and restatement of the program, in the event repurchase requests exceeded the limitations described above, the program provided that the Company would honor the requests on a simple pro rata basis.  Under the amended and restated program, if the Company cannot repurchase all units presented for repurchase in any quarter because of the limitations on repurchases set forth in the program (as described above), then the Company will honor repurchase requests in the following order of priority (unless the Company’s board of managers determines that the Company will not repurchase units in that quarter):

• first, the Company will repurchase units pursuant to repurchase requests made in connection with the death or disability of a unitholder (or on a pro rata basis among such requests if less than all of such death or disability requests can be satisfied);

• second, the Company will repurchase units pursuant to any repurchase request that has been carried over from one or more previous quarterly periods where the value of the units that have not yet been repurchased pursuant to such request (with the value calculated as the number of units multiplied by the estimated net asset value per unit for units of that class, as most recently disclosed by the Company in a filing with the SEC) is less than $2,500 (or on a pro rata basis among such requests if less than all of such requests carried over from prior periods can be satisfied); and

• third, the Company will repurchase units pursuant to all other repurchase requests on a pro rata basis.

The amended and restated program will take effect beginning with redemption requests to be processed for the third quarter of 2019, on September 30, 2019.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

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, 2018, which was filed with the SEC on March 29, 2019.

The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2019.

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 June 30, 2019, seven portfolio companies were on non-accrual status with an aggregate fair value of $32,482,047 or 8.9% of the fair value of the Company’s total investments. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $1,127,675 and $2,242,958, respectively for the three and six months ended June 30, 2019. Interest income not recorded relative to the original terms of the loans to companies on non-accrual status amounted to approximately $528,276 and $1,050,747, respectively for the three and six months ended June 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, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  The Company also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. 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 specific identification method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering any prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

Payment-in-Kind Interest

The Company has investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the three months and six months ended June 30, 2019, the Company earned and capitalized PIK interest of $2,232,871 and $3,902,348, respectively. For the three and six months ended June 30, 2018, the Company earned and capitalized PIK interest of $1,015,742 and $1,864,364, respectively.

Distribution and Ongoing Dealer Manager and Services Fees

Distribution and Ongoing Dealer Manager and Services Fees

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

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2019, the estimated unpaid distribution fees for Class C units amounted to $867,000, the unpaid dealer manager fees for Class I units amounted to $42,000 and the unpaid dealer manager and service fees for Class W units amounted to $2,000.

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 June 30, 2019, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 2015.

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

Calculation of Net Asset Value

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2019, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2019, under GAAP, the Company has recorded a liability in the amount of $911,000 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 its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP.  The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2019, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.134, which is different than the net asset value per unit of $8.11 (on an aggregate basis for all unit classes) as shown in Note 10 – Financial Highlights . This net asset value per unit reflects a decrease of $0.093 per unit from the net asset value per unit of $8.227 as of December 31, 2018 and a decreased of $0.217 per unit from the net asset value per unit of $8.351 as of June 30, 2018. The decrease in net asset value per unit was primarily due to the Company having recorded approximately $8.1 million and $1.9 million in unrealized depreciation on its investments during the year ended December 31, 2018 and the six months ended June 30, 2019, respectively.

Net Income (Loss) per Unit

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2019 and 2018.

Organization and Offering Costs

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of June 30, 2019, the Sponsor has incurred approximately $593,000 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  Through June 30, 2019, the Company has reimbursed an aggregate amount of $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. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, the Company will apply the excess amount (the “Excess Amount”) as follows: (i) first, the Company will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on the Company’s behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, the Company will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on the Company’s behalf until all such asset management fees and incentive fees accrued to date have been reimbursed.

The Company did not meet the Reimbursement Hurdle for the quarter ended June 30, 2019. 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 June 30, 2019. The Company met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 were recorded as expenses of the Company for the quarter June 30, 2018. As of June 30, 2019, there is a remaining aggregate balance of approximately $16,273,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, 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.

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 one of the Company’s sub-advisors, 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 during August 2018 and determined that the adjustments for the prior periods were not material. The Company elected to record these prior period adjustments in the quarter ended June 30, 2018. The effect of these adjustments was to overstate the net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $702,000 on the Consolidated Statement of Operations as of June 30, 2018.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. 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. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on the Company’s consolidated financial statements but does not expect the impact to be material.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

Risk Factors

Risk Factors

As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and was dependent on the Sponsor for financial support in its initial years of operations.

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. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to seven of the eleven investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. The majority of the Company’s investments are in the form of participation interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors.  Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate.  The Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. In addition, as of June 30, 2019, all but one of the Company’s investments were 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.

In addition, certain of the Company’s investments in loans contain a PIK interest provision.  These investments may expose us to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral.  To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase.

At June 30, 2019, the Company’s investment portfolio included 45 companies and was comprised of $84,349,839 or 23.0% in senior secured term loans, $198,029,550 or 54.1% in senior secured term loan participations, $74,886,023 or 20.4% in senior secured trade finance participations, and $7,933,928 or 2.2% in short term investments. The Company’s largest loan by value was $22,962,153 or 6.3% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s 5 largest loans by value comprised 26.8% of the Company’s portfolio at June 30, 2019. Participation in loans amounted to 74.5% of the Company’s total portfolio at June 30, 2019.  As of June 30, 2019, approximately $280,857,000 or 76.9% of the Company’s investments had a maturity date of more than 12 months.

