Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of June 30, 2020, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	99,689,547	$	99,415,415		30.1	%
Senior secured term loan participations		164,666,560		158,424,908		47.9	%
Senior secured trade finance participations		82,869,781		67,795,496		20.5	%
Other investments		6,000,000		3,758,063		1.1	%
Equity warrants		-		1,199,618		0.4	%
Total investments	$	353,225,888	$	330,593,500		100.0	%

As of December 31, 2019, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	83,627,340	$	83,353,208		24.5	%
Senior secured term loan participations		179,588,536		180,500,425		53.0	%
Senior secured trade finance participations		83,135,943		71,606,458		21.0	%
Short term investments		6,000,000		3,758,063		1.1	%
Equity warrants		-		1,080,222		0.3	%
Total investments	$	352,351,819	$	340,298,376		100.0	%

Schedule of Watch List Investments

IIG was the sub-advisor for the following Watch List Investments as of June 30, 2020:

Portfolio Company	Principal balance		Fair value		Accrued interest		Valuation technique
Procesos Fabriles S.A.	$	881,800	$	10,504	$	-	Collateral based approach
Algodonera Avellaneda S.A.		6,000,000		3,398,558		778,500	Income approach
IIG TOF B.V. receivable		6,000,000		3,758,063		572,000	Income approach
Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay		9,000,000		6,361,679		264,500	Income approach
Compania Argentina de Granos S.A.		12,500,000		9,679,636		330,191	Income approach
Sancor Cooperativas Unidas Ltda		6,000,000		4,719,383		604,633	Hybrid income/collateral based approach
Functional Products Trading S.A.		1,326,687		1,269,586		220,881	Income approach
Total	$	41,708,487	$	29,197,409	$	2,770,705

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair value as of June 30, 2020 and December 31, 2019, was as follows:

	As of June 30, 2020					As of December 31, 2019
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,256,800		3.7	%	$	12,417,122		3.6	%
Boatbuilding and Repairing		5,848,683		1.8	%		5,695,069		1.7	%
Chemicals and Allied Products		15,000,000		4.5	%		15,000,000		4.4	%
Chocolate and Cocoa Products		9,192,637		2.8	%		9,687,887		2.8	%
Coal and Other Minerals and Ores		31,959,683		9.7	%		32,348,090		9.5	%
Commercial Fishing		35,838		0.0	%		35,838		0.0	%
Communications Equipment		—		—			100,000		0.0	%
Consumer Products		9,318,469		2.8	%		9,318,469		2.7	%
Corrugated and solid fiber boxes		13,351,735		4.0	%		—		—
Department Stores		8,786,977		2.7	%		8,638,109		2.5	%
Drugs, Proprietaries, and Sundries		648,430		0.2	%		803,254		0.2	%
Electric Services		1,408,638		0.4	%		16,383,269		4.8	%
Farm Products		9,667,785		2.9	%		9,644,313		2.8	%
Fats and Oils		3,398,558		1.0	%		3,398,558		1.0	%
Financial services		3,758,063		1.1	%		3,758,063		1.1	%
Freight Transportation Arrangement		13,779,518		4.2	%		13,505,035		4.0	%
Food Products		2,242,237		0.7	%		2,724,804		0.8	%
Groceries and Related Products		457,418		0.1	%		468,756		0.1	%
Hotels and Motels		11,359,874		3.4	%		12,846,584		3.8	%
Land Subdividers and Developers		14,873,425		4.5	%		16,781,000		4.9	%
Logging		5,797,622		1.8	%		5,612,436		1.6	%
Meat, Poultry & Fish		6,361,679		1.9	%		6,240,961		1.8	%
Motor Vehicle Parts and Accessories		8,974,373		2.7	%		8,731,936		2.6	%
Personal Credit Institutions		2,975,691		0.9	%		3,603,592		1.1	%
Petroleum and Petroleum Products		14,592,683		4.4	%		15,500,000		4.6	%
Programming and Data Processing		17,967,951		5.4	%		17,740,330		5.2	%
Refuse Systems		27,738,539		8.4	%		25,766,063		7.6	%
Secondary Nonferrous Metals		17,530,616		5.3	%		17,530,616		5.2	%
Short-Term Business Credit		4,740,000		1.4	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		2,620,083		0.8	%		2,894,698		0.9	%
Telephone and Telegraph Apparatus		7,686,402		2.3	%		8,840,048		2.6	%
Telephone Communications		35,747,233		10.8	%		36,794,973		10.8	%
Water Transportation		10,515,860		3.2	%		12,748,503		3.7	%
Total	$	330,593,500		100.0	%	$	340,298,376		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, 2020 and December 31, 2019:

	As of June 30, 2020					As of December 31, 2019
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	24,159,256		7.3	%	$	24,198,860		7.1	%
Botswana		4,740,000		1.4	%		4,740,000		1.4	%
Brazil		26,393,798		8.0	%		26,012,563		7.6	%
Cabo Verde		11,359,874		3.4	%		12,846,584		3.8	%
Cameroon		9,192,637		2.8	%		9,687,887		2.9	%
Chile		2,678,224		0.8	%		2,652,855		0.8	%
Colombia		23,456,424		7.1	%		23,479,065		6.9	%
Croatia		8,786,977		2.7	%		8,638,109		2.5	%
Ecuador		13,387,573		4.1	%		35,838		0.0	%
Ghana		14,592,683		4.4	%		30,500,000		9.0	%
Guatemala		10,504		0.0	%		10,504		0.0	%
Hong Kong		49,646,085		15.0	%		51,188,138		15.0	%
Jersey		15,266,500		4.6	%		16,919,500		5.0	%
Kenya		13,779,518		4.2	%		13,505,035		4.0	%
Malaysia		15,000,000		4.5	%		15,000,000		4.4	%
Mauritius		457,418		0.1	%		468,756		0.1	%
Mexico		27,738,539		8.4	%		25,766,063		7.6	%
Morocco		7,530,616		2.3	%		7,530,616		2.2	%
Namibia		14,873,425		4.5	%		16,781,000		4.9	%
Netherlands		8,974,373		2.7	%		8,731,936		2.6	%
New Zealand		5,797,622		1.8	%		5,612,436		1.7	%
Nigeria		12,030,084		3.6	%		14,262,726		4.2	%
Peru		4,599,086		1.4	%		4,599,086		1.4	%
Romania		1,744,775		0.5	%		2,034,188		0.6	%
South Africa		497,462		0.2	%		790,616		0.2	%
United Arab Emirates		648,430		0.2	%		803,254		0.2	%
Uganda		6,873,472		2.1	%		6,850,000		2.0	%
Zambia		2,620,083		0.8	%		2,894,698		0.9	%
N/A		3,758,062		1.1	%		3,758,063		1.1	%
Total	$	330,593,500		100.0	%	$	340,298,376		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.