10-Q 1 trilinc-10q_20190630.htm 10-Q trilinc-10q_20190630.htm

 

 6

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

For the Quarterly Period Ended 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%