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Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of June 30, 2019, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	84,388,298	$	84,349,839		23.0	%
Senior secured term loan participations		197,725,893		198,029,550		54.1	%
Senior secured trade finance participations		84,920,322		74,886,023		20.4	%
Short term investments		9,000,000		7,933,928		2.2	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	376,034,513	$	366,279,562		100.0	%

As of December 31, 2018, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	88,858,707	$	88,858,707		23.8	%
Senior secured term loan participations		189,157,819		189,157,819		50.7	%
Senior secured trade finance participations		88,983,961		80,236,312		21.5	%
Short term investments		14,132,683		13,644,683		3.7	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	381,133,170	$	372,977,743		100.0	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of June 30, 2019 and December 31, 2018, was as follows:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,351,668		3.4	%	$	12,167,401		3.3	%
Boatbuilding and Repairing		5,559,067		1.5	%		5,428,294		1.5	%
Chemicals and Allied Products		15,000,000		4.1	%		15,000,000		4.0	%
Chocolate and Cocoa Products		10,718,201		2.9	%		10,718,201		2.9	%
Coal and Other Minerals and Ores		30,000,000		8.2	%		30,000,000		8.0	%
Commercial Fishing		35,838		0.0	%		35,838		0.0	%
Communications Equipment		874,254		0.2	%		6,029,026		1.6	%
Consumer Products		9,457,047		2.6	%		9,457,047		2.5	%
Department Stores		8,460,514		2.3	%		8,262,375		2.2	%
Drugs, Proprietaries, and Sundries		803,254		0.2	%		803,254		0.2	%
Electric Services		21,299,797		5.8	%		26,394,209		7.1	%
Farm Products		7,256,190		2.0	%		9,285,834		2.5	%
Fats and Oils		3,433,159		0.9	%		3,784,354		1.0	%
Financial services		4,933,928		1.3	%		5,906,946		1.6	%
Freight Transportation Arrangement		13,233,109		3.6	%		12,970,938		3.5	%
Food Products		5,665,625		1.5	%		6,607,713		1.8	%
Gas Transmission and Distribution		18,645,733		5.1	%		17,605,054		4.7	%
Groceries and Related Products		2,468,756		0.7	%		2,500,000		0.7	%
Hotels and Motels		12,540,286		3.4	%		16,459,362		4.4	%
Land Subdividers and Developers		16,425,961		4.5	%		16,083,083		4.3	%
Logging		6,840,000		1.9	%		6,840,000		1.8	%
Meat, Poultry & Fish		6,344,393		1.7	%		6,748,935		1.8	%
Metals Service Centers and Offices		—		—			3,737,737		1.0	%
Motor Vehicle Parts and Accessories		8,438,615		2.3	%		—		—
Personal Credit Institutions		4,497,156		1.2	%		5,468,186		1.5	%
Petroleum and Petroleum Products		15,500,000		4.2	%		15,500,000		4.2	%
Programming and Data Processing		17,491,997		4.8	%		13,903,662		3.7	%
Refuse Systems		24,042,376		6.6	%		22,447,343		6.0	%
Secondary Nonferrous Metals		17,530,616		4.8	%		17,632,234		4.7	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.3	%
Soap, Detergents, and Cleaning		1,516,173		0.4	%		3,250,844		0.9	%
Telephone and Telegraph Apparatus		9,500,000		2.6	%		7,000,000		1.9	%
Telephone Communications		37,937,346		10.4	%		37,481,370		10.0	%
Water Transportation		12,738,503		3.5	%		12,728,503		3.4	%
Total	$	366,279,562		100.0	%	$	372,977,743		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2019 and December 31, 2018:

	As of  June 30, 2019					As of December 31, 2018
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	24,308,298		6.6	%	$	24,841,309		6.7	%
Botswana		4,740,000		1.3	%		4,740,000		1.3	%
Brazil		25,863,901		7.1	%		22,183,252		5.9	%
Cabo Verde		12,540,286		3.4	%		16,459,362		4.4	%
Cameroon		10,718,201		2.9	%		10,718,201		2.9	%
Chile		4,042,146		1.1	%		9,136,558		2.4	%
China		-		0.0	%		10,000,000		2.7	%
Colombia		23,862,002		6.5	%		24,434,056		6.6	%
Croatia		8,460,514		2.3	%		8,262,375		2.2	%
Ecuador		35,838		0.0	%		35,838		0.0	%
Ghana		52,672,970		14.4	%		52,027,237		13.9	%
Guatemala		10,504		0.0	%		662,525		0.2	%
Hong Kong		49,500,000		13.5	%		37,000,000		9.9	%
Jersey		18,572,500		5.1	%		18,515,500		5.0	%
Kenya		13,233,109		3.6	%		12,970,938		3.5	%
Malaysia		15,000,000		4.1	%		15,000,000		4.0	%
Mauritius		2,468,756		0.7	%		2,500,000		0.7	%
Mexico		24,042,376		6.6	%		22,447,343		6.0	%
Morocco		7,530,616		2.1	%		7,632,234		2.0	%
Namibia		16,425,961		4.5	%		16,083,083		4.3	%
Netherlands		11,438,615		3.1	%		4,000,000		1.1	%
New Zealand		6,840,000		1.9	%		6,840,000		1.8	%
Nigeria		14,414,603		3.9	%		15,782,226		4.2	%
Peru		4,465,132		1.2	%		4,465,132		1.2	%
Romania		1,975,009		0.5	%		1,917,097		0.5	%
Singapore		-		—			3,737,737		1.0	%
South Africa		1,564,870		0.4	%		6,719,642		1.8	%
United Arab Emirates		803,254		0.2	%		803,254		0.2	%
Uganda		4,300,000		1.2	%		4,300,000		1.2	%
Zambia		1,516,173		0.4	%		3,250,844		0.9	%
N/A		4,933,928		1.4	%		5,512,000		1.5	%
Total	$	366,279,562		100.0	%	$	372,977,743		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)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2019:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	84,349,839	$	—	$	—	$	84,349,839
Senior secured term loan participations		198,029,550		—		—		198,029,550
Senior secured trade finance participations		74,886,023		—		—		74,886,023
Short term investments		7,933,928		—		—		7,933,928
Equity warrants		1,080,222		—		—		1,080,222
Total	$	366,279,562	$	—	$	—	$	366,279,562

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, 2018:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	88,858,707	$	—	$	—	$	88,858,707
Senior secured term loan participations		189,157,819						189,157,819
Senior secured trade finance participations		80,236,312		—		—		80,236,312
Short term investments		13,644,683						13,644,683
Equity warrants		1,080,222						1,080,222
Total	$	372,977,743	$	—	$	—	$	372,977,743

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the six months ended June 30, 2019, of investments classified as Level 3: 

	Fair Value at December 31, 2018		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at June 30, 2019
Senior secured term loans	$	88,858,707	$	—	$	(6,145,390	)	$	1,674,979	$	(38,457	)	$	—		$	84,349,839
Senior secured term loan participations		189,157,819		13,175,000		(7,333,336	)		2,635,121		—			394,946			198,029,550
Senior secured trade finance participations		80,236,312		2,500,000		(6,563,639	)		—		(1,286,650	)		—			74,886,023
Short term investments		13,644,683		1,000,000		(5,737,736	)		—		(578,073	)		(394,946	)		7,933,928
Equity warrants		1,080,222		—		—			—		—			—			1,080,222
Total	$	372,977,743	$	16,675,000	$	(25,780,101	)	$	4,310,100	$	(1,903,180	)	$	-		$	366,279,562

Summary of Quantitative Information of Fair Value Measurements of Investments

As of June 30, 2019, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2019:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	61,560,238	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,325,785	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	84,349,839	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	198,029,550	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	4,933,928	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	3,000,000	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.     

(3) Receivable from IIG TOF B.V.

As of December 31, 2018 all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2018:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (2)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (1)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (3)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

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

(2) The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(3) Receivable from IIG TOF B.V.

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Notes Payable (Tables)

6 Months Ended

Jun. 30, 2019

Debt Instruments [Abstract]

Summary of Notes Payable

The Company notes payable consist of the following:

	June 30, 2019		December 31, 2018
	Outstanding Balance		Outstanding Balance
Promissory notes	$	-	$	125,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		10,000,000
Total notes payable	$	32,750,000	$	32,875,000

Summary of Principal Payments Due on Borrowings

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

Year ending December 31:	Principal payments
2019	$	-
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,750,000

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Unit Capital (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary of unit activity during the six months ended June 30, 2019:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2018		the Period		the Period			2019
Class A units		17,966,563		269,793		(413,741	)		17,822,615
Class C units		8,238,094		141,826		(322,345	)		8,057,575
Class I units		10,555,022		163,942		(201,765	)		10,517,199
Class W units		24,555		-		-			24,555
Class Y units		1,165,675		50,297		-			1,215,972
Class Z units		5,965,037		-		-			5,965,037
Total		43,914,946		625,858		(937,851	)		43,602,953

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Distributions (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Summary of Distributions Paid

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the six months ended June 30, 2019:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2019	January 15, 2019	$	0.00168675	$	1,470,733	$	817,483	$	2,288,216
February 28, 2019	February 14, 2019	$	0.00168675		1,334,317		739,318		2,073,635
March 31, 2019	March 15, 2019	$	0.00168675		1,479,106		820,754		2,299,860
April 30, 2019	March 29, 2019	$	0.00168675		1,434,307		770,273		2,204,580
May 31, 2019	May 8, 2019	$	0.00168675		1,469,421		813,801		2,283,222
June 30, 2019	June 13, 2019	$	0.00168675		1,424,690		789,115		2,213,805
Total for 2019				$	8,612,574	$	4,750,744	$	13,363,318

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2019 and 2018:          

	Six months ended
	June 30,			June 30,
	2019			2018
Per unit data (1):
Net asset value at beginning of period	$	8.20		$	8.42
Net investment income	$	0.25		$	0.29
Net change in unrealized depreciation on investments	$	(0.04	)	$	(0.09	)
Net increase in net assets resulting from operations	$	0.21		$	0.20
Distributions	$	(0.30	)	$	(0.32	)
Net change in accrued distribution and other fees	$	0.01		$	0.02
Net decrease in net assets	$	(0.08	)	$	(0.11	)
Net asset value at end of period (2)	$	8.11		$	8.31
Total return based on net asset value		2.57	%		2.34	%
Net assets at end of period	$	353,770,077		$	366,614,079
Units Outstanding at end of period		43,602,953			44,080,551
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.31	%		7.04	%
Ratio of net operating expenses to average net assets		6.33	%		5.61	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2019 and 2018 which were 43,920,005 and 43,319,085, respectively.

2 For financial statement reporting purposes under GAAP, as of June 30, 2019 and 2018, the Company recorded a liability in the amount of $911,000 and $1,511,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

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

XML

Organization and Operations of the Company - Additional Information (Detail)			1 Months Ended		6 Months Ended		27 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	Mar. 31, 2017 USD ($)	May 31, 2012 USD ($) shares	Jun. 30, 2019 USD ($) Employee shares	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) Employee
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					625,858
Offering period, description					The primary offering terminated on March 31, 2017.
Additional gross proceeds					$ 453,057,000
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 2,224,545	$ 2,667,741
Shares purchased under equity transaction | shares					269,793
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							$ 67,741,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					576,158
Aggregate gross proceeds on units purchased					$ 4,750,744
Additional gross proceeds							$ 23,540,000
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%

XML

Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		6 Months Ended		12 Months Ended		68 Months Ended
		Jun. 30, 2019 USD ($) Company Investment $ / shares	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2019 USD ($) Company Investment Loans $ / shares	Jun. 30, 2018 USD ($) $ / shares	Dec. 31, 2018 USD ($) Company Investment $ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares
Significant Accounting Policies [Line Items]
Due date for unpaid principal and interest				90 days
Fair Value		$ 366,279,562		$ 366,279,562		$ 372,977,743
Percentage of investment in loans				100.00%		100.00%
Number of companies on non-accrual status | Company		7		7		6
Unrecorded investment interest income		$ 11,062,607	$ 12,103,857	$ 22,342,110	$ 22,231,043
Minimum investment maturity period				12 months
Paid-in-kind interest		2,232,871	$ 1,015,742	$ 3,902,348	$ 1,864,364
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		$ 8.134		$ 8.134		$ 8.227
Net asset value per unit | $ / shares		$ 8.11	$ 8.31	$ 8.11	$ 8.31	$ 8.20	$ 8.42	$ 8.42
Investment, unrealized depreciation		$ 1,900,000		$ 1,900,000		$ 8,100,000
Organization and offering expenses				4.70%
Amount paid to the sponsor due to reimbursement hurdle		$ 0	$ 387,000		$ 387,000
Number of watch list investments | Investment		11		11		12
Number of companies included in investment portfolio | Company		45		45
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 22,962,153		$ 22,962,153
Number of investment loans | Loans				5
Investment Concentration [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 280,857,000		$ 280,857,000
Minimum investment maturity period				12 months
Percentage of Investment				76.90%
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				74.50%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				6.30%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				26.80%
IIG [Member] | Sub-advisory Agreement [Member]
Significant Accounting Policies [Line Items]
Number of watch list investments | Investment		7		7
Misapplication of investments							$ 6,000,000
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				702,000
Net Increase In Net Assets [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments				$ (702,000)
Maximum [Member]
Significant Accounting Policies [Line Items]
Organization and offering reimbursement limit				15.00%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company							12,420,600	$ 12,420,600
Related party transaction reimbursement amounts paid							4,240,200	4,240,200
Remaining excess amount payment percentage				50.00%
Amount paid to the sponsor due to reimbursement hurdle		$ 0	$ 387,000
Remaining aggregate balance due to affiliate		16,273,800		$ 16,273,800			$ 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		$ 593,000		593,000
Reimbursement, aggregate amount 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				2015
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		$ 867,000		$ 867,000
Net assets value per unit | $ / shares		$ 8.134	$ 8.351	$ 8.134	$ 8.351	$ 8.227
Decrease in net asset value per unit | $ / shares			0.217		0.217	0.093
Class I Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager fee		$ 42,000		$ 42,000
Net assets value per unit | $ / shares		$ 8.134	8.351	$ 8.134	8.351	8.227
Decrease in net asset value per unit | $ / shares			0.217		0.217	0.093
Class W Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager and service fees		$ 2,000		$ 2,000
Net assets value per unit | $ / shares		$ 8.134	8.351	$ 8.134	8.351	8.227
Decrease in net asset value per unit | $ / shares			0.217		0.217	0.093
Class C Units, Class I Units and Class W Units [Member]
Significant Accounting Policies [Line Items]
Distribution, dealer manager and service fees payable		$ 911,000		$ 911,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.134	8.351	$ 8.134	8.351	8.227
Decrease in net asset value per unit | $ / shares			0.217		0.217	0.093
Class Y Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		8.134	8.351	8.134	8.351	8.227
Decrease in net asset value per unit | $ / shares			0.217		0.217	0.093
Class Z Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.134	8.351	$ 8.134	8.351	8.227
Decrease in net asset value per unit | $ / shares			$ 0.217		$ 0.217	$ 0.093
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 32,482,047		$ 32,482,047		$ 30,562,415
Percentage of investment in loans				8.90%		8.20%
Unrecorded investment interest income		1,127,675	$ 528,276	$ 2,242,958	$ 1,050,747
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	84,349,839		$ 84,349,839		$ 88,858,707
Percentage of investment in loans				23.00%		23.80%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	198,029,550		$ 198,029,550		$ 189,157,819
Percentage of investment in loans				54.10%		50.70%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	74,886,023		$ 74,886,023		$ 80,236,312
Percentage of investment in loans				20.40%		21.50%
Short Term Note [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 7,933,928		$ 7,933,928
Percentage of investment in loans				2.20%
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.

XML

Investments - Schedule of Investments (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Amortized Cost		$ 376,034,513	$ 381,133,170
Fair Value		$ 366,279,562	$ 372,977,743
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 84,388,298	$ 88,858,707
Fair Value	[1]	$ 84,349,839	$ 88,858,707
Percentage of Total Investments		23.00%	23.80%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 197,725,893	$ 189,157,819
Fair Value	[1]	$ 198,029,550	$ 189,157,819
Percentage of Total Investments		54.10%	50.70%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 84,920,322	$ 88,983,961
Fair Value	[1]	$ 74,886,023	$ 80,236,312
Percentage of Total Investments		20.40%	21.50%
Short Term Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 9,000,000	$ 14,132,683
Fair Value	[1]	$ 7,933,928	$ 13,644,683
Percentage of Total Investments		2.20%	3.70%
Equity Warrants [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,080,222	$ 1,080,222
Percentage of Total Investments		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.

XML

Investments - Additional Information (Detail)		1 Months Ended								3 Months Ended		6 Months Ended		12 Months Ended
		Apr. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2017 USD ($) t	Mar. 31, 2017 USD ($) InterestPayment	Feb. 28, 2017 USD ($)	Oct. 31, 2016 USD ($)	Jun. 30, 2019 USD ($) Investment Contract	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) Investment Contract Land t	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Investment	Jan. 31, 2015 USD ($)
Schedule of Investments [Line Items]
Accrued deferred interest										$ 2,534,792		$ 2,534,792			$ 2,413,894
Accrued interest receivable, description												As such, some of the Company’s trade finance investments have up to a year of accrued interest receivable as of June 30, 2019.
Short term investments maturity period												less than one year
Number of watch list investments | Investment										11		11			12
Fair Value										$ 366,279,562		$ 366,279,562			$ 372,977,743
Participation purchases												16,675,000	$ 154,531,970
Net accrued interest										20,277,357		20,277,357			17,552,039
Unrecorded investment interest income										11,062,607	$ 12,103,857	22,342,110	22,231,043
Interest paid												1,100,154	805,201
Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Fair Value										2,812,837		2,812,837
Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Fair Value										32,482,047		32,482,047			30,562,415
Unrecorded investment interest income										1,127,675	528,276	2,242,958	1,050,747
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]									198,029,550		198,029,550			189,157,819
Senior Secured Term Loan Participations [Member] | Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Net accrued interest										195,036		195,036
Senior secured term loans										2,851,296		2,851,296
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	[2]									24,308,298		24,308,298			24,841,309
Chile [Member]
Schedule of Investments [Line Items]
Fair Value										4,042,146		4,042,146			9,136,558
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value										7,530,616		7,530,616			$ 7,632,234
Procesos Fabriles S.A. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										881,800		881,800
Fair Value										10,504		10,504
Interest on loans amount										27,529	27,529	54,756	54,756
Applewood Trading 199 Pty, Ltd [Member] | Barak
Schedule of Investments [Line Items]
Trade financing participation, principal balance																$ 1,250,000
Fair Value										690,616		690,616
Interest on loans amount										34,761	34,761	69,140	69,140
Trade financing participation, total balance outstanding										$ 785,806		$ 785,806
Applewood Trading 199 Pty, Ltd [Member] | Barak | Extended Maturity [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor										50.00%		50.00%
Algodonera Avellaneda S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										$ 6,000,000		$ 6,000,000
Fair Value										3,433,159		3,433,159
Participation purchases												6,000,000
Net accrued interest										778,500		$ 778,500
Payment of guarantee percentage												100.00%
Litigation amount, plus interest payable										22,400,000		$ 22,400,000
Algodonera Avellaneda S.A [Member] | Argentina [Member] | Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income										136,500		271,500
IIG Trade Opportunities Fund B.V. Receivable [Member]
Schedule of Investments [Line Items]
Fair Value										4,933,928		4,933,928
Participation purchases							$ 6,000,000
Number of interest payments received | InterestPayment							1
IIG Trade Opportunities Fund B.V. Receivable [Member] | Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income										132,708		263,958
Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										9,000,000		9,000,000
Fair Value										6,344,393		6,344,393
Interest on loans amount										261,625	261,625	520,375	520,375
Net accrued interest										264,500		264,500
Compania Argentina de Granos [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance											12,500,000		12,500,000
Fair Value										$ 9,538,831		$ 9,538,831
Participation purchases								$ 2,500,000	$ 10,000,000
Net accrued interest											131,942		131,942
Number of export contract | Contract										2		2
Compania Argentina de Granos [Member] | Argentina [Member] | Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income										$ 330,191		$ 656,753
Sancor Cooperativas Unidas Ltda [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										6,000,000		6,000,000
Fair Value										4,991,915		$ 4,991,915
Extended maturity date												Jul. 29, 2019
Functional Products Trading S.A [Member] | Chile [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										1,326,687		$ 1,326,687
Fair Value										1,269,586		1,269,586
Net accrued interest										220,882		$ 220,882
Extended maturity date												Mar. 04, 2018
Maturity												Dec. 11, 2016
Sales declining percentage														57.00%
Proceeds from Interest			$ 10,000	$ 25,000
Scrap Metal Recycler [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										7,349,626		$ 7,349,626
Fair Value										7,530,616		7,530,616
Interest on loans amount										204,360	204,360	406,475	406,475
Net accrued interest										0		0
Entire principal amount										9,000,000		$ 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
Global Pharma Intelligence Sarl [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance											803,254		803,254
Fair Value											803,254		803,254
Net accrued interest											$ 104,245		$ 104,245
Investment Concentration [Member]
Schedule of Investments [Line Items]
Percentage of Investment												76.90%
Fair Value										$ 280,857,000		$ 280,857,000
Investment Concentration [Member] | Investment Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of Investment												74.50%
Investment Concentration [Member] | Investment Portfolio [Member] | Six Watch List Investments [Member]
Schedule of Investments [Line Items]
Percentage of Investment												10.10%
IIG [Member] | Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Number of watch list investments | Investment										7		7
Misapplication of investments														$ 6,000,000
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] Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

[2] 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

Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Fair Value	$ 366,279,562	$ 372,977,743
Percentage of Total Investments	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,351,668	$ 12,167,401
Percentage of Total Investments	3.40%	3.30%
Boatbuilding and Repairing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,559,067	$ 5,428,294
Percentage of Total Investments	1.50%	1.50%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	4.10%	4.00%
Chocolate and Cocoa Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,718,201	$ 10,718,201
Percentage of Total Investments	2.90%	2.90%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 30,000,000	$ 30,000,000
Percentage of Total Investments	8.20%	8.00%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 35,838	$ 35,838
Percentage of Total Investments	0.00%	0.00%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 874,254	$ 6,029,026
Percentage of Total Investments	0.20%	1.60%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,457,047	$ 9,457,047
Percentage of Total Investments	2.60%	2.50%
Department Stores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,460,514	$ 8,262,375
Percentage of Total Investments	2.30%	2.20%
Drugs, Proprietaries, and Sundries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 803,254	$ 803,254
Percentage of Total Investments	0.20%	0.20%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 21,299,797	$ 26,394,209
Percentage of Total Investments	5.80%	7.10%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,256,190	$ 9,285,834
Percentage of Total Investments	2.00%	2.50%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,433,159	$ 3,784,354
Percentage of Total Investments	0.90%	1.00%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,933,928	$ 5,906,946
Percentage of Total Investments	1.30%	1.60%
Freight Transportation Arrangement [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,233,109	$ 12,970,938
Percentage of Total Investments	3.60%	3.50%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,665,625	$ 6,607,713
Percentage of Total Investments	1.50%	1.80%
Gas Transmission and Distribution [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,645,733	$ 17,605,054
Percentage of Total Investments	5.10%	4.70%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,468,756	$ 2,500,000
Percentage of Total Investments	0.70%	0.70%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,540,286	$ 16,459,362
Percentage of Total Investments	3.40%	4.40%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,425,961	$ 16,083,083
Percentage of Total Investments	4.50%	4.30%
Logging [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,840,000	$ 6,840,000
Percentage of Total Investments	1.90%	1.80%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,344,393	$ 6,748,935
Percentage of Total Investments	1.70%	1.80%
Metals Service Centers and Offices [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,737,737
Percentage of Total Investments		1.00%
Motor Vehicle Parts and Accessories [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,438,615
Percentage of Total Investments	2.30%
Personal Credit Institutions [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,497,156	$ 5,468,186
Percentage of Total Investments	1.20%	1.50%
Petroleum and Petroleum Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,500,000	$ 15,500,000
Percentage of Total Investments	4.20%	4.20%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,491,997	$ 13,903,662
Percentage of Total Investments	4.80%	3.70%
Refuse Systems [Member]
Schedule of Investments [Line Items]
Fair Value	$ 24,042,376	$ 22,447,343
Percentage of Total Investments	6.60%	6.00%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,530,616	$ 17,632,234
Percentage of Total Investments	4.80%	4.70%
Short-Term Business Credit [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.30%	1.30%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,516,173	$ 3,250,844
Percentage of Total Investments	0.40%	0.90%
Telephone and Telegraph Apparatus [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,500,000	$ 7,000,000
Percentage of Total Investments	2.60%	1.90%
Telephone Communications [Member]
Schedule of Investments [Line Items]
Fair Value	$ 37,937,346	$ 37,481,370
Percentage of Total Investments	10.40%	10.00%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,738,503	$ 12,728,503
Percentage of Total Investments	3.50%	3.40%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Fair Value		$ 366,279,562	$ 372,977,743
Percentage of Total Investments		100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	[1]	$ 24,308,298	$ 24,841,309
Percentage of Total Investments	[1]	6.60%	6.70%
Botswana [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,740,000	$ 4,740,000
Percentage of Total Investments		1.30%	1.30%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value		$ 25,863,901	$ 22,183,252
Percentage of Total Investments		7.10%	5.90%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value		$ 12,540,286	$ 16,459,362
Percentage of Total Investments		3.40%	4.40%
Cameroon [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,718,201	$ 10,718,201
Percentage of Total Investments		2.90%	2.90%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,042,146	$ 9,136,558
Percentage of Total Investments		1.10%	2.40%
China [Member]
Schedule of Investments [Line Items]
Fair Value			$ 10,000,000
Percentage of Total Investments		0.00%	2.70%
Colombia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 23,862,002	$ 24,434,056
Percentage of Total Investments		6.50%	6.60%
Croatia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 8,460,514	$ 8,262,375
Percentage of Total Investments		2.30%	2.20%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value		$ 35,838	$ 35,838
Percentage of Total Investments		0.00%	0.00%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value		$ 52,672,970	$ 52,027,237
Percentage of Total Investments		14.40%	13.90%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,504	$ 662,525
Percentage of Total Investments		0.00%	0.20%
Hong Kong [Member]
Schedule of Investments [Line Items]
Fair Value		$ 49,500,000	$ 37,000,000
Percentage of Total Investments		13.50%	9.90%
Jersey [Member]
Schedule of Investments [Line Items]
Fair Value		$ 18,572,500	$ 18,515,500
Percentage of Total Investments		5.10%	5.00%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value		$ 13,233,109	$ 12,970,938
Percentage of Total Investments		3.60%	3.50%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 15,000,000	$ 15,000,000
Percentage of Total Investments		4.10%	4.00%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value		$ 2,468,756	$ 2,500,000
Percentage of Total Investments		0.70%	0.70%
Mexico [Member]
Schedule of Investments [Line Items]
Fair Value		$ 24,042,376	$ 22,447,343
Percentage of Total Investments		6.60%	6.00%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value		$ 7,530,616	$ 7,632,234
Percentage of Total Investments		2.10%	2.00%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 16,425,961	$ 16,083,083
Percentage of Total Investments		4.50%	4.30%
Netherlands [Member]
Schedule of Investments [Line Items]
Fair Value		$ 11,438,615	$ 4,000,000
Percentage of Total Investments		3.10%	1.10%
New Zealand [Member]
Schedule of Investments [Line Items]
Fair Value		$ 6,840,000	$ 6,840,000
Percentage of Total Investments		1.90%	1.80%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value		$ 14,414,603	$ 15,782,226
Percentage of Total Investments		3.90%	4.20%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,465,132	$ 4,465,132
Percentage of Total Investments		1.20%	1.20%
Romania [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,975,009	$ 1,917,097
Percentage of Total Investments		0.50%	0.50%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value			$ 3,737,737
Percentage of Total Investments			1.00%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,564,870	$ 6,719,642
Percentage of Total Investments		0.40%	1.80%
United Arab Emirates [Member]
Schedule of Investments [Line Items]
Fair Value		$ 803,254	$ 803,254
Percentage of Total Investments		0.20%	0.20%
Uganda [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,300,000	$ 4,300,000
Percentage of Total Investments		1.20%	1.20%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,516,173	$ 3,250,844
Percentage of Total Investments		0.40%	0.90%
Other [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,933,928	$ 5,512,000
Percentage of Total Investments		1.40%	1.50%

[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 ($)		Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 366,279,562	$ 372,977,743
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	84,349,839	88,858,707
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	198,029,550	189,157,819
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	74,886,023	80,236,312
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	7,933,928	13,644,683
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		1,080,222	1,080,222
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		366,279,562	372,977,743
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		84,349,839	88,858,707
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		198,029,550	189,157,819
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		74,886,023	80,236,312
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		7,933,928	13,644,683
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 1,080,222	$ 1,080,222

[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) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			$ 372,977,743
Purchases of investments			16,675,000
Maturities or Prepayments of investments			(25,780,101)
Accretion of discounts / Payment-in-kind interest			4,310,100
Net change in unrealized appreciation (depreciation) on investments	$ 243,836	$ (3,030,543)	(1,903,180)	$ (3,880,046)
Investment owned at Fair value, ending balance	366,279,562		366,279,562
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			88,858,707
Maturities or Prepayments of investments			(6,145,390)
Accretion of discounts / Payment-in-kind interest			1,674,979
Net change in unrealized appreciation (depreciation) on investments			(38,457)
Investment owned at Fair value, ending balance	84,349,839		84,349,839
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			189,157,819
Purchases of investments			13,175,000
Maturities or Prepayments of investments			(7,333,336)
Accretion of discounts / Payment-in-kind interest			2,635,121
Transfers of investments			394,946
Investment owned at Fair value, ending balance	198,029,550		198,029,550
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			80,236,312
Purchases of investments			2,500,000
Maturities or Prepayments of investments			(6,563,639)
Net change in unrealized appreciation (depreciation) on investments			(1,286,650)
Investment owned at Fair value, ending balance	74,886,023		74,886,023
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			13,644,683
Purchases of investments			1,000,000
Maturities or Prepayments of investments			(5,737,736)
Net change in unrealized appreciation (depreciation) on investments			(578,073)
Transfers of investments			(394,946)
Investment owned at Fair value, ending balance	7,933,928		7,933,928
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance			1,080,222
Investment owned at Fair value, ending balance	$ 1,080,222		$ 1,080,222

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
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)		6 Months Ended	12 Months Ended
		Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 366,279,562	$ 372,977,743
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	74,886,023	80,236,312
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	84,349,839	88,858,707
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	198,029,550	189,157,819
Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	7,933,928	13,644,683
Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		1,080,222	1,080,222
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		366,279,562	372,977,743
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		74,886,023	80,236,312
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[2]	$ 61,560,238	$ 66,808,909
Unobservable input	[2]	Market yield	Market yield
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)	[2]	9.0	9.0
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)	[2]	17.5	17.5
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)	[2]	11.4	11.4
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	[3]	$ 13,325,785	$ 13,427,403
Unobservable input	[3]	Value of collateral	Value of collateral
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		$ 84,349,839	$ 88,858,707
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		$ 84,349,839	$ 88,858,707
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)		10.0	10.0
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)		12.3	12.3
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		$ 198,029,550	$ 189,157,819
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		$ 198,029,550	$ 189,157,819
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)		15.9	15.9
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)		13.2	13.2
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 7,933,928	$ 13,644,683
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	[4]	$ 4,933,928	$ 5,512,000
Unobservable input	[4]	Market yield	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)	[4]	8.75	8.75
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		$ 3,000,000	$ 8,132,683
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	$ 1,080,222
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,080,222	$ 1,080,222
Unobservable input		Estimated company value	Estimated company value

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

[2] The Company used a combination of the collateral based approach and the income approach, using additional unobservable input including recovery rates after considering potential and ongoing litigation and expected collection period, for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

[3] Collateral based approach used for the following Watch List investments: Sancor, Mac Z, and GPI. See Note 3 “Watch List Investments” for further information.

[4] Receivable from IIG TOF B.V.

XML

Contingencies and Related Parties - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended	68 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2017	Apr. 18, 2019	Dec. 31, 2018
Contingencies And Related Parties [Line Items]
Accrued incentive fee on capital gains	$ 1,300,593		$ 1,300,593					$ 1,769,299
Advisor earned asset management fees	1,948,848	$ 1,991,828	3,907,970	$ 4,001,428
Advisor earned incentive fees	1,300,594	1,699,753	2,759,107	3,103,259
Amount paid to the sponsor due to reimbursement hurdle	0	387,000		387,000
Due from affiliates	4,240,231		$ 4,240,231					4,240,231
TriLinc Advisors, LLC [Member]
Contingencies And Related Parties [Line Items]
Advisory agreement, maturity date			Feb. 14, 2020
Management fee description			Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor.
Asset management fee payable quarterly, percentage			0.50%
Asset management fee payable annually, percentage			2.00%
Incentive fee description			The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor.
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage			1.50%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage			6.00%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage			1.875%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage			7.50%
Percentage of incentive fee on income			20.00%
Percentage of incentive fee on capital gains			20.00%
Investment fee on capital gain percentage			The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains	0	0	$ 0	0
Accrued incentive fee on capital gains	0	0	0	0
Advisor earned asset management fees	1,948,848	1,991,828	3,907,970	4,001,428
Advisor earned incentive fees	1,300,594	1,699,753	2,759,107	3,103,259
TriLinc Global, LLC [Member]
Contingencies And Related Parties [Line Items]
Due from affiliates	4,240,231		4,240,231					$ 4,240,231
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Contingencies And Related Parties [Line Items]
Expenses paid by the sponsor on behalf of company					$ 12,420,600	$ 12,420,600
Reimbursement expenses paid by company					4,240,200	4,240,200
Due to affiliates	16,273,800		16,273,800		$ 16,660,800	$ 16,660,800
Amount paid to the sponsor due to reimbursement hurdle	0	387,000
SC Distributors, LLC [Member]
Contingencies And Related Parties [Line Items]
Dealer manager fees paid	0	0	0	6,252
Selling commissions paid	$ 0	$ 0	$ 0	$ 19,270
IIG [Member]
Contingencies And Related Parties [Line Items]
Assets held by the IIG Parties in aid of an arbitration plaintiff and defendant							$ 93,000,000

XML

Organization and Offering Costs - Additional Information (Detail) - USD ($)	6 Months Ended		86 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,211,117		$ 17,211,117	$ 17,211,117
Reimbursement of offering costs incurred by Sponsor		$ 54,616
Payment for reimbursement of offering costs incurred by Sponsor		54,616
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	17,508,000		17,508,000
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	51,600	72,000
Payment for reimbursement of offering costs incurred by Sponsor	0	$ 54,616
Reimbursement of organization costs incurred by Sponsor			17,211,117
Remaining balance of offering and organization costs due to the Sponsor	$ 532,500		$ 532,500

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Notes Payable - Summary of Notes Payable (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 32,750,000	$ 32,875,000
Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable		125,000
Christian Super [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	10,000,000	10,000,000
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 ($)				1 Months Ended	3 Months Ended			6 Months Ended
	Aug. 07, 2017	Jul. 03, 2017	Oct. 14, 2016	Jul. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Nov. 02, 2017	Feb. 17, 2017
Debt Instrument [Line Items]
Debt instrument, frequency of periodic payment								quarterly in arrears within 15 days after the end of each calendar quarter.
Interest expense recognized					$ 608,718		$ 486,092	$ 1,208,666	$ 934,712
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 (2.79% as of June 30, 2019) and interest is 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.
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 32.11 of the issued and outstanding shares of the Subsidiaries
Shares mortgaged from subsidiaries shares issued and outstanding		20.25
Shares available for mortgage		32.11
Notes issuance, payment terms								The entire principal balance under the Facility Agreement (and any unpaid interest) 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
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] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of debt principal balance				$ 22,750,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Debt instrument, additional borrowings										$ 12,250,000
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					2.79%			2.79%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Issuance of notes			$ 1,635,000								$ 225,000
Notes issuance, interest rate terms								The Notes had an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time issuance) and were payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate was determined on each issuance date and adjusted on each anniversary of the issuance date 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
Transferred shares, description								TGIFC’s obligations under the Notes were secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding			1.86
Shares available for mortgage			32.11
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Transferred shares, description								TGIFC’s obligation under the CS Note is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding	10
Shares available for mortgage	32.11
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged			3.00%								3.00%
Description of variable interest rate								one year London Interbank Offered Rate (“LIBOR”)
Variable interest rate			1.59%								1.74%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 1 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes	$ 5,000,000
Notes issuance, interest rate terms								The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82%) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note
Notes issuance, payment terms								The entire principal balance under the 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.
Target issuance of notes aggregate amount	$ 25,000,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 1 Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged	4.00%
Description of variable interest rate								one-year LIBOR
Variable interest rate	2.82%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes					$ 5,000,000			$ 5,000,000
Notes issuance, interest rate terms								The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of June 30, 2019) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.
Notes issuance, payment terms								The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged					3.50%			3.50%
Description of variable interest rate								one-year LIBOR
Variable interest rate					3.05%			3.05%

XML

Notes Payable - Summary of Principal Payments Due on Borrowings (Detail)	Jun. 30, 2019 USD ($)
Debt Instruments [Abstract]
Principal payments, 2020	$ 22,750,000
Principal payments, 2021	10,000,000
Principal payments, total	$ 32,750,000

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Unit Capital - Additional Information (Detail) - USD ($)		6 Months Ended
	Jun. 11, 2014	Jun. 30, 2019	Jun. 30, 2018
Capital Unit [Line Items]
Units Issued During the Period		625,858
Held Units For Minimum year	1 year
Repurchase of aggregate units		937,850
Weighted average repurchase price per unit		$ 8.197
Aggregate repurchase price		$ 7,687,796	$ 7,630,323
Amount of repurchase requests pending units		$ 3,397,973
Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit Repurchase Price Description		price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2019 have been made at a price equal to $8.160 for Class A units, Class C units, and Class I units, which was the net asset value per unit of each class as of March 31, 2019, the most recently disclosed net asset value at the time of repurchase.
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		576,158
Units Issued During the Period, value		$ 4,750,744
Class C Units [Member]
Capital Unit [Line Items]
Distribution, dealer manager and service fee payable		$ 911,000
Estimated net assets value per unit		$ 8.160
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		141,826
Class C Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Repurchase price per unit		$ 8.160
Class I Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.160
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		163,942
Class I Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Repurchase price per unit		$ 8.160
Class W Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.160
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.75%
Class A Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		269,793
Class A Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Repurchase price per unit		$ 8.160

XML

Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	6 Months Ended
	Jun. 30, 2019 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	43,914,946
Units Issued During the Period	625,858
Units Repurchased During the Period	(937,851)
Units Outstanding, Ending Balance	43,602,953
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	17,966,563
Units Issued During the Period	269,793
Units Repurchased During the Period	(413,741)
Units Outstanding, Ending Balance	17,822,615
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	8,238,094
Units Issued During the Period	141,826
Units Repurchased During the Period	(322,345)
Units Outstanding, Ending Balance	8,057,575
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	10,555,022
Units Issued During the Period	163,942
Units Repurchased During the Period	(201,765)
Units Outstanding, Ending Balance	10,517,199
Class W Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	24,555
Units Outstanding, Ending Balance	24,555
Class Y Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,165,675
Units Issued During the Period	50,297
Units Outstanding, Ending Balance	1,215,972
Class Z Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	5,965,037
Units Outstanding, Ending Balance	5,965,037

XML

Distributions - Summary of Distributions Paid (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 8,612,574	$ 8,766,322
Distributions Reinvested	4,750,744
Total Declared	$ 13,363,318
January 31, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 15, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,470,733
Distributions Reinvested	817,483
Total Declared	$ 2,288,216
February 28, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 14, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,334,317
Distributions Reinvested	739,318
Total Declared	$ 2,073,635
March 31, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 15, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,479,106
Distributions Reinvested	820,754
Total Declared	$ 2,299,860
April 30, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 29, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,434,307
Distributions Reinvested	770,273
Total Declared	$ 2,204,580
May 31, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 08, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,469,421
Distributions Reinvested	813,801
Total Declared	$ 2,283,222
June 30, 2019 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 13, 2019
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,424,690
Distributions Reinvested	789,115
Total Declared	$ 2,213,805

XML

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Net asset value at beginning of period			$ 8.20	$ 8.42
Net investment income	$ 0.12	$ 0.15	0.25	0.29
Net change in unrealized depreciation on investments			(0.04)	(0.09)
Net increase in net assets resulting from operations			0.21	0.20
Distributions			(0.30)	(0.32)
Net change in accrued distribution and other fees			0.01	0.02
Net decrease in net assets			(0.08)	(0.11)
Net asset value at end of period	$ 8.11	$ 8.31	$ 8.11	$ 8.31
Total return based on net asset value			2.57%	2.34%
Net assets at end of period	$ 353,770,077	$ 366,614,079	$ 353,770,077	$ 366,614,079	$ 360,070,359	$ 321,356,737
Units Outstanding at end of period	43,602,953	44,080,551	43,602,953	44,080,551	43,914,946
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets			6.31%	7.04%
Ratio of net operating expenses to average net assets			6.33%	5.61%

XML

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	43,821,699	44,353,937	43,920,005	43,319,085
Class C, Class I and Class W Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution and dealer manager fees payable	$ 911,000	$ 1,511,000	$ 911,000	$ 1,511,000

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Subsequent Events - Additional Information (Detail) - USD ($)			1 Months Ended			6 Months Ended
	Aug. 09, 2019	Jun. 11, 2014	Aug. 31, 2019	Aug. 12, 2019	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Cash paid for distributions						$ 8,612,574	$ 8,766,322
Purchase of investments						16,675,000	154,531,970
Proceeds from repayment of investments						$ 25,780,101	$ 111,367,910
Maximum [Member]
Subsequent Event [Line Items]
Percentage of Total		5.00%
TriLinc Advisors, LLC [Member] | TriLinc Global, LLC [Member]
Subsequent Event [Line Items]
Percentage of ownership						85.00%
Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends declared per unit			$ 0.00168675
Date of distributions in cash or reinvestment in units			Sep. 01, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend distribution period start date					Jul. 01, 2019
Dividend distribution period end date					Jul. 31, 2019
Dividends declared per unit					$ 0.00168675
Cash paid for distributions					$ 1,420,599
Reinvestment under distribution reinvestment plan					$ 805,084
Purchase of investments				$ 0
Proceeds from repayment of investments				$ 24,500,000
Subsequent Event [Member] | Unit Repurchase Program [Member] | Maximum [Member]
Subsequent Event [Line Items]
Percentage of Total	5.00%
Unit repurchased estimated net asset value per unit	$ 2,500
Subsequent Event [Member] | TriLinc Advisors, LLC [Member] | TriLinc Global, LLC [Member]
Subsequent Event [Line Items]
Percentage of ownership					100.00%
Subsequent Event [Member] | TriLinc Advisors, LLC [Member] | TriLinc Global, LLC [Member] | Strategic Capital Advisory Services, LLC [Member]
Subsequent Event [Line Items]
Percentage of ownership interests acquired					15.00